<SUBMISSION>
<ACCESSION-NUMBER>0000950116-05-003364
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20051031
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20051101
<DATE-OF-FILING-DATE-CHANGE>20051031
<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
<ACT>34
<FILE-NUMBER>001-31817
<FILM-NUMBER>051167579
</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
<SEQUENCE>1
<FILENAME>eight-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
 <title>Prepared and filed by St Ives Financial</title>
</head>
<body>

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<p align="center"><font face="serif"><b><font size=4>UNITED STATES	SECURITIES
AND EXCHANGE</font></b></font><font face="serif"><b><font size=4> COMMISSION</font></b></font><br>
<font face="serif"><b><font size=2>WASHINGTON, D.C. 20549</font></b></font></p>
<hr width="150" size="2" noshade>
<p align="center"><font face="serif"><font size=5><b>FORM 8-K</b></font></font></p>
<p align="center"><font face="serif">
<b><font size=2>CURRENT REPORT<br>
</font></b></font><font face="serif"><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
</font></b></font><font face="serif"><b><font size=2>SECURITIES EXCHANGE ACT OF 1934</font></b></font></p>
<p align="center"><font face="serif">
<b><font size=2>Date of Report (Date of Earliest Event Reported): October 31, 2005</font></b></font></p>
<p align="center"><font face="serif"><b><font size=5><u>Cedar Shopping Centers,
Inc.</u></font><br>
</b><font size=2 face="serif">(Exact name of registrant as specified in
its charter)</font></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<tr align="center" valign="bottom">
   <td><font size="2" face="serif"><b><u>Maryland</u></b></font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2" face="serif"><b><u>0-14510</u></b></font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2" face="serif"><b><u>42-1241468</u></b></font></td>
</tr>
<tr align="center" valign="bottom">
   <td><font size=2 face="serif">(State or other jurisdiction of</font></td>
   <td width=2%><font size="2">&nbsp;</font></td>
   <td width=26%><font size=2 face="serif">(Commission File No.)</font></td>
   <td width=2%><font size="2">&nbsp;</font></td>
   <td width=34%><font size=2 face="serif">(IRS Employer</font></td>
</tr>
<tr align="center" valign="bottom">
   <td><font size=2 face="serif">incorporation)</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">Identification No.)</font></td>
</tr>
<tr align="center" valign="bottom">
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr align="center" valign="bottom">
   <td><font size="2" face="serif"><b><u>44 South Bayles Avenue, Port Washington,
    NY</u></b></font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2" face="serif"><b><u>11050-3765</u></b></font><font size="2">&nbsp;</font></td>
</tr>
<tr align="center" valign="bottom">
   <td><font size=2 face="serif">(Address of principal executive offices)</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size=2 face="serif">(Zip Code)</font></td>
</tr>
<tr align="center" valign="bottom">
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
   <td><font size="2">&nbsp;</font></td>
</tr>
<tr align="center" valign="bottom">
   <td colspan="5"><font size="2" face="serif"><b><u>(516) 767-6492</u></b></font></td>
  </tr>
<tr align="center" valign="bottom">
   <td colspan="5"><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size=2 face="serif">(Registrant&#146;s
    telephone number,</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size=2 face="serif">including
    area code)</font></td>
  </tr>
</table>
<p><font face="serif">
<font size=2>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:</font></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><img src="emptybox.gif" width="12" height="12"></td>
    <td valign="bottom"><font size=2 face="serif">Written communications pursuant to Rule 425
    under the Securities Act (17 CFR 230.425)</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
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    <td><img src="emptybox.gif" width="12" height="12"></td>
    <td valign="bottom"><font size=2 face="serif">Soliciting material pursuant to Rule 14a-12
    under the Exchange Act (17 CFR 240.14a-12)</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td><img src="emptybox.gif" width="12" height="12"></td>
    <td valign="bottom"><font size=2 face="serif">Pre-commencement communications pursuant to
    Rule 14d-2(b) under the Exchange Act (17 CFR</font><font face="serif"> <font size=2>240.14d-2(b))</font></font></td>
  </tr>
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    <td>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
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    <td><img src="emptybox.gif" width="12" height="12"></td>
    <td valign="bottom"><font face="serif"><font size=2>Pre-commencement communications pursuant
    to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></font></td>
  </tr>
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    <td>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
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<div style="page-break-before:always"></div>
<font face="serif"><page><a name="p??"></a>

<font face="serif">

</font></font>
<p><font face="serif">
<b><font size="2">Items 2.02 and 7.01. </font></b></font><font face="serif"><b><font size="2">Results of Operations and Financial Condition,
and Regulation FD.</font></b></font></p>
<div style="text-indent:3%"><p><font size="2" face="serif"> The information in this Current Report on Form
    8-K is furnished
under Item 2.02 &#150; &#147;Results of Operations and Financial Condition.&#148; This information, including the exhibits attached hereto, shall not be deemed &#147;filed&#148; for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
or otherwise subject to the liabilities of that Section. The information in this
Current Report on Form 8-K shall not be deemed incorporated by reference into
any filing under the Securities Act of 1933, as amended, or the Exchange Act
regardless of any general incorporation language in such filing.</font></p>
</div>
<div style="text-indent:3%"><p><font size="2" face="serif"> On October 31, 2005, Cedar Shopping Centers,
    Inc. (the &#147;Company&#148;) issued a press release announcing its comparative financial results for the three and nine months ended September 30, 2005 and 2004. That press release also referred to certain supplemental financial information that is available on the Company&#146;s
website. The text of the press release and the supplemental financial information
are attached hereto as Exhibits 99.1 and 99.2, respectively.</font></p>
</div>
<p><font size="2" face="serif">
<b>Item 9.01. </b></font><font size="2" face="serif"><b>Financial Statements and Exhibits.</b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2" face="serif">(c)</font></td>
    <td><font size="2" face="serif">Exhibits.</font></td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td width="3%">&nbsp;</td>
    <td width="3%"><font size="2" face="serif">99.1</font></td>
    <td><font size="2" face="serif">Press release dated October 31, 2005.</font></td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td><font size="2" face="serif">99.2</font></td>
    <td><font size="2" face="serif">Cedar Shopping Centers, Inc. Supplemental
    Financial Information for the quarter ended September 30, 2005.</font></td>
  </tr>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
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<font face="serif"><p align="right">&nbsp;</p></font>
<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><u>SIGNATURES</u></b></font></p>
<p><font size="2" face="serif">
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant
    has duly caused this Report to be signed on its behalf by the undersigned
hereunto duly authorized.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td width="30%"><b><font size="2" face="serif">CEDAR SHOPPING CENTERS, INC.</font></b></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2" face="serif"><u>/s/ THOMAS J. O&#146;KEEFFE</u></font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Thomas J. O&#146;Keeffe</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">Chief Financial Officer</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2" face="serif">(Principal financial
officer)</font></td>
  </tr>
</table>
<p><font size="2" face="serif">Dated: October 31, 2005</font></p>
<hr noshade align="center" width="100%" size="2">

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<TEXT>
<PAGE>

                                                                    EXHIBIT 99.1
                                                                    ------------

                                             ===================================
                                             CEDAR SHOPPING CENTERS, INC. [LOGO]
                                             ===================================

PRESS RELEASE
Contact:                                     The Ruth Group
Cedar Shopping Centers                       Investors:
Leo Ullman,                                  Stephanie Carrington / Guy Gresham
Chairman, President & CEO                    (646) 536-7017 / 7028
lsu@cedarshoppingcenters.com                 scarrington@theruthgroup.com
                                             ggresham@theruthgroup.com

                                             Media:
                                             Jason Rando
                                             (646) 536-7025
                                             jrando@theruthgroup.com


           CEDAR SHOPPING CENTERS ANNOUNCES THIRD QUARTER 2005 RESULTS

Port Washington, New York - October 31, 2005 - Cedar Shopping Centers, Inc.
(NYSE: CDR), today reported net income for the quarter ended September 30, 2005.

THIRD QUARTER 2005 HIGHLIGHTS
-----------------------------

o   NET INCOME APPLICABLE TO COMMON SHAREHOLDERS WAS $1.6 MILLION ($0.06 PER
    SHARE) UP 35% FROM $1.2 MILLION ($0.07 PER SHARE) FOR THE SAME PERIOD LAST
    YEAR BASED ON INCREASED WEIGHTED AVERAGE SHARES OUTSTANDING.

o   QUARTERLY REVENUES WERE $20.6 MILLION, UP 65% FROM $12.5 MILLION FOR THE
    THIRD QUARTER OF 2004.

o   FUNDS FROM OPERATIONS ("FFO") WERE $7.2 MILLION ($0.27 PER SHARE/UNIT), UP
    96.1%, COMPARED TO $3.7 MILLION ($0.22 PER SHARE/UNIT) FOR THE THIRD QUARTER
    OF 2004.

o   TOTAL ASSETS INCREASED TO $821.9 MILLION COMPARED TO $537.2 MILLION AT
    DECEMBER 31, 2004.

o   PORTFOLIO OCCUPANCY WAS APPROXIMATELY 90%; EXCLUDING THE REDEVELOPMENT AND
    OTHER NON-STABILIZED PROPERTIES, THE OCCUPANCY LEVEL WAS APPROXIMATELY 96%.


<PAGE>


FINANCIAL AND OPERATING RESULTS
-------------------------------

Cedar reported total revenue for the third quarter of 2005 of $20.6 million as
compared to $12.5 million for the third quarter of 2004, an increase of 65%.

Net income for the third quarter of 2005 was $3.6 million, compared to $2.1
million for the third quarter of 2004. Net income applicable to common
shareholders for the quarter ended September 30, 2005 was $1.6 million, or $0.06
per share, compared to $1.2 million, or $0.07 per share. The weighted average
number of shares of common stock outstanding during the third quarter 2005 was
25.4 million compared to 16.5 million during the corresponding quarter of 2004.

Funds from operations ("FFO") for the third quarter of 2005 increased to $7.2
million ($0.27 per share/unit) from $3.7 million ($0.22 per share/unit) for the
corresponding quarter of 2004. The average number of shares of common stock/OP
units outstanding during the third quarter of 2005 was 27.0 million compared to
16.9 million during the corresponding quarter of 2004.

Net cash flows provided by operating activities increased to $16.6 million for
the period ended September 30, 2005 compared to $10.7 million for the
corresponding period of 2004.

The Company's total assets as of September 30, 2005 were $821.9 million compared
to $537.2 million as of December 31, 2004.

As of September 30, 2005, the Company's fixed-rate mortgages were $272.0
million. Variable-rate mortgages, including borrowings under the Company's
secured revolving credit facility at $60.4 million, were $98.4 million. Total
debt was $370.4 million, or 45.1% of the Company's assets. The Company's
pro-rata share of total debt was $334.3 million, or 38.8% of its total market
capitalization.

The Company's total revenues for the nine months ended September 30, 2005
increased 48.9% to $54.1 million from $36.4 million for the same period in 2004.
The Company's net income for the nine months ended September 30, 2005 was $9.7
million, compared to $5.4 million for the same period in 2004. Net income
applicable to common shareholders for the nine months ended September 30, 2005
was $4.5 million, or $0.20 per share/unit, compared to $4.5 million, or $0.27
per share/unit, for the same period last year. The weighted average number of
shares of common stock outstanding during the nine months ending September 30,
2005 was 22.3 million compared to 16.5 million during the corresponding period
of 2004.

FFO for the nine months ended September 30, 2005 was $17.6 million ($0.75 per
share/unit) compared with $11.3 million ($0.67 per share/unit) for the
corresponding period of 2004. The average number of shares of common stock/OP
units outstanding during the nine months ended September 30, 2005 was 23.4
million compared to 16.9 million during the corresponding period of 2004.



<PAGE>

Leo Ullman, CEO of Cedar, stated, "We are pleased to report on the Company's
continued ability to acquire attractive shopping center properties and
opportunistic development and redevelopment properties. We have delivered
continued growth in revenues, FFO and assets. The year should conclude with more
than $500 million in acquisitions. In 2006, our strategy will be focused
primarily on delivering development and redevelopment opportunities."

Tom O'Keeffe, CFO, noted, "Our third quarter results are generally consistent
with our previous estimates although we anticipate running at a slightly lower
level for the full year as a result of our 10.35 million common share offering
in August. The forward portion of that offering, consisting of 4.35 million
shares of common stock, has not been taken down as of the end of this quarter
and, due to continuing substantial availability under our credit facility, may
not be taken down, even by year end. Accordingly, our financial statements do
not yet fully reflect the additional shares or the acquisition properties that
those shares are intended to finance."

PROPERTY PORTFOLIO
------------------

The Company, as of this date, has a portfolio of 74 shopping center properties,
mostly supermarket-anchored community centers, located in nine states, with
approximately 7.4 million square feet of GLA. During the third quarter the
Company acquired fourteen properties for approximately $148.8 million, including
closing costs, representing approximately 1.2 million sq. ft of GLA. The Company
expects to conclude additional acquisitions during the balance of the year.

NEW LEASES
----------

Annual base rents, excluding tenant reimbursements, for leases that have been
signed and from which revenues have not yet commenced, amounted to approximately
$3.3 million at September 30, 2005. Revenues from these leases are expected to
commence on the following schedule:

       December 31, 2005                           $ 1,361,000
       March 31, 2006                                  245,000
       June 30, 2006                                 1,025,000
       December 31, 2006                               641,000
                                                   -----------
                                                   $ 3,272,000
                                                   ===========

After giving effect to such new leases, the occupancy rate for the portfolio of
properties held as of September 30, 2005 would have increased from 90% to
approximately 93%.


<PAGE>



REDEVELOPMENT AND DEVELOPMENT ACTIVITIES
----------------------------------------

The Company's development properties include the following:

<TABLE>
<CAPTION>
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
PROPERTY                 SQUARE FOOTAGE   PURCHASE PRICE          APPROXIMATE             DESCRIPTION
--------                 --------------   --------------          -----------             -----------
                                                                  REDEVELOPMENT COSTS
                                                                  -------------------
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
<S>                      <C>              <C>                     <C>                     <C>
Camp Hill Shopping       419,000 sq. ft.  $17.9 million           $39.5 million           Complete "de-malling" and
Center, Camp Hill, PA                                             [$25.9 million          redevelopment; new 93,000+ sq. ft.
                                                                  expended through        Giant has been delivered; OIP
                                                                  9/30/05]                building  will be delivered 1Q06;
                                                                                          L.A. Fitness pad will be
                                                                                          delivered early 2Q06.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Huntingdon Plaza,        151,000 sq. ft.  $5.1 million            $1.8 million            Re-tenanting balance of former
Huntingdon, PA                                                                            Ames and former Bi-Lo supermarket
                                                                                          space.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Hamburg Commons,         99,000 sq. ft.   $5.8 million            $4.1 million            Redner's supermarket in former
Hamburg, PA                                                       [$3.0 million           Ames store has been delivered;
                                                                  expended through        leases for a  mini-department
                                                                  9/30/05]                store and a dollar store in
                                                                                          former Food Lion space will be
                                                                                          delivered in 1Q06.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Meadows Marketplace,     91,000 sq. ft.   $1.9 million            $9.0 million            66,000 sq. ft. Giant supermarket
Hershey, PA                                                       [$5.8 million           has been  delivered 4Q05;
                                                                  expended through        balance will also be delivered
                                                                  9/30/05]                4Q05.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Dunmore Shopping         101,000 sq. ft.  $2.8 million            $10.0 million           This property is presently
Center, Dunmore, PA                                                                       approximately 66% leased;
                                                                                          complete demolition and
                                                                                          redevelopment to be completed
                                                                                          within next 36 months.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Value City Shopping      117,000 sq. ft.  $993,000                $1.6 million            31,000 sq. ft. to be leased by
Center, Wyoming, MI                                                                       4Q06.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
*Columbia Mall,          408,000 sq. ft.  $14.0 million           $20-25 million          Re-tenanting and redevelopment
Bloomsburg, PA                                                                            expected to be completed by
                                                                                          4Q07.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Halifax Plaza            54,000 sq. ft.   $901,000                $4.4 million            Purchase of adjacent  parcel for
Expansion, Halifax, PA                                                                    potential new Giant supermarket,
                                                                                          plus associated retail; service
                                                                                          station.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Lake Raystown Plaza,     84,000 sq. ft.   $7.9 million            $7.5 million            Construction of new +/-65,000
Huntingdon, PA                                                                            sq. ft. Giant supermarket
                                                                                          adjacent to existing center.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Newport Plaza,           67,000 sq. ft.   $6.6 million            $1.6 million            Expansion of existing Giant
Newport, PA                                                                               supermarket and related retail.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------

------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
**Halifax Plaza,         21,000 sq. ft.   $600,000                $2.8 million            Purchase of 3+ acre parcel for
Halifax, PA                                                                               a new Rite Aid drug store and
                                                                                          associated retail.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
*Acquired subsequent
to 9/30/05.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
**Land has been
optioned.
------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
</TABLE>



<PAGE>



SUBSEQUENT ACQUISITION ACTIVITIES
---------------------------------

Subsequent to September 30, 2005, the Company completed the following
acquisitions:

o   On October 7, the Company purchased the Columbia Mall in Bloomsburg,
    Pennsylvania, a 408,000 sq. ft. covered internal mall property, for
    approximately $14 million, exclusive of closing costs and adjustments. The
    purchase was funded from the Company's secured revolving credit facility.
    The property is anchored by a 64,000 sq. ft. Sears, a 45,000 sq. ft. Bon Ton
    and a 34,000 sq. ft. J.C. Penney. The property is a candidate for
    redevelopment and it has a substantial vacancy (+/- 100,000 sq. ft.)
    attributable primarily to a vacant former Ames store.

o   On October 27, 2005, the Company purchased the Pennsboro Commons Shopping
    Center in Enola, Pennsylvania, a 110,000 sq. ft. Giant supermarket-anchored
    community shopping center, for approximately $17.75 million plus closing
    costs and adjustments. The Giant supermarket represents more than 66,000 sq.
    ft. of the center's GLA; its lease extends to 2019, exclusive of options.
    The purchase was funded from the Company's secured revolving credit
    facility.

FINANCING ACTIVITIES
--------------------

On August 17, 2005, the Company completed a marketed underwritten secondary
public offering of 10,350,000 shares of common stock, which will result in net
proceeds of approximately $141 million. The offering included a forward
component of 4,350,000 shares from which the Company can draw the net proceeds
in whole or in part at any time through August 2006. The initial net proceeds to
the Company on the 6,000,000 shares not affected by the forward sale component,
after underwriting fees and offering costs, were approximately $82.9 million,
substantially all of which were used to reduce borrowings under the Company's
revolving credit facility.

GUIDANCE
--------

The Company expects FFO for 2005 to be in the range of $1.07 - $1.10 per
share/unit, and expects to issue guidance for 2006 during the fourth quarter of
this year. These forward-looking projections are subject to uncertainties with
respect to acquisitions, development and redevelopment activities, leasing
activities, the timing of the forward sale component of the August 2005
offering, and short-term interest rates.

Interested parties are urged to review the Form 10-Q filed with the Securities
and Exchange Commission for the quarter ended September 30, 2005 for further
details.


<PAGE>



DISTRIBUTIONS
-------------

The Board of Directors has approved payment of a dividend of $0.225 (22.5 cents)
per share/unit on the Company's Common Stock, payable on November 21, 2005 to
shareholders of record as of the close of business on November 11, 2005.

The Board also approved payment of a dividend of $0.5546875 (55.46875 cents) per
share on the Company's 8 7/8% Series "A" Cumulative Redeemable Preferred Stock,
payable on November 21, 2005 to shareholders of record as of the close of
business on November 11, 2005.

INVESTOR CONFERENCE CALL
------------------------

The Company will host a conference call on Tuesday, November 1, 2005, at 4:00 PM
(EST) to discuss third quarter results. The U.S. dial-in number to call for this
teleconference is (866) 831-6267. The international dial-in number is (617)
213-8857; all callers should use participant passcode 80313871 when dialing in.
A replay of the conference call will be available from November 2nd at 9:00 AM
through November 15th at 5:00 PM by using U.S. dial-in number (888) 286-8010 and
entering the passcode 87328310 (international callers may use dial-in number
(617) 801-6888 and use the same passcode indicated for U.S. callers). A live
webcast of the conference call will be available online on the Company's
corporate website at www.cedarshoppingcenters.com.

ABOUT CEDAR SHOPPING CENTERS, INC.
----------------------------------

Cedar Shopping Centers, Inc., with headquarters in Port Washington, New York, is
a fully-integrated, self-administered and self-managed real estate investment
trust ("REIT") listed on the New York Stock Exchange. Its investments, which
total approximately 7.4 million sq. ft. of GLA, are focused primarily in
multi-tenant supermarket-anchored shopping centers in Pennsylvania (34), Ohio
(18), Virginia (6), Maryland (4), Connecticut (3), New York (3), Massachusetts
(2), Michigan (2) and New Jersey (2).

FORWARD-LOOKING STATEMENTS
--------------------------

Certain statements contained in this press release constitute forward-looking
statements within the meaning of the securities laws. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general and specific economic and business
conditions, which may, among other things, affect demand for rental space, the
availability and creditworthiness of prospective tenants, lease rents and the
availability of financing; adverse changes in the Company's real estate markets,
including, among other things, competition with other companies; risks of real
estate development and acquisition; risks of adverse operating results and
creditworthiness of current tenants; governmental actions and initiatives; and
environmental/safety requirements. Such forward-looking statements speak only as
of the date hereof. The Company does not intend, and disclaims any duty or
obligation, to update or revise any forward-looking statements set forth in this
release to reflect any change in expectations, change in information, new
information, future events or circumstances on which such information was based.



<PAGE>

NON-GAAP FINANCIAL MEASURES - FFO
---------------------------------

Funds From Operations ("FFO") is a widely-recognized measure of REIT
performance. The Company computes FFO in accordance with the "White Paper" on
FFO published by the National Association of Real Estate Investment Trusts
("NAREIT"), which defines FFO as net income applicable to common shareholders
(determined in accordance with GAAP), excluding gains or losses from debt
restructurings and sales of properties, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures.
Adjustments for unconsolidated partnerships and joint ventures are computed to
reflect FFO on the same basis. In computing FFO, the Company does not add back
to net income applicable to common shareholders the amortization of costs
incurred in connection with its financing or hedging activities, or depreciation
of non-real estate assets, but does add back to net income applicable to common
shareholders those items that are defined as "extraordinary" under GAAP. FFO
does not represent cash generated from operating activities in accordance with
GAAP and should not be considered as an alternative to net income applicable to
common shareholders (determined in accordance with GAAP) as an indication of the
Company's financial performance or to cash flow from operating activities
(determined in accordance with GAAP) as a measure of liquidity. Since the NAREIT
White Paper only provides guidelines for computing FFO, the computation of FFO
may vary from one company to another. FFO is not necessarily indicative of cash
available to fund ongoing cash needs.



<PAGE>


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                               THREE MONTHS ENDED SEPTEMBER 30,   NINE MONTHS ENDED SEPTEMBER 30,
                                               --------------------------------   --------------------------------
                                                   2005               2004            2005              2004
                                               --------------------------------   --------------------------------
<S>                                            <C>                 <C>            <C>                    <C>
Net income applicable to common
  shareholders                                 $  1,636,000        $  1,208,000   $  4,456,000           4,454,000
Add (deduct):
  Depreciation and amortization                   5,624,000           2,671,000     13,525,000           7,369,000
  Limited partners' interest                        224,000              33,000        338,000             122,000
  Minority interests                                307,000             274,000        950,000             858,000
  Minority interests' share of FFO                 (554,000)           (495,000)    (1,678,000)         (1,490,000)
                                               --------------------------------   --------------------------------
Funds from operations                          $  7,237,000        $  3,691,000   $ 17,591,000        $ 11,313,000
                                               ================================   ================================

FFO per common share (assuming
  conversion of OP Units)                      $       0.27        $       0.22   $       0.75        $       0.67
                                               ================================   ================================

Average number of common shares:
Shares used in determination of
  earnings per share                             25,390,000          16,456,000     22,305,000          16,456,000
Additional shares assuming conversion
  of OP Units                                     1,578,000             454,000      1,088,000             449,000
                                               --------------------------------   --------------------------------
Shares used in determination of
  FFO per share                                  26,968,000          16,910,000     23,393,000          16,905,000
                                               ================================   ================================
------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


                          CEDAR SHOPPING CENTERS, INC.
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                        SEPTEMBER 30,
                                                                             2005           DECEMBER 31,
                                                                         (UNAUDITED)           2004
                                                                      ----------------    ----------------
<S>                                                                   <C>                 <C>
Assets
  Real estate:
    Land                                                              $    146,248,000    $     97,617,000
    Buildings and improvements                                             657,544,000         423,735,000
                                                                      ----------------    ----------------
                                                                           803,792,000         521,352,000
    Less accumulated depreciation                                          (28,275,000)        (16,027,000)
                                                                      ----------------    ----------------
  Real estate, net                                                         775,517,000         505,325,000


  Cash and cash equivalents                                                 10,690,000           8,457,000
  Cash at joint ventures and restricted cash                                 6,364,000           7,105,000
  Rents and other receivables, net                                           7,984,000           4,483,000
  Other assets                                                               6,988,000           2,379,000
  Deferred charges, net                                                     14,325,000           9,411,000
                                                                      ----------------    ----------------
Total assets                                                          $    821,868,000    $    537,160,000
                                                                      ================    ================

Liabilities and shareholders' equity
  Mortgage loans payable                                              $    309,997,000    $    180,430,000
  Secured revolving credit facility                                         60,400,000          68,200,000
  Accounts payable, accrued expenses, and other                             11,762,000           9,012,000
  Unamortized intangible lease liabilities                                  25,576,000          25,227,000
                                                                      ----------------    ----------------
Total liabilities                                                          407,735,000         282,869,000
                                                                      ----------------    ----------------


Minority interests                                                          12,403,000          11,995,000
Limited partners' interest in Operating Partnership                         20,488,000           6,542,000

Shareholders' equity:
  Preferred stock ($.01 par value, $25.00 per share
    liquidation value, 5,000,000 shares authorized,
    3,550,000 and 2,350,000 shares issued and outstanding)                  88,750,000          58,750,000
  Common stock ($.06 par value, 50,000,000 shares
    authorized, 28,509,000 and 19,351,000 shares issued
    and outstanding)                                                         1,711,000           1,161,000
  Treasury stock  (440,000 and 339,000 shares, at cost)                     (5,360,000)         (3,919,000)
  Additional paid-in capital                                               342,320,000         215,271,000
  Cumulative distributions in excess of net income                         (45,113,000)        (35,139,000)
  Accumulated other comprehensive income (loss)                                 73,000            (165,000)
  Unamortized deferred compensation plans                                   (1,139,000)           (205,000)
                                                                      ----------------    ----------------
Total shareholders' equity                                                 381,242,000         235,754,000
                                                                      ----------------    ----------------
Total liabilities and shareholders' equity                            $    821,868,000    $    537,160,000
                                                                      ================    ================
</TABLE>


<PAGE>



                          CEDAR SHOPPING CENTERS, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                     THREE MONTHS ENDED SEPTEMBER 30,         NINE MONTHS ENDED SEPTEMBER 30,
                                                    --------------------------------         ---------------------------------
                                                         2005              2004                   2005               2004
                                                    --------------    --------------         ---------------    --------------
<S>                                                 <C>               <C>                    <C>                <C>
Revenues:
  Rents                                             $  16,386,000     $  10,087,000          $   42,920,000     $  28,835,000
  Expense recoveries                                    4,011,000         2,253,000              10,902,000         7,188,000
  Other                                                   154,000           107,000                 298,000           335,000
                                                    --------------    --------------         ---------------    --------------
Total revenues                                         20,551,000        12,447,000              54,120,000        36,358,000
                                                    --------------    --------------         ---------------    --------------

Expenses:
  Operating, maintenance and management                 3,661,000         2,349,000              10,233,000         7,746,000
  Real estate and other property-related taxes          1,961,000         1,363,000               5,351,000         3,707,000
  General and administrative                            1,317,000           706,000               3,483,000         2,333,000
  Depreciation and amortization                         5,643,000         2,911,000              13,574,000         7,978,000
                                                    --------------    --------------         ---------------    --------------
Total expenses                                         12,582,000         7,329,000              32,641,000        21,764,000
                                                    --------------    --------------         ---------------    --------------

Operating income                                        7,969,000         5,118,000              21,479,000        14,594,000

Non-operating income and expense:
  Interest expense                                     (3,517,000)       (2,462,000)             (9,798,000)       (7,561,000)
  Amortization of deferred financing costs               (335,000)         (247,000)               (771,000)         (736,000)
  Interest income                                          19,000            17,000                  51,000            48,000
                                                    --------------    --------------         ---------------    --------------
Total non-operating income and expense                 (3,833,000)       (2,692,000)            (10,518,000)       (8,249,000)
                                                    --------------    --------------         ---------------    --------------

Income before minority and limited partners'
  interests                                             4,136,000         2,426,000              10,961,000         6,345,000
  Minority interests                                     (307,000)         (274,000)               (950,000)         (858,000)
  Limited partners' interest                             (224,000)          (33,000)               (338,000)         (122,000)
                                                    --------------    --------------         ---------------    --------------

Net income                                              3,605,000         2,119,000               9,673,000         5,365,000

Preferred distribution requirements                    (1,969,000)         (911,000)             (5,217,000)         (911,000)
                                                    --------------    --------------         ---------------    --------------
Net income applicable to common shareholders        $   1,636,000     $   1,208,000          $    4,456,000     $   4,454,000
                                                    ==============    ==============         ===============    ==============
Per common share (basic and diluted)                $        0.06     $        0.07          $         0.20     $        0.27
                                                    ==============    ==============         ===============    ==============

Dividends to common shareholders                    $   5,049,000     $   3,703,000          $   14,430,000     $  10,038,000
                                                    ==============    ==============         ===============    ==============
Per common share                                    $       0.225     $       0.225          $        0.675     $       0.610
                                                    ==============    ==============         ===============    ==============

Average number of common shares outstanding            25,390,000        16,456,000              22,305,000        16,456,000
                                                    ==============    ==============         ===============    ==============
</TABLE>


<PAGE>



                          CEDAR SHOPPING CENTERS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                         NINE MONTHS ENDED SEPTEMBER 30,
                                                                      ------------------------------------
                                                                            2005               2004
                                                                      ----------------    ----------------
<S>                                                                   <C>                 <C>
Cash flow from operating activities:
  Net income                                                          $      9,673,000    $      5,365,000
  Adjustments to reconcile net income to net cash
    provided by operating activities:
    Non-cash provisions:
     Minority interests                                                        147,000             385,000
     Limited partners' interest                                                338,000             122,000
     Straight-line rents                                                    (1,669,000)           (905,000)
     Depreciation and amortization                                          13,574,000           7,978,000
     Amortization of intangible lease liabilities                           (2,918,000)         (1,555,000)
     Other                                                                     927,000             595,000
    Increases/decreases in operating assets and liabilities:
     Joint venture cash                                                        (12,000)             74,000
     Rents and other receivables                                            (1,832,000)            412,000
     Other assets                                                           (4,343,000)         (2,109,000)
     Accounts payable and accrued expenses                                   2,698,000             316,000
                                                                      ----------------    ----------------
Net cash provided by operating activities                                   16,583,000          10,678,000
                                                                      ----------------    ----------------

Cash flow from investing activities:
  Expenditures for real estate and improvements                           (193,368,000)        (59,272,000)
  Other                                                                        494,000            (311,000)
                                                                      ----------------    ----------------
Net cash (used in) investing activities                                   (192,874,000)        (59,583,000)
                                                                      ----------------    ----------------

Cash flow from financing activities:
  Line of credit, net                                                       (7,800,000)         11,950,000
  Proceeds from public offerings                                           153,431,000          56,725,000
  Proceeds from mortgage financings                                         62,817,000             723,000
  Mortgage repayments                                                       (7,764,000)         (7,097,000)
  Contribution from minority interest partner                                  962,000                   -
  Distributions to minority interest partners                                 (701,000)           (619,000)
  Distributions to limited partners                                           (461,000)           (275,000)
  Preferred distribution requirements                                       (5,242,000)                  -
  Distributions to common shareholders                                     (14,430,000)        (10,038,000)
  Deferred financing costs                                                  (2,288,000)         (1,525,000)
                                                                      ----------------    ----------------
Net cash provided by financing activities                                  178,524,000          49,844,000
                                                                      ----------------    ----------------

Net increase in cash and cash equivalents                                    2,233,000             939,000
Cash and cash equivalents at beginning of period                             8,457,000           6,154,000
                                                                      ----------------    ----------------
Cash and cash equivalents at end of period                            $     10,690,000    $      7,093,000
                                                                      ================    ================

Supplemental disclosure of cash activities:
  Interest paid (including capitalized interest of
  $2,449,000 and $1,029,000)                                          $     11,964,000    $      8,536,000
                                                                      ================    ================
Supplemental disclosure of non-cash investing and
  financing activities:
  Issuance of OP Units in an acquisition                              $     16,021,000    $              -
                                                                      ================    ================
  Purchase accounting allocations                                     $      5,731,000    $      5,349,000
                                                                      ================    ================
  Assumption of mortgage loans payable                                $     69,500,000    $      9,993,000
                                                                      ================    ================
</TABLE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
<head>
 <title>Prepared and filed by St Ives Financial</title>
</head>
<body>

<page>
<font face="serif">
<p align="right"><b><font size=2>Exhibit 99.2</font></b></p>
</font>

<p>&nbsp;</p>
<p align="center"><font face="serif">
<b><font size=5>CEDAR SHOPPING CENTERS, INC.</font></b></font></p>
<p align="center"><font face="serif"><b><font size=4>Supplemental
Financial Information</font></b></font></p>
<p align="center"><font face="serif"><b><font size=4> September 30, 2005</font></b></font></p>
<p align="center"><font face="serif"><b><font size=4>(unaudited) </font></b>
</font></p>
<p align="center">&nbsp;</p>
<p align="center">&nbsp;</p>
<font face="serif">
<p></p>
<font face="serif"><font face="serif"><p align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size=4>Cedar Shopping Centers, Inc. <br>
  44 South Bayles Avenue<br>
  Port Washington, NY
  11050-3765 <br>
  Tel: (516) 767-6492 Fax: (516) 767-6497<br>
www.cedarshoppingcenters.com </font></b></p>
</font></font></font>
<hr noshade align="center" width="100%" size="2">
<a name="contents"></a>
<div style="page-break-before:always"></div>
<font face="serif"><page>
<p align="center"><font face="serif"><b>Cedar Shopping Centers, Inc.<br>
  Supplemental Financial Information<br>
  September 30, 2005 <br>
  (unaudited) </b></font>
</font>
<div align="center"><font size="2" face="serif"><b>
  <p></p>
  TABLE OF CONTENTS
  </b></font>
</div>
<p align="right">
</p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p3"><font size="2"> Disclosures&nbsp;
	</font></a></font></td>
    <td width=10% align=right valign="bottom"><font face="serif"><a href="#p3"><font size="2">3-4</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p5"><font size="2"> Summary
	        Financial Data&nbsp;
	</font></a></font></td>
    <td align=right valign="bottom"><font face="serif"><a href="#p5"><font size="2">5-6</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p7"><font size="2"> Consolidated
	        Balance Sheets Information (wholly-owned and joint&nbsp;&nbsp;venture
properties) </font>
	</a></font></td>
	<td align=right valign="bottom"><font face="serif"><a href="#p7"><font size="2">7

	</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p8"><font size="2"> Consolidated
	        Statements of Income Information (wholly-owned&nbsp; and joint venture
    properties)&nbsp; 	</font></a></font></td>
	<td align=right valign="bottom"><font face="serif"><a href="#p8"><font size="2">8-9</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p10"><font size="2"> Reconciliation
	        of Net Income Applicable to Common Shareholders to&nbsp;Funds
From Operations (&#147;FFO&#148;)</font></a></font></td>
	<td align=right valign="bottom"><font face="serif"><a href="#p10"><font size="2">10</font>

	</a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p11"><font size="2"> Property
	        Summary &nbsp;
	</font></a></font></td>
    <td align=right valign="bottom"><font face="serif"><a href="#p11"><font size="2">11-17</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p18">
    <font size="2">Debt Summary </font></a></font></td>
    <td align=right valign="bottom"><font face="serif"><a href="#p18"><font size="2">18-19</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p20">
    <font size="2">Consolidated Joint Ventures Information</font>
	</a></font></td>
    <td align=right valign="bottom"><font face="serif"><a href="#p20"><font size="2">20-21</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p22"><font size="2">
    Tenant Concentration Schedule
	</font></a></font></td>
    <td align=right valign="bottom"><font face="serif"><a href="#p22"><font size="2">22</font></a></font></td>
</tr>
<tr valign="bottom">
	<td align=left valign="bottom"><font face="serif"><a href="#p23">
    <font size="2">Lease Expiration Schedule</font></a></font></td>
    <td align=right valign="bottom"><font face="serif"><a href="#p23"><font size="2">23</font></a></font></td>
</tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="serif"><page><a name="p3"></a><font face="serif"><font face="serif"><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
</font></font></font>
<p align="center"><font size="2" face="serif"> <b>Cedar Shopping Centers, Inc. </b><br>
    <b>Supplemental Financial Information</b><br>
    <b>September 30, 2005 </b><br>
</font><font face="serif"><b><font size="2">(unaudited)</font></b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="50%" align="left" valign="bottom"><font size="2" face="serif"><b>Disclosures</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font size="2" face="serif"> <b>Forward Looking Statements</b><br>
    </font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<div style="text-indent:3%"><p><font size="2" face="serif">Statements made or
      incorporated by reference in the Supplemental Financial Information include
      certain &#147;forward-looking statements&#148;. Forward-looking statements include, without limitation,
statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import, which express the Company&#146;s belief, expectations, or intentions regarding future performance or future events or trends.
While forward-looking statements reflect good faith beliefs, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ
materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company&#146;s control. Certain factors that might cause such a difference include,
but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company&#146;s market areas in particular; the financial viability of tenants; the continuing
availability of shopping center acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; changes in interest rates; the fact that returns from
development, redevelopment and acquisition activities may not be at expected levels; the Company&#146;s
potential inability to realize the level of proceeds from property sales as initially
expected; inherent risks in ongoing development and redevelopment projects including,
but not limited to, cost overruns resulting from weather delays, changes in the
nature and scope of development and redevelopment efforts, and market factors
involved in the pricing of material and labor; the need
to renew leases or re-let space upon the expiration of current leases; and the
financial flexibility to refinance debt obligations when due. </font></p></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="50%"><font face="serif"><b><font size="2">Basis of Presentation</font></b>
    </font></td>
    <td><font size="2" face="serif">&nbsp;</font></td>
  </tr>
</table>

<div style="text-indent:3%"><p><font face="serif">
 <font size="2">The information contained in the Supplemental
Financial Information is unaudited and does not purport to disclose all items
required by GAAP. The information contained herein should be read in conjunction
with the Company&#146;s
Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarter
ended September 30, 2005.</font></font></p></div>
<div style="text-indent:3%"><p><font size="2" face="serif"> Cedar Shopping Centers
      Partnership, L.P. (the "OP") is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially
all of its assets. As of September 30, 2005, the Company owned a 94.9% economic interest in, and is the sole general partner of, the OP. The limited partners&#146; interest in the OP is evidenced by Operating Partnership Units (&#147;OP
Units&#148;), which are economically equivalent to shares of the Company&#146;s common stock and convertible into shares of the Company&#146;s
common stock at the option of the holders on a one-for-one basis. With respect
to its joint ventures, the Company has general partnership interests ranging
from 20% to 50% and, since the Company is the sole general partner and exercises
substantial operating control over these entities, such partnerships are included
in the consolidated financial
statements. </font></p></div>
<p align="center"><font size="2" face="serif">
3</font></p>

<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p4"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p align="left"><font size="2"> <b><font face="serif">Use of Funds From Operations
  (&#147;FFO&#148;) as a Non-GAAP Financial Measure</font><font face="serif">
  </font></b></font></p>
<div style="text-indent:3%">
<p><font size="2" face="serif">Funds From Operations (&#147;FFO&#148;) is a widely-recognized
    measure of REIT performance. The Company computes FFO in accordance with
    the &#8220;White Paper&#8221; on FFO published by the National Association of Real Estate Investment
    Trusts
    (&#8220;NAREIT&#8221;), which defines FFO as net income applicable to common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are computed to reflect FFO on the same basis. In computing FFO, the Company does not add back to
net income applicable to common shareholders the amortization of costs incurred in connection with its financing or hedging activities, or depreciation of non-real estate assets, but does add back to net income applicable to common shareholders
those items that are defined as &#147;extraordinary&#148; under GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income applicable to common
shareholders (determined in accordance with GAAP) as an indication of the Company&#146;s performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. Since the NAREIT White Paper only provides
guidelines for computing FFO, the computation of FFO may vary from one company to another. FFO is not necessarily indicative of cash available to fund ongoing cash needs. </font></p>
</div>
<p align="center">
<font size="2" face="serif">4</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p5"></a><p><a href="#contents"><font size="2">Back to Contents</font></a> </p>
<p align="center"><font size="2" face="serif"><b>Cedar
      Shopping Centers, Inc.<br>
</b></font><font face="serif"><b><font size="2">Summary Financial Data<br>
</font></b><font size="2"><b>(unaudited) </b></font></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp; </td>
    <td align=center> <b><font size=1 face="serif">September 30,</font></b> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=center> <b><font size=1 face="serif">December 31,</font></b> </td>
    <td align=left>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp; </td>
    <td align=center> <b><font size=1 face="serif">2005</font></b> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=center> <b><font size=1 face="serif">2004</font></b> </td>
    <td align=left>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Equity market capitalization (end
      of period):&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> 8-7/8% Series A Cumulative Redeemable&nbsp;
      </font></td>
    <td width=2% align=left>&nbsp;</td>
    <td width=1% align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td width=10% align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td width=2% align=left>&nbsp; </td>
    <td width=1% align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td width=10% align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td width=2% align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> &nbsp; &nbsp;Preferred
      Stock shares outstanding&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">3,550,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">2,350,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Closing market price&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">26.00</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">26.39</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Common shares
      outstanding&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">28,508,935</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">19,350,981</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> OP Units outstanding&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">1,545,808</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">454,469</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Closing market
      price&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">14.47</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">14.30</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Equity market capitalization&nbsp;
      </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">527,192,000</font> </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">345,234,000</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Pro rata share
      of outstanding debt&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right> <font size=2 face="serif">334,264,000</font>
    </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right> <font size=2 face="serif">212,142,000</font>
    </td>
    <td align=left><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Total capitalization&nbsp;
      </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">861,456,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">557,376,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Ratio of pro
      rata share of outstanding debt to total capitalization</font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp; 38.8
      </font></td>
    <td align=left bgcolor="#eeeeee"><font size=2 face="serif">%</font></td>
    <td align=right bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> 38.1 &nbsp;
      </font></td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Ratio of pro
      rata share of outstanding debt to capitalization without Preferred Stock</font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
      <font size=2 face="serif">43.5</font> </td>
    <td align=left bgcolor="#eeeeee"><font size=1 face="serif">%</font></td>
    <td align=right bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> <font size=2 face="serif">42.8</font>
      &nbsp;</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left><font size="2" face="serif">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td colspan=4 align=center> <b><font size=1 face="serif">Three months ended
      September 30</font></b> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td colspan="5" align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=center> <b><font size=1 face="serif">2005</font></b> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=center> <b><font size=1 face="serif">2004</font></b> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Total revenues&nbsp;
      </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">20,551,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">12,447,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Net income applicable to common
      shareholders&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">1,636,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">1,208,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp; &nbsp;Per
      common share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.06</font> </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.07</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Dividends to common shareholders&nbsp;
      </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">5,049,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">3,703,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> &nbsp; &nbsp;Per
      common share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.225</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.225</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> FFO&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">7,237,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">3,691,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> &nbsp; &nbsp;Per
      common share/OP unit&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.27</font> </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.22</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <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=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Average number of common shares:&nbsp;
      </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Shares used
      in determination of earnings per share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">25,390,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">16,456,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Additional shares assuming conversion
      of OP Units&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">1,578,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">454,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Shares used
      in determination of FFO per share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">26,968,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">16,910,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td colspan=4 align=center>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td colspan=4 align=center> <b><font size=1 face="serif">Nine months ended
      September 30,</font></b> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td colspan="5" align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=center> <b><font size=1 face="serif">2005</font></b> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=center> <b><font size=1 face="serif">2004</font></b> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Total revenues&nbsp;
      </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">54,120,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">36,358,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Net income applicable to common
      shareholders&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">4,456,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">4,454,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> &nbsp; &nbsp;Per
      common share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.20</font> </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.70</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Dividends to common shareholders&nbsp;
      </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">14,430,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">10,038,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> &nbsp; &nbsp;Per common share
      </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.675</font> </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.610</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> FFO&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">17,591,000</font>
    </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif"> &#36;&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">11,313,000</font>
    </td>
    <td align=left><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> &nbsp; &nbsp;Per common share/OP
      unit&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.75</font> </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif"> &#36;&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.67</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <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=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Average number of common shares:&nbsp;
      </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Shares used
      in determination of earnings per share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">22,305,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">16,456,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="serif"> Additional shares assuming conversion
      of OP Units&nbsp; </font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">1,088,000</font> </td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2" face="serif">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">449,000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif"> Shares used
      in determination of FFO per share&nbsp; </font></td>
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">23,393,000</font>
    </td>
    <td align=left bgcolor="#eeeeee">&nbsp; </td>
    <td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">16,905,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<br>
<p align="center">
<font size="2" face="serif">5</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p6"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"> <b>Cedar Shopping Centers, Inc.</b><br>
  <b>Summary Financial Data<br>
(unaudited)<br>
(continued)</b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=center>
<b><font size=1 face="serif">September 30,</font></b>
	</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=center>
<b><font size=1 face="serif">December 31,</font></b>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=center>
<b><font size=1 face="serif">2005</font></b>
	</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=center>
<b><font size=1 face="serif">2004</font></b>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Real estate, net&nbsp;
	</font></td>
	<td width=2% align=left bgcolor="#eeeeee">&nbsp;</td>
	<td width=1% align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td width=10% align=right bgcolor="#eeeeee">
<font size=2 face="serif">775,517,000</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td width=1% align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td width=10% align=right bgcolor="#eeeeee">
<font size=2 face="serif">505,325,000</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Other assets&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">46,351,000</font>
	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">31,835,000</font>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Total assets&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">821,868,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">537,160,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <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=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Total debt&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">370,397,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">248,630,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Other liabilities&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">37,338,000</font>
	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">34,239,000</font>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Minority interests</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">12,403,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">11,995,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Limited partners' interest in OP&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">20,488,000</font>
	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">6,542,000</font>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Shareholders' equity
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">381,242,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">235,754,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Total liabilities and equity&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">821,868,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">537,160,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <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=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Fixed-rate mortgages
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">271,974,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">161,475,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Variable-rate mortgages
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">38,023,000</font>
	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">18,955,000</font>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Total mortgages&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">309,997,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">180,430,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Secured revolving credit facility&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">60,400,000</font>
	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">68,200,000</font>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=right><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Total debt
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">370,397,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">248,630,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <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=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
Pro rata share of total debt&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">334,264,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">
&#36;&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">212,142,000</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=right><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Weighted average interest rates:
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
 &nbsp;&nbsp;&nbsp;Fixed-rate mortgages&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">5.9</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
%&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">6.5</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=1 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
 &nbsp;&nbsp;&nbsp;Variable-rate mortgages&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">5.8</font>
	</td>
	<td align=left><font size="2" face="serif">
%&nbsp;
	</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">4.7</font>
	</td>
	<td align=left>
<font size=1 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
 &nbsp;&nbsp;&nbsp;Total mortgages&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">5.9</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
%&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">6.3</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=1 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
 &nbsp;&nbsp;&nbsp;Secured variable-rate revolving credit facility&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">5.3</font>
	</td>
	<td align=left><font size="2" face="serif">
%&nbsp;
	</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">3.9</font>
	</td>
	<td align=left>
<font size=1 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
 &nbsp;&nbsp;&nbsp;Total debt&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">5.8</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2" face="serif">
%&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">5.7</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=1 face="serif">%</font>&nbsp;
	</td>
</tr>
</table>
<br>
<p align="center">
<font size="2" face="serif">6</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p7"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.</font></b><font size="2"> <br>
    <b><font face="serif">Consolidated Balance Sheets Information<br>
    <b><font face="serif">(unaudited</font></b></font></b></font><b><font size=1 face="serif"><b><font size=1 face="serif">)</font></b>&nbsp; </font></b></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td rowspan="4" align=left>&nbsp; </td>
    <td align=center> </td>
    <td colspan="7" align=center> <b><font size=1 face="serif">September 30, 2005</font></b>
    </td>
    <td rowspan="4" align=center>&nbsp; </td>
    <td align=center> </td>
    <td colspan="7" align=center> <b><font size=1 face="serif">December 31, 2004</font></b>
    </td>
    <td rowspan="4" align=center>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td align=center> </td>
    <td align=center> </td>
    <td rowspan="2" align=center>&nbsp; </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">Joint venture </font></b></td>
    <td rowspan="2" align=center>&nbsp; </td>
    <td align=center>&nbsp;</td>
    <td align=center><b><font size=1 face="serif">Wholly-owned</font></b> </td>
    <td align=center> </td>
    <td align=center> </td>
    <td rowspan="2" align=center>&nbsp; </td>
    <td rowspan="2" align=center> </td>
    <td align=center> <b><font size=1 face="serif">Joint venture </font></b> </td>
    <td rowspan="2" align=center>&nbsp; </td>
    <td align=center>&nbsp;</td>
    <td align=center><b><font size=1 face="serif">Wholly-owned</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align=left> </td>
    <td align=center> <b><font size=1 face="serif">Total</font></b> </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">properties</font></b> </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">properties</font></b> </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">Total</font></b> </td>
    <td align=center> <b><font size=1 face="serif">properties</font></b> </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">properties</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center>&nbsp;</td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center>&nbsp;</td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center>&nbsp;</td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center>&nbsp;</td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center>&nbsp;</td>
    <td align=center> <hr size="1" noshade></td>
    <td align=center> <hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Assets:</font>&nbsp; </font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Real estate:</font>&nbsp;
      </font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">&nbsp;&nbsp;&nbsp;Land</font>&nbsp;
      </font></td>
    <td width=1% align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">146,248,000</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">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">14,409,000</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">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">131,839,000</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">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">97,617,000</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">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">14,409,000</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">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">83,208,000</font>
    </td>
    <td width=2% align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp;<font face="serif">Buildings and
      improvements</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">657,544,000</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">54,038,000</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">603,506,000</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">423,735,000</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">54,083,000</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">369,652,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <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">803,792,000</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">68,447,000</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">735,345,000</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">521,352,000</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">68,492,000</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">452,860,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp;<font face="serif">Less accumulated
      depreciation</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(28,275,000</font> </td>
    <td align=left><font size="2"> <font face="serif">)</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(4,169,000</font> </td>
    <td align=left><font size="2"> <font face="serif">)</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(24,106,000</font> </td>
    <td align=left><font size="2"> <font face="serif">)</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(16,027,000</font> </td>
    <td align=left><font size="2"> <font face="serif">)</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(3,055,000</font> </td>
    <td align=left><font size="2"> <font face="serif">)</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(12,972,000</font> </td>
    <td align=left><font size="2"> <font face="serif">)</font>&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">Real estate,
      net</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">775,517,000</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">64,278,000</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">711,239,000</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">505,325,000</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">65,437,000</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">439,888,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Cash and cash equivalents</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">10,690,000</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">&#8212;</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">10,690,000</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">8,457,000</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">&#8212;</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">8,457,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">Cash at
      joint ventures</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">1,205,000</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">1,205,000</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">&#8212;</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">1,193,000</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">1,193,000</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">&#8212;</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Construction / improvement
      and other</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">escrows</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">5,159,000</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">1,313,000</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">3,846,000</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">5,912,000</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">1,408,000</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">4,504,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Receivables:</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">Rents
      and other, net</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">3,759,000</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">377,000</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">3,382,000</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">1,929,000</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">216,000</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">1,713,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp;<font face="serif">Straight-line
      rents</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">4,225,000</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">794,000</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">3,431,000</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">2,554,000</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">668,000</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">1,886,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">Other
      assets</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">6,988,000</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">519,000</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">6,469,000</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">2,379,000</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">271,000</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">2,108,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Deferred charges, net:</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">Leasing
      costs</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">8,828,000</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">333,000</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">8,495,000</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">6,163,000</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">226,000</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">5,937,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp;<font face="serif">Financing costs</font>&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>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">580,000</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">3,932,000</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">2,994,000</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">675,000</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">2,319,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">Other</font>&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">985,000</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">&#8212;</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">985,000</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">254,000</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">&#8212;</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">254,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">&nbsp;&nbsp;&nbsp;Total
      assets</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">821,868,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">69,399,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">752,469,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">537,160,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">70,094,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">467,066,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Liabilities and shareholders'
      equity:</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">Mortgage
      loans payable</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">309,997,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">49,723,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">260,274,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">180,430,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">50,224,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">130,206,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="serif">Secured revolving credit
      facility</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">60,400,000</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">&#8212;</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">60,400,000</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">68,200,000</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">&#8212;</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">68,200,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font size="2"><font face="serif">Accounts
      payable and accrued</font></font> <font face="serif">expenses</font>&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">6,939,000</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">338,000</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">6,601,000</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">5,549,000</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">464,000</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">5,085,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font size="2"><font face="serif">Tenant advance
      payments and security</font></font> <font face="serif">deposits</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">4,823,000</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">424,000</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">4,399,000</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">3,463,000</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">533,000</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">2,930,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font size="2"><font face="serif">Unamortized
      intangible lease</font></font> <font face="serif">liabilities</font>&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">25,576,000</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">1,078,000</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">24,498,000</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">25,227,000</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">1,185,000</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">24,042,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif">Total
      liabilities</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">407,735,000</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">51,563,000</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">356,172,000</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">282,869,000</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">52,406,000</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">230,463,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font face="serif">Minority
      interests</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">12,403,000</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">12,403,000</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">&#8212;</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">11,995,000</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">11,995,000</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">&#8212;</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font size="2"><font face="serif">Limited partners'
      interest in</font> </font><font face="serif">consolidated OP</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">20,488,000</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">277,000</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">20,211,000</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">6,542,000</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">154,000</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">6,388,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left><font size="2"> <font face="serif">Equity (a)</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">381,242,000</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">5,156,000</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">376,086,000</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">235,754,000</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">5,539,000</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">230,215,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"><font size="2"> <font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif">Total
      liabilities and equity</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">821,868,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">69,399,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">752,469,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">537,160,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">70,094,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">467,066,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr align="left" width="100" size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left"><font size=1 face="serif">(a)</font></td>
    <td> <font size=1 face="serif"> Equity includes net receivable/payable balances,
      on open account, between joint venture and wholly-owned properties.</font></td>
  </tr>
</table>
<p align="center">
<font size="2" face="serif">7</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p8"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.<br>
  </font></b><b><font size=2 face="serif">Consolidated Statements of Income Information<br>
  </font></b> <b><font size=2 face="serif">(unaudited)</font></b></p>


<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td rowspan="3" align=left>&nbsp; </td>
    <td align=left> </td>
    <td colspan=7 align=center> <b><font size=1 face="serif">Three months ended
      September 30, 2005</font></b> </td>
    <td rowspan="4" align=left><font size="1">&nbsp;</font> </td>
    <td align=left><font size="1">&nbsp;</font> </td>
    <td colspan=7 align=center> <b><font size=1 face="serif">Three months ended
      September 30, 2004</font></b> </td>
    <td rowspan="3" align=left><font size="1">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">Total</font></b> </td>
    <td rowspan="2" align=center><font size="1">&nbsp;</font> </td>
    <td align=center><font size="1">&nbsp;</font></td>
    <td align=center><b><font size=1 face="serif">Joint venture </font></b> </td>
    <td rowspan="2" align=center><font size="1">&nbsp;</font></td>
    <td align=center><font size="1">&nbsp;</font></td>
    <td align=center><b><font size=1 face="serif">Wholly-owned</font></b></td>
    <td align=center><font size="1">&nbsp;</font> </td>
    <td align=center><b><font size=1 face="serif">Total</font></b> </td>
    <td rowspan="2" align=center><font size="1">&nbsp;</font> </td>
    <td align=center><font size="1">&nbsp;</font> </td>
    <td align=center> <b><font size=1 face="serif">Joint venture </font></b> </td>
    <td rowspan="2" align=center><font size="1">&nbsp;</font></td>
    <td align=center><font size="1">&nbsp;</font></td>
    <td align=center><b><font size=1 face="serif">Wholly-owned</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Revenues:</font><font size="2">&nbsp;
      </font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Rents:</font>&nbsp;
      </font></td>
    <td align=left><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif">Base
      rents</font>&nbsp; </font></td>
    <td width=1% align=right> <font size=2 face="serif">&#36;</font> </td>
    <td width=8% align=right> <font size=2 face="serif">14,425,000</font> </td>
    <td width=2% align=left><font size="2">&nbsp;</font> </td>
    <td width=1% align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right> <font size=2 face="serif">1,787,000</font> </td>
    <td width=2% align=left><font size="2">&nbsp;</font> </td>
    <td width=1% align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right> <font size=2 face="serif">12,638,000</font> </td>
    <td width=2% align=left><font size="2">&nbsp;</font> </td>
    <td width=1% align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right> <font size=2 face="serif">9,178,000</font> </td>
    <td width=2% align=left><font size="2">&nbsp;</font> </td>
    <td width=1% align=right> <font size=2 face="serif">&#36;</font> </td>
    <td align=right> <font size=2 face="serif">1,770,000</font> </td>
    <td width=2% align=left><font size="2">&nbsp;</font> </td>
    <td width=1% align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right> <font size=2 face="serif">7,408,000</font> </td>
    <td width=2% align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif">Percentage
      rents</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">152,000</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">3,000</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">149,000</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">70,000</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">1,000</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">69,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif">Straight-line
      rents</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">735,000</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">48,000</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">687,000</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">260,000</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">63,000</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">197,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"><font face="serif">&nbsp; &nbsp; &nbsp; &nbsp;Amortization
      of intangible <font size=2 face="serif">lease liabilities</font><font size="2">&nbsp;
      </font></font></font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">1,074,000</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">36,000</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">1,038,000</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">579,000</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">32,000</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">547,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">16,386,000</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">1,874,000</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">14,512,000</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">10,087,000</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">1,866,000</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">8,221,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Expense recoveries</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">4,011,000</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">591,000</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">3,420,000</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">2,253,000</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">331,000</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">1,922,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Other</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">154,000</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">&#8212;</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">154,000</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">107,000</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">&#8212;</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">107,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2"><font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif"></font></font><font size=2 face="serif">Total
      revenues</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">20,551,000</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">2,465,000</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">18,086,000</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">12,447,000</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">2,197,000</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">10,250,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Expenses:</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Operating,
      maintenance</font>&nbsp;<font face="serif">and management</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">3,661,000</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">493,000</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">3,168,000</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">2,349,000</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">305,000</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">2,044,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Real estate
      and other property-</font><font size="2"><font face="serif">related taxes</font>&nbsp;
      </font></font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">1,961,000</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">220,000</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">1,741,000</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">1,363,000</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">220,000</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">1,143,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">General and
      administrative</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">1,317,000</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">&#8212;</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">1,317,000</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">706,000</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">&#8212;</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">706,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Depreciation
      and amortization</font>&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">&nbsp;</font> </td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">384,000</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">5,259,000</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">2,911,000</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">346,000</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">2,565,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2"><font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif"></font></font><font size=2 face="serif">Total
      expenses</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">12,582,000</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">1,097,000</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">11,485,000</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">7,329,000</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">871,000</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">6,458,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Operating income</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">7,969,000</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">1,368,000</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">6,601,000</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">5,118,000</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">1,326,000</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">3,792,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Non-operating income and expense:</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Interest expense</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(3,517,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(965,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(2,552,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(2,462,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(946,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(1,516,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Amortization of deferred financing
      costs</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(335,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(33,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(302,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(247,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </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><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(215,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Interest income</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">19,000</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">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">14,000</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">17,000</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">&#8212;</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">17,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2"><font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif"></font></font><font size=2 face="serif">Total
      non-operating income and expense</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(3,833,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(993,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(2,840,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(2,692,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(978,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(1,714,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Income before minority and </font><font size="2"><font face="serif">limited
      partners' interests</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">4,136,000</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">375,000</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">3,761,000</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">2,426,000</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">348,000</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">2,078,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Minority interests</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(307,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(307,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</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">(274,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(274,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Limited partners'
      interest</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(224,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(4,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(220,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(33,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(2,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(31,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Net income</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">3,605,000</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">64,000</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">3,541,000</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">2,119,000</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">72,000</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">2,047,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Preferred distribution requirements</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(1,969,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</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">(1,969,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(911,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</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">(911,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Net income applicable to </font><font size="2"><font face="serif">common
      shareholders</font>&nbsp; </font></td>
    <td align=right> <font size=2 face="serif">&#36;</font> </td>
    <td align=right> <font size=2 face="serif">1,636,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right><font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">64,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">1,572,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">1,208,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right><font size=2 face="serif">&#36;</font> </td>
    <td align=right> <font size=2 face="serif">72,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">1,136,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Per common share</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">&#36;</font> </td>
    <td align=right> <font size=2 face="serif">0.06</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">&#8212;</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">0.06</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </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 face="serif">&#36;</font> </td>
    <td align=right> <font size=2 face="serif">0.00</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right> <font size=2 face="serif">0.07</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Average number of common </font><font size="2"><font face="serif">shares
      outstanding</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">25,390,000</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">25,390,000</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">25,390,000</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">16,456,000</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">16,456,000</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">16,456,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<p align="center">
<font size="2" face="serif">8</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<a name="p9"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.<br>
  Consolidated Statements of Income Information<br>
  (unaudited)</font></b> </p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left> </td>
    <td colspan=7 align=center> <b><font size=1 face="serif">Nine months ended
      September 30, 2005</font></b> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td colspan=7 align=center> <b><font size=1 face="serif">Nine months ended
      September 30, 2004</font></b> </td>
    <td align=left>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=left> </td>
    <td align=center> &nbsp; &nbsp; &nbsp; &nbsp;<b><font size=1 face="serif">Total</font></b>
    </td>
    <td align=center>&nbsp; </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">Joint venture</font></b> </td>
    <td align=center>&nbsp; </td>
    <td colspan=2 align=center> <b><font size=1 face="serif">Wholly-owned</font></b>
    </td>
    <td align=center>&nbsp; </td>
    <td align=center>&nbsp; </td>
    <td align=center> <b><font size=1 face="serif">Total</font></b> </td>
    <td align=center>&nbsp; </td>
    <td align=center> </td>
    <td align=center> <b><font size=1 face="serif">Joint venture</font></b> </td>
    <td align=center>&nbsp; </td>
    <td colspan=2 align=center> <b><font size=1 face="serif">Wholly-owned</font></b>
    </td>
    <td align=center>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Revenues:</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Rents:</font>&nbsp;
      </font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif">Base
      rents</font>&nbsp; </font></td>
    <td width=1% align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">37,958,000</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">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">5,467,000</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">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">32,491,000</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">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">26,001,000</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">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">5,256,000</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">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td width=8% align=right bgcolor="#eeeeee"> <font size=2 face="serif">20,745,000</font>
    </td>
    <td width=2% align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif">Percentage
      rents</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">375,000</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">8,000</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">367,000</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">374,000</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">20,000</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">354,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif">Straight-line
      rents</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">1,669,000</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">127,000</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">1,542,000</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">905,000</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">204,000</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">701,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"><font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<font face="serif"></font></font><font face="serif">Amortization
      of intangible</font></font> <font size=2 face="serif">lease liabilities</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">2,918,000</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">107,000</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">2,811,000</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">1,555,000</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">1,441,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee">&nbsp;</td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">42,920,000</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">5,709,000</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">37,211,000</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">28,835,000</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">5,594,000</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">23,241,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Expense recoveries</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">10,902,000</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">1,381,000</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">9,521,000</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">7,188,000</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">1,257,000</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">5,931,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2">&nbsp; &nbsp;<font face="serif">Other</font>&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">298,000</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">&#8212;</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">298,000</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">335,000</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">11,000</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">324,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Total revenues</font><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">54,120,000</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">7,090,000</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">47,030,000</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">36,358,000</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">6,862,000</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">29,496,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Expenses:</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2">&nbsp; &nbsp;<font face="serif">Operating,
      maintenance and management</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">10,233,000</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">1,135,000</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">9,098,000</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">7,746,000</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">1,056,000</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">6,690,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Real estate
      and other property-</font><font face="serif">related taxes</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">5,351,000</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">661,000</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">4,690,000</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">3,707,000</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">655,000</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">3,052,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2">&nbsp; &nbsp;<font face="serif">General
      and administrative</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">3,483,000</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">&#8212;</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">3,483,000</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">2,333,000</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">&#8212;</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">2,333,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Depreciation
      and amortization</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">13,574,000</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">1,147,000</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">12,427,000</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">7,978,000</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">1,027,000</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">6,951,000</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2"><font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif"></font></font><font size=2 face="serif">Total
      expenses</font><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">32,641,000</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">2,943,000</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">29,698,000</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">21,764,000</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">2,738,000</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">19,026,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Operating income</font><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">21,479,000</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">4,147,000</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">17,332,000</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">14,594,000</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">4,124,000</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">10,470,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Non-operating income and expense:</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Interest expense</font><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">(9,798,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(2,892,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(6,906,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(7,561,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(2,949,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(4,612,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><font size="2">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Amortization of deferred financing
      costs</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(771,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(101,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(670,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(736,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(96,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(640,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Interest income</font><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">51,000</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">12,000</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">39,000</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">48,000</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">&#8212;</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">48,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2"><font size="2"><font face="serif">&nbsp;&nbsp;&nbsp;</font></font><font face="serif"></font></font><font size=2 face="serif">Total
      non-operating income and expense</font><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">(10,518,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(2,981,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(7,537,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(8,249,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(3,045,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(5,204,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><font size="2">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Income before
      minority and </font><font size="2"><font face="serif">limited partners'
      interests</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">10,961,000</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">1,166,000</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">9,795,000</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">6,345,000</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">1,079,000</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">5,266,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; &nbsp;<font face="serif">Minority interests</font>&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(950,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(950,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</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">(858,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(858,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size="2">&nbsp; &nbsp;<font face="serif">Limited
      partners' interest</font>&nbsp; </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">(338,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(10,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(328,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(122,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(6,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><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">(116,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">)</font><font size="2">&nbsp;
      </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Net income</font><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">9,673,000</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">206,000</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">9,467,000</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">5,365,000</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">215,000</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">5,150,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Preferred distribution requirements</font><font size="2">&nbsp;
      </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(5,217,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</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">(5,217,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">(911,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">&#8212;</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">(911,000</font> </td>
    <td align=left> <font size=2 face="serif">)</font><font size="2">&nbsp; </font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right> <hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size="2">&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Net income applicable
      to common shareholders</font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">4,456,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font><font size="2">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">206,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">4,250,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">4,454,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font><font size="2">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">215,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">4,239,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Per common share</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.20</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font><font size="2">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.01</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.19</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.27</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font><font size="2">&nbsp;</font>
    </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.01</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">&#36;</font><font size="2">&nbsp;
      </font></td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.26</font> </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp; </td>
    <td align=right><font size="2">&nbsp;</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=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=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=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=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=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left bgcolor="#eeeeee"> <font size=2 face="serif">Average number
      of common shares outstanding </font></td>
    <td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
    <td align=right bgcolor="#eeeeee"> <font size=2 face="serif">22,305,000</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">22,305,000</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">22,305,000</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">16,456,000</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">16,456,000</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">16,456,000</font>
    </td>
    <td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">9</font>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>

<page>
<a name="p10"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"> <b>CEDAR SHOPPING CENTERS, INC.<br>
Reconciliation
of Net Income to<br>
Funds From Operations ("FFO")<br>
(unaudited)</b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left>&nbsp;		</td>
	<td colspan="5" align=center><b>
      <font size=1 face="serif">Three months ended September 30</font></b></td>
	<td align=left>&nbsp;		</td>
	<td colspan="5" align=center><b>
      <font size=1 face="serif">Nine months ended September 30</font></b></td>
	<td align=left>&nbsp;		</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td colspan="5" align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td colspan="5" align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
	<td colspan="2" align=center><b>
      <font size=1 face="serif">2005</font></b></td>
	<td align=left>&nbsp;	</td>
	<td colspan="2" align=center><b>
      <font size=1 face="serif">2004</font></b></td>
	<td align=left>&nbsp;</td>
	<td colspan="2" align=center><b>
      <font size=1 face="serif">2005</font></b></td>
	<td align=left>&nbsp;	</td>
	<td colspan="2" align=center><b>
      <font size=1 face="serif">2004</font></b></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td colspan="2" align=left><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td colspan="2" align=left><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td colspan="2" align=left><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td colspan="2" align=left><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee">
      <font size=2 face="serif">Net income applicable to common shareholders (a)</font></td>
	<td width=1% align=right bgcolor="#eeeeee">
      <font size=2 face="serif">&#36;</font>
	</td>
	<td width=10% align=right bgcolor="#eeeeee">
      <font size=2 face="serif">1,636,000</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">&#36;</font>
	</td>
	<td width=10% align=right bgcolor="#eeeeee">
      <font size=2 face="serif">1,208,000</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">&#36;</font>
	</td>
	<td width=10% align=right bgcolor="#eeeeee">
      <font size=2 face="serif">4,456,000</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">&#36;</font>
	</td>
	<td width=10% align=right bgcolor="#eeeeee">
      <font size=2 face="serif">4,454,000</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size=2 face="serif">Add (deduct):</font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><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">&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">&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">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">Depreciation and amortization</font></font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">5,624,000</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">2,671,000</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">13,525,000</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">7,369,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2"> &nbsp; &nbsp;<font face="serif">Limited partners' interest</font></font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">224,000</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">33,000</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">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">122,000</font>
	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">Minority interests</font></font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">307,000</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">274,000</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">950,000</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">858,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2"> &nbsp; &nbsp;<font face="serif">Minority interests' share of FFO</font></font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">(554,000</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">(495,000</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">(1,678,000</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">(1,490,000</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee">
      <font size=2 face="serif">Funds from operations</font></td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">7,237,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">3,691,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">17,591,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">11,313,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
      <font face="serif">FFO per common share (assuming conversion</font> <font face="serif">of
OP Units)</font></font></td>
	<td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font>

	</td>
	<td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.27</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font>

	</td>
	<td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.22</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font>

	</td>
	<td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.75</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size=2 face="serif">&#36;</font>

	</td>
	<td align=right bgcolor="#eeeeee"> <font size=2 face="serif">0.67</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size=2 face="serif">Average number of common shares:</font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><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">&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">&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">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee">
      <font size=2 face="serif">Shares used in determination of earnings per share</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">25,390,000</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">16,456,000</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">22,305,000</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">16,456,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size=2 face="serif">Additional shares assuming conversion of OP Units</font></td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">1,578,000</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">454,000</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">1,088,000</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">449,000</font>
	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee">
      <font size=2 face="serif">Shares used in determination of FFO per share</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee">
      <font size=2 face="serif">26,968,000</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">16,910,000</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">23,393,000</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">16,905,000</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left><font size="2">&nbsp;</font></td>
</tr>
</table>
<p>
<font size=2 face="serif">(a) "Net income applicable to common shareholders" includes income from amortization of intangible lease liabilities of &#36;1,074,000, &#36;579,000, &#36;2,918,000 and &#36;1,555,000, respectively. The minority interests'
share of such amortization was &#36;26,000, &#36;36,000, &#36;80,000 and &#36;111,000, respectively. Net income applicable to common shareholders also includes a charge for the ineffective portion of the change in the fair value of the Company's
derivative financial instruments of &#36;0, &#36;236,000, &#36;0 and &#36;596,000, respectively (included in amortization expense). Minority interests did not share in such charge.</font></p>
<p align="center"><font size="2" face="serif">10</font></p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p11"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"> <b>CEDAR SHOPPING CENTERS, INC.</b><br>
    <b>Property Summary<br>
As of September 30, 2005</b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=center><font size="1">&nbsp;</font></td>
  <td align=center><b> <font size=1 face="serif"><br>
    </font></b></td>
  <td align=center><font size="1">&nbsp;</font></td>
  <td align=center>&nbsp;</td>
  <td align=center><font size="1">&nbsp;</font></td>
  <td align=center>&nbsp;</td>
  <td align=center><font size="1">&nbsp;</font></td>
  <td align=center>&nbsp;</td>
  <td align=center><font size="1">&nbsp;</font></td>
  <td align=center>&nbsp;</td>
  <td align=center><font size="1">&nbsp;</font></td>
  <td colspan="2" align=center><b><font size="1" face="serif"> Average base
    </font></b></td>
  <td align=left><font size="1">&nbsp;</font></td>
  <td colspan="5" align=center><b><font size="1" face="serif">Major tenants [&gt;=20,000 SF
    of GLA]</font></b></td>
  <td align=left><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
</tr>
<tr align="center" valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">Year </font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">Percent</font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif"> Gross leasable </font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif"> Year built/ year </font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif"> Number of </font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif"> Percent </font></b></td>
  <td align=center>&nbsp;</td>
  <td colspan="2" align=center><b><font size="1" face="serif">rent per </font></b></td>
  <td align=left>&nbsp;</td>
  <td colspan="5"><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><b><font size="1" face="serif">Property</font></b></td>
  <td align=center><b><font size=1 face="serif">acquired</font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">owned (2)</font> </b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif">area "GLA" </font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif">last renovated</font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif">tenants</font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size="1" face="serif">occupied</font></b></td>
  <td align=center>&nbsp;</td>
  <td colspan="2" align=center><b><font size="1" face="serif">leased SF</font></b></td>
  <td align=left>&nbsp;</td>
  <td align=center valign="bottom"><b><font size="1" face="serif">Name</font></b></td>
  <td><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size="1" face="serif">SF</font></b></td>
  <td><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size="1" face="serif"> Lease expiration</font></b></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td colspan="2" align=left><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
    <b>STABILIZED PROPERTIES (1):</b></font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size=2 face="serif">The Point Shopping Center</font>
	</td>
	<td width=4% align=right><font size="2" face="serif">
2000
	</font></td>
	<td width=2% align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td width=4% align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td width=2% align=left><font size="2" face="serif">
%</font></td>
	<td width=6% align=right><font size="2" face="serif">
255,447</font></td>
	<td width=2% align=right><font size="2" face="serif">&nbsp;</font></td>
	<td width=6% align=right><font size="2" face="serif">
1972/2001</font></td>
	<td width=2% align=right><font size="2" face="serif">&nbsp;</font></td>
	<td width=4% align=right><font size="2" face="serif">
18</font></td>
	<td width=2% align=right><font size="2" face="serif">&nbsp;</font></td>
	<td width=4% align=right>
      <font size=2 face="serif">93</font>
	</td>
	<td width=2% align=left><font size="2" face="serif">
%</font></td>
	<td width=1% align=right>
      <font size=2 face="serif">&#36;</font>
	</td>
	<td width=4% align=right><font size="2" face="serif">
10.36</font></td>
	<td width=2% align=left><font size="2" face="serif">&nbsp;</font></td>
	<td width=18% align=left><font size="2" face="serif">
Giant Foods</font></td>
	<td width=2% align=center><font size="2" face="serif">&nbsp;</font></td>
	<td width=5% align=right><font size="2" face="serif">
55,000</font></td>
	<td width=2% align=right><font size="2" face="serif">&nbsp;</font></td>
	<td width=6% align=right><font size="2" face="serif">
07/31/2021</font></td>
    <td width=2% align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size=2 face="serif">Harrisburg, PA</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=left><font size="2" face="serif"> Burlington Coat Factory</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
  <td align=right><font size="2" face="serif">76,665</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2" face="serif">01/31/2011</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif"> Staples</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif"> 24,000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif"> 08/31/2013</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif"> A.C. Moore</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif"> 20,000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif"> 07/31/2008</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Academy Plaza</font></td>
	<td align=right><font size="2" face="serif">
2001</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
152,878</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1965/1998</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
33</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">99</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
11.36</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Acme Markets</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
50,918</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
09/31/2018</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size=2 face="serif">Philadelphia, PA</font>
	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Raising Horizons Charter School</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
20,092</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
08/31/2005</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Port Richmond Village</font></td>
	<td align=right><font size="2" face="serif">
2001</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
154,908</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1988</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
29</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">97</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
12.05</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Thriftway</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
40,000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
10/31/2008</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Philadelphia, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Pep Boys</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
20,615</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
02/28/2009</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Washington Center Shoppes</font></td>
	<td align=right><font size="2" face="serif">
2001</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
153,260</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1979/1995</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
29</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">99</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
7.60</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Acme Markets</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
66,046</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
12/02/2020</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Washington Township, NJ</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Powerhouse Gym</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
20,742</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
12/31/2012</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Loyal Plaza</font></td>
	<td align=right><font size="2" face="serif">
2002</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">25</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
293,825</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1969/2000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
26</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
7.50</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
K-Mart</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
102,558</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
08/31/2011</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Williamsport, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Giant Foods</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
66,935</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
10/31/2019</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Staples</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
20,555</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
11/30/2014</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
LA Fitness Facility</font></td>
	<td align=right><font size="2" face="serif">
2002</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">50</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
41,000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
2003</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
18.09</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
LA Fitness</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
41,000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
12/31/2018</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Fort Washington, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Fairview Plaza</font></td>
	<td align=right><font size="2" face="serif">
2003</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">30</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
69,579</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1992</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
5</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">97</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
11.40</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Giant Foods</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
59,237</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
02/28/2017</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
New Cumberland, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Halifax Plaza</font></td>
	<td align=right><font size="2" face="serif">
2003</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">30</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
54,150</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1994</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
9</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
10.89</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Giant Foods</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
32,000</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
10/31/2019</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Halifax, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Newport Plaza</font></td>
	<td align=right><font size="2" face="serif">
2003</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">30</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
66,789</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1996</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
9</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
10.12</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Giant Foods</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
43,400</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
05/31/2021</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Newport, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Pine Grove Plaza</font></td>
	<td align=right><font size="2" face="serif">
2003</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
79,306</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
2001/2002</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
16</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
10.60</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
Peebles</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
24,963</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
01/31/2022</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2" face="serif">
Pemberton Township, NJ</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
Swede Square</font></td>
	<td align=right><font size="2" face="serif">
2003</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">
98,792</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
1980/2004</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
16</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">88</font>
	</td>
	<td align=left><font size="2" face="serif">
%</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">
13.16</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">
LA Fitness</font></td>
	<td align=center><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
37,200</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">
06/30/2016</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2" face="serif">
East Norriton, PA</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font>

	</td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center">
<font size="2" face="serif">11</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p12"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2" face="serif"><b>CEDAR SHOPPING CENTERS, INC.</b><br>
    <b>Property Summary<br>
As of September 30, 2005<br>
(continued)</b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr align="center" valign="bottom">
  <td align="left">&nbsp;</td>
  <td>&nbsp;</td>
  <td></td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td><b><font size=1 face="serif">Gross</font></b></td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="5">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom">
  <td align="left">&nbsp;</td>
  <td>&nbsp;</td>
  <td></td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td><b><font size=1 face="serif">leasable</font></b></td>
  <td>&nbsp;</td>
  <td><b><font size=1 face="serif">Year built/</font></b></td>
  <td>&nbsp;</td>
  <td><b><font size=1 face="serif">Number</font></b></td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td><b><font size=1 face="serif">Average</font></b></td>
  <td>&nbsp;</td>
  <td colspan="5"><b> <font size=1 face="serif">Major tenants [&gt;=20,000 SF
    of GLA]</font></b></td>
  <td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom">
  <td align="left">&nbsp;</td>
  <td><b><font size="1"> </font></b><b> <font size=1 face="serif">Year<br>
  </font></b></td>
  <td></td>
  <td> <b> <font size=1 face="serif">Percent<br>
  </font></b></td>
  <td align="left">&nbsp;</td>
  <td><b><font size=1 face="serif">area</font></b></td>
  <td>&nbsp;</td>
  <td><b><font size=1 face="serif">year last</font></b></td>
  <td>&nbsp;</td>
  <td><b><font size=1 face="serif">of</font></b></td>
  <td>&nbsp;</td>
  <td><b><font size=1 face="serif">Percent</font></b></td>
  <td align="left">&nbsp;</td>
  <td><b><font size=1 face="serif">base rent per</font></b></td>
  <td>&nbsp;</td>
  <td colspan="5"><hr size="1" noshade></td>
  <td>&nbsp;</td>
</tr>
<tr align="center" valign="bottom">
  <td align="left"> <b> <font size=1 face="serif">Property</font></b></td>
	<td><b><font size=1 face="serif">acquired</font> </b></td>
	<td></td>
	<td><b><font size=1 face="serif">owned (2)</font> </b></td>
	<td align="left">&nbsp;</td>
	<td><b><font size=1 face="serif">" GLA"</font></b></td>
	<td>&nbsp;</td>
	<td><b><font size=1 face="serif">renovated</font></b></td>
	<td>&nbsp;</td>
	<td><b><font size=1 face="serif">tenants</font></b></td>
	<td>&nbsp;</td>
	<td><b><font size=1 face="serif">occupied</font></b></td>
	<td align="left">&nbsp;</td>
	<td><b><font size=1 face="serif">leased SF</font></b></td>
	<td>&nbsp;</td>
	<td><b>
    <font size=1 face="serif">Name</font></b></td>
	<td>&nbsp;</td>
	<td><b>
    <font size=1 face="serif">SF</font></b></td>
	<td>&nbsp;</td>
	<td><b>
    <font size=1 face="serif">Lease expiration</font></b></td>
    <td>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=left></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=center>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Valley Plaza</font></td>
	<td width="4%" align=right>
      <font size="2" face="serif">2003</font></td>
	<td width="2%" align=right><font size="2">&nbsp;</font></td>
	<td width="4%" align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td width="2%" align=left>
      <font size="2" face="serif">%</font></td>
	<td width="6%" align=right>
      <font size="2" face="serif">191,189</font></td>
	<td width="2%" align=right><font size="2">&nbsp;</font></td>
	<td width="7%" align=right>
      <font size="2" face="serif">1975/1994</font></td>
	<td width="2%" align=right><font size="2">&nbsp;</font></td>
	<td width="4%" align=right>
      <font size="2" face="serif">7</font></td>
	<td width="2%" align=right><font size="2">&nbsp;</font></td>
	<td width="4%" align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td width="2%" align=left>
      <font size="2" face="serif">%</font></td>
	<td width="6%" align=right>
      <font size="2" face="serif">4.39</font></td>
	<td width="2%" align=left><font size="2">&nbsp;</font></td>
	<td width="18%" align=left>
      <font size="2" face="serif">K-Mart</font></td>
	<td width="2%" align=center><font size="2">&nbsp;</font></td>
	<td width="5%" align=right>
      <font size="2" face="serif">95,810</font></td>
	<td width="2%" align=right><font size="2">&nbsp;</font></td>
	<td width="6%" align=right>
      <font size="2" face="serif">09/30/2009</font></td>
    <td width="2%" align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Hagerstown, MD</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Ollie's</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">41,888</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">03/31/2011</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Tractor Supply</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">32,095</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">05/31/2010</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Wal-Mart Center</font></td>
	<td align=right>
      <font size="2" face="serif">2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">155,842</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1972/2000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">8</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">95</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">5.51</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Wal-Mart</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">95,482</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2020</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Southington, CT</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Namco</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">20,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2011</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">South Philadelphia</font></td>
	<td align=right>
      <font size="2" face="serif">2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">283,415</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1950/2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">25</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">96</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">12.78</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Shop Rite</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">54,388</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">09/30/2018</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Philadelphia, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</font></td>
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	</font></td>
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	</font></td>
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	</font></td>
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	</font></td>
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	</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Bally's Total Fitness</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">31,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">05/31/2017</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
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	</font></td>
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	</font></td>
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	</font></td>
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	</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=left><font size="2">&nbsp;

	</font></td>
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	</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Ross Stores</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">31,349</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2013</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;

	</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">National Wholesale Liquidators</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">26,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2016</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Modell's</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">20,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2018</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</font></td>
	<td align=left><font size="2">&nbsp;

	</font></td>
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	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Strauss Discount Auto</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">20,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">11/30/2013</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
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  <td align=left><font size="2">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</font></td>
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  <td align=right><font size="2">&nbsp;</font></td>
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</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">River View Plaza I, II and III</font></td>
	<td align=right>
      <font size="2" face="serif">2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">244,225</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1991/1998</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">20</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">86</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">16.64</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">United Artists</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">77,700</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">12/31/2018</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Philadelphia, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Pep Boys</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">22,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">09/30/2014</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
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  <td align=left><font size="2">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</font></td>
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  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
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  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Columbus Crossing</font></td>
	<td align=right>
      <font size="2" face="serif">2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">142,166</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">2001</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">9</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">15.22</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Super Fresh Supermarket</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">61,506</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">09/30/2020</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Philadelphia, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Old Navy</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">25,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">09/30/2008</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">A.C. Moore</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">22,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">09/30/2011</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
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  <td align=left><font size="2">&nbsp;</font></td>
  <td align=left><font size="2">&nbsp;</font></td>
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  <td align=right><font size="2">&nbsp;</font></td>
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  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Sunset Crossing</font></td>
	<td align=right>
      <font size="2" face="serif">2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">74,142</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">2002</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">6</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">96</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">14.43</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Giant Foods</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">54,332</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">06/30/2022</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Dickson City, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
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	</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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
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  <td align=right><font size="2">&nbsp;</font></td>
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  <td align=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Golden Triangle</font></td>
	<td align=right>
      <font size="2" face="serif">2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">191,581</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1960/2005</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">15</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">85</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">10.47</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">LA Fitness</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">44,796</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">04/30/2020</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Lancaster, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Marshalls</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">30,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">05/31/2010</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Staples</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">24,060</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">05/31/2012</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Artesian Outlet</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">22,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">04/30/2009</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">The Commons</font></td>
	<td align=right>
      <font size="2" face="serif">2004</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">175,121</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">2000 - 2003</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">19</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">94</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">9.92</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Elder-Beerman Stores</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">54,500</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2017</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">DuBois, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Shop 'n Save</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">52,654</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">10/07/2015</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Townfair Center</font></td>
	<td align=right>
      <font size="2" face="serif">2004</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">203,531</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1995 - 2002</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">12</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">98</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">7.74</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Lowe's Home Centers</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">95,173</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">12/31/2015</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">White Township, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Shop 'n Save</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">50,000</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">02/08/2012</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Carbondale Plaza</font></td>
	<td align=right>
      <font size="2" face="serif">2004</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">129,915</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1972</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">10</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">4.57</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Weis Markets</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">52,720</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">02/29/2016</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left>
      <font size="2" face="serif">Carbondale, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Peebles</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">39,600</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">01/31/2016</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
  <td align=right><font size="2">&nbsp;</font></td>
  <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Lake Raystown Plaza</font></td>
	<td align=right>
      <font size="2" face="serif">2004</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">84,292</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">1995</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">9</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size=2 face="serif">100</font>
	</td>
	<td align=left>
      <font size="2" face="serif">%</font></td>
	<td align=right>
      <font size="2" face="serif">8.58</font></td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left>
      <font size="2" face="serif">Giant Foods</font></td>
	<td align=center><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">39,244</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
      <font size="2" face="serif">07/31/2015</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
      <font size="2" face="serif">Huntingdon, PA</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><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=left><font size="2">&nbsp;</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">&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;

	</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
</tr>
</table>
<p align="center">
<font size="2" face="serif">12</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p13"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.<br>
  </font></b><font size="2"><b><font face="serif">Property Summary<br>
  As of September 30, 2005<br>
  (continued)</font></b>&nbsp; </font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td align=left valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> </td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> </td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
  </tr>
  <tr>
    <td align=left valign="bottom"></td>
    <td align=center valign="bottom"> <b></b></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"> </td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">Gross</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"> </td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
  </tr>
  <tr>
    <td align=left valign="bottom"></td>
    <td align=center valign="bottom">&nbsp;</td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">leasable</font></b>
    </td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">Year built/</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">Number</font></b>
    </td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">Average</font></b></td>
    <td align=center valign="bottom"></td>
    <td colspan=5 align=center valign="bottom"> <b><font size=1 face="serif">Major
      tenants [&gt;=20,000 SF of GLA]</font></b></td>
  </tr>
  <tr>
    <td align=left valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">Year</font></b></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">Percent</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">area</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">year last</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">of</font></b></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"><b><font size=1 face="serif">Percent</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">base rent per</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td align=left valign="bottom"> <b><font size=1 face="serif">Property</font></b></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">acquired</font></b></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif"> <b><font size=1 face="serif">owned</font></b>
      (2</font></b><b><font size=1 face="serif">)</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> &nbsp;<b><font size=1 face="serif">"GLA"</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">renovated</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">tenants</font></b></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">occupied</font></b>
    </td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">leased SF</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=left valign="bottom"> <b><font size=1 face="serif">Name</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">SF</font></b></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"> <b><font size=1 face="serif">Lease expiration</font></b></td>
  </tr>
  <tr>
    <td align=left valign="bottom"> <hr align="left" width="100" size="1" noshade></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=right valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=right valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td width="2%" align=center valign="bottom"></td>
    <td align=right valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=left valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
    <td align=center valign="bottom"></td>
    <td align=center valign="bottom"><hr size="1" noshade></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Franklin Village Plaza</font></td>
    <td width=5% align=right><font size=2 face="serif">2004</font></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
    <td width=5% align=right> <font size=2 face="serif">100</font> </td>
    <td width="2%" align=left> <font size=2 face="serif">%</font></td>
    <td width=5% align=right> <font size=2 face="serif">303,772</font> </td>
    <td width="2%" align=left> <font size=2 face="serif">(3)</font></td>
    <td width=6% align=right nowrap> <font size=2 face="serif">1987/1989</font></td>
    <td width=2%><font size="2">&nbsp;</font></td>
    <td width=5% align=center> <font size=2 face="serif">61</font></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
    <td width=5% align=right> <font size=2 face="serif">89</font> </td>
    <td width="2%" align=left> <font size=2 face="serif">%</font></td>
    <td width=6% align=right> <font size=2 face="serif">18.19</font></td>
    <td width=2% align=left><font size="2">&nbsp;</font></td>
    <td width=12% align=left> <font size=2 face="serif">Stop &amp; Shop (3)</font></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
    <td width=5% align=right> <font size=2 face="serif">75,000</font></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
    <td width=7% align=right> <font size=2 face="serif">10/31/2025</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Franklin, MA</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Marshalls</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">26,890</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">01/31/2009</font></td>
  </tr>
  <tr>
    <td align=left valign="top"> <font size=2 face="serif">The Brickyard</font></td>
    <td align=right> <font size=2 face="serif">2004</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">274,553</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right nowrap> <font size=2 face="serif">1989 - 1990</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">5</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">98</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">8.73</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Sam's Club</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">109,755</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">10/31/2010</font></td>
  </tr>
  <tr>
    <td align=left valign="top"> <font size=2 face="serif">Berlin, CT</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">The Home Depot Syms</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">103,003</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">10/31/2010</font></td>
  </tr>
  <tr>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">38,000</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">03/31/2010</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Kenley Village</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">51,894</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">1988</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size="2"><font face="serif">11</font>&nbsp; </font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">7.54</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Food Lion</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">29,000</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">02/11/2009</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Hagerstown, MD</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">St. James Square</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">39,903</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">2000</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">4</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">93</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size="2"> &nbsp;<font face="serif">10.97</font>&nbsp;
      </font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Food Lion</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">33,000</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">11/14/2020</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Hagerstown, MD</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Carrolton Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">40,355</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">2000</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">4</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">7.92</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">25,355</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">03/31/2016</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Carrolton, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Clyde Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">33,852</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">2002</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">82</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">9.08</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">23,852</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">03/31/2019</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Clyde, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">CVS at Bradford</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10,722</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">1996</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">12.80</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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Bradford, PA</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">CVS at Celina</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10,195</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">1998</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">16.50</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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Celina, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">CVS at Erie</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10,125</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">1997</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">16.39</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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Erie, PA</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">CVS at Portage Trail</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10,125</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">1996</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">13.77</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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Akron, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">CVS at Westfield</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10,125</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">2000</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">15.74</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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Westfield, NY</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Dover Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">38,409</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">2002</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">7</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">9.01</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">24,516</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">03/31/2013</font></td>
  </tr>
  <tr>
    <td align=left> <font size=2 face="serif">Dover, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">East Chestnut</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">20,680</font> </td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">1996</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">4</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">16.65</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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td height="18" align=left> <font size=2 face="serif">Lancaster, PA</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=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">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
</table>
<p align="center"> <font size="2" face="serif">13</font>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p14"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif"> <b></b>CEDAR SHOPPING CENTERS,
  INC.<br>
  </font></b><font size="2"><b><font face="serif">Property Summary<br>
  As of September 30, 2005<br>
  (continued)</font></b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left></td>
    <td align=center></td>
    <td align=center> </td>
    <td align=center> </td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center> </td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td align=center></td>
    <td align=center> </td>
    <td align=center> </td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Gross</font></b></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center> </td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">leasable</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Year built/</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Number</font></b></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Average</font></b></td>
    <td align=center></td>
    <td colspan="4" align=center><b><font size=2 face="serif"><b><font size=1 face="serif">Major
      tenants [&gt;=20,000 SF of GLA]</font></b></font></b></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td align=center> <b><font size=1 face="serif">Year</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Percent</font></b> </td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">area</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">year last</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">of</font></b></td>
    <td align=center> <b><font size=1 face="serif">Percent</font></b> </td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">base rent per</font></b></td>
    <td align=center></td>
    <td align=center><hr size="1" noshade></td>
    <td align=center><hr size="1" noshade></td>
    <td align=center><hr size="1" noshade></td>
    <td align=center><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <b><font size=1 face="serif">Property</font></b></td>
    <td align=center> <b><font size=1 face="serif">acquired</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif"> <b><font size=1 face="serif">owned</font></b>
      (2</font></b><b><font size=1 face="serif">)</font></b> </td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">"GLA"</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">renovated</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">tenants</font></b></td>
    <td align=center> <b><font size=1 face="serif">occupied</font></b> </td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">leased SF</font></b></td>
    <td align=center></td>
    <td align=left> <b><font size=1 face="serif">Name</font></b></td>
    <td align=center> <b><font size=1 face="serif">SF</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Lease expiration</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td align=center></td>
    <td align=left></td>
    <td align=right></td>
    <td align=left></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=right></td>
    <td align=left></td>
    <td align=center></td>
    <td align=left></td>
    <td align=left></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr align="left" width="100" size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=center></td>
    <td align=center><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right></td>
    <td align=right><hr size="1" noshade></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Fairfield Plaza</font></td>
    <td width=5% align=right> <font size=2 face="serif">2005</font></td>
    <td width=2% align=left></td>
    <td width=5% align=right> <font size=2 face="serif">100</font> </td>
    <td width=2% align=left> <font size=2 face="serif">%</font></td>
    <td width=5% align=right> <font size=2 face="serif">71,979</font></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
    <td width=6% align=right> <font size=2 face="serif">2001/2005</font></td>
    <td width=2% align=center></td>
    <td width=5% align=center> <font size=2 face="serif">8</font></td>
    <td width=5% align=right> <font size=2 face="serif">100</font> </td>
    <td width=2% align=left> <font size=2 face="serif">%</font></td>
    <td width=6% align=right> <font size=2 face="serif">13.51</font></td>
    <td width=2% align=left><font size="2">&nbsp;</font></td>
    <td width=12% align=left> <font size=2 face="serif">TJ Maxx</font></td>
    <td width=5% align=right> <font size=2 face="serif">25,257</font></td>
    <td width=2% align=right></td>
    <td width=7% align=right> <font size=2 face="serif">08/31/2013</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">New Milford, CT</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Staples</font></td>
    <td align=right> <font size=2 face="serif">20,388</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">10/31/2019</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Family Dollar at Zanesville</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">6,900</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2000</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">8.70</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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Zanesville, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">FirstMerit Bank at Akron</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">3,200</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1996</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">23.51</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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Akron, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Hudson Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">32,259</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2000</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10.19</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right> <font size=2 face="serif">32,259</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">03/31/2017</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Hudson, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Lodi Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">38,576</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2003</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">5</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">9.27</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right> <font size=2 face="serif">24,596</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">03/31/2019</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Lodi, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">McCormick Place</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">46,000</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1995</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">2</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">8.48</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Sam Levin Furniture</font></td>
    <td align=right> <font size=2 face="serif">40,000</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">12/31/2011</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">North Olmsted, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">McDonalds and Waffle House at Medina</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">6,000</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2003</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">2</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">11.70</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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Medina, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Ontario Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">38,423</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2002</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">3</font></td>
    <td align=right> <font size=2 face="serif">95</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">6.93</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right> <font size=2 face="serif">25,525</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">03/31/2016</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Mansfield, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Pickerington Discount Drug Mart
      Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">47,810</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2002</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">9</font></td>
    <td align=right> <font size=2 face="serif">93</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">11.94</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right> <font size=2 face="serif">25,852</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">08/31/2017</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Pickerington, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Polaris Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">50,289</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2001</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">13</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">12.02</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right> <font size=2 face="serif">25,861</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">03/31/2017</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Lewis Center, OH</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Pondside Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">19,340</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2003</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">4</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">8.20</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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Geneseo, NY</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</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=left><font size="2">&nbsp;</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=center></td>
    <td align=center><font size="2">&nbsp;</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=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></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Powell Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">49,782</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2001</font></td>
    <td align=center></td>
    <td align=center> <font size=2 face="serif">11</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">11.96</font></td>
    <td align=left><font size="2">&nbsp;</font></td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=right> <font size=2 face="serif">25,852</font></td>
    <td align=right></td>
    <td align=right> <font size=2 face="serif">04/10/2017</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Powell, OH</font></td>
    <td align=right></td>
    <td align=left> </td>
    <td align=left> </td>
    <td align=left></td>
    <td align=right></td>
    <td align=left></td>
    <td align=left></td>
    <td align=center></td>
    <td align=center></td>
    <td align=left> </td>
    <td align=left></td>
    <td align=right></td>
    <td align=left></td>
    <td align=left></td>
    <td align=right></td>
    <td align=left></td>
    <td align=left></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">14</font></p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.<br>
  </font></b><font size="2"><b><font face="serif">Property Summary<br>
  As of September 30, 2005<br>
  (continued)</font></b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left></td>
    <td width="5%" align=center></td>
    <td width="2%" align=center> </td>
    <td width="5%" align=center> </td>
    <td width="2%" align=center></td>
    <td width="5%" align=center> <b><font size=1 face="serif">Gross</font></b></td>
    <td width="2%" align=center></td>
    <td width="6%" align=center></td>
    <td width="2%" align=center></td>
    <td width="5%" align=center></td>
    <td width="5%" align=center> </td>
    <td width="2%" align=center></td>
    <td width="6%" align=center></td>
    <td width="2%" align=center></td>
    <td width="12%" align=center></td>
    <td width="5%" align=center></td>
    <td width="2%" align=center></td>
    <td width="7%" align=center></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td width="5%" align=center></td>
    <td width="2%" align=center></td>
    <td width="5%" align=center></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">leasable</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">Year built/</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">Number</font></b></td>
    <td width="5%" align=center></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">Average</font></b></td>
    <td width="2%" align=center></td>
    <td colspan="4" align=center><b><font size=2 face="serif"><b><font size=1 face="serif">Major
              tenants [&gt;=20,000 SF of GLA]</font></b></font></b></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td height="20" align=center> <b><font size=1 face="serif">Year</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">Percent</font></b> </td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">area</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">year last</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">of</font></b></td>
    <td align=center> <b><font size=1 face="serif">Percent</font></b> </td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">base rent per</font></b></td>
    <td width="2%" align=center></td>
    <td align=center><hr size="1" noshade>
    </td>
    <td align=center><hr size="1" noshade>
    </td>
    <td align=center><hr size="1" noshade>
    </td>
    <td align=center><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=left> <b><font size=1 face="serif">Property</font></b></td>
    <td align=center> <b><font size=1 face="serif">acquired</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif"> <b><font size=1 face="serif">owned</font></b> (2</font></b><b><font size=1 face="serif">)</font></b> </td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">"GLA"</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">renovated</font></b></td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">tenants</font></b></td>
    <td align=center> <b><font size=1 face="serif">occupied</font></b> </td>
    <td width="2%" align=center></td>
    <td align=center> <b><font size=1 face="serif">leased SF</font></b></td>
    <td width="2%" align=center></td>
    <td align=left> <b><font size=1 face="serif">Name</font></b></td>
    <td align=center> <b><font size=1 face="serif">SF</font></b></td>
    <td align=center></td>
    <td align=center> <b><font size=1 face="serif">Lease expiration</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align=left></td>
    <td align=center></td>
    <td align=left></td>
    <td align=right></td>
    <td align=left></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
    <td align=right></td>
    <td align=left></td>
    <td align=center></td>
    <td align=left></td>
    <td align=left></td>
    <td align=center></td>
    <td align=center></td>
    <td align=center></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr align="left" width="100" size="1" noshade></td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=left></td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=center></td>
    <td align=center><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right></td>
    <td align=right><hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Rite Aid at Massillon</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10,125</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1999</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">17.91</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Massillon, OH</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Shelby Discount Drug Mart Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">36,596</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">2002</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">5</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">9.16</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Discount Drug Mart</font></td>
    <td align=center> <font size=2 face="serif">24,596</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">03/31/2019</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Shelby, OH</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Staples at Oswego</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">23,884</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">2000</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10.90</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Staples</font></td>
    <td align=center> <font size=2 face="serif">23,884</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">02/28/2015</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Oswego, NY</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Coliseum Marketplace</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">105,181</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1987/2005</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">7</font></td>
    <td align=right> <font size=2 face="serif">89</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">13.25</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Farm Fresh</font></td>
    <td align=center> <font size=2 face="serif">57,662</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">01/31/2021</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Hampton, VA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">General Booth Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">73,320</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1985</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">13</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">11.68</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Farm Fresh</font></td>
    <td align=center> <font size=2 face="serif">53,758</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">12/31/2013</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Virginia Beach, VA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Kempsville Crossing</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">97,477</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1985</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">14</font></td>
    <td align=right> <font size=2 face="serif">99</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">1028</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Farm Fresh</font></td>
    <td align=center> <font size=2 face="serif">58,968</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">01/31/2014</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Virginia Beach, VA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Liberty Marketplace</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">68,200</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">2003</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">6</font></td>
    <td align=right> <font size=2 face="serif">96</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">16.97</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Giant Foods</font></td>
    <td align=center> <font size=2 face="serif">55,000</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">09/30/2023</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">DuBois, PA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Mechanicsburg Giant</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">51,500</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">2003</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">20.90</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Giant Foods</font></td>
    <td align=center> <font size=2 face="serif">51,500</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">06/30/2024</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Mechanicsburg, PA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Smithfield Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">45,544</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1988</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10.04</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Farm Fresh</font></td>
    <td align=center> <font size=2 face="serif">45,544</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">01/31/2014</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Smithfield, VA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Suffolk Plaza</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">67,216</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1984</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">1</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">9.40</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Farm Fresh</font></td>
    <td align=center> <font size=2 face="serif">67,216</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">01/31/2014</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Suffolk, VA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Virginia Little Creek</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">69,620</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1966/2001</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=center> <font size=2 face="serif">2</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">10.41</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Farm Fresh</font></td>
    <td align=center> <font size=2 face="serif">66,120</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">01/31/2014</font></td>
  </tr>
  <tr valign="bottom" bgcolor="#eeeeee">
    <td align=left> <font size=2 face="serif">Norfolk, VA</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font> </td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
    <td align=left></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=left><font size="2" face="serif">&nbsp;</font></td>
    <td align=right><font size="2" face="serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="serif">Oakland Mills</font></td>
    <td align=right> <font size=2 face="serif">2005</font></td>
    <td align=left> </td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">58,224</font></td>
    <td align=right>&nbsp;</td>
    <td align=right> <font size=2 face="serif">1960's/2004</font> </td>
    <td align=left>&nbsp; </td>
    <td align=center> <font size=2 face="serif">8</font></td>
    <td align=right> <font size=2 face="serif">100</font> </td>
    <td align=left> <font size=2 face="serif">%</font></td>
    <td align=right> <font size=2 face="serif">12.01</font></td>
    <td align=left>&nbsp;</td>
    <td align=left> <font size=2 face="serif">Food Lion</font></td>
    <td align=center> <font size=2 face="serif">43,470</font></td>
    <td align=center><font size="2" face="serif">&nbsp;</font></td>
    <td align=right> <font size=2 face="serif">11/30/2018</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size=2 face="serif">Columbia, MD</font></td>
    <td align=right>&nbsp;</td>
    <td align=left></td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=right>&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">15</font></p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p16"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2"><b><font face="serif">CEDAR SHOPPING CENTERS, INC.</font>&nbsp;<br>
  <font face="serif">Property
Summary</font><br>&nbsp;
<font face="serif">As of September 30, 2005</font>&nbsp;<br>
<font face="serif">(continued)</font></b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
  <td align=left><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
 &nbsp;	<b><font face="serif">Gross</font></b>&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>
</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">leasable</font></b>&nbsp;&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"> <b><font size=1 face="serif">Year built/</font></b>
</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;<b><font face="serif">Number</font></b>	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1"> <b><font face="serif">Average</font></b>&nbsp; </font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td colspan=5 align=center valign="bottom"><font size="1">
<b><font face="serif">Major tenants [&gt;=20,000 SF of GLA]</font></b>&nbsp;	</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size="1" face="serif">Year</font></b></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size=1 face="serif">Percent</font></b></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size="1" face="serif">area</font></b></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size=1 face="serif">year last</font></b></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><b><font size="1" face="serif">of</font></b></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"> <b><font size=1 face="serif">Percent</font></b> </td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1"> <b><font face="serif">base
    rent per</font></b>&nbsp; </font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td colspan="5" align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><font size="1"><b><font face="serif">Property</font></b>&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">acquired</font></b>&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">owned(2)</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">"GLA"</font></b>&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">renovated</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">tenants</font></b>&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">occupied</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">leased SF</font></b>&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Name</font></b>&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">SF</font></b>&nbsp;	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td width=9% align=center valign="bottom"><font size="1">
<b><font face="serif">Lease expiration</font></b>&nbsp;	</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade>
    </td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">The Point at Carlisle Plaza</font>	</font></td>
	<td width=5% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2005</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td width=5% align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100</font>
	</td>
	<td width=2% align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td width=5% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">182,719</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td width=6% align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">1965/1984</font>
	</td>
	<td width=2% align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td width=5% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">23</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td width=5% align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">87</font>
	</td>
	<td width=2% align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td width=1% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td width=6% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">7.28</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td width=10% align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Bon-Ton</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td width=9% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">59,925</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td width=9% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">01/25/2010</font>	</font></td>
    <td width=2% align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Carlisle, PA</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Office Max</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">22,645</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10/01/2012</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Dunham Sports</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">21,300</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2016</font>	</font></td>
    <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">The Shops at Suffolk Downs</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2005</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">85,777</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom">
<font size=2 face="serif">2005</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom">
<font size=2 face="serif">91</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10.58</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Stop &amp; Shop</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">74,977</font>	</font></td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">09/30/2025</font>	</font></td>
    <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Revere, MA</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">&nbsp;</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Majestic Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2005</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">79,180</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">1960</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">'s</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">3</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">85</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">15.58</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Farmer Jack</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">54,650</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">08/31/2022</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">East Lansing, MI</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,615,184</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">582</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">96</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10.85</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td colspan=21 align=left>
<b><font size=2 face="serif">DEVELOPMENT/REDEVELOPMENT AND OTHER NON-STABILIZED PROPERTIES:</font></b>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>	<font size="2">&nbsp;</font>
	</td>
	<td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Camp Hill</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2002</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">419,047</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">1958/2005</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">23</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">76</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">8.70</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Boscov's</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">167,597</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">09/30/2010</font>	</font></td>
    <td align=center bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Camp Hill, PA</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Giant Foods</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">42,070</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2011</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Barnes &amp; Noble</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">24,908</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2011</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Red Lion</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2002</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">20</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">224,269</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">1970/2000</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">16</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">67</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">12.42</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Best Buy Stores</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">46,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2014</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Philadelphia, Pa</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Staples</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">23,942</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">07/31/2015</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Huntingdon Plaza</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2004</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">151,277</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" nowrap bgcolor="#eeeeee">
<font size=2 face="serif">1972 - 2003</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">13</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">50</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">6.52</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Peebles</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">22,060</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2018</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Huntingdon, PA</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Hamburg Commons</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2004</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">99,488</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" nowrap>
<font size=2 face="serif">1988 - 1993</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">7</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">71</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">6.32</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Hamburg, PA</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Meadows Marketplace</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2004</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">91,250</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">2005</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">N/A</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
      <font size="2">&#8212;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">N/A</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Giant Foods (4)</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">66,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">09/30/2025</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">South Hanover Township, PA</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Centerville Discount Drug Mart Plaza</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2005</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">49,494</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">2000</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">7</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">72</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10.61</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">24,012</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">03/31/2016</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Centerville, OH</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Dunmore Shopping Center</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2005</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">101,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">1962</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">66</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">3.35</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Eynon Outlet</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">40,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">02/28/2014</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Dunmore, PA</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Big Lots</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">26,902</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2007</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
	<td align=left><font size="2">
<font face="serif">Value City Shopping Center</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2005</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom">
<font size=2 face="serif">100</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">117,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">1950</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">'s</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">3</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">74</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1.95</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">Value City Stores</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">85,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">01/31/2008</font>	</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Wyoming, MI</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,252,825</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">71</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">64</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">7.90</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font>

	</td>
    <td align=left bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=left bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">TOTAL PORTFOLIO</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">6,868,009</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">653</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">90</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10.47</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#FFFFFF"><font size="2">&nbsp;</font>

	</td>
    <td align=left bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"></td>
  <td align=left valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=left valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=right valign="bottom"><hr size="2" noshade></td>
  <td align=left valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=right valign="bottom" bgcolor="#FFFFFF">&nbsp;</td>
  <td align=left bgcolor="#FFFFFF">&nbsp;</td>
</tr>
</table>
<br>
<p align="center">
<font size="2" face="serif">16</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p17"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<div align="center"><b><font size="2" face="serif">CEDAR</font></b><font size="2"><b><font face="serif"> SHOPPING CENTERS, INC.</font></b><br>
  <b><font face="serif">Property Summary </font></b><br>
  <b><font face="serif">As of September 30,
  2005 </font></b><br>
  <b><font face="serif">(continued) </font></b></font><br>
</div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="3%" valign="top"><font size="2" face="serif">(1)</font><font size="2">&nbsp;</font></td>
    <td align="left"> <font size="2" face="serif">&#147;Stabilized properties&#148; are those properties,
        with no development/redevelopment activities, having an occupancy rate
    of at least 80%.</font> </td>
  </tr>
  <tr valign="bottom">
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="top"><font size="2" face="serif">(2)</font></td>
    <td align="left"> <font size="2" face="serif">Other than the partnership owning the Red Lion property,
        the terms of the several joint venture agreements provide, among other
        things, that the minority interest partners receive certain preferential
        returns on their investments
prior to any distributions to the Company.</font> </td>
  </tr>
  <tr valign="bottom">
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="top"><font size="2" face="serif">(3)</font></td>
    <td align="left"> <font size="2" face="serif">Stop &amp; Shop is presently constructing an addition
        to its existing 55,000 sq. ft. store which will increase the size to
        75,000 sq. ft. Upon completion, which is estimated to be in November
        2005, the extended lease term will run for 20 years from that date. The
        total GLA for the shopping center includes approximately 15,000 sq. ft.
    which will result from the Stop &amp; Shop expansion.</font> </td>
  </tr>
  <tr valign="bottom">
    <td valign="top"><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="top"><font size="2" face="serif">(4)</font><font size="2">&nbsp;</font></td>
    <td align="left"> <font size="2" face="serif">Giant Foods has signed a 20-year lease for a store
        of approximately 66,000 sq. ft. at Meadows Marketplace. Development activities
        have commenced and are expected to cost approximately &#36;10 million
        (including the cost of the land); the Giant Foods Store was competed
        in October 2005. At present, it is anticipated that this property will
    contain a total of approximately 91,000 sq. ft. of GLA.</font> </td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">17</font></p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p18"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"><font size="2"> <b><font face="serif">CEDAR SHOPPING CENTERS, INC.</font></b><br>&nbsp;  <b><font face="serif">Debt Summary<br>
<b><font face="serif">As of September 30, 2005<br>
</font></b>&nbsp;<b><font face="serif">(unaudited)</font></b>&nbsp; </font></b></font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left>&nbsp;

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom">&nbsp;</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td colspan="3" align=center valign="bottom"><font size="1">
<b><font face="serif">Balances</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td colspan="3" align=center valign="bottom"><font size="1">
<b><font face="serif">Pro rata share</font></b>&nbsp;
	</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1">&nbsp; <b><font size=1 face="serif">Int.
    rate</font></b> </font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>&nbsp;

	</td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">Percent</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Maturity</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">Sep 30</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Sep 30</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Dec 31</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Sep 30</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Dec 31</font></b>&nbsp;
	</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left>
<b><font size=1 face="serif">Property</font></b>&nbsp;
	</td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">Owned</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">Date</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font></td>
	<td align=center valign="bottom">
<b><font size=1 face="serif">2005</font></b>
	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
 &nbsp;<b><font face="serif">2005</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
<b><font face="serif">2004</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
 &nbsp;<b><font face="serif">2005</font></b>&nbsp;
	</font></td>
	<td align=center valign="bottom"><font size="1">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="1">
 &nbsp;<b><font face="serif">2004</font></b>&nbsp;
	</font></td>
    <td align=center valign="bottom"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
  <td align=center valign="bottom"><hr size="1" noshade></td>
  <td align=center valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left>
<b><font size=2 face="serif">Fixed-rate mortgages:</font></b>&nbsp;
	</td>
	<td align=left>

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;</td>
	<td align=left>

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=right valign="bottom">&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=right valign="bottom">&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=right valign="bottom">&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=right valign="bottom">&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">The Point</font>	</font></td>
	<td width=8% align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td width=2% align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td width=11% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Sep 2012</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=8% align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">7.63</font>
	</td>
	<td width=2% align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">19,015,000</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">19,264,000</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">19,015,000</font>	</font></td>
	<td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">19,264,000</font>	</font></td>
    <td width=2% align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Academy Plaza</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Mar 2013</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">7.28</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10,162,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10,278,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10,162,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10,278,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Port Richmond Village</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Apr 2008</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">7.17</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">11,009,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">11,135,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">11,009,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">11,135,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Washington Center Shoppes</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Nov 2007</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">7.53</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,686,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,749,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,686,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,749,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Red Lion</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">20.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Feb 2010</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">8.86</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">16,349,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">16,459,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">3,270,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">3,292,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Loyal Plaza</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">25.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Jun 2011</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">7.18</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">13,415,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">13,532,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">3,354,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">3,383,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Fairview Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">30.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Feb 2013</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.71</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,880,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,941,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,764,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,782,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Halifax Plaza</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">30.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Feb 2010</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">6.83</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">4,033,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">4,100,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1,210,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1,230,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Newport Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">30.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Feb 2010</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">6.83</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,155,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,237,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,546,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,571,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Pine Grove Plaza</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Sep 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">4.98</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">6,200,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,738,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">6,200,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,738,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Pine Grove Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Mar 2006</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">8.50</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">388,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">388,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">388,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">388,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Golden Triangle</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Apr 2008</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">6.00</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">9,723,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">9,987,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">9,723,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">9,987,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Townfair Center</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Mar 2008</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">6.00</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">9,981,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10,167,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">9,981,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10,167,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Franklin Village Plaza</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Nov 2011</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">4.81</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">43,500,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">43,500,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">43,500,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">43,500,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Centerville Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.15</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,987,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&#8212;
	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,987,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Clyde Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.19</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,071,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,071,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">CVS at Bradford</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Mar 2017</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.16</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,117,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,117,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">CVS at Celina</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Jan 2020</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.16</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1,803,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1,803,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">CVS at Erie</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Nov 2018</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.16</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,499,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;
	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,499,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">CVS at Portage Trail</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Aug 2017</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.00</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1,186,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">1,186,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Dover Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.20</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,265,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,265,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">East Chestnut</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Apr 2018</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.16</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,393,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,393,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Fairfield Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Jul 2015</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.00</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,463,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,463,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Lodi Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.19</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,524,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,524,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">McCormick Place</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Jul 2008</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.15</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,448,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,448,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Ontario Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.20</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,330,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,330,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Pickerington Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Jul 2015</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.00</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">4,441,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">4,441,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Polaris Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.20</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">4,755,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">4,755,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Pondside Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.55</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,230,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,230,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Powell Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.20</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">4,556,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">4,556,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Rite Aid at Massillon</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Jan 2020</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.00</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,815,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">1,815,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Shelby Discount Drug Mart</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.19</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,330,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">2,330,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Staples at Oswego</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">May 2015</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.30</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,395,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,395,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Coliseum Marketplace</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Jul 2014</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.19</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">13,236,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">13,236,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">General Booth Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Aug 2013</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.17</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,931,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,931,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Kempsville Crossing</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Aug 2013</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.17</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">6,737,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">6,737,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Liberty Marketplace</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Jul 2014</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.19</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10,380,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">10,380,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Mechanicsburg Giant</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Nov 2014</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.20</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10,755,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">10,755,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Virginia Little Creek</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Aug 2013</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.17</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,390,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">5,390,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Virginia Little Creek</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Sep 2021</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.22</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">547,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">547,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Smithfield Plaza</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Aug 2013</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.17</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">3,776,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">3,776,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
&#8212;</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Suffolk Plaza</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Aug 2013</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.17</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,118,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">5,118,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
&#8212;	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">6.9 years</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.94</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">271,974,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">161,475,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">238,286,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">127,464,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;  </td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;  </td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade>
  </td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade>
  </td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade>
  </td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade>
  </td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="2">
<font face="serif"> </font><font size="2"><font face="serif">[wtd-avg</font></font> <font face="serif">maturity]</font>
	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=center valign="bottom">
<font size=2 face="serif">[wtd-avg rate]</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<b><font face="serif">Variable-rate mortgages:</font></b>&nbsp;
	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">LA Fitness Facility</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">50.0</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">Dec 2007</font>
	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">6.59</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">4,891,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">4,955,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,446,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2,478,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Camp Hill</font>	</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">100.0</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">Apr 2008</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom">
<font size=2 face="serif">5.69</font>
	</td>
	<td align=left valign="bottom"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">33,132,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">14,000,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">33,132,000</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">
<font face="serif">14,000,000</font>	</font></td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<b><font face="serif">Total variable-rate mortgages</font></b>&nbsp;
	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">2.5 years</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.81</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">38,023,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">18,955,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">35,578,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">16,478,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="2">
<font face="serif">[wtd-avg maturity]</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=center valign="bottom">
<font size=2 face="serif">[wtd-avg rate]</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<b><font face="serif">Total mortgages</font></b>&nbsp;
	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">6.3 years</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee">
<font size=2 face="serif">5.92</font>
	</td>
	<td align=left valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">309,997,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">180,430,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">273,864,000</font>	</font></td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">
<font face="serif">143,942,000</font>	</font></td>
    <td align=right valign="bottom" bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=left valign="bottom">&nbsp;</td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
  <td align=right valign="bottom"><hr size="1" noshade></td>
  <td align=right valign="bottom">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=center valign="bottom"><font size="2">
<font face="serif">[wtd-avg maturity]</font>	</font></td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
	<td align=center valign="bottom">
<font size=2 face="serif">[wtd-avg rate]</font>
	</td>
	<td align=left valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
	<td align=right valign="bottom"><font size="2">&nbsp;</font>

	</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
</tr>
</table>
<br>
<p align="center">
<font size="2" face="serif">18</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p19"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.</font></b><font size="2">&nbsp;<br>
  <b><font face="serif">Debt Summary</font></b>&nbsp; <b><font face="serif"><br>
  As
of September 30, 2005<br>
</font></b>&nbsp;<b><font face="serif">(unaudited)</font></b>&nbsp;<br>
<b><font face="serif">(continued)</font></b>&nbsp; </font> </p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><b></b>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp; </td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="5" align="center" valign="bottom"> &nbsp;<b><font size=1 face="serif">Balances</font></b>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="5" align="center" valign="bottom"><b><font size=1 face="serif">Pro rata share</font></b>&nbsp; </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="5" align="center" valign="bottom"><hr size="1" noshade></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td colspan="5" align="center" valign="bottom"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Int. rate</font></b></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td rowspan="3" align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td rowspan="4" align="center" valign="bottom">&nbsp;</td>
    <td rowspan="3" align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td rowspan="3" align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td rowspan="4" align="center" valign="bottom">&nbsp;</td>
    <td rowspan="3" align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Percent</font></b> </td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Maturity</font></b>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;<b><font size=1 face="serif">Sep 30</font></b> </td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Sep 30</font></b>&nbsp; </td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Dec 31</font></b></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Sep 30</font></b></td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Dec 31</font></b>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><b><font size=1 face="serif">Property</font></b></td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Owned</font></b></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">Date</font></b>&nbsp;</td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">2005</font></b></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">2005</font></b>&nbsp; </td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">2004</font></b></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><b><font size=1 face="serif">2005</font></b></td>
    <td align="center" valign="bottom">&nbsp;<b><font size=1 face="serif">2004</font></b>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><hr align="left" width="100" size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2"> <b><u><font face="serif">Secured revolving credit facility </font></u></b><font face="serif">(a)</font>	</font></td>
    <td width="8%" align="right"> <font size=2 face="serif">100.0</font> </td>
    <td width="2%" align="left"><font size="2"><font face="serif">%</font></font></td>
    <td width="12%" align="right"><font size="2"> <font face="serif">Jan 2007</font></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="8%" align="right"> <font size=2 face="serif">5.32</font> <font size="2">&nbsp;</font></td>
    <td width="2%" align="left"><font size="2"><font face="serif">%</font></font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><font face="serif">60,400,000</font></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><font face="serif">68,200,000</font></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><font face="serif">60,400,000</font></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="8%" align="right"><font size="2"><font face="serif">68,200,000</font></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2"> <b><font face="serif">Secured revolving credit facility</font></b>&nbsp; </font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">1.3 years</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2 face="serif">5.32</font><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"><font face="serif">%</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">60,400,000</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">68,200,000</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">60,400,000</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"> &nbsp;<font face="serif">68,200,000</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">[wtd-avg maturity</font></font></td>
    <td><font size="2"><font face="serif">]</font></font></td>
    <td align="right"><font size=2 face="serif">[wtd-avg rate</font> </td>
    <td><font size=2 face="serif">]</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#eeeeee">
    <td><font size="2"><b><u><font face="serif">Total debt</font></u></b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="2"> <font face="serif">5.5 years</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2 face="serif">5.83</font><font size="2">&nbsp;</font></td>
    <td align="left"><font size="2"><font face="serif">%</font></font></td>
    <td align="right"><font size="2"><font face="serif">&#36;</font><font size="2"></font></font></td>
    <td align="right"><font size="2"><font size="2"><font face="serif">370,397,000</font></font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">&#36;</font></font></td>
    <td align="right"><font size="2">&nbsp;<font face="serif">248,630,000</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2"><font face="serif">&#36;</font></font></td>
    <td align="right"><font size="2"> <font face="serif">334,264,000</font></font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size=2 face="serif">&#36;</font></td>
    <td align="right"><font size="2"><font face="serif">212,142,000</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
    <td><hr size="2" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
    <td><hr size="2" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
    <td><hr size="2" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
    <td><hr size="2" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="2"> <font face="serif">[wtd-avg maturity</font>	</font></td>
    <td><font size="2"><font face="serif">]</font></font></td>
    <td align="right"> <font size=2 face="serif">[wtd-avg rate]</font> </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
  <td align=center> <b><font size=1 face="serif">Maturity</font></b> </td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">
&nbsp;
	  </font></td>
	<td align=center><font size="1">
<b><font face="serif">Secured</font></b>&nbsp;
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>	  <font size="2">&nbsp;</font>	  <font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
  <td align=center> <b><font size=1 face="serif">schedule</font></b> </td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">Scheduled</font></b>
	</td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">
<b><font face="serif">Balloon</font></b>&nbsp;
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">
<b><font face="serif">revolving</font></b>&nbsp;
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=center> <b><font size=1 face="serif">by year</font></b> </td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">amortization</font></b>
	</td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">
<b><font face="serif">payments</font></b>&nbsp;
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="2"><b><font size="1" face="serif">credit facility (a)</font></b></font></td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">
<b><font face="serif">Total</font></b>&nbsp;
	</font></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=center><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
  <td align=center> <font size=2 face="serif">2005</font> </td>
	<td width="2%" align=right>&nbsp;</td>
	<td width="1%" align=right>
<font size=2 face="serif">&#36;</font>
	</td>
	<td width="10%" align=right>
<font size=2 face="serif">1,108,000</font>
	</td>
	<td width="2%" align=left><font size="2">&nbsp;</font>

	</td>
	<td width="1%" align=left><font size="2">&nbsp;</font>

	</td>
	<td width="10%" align=left><font size="2">&nbsp;</font>

	</td>
	<td width="2%" align=left>&nbsp;</td>
	<td width="1%" align=left><font size="2">&nbsp;</font>

	</td>
	<td width="10%" align=left><font size="2">&nbsp;</font>

	</td>
	<td width="2%" align=left>&nbsp;</td>
	<td width="1%" align=left><font size="2">&nbsp;</font>

	</td>
	<td width="10%" align=right><font size="2">
<font face="serif">1,108,000</font></font></td>
	<td width="2%" align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
  <td align=center> <font size=2 face="serif">2006</font> </td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">4,640,000</font>
	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">388,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">5,028,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
  <td align=center> <font size=2 face="serif">2007</font> </td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">4,855,000</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">
<font face="serif">10,225,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">60,400,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">75,480,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
  <td align=center> <font size=2 face="serif">2008</font> </td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">4,131,000</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">
<font face="serif">63,832,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">67,963,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
  <td align=center> <font size=2 face="serif">2009</font> </td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">4,085,000</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">
<font face="serif">&#8212;</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">4,085,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
  <td align=center> <font size=2 face="serif">2010</font> </td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">3,904,000</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">
<font face="serif">23,883,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">27,787,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=center><font size=2 face="serif">2011</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">3,942,000</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">
<font face="serif">55,786,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">59,728,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
	<td align=center><font size=2 face="serif">2012</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">3,829,000</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">
<font face="serif">15,901,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">19,730,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=center><font size=2 face="serif">2013</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">2,988,000</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">
<font face="serif">35,871,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">38,859,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
	<td align=center><font size=2 face="serif">2014</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">2,293,000</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">
<font face="serif">27,242,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">29,535,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=center><font size=2 face="serif">2015</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">1,235,000</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">
<font face="serif">36,154,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">37,389,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
	<td align=center><font size=2 face="serif">2016</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">871,000</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">
<font face="serif">&#8212;</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">871,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=center><font size=2 face="serif">2017</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">775,000</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">
<font face="serif">&#8212;</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">775,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
	<td align=center><font size=2 face="serif">2018</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">565,000</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">
<font face="serif">964,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">1,529,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=center><font size=2 face="serif">2019</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">409,000</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">
<font face="serif">&#8212;</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">409,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
	<td align=center><font size=2 face="serif">2020</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">73,000</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">
<font face="serif">&#8212;</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">73,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=center><font size=2 face="serif">2021</font>	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">31,000</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">
<font face="serif">17,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><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">
<font face="serif">48,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
  <td align=center>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=center><font size="2">&nbsp;</font>

	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right>
<font size=2 face="serif">39,734,000</font>
	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">270,263,000</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">60,400,000</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=center><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">370,397,000</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
  </tr>
<tr valign="bottom">
  <td align=center>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
</table>
<table width="100%%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="3%"><font size="2"><font face="serif">(a)</font></font></td>
    <td><font size="2"><font face="serif"> The Company has the option to extend
          the facility for one year beyond the scheduled</font>&nbsp; </font><font size="2"><font face="serif">maturity
          date of January 2007.</font>	</font></td>
  </tr>
</table>

<p align="center">
<font size="2" face="serif">19</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p20"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC<br>
</font></b><font size="2">  <b><font face="serif">Consolidated Joint Ventures Information</font></b>&nbsp;<br>
<b><font face="serif">(unaudited)</font></b>&nbsp; </font></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left>&nbsp;	</td>
	<td align=left>&nbsp;</td>
	<td align=left>	<font size="1">&nbsp;</font>	<font size="1">&nbsp;</font>	</td>
	<td colspan="17" align=center><b><font size=1 face="serif">As of September 30,
	      2005</font></b>

	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=right>
<b></b>
<hr size="1" noshade>
	</td>
	<td align=right><hr size="1" noshade></td>
	<td align=right><hr size="1" noshade></td>
	<td align=right><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td rowspan="3" align=center><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;
	</font></td>
	<td align=center><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
	<td rowspan="3" align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1"> &nbsp;<b><font size=1 face="serif">Mortgage</font></b>  &nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td rowspan="3" align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><b><font size=1 face="serif">Other assets/</font></b>
</td>
	<td align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td colspan="7" align=center><font size="1">&nbsp;</font>	  <font size="1">&nbsp;</font><font size="1">&nbsp;</font>	<font size="1">
<b><font face="serif">Equity (a)</font></b>&nbsp;
	</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font>	<font size="1">&nbsp;</font></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">Partners'</font></b></td>
  <td align=left>&nbsp;</td>
  <td align=center><font size="1"><b><font face="serif">Real estate,</font></b></font></td>
  <td align=center>&nbsp;</td>
  <td align=center><font size="1"><b><font face="serif">loans</font></b> </font></td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">liabilities,</font></b></td>
  <td align=center>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left> <b><font size=1 face="serif">Property</font></b>&nbsp;
	</td>
	<td align=center>
<b><font size=1 face="serif">percent</font></b>
	</td>
	<td align=left>&nbsp;</td>
	<td align=center><font size="1"> &nbsp; &nbsp; &nbsp; &nbsp;<b><font face="serif">net</font></b>&nbsp;
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">payable</font></b>
	</td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1"> &nbsp; &nbsp; &nbsp; &nbsp;<b><font face="serif">net</font></b>
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">
<b><font face="serif">Partners</font></b>&nbsp;
	</font></td>
	<td align=center><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">
<b><font face="serif">Cedar (b)(c)</font></b>&nbsp;
	</font></td>
	<td align=center><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1"> <b><font face="serif">Total</font></b>&nbsp; </font></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Loyal Plaza</font>	</font></td>
	<td width=8% align=right>
<font size=2 face="serif">75</font>
	</td>
	<td width=2% align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td width=1% align=right><font size="2"><font face="serif">&#36;</font></font></td>
	<td width=8% align=right><font size="2">
<font face="serif">19,413,731</font>	</font></td>
	<td width=2% align=left>&nbsp;</td>
	<td width=1% align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right>
<font size=2 face="serif">(13,415,054</font>
	</td>
	<td width=2% align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td width=1% align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right>
<font size=2 face="serif">1,040,456</font>
	</td>
	<td width=2% align=left><font size="2">&nbsp;</font>

	</td>
	<td width=1% align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right><font size="2">
<font face="serif">5,124,582</font>	</font></td>
	<td width=2% align=left>&nbsp;</td>
	<td width=1% align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right><font size="2">
<font face="serif">1,914,551</font>	</font></td>
	<td width=2% align=left>&nbsp;</td>
	<td width=1% align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=8% align=right><font size="2"> <font face="serif">7,039,133</font>	</font></td>
	<td width=2% align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Red Lion</font>	</font></td>
	<td align=right>
<font size=2 face="serif">80</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">18,471,055</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">(16,349,375</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">1,728,331</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">
<font face="serif">2,472,644</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">1,377,367</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">3,850,011</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Fairview Plaza (d)</font>	</font></td>
	<td align=right>
<font size=2 face="serif">70</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">8,732,555</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">(5,879,990</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">(248,975</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">1,600,233</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">1,003,357</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">2,603,590</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Halifax Plaza (d)</font>	</font></td>
	<td align=right>
<font size=2 face="serif">70</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">5,482,745</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">(4,032,500</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">55,011</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">
<font face="serif">1,193,588</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">311,668</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">1,505,256</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Newport Plaza (d)</font>	</font></td>
	<td align=right>
<font size=2 face="serif">70</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">6,402,154</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">(5,154,684</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">278,755</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">
<font face="serif">1,096,419</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">429,806</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">1,526,225</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">LA Fitness Facility</font>	</font></td>
	<td align=right>
<font size=2 face="serif">50</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">5,773,611</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">(4,891,254</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">428,815</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">
<font face="serif">915,093</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">396,079</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">1,311,172</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;</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"><font face="serif">&#36;</font></font></td>
	<td align=right><font size="2">
<font face="serif">64,275,851</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right>
<font size=2 face="serif">(49,722,857</font>
	</td>
	<td align=left><font size="2">
<font face="serif">)</font>	</font></td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right>
<font size=2 face="serif">3,282,393</font>
	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">12,402,559</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2">
<font face="serif">5,432,828</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right><font size="2"> <font face="serif">17,835,387</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left><b><font size=1 face="serif"> </font></b>

	</td>
	<td align=left>

	</td>
	<td align=left>&nbsp;

	</td>
	<td colspan="26" align=center>
<b></b>&nbsp;	<b><font size=1 face="serif">For the nine months ended September
30, 2005</font></b>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=right>
<b></b>
<hr size="1" noshade>
	</td>
	<td align=right><hr size="1" noshade></td>
	<td align=right><hr size="1" noshade></td>
	<td align=right><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade></td>
	<td align=left><hr size="1" noshade>

	</td>
	<td align=left><hr size="1" noshade>
 </td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left><hr size="1" noshade></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left></td>
  <td align=left>&nbsp;</td>
  <td colspan="17" align=center><b><font size=1 face="serif">Property-level operations</font></b></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td colspan="7" align=center><b></b><b><font size=1 face="serif">Share of property
        net income</font></b>&nbsp; <br>
</td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left></td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=left>&nbsp;</td>
	<td rowspan="3" align=center>&nbsp;

	</td>
	<td align=center>&nbsp;

	</td>
	<td align=center>&nbsp;</td>
	<td rowspan="3" align=center>&nbsp;

	</td>
	<td align=center>&nbsp;</td>
	<td align=center></td>
	<td rowspan="3" align=center>

	</td>
	<td align=center>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td rowspan="3" align=center>&nbsp;	</td>
	<td align=center>&nbsp;</td>
	<td align=center></td>
	<td rowspan="3" align=center>

	</td>
	<td align=center>&nbsp;</td>
	<td align=center></td>
	<td rowspan="3" align=center>

	</td>
	<td align=center>&nbsp;

	</td>
	<td align=left>&nbsp;</td>
	<td align=center>&nbsp;

	</td>
	<td colspan="7" align=center>
 &nbsp;&nbsp;
 <b><font size=1 face="serif">&lt;&lt;&lt; Partners &gt;&gt;&gt;</font></b>	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=center> <b><font size=1 face="serif">Partners'</font></b> </td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=center> <b><font size=1 face="serif">Operating</font></b>&nbsp; </td>
  <td align=center></td>
  <td align=center><b><font size=1 face="serif">Depreciation/</font></b> </td>
  <td align=center>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">Operating</font></b></td>
  <td align=center></td>
  <td align=center> <b><font size=1 face="serif">Non-op</font></b></td>
  <td align=center></td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left> <b><font size=1 face="serif">Property</font></b>&nbsp;
	</td>
	<td align=center>
<b><font size=1 face="serif">percent</font></b>
	</td>
	<td align=left>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">Revenues</font></b>&nbsp;
	</td>
	<td align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">expenses</font></b>&nbsp;
	</td>
	<td align=center></td>
	<td align=center>
<b><font size=1 face="serif">amortization</font></b>&nbsp;
	</td>
	<td align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">income</font></b>&nbsp;
	</td>
	<td align=center></td>
	<td align=center>
<b><font size=1 face="serif">inc/exp (e)</font></b>&nbsp;
	</td>
	<td align=center></td>
	<td align=center>
<b><font size=1 face="serif">Net income</font></b>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">Regular</font></b>&nbsp;
	</td>
	<td align=center></td>
	<td align=center>

	</td>
	<td align=center><b><font size=1 face="serif">Preference </font></b></td>
    <td align=center>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td align=center nowrap><b><font size=1 face="serif">Cedar (b)</font></b>&nbsp;</td>
    <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=center>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Loyal Plaza</font>	</font></td>
	<td width=6% align=right bgcolor="#eeeeee">
<font size=2 face="serif">75</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td width=1% align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">2,229,152</font>	</font></td>
	<td width=2% align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">636,510</font>	</font></td>
	<td width=2% align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">407,457</font>	</font></td>
	<td width="2%" align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1,185,185</font>	</font></td>
	<td width="2%" align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">823,287</font>	</font></td>
	<td width="2%" align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">361,898</font>	</font></td>
	<td width="2%" align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp; &nbsp;<font face="serif">&#36;</font>	</font></td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">271,424</font>	</font></td>
	<td width="2%" align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=1% align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td width=6% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">90,475</font>	</font></td>
	<td width=2% align=left bgcolor="#eeeeee">&nbsp;</td>
	<td width=1% align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>
      <font size="2"><font face="serif">&#36;</font></font>	</td>
	<td width=1% align=right bgcolor="#eeeeee"><font size="2"> <font face="serif"> </font><font face="serif">&#8212;</font></font></td>
	<td width="2%" align=right bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Red Lion</font>	</font></td>
	<td align=right>
<font size=2 face="serif">80</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">2,358,691</font>	</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">
<font face="serif">731,143</font>	</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">
<font face="serif">323,311</font>	</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">
<font face="serif">1,304,237</font>	</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">
<font face="serif">1,157,802</font>	</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">
<font face="serif">146,435</font>	</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; &nbsp;<font face="serif">117,148</font>	</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">
    <font face="serif">&#8212;</font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">29,287</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Fairview Plaza (d)</font>	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">70</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">690,453</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">115,198</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">142,124</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">433,131</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">256,771</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">176,360</font>	</font></td>
	<td align=center bgcolor="#eeeeee"><font size="2"><font face="serif">)</font></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=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=center><font size="2"><font face="serif">)</font></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">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font> </td>
	<td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2"><font face="serif">Halifax Plaza (d)</font></font></td>
	<td align=right><font size=2 face="serif">70</font></td>
	<td align=left><font size="2"><font face="serif">%</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2"><font face="serif">574,507</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>	</td>
	<td align=right><font size="2"><font face="serif">127,628</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>	</td>
	<td align=right><font size="2"><font face="serif">88,043</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2"><font face="serif">358,836</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2"><font face="serif">217,551</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2"><font face="serif">141,285</font></font></td>
	<td align=center><font size="2"><font face="serif">)</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2" face="serif">&nbsp;319,481</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font>	</td>
	<td align=right><font size="2"><font face="serif">27,384</font></font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=left><font size="2" face="serif">&nbsp;</font></td>
	<td align=right><font size="2"> <font face="serif">109,537</font></font></td>
	<td align=right><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=center><font size="2"><font face="serif">)</font> </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">&nbsp;</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font> </td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Newport Plaza (d)</font>	</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">70</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">681,292</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">168,239</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">102,131</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">410,922</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">272,165</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">138,757</font>	</font></td>
	<td align=center bgcolor="#eeeeee"><font size="2"><font face="serif">)</font></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=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font> </td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">LA Fitness Facility</font>	</font></td>
	<td align=right>
<font size=2 face="serif">50</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">556,200</font>	</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">
<font face="serif">16,951</font>	</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">
<font face="serif">84,261</font>	</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">
<font face="serif">454,988</font>	</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">
<font face="serif">253,235</font>	</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">
<font face="serif">201,753</font>	</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; &nbsp;<font face="serif">100,877</font>	</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">
<font face="serif">23,202</font>	</font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">77,675</font>	</font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">7,090,295</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1,795,669</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1,147,327</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">4,147,299</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">2,980,811</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1,166,488</font>	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp; &nbsp;<font face="serif">&#36;</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2"> &nbsp; &nbsp;<font face="serif">808,929</font>	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">141,060</font>	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right bgcolor="#eeeeee"><font size="2"> <font face="serif">216,499</font>	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
</table>
<br>
<p align="center">
<font size="2" face="serif">20</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p21"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p align="center"> <b><font size=2 face="serif">Consolidated Joint Ventures Information</font></b><font size="2"> <br>
  <font face="serif"><b>(unaudited)<br>
(continued)</b></font></font><b> </b></p>
<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">&nbsp;</font>
</td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=left><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font></td>
	<td colspan="7" align=center><b><font size=1 face="serif">Share of FFO (a)</font></b> </td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left><font size="1">&nbsp;</font></td>
  <td align=center><b><font size=1 face="serif">Partners'</font></b></td>
  <td align=left><font size="1">&nbsp;</font></td>
  <td align=right><font size="1">&nbsp;</font></td>
  <td align=left><font size="1">&nbsp;</font></td>
  <td align=left><font size="1">&nbsp;</font></td>
  <td align=left><hr size="1" noshade></td>
  <td colspan="7" align=right><hr size="1" noshade></td>
  <td align=right><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="1">  <b><font face="serif">Property</font></b>&nbsp;
	</font></td>
	<td align=center>
<b><font size=1 face="serif">percent</font></b>
	</td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=center>
<b><font size=1 face="serif">Cedar</font></b>
	</td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=left><font size="1">&nbsp;</font></td>
	<td align=left><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1">
<b><font face="serif">Partners</font></b>&nbsp;
	</font></td>
	<td align=center><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center>
<b><font size=1 face="serif">Cedar (b)</font></b>
	</td>
	<td align=center><font size="1">&nbsp;</font></td>
	<td align=center><font size="1">&nbsp;</font>

	</td>
	<td align=center><font size="1"> <b><font face="serif">Total</font></b>&nbsp; </font></td>
	<td align=right><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Loyal Plaza</font>&nbsp;
	</font></td>
	<td width=8% align=right>
<font size=2 face="serif">75</font>
	</td>
	<td width=2% align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td width=8% align=right>
<font size=2 face="serif">25</font>
	</td>
	<td width=2% align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td width=2% align=left>&nbsp;</td>
	<td width=1% align=right><font size="2"> <font face="serif">&#36;</font>
	</font></td>
	<td width=8% align=right><font size="2">
<font face="serif">573,049</font>&nbsp;
	</font></td>
	<td width=2% align=right>&nbsp;</td>
	<td width=1% align=right>
<font size=2 face="serif">&#36;</font>
	</td>
	<td width=8% align=right>
<font size=2 face="serif">196,306</font>
	</td>
	<td width=2% align=left>&nbsp;</td>
	<td width=1% align=right><font size="2">
<font face="serif">&#36;</font>
	</font></td>
	<td width=8% align=right><font size="2"> <font face="serif">769,355</font>&nbsp; </font></td>
	<td width=2% align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Red Lion</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">80</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">20</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">375,797</font>&nbsp;
	</font></td>
	<td align=left></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">93,949</font>
	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">469,746</font>&nbsp; </font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Fairview Plaza (d)</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">70</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">30</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2"><font face="sans-serif">)</font></font></td>
	<td align=right><font size="2">&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font> </td>
	<td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=center><font size="2">&nbsp;</font>
</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size=2 face="sans-serif">)</font> </td>
    <td align=right>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Halifax Plaza (d)</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">70</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">30</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2"><font face="sans-serif">)</font></font></td>
	<td align=right><font size="2">&nbsp;
	</font></td>
	<td align=right><font size="2">
<font face="serif">554,071</font>&nbsp;
	</font></td>
	<td align=left></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">234,628</font>
	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">788,699</font>&nbsp; </font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=center><font size="2">&nbsp;</font>
</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=left><font size=2 face="sans-serif">)</font></td>
    <td align=right>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">
<font face="serif">Newport Plaza (d)</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">70</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">30</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2"><font face="sans-serif">)</font>&nbsp;</font></td>
	<td align=right><font size="2">&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font> </td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">LA Fitness Facility</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">50</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=right>
<font size=2 face="serif">50</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">175,407</font>&nbsp;
	</font></td>
	<td align=left></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right>
<font size=2 face="serif">110,607</font>
	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2"> <font face="serif">286,014</font>&nbsp; </font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2"> <font face="serif">&#36;</font>
	</font></td>
	<td align=right><font size="2">
<font face="serif">1,678,324</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">&#36;</font>
	</td>
	<td align=right>
<font size=2 face="serif">635,490</font>
	</td>
	<td align=left>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">&#36;</font>
	</font></td>
	<td align=right><font size="2"> <font face="serif">2,313,814</font>&nbsp; </font></td>
	<td align=right>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><hr align="left" width="100" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="3%"><font size=1 face="serif">(a) </font></td>
    <td> <font size=1 face="serif">The Partners/Cedar shares of equity and
        FFO, as presented, differ from amounts calculated using the stated ownership
        percentages because of (1) non-proportionate initial investments (per
        the respective joint venture agreements), and (2) the effect of preference
    returns to joint venture partners.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size=1 face="serif">(b)</font></td>
    <td> <font size=1 face="serif"> Includes limited partners' share.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size=1 face="serif">( c) </font></td>
    <td> <font size=1 face="serif">Equity includes net receivable/payable
    balances, on open account, between joint venture and wholly-owned entities.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size=1 face="serif">(d) </font></td>
    <td> <font size=1 face="serif">As each of these three properties is under
        an umbrella partnership, any shortfall in required preference payments
        by any one of the properties will be offset by excess cash flow from
        any of the other
properties.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size=1 face="serif">(e) </font></td>
    <td> <font size=1 face="serif">Non-operating income and expense consists
        principally of interest expense and amortization of deferred financing
    costs.</font></td>
  </tr>
</table>
<p align="center">
<font size="2" face="serif">21</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p22"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr valign="bottom">
	<td colspan=16 align=center><font size="2">
<b><font face="serif">CEDAR SHOPPING CENTERS, INC.</font></b></font></td>
  </tr>
<tr valign="bottom">
	<td colspan="16" align=center><font size="2">
<b><font face="serif">Tenant Concentration Schedule</font></b></font></td>
  </tr>
<tr valign="bottom">
	<td colspan="16" align=center><font size="2">
<b><font face="serif">As of September 30, 2005</font></b></font></td>
  </tr>
<tr valign="bottom">
	<td colspan="16" align=center><font size="2">
<font face="serif"><b>(unaudited)</b></font></font></td>
  </tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center><font size="2"><b><font size=1 face="serif">Annualized</font></b></font></td>
  <td align=right>&nbsp;</td>
  <td align=center><font size="1"><b><font face="serif">Percentage</font></b></font></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;</td>
	<td align=center><b><font size=1 face="serif">Number<br>
  </font> </b></td>
	<td align=left>&nbsp;</td>
	<td align=center><b><font size="2"></font></b></td>
	<td align=left>&nbsp;</td>
	<td align=center><b><font size="2"> <font size=1 face="serif">Percentage</font><font size="1"><br>
          </font> </font></b></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=center><font size="2">
<b><font size=1 face="serif">Annualized</font></b><font size="1"><br>
<b></b></font></font></td>
	<td align=left>&nbsp;</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=center><font size="2">
<b><font size=1 face="serif"><br>
base rents<br>
</font></b></font></td>
	<td align=right>&nbsp;</td>
	<td align=center><font size="1">
    <b><font face="serif"><br>
annualized<br>
</font></b></font></td>
    <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><font size="1"> <b><font face="serif">Tenant</font></b>&nbsp; </font></td>
  <td align=left>&nbsp;</td>
  <td align=center><b><font size=1 face="serif">of stores </font></b></td>
  <td align=left>&nbsp;</td>
  <td align=center><b><font size="2"><font size="1" face="serif">Sq ft</font></font></b></td>
  <td align=left>&nbsp;</td>
  <td align=center><b><font size="2"><font size="1"><font face="serif">Sq ft</font> </font></font></b></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center><font size="2"><font size="1"><b><font face="serif">base rents</font></b></font></font></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center><font size="2"><b><font size=1 face="serif">per sq ft</font></b></font></td>
  <td align=right>&nbsp;</td>
  <td align=center><font size="1"><b><font face="serif">base rents</font></b></font></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
  <td align=left><hr align="left" width="100" size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Giant Foods/Stop &amp; Shop</font>&nbsp;
	</font></td>
	<td width=2% align=right bgcolor="#eeeeee">&nbsp;</td>
	<td width=8% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">12</font>&nbsp;
	</font></td>
	<td width=2% align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=8% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">648,695</font>&nbsp;
	</font></td>
	<td width=2% align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">9.45</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td width=1% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>&nbsp;
	</font></td>
	<td width=8% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">7,804,525</font>&nbsp;
	</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">
<font face="serif">&#36;</font>&nbsp;
	</font></td>
	<td width=8% align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">12.03</font>&nbsp;
	</font></td>
	<td width=2% align=right bgcolor="#eeeeee">&nbsp;</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">12.08</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Farm Fresh/Shop 'n Save</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">8</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">466,832</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">6.80</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">4,621,911</font>&nbsp;
	</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">
<font face="serif">9.90</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">7.15</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Staples</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">8</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">174,829</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">2.55</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">2,261,073</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">12.93</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">3.50</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Discount Drug Mart</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">9</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">232,563</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">3.39</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">2,082,403</font>&nbsp;
	</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">
<font face="serif">8.95</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">3.22</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">LA Fitness</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">3</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">122,996</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">1.79</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1,743,072</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">14.17</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">2.70</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Wal-Mart/Sam's Club</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">2</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">205,237</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">2.99</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">1,367,563</font>&nbsp;
	</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">
<font face="serif">6.66</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">2.12</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">United Artists Theatre Group</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">77,700</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">1.13</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1,332,769</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">17.15</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">2.06</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">CVS</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">8</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">79,757</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">1.16</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">1,153,171</font>&nbsp;
	</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">
<font face="serif">14.46</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">1.78</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">Farmer Jack</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">1</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">54,650</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">0.80</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">890,017</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">16.29</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">1.38</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Food Lion</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">3</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">105,470</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">1.54</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">854,790</font>&nbsp;
	</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">
<font face="serif">8.10</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">1.32</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<b><font face="serif">Sub-total top ten tenants</font></b>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">55</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">2,168,729</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">31.58</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">24,111,294</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">11.12</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">37.31</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Remaining tenants</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">598</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">4,004,925</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">58.31</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">40,515,006</font>&nbsp;
	</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">
<font face="serif">10.12</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">62.69</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<b><font face="serif">Sub-total all tenants</font></b>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">653</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">6,173,654</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">89.89</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">64,626,300</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">10.47</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">100.00</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
</tr>
<tr valign="bottom">
	<td align=left><font size="2">
<font face="serif">Vacant (a)</font>&nbsp;
	</font></td>
	<td align=center>&nbsp;</td>
	<td align=right><font size="2">
<font face="serif">N/A</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right><font size="2">
<font face="serif">694,355</font>&nbsp;
	</font></td>
	<td align=right><font size="2">&nbsp;</font></td>
	<td align=right>
<font size=2 face="serif">10.11</font>
	</td>
	<td align=left><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
	<td align=right><font size="2">
<font face="serif">N/A</font>&nbsp;
	</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">
<font face="serif">N/A</font>&nbsp;
	</font></td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">N/A</font>
	</td>
	<td align=left><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr valign="bottom">
	<td align=left bgcolor="#eeeeee"><font size="2">
<b><font face="serif">Total (including vacant)</font></b>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">653</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">6,868,009</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">100.00</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">
<font face="serif">%</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">64,626,300</font>&nbsp;
	</font></td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">&#36;</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee"><font size="2">
<font face="serif">9.41</font>&nbsp;
	</font></td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">N/A</font>
	</td>
	<td align=left bgcolor="#eeeeee"><font size="2">&nbsp;</font>

	</td>
</tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=left><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=left><hr size="2" noshade></td>
  <td align=left></td>
  <td align=left><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr align="left" width="100" size="1" noshade></td>
  </tr>
  <tr>
    <td><font size="2"><font size="1" face="serif">(a)</font></font></td>
    <td colspan="2"><font size="2"><font face="serif"><font size="1">Includes
            locations presently undergoing development and/or
redevelopment activities.</font></font><font size="1">&nbsp; </font></font></td>
  </tr>
</table>
<p align="center">
<font size="2" face="serif">22</font></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p23"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width=100% border=0 cellpadding=0 cellspacing=0>
<tr>
	<td colspan=17 align=center>
<b><font size=2 face="serif">CEDAR SHOPPING CENTERS, INC.</font></b>
	</td>
  </tr>
<tr>
	<td colspan=17 align=center>
<b><font size=2 face="serif">Lease Expiration Schedule</font></b>&nbsp;
	</td>
  </tr>
<tr>
	<td colspan=17 align=center>
<b><font size=2 face="serif">As of September 30, 2005</font></b>&nbsp;
	</td>
  </tr>
<tr>
	<td height="20" colspan="17" align=center><b>
    <font size=2 face="serif">(unaudited)</font></b></td>
  </tr>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=center><font size="1" face="serif"><b><b>Number</b><br>
    of tenants</b></font></td>
	<td rowspan="2" align=left>&nbsp;</td>
	<td align=center><font size="1" face="serif"><b>Sq ft</b></font></td>
	<td rowspan="2" align=left>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">Percentage<br>
of total<br>
sq ft</font></b></td>
	<td rowspan="2" align=left>&nbsp;</td>
	<td align=center><font size="1" face="serif">
    <b><b><b>Year<br>
    </b>leases</b><br>
expire</b></font></td>
	<td rowspan="2" align=left>&nbsp;</td>
	<td colspan="2" align=center><font size="1" face="serif"><b><b><b>Annualized</b><br>
	  expiring<br>
	</b>base rents</b></font></td>
	<td rowspan="2" align=left>&nbsp;</td>
	<td colspan="2" align=center><font size="1" face="serif"><b><b><b>Annualized</b><br>
	  expiring<br>
	</b>per sq ft</b></font></td>
	<td rowspan="2" align=center>&nbsp;</td>
	<td align=center>
<b><font size=1 face="serif">Percentage<br>
annualized<br>
expiring<br>
base rents</font></b></td>
    <td rowspan="2" align=left>&nbsp;</td>
</tr>
<tr>
  <td align=left>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=center><hr size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  </tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">19</font>&nbsp;
	</td>
	<td width=2% align=right bgcolor="#eeeeee">&nbsp;</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">55,012</font>&nbsp;
	</td>
	<td width=2% align=right bgcolor="#eeeeee">&nbsp;</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">0.80</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td width=8% align=center bgcolor="#eeeeee">
<font size=2 face="serif">M-T-M</font>&nbsp;
	</td>
	<td width=2% align=left bgcolor="#eeeeee">&nbsp;</td>
	<td width=1% align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>&nbsp;
	</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">808,594</font>&nbsp;
	</td>
	<td width=2% align=left bgcolor="#eeeeee">&nbsp;</td>
	<td width=1% align=right bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>&nbsp;
	</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">14.70</font>&nbsp;
	</td>
	<td width=2% align=right bgcolor="#eeeeee">&nbsp;</td>
	<td width=8% align=right bgcolor="#eeeeee">
<font size=2 face="serif">1.25</font>
	</td>
	<td width=2% align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">29</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">87,972</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">1.28</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">2005</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">1,019,474</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">11.59</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">1.58</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">95</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">318,892</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">4.64</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center bgcolor="#eeeeee">
<font size=2 face="serif">2006</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">4,616,509</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">14.48</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">7.14</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">91</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">319,493</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">4.65</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">2007</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">4,174,545</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">13.07</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">6.46</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">95</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">488,280</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">7.11</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center bgcolor="#eeeeee">
<font size=2 face="serif">2008</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">5,872,398</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">12.03</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">9.09</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">102</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">522,931</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">7.61</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">2009</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">5,468,691</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">10.46</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">8.46</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">48</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">704,486</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">10.26</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center bgcolor="#eeeeee">
<font size=2 face="serif">2010</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">5,378,878</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">7.64</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">8.32</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">27</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">484,118</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">7.05</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">2011</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">3,569,859</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">7.37</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">5.52</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">24</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">231,911</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">3.38</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center bgcolor="#eeeeee">
<font size=2 face="serif">2012</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">2,428,438</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">10.47</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">3.76</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">20</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">230,047</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">3.35</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">2013</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">2,575,984</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">11.20</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">3.99</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">25</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">447,179</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">6.51</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center bgcolor="#eeeeee">
<font size=2 face="serif">2014</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">4,494,017</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">10.05</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">6.95</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">12</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">265,917</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">3.87</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">2015</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">2,493,668</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">9.38</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">3.86</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">587</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">4,156,238</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">60.52</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">42,901,055</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">10.32</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">66.38</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">66</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">2,017,416</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">29.37</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">Thereafter</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">21,725,245</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">10.77</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">33.62</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=right><hr size="1" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">653</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">6,173,654</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">89.89</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">64,626,300</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">10.47</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">100.00</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">N/A</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">694,355</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">10.11</font>
	</td>
	<td align=left>
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center>
<font size=2 face="serif">Vacant (a)</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">N/A</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=right>
<font size=2 face="serif">N/A</font>&nbsp;
	</td>
	<td align=right>&nbsp;</td>
	<td align=right>
<font size=2 face="serif">N/A</font>
	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left></td>
  <td align=left><hr size="1" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
<tr>
  <td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=left></td>
	<td align=left>

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=center>
<font size=2 face="serif">Total</font>&nbsp;
	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;</td>
	<td align=left>&nbsp;

	</td>
	<td align=left>&nbsp;

	</td>
	<td align=left></td>
	<td align=left>

	</td>
	<td align=left>&nbsp;

	</td>
</tr>
<tr>
  <td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">653</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">6,868,009</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">100.00</font>
	</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">%</font>&nbsp;
	</td>
	<td align=center bgcolor="#eeeeee">
<font size=2 face="serif">portfolio</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">64,626,300</font>&nbsp;
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;</td>
	<td align=left bgcolor="#eeeeee">
<font size=2 face="serif">&#36;</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">9.41</font>&nbsp;
	</td>
	<td align=right bgcolor="#eeeeee">&nbsp;</td>
	<td align=right bgcolor="#eeeeee">
<font size=2 face="serif">N/A</font>
	</td>
	<td align=left bgcolor="#eeeeee">&nbsp;

	</td>
</tr>
<tr>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
  <td align=left><hr size="2" noshade></td>
  <td align=right><hr size="2" noshade></td>
  <td align=right>&nbsp;</td>
  <td align=right><hr size="2" noshade></td>
  <td align=left>&nbsp;</td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3"><hr align="left" width="100" size="1" noshade></td>
  </tr>
  <tr>
    <td><font size=1 face="serif">(a)</font></td>
    <td colspan="2"><font size=1 face="serif">Includes locations presently undergoing
        development
and/or redevelopment activities.</font></td>
  </tr>
</table>
<p align="center"><font size="2" face="serif">23</font></p>
<hr noshade align="center" width="100%" size="2">
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