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<SEC-DOCUMENT>0000899681-07-000470.txt : 20070620
<SEC-HEADER>0000899681-07-000470.hdr.sgml : 20070620
<ACCEPTANCE-DATETIME>20070620161437
ACCESSION NUMBER:		0000899681-07-000470
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20070620
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070620
DATE AS OF CHANGE:		20070620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR SHOPPING CENTERS INC
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		07931482

	BUSINESS ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cedar-8k_061407.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>


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<P ALIGN=CENTER><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B> </FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>FORM 8-K </B></FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Current Report
Pursuant to Section&nbsp;13 or 15(d)<BR>
Of the Securities Exchange Act of 1934 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Date
of Report (Date of earliest event reported):<B> June 20, 2007</B> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><B>CEDAR SHOPPING
CENTERS, INC.</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=3>(Exact Name of Registrant as Specified in its Charter) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Maryland</B><BR>
(State or Other Jurisdiction of Incorporation)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=CENTER>
<B>001-31817</B><BR>
(Commission File Number)
</TD>
<TD WIDTH=50% ALIGN=CENTER>
<B>42-1241468</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>44 South Bayles Avenue<BR>
Port Washington, New York 11050</B><BR>
(Address of Principal Executive Offices) (Zip Code)</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3><B>(516)&nbsp;767-6492 </B><BR>
(Registrant&#146;s Telephone Number, Including Area Code)</FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Not Applicable<BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>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:</TD>
</TR>
</TABLE>
<BR>

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<P><FONT SIZE=3>|_|&nbsp; Written communications pursuant to Rule&nbsp;425 under the
Securities Act (17 CFR 230.425)<BR>
<BR>
|_|&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
|_|&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
|_|&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c)) </FONT></P>

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     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><U><B>Item 1.01</B></U></TD>
<TD WIDTH=90%><U><B>Entry into a Material Definitive Agreement</B>.</U></TD>
</TR>
</TABLE>
<BR>



     <P><FONT SIZE=3>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Employment Agreement with Lawrence E. Kreider, Jr.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar
Shopping Centers, Inc. (the &#147;Company&#148;) has entered into an employment agreement
effective June 20, 2007, with Lawrence E. Kreider, Jr. to serve as Chief Financial Officer
of the Company. Mr. Kreider&#146;s employment is also discussed below in Item 5.02 of this
Current Report on Form 8-K. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
agreement provides for an annual base salary of $350,000, subject to annual discretionary
increases. Upon the effectiveness of the agreement, Mr. Kreider was paid $150,000 and
received 20,000 shares of restricted common stock of the Company which cliff vest on the
third anniversary of grant. Mr. Kreider also participates in the Company&#146;s annual
bonus plan for senior executive officers, with his initial bonus for 2007 targeted at an
annualized amount of $275,000. Payment of the bonus is guaranteed for one year. In
addition, Mr. Kreider participates in the Company&#146;s long-term incentive compensation
plan pursuant to which he will be entitled to receive grants of restricted stock,
initially anticipated to be valued at $275,000 for the first year. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
agreement is for four years, but the Company has the right to terminate the agreement
prior to June 30, 2008. If the Company elects to terminate the agreement prior to June 30,
2008 other than for &#147;cause&#148; or if Mr. Kreider elects to terminate the agreement
for &#147;good reason&#148; (as such terms are defined in the agreement), then Mr. Kreider
will receive, as severance pay, a lump sum cash payment equal to 125% of his annual salary
and bonus and 50% of the restricted shares shall vest. If thereafter Mr. Kreider&#146;s
employment shall be terminated by the Company without cause or by Mr. Kreider for good
reason, he will be entitled to receive a lump sum cash payment equal to two and one-half
times his annual base salary and average annual bonus for the preceding two years, his
health insurance benefits will be continued for 12 months and the vesting of all
restricted stock will be accelerated. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description of the employment agreement with Mr. Kreider is qualified in its
entirety by reference to the agreement which is filed as Exhibit 10.1 to this Current
Report on Form 8-K. </FONT></P>

     <P><FONT SIZE=3>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Consulting Agreement with Thomas J. O&#146;Keeffe.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
June 20, 2007, the Company entered into a consulting agreement with Thomas J.
O&#146;Keeffe. On that date, Mr. O&#146;Keeffe retired as Chief Financial Officer of the
Company and his employment agreement with the Company was terminated. The consulting
agreement terminates March 30, 2010 and provides for payment of monthly consulting fees
commencing July 1, 2007 of $25,000 per month through June 30, 2008 and $20,000 per month
thereafter. In addition, he will be paid his salary through June 30, 2007 and will receive
a bonus of $167,500 for 2007. These payments will continue to be made if the Company
terminates Mr. O&#146;Keeffe&#146;s services or if Mr. O&#146;Keeffe should die or become
disabled. Mr. O&#146;Keeffe has agreed to make himself available to the Company for
consulting purposes at reasonable times and to be available at least ten days each
calendar quarter. Mr. O&#146;Keeffe will receive $1,500 for each day spent providing
consulting services to the Company. Upon the occurrence of a change in control, Mr.
O&#146;Keeffe will be entitled to receive a lump sum payment equal to two and one-half
times his annual salary and bonus for 2006 and all restricted shares shall be vested and
he will be entitled to be grossed up, on an after-tax basis, for any excise taxes imposed
under the Internal Revenue Code of 1986 on any excess parachute payments. </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description of the consulting agreement with Mr. O&#146;Keeffe is qualified in
its entirety by reference to the agreement which is filed as Exhibit 10.2 to this Current
Report on Form 8-K. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><B><U>Item 5.02</U></B></TD>
<TD WIDTH=90%><B><U>Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers</U>.</B></TD>
</TR>
</TABLE>
<BR>

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<P><FONT SIZE=3>On June 20, 2007, the Company announced that Lawrence E. Kreider, Jr. has
joined the Company as Chief Financial Officer. In this capacity he
succeeds Thomas J. O&#146;Keeffe who retired but will remain as a consultant to the
Company. The material terms of the agreements with Messrs. Kreider and O&#146;Keeffe are
described in Item 1.01 of this Current Report on Form 8-K. </FONT></P>

     <P><FONT SIZE=3>Mr.
          Kreider, age 59, previously was employed by Affordable Residential Communities
          Inc. commencing in 2001 as an Executive Vice President, also serving as Chief
          Financial Officer from 2001 to 2003 and from November 1, 2004 to June 2007, as
          well as Chief Information Officer from 2002 to June 2007 and Chief Accounting
          Officer from 2004 to June 2007. During this time he also served as Executive
          Vice President-Finance. Prior to 2001, Mr. Kreider was Senior Vice President of
          Finance for Warnaco Group Inc. and President of Warnaco Europe. Prior thereto,
          Mr. Kreider served in several senior finance positions, including Senior Vice
          President, Controller and Chief Accounting Officer, with Revlon Inc. and
          MacAndrews &amp; Forbes Holdings from 1986 to 1999. Prior thereto, he served in
          senior finance positions with Zale Corporation, Johnson Matthew Jewelry
          Corporation and Refinement International Company. Mr. Kreider, a C.P.A., began his career
          with Coopers &amp; Lybrand. Mr. Kreider holds an M.B.A. from Stanford Graduate
          School of Business and a B.A. from Yale University.</FONT></P>

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<P><FONT SIZE=3>There are no other arrangements or understandings between Mr. Kreider and
any other persons pursuant to which Mr. Kreider was appointed as an executive officer. Mr.
Kreider has no family relationships with any executive officer or director of the Company,
and there are no relationships or transactions for Mr. Kreider that are reportable
pursuant to Item 404(a) of Regulation S-K. </FONT></P>

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<P><FONT SIZE=3>Further details regarding the appointment can be found in a copy of the
press release that is furnished with this report as Exhibit 99.1. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><B><U>Item 9.01</U></B></TD>
<TD WIDTH=90%><U><B>Financial Statements and Exhibits.</B></U></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT SIZE=3>(d) Exhibits</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>
<U>Exhibit No.</U><BR>
<BR>
10.1<BR>
<BR>
10.2<BR>
<BR>
99.1</TD>
<TD WIDTH=85%><U>Description</U><BR>
<BR>
Employment Agreement dated June 20, 2007 between the Company and Lawrence E. Kreider, Jr.<BR>
<BR>
Consulting Agreement dated June 20, 2007 between the Company and Thomas J. O'Keeffe<BR>
<BR>
Press Release dated June 20, 2007</TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT SIZE=3><B>SIGNATURE </B></FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P ALIGN=LEFT><FONT SIZE=3>Dated: June 20, 2007</FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
CEDAR SHOPPING CENTERS, INC.<BR>
<BR>
<BR>
By: <U>&nbsp;/s/ Leo S. Ullman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leo S. Ullman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President, CEO</TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT SIZE=3>Exhibit Index</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>
<U>Exhibit No.</U><BR>
<BR>
10.1<BR>
<BR>
10.2<BR>
<BR>
99.1</TD>
<TD WIDTH=85%><U>Description</U><BR>
<BR>
Employment Agreement dated June 20, 2007 between the Company and Lawrence E. Kreider, Jr.<BR>
<BR>
Consulting Agreement dated June 20, 2007 between the Company and Thomas J. O'Keeffe<BR>
<BR>
Press Release dated June 20, 2007</TD>
</TR>
</TABLE>
<BR>



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</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>cedar-ex101_061407.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.1</TITLE>
</HEAD>
<BODY>
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<P ALIGN=CENTER><FONT SIZE=3>EMPLOYMENT AGREEMENT</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
made as of the 20th day of June, 2007, by and among Cedar Shopping Centers, Inc., a
Maryland corporation (the "Corporation"), Cedar Shopping Centers Partnership,
L.P., a Delaware limited partnership (the "Partnership"), and Lawrence E.
Kreider, Jr. (the "Executive"). </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
          <U>Position and Responsibilities</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.1 The Executive shall serve in an executive capacity as Chief Financial
Officer of both the Corporation and the Partnership with duties consistent therewith and
shall perform such other functions and undertake such other responsibilities as are
customarily associated with such capacity, including without limitation, the functions
listed on Schedule A attached hereto. The Executive shall report directly to the Chief
Executive Officer of the Corporation. The Executive shall also hold such directorships and
officerships in the Corporation, the Partnership and any of their subsidiaries to which,
from time to time, the Executive may be elected or appointed during the term of this
Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.2 The Executive shall devote Executive's full business time and
skill to the business and affairs of the Corporation and the Partnership and to the
promotion of their interests. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
          <U>Term of Employment</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.1 The term of employment shall be four years, commencing with the date
hereof, unless sooner terminated as provided in this Agreement; provided, however, that
not less than 60 days prior to June 30, 2008 (the "Early Termination Date"), the
Corporation may elect to terminate the term of employment effective as of the Early
Termination Date and if the employment is so terminated then the Executive will not be
entitled to receive any of the payments or benefits specified in Section 4.1(i) hereof
unless the Executive terminates the employment before the Early Termination Date as a
result of a Change in Control (as defined herein); provided, further, however, that if the
Executive's employment is terminated on or prior to the Early Termination Date by the
Corporation other than for Cause or by the Executive for Good Reason, then the Corporation
shall pay to the Executive as severance pay, within five days after termination, a lump
sum payment equal to 125% of the sum of the Executive's annual salary and annual
bonus and 50% of any restricted shares of common stock of the Corporation issued to the
Executive pursuant to Section 3.1 shall immediately vest on such termination, with the
remaining 50% balance to terminate effective immediately on termination of employment. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.2 Notwithstanding the provisions of Section 2.1 hereof, each of the
Corporation and the Partnership shall have the right, on written notice to the Executive,
to terminate the Executive's employment for Cause (as defined in Section 2.3), such
termination to be effective as of the date on which notice is given or as of such later
date otherwise specified in the notice and, upon such termination of employment for Cause,
Executive shall not be entitled to receive any additional compensation hereunder. The
Executive shall have the right, on written notice to the Corporation and the Partnership,
to terminate the Executive's employment for Good Reason (as defined in Section 2.4),
such termination to be effective as of the date on which notice is given or as of such
later date otherwise specified in the notice; provided, however, the Executive's
right to terminate Executive's employment shall lapse 60 days after the occurrence of
any of the events specified in clauses (iii) or (iv) of the definition of Good Reason. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.3 For purposes of this Agreement, the term "Cause" shall mean
any of the following actions by the Executive: (a)&nbsp;failure to comply with any of the
material terms of this Agreement, which shall not be cured within 10 days after written
notice, or if the same is not of a nature that it can be completely cured within such 10
day period, if Executive shall have failed to commence to cure the same within such 10 day
period and shall have failed to pursue the cure of the same diligently thereafter; (b)
engagement in gross misconduct injurious to the business or reputation of the Corporation
or the Partnership; (c) knowing and willful neglect or refusal to attend to the material
duties assigned to the Executive by the Board of Directors of the Corporation, which shall
not be cured within 10 days after written notice; (d) intentional misappropriation of
property of the Corporation or the Partnership to the Executive's own use; (e) the
commission by the Executive of an act of fraud or embezzlement; (f) Executive's
conviction for a felony; (g) Executive's engaging in any activity which is prohibited
pursuant to Section&nbsp;5 of this Agreement, which shall not be cured within 10 days
after written notice. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.4 For purposes of this Agreement, the term "Good Reason" shall
mean any of the following: (i) a material breach of this Agreement by the Corporation or
the Partnership which shall not be cured within 10 days after written notice; (ii)&nbsp;a
material reduction in the Executive's duties or responsibilities; (iii) the
relocation of the Executive's office or the Corporation's or Partnership's
executive offices to a location more than 30 miles from New York City; or (iv)&nbsp;a
"Change in Control", as defined below. As used herein, a "Change in
Control" shall be deemed to occur if: (i) there shall be consummated (x) any
consolidation or merger of the Corporation or the Partnership in which the Corporation or
the Partnership is not the continuing or surviving corporation or pursuant to which the
stock of the Corporation or the units of the Partnership would be converted into cash,
securities or other property, other than a merger or consolidation of the Corporation or
Partnership in which the holders of the Corporation's stock immediately prior to the
merger or consolidation hold more than fifty percent (50%) of the stock or other forms of
equity of the surviving corporation immediately after the merger, or (y) any sale, lease,
exchange or other transfer (in one transaction or series of related transactions) of all,
or substantially all, the assets of the Corporation or the Partnership; (ii) the Board
approves any plan or proposal for liquidation or dissolution of the Corporation or the
Partnership; or (iii)&nbsp;any person acquires more than 29% of the issued and outstanding
common stock of the Corporation. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
          <U>Compensation</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.1 The Partnership shall pay to the Executive for the services to be
rendered by the Executive hereunder to the Corporation and the Partnership a base salary
at the rate of $350,000 per annum. Upon Executive's commencement of employment, (a)
the Partnership shall pay to the Executive the amount of $150,000 in cash and (b) the
Corporation shall make an award to the Executive of 20,000 shares of restricted stock of
the Corporation which will cliff-vest on the third anniversary of the date of this
Agreement if the Executive remains employed by the Corporation at that date, except as
such vesting may otherwise be accelerated pursuant to Sections 2.1 or 4.1(iii) hereof. The
base salary shall be payable in accordance with the Corporation's or
Partnership's normal payroll practices, but not less frequently than twice a month.
Such base salary will be reviewed at least annually and may be increased (but not
decreased) by the Board of Directors of the Corporation in its sole discretion. The
Executive shall participate in the Corporation's annual bonus plan for senior
executive officers. The payment of any bonus is within the discretion of the Board of
Directors of the Corporation, based on recommendations of the Compensation Committee. For
calendar year 2007, the Executive's bonus would be targeted at an annualized amount
of $275,000, payable in a combination of cash and restricted stock issued under the
Corporation's stock incentive plan; provided, however, that if the bonus target is
not met, then the bonus will be adjusted in the same way as the bonus of other executive
officers of the Corporation is adjusted. The amount of the bonus will be guaranteed for
one year from the date hereof, based on the pro-rata portion of the 2007 year and the pro
rata portion of the 2008 year ending on the first anniversary of the date of this
Agreement. The Executive will also be entitled to participate in the Corporation's
long-term incentive compensation plan pursuant to which he will be granted annual
long-term restricted stock grants as determined by the Board of Directors based on the
recommendations of the Compensation Committee, which the Corporation projects will be in
the initial amount of $275,000 for the first year, subject to normal vesting and
performance requirements established by the Board of Directors. The amount of the
long-term incentive compensation award will be guaranteed for one year from the date
hereof, based on the pro-rata portion of the 2007 year and the pro-rata portion of the
2008 year ending on the first anniversary of the date of this Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.2 The Executive shall be entitled to participate in, and receive
benefits from, on the basis comparable to other senior executives, any insurance, medical,
disability, or other employee benefit plan of the Corporation, the Partnership or any of
their subsidiaries which may be in effect at any time during the course of
Executive's employment by the Corporation and the Partnership and which shall be
generally available to senior executives of the Corporation, the Partnership or any of
their subsidiaries. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.3 The Partnership agrees to reimburse the Executive for all reasonable
and necessary business expenses incurred by the Executive on behalf of the Corporation or
the Partnership in the course of Executive's duties hereunder upon the presentation
by the Executive of appropriate vouchers therefor, including a cell phone, portable
computer, continuing legal education, professional licenses and organizations and
conferences such as ICSC and NAREIT. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.4 The Executive shall be entitled each year of this Agreement to paid
vacation in accordance with the Corporation's or Partnership's policies but not
less than three weeks plus personal and floating holidays (and a ratable number of sick
days), which if not taken during such year will be forfeited (unless management requests
postponement). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.5 In recognition of Executive's need for an automobile for business
purposes, the Corporation or the Partnership will reimburse the Executive for
Executive's lease payments or financing for an automobile in an amount not to exceed
$475.00 a month. In addition, the Executive shall be reimbursed for all costs of the
automobile, such as maintenance and gasoline, incurred in connection with the
Corporation's business in the same manner as other senior employees of the
Corporation. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.6 If, during the period of employment hereunder, because of illness or
other incapacity, the Executive shall fail for a period of 90 consecutive days, or for
shorter periods aggregating more than six months during the term of this Agreement, to
render the services contemplated hereunder, then the Corporation or the Partnership, at
either of their options, may terminate the term of employment hereunder by notice from the
Corporation or the Partnership, as the case may be, to the Executive, effective on the
giving of such notice. During any period of disability of Executive during the term
hereof, the Corporation shall continue to pay to Executive the salary and bonus to which
the Executive is entitled pursuant to Section 3.1 hereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.7 In the event of the death of the Executive during the term hereof, the
employment hereunder shall terminate on the date of death of the Executive. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.8 Each of the Corporation and the Partnership shall have the right to
obtain for their respective benefits an appropriate life insurance policy on the life of
the Executive, naming the Corporation or the Partnership as the beneficiary. If requested
by the Corporation or the Partnership, the Executive agrees to cooperate with the
Corporation or the Partnership, as the case may be, in obtaining such policy. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.9 The Executive will be reimbursed for all reasonable costs of travel,
lodging (including hotel), rental cars and other costs and expenses reasonably incurred by
the Executive and his family for meetings, visits to the Corporation's offices and
properties, searches for a house in New York or otherwise incurred in connection with
Executive's employment with the Corporation and relocation to New York. The
Corporation intends to make available to the Executive for a period not to exceed three
months after commencement of employment the apartment used by Thomas J. O'Keeffe in
Port Washington, New York. The Corporation will also reimburse the Executive for all
moving expenses reasonably incurred by the Executive and his family in connection with his
relocation to New York. These amounts will be paid upon the presentation by the Executive
of appropriate vouchers therefor. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
          <U>Severance Compensation Upon Termination of Employment</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.1 Except as otherwise provided in Section 2.1 hereof, if the
Executive's employment with the Corporation or the Partnership shall be terminated
(a) by the Corporation or Partnership other than for Cause or pursuant to Sections 3.6 or
3.7, or (b)&nbsp;by the Executive for Good Reason, then the Corporation and the
Partnership shall: </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%><FONT SIZE=3>&nbsp; </FONT></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
               pay to the Executive as severance pay, within five days after termination, a
               lump sum payment equal to 250% of the sum of the Executive's annual salary
               at the rate applicable on the date of termination and the average of the
               Executive's annual bonus for the preceding two full fiscal years; provided,
               however, that the average of the Executive's annual bonus for (x) the first
               year of this Agreement shall be the Executive's annual salary and (y)
               during the second year of this Agreement shall be the actual bonus for the first
               year; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%><FONT SIZE=3>&nbsp; </FONT></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
               arrange to provide Executive, for a 12 month period (or such shorter period as
               Executive may elect), with disability, accident and health insurance
               substantially similar to those insurance benefits which Executive is receiving
               immediately prior to the earlier of a Change in Control, if any, or the date of
               termination to the extent obtainable upon reasonable terms; provided, however,
               if it is not so obtainable the Corporation shall pay to the Executive in cash
               the annual amount paid by the Corporation or the Partnership for such benefits
               during the previous year of the Executive's employment. Benefits otherwise
               receivable by Executive pursuant to this Section 4.1(ii) shall be reduced to the
               extent comparable benefits are actually received by the Executive during such 12
               month period following his termination (or such shorter period elected by the
               Executive), and any such benefits actually received by Executive shall be
               reported by the Executive to the Corporation; and </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=LEFT WIDTH=5%><FONT SIZE=3>&nbsp; </FONT></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
               any options granted to Executive to acquire common stock of the Corporation, any
               restricted shares of common stock of the Corporation issued to the Executive and
               any other awards granted to the Executive under any employee benefit plan that
               have not vested shall immediately vest on such termination. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.2 (a) The Executive shall not be required to mitigate damages or the
amount of any payment provided for under this Agreement by seeking other employment or
otherwise, nor, except to the extent provided in Section 4.1 above, shall the amount of
any payment provided for under this Agreement be reduced by any compensation earned by the
Executive as a result of employment by another employer or by insurance benefits after the
date of termination, or otherwise. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
          The provisions of this Agreement, and any payment provided for hereunder, shall
          not reduce any amounts otherwise payable, or in any way diminish the
          Executive's existing rights, or rights which would accrue solely as a
          result of the passage of time, under any benefit plan of the Corporation or
          Partnership, or other contract, plan or arrangement.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.
          <U>Other Activities During Employment</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.1 The Executive shall not during the term of this Agreement undertake or
engage in any other employment, occupation or business enterprise. Subject to compliance
with the provisions of this Agreement, the Executive may engage in reasonable activities
with respect to personal investments of the Executive. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.2 During the term of this Agreement, without the prior approval of the
Board of Directors, neither the Executive nor any entity in which he may be interested as
a partner, trustee, director, officer, employee, shareholder, option holder, lender of
money or guarantor, shall be engaged directly or indirectly in any real estate
development, leasing, marketing or management activities other than through the
Corporation and the Partnership, except for activities existing on the date of this
Agreement which have been disclosed to the Corporation; provided, however, that the
foregoing shall not be deemed to (a)&nbsp;prohibit the Executive from being on the Board
of Directors of another entity, (b)&nbsp;prevent the Executive from investing in
securities if such class of securities in which the investment is so made is listed on a
national securities exchange or is issued by a company registered under Section 12(g) of
the Securities Exchange Act of 1934, so long as such investment holdings do not, in the
aggregate, constitute more than 1% of the voting stock of any company's securities or
(c)&nbsp;prohibit passive investments, subject to any limitations contained in
subparagraph (b) above. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.3 The Executive shall not at any time during this Agreement or after the
termination hereof directly or indirectly divulge, furnish, use, publish or make
accessible to any person or entity any Confidential Information (as hereinafter defined),
except pursuant to subpoena, court order or applicable law. Any records of Confidential
Information prepared by the Executive or which come into Executive's possession
during this Agreement are and remain the property of the Corporation or the Partnership,
as the case may be, and upon termination of Executive's employment all such records
and copies thereof shall be either left with or returned to the Corporation or the
Partnership, as the case may be. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.4 The term "Confidential Information" shall mean information
disclosed to the Executive or known, learned, created or observed by Executive as a
consequence of or through employment by the Corporation and the Partnership, not generally
known in the relevant trade or industry, about the Corporation's or the
Partnership's business activities, services and processes, including but not limited
to information concerning advertising, sales promotion, publicity, sales data, research,
copy, leasing, other printed matter, artwork, photographs, reproductions, layout,
finances, accounting, methods, processes, business plans, contractors, lessee and supplier
lists and records, potential lessee and supplier lists, and contractor, lessee or supplier
billing. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
          <U>Post-Employment Activities</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.1 During the term of employment hereunder, and for a period of one year
after termination of employment, regardless of the reason for such termination other than
by the Corporation or Partnership without Cause or by the Executive for Good Reason, the
Executive shall not directly or indirectly become employed by, act as a consultant to, or
otherwise render any services to any person, corporation, partnership or other entity
which is engaged in, or about to become engaged in, the retail shopping center business or
any other business which is competitive with the business of the Corporation, the
Partnership or any of their subsidiaries nor shall Executive use Executive's talents
to make any such business competitive with the business of the Corporation, the
Partnership or any of their subsidiaries. For the purpose of this Section, a retail
shopping center business or other business shall be deemed to be competitive if it
involves the ownership, operation, leasing or management of any retail shopping centers
which draw from the same related trade area, which is deemed to be within a radius of 10
miles from the location of (a)&nbsp;any then existing shopping centers of the Corporation,
the Partnership or any of their subsidiaries or (b)&nbsp;any proposed centers for which
the site is owned or under contract, is under construction or is actively being
negotiated. The Executive shall be deemed to be directly or indirectly engaged in a
business if Executive participates therein as a director, officer, stockholder, employee,
agent, consultant, manager, salesman, partner or individual proprietor, or as an investor
who has made advances or loans, contributions to capital or expenditures for the purchase
of stock, or in any capacity or manner whatsoever; provided, however, that the foregoing
shall not be deemed to prevent the Executive from investing in securities if such class of
securities in which the investment is so made is listed on a national securities exchange
or is issued by a company registered under Section 12(g) of the Securities Exchange Act of
1934, so long as such investment holdings do not, in the aggregate, constitute more than
1% of the voting stock of any company's securities. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.2 The Executive acknowledges that Executive has been employed for
Executive's special talents and that Executive's leaving the employ of the
Corporation and the Partnership would seriously hamper the business of the Corporation and
the Partnership. The Executive agrees that the Corporation and the Partnership shall each
be entitled to injunctive relief, in addition to all remedies permitted by law, to enforce
the provisions of Sections 5 and 6 hereof. The Executive further acknowledges that
Executive's training, experience and technical skills are of such breadth that they
can be employed to advantage in other areas which are not competitive with the present
business of the Corporation and the Partnership and consequently the foregoing obligation
will not unreasonably impair Executive's ability to engage in business activity after
the termination of Executive's present employment. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.3 The Executive will not, during the period of one year after
termination of employment, regardless of the reason for such termination, hire or offer to
hire or entice away or in any other manner persuade or attempt to persuade, either in
Executive's individual capacity or as agent for another, any of the
Corporation's, the Partnership's or any of their subsidiaries' officers,
employees or agents to discontinue their relationship with the Corporation, the
Partnership or any of their subsidiaries nor divert or attempt to divert from the
Corporation, the Partnership or any of their subsidiaries any business whatsoever by
influencing or attempting to influence any contractor, lessee or supplier of the
Corporation, the Partnership or any of their subsidiaries. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.
          <U>Assignment</U>. This Agreement shall inure to the benefit of and be binding
          upon the Corporation, the Partnership and their successors and assigns, and upon
          the Executive and Executive's heirs, executors, administrators and legal
          representatives. The Corporation and the Partnership will require any successor
          or assign to all or substantially all of their business or assets to assume and
          perform this Agreement in the same manner and to the same extent that the
          Corporation and the Partnership would be required to perform if no such
          succession or assignment had taken place. This Agreement shall not be assignable
          by the Executive.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
          <U>No Third Party Beneficiaries</U>. This Agreement does not create, and shall
          not be construed as creating, any rights enforceable by any person not a party
          to this Agreement, except as provided in Section 7 hereof.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
          <U>Headings</U>. The headings of the sections hereof are inserted for
          convenience only and shall not be deemed to constitute a part hereof nor to
          affect the meaning thereof.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
          <U>Interpretation</U>. In case any one or more of the provisions contained in
          this Agreement shall, for any reason, be held to be invalid, illegal or
          unenforceable in any respect, such invalidity, illegality or unenforceability
          shall not affect any other provisions of this Agreement, and this Agreement
          shall be construed as if such invalid, illegal or unenforceable provisions had
          never been contained herein. If, moreover, any one or more of the provisions
          contained in this Agreement shall for any reason be held to be excessively broad
          as to duration, geographical scope, activity or subject, it shall be construed
          by limiting and reducing it, so as to be enforceable to the extent compatible
          with the applicable law as it shall then appear.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.
          <U>Notices</U>. All notices under this Agreement shall be in writing and shall
          be deemed to have been given at the time when mailed by registered or certified
          mail, addressed to the address below stated of the party to which notice is
          given, or to such changed address as such party may have fixed by notice:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=25%>To the Corporation<BR>
or the Partnership:</TD>
<TD WIDTH=70%><BR>
<BR>
Cedar Shopping Centers, Inc.<BR>
44 South Bayles Avenue<BR>
Port Washington, NY 11050<BR>
Attn: President</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=25%>To the Executive:</TD>
<TD WIDTH=70%><BR>
Lawrence E. Kreider, Jr.<BR>
c/o Cedar Shopping Centers, Inc.<BR>
44 South Bayles Avenue<BR>
Port Washington, NY 11050</TD>
</TR>
</TABLE>
<BR>


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<P><FONT SIZE=3>provided, however, that any notice of change of address shall be effective
only upon receipt. </FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.
          <U>Waivers</U>. If either party should waive any breach of any provision of this
          Agreement, he or it shall not thereby be deemed to have waived any preceding or
          succeeding breach of the same or any other provision of this Agreement.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.
          <U>Complete Agreement; Amendments</U>. The foregoing is the entire agreement of
          the parties with respect to the subject matter hereof and may not be amended,
          supplemented, cancelled or discharged except by written instrument executed by
          both parties hereto.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.
          <U>Governing Law</U>. This Agreement is to be governed by and construed in
          accordance with the laws of the State of New York without giving effect to
          principles of conflicts of law.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.
          <U>Counterparts</U>. This Agreement may be executed in counterparts, all of
          which together shall constitute one agreement binding on all of the parties
          hereto, notwithstanding that all such parties are not signatories to the same
          counterpart.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.
          <U>Arbitration</U>. Mindful of the high cost of litigation, not only in dollars
          but time and energy as well, the parties intend to and do hereby establish a
          quick, final and binding out-of-court dispute resolution procedure to be
          followed in the unlikely event any controversy should arise out of or concerning
          the performance of this Agreement. Accordingly, the parties do hereby covenant
          and agree that any controversy, dispute or claim of whatever nature arising out
          of, in connection with or in relation to the interpretation, performance or
          breach of this Agreement, including any claim based on contract, tort or
          statute, shall be settled, at the request of any party to this Agreement,
          through arbitration by a dispute resolution process administered by JAMS or any
          other mutually agreed upon arbitration firm involving final and binding
          arbitration conducted at a location determined by the arbitrator in New York
          City administered by and in accordance with the then existing rules of practice
          and procedure of such arbitration firm and judgment upon any award rendered by
          the arbitrator may be entered by any state or federal court having jurisdiction
          thereof; provided, however, that the Corporation and the Partnership shall be
          entitled to seek judicial relief to enforce the provisions of Sections 5 and 6
          of this Agreement.</FONT></P>

     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.
          <U>Indemnification</U>. During this Agreement and thereafter, the Corporation
          and the Partnership shall indemnify the Executive to the fullest extent
          permitted by law against any judgments, fine, amounts paid in settlement and
          reasonable expenses (including attorneys' fees) in connection with any
          claim, action or proceeding (whether civil or criminal) against the Executive as
          a result of the Executive serving as an officer or director of the Corporation
          or the Partnership, in or with regard to any other entity, employee benefit plan
          or enterprise (other than arising out of the Executive's act of willful
          misconduct, gross negligence, misappropriation of funds, fraud or breach of this
          Agreement). This indemnification shall be in addition to, and not in lieu of,
          any other indemnification the Executive shall be entitled to pursuant to the
          Corporation's or Partnership's Articles of Incorporation, By-Laws,
          Agreement of Limited Partnership or otherwise. Following the Executive's
          termination of employment, the Corporation and the Partnership shall continue to
          cover the Executive under the then existing director's and officer's
          insurance, if any, for the period during which the Executive may be subject to
          potential liability for any claim, action or proceeding (whether civil or
          criminal) as a result of his service as an officer or director of the
          Corporation or the Partnership or in any capacity at the request of the
          Corporation or the Partnership, in or with regard to any other entity, employee
          benefit plan or enterprise on the same terms such coverage was provided during
          this Agreement, at the highest level then maintained for any then current or
          former officer or director.</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%></TD>
<TD WIDTH=50%>Cedar Shopping Centers, Inc.<BR>
<BR>
By:&nbsp;<U>/s/ Leo S. Ullman
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chairman, President, CEO<BR>
<BR>
<BR>
Cedar Shopping Centers Partnership, L.P.<BR>
<BR>
By:&nbsp;&nbsp;Cedar Shopping Centers, Inc.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Partner<BR>
<BR>
By:&nbsp;<U>/s/ Leo S. Ullman
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chairman, President, CEO<BR>
<BR>
<U>/s/ Lawrence E. Kreider, Jr.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Lawrence E. Kreider, Jr.</TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT SIZE=3>SCHEDULE A</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=3>CEDAR CFO JOB DESCRIPTION</FONT></P>

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<P><FONT SIZE=3>The CFO shall report to the CEO, and, without limitation, shall have
responsibility for: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Preparation and filing of Company's financial statements, reports and tax returns, in
accordance with GAAP, SEC, NYSE, Internal Revenue Code and other applicable state or
federal requirements and in compliance with REIT tax requirements.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Supervision of financial corporate, property accounting and bookkeeping staff.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Preparation of consolidated cash flow budgets and analyses.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Preparation, review and monitoring of budgets for properties, joint
ventures and the Company. </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Preparation of supporting materials for FFO guidance, where applicable, and AFFO analysis;
forecasting and ability to communicate bases and support for forecasting in the context of
potential guidance.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Representing the Company as CFO in investor relations matters.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Review of financial and financial reporting implications of proposed purchase, sale, joint
venture and financing of properties, or of the Company itself, as well as other strategic
initiatives and transactions.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Review of financial materials sent to Board of Directors.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Interactions with Board and Board Committees on financial matters and
presentations to the Board.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Review of financial aspects of press releases.</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Review and sign off for certifications under Sarbanes Oxley requirements and on the
Company's internal control system.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>Maintaining compliance with loan agreement and credit facility terms and covenants.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Other considerations and responsibilities include, again, without
limitation, the following: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>To commit to work habits and energy levels equivalent to those of key
management personnel in our office.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>To establish, maintain and manage excellent relationships with investors
and analysts.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
To establish confidence in our numbers with our investors, and both our buy- and sell-side
analysts; this, in turn, will require an ability to analyze our performance figures, to
have those quickly and comfortably at-hand; and to communicate with investors, analysts
and others, effectively both verbally and in writing.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
To spend the requisite time and effort to become fully familiar with all of our operations
and all of our properties, including a level of familiarity with leases, tenancies,
properties, competition, and the like.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
To effectively formulate earnings and cash flow estimates, an understanding of key
financial metrics, capital markets experience and specific REIT issues; also, to create
effective financial models and projections, return analyses, net asset value computations,
and the like.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
An understanding of FFO, AFFO, FAD and NOI (GAAP and cash) computations; familiarity with
accounting treatment of interest, capitalized development and leasing costs, FAS 141
adjustments, and the like.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Familiarity with other accounting issues particularly relevant to the real estate business
and to the REIT business, including, for example, treatment of various reserves and
inter-relationship of reporting requirements with certain tax considerations.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Familiarity with, and understanding of, various available equity offerings, debt
obligations and line of credit arrangements.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
To create and make effective presentations to institutional investors, the Audit
Committee, the Company's auditors and its Board.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
To be, and to keep, up-to-date on developments in the REIT world and in the Company's
competitive landscape.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
To fit in our management team; ability to get along; honesty, integrity, reliability,
trustworthiness and loyalty; to communicate thoughts and comments effectively; respect for
ideas of others, a balance of life in the office and outside the office; suppressed levels
of ego and arrogance; ability to work under pressure and to retain equanimity under trying
circumstances.</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Bullet Hang Level 1" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>
Coordination and supervision of MIS, financial public relations, financial, compensation
and employee benefit matters, and the like.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&#149;</TD>
<TD WIDTH=95%>To build a succession team within his staff.</TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>cedar-ex102_061407.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.2</TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>CONSULTING AGREEMENT</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
made as of the 20th day of June, 2007, by and between Cedar Shopping Centers, Inc., a
Maryland corporation (the "Company"), and Thomas J. O'Keeffe (the
"Consultant"). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H</U> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Consultant has been employed by the Company pursuant to an employment agreement dated
November 1, 2003, as amended (the "Employment Agreement"); and </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Consultant has determined to voluntarily retire from the Company, to voluntarily
terminate the employment relationship and to become a consultant to the Company; and </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Company desires to have the Consultant's expertise and services available to the
Company following his retirement; </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements of the
parties contained herein, the sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties agree as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Termination of Employment</U>. Effective the date hereof, Consultant hereby
          resigns as an officer, director and/or employee of the Company and each of its
          subsidiaries. The Employment Agreement is hereby terminated, is of no further
          force and effect and neither party shall have any further rights or obligations
          thereunder, except that the provisions of Sections 4.3, 5.1, 5.2, 5.3, 5.4, 6.1,
          6.2 and 6.3 of the Employment Agreement (including the definitions related
          thereto) shall remain in full force and effect, with the references in Sections
          5.1, 5.2, 6.1 or 6.3 to the term of the agreement, term of employment or
          termination of employment being modified to relate to the term of the Consulting
          Period; provided, however, that notwithstanding the foregoing if during the
          Consulting Period the Consultant desires to engage in any other substantial paid
          employment or consulting activities, then such proposed activities shall be
          submitted to the Board of Directors of the Company (or a committee thereof) and
          such Board (or committee) in the exercise of its reasonable discretion will
          determine whether such activities will be permitted after considering
          (i)&nbsp;any potential conflicts of interest, (ii)&nbsp;whether such activities
          would be contrary to the best interests of the Company and/or (iii)&nbsp;whether
          such activities would be contrary to the intent of the amounts to be paid to the
          Consultant under this Agreement. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Term and Termination</U>. Effective the date hereof, the Company hereby
          engages the Consultant, and the Consultant hereby accepts engagement by the
          Company, upon the terms and conditions hereinafter set forth for the period (the
          "Consulting Period") ending March 30, 2010 (the<I>
          </I>"Termination Date"). For purposes of vesting of restricted shares
          granted to the Consultant by the Company, this Agreement shall be deemed to be
          continued employment by the Consultant. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Services</U>. During the Consulting Period, Consultant shall render such
          services to the Company, at such reasonable times, at such place, and for a
          reasonable duration, as from time to time shall be requested by the Chief
          Executive Officer or Chief Financial Officer of the Company and agreed to by the
          Consultant. The Consultant shall be available to the Company at least ten
          business days during each calendar quarter and available for telephone
          consultations upon reasonable notice during normal business hours. The
          Consultant agrees to undertake on the Company's behalf only those
          assignments directed by the Company and not to take any actions under this
          Agreement during the Consulting Period that would be outside the scope of his
          responsibility or harmful to the business and operations of the Company. In
          performing the services hereunder, the Consultant will use his best reasonable
          efforts to promote the business and interests of the Company and shall comply
          with the Company's policies and procedures. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Compensation</U>. (a) In consideration for the services to be rendered by the
          Consultant pursuant hereto, the Company hereby agrees to pay the Consultant
          (i)&nbsp;for the period commencing July 1, 2007 and ending June 30, 2008, the
          amount of $25,000 per month and (ii)&nbsp;for the period commencing July 1, 2008
          through the Termination Date the amount of $20,000 per month, each payable in
          equal bi-monthly amounts. In addition, the Consultant shall be entitled to
          receive his salary through June 30, 2007 and a bonus in the amount of $167,500
          payable not later than when paid to members of senior management of the Company,
          but in no event later than February 15, 2008. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If during the Consulting Period the Consultant is terminated by the Company or
          if the Consultant shall die or become disabled, the Company shall continue to
          make the payments pursuant to Section 4(a) and 4(d) hereof to Consultant or his
          estate or representatives. Upon such termination, all awards of restricted stock
          granted to the Consultant under any employee benefit plan that have not vested
          shall immediately vest. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          In addition to the compensation set forth in Section 4(a) hereof, the Company
          shall pay to the Consultant the amount of $1,500 for each day (or portion
          thereof) spent providing services pursuant to Section 3. There will be no
          additional compensation for telephone consultations provided pursuant to Section
          3. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon a Change in Control (as defined in the Employment Agreement) during the
          Consulting Period, the Company shall pay to the Consultant in lieu of any further
          payments pursuant to Section 4(a), within five days after the Change in Control
          a lump sum payment equal to 250% of the Consultant's annual salary and
          annual bonus for the year ended December 31, 2006 and any awards of restricted
          stock granted to the Consultant under any employee benefit plan that have not
          vested shall immediately vest; provided, however, that the payments shall not be
          made (and the payments under Section 4(a) shall continue) if no senior executive
          of the Company receives a change in control or equivalent payment pursuant to
          his employment agreement. Section 4.3 of the Employment Agreement shall be
          applicable with respect to any payments or benefits received by the Consultant
          pursuant to this Section 4(d). </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company shall reimburse the Consultant for all reasonable and necessary
          business expenses incurred by the Consultant on behalf of the Company in the
          course of Consultant's duties hereunder upon presentation by the Consultant
          of appropriate vouchers thereof, including expenses for travel, lodging and
          meals. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Acts of the Consultant</U>. The obligations of the Consultant described in
          this Agreement consist solely of providing the services described herein. In no
          event shall the Consultant make decisions for the Company. All final decisions
          with respect to acts of the Company or its affiliates, whether or not made
          pursuant to or in reliance on information or advice furnished by the Consultant
          hereunder, shall be those of the Company or such affiliates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Independent Contractors</U>. The Company and the Consultant acknowledge that
          they are entering into this Agreement as independent contractors and that this
          Agreement shall not create and shall not be construed to create a relationship
          of principal and agent, joint venturers, co-partners, employer and employee,
          master and servant or any similar relationship between the Company and the
          Consultant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Non-Disparagement</U>. Each of the Consultant and the Company agrees not to
          make any statements which are false, defamatory or derogatory in any respect,
          either orally or in writing, about the other, the Company, the business of the
          Company or the Company's officers, directors or employees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Entire Agreement; Amendment; Waiver</U>. This Agreement contains the entire
          understanding of the parties as to the subject matter hereof and except as
          otherwise provided herein fully supersedes all prior agreements and
          understandings between the parties as to such subject matter. This Agreement may
          not be amended, supplemented, canceled or discharged except by a written
          instrument executed by the party as to whom enforcement is sought. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Default" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Notices</U>. All notices, requests, demands and other communications provided
          for by this Agreement shall be in writing and mailed in the United States
          enclosed in a registered or certified post-paid envelope, return receipt
          requested, or transmitted by facsimile, or delivered by same-day or overnight
          courier service, and addressed to the addresses of the respective parties stated
          below or to such changed addresses as such parties may fix by notice: </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=25%>To the Company:</TD>
<TD WIDTH=70%><BR>
Cedar Shopping Centers, Inc.<BR>
44 South Bayles Avenue<BR>
Port Washington, NY 11050<BR>
Attn: President<BR>
Fax No.: (516) 767-6497</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=25%>To the Consultant:</TD>
<TD WIDTH=70%><BR>
Thomas J. O'Keeffe<BR>
22 Clamshell Cove Road<BR>
P.O. Box 2030<BR>
Cotuit, MA 02635</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>provided, however, that any notice of change of address shall be effective
only upon receipt. Any such notice shall be deemed to have been received on the date
delivered to or received at the premises (as evidenced by the date noted on the return
receipt, facsimile transmission receipt or courier receipt). </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Successors and Assigns</U>. This Agreement is personal in its nature to the
          Consultant and the Consultant shall not, without the consent of the Company,
          assign or transfer this Agreement or any rights or obligations hereunder. The
          Company may freely transfer the Agreement to any person or entity then
          conducting the business of the Company. This Agreement shall be binding upon and
          inure to the benefit of the Company and its successors and assigns and upon the
          Consultant. </FONT></P>

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     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Governing Law</U>. This Agreement shall be governed by and construed in
          accordance with the laws of the State of New York, without giving effect to
          principles of conflict of laws. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Headings</U>. The headings in this Agreement are for convenience of reference
          only and shall not control or affect the meaning or construction of this
          Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
     <P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Counterparts</U>. This Agreement may be executed in one or more counterparts,
          each of which shall be deemed an original and all such counterparts shall
          constitute one and the same instrument. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have hereunder set their hands the day and year first
above written. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%></TD>
<TD WIDTH=50%>Cedar Shopping Centers, Inc.<BR>
<BR>
By:&nbsp;<U>/s/ Leo S. Ullman
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Leo S. Ullman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chairman, President, CEO<BR>
<BR>
<BR>
<U>/s/ Thomas J. O'Keeffe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Thomas J. O'Keefe</TD>
</TR>
</TABLE>
<BR>


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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>cedar-ex991_061407.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY>

<P ALIGN=RIGHT><IMG SRC="cedar.jpg"></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FOR IMMEDIATE RELEASE </FONT></H1>

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<P ALIGN=LEFT><FONT SIZE=3>Contact Information:<BR>
Cedar Shopping Centers, Inc.<BR>
Leo S. Ullman, Chairman, CEO and President<BR>
(516) 944-4525<BR>
lsu@cedarshoppingcenters.com</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B><U>CEDAR SHOPPING CENTERS APPOINTS LAWRENCE E. KREIDER, JR.<BR>
AS CHIEF FINANCIAL OFFICER</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>-Thomas J.
O'Keeffe to Retire- </FONT></H1>

Port  Washington,  New York - June 20,  2007 - Cedar  Shopping  Centers,  Inc.  (NYSE:  CDR) today  announced  that
Lawrence E. Kreider, Jr. has been named Chief Financial Officer of the Company.

<P><FONT SIZE=3>Mr. Kreider has served as Executive Vice President, Chief
Financial Officer and Chief Information Officer of Affordable Residential
Communities (NYSE: ARC) since 2001. Prior to his tenure at ARC, Mr. Kreider
served as President of Warnaco Europe and Senior Vice President, Finance, of the
Warnaco Group, Inc. and prior thereto as Senior Vice President, Controller and
Chief Accounting Officer of Revlon, Inc./MacAndrews &amp; Forbes Holdings. After
serving in the Navy, Mr. Kreider, a C.P.A., started his career with the
accounting firm Coopers &amp; Lybrand; he holds a B.A. degree from Yale
University and an M.B.A. from The Stanford Graduate School of
Business.</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Leo S. Ullman, Cedar's CEO, stated, "We are delighted that Larry
Kreider has joined us as the Company's Chief Financial Officer. His experience in
managing financial operations, including M&amp;A, debt and equity financings, reporting
and presenting in the public markets will effectively continue to complement and enhance
our Company's management strengths and capabilities." </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Tom O'Keeffe, who has served as Cedar's CFO since 2002, will
retire as of today, but will continue to be available to the Company as a consultant
pursuant to an agreement extending through March 2010. </FONT></P>

<P><FONT SIZE=3>Mr. Ullman continued, "We are enormously grateful to Tom
O'Keeffe for all he has done for our Company. He was instrumental in the
Company's 2003 public offering and has been a solid contributing member of the
management team responsible for Cedar's growth since that time."</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>As a result of the treatment for financial reporting purposes of (i)
payments under such consulting agreement and (ii) accelerated amortization of non-vested
deferred stock-based compensation, the Company's results of operations for the
quarter ending June 30, 2007 and the full year 2007 will be reduced by a one-time charge
of approximately $0.03 cents per share. Consequently, the Company is updating its 2007
guidance for Funds from Operations ("FFO") to a range of $1.22 to $1.27 per
share. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>About Cedar Shopping Centers</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Cedar Shopping Centers, Inc. is a fully-integrated real estate investment
trust which focuses primarily on ownership, operation, development and redevelopment of
supermarket-anchored shopping centers and drug store-anchored convenience centers. The
Company has realized significant growth in assets since its public offering in October
2003 and presently owns and operates 105 of such primarily supermarket- and drug
store-anchored centers with an aggregate of approximately 10.6 million square feet of
gross leasable area, located in nine states, predominantly in the Northeast and
mid-Atlantic regions. The Company also owns 11 development parcels aggregating
approximately 196 acres. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Forward-Looking
Statements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Certain statements contained in this press release constitute
forward-looking statements within the meaning of the securities laws. Forward-looking
statements include, without limitation, statements containing the words
"anticipates", "believes", "expects", "intends",
"future", and words of similar import which express the Company'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'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's market areas in particular; the financial
viability of the Company's 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'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. 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. </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
