<SUBMISSION>
<ACCESSION-NUMBER>0000950116-05-002608
<TYPE>8-K/A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050624
<ITEMS>9.01
<FILING-DATE>20050803
<DATE-OF-FILING-DATE-CHANGE>20050802
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CEDAR SHOPPING CENTERS INC
<CIK>0000761648
<ASSIGNED-SIC>6798
<IRS-NUMBER>421241468
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K/A
<ACT>34
<FILE-NUMBER>001-31817
<FILM-NUMBER>05993543
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167676492
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD /MD/
<DATE-CHANGED>20001128
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNI INVEST USA LTD
<DATE-CHANGED>20000407
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>eight-k.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
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<head><title>
Prepared and filed by St Ives Burrups
</title>
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<p align="center"><b><font face="serif" size="5">UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center"><font size="2" face="serif"><b>WASHINGTON, D.C.&nbsp; 20549</b></font></p>
<hr align="center" width="20%" size="1">
<p align="center"><b><font face="serif" size="5">FORM 8-K/A</font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT<br>
  </b></font><font size="2" face="serif"><b>PURSUANT TO SECTION&nbsp;13 OR 15(d)
  OF THE<br>
  SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif"><b>Date of Report (Date of Earliest
  Event Reported):&nbsp; June 24, 2005</b></font></p>
<p align="center"><b><font face="serif" size="5">Cedar Shopping Centers, Inc.<br>
  </font></b><font size="2" face="serif">(Exact name of registrant as specified
  in its charter)</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="center"><font size="2" face="serif"><b>Maryland</b></font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="-1%" align="center"></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="29%" align="center"><font size="2" face="serif"><b>0-14510</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="-1%" align="center"></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="29%" align="center"><font size="2" face="serif"><b>42-1241468</b></font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
  <tr valign="top">
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">(State or other
      jurisdiction of<br>
      incorporation)</font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">(Commission File
      No.)</font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">(IRS Employer
      Identification<br>
      No.)</font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
</tr>
  <tr valign="top">
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>44 South Bayles
      Avenue<br>
      Port Washington, NY</b></font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>11050</b></font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
  <tr valign="top">
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">(Address of principal
      executive<br>
      offices)</font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b>(516)
      767-6492<br>
      </b></font><font size="2" face="serif">(Registrant&#8217;s telephone number,<br>
      including area code)</font></td>    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">(Zip Code)</font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
  Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
  Act (17 CFR 240.13e-4(c))</font></p>
<p align="center">&nbsp;</p>
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<div sytle="page-break-before:always"></div>
<PAGE>
<p>&nbsp;</p>
<table width="100%" border="0">
  <tr>
    <td width="11%"><b><font size="2" face="serif">Item 7.</font></b></td>
    <td colspan="2"><font size="2" face="serif"><b>Financial Statements, Pro Forma
      Financial Information and Exhibits For Certain Property Acquisitions:</b></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Report of Independent Registered
      Public Accounting Firm</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Combined Statements of Revenues
      and Certain Expenses of Certain Properties of RVG Entity Owners:</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">For the year ended December 31, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">For the three months ended March 31, 2005
      (unaudited)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Notes to Combined Statements of
      Revenues and Certain Expenses</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Pro Forma Condensed Consolidated
      Balance Sheet as of March 31, 2005 (unaudited)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Pro Forma Condensed Consolidated
      Statements of Income (unaudited):</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">For the year ended December 31, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">For the three months ended March 31, 2005</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><font size="2" face="serif">Notes to Pro Forma Condensed Consolidated
      Financial Statements (unaudited)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><b>Exhibits:</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">23.1</font></td>
    <td><font size="2" face="serif">Consent of Independent Registered Public Accounting
      Firm dated August 1, 2005</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><b>Signatures</b></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b> Report of Independent Registered
  Public Accounting Firm </b></font></p>
<p align="left"><font size="2" face="serif">Board of Directors and Stockholders<br>
</font><font size="2" face="serif">Cedar Shopping Centers, Inc.</font></p>
<p align="left"><font size="2" face="serif">We
  have audited the combined statement of revenues and certain expenses of those
  certain properties (the &#8220;Properties&#8221;) of RVG Entity Owners for the year ended December 31,
    2004. The combined financial statement is the responsibility of the Properties&#8217; management.
    Our responsibility is to express an opinion on this combined financial statement
  based on our audit.</font></p>
<p align="left"><font size="2" face="serif">We conducted our audit
    in accordance with the standards of the Public Company Accounting Oversight
    Board (United
    States). Those standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the combined financial statement is free
    of material misstatement. We were not engaged to perform an audit of the Properties&#8217;
  internal control over financial reporting. &nbsp;Our audit included consideration
    of internal control over financial reporting as a basis for designing audit
    procedures that are appropriate in the circumstances, but not for the purpose
    of expressing an opinion on the effectiveness of the Properties&#8217; internal
    control over financial reporting. Accordingly, we express no such opinion.
    An
    audit also includes examining, on a test basis, evidence supporting the amounts
    and disclosures in the combined financial statement, assessing the accounting
    principles used and significant estimates made by management, and evaluating
    the overall combined financial statement presentation. We believe that our
    audit
  provides a reasonable basis for our opinion.</font></p>
<p align="left"><font size="2" face="serif">The
      accompanying combined statement of revenues and certain expenses was prepared
      for the purpose of complying with
    Rule 3-14 of Regulation S-X of the Securities and Exchange Commission for inclusion
      in Form 8-K/A of Cedar Shopping Centers, Inc. and is not intended to be a
      complete
  presentation of the Properties&#8217; combined revenues and certain expenses.</font></p>
<p align="left"><font size="2" face="serif">In our opinion, the combined
    financial statement referred to above presents fairly, in all material respects,
    the combined revenues and certain expenses of the Properties as described in
    Note 1 for the year ended December 31, 2004, in conformity with U.S. generally
    accepted accounting principles.</font></p>
<p align="right"><font size="2" face="serif"><br>
  <br>
  /s/ Ernst &amp; Young LLP </font></p>
<p align="left"><font size="2" face="serif"><br>
  <br>
  New York, New York<br>
</font><font size="2" face="serif">August 1, 2005</font></p>
<hr noshade align="center" width="100%" size="2">
<page>
<p align="center"><font size="2" face="serif"><b>Certain Properties of RVG Entity
  Owners<br>
  </b></font><font size="2" face="serif"><b>Combined Statements of Revenues and
  Certain Expenses<br>
  </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="center" valign="bottom"><font size="1" face="serif"><b>Three months<br>
      ended<br>
      March 31, 2005<br>
      </b></font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="1" face="serif">&nbsp;<b>Year<br>
      ended<br>
      December 31, 2004</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td align="right"><hr align="center" width="100%" size="1"></td>
    <td colspan="5" align="left"> <hr align="center" width="100%" size="1"> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Revenues:</font></td>
    <td width="2%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font><font size="1" face="serif"><b>(Unaudited)</b></font></td>
    <td width="2%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="2%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td width="10%" align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base rents</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="10%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">
      1,786,000 </font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 6,403,000
      </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant reimbursements</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 214,000 </font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 650,000 </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 3,000 </font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 13,000 </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td colspan="6" align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="1"></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Total revenues</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 2,003,000
      </font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 7,066,000
      </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td colspan="6" align="right"><hr align="center" width="100%" size="1"> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Certain expenses:</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate
      taxes</font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 114,000 </font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 438,000 </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating
      expenses</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 124,000 </font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 398,000 </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
      fees &#150; related party</font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 45,000 </font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 168,000 </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td colspan="6" align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="1"></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Total certain
      expenses</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 283,000 </font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 1,004,000
      </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td colspan="6" align="right"><hr align="center" width="100%" size="1"> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Revenues in
      excess of certain expenses</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 1,720,000
      </font></td>
    <td align="right" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 6,062,000
      </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td colspan="6" align="right"><hr align="center" width="100%" size="2"></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">See accompanying notes to combined
  statements of revenues and certain expenses.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Certain Properties of RVG Entity
  Owners<br>
  </b></font><font size="2" face="serif"><b>Notes to the Combined Statements of
  Revenues and Certain Expenses<br>
  </b></font><font size="2" face="serif"><b>For the year ended December 31, 2004<br>
  </b></font><font size="2" face="serif"><b>For the three months ended March 31,
  2005 (unaudited)</b></font></p>
<p align="left"><font size="2" face="serif"><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis
  of Presentation </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presented herein is the combined statement of revenues and certain expenses related to the operations of 8 supermarket-anchored shopping centers, located primarily in Virginia, with centers also located in Pennsylvania, (the &#8220;Properties&#8221;). The Properties contain approximately 575,000 square feet of gross leasable area. Pursuant to the terms of a Purchase and Sale Agreement dated May 10, 2005, as amended, which became non-cancelable on June 24, 2005, Cedar Shopping Centers, Inc is expected to acquire the Properties during August 2005.&nbsp;</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The accompanying combined financial statements have been prepared in accordance
  with the applicable rules and regulations of the Securities and Exchange Commission
  for the acquisition of real estate properties. Accordingly, the combined financial
  statements exclude certain expenses because they may not be comparable to those
  expected to be incurred in the proposed future operations of the Properties.
  Items excluded consist of interest expense and depreciation and amortization
  expense, which are not directly related to future operations. </font></p>
<p align="left"><font size="2" face="serif"><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
  of Estimates </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preparation of the combined statements of revenues and certain expenses in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the combined statements of revenues and certain expenses and accompanying notes. Actual results could differ from those estimates. </font></p>
<p align="left"><font size="2" face="serif"><b>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue
  Recognition </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Properties are being leased to tenants under operating leases. Minimum rental income is recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases was approximately $140,000 for the year ended December 31, 2004 and $33,000 for the three months ended March 31, 2005 (unaudited). </font></p>
<p align="left"><font size="2" face="serif"><b>4.</b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><b>Property
  Operating Expenses </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property operating expenses for the year ended December 31, 2004 include approximately $63,000 for insurance, $28,000 for snow removal, $68,000 for utilities, $107,000 for repair and maintenance costs, $22,000 for professional fees, $45,000 for landscaping and $65,000&nbsp;for other costs.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property operating expenses for the three months ended March 31, 2005 (unaudited) include approximately $22,000 for insurance, $31,000 for snow removal, $14,000 for utilities, $33,000 for repair and maintenance costs, $7,000 for landscaping and $17,000&nbsp;for other costs.</font></p>
<p align="left"><font size="2" face="serif"><b>5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
  Fees</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The Properties were managed by RVG Properties Management, Inc., a related party;
  management fees of approximately $168,000 for the year ended December 31, 2004
  and $45,000 for the three months ended March 31, 2005 (unaudited) were incurred.
  The Properties were managed pursuant to agreements which provided for flat monthly
  management fees.</font></p>
<p align="left"><font size="2" face="serif"><b>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
  Tenants </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant tenants include Farm Fresh and Giant Food Stores, which constituted approximately 60% and 21%, respectively, of base rents for the year ended December 31, 2004 and 54% and 29%, respectively, for the three months ended March 31, 2005 (unaudited). </font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Certain Properties of RVG Entity
  Owners<br>
  </b></font><font size="2" face="serif"><b>Notes to Combined Statements of Revenues
  and Certain Expenses<br>
  </b></font><font size="2" face="serif"><b>For the year ended December 31, 2004<br>
  </b></font><font size="2" face="serif"><b>For the three months ended March 31,
  2005 (unaudited)</b></font><br>
  <font size="2" face="serif"><b>(Continued)</b></font></p>
<p align="left"><font size="2" face="serif"><strong>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
  Minimum Lease Payments </strong></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Future minimum lease payments to be received under non-cancelable operating
  leases for the years ending December 31 are as follows: </font></p>
<table width="40%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">2005</font></td>
    <td width="1%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">$&nbsp;</font></td>
    <td width="27%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">7,020,000
      </font></td>
    <td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">2006</font></td>
    <td align="left">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">7,118,000
      </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">2007</font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,979,000
      </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">2008</font></td>
    <td align="left">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">6,885,000
      </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">2009</font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,761,000
      </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Thereafter</font></td>
    <td align="left">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">56,946,000
      </font></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left"><hr align="center" width="100%" size="1"></td>
    <td align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="1"></td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Total</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">91,709,000
      </font></td>
    <td align="left" bgcolor="#eeeeee">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><hr align="center" width="100%" size="2"></td>
    <td align="left">
      <hr align="center" width="100%" size="2"></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The lease agreements generally contain provisions for reimbursement of real estate taxes and operating expenses, on a pro rata basis, as well as for fixed increases in rent. </font></p>
<p align="left"><font size="2" face="serif"><b>8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim
  Unaudited Financial Information </b></font></p>
<p align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The combined statement of revenues and certain expenses for the three months
  ended March 31, 2005 is unaudited; however, in the opinion of management, all
  adjustments (consisting solely of normal recurring adjustments) necessary for
  a fair presentation of the combined statement of revenues and certain expenses
  for this interim period have been included. The results of the interim period
  are not necessarily indicative of the results to be obtained for a full fiscal
  year.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
  </b></font><font size="2" face="serif"><b>Pro Forma Condensed Consolidated Balance
  Sheet<br>
  </b></font><font size="2" face="serif"><b>As of March 31, 2005<br>
  </b></font><font size="2" face="serif"><b>(Unaudited) </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The following unaudited pro forma condensed consolidated balance sheet is presented
  as if Cedar Shopping Centers, Inc. (the &#8220;Company&#8221;) had acquired
  the Properties as of March 31, 2005. This financial statement should be read
  in conjunction with the unaudited pro forma condensed consolidated statements
  of income, and the Company&#8217;s historical financial statements and notes
  thereto as filed on Form 10-K for the year ended December 31, 2004 and on Form
  10-Q for the three months ended March 31, 2005. The pro forma condensed consolidated
  balance sheet is unaudited and is not necessarily indicative of what the actual
  financial position would have been had the Company acquired the Properties as
  of March 31, 2005, nor does it purport to represent the future financial position
  of the Company.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="1" face="serif"><b>Cedar Shopping<br>
      Centers, Inc.<br>
      Historical (a)</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="1" face="serif"><b>Completed<br>
      Transactions<br>
      (b)</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="1" face="serif"><b>Acquired<br>
      Properties<br>
      (c)(d)</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="center"><font size="1" face="serif"><b>Pro forma<br>
      March 31,<br>
      2005</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Assets</b></font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="12%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Real estate</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 98,922,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 18,449,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 19,510,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 136,881,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings
      and improvements</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">439,161,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">70,221,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">78,040,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 587,422,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">538,083,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">88,670,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">97,550,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">724,303,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less
      accumulated depreciation</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">(19,427,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">(19,427,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Real estate, net</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">518,656,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">88,670,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">97,550,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">704,876,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">5,975,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">5,975,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      at joint ventures and restricted cash</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">6,720,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 163,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">6,883,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents
      and other receivables, net</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">5,630,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 508,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">6,138,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      assets</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">3,781,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> (499,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">3,282,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      charges, net</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">10,406,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 353,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 800,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">11,559,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"><b>Total Assets</b></font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 551,168,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 89,195,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 98,350,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 738,713,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="2" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Liabilities and Shareholders'
      Equity</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage
      loans payable</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 179,873,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 48,488,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 58,470,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 286,831,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured
      revolving credit facility</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">87,500,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 23,652,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 39,880,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 151,032,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      payable, accrued expenses, and other</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">7,319,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 1,034,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 8,353,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      liabilities</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">24,878,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">24,878,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Total Liabilities</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">299,570,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">73,174,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">98,350,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">471,094,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Minority interests</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">11,979,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">11,979,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Limited partners' interest in
      consolidated</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
      Partnership</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">5,511,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"> 16,021,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">21,532,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Shareholders' Equity</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">234,108,000 </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">234,108,000 </font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Total Liabilities and Shareholders'
      Equity</b></font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 551,168,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 89,195,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 98,350,000</font></td>
    <td align="left">&nbsp;</td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif"> 738,713,000</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td colspan="12" align="right"><hr align="center" width="100%" size="2" noshade></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">See accompanying notes to pro forma
  condensed consolidated financial statements.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b> Cedar Shopping Centers, Inc.<br>
  </b></font><font size="2" face="serif"><b>Pro Forma Condensed Consolidated Statements
  of Income<br>
  </b></font><font size="2" face="serif"><b>For the year ended December 31, 2004<br>
  </b></font><font size="2" face="serif"><b>For the three months ended March 31,
  2005<br>
  </b></font><font size="2" face="serif"><b>(Unaudited)</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  The following unaudited pro forma condensed consolidated statements of income
  are presented as if the Company had acquired the Properties and acquired the
  other properties it purchased throughout 2004 and through June 30, 2005, as
  if all these transactions were completed as of January 1, 2004. These financial
  statements should be read in conjunction with the Company&#8217;s historical
  financial statements and notes thereto as filed on Form 10-K for the year ended
  December 31, 2004 and on Form 10-Q for the three months ended March 31, 2005.
  The pro forma condensed consolidated statements of income are unaudited and
  are not necessarily indicative of what the actual results of operations would
  have been had the Company acquired the Properties and acquired the other properties
  it purchased throughout 2004 and through June 30, 2005, all as of January 1,
  2004, nor does it purport to represent the results of operations of the Company
  for future periods.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td colspan="14" align="center"><font size="1" face="serif"><b>For the year
      ended December 31, 2004</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td colspan="16"><hr align="center" width="100%" size="1" noshade></td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="1" face="serif">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b>Cedar Shopping<br>
      Centers, Inc.<br>
      Historical (a)</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b>Completed<br>
      Transactions<br>
      (b)</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b> Acquired<br>
      Properties<br>
      ( c ) </b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b> Pro forma <br>
      Adjustments<br>
      (d) </b></font></td>
    <td>&nbsp;</td>
    <td></td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b> Pro forma </b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Revenues</font></td>
    <td width="1%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">51,078,000</font></td>
    <td width="2%" align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td width="1%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">18,841,000</font></td>
    <td width="2%" align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td width="1%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">7,066,000</font></td>
    <td width="2%" align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td width="1%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">163,000 </font></td>
    <td width="2%" align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td width="2%" align="center" bgcolor="#eeeeee"><font size="2" face="serif"><b>(e)</b></font></td>
    <td width="1%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">77,148,000</font></td>
    <td width="2%" align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Expenses:</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating,
      maintenance and management</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">10,751,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">2,829,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 566,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 14,146,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real
      estate and other property-related taxes</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">4,872,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,724,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 438,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 7,034,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
      and administrative</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">3,575,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 3,575,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">11,376,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">4,075,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 1,951,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><b> (g) </b></font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> 17,402,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Total expenses</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 30,574,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 8,628,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 1,004,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 1,951,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="center" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 42,157,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Operating
        income (loss)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">20,504,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">10,213,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,062,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,788,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">34,991,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Non-operating income and expenses:</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      expense</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">(10,239,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">(8,196,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">(4,781,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b> (f) </b></font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">(23,216,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
      of deferred financing costs</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,025,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(98,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(71,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="center" bgcolor="#eeeeee"><font size="2" face="serif"><b> (g) </b></font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,194,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      income</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">66,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 66,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Total non-operating income and
      expenses</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(11,198,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(8,294,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(4,852,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(24,344,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Income (loss) before the following:</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 9,306,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 1,919,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 6,062,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> (6,640,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 10,647,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority
      interests</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,229,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> (1,229,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited
      partners' interest</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">(157,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> (688,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 52,000 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="center" bgcolor="#FFFFFF"><font size="2" face="serif"><b> (h) </b></font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> (793,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (loss)</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">7,920,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,231,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,062,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(6,588,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">8,625,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      distribution requirements</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">(2,218,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">&#151;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> (2,218,000</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Net income (loss) applicable to common
      shareholders</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">5,702,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,231,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,062,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">($6,588,000</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">)</font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#eeeeee"><font size="2" face="serif">6,407,000 </font></td>
    <td align="left" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="2" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Basic and fully diluted net income
      per share</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.34 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">$</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">0.38 </font></td>
    <td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="2" noshade></td>
    <td align="left" bgcolor="#FFFFFF"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="left" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right" bgcolor="#FFFFFF"><hr align="center" width="100%" size="2" noshade></td>
    <td align="left" bgcolor="#FFFFFF"><hr align="center" width="100%" size="2" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left" valign="bottom"><font size="2" face="serif">Average number of common shares</font></td>
    <td align="right">    <font size="2">&nbsp;</font></td>
    <td align="left">&nbsp; </td>
    <td align="left">    <font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">    <font size="2">&nbsp;</font></td>
    <td align="left">&nbsp; </td>
    <td align="left">&nbsp; </td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">16,681,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 16,681,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><hr align="center" width="100%" size="2" noshade></td>
    <td align="left"> <hr align="center" width="100%" size="2" noshade></td>
    <td align="left"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><hr align="center" width="100%" size="2" noshade></td>
    <td align="left"> <hr align="center" width="100%" size="2" noshade></td>
    <td align="left"><hr align="center" width="100%" size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">See accompanying notes to pro forma
  condensed consolidated financial statements.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
  </b></font><font size="2" face="serif"><b>Pro Forma Condensed Consolidated Statements
  of Income<br>
  </b></font><font size="2" face="serif"><b>For the year ended December 31, 2004<br>
  </b></font><font size="2" face="serif"><b>For the three months ended March 31,
  2005<br>
  </b></font><font size="2" face="serif"><b>(Unaudited)<br>
  </b></font><font size="2" face="serif"><b>(Continued)</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td align="right">&nbsp;</td>
    <td colspan="14" align="center"><font size="1" face="serif"><b>For the three
      months ended March 31, 2005</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr align="center" valign="bottom">
    <td><font size="1" face="serif">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b>Cedar Shopping<br>
      Centers, Inc.<br>
      Historical (a)</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b>Completed<br>
      Transactions<br>
      (b)</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b> Acquired<br>
      Properties<br>
      ( c ) </b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b> Pro forma <br>
      Adjustments<br>
      (d) </b></font></td>
    <td>&nbsp;</td>
    <td></td>
    <td>&nbsp;</td>
    <td><font size="1" face="serif"><b> Pro forma </b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Revenues</font></td>
    <td width="1%" align="right"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right"><font size="2" face="serif">16,522,000</font></td>
    <td width="2%" align="left"><font size="2">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right"><font size="2" face="serif">2,359,000</font></td>
    <td width="2%" align="left"><font size="2">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right"><font size="2" face="serif">2,003,000</font></td>
    <td width="2%" align="left"><font size="2">&nbsp;</font></td>
    <td width="1%" align="right"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right"><font size="2" face="serif">41,000 </font></td>
    <td width="1%" align="left"><font size="2">&nbsp;</font></td>
    <td width="0%" align="center"><font size="2" face="serif"><b>(e)</b></font></td>
    <td width="1%" align="right"><font size="2" face="serif">$</font></td>
    <td width="10%" align="right"><font size="2" face="serif">20,925,000</font></td>
    <td width="2%" align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Expenses:</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating,
      maintenance and management</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">4,027,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">316,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif"> 169,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 4,512,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real
      estate and other property-related taxes</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">1,475,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">240,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 114,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 1,829,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
      and administrative</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">969,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 969,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">3,743,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">465,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 488,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif"><b> (g) </b></font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 4,696,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Total expenses</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 10,214,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 1,021,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 283,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 488,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 12,006,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Operating income (loss)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">6,308,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">1,338,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">1,720,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(447,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">8,919,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Non-operating income and expenses:</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      expense</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(3,137,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(976,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (1,286,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="center"><font size="2" face="serif"><b> (f) </b></font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (5,399,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
      of deferred mortgage costs</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(206,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(25,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (18,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="center"><font size="2" face="serif"><b> (g) </b></font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (249,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      income</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">5,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 5,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Total non-operating income and
      expenses</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (3,338,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (1,001,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (1,304,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (5,643,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Income (loss) before the following:</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 2,970,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 337,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 1,720,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (1,751,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 3,276,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority
      interests</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(290,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (290,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited
      partners' interest</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(32,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (174,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 3,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif"><b> (h) </b></font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (203,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (loss)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">2,648,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">163,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">1,720,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(1,748,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">2,783,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      distribution requirements</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">(1,294,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">&#151;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> (1,294,000</font></td>
    <td align="left"><font size="2" face="serif">)</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="1" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">Net income (loss) applicable to common shareholders</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif">1,354,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif">163,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif">1,720,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">($1,748,000)</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif">1,489,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td colspan="16" align="right"><hr align="center" width="100%" size="2" noshade> </td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Basic and fully diluted net income
      per share</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif">0.07 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">$</font></td>
    <td align="right"><font size="2" face="serif">0.08 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left">&nbsp;</td>
    <td align="right"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right"><hr align="center" width="100%" size="2" noshade></td>
    <td align="left"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"><hr align="center" width="100%" size="2" noshade></td>
    <td align="right"><hr align="center" width="100%" size="2" noshade></td>
    <td align="left"><hr align="center" width="100%" size="2" noshade></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left" valign="bottom"><font size="2" face="serif">Average number of common shares</font></td>
    <td align="right">    <font size="2">&nbsp;</font></td>
    <td align="left">&nbsp;    </td>
    <td align="left">      <font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right">    <font size="2">&nbsp;</font></td>
    <td align="left">&nbsp;    </td>
    <td align="left">&nbsp;    </td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif">19,351,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2" face="serif"> 19,351,000 </font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><hr align="center" width="100%" size="2" noshade>
      <font size="2">&nbsp;</font></td>
    <td align="left">
      <hr align="center" width="100%" size="2" noshade></td>
    <td align="left"><hr align="center" width="100%" size="2" noshade>
      <font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="right"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right"><hr align="center" width="100%" size="2" noshade>
      <font size="2">&nbsp;</font></td>
    <td align="left">
      <hr align="center" width="100%" size="2" noshade></td>
    <td align="left"><hr align="center" width="100%" size="2" noshade>
    </td>
  </tr>
</table>
<p align="center"><font face="serif" size="2">See
  accompanying notes to pro forma condensed consolidated financial statements.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
  </b></font><font size="2" face="serif"><b>Notes to Pro Forma Condensed Consolidated
  Financial Statements (Unaudited)<br>
  </b></font><font size="2" face="serif"><b>Pro Forma Condensed Consolidated Balance
  Sheet as of March 31, 2005</b></font></p>
<table width="100%" border="0">
  <tr>
    <td width="5%" align="left" valign="top"><font size="2" face="serif">(a)</font></td>
    <td width="95%" align="left" valign="top"><font size="2" face="serif">Reflects
      the Company&#8217;s historical balance sheet as of March 31, 2005 (unaudited),
      as previously filed.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(b)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the Giltz acquisition, as previously filed.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(c)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the acquisition
      of the Properties, anticipated to be concluded during August 2005. The consideration
      is expected to be comprised of approximately $58,470,000 of assumed mortgage
      loans payable and $39,880,000 which will be funded through borrowings under the Company&#8217;s
      secured revolving credit facility.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(d)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">The Company
      intends to account for the acquisition in accordance with Statements of
      Financial Accounting Standards No. 141, &#8220;Business Combinations&#8221;,
      and No. 142, &#8220;Goodwill and Other Intangibles&#8221;, and is currently
      in the process of analyzing the fair value of the Properties&#8217; in-place
      leases. No value has yet been assigned to the leases and, therefore, the
      purchase price allocation is preliminary and subject to change.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top"><font size="2" face="serif"><b>Pro Forma Condensed
      Consolidated Statement of Income for the year ended December 31, 2004</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(a)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the Company's
      historical operations for the year ended December 31, 2004, as previously
      filed.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(b)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the
      acquisition of The Commons (March 2004), Carbondale (April 2004),
	  Lake Raystown (June 2004), Huntingdon (June 2004),
	  Hamburg (June 2004), Townfair (March 2004), Franklin
	  (November 2004), Brickyard (December 2004),
	  St. James (March 2005), Kenley (March 2005)
	  and Giltz (April 2005),
      as previously filed, as if all of these transactions were completed
      as of January 1, 2004.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(c)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the operations
      of the Properties for the year ended December 31, 2004.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(d)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">The Company intends
      to account for the acquisition in accordance with Statements of Financial
      Accounting Standards No. 141, &#8220;Business Combinations&#8221;, and No.
      142, &#8220;Goodwill and Other Intangibles&#8221;, and is currently in the
      process of analyzing the fair value of the Properties&#8217; in-place leases.
      No value has yet been assigned to the leases and, therefore, the purchase
      price allocation is preliminary and subject to change.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(e)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects increased
      straight-line rents due to lease start dates being on January 1, 2004.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(f)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects interest
      expense on (1) $58,470,000 of assumed mortgage loans payable and (2) $39,880,000
      of increased borrowings under the Company&#8217;s secured revolving credit
      facility, at weighted average interest rates of 5.7% and 3.7%, respectively.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(g)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects (1) $1,951,000
      of straight-line real estate depreciation, based on an estimated useful
      life of 40 years, and (2) $71,000 of amortization of deferred financing
      costs, based on the weighted average of 11.23 years for the assumed mortgage
      loans payable.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(h)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects a decrease
      in limited partners&#8217; share of the Company&#8217;s net income as a result of the pro-forma related to the Properties.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top"><font size="2" face="serif"><b>Pro Forma Condensed
      Consolidated Statement of Income for the three months ended March 31, 2005</b></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(a)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the Company&#8217;s
      historical operations for the three months ended March 31, 2005 (unaudited),
      as previously filed.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(b)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects the
      acquisitions of Kenley (March 2005), St. James (March 2005) and Giltz (April 2005),
	   as previously filed, as if all of the transactions were completed
      as of January 1, 2004.</font></td>
  </tr>
</table>
<p align="left">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
  Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited) (continued)</b></font></p>
<p align="center"><font size="2" face="serif"><b>Pro Forma Condensed Consolidated
  Statement of Income for the three months ended March 31, 2005 (continued)</b></font></p>
<table width="100%" border="0">
  <tr>
    <td width="5%" align="left" valign="top"><font size="2" face="serif">(c)</font></td>
    <td width="95%" align="left" valign="top"><font size="2" face="serif">Reflects
      the operations of the Properties for the three months ended March 31, 2005.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(d)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">The Company intends
      to account for the acquisition in accordance with Statements of Financial
      Accounting Standards No. 141, &#8220;Business Combinations&#8221;, and No.
      142, &#8220;Goodwill and Other Intangibles&#8221;, and is currently in the
      process of analyzing the fair value of the Properties&#8217; in-place leases.
      No value has yet been assigned to the leases and, therefore, the purchase
      price allocation is preliminary and subject to change.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(e)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects increased
      straight-line rents due to lease start dates beginning on January 1, 2004.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(f)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects interest
      expense on (1) $58,470,000 of assumed mortgage loans payable and (2) $39,880,000
      of increased borrowings under the Company&#8217;s secured revolving credit
      facility, at weighted average interest rates of 6.0% and 4.13%, respectively.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(g)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects (1) $488,000
      of straight-line real estate depreciation, based on an estimated useful
      life of 40 years, and (2) $18,000 of amortization of deferred financing
      costs, based on the weighted average of 11.23 years for the assumed mortgage
      loans payable.</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="serif">(h)</font></td>
    <td align="left" valign="top"><font size="2" face="serif">Reflects a decrease
      in limited partners&#8217; share of the Company&#8217;s net income as a result of the pro-forma related to the Properties.</font></td>
  </tr>
</table>
<br>
  <hr noshade align="center" width="100%" size="2">

<page>
<div align="center"><font face="serif" size="2"><strong><u>SIGNATURES</u></strong></font></div>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the
    Securities Exchange Act of 1934, the
  Registrant has duly caused this Amendment to be signed on its behalf by the
  undersigned hereunto duly authorized.</font></p>
<p align="left"><font size="2" face="serif">CEDAR SHOPPING CENTERS, INC.</font></p>
<p align="left"><font size="2" face="serif"><u>/s/ THOMAS J. O&#8217;KEEFFE<br>
  </u></font><font size="2" face="serif">Thomas J. O&#8217;Keeffe<br>
  </font><font size="2" face="serif">Chief Financial Officer</font></p>
<p align="left"><font size="2" face="serif">Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 2, 2005</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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<SEQUENCE>3
<FILENAME>ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1 CONSENT
<TEXT>
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<page>
<p>&nbsp;</p>
<p align="right"><font size="2" face="serif">EXHIBIT 23.1</font></p>
<p align="center"><font size="2" face="serif"><b>Consent of Independent Registered
  Public Accounting Firm</b></font></p>
<p align="left"><font size="2" face="serif">We consent to the incorporation by reference in the Registration Statements (Form S-3 for the registration of an aggregate maximum offering price of $200,000,000 of common stock, preferred stock, shares of preferred stock represented by depositary shares, warrants, stock purchase contracts and units, No. 333-114710, Form S-3 for the registration of an aggregate maximum offering price of $470,312,000 of common stock, preferred stock, shares of preferred stock represented by depositary shares, warrants, stock purchase contracts and units, No. 333-125582, and Form S-8 pertaining to the 1998 Stock Option Plan and the 2004 Stock Incentive Plan, No. 333-118361) of Cedar Shopping Centers, Inc. and in the related Prospectus of our report dated August 1,
2005 with respect to the Combined Statement of Revenues and Certain Expenses of Certain Properties of RVG Entity Owners included in this Current Report on Form 8-K/A.</font></p>
<p align="right"><font size="2" face="serif">/s/ Ernst &amp; Young LLP</font></p>
<p align="left"><font size="2" face="serif">New York, New York<br>
  </font><font size="2" face="serif">August 1, 2005</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

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</SUBMISSION>
