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<SEC-DOCUMENT>0000950123-10-007350.txt : 20100202
<SEC-HEADER>0000950123-10-007350.hdr.sgml : 20100202
<ACCEPTANCE-DATETIME>20100201191932
ACCESSION NUMBER:		0000950123-10-007350
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100202
DATE AS OF CHANGE:		20100201

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-155411
		FILM NUMBER:		10564727

	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>424B5
<SEQUENCE>1
<FILENAME>y81878e424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this prospectus supplement and the accompanying
prospectus is not complete and may be changed. This prospectus
supplement and the accompanying prospectus are not an offer to
sell these securities and are not soliciting an offer to buy
these securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Filed Pursuant to Rule&#160;424(b)(5)</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-155411</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><B><FONT style="color: #E8112D">SUBJECT
    TO COMPLETION, DATED FEBRUARY 1, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS SUPPLEMENT<BR>
    (To prospectus dated December&#160;1, 2008)</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">7,500,000&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">CEDAR SHOPPING CENTERS,
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are offering 7,500,000&#160;shares of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the New York Stock Exchange under
    the symbol &#147;CDR.&#148; The last reported sale price for the
    common stock on January&#160;29, 2010 was $6.98 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Investing in our common stock
    involves risks that are referenced in the &#147;Risk
    Factors&#148; section beginning on
    <FONT style="white-space: nowrap">page&#160;S-4</FONT>
    of this prospectus supplement and in the reports we file with
    the Securities and Exchange Commission pursuant to the
    Securities Exchange Act of 1934, incorporated by reference in
    this prospectus supplement and the accompanying
    prospectus.</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to Us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters may also purchase up to 1,125,000 additional
    shares from us at the initial public offering price, less the
    underwriting discount, within 30&#160;days from the date of this
    prospectus supplement to cover over-allotments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus supplement or the
    accompanying prospectus is truthful or complete. Any
    representation to the contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The shares of common stock will be ready for delivery through
    the facilities of The Depository Trust&#160;Company on or about
    February&#160;&#160;&#160;, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Joint Book-Running Managers</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">KeyBanc
    Capital Markets</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">
    Raymond James</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Co-Managers</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">Morgan Keegan&#160;&#038;
    Company, Inc.<BR>
    </FONT></B>
</TD>
<TD width="99%%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="35%">
&nbsp;
</TD>
<TD width="28%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">RBC Capital Markets<BR>
    </FONT></B>
</TD>
<TD width="37%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <B><FONT style="font-size: 14pt">BMO Capital Markets</FONT></B>
</TD>
</TR>
</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus supplement is
    February&#160;&#160;&#160;, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained in or
    incorporated by reference in this prospectus supplement, the
    accompanying prospectus and any related free writing prospectus
    required to be filed with the Securities and Exchange
    Commission, or the SEC. We have not, and the underwriters have
    not, authorized anyone to provide you with different
    information. If anyone provides you with different or
    inconsistent information, you should not rely on it. We are not,
    and the underwriters are not, making an offer of these
    securities in any state where the offer is not permitted. You
    should not assume that the information contained in this
    prospectus supplement, the accompanying prospectus, any such
    free writing prospectus and the documents incorporated by
    reference is accurate as of any date other than the date on the
    front of this prospectus supplement.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#601'>About this Prospectus Supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#602'>Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#603'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#604'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#605'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#606'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#607'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#608'>Incorporation of Certain Information by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#609'>Where You Can Find More</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#610'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'><B>PROSPECTUS</B></A>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>About this Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Incorporation of Certain Documents by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Description of Preferred Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Description of Depositary Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Description of Common Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Description of Stock Purchase Contracts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Description of Units</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-i
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='601'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS SUPPLEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document is in two parts. The first part is this prospectus
    supplement, which describes the terms of this offering and also
    adds to or updates the information contained in the accompanying
    prospectus and the documents incorporated by reference into this
    prospectus supplement and the accompanying prospectus. The
    second part is the accompanying prospectus, which provides more
    general information about our shares of common stock and other
    securities that do not pertain to this offering of shares of
    common stock. To the extent that the information contained in
    this prospectus supplement conflicts with any information in the
    accompanying prospectus or any document incorporated by
    reference, the information in this prospectus supplement shall
    control. The information in this prospectus supplement may not
    contain all of the information that is important to you. You
    should read this entire prospectus supplement, the accompanying
    prospectus and the documents incorporated by reference carefully
    before deciding whether to invest in our shares of common stock.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-ii
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<A name='602'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following summary may not contain all of the information
    that is important to you. You should read this entire prospectus
    supplement, the accompanying prospectus and the documents
    incorporated by reference carefully before deciding whether to
    invest in our shares of common stock.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We were organized in 1984 and elected to be taxed as a real
    estate investment trust, or REIT, in 1986. We are a fully
    integrated, self-administered and self-managed REIT. We focus
    primarily on the ownership, operation, development and
    redevelopment of &#147;bread and
    butter&#148;centers<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,

    consisting mainly of supermarket-anchored shopping centers
    predominantly in coastal mid-Atlantic and New England states. As
    of February&#160;1, 2010, we owned 121 properties, aggregating
    approximately 13.1&#160;million square feet of gross leasable
    area, of which more than 75% are anchored by supermarkets
    <FONT style="white-space: nowrap">and/or</FONT>
    drugstores with average remaining lease terms of approximately
    11&#160;years. Our stabilized properties have an occupancy rate
    of approximately 95%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conduct substantially all of our business through our
    operating partnership, Cedar Shopping Centers Partnership, L.P.,
    or our operating partnership, which owns (either directly or
    through subsidiaries) substantially all of our assets. At
    December&#160;31, 2009, we owned a 96.3% economic interest in,
    and are the sole general partner of, our operating partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal executive offices are located at 44 South Bayles
    Avenue, Port Washington, NY 11050, our telephone number is
    <FONT style="white-space: nowrap">(516)&#160;767-6492</FONT>
    and our website address is www.cedarshoppingcenters.com. The
    information contained on our website is not part of this
    prospectus supplement or the accompanying prospectus and is not
    incorporated in this prospectus supplement or the accompanying
    prospectus by reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this prospectus supplement, the terms &#147;we&#148;,
    &#147;us&#148; and &#147;our&#148; include Cedar Shopping
    Centers, Inc., Cedar Shopping Centers Partnership, L.P. and
    their consolidated subsidiaries.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>RioCan Transactions.</I>&#160;&#160;On October&#160;26, 2009,
    we entered into definitive agreements with RioCan Real Estate
    Investment Trust, or RioCan, of Toronto, Canada, a
    publicly-traded Canadian trust listed on the Toronto Stock
    Exchange, which provided for (1)&#160;RioCan to make a
    $40&#160;million private placement investment of
    6,666,666&#160;shares of our common stock at $6.00 per share,
    (2)&#160;us to grant to RioCan warrants to purchase
    1,428,570&#160;shares of our common stock, at an exercise price
    of $7.00 per share, exercisable over a two-year period,
    (3)&#160;our entrance into an 80% (RioCan) and 20% (Cedar) joint
    venture with RioCan for seven supermarket-anchored properties
    owned by us, (4)&#160;our entrance into an agreement with RioCan
    to acquire primarily supermarket-anchored properties in our
    primary market areas during the next two years in amounts
    anticipated at up to $500&#160;million, in the same joint
    venture format, and (5)&#160;our entrance into a
    &#147;standstill&#148; agreement with RioCan with respect to
    RioCan&#146;s ownership of our common stock for a three-year
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The $40&#160;million private placement investment by RioCan and
    the issuance of the warrants by us concluded on October&#160;30,
    2009. In addition, on December&#160;12, 2009, we and RioCan
    closed on the transfer to the joint venture of two of the seven
    supermarket-anchored properties referenced above, resulting in
    cash proceeds to us of approximately $32&#160;million. Closings
    related to the transfer of the remaining five properties to the
    joint venture are expected to be completed by the end of the
    first quarter of 2010, subject to the timing of lender consents
    to the transfer of properties to the joint venture, as
    applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Aggregate proceeds to us from the private placement and
    existing-property joint venture transactions are expected to
    total approximately $100.0&#160;million, after estimated closing
    and transaction costs, which will be used to repay/reduce the
    outstanding balances under our secured revolving credit
    facilities. We have determined that the seven-property joint
    venture transaction should be treated as a partial sale for
    accounting purposes and valued at fair value, which will result
    in an impairment charge in the fourth quarter of 2009 that we
    presently estimate will be approximately $23&#160;million,
    including an estimate of costs and expenses. This amount is
    subject to adjustment after
</DIV>
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    <BR>
    S-1
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the final determination of the ultimate sales price of the seven
    properties and final determination of costs and expenses. There
    can be no assurance that this loss will not exceed current
    estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms of the securities purchase agreement
    between us and RioCan with respect to the private placement
    investment and issuance of the warrants, we have agreed with
    RioCan that, subject to certain exceptions, we will not issue
    any new shares of common stock unless we offer to RioCan the
    right to purchase up to a number of shares equal to its pro rata
    percentage ownership of our shares (on a fully diluted basis).
    We intend to offer RioCan the right to subscribe for its pro
    rata percentage of our shares of common stock as a result of
    this offering (including any shares that may be issued in the
    event the underwriters exercise their over-allotment option).
    The shares that we offer to RioCan pursuant to the foregoing
    will not be part of this offering. There can be no assurance as
    to whether RioCan will purchase any such shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference is made to our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;30, 2009 and November&#160;2, 2009,
    respectively, for a detailed description of the foregoing
    transactions with RioCan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Amended and Restated Credit Facility.</I>&#160;&#160;On
    November&#160;10, 2009, we entered into an amended and restated
    secured revolving credit facility for stabilized properties, or
    our secured stabilized credit facility, in the amount of
    $265&#160;million (subsequently increased to $285&#160;million)
    with Bank of America, N.A (as agent), KeyBank National
    Association, an affiliate of KeyBanc Capital Markets Inc. (as
    syndication agent), and several other banks. Our secured
    stabilized credit facility amended and restated our existing
    credit facility that was due to expire January&#160;30, 2010 and
    will continue to be available to fund acquisitions, certain
    development and redevelopment activities, capital expenditures,
    mortgage repayments, dividend distributions, working capital and
    other general corporate purposes. The facility, as amended, has
    a maturity date of January&#160;30, 2012, with a one-year
    extension at our option, subject to continued compliance with
    loan covenants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our secured stabilized credit facility is presently secured by a
    collateral pool of 35 properties. At closing, we borrowed
    approximately $194&#160;million under our secured stabilized
    credit facility in repayment of amounts outstanding under the
    prior facility. As of February&#160;1, 2010, borrowings
    outstanding under this facility aggregated approximately
    $181.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Joint Venture Acquisition of Town Square
    Plaza.</I>&#160;&#160;On January&#160;26, 2010, our joint
    venture with RioCan acquired the Town Square Plaza shopping
    center in Temple, Pennsylvania, representing the first new
    property acquisition by our joint venture with RioCan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Town Square Plaza is a 127,636&#160;square foot
    supermarket-anchored
    <FONT style="white-space: nowrap">ground-up</FONT>
    development property, completed in 2008, which is anchored by a
    73,300&#160;square foot Giant Food Stores supermarket. Other
    tenants include A.C. Moore, PetSmart and Affinity Bank. The
    property is shadow-anchored by a
    <FONT style="white-space: nowrap">one-year-old</FONT>
    free-standing Target store on a separately-owned parcel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purchase price, excluding estimated closing costs and
    adjustments, was approximately $19&#160;million. The property is
    presently unencumbered. The joint venture partners contemplate
    property-specific financing on the premises as soon as
    reasonably practicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Additional Impairment.</I>&#160;&#160;As a result of the sale
    or proposed sale of six shopping center properties, five of
    which are in Ohio, and the proposed disposition of a land parcel
    previously recorded as held for sale, we presently estimate that
    we will incur an additional $3&#160;million impairment charge in
    the fourth quarter of 2009, which will be in addition to the
    impairment charge to be incurred in connection with the RioCan
    transaction. We had previously announced our intention to sell
    all our shopping center properties in Ohio. This impairment
    charge, together with the impairment charge concerning the
    properties that have been contributed to the RioCan joint
    venture, aggregates approximately $0.50 per share for the fourth
    quarter of 2009.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Issuer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Cedar Shopping Centers, Inc.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shares of common stock offered by us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    7,500,000&#160;shares, $0.06&#160;par value
    (8,625,000&#160;shares if the underwriters&#146; over-allotment
    option is exercised in full)
</TD>
</TR>
</TABLE>
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</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shares of common stock to be outstanding after this offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    60,710,602&#160;shares (61,835,602&#160;shares if the
    underwriters&#146; over-allotment option is exercised in full)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shares of common stock and operating partnership units to be
    outstanding after this offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    62,706,421&#160;shares/operating partnership units
    (63,831,421&#160;shares/operating partnership units if the
    underwriters&#146; over-allotment option is exercised in full)
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Use of proceeds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    We will contribute the net proceeds from this offering to our
    operating partnership, which presently intends to use
    substantially all the net proceeds from this offering to repay
    amounts outstanding under our secured stabilized credit facility.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ownership limit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    To assist us in complying with certain federal income tax
    requirements applicable to REITs, our charter and bylaws contain
    certain restrictions relating to the ownership and transfer of
    our common stock, including an ownership limit of 9.9% of our
    total outstanding common stock.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Listing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Our common stock is listed on the New York Stock Exchange, or
    NYSE, under the symbol &#147;CDR.&#148;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk factors
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    An investment in our shares of common stock involves risks, and
    prospective investors should carefully consider the matters
    discussed under &#147;Risk Factors&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-4</FONT>
    of this prospectus supplement and in the reports we file with
    the SEC pursuant to the Securities Exchange Act of 1934, or the
    Exchange Act, incorporated by reference in this prospectus
    supplement and the accompanying prospectus, before making an
    investment in our shares.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of shares of common stock to be outstanding after
    this offering is based on 53,210,602&#160;shares outstanding as
    of February&#160;1, 2010, including 1,041,083 treasury shares.
    The number of operating partnership units to be outstanding
    after this offering is 1,995,819. Subject to the limitations in
    our operating partnership&#146;s partnership agreement, the
    operating partnership units are exchangeable for shares of our
    common stock on a one-to-one basis.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    S-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='603'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>You should carefully consider the risks described below and
    in the reports we file with the SEC pursuant to the Exchange
    Act, incorporated by reference herein, before making an
    investment in our shares of common stock. The risks and
    uncertainties described below are not the only ones facing us
    and there may be additional risks that we do not presently know
    of or that we currently consider immaterial. All of these risks
    could adversely affect our business, financial condition,
    liquidity, results of operations and cash flows. As a result,
    our ability to pay dividends on, and the market price of, our
    shares of common stock may be adversely affected if any of such
    risks are realized.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to This Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The market price of our shares of common stock may fluctuate
    or decline significantly.</I>&#160;&#160;The market price of our
    shares of common stock may fluctuate or decline significantly in
    response to many factors, including those set forth under
    &#147;Forward-Looking Statements&#148; in this prospectus
    supplement, as well as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actual or anticipated changes in operating results or business
    prospects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in earnings estimates by securities analysts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an inability to meet or exceed securities analysts&#146;
    estimates or expectations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    difficulties or inability to access capital or extend or
    refinance existing debt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    decreasing (or uncertainty in) real estate valuations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    publication of research reports about us or the real estate
    industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in analyst ratings or our credit ratings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    conditions or trends in our industry or sector;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the performance of our competitors and related market valuations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    announcements by us or our competitors of significant
    acquisitions, strategic partnerships, divestitures, joint
    ventures or other strategic initiatives;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additions or departures of key personnel;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    future sales of our common stock or securities convertible into,
    or exchangeable or exercisable for, our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the realization of any of the other risk factors included or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general market and economic conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This offering may have a dilutive effect on our earnings per
    share and our funds from operations per
    share.</I>&#160;&#160;The dilutive effect of the issuance of
    shares of common stock in this offering may negatively impact
    our 2010 earnings per share and our funds from operations per
    share and could cause the market price of our common stock to
    decline significantly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>There may be future dilution of our common
    stock.</I>&#160;&#160;Our board of directors is authorized under
    our charter to, among other things, authorize the issuance of
    additional shares of common or preferred stock or securities
    convertible or exchangeable into equity securities, without
    stockholder approval. We may issue such additional equity or
    convertible securities to raise additional capital. Other than
    RioCan&#146;s preemptive right described above under
    &#147;Summary&#160;&#151; Recent Developments,&#148; holders of
    our common stock have no preemptive rights that entitle them to
    purchase their pro rata share of any offering of shares of any
    class or series and, therefore, such sales or offerings could
    result in increased dilution to our stockholders. We cannot
    predict the size of future issuances or sales of our common
    stock or other related equity securities into the public market
    or the effect, if any, that such issuances or sales may have on
    the market price of our common stock.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>We may issue debt and equity securities or securities
    convertible into equity securities, any of which may be senior
    to our common stock as to distribution and in
    liquidation.</I>&#160;&#160;In the future, we may issue
    additional debt or equity securities or securities convertible
    into or exchangeable for equity securities, or we may enter into
    debt-like financing that is unsecured or secured by up to all of
    our properties. Such securities may be senior to our common
    stock as to distributions. In addition, in the event of our
    liquidation, our lenders and holders of our debt and preferred
    securities would receive distribution of our available assets
    before distributions to the holders of our common stock.
</DIV>

<A name='604'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that the net proceeds of this offering, after
    deducting the underwriting discount and other offering expenses,
    will be approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;million (or
    $&#160;&#160;&#160;&#160;&#160;&#160;million if the underwriters
    fully exercise the over-allotment option). We will contribute
    the net proceeds from this offering to our operating
    partnership, which presently intends to use substantially all
    the net proceeds from this offering to repay amounts outstanding
    under our secured stabilized credit facility. We have a
    $285&#160;million secured stabilized credit facility with Bank
    of America, N.A. (as agent), KeyBank National Association, an
    affiliate of KeyBanc Capital Markets Inc. (as syndication agent)
    and several other banks, pursuant to which we have pledged
    certain of our shopping center properties as collateral for
    borrowings thereunder. The facility, as amended, has a maturity
    date of January&#160;30, 2012, with a one-year extension at our
    option, subject to continued compliance with loan covenants. The
    facility has an accordion feature permitting expansion to
    $400&#160;million, subject to collateral and lending
    commitments. Borrowings outstanding under this facility
    aggregated approximately $181.0&#160;million at February&#160;1,
    2010, and such borrowings bore interest at an average rate of
    5.50% per annum. Borrowings under the facility bear interest at
    LIBOR, plus 350&#160;basis points (&#147;bps&#148;), with a
    200&#160;bps LIBOR floor. The facility also requires an unused
    portion fee of 50&#160;bps. Our secured stabilized credit
    facility has been used to fund acquisitions, development and
    redevelopment activities, capital expenditures, mortgage
    repayments, dividend distributions, working capital and other
    general corporate purposes. After repayment, we expect to borrow
    from time to time under this credit facility to provide funds
    for the acquisition of additional properties, redevelopment or
    development of existing or new properties and for general
    working capital and other corporate purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Affiliates of each of the underwriters are lenders under our
    secured stabilized credit facility, and will receive a pro rata
    portion of the net proceeds from this offering used to repay
    amounts outstanding on this facility. See
    &#147;Underwriting.&#148;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='605'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KeyBanc Capital Markets Inc. and Raymond James&#160;&#038;
    Associates, Inc. are acting as joint book-running managers of
    the offering, and as representatives of the underwriters named
    below. Subject to the terms and conditions stated in the
    underwriting agreement dated the date of this prospectus
    supplement, each underwriter named below has severally agreed to
    purchase, and we have agreed to sell to that underwriter, the
    number of shares of common stock set forth opposite the
    underwriter&#146;s name.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Underwriter</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    KeyBanc Capital Markets Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Raymond James&#160;&#038; Associates, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Morgan Keegan&#160;&#038; Company, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    RBC Capital Markets Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BMO Capital Markets Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriting agreement provides that the obligations of the
    underwriters to purchase the shares included in this offering
    are subject to approval of legal matters by counsel and to other
    conditions. The underwriters are obligated to purchase all of
    the shares (other than those covered by the over-allotment
    option described below) if they purchase any of the shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters propose to offer some of the shares directly to
    the public at the public offering price set forth on the cover
    page of this prospectus and some of the shares to dealers at the
    public offering price less a concession not to exceed
    $&#160;&#160;&#160;&#160;&#160; per share. The underwriters may
    allow, and dealers may reallow, a concession not to exceed
    $&#160;&#160;&#160;&#160;&#160; per share on sales to other
    dealers. If all of the shares are not sold at the initial
    offering price, the representatives may change the public
    offering price and the other selling terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted to the underwriters an option, exercisable for
    30&#160;days from the date of this prospectus supplement, to
    purchase up to  1,125,000 additional shares of common stock at
    the public offering price less the underwriting discount. The
    underwriters may exercise the option solely for the purpose of
    covering over-allotments, if any, in connection with this
    offering. To the extent the option is exercised, each
    underwriter must purchase a number of additional shares
    approximately proportionate to that underwriter&#146;s initial
    purchase commitment. Any shares issued or sold under the option
    will be issued and sold on the same terms and conditions as the
    other shares that are the subject of this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, our executive officers and directors have agreed that, with
    some exceptions, for a period of 90&#160;days from the date of
    this prospectus supplement, we and they will not, without the
    prior written consent of the representatives, dispose of or
    hedge any shares of our common stock or any securities
    convertible or exchangeable for our common stock. The
    representatives in their sole discretion may release any of the
    securities subject to these
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements at any time without notice. Notwithstanding the
    foregoing, if (i)&#160;during the last 17&#160;days of the
    restricted period, we issue an earnings release or material news
    or a material event relating to us occurs, or (ii)&#160;prior to
    the expiration of the restricted period, we announce that we
    will release earnings results during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the restricted period, the
    restrictions described above shall continue to apply until the
    expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the issuance of the earnings release or the
    occurrence of the material news or material event.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the NYSE under the symbol
    &#147;CDR.&#148;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the underwriting discount that we are
    to pay to the underwriters in connection with this offering.
    These amounts are shown assuming both no exercise and full
    exercise of the underwriters&#146; over-allotment option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Paid by Us</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>No Exercise</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Full Exercise</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the offering, the representatives on behalf
    of the underwriters may purchase and sell shares of common stock
    in the open market. These transactions may include short sales,
    syndicate covering transactions and stabilizing transactions.
    Short sales involve syndicate sales of common stock in excess of
    the number of shares to be purchased by the underwriters in the
    offering, which creates a syndicate short position.
    &#147;Covered&#148; short sales are sales of shares made in an
    amount up to the number of shares represented by the
    underwriters&#146; over-allotment option. In determining the
    source of shares to close out the covered syndicate short
    position, the underwriters will consider, among other things,
    the price of shares available for purchase in the open market as
    compared to the price at which they may purchase shares through
    the over-allotment option. Transactions to close out the covered
    syndicate short position involve either purchases of the common
    stock in the open market after the distribution has been
    completed or the exercise of the over-allotment option. The
    underwriters may also make &#147;naked&#148; short sales of
    shares in excess of the over-allotment option. The underwriters
    must close out any naked short position by purchasing shares of
    common stock in the open market. A naked short position is more
    likely to be created if the underwriters are concerned that
    there may be downward pressure on the price of the shares in the
    open market after pricing that could adversely affect investors
    who purchase in the offering. Stabilizing transactions consist
    of bids for or purchases of shares in the open market while the
    offering is in progress.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any of these activities may have the effect of preventing or
    retarding a decline in the market price of our common stock.
    They may also cause the price of our common stock to be higher
    than the price that would otherwise exist in the open market in
    the absence of these transactions. The underwriters may conduct
    these transactions on the NYSE or in the over-the-counter
    market, or otherwise. If the underwriters commence any of these
    transactions, they may discontinue them at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We estimate that our portion of the total expenses of this
    offering will be $&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters have performed commercial banking, investment
    banking and advisory services for us from time to time for which
    they have received customary fees and expenses. The underwriters
    may, from time to time, engage in transactions with and perform
    services for us in the ordinary course of their business for
    which they may receive customary fees and reimbursement of
    expenses. Affiliates of each of the underwriters are lenders
    under our secured stabilized credit facility, and will receive a
    pro rata portion of the net proceeds from this offering used to
    repay amounts outstanding on this facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the underwriters against certain
    liabilities, including liabilities under the Securities Act of
    1933, or the Securities Act, or to contribute to payments the
    underwriters may be required to make because of any of those
    liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in the European Economic Area</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In relation to each member state of the European Economic Area
    that has implemented the Prospectus Directive (each, a
    &#147;Relevant Member State&#148;), each underwriter will be
    deemed to represent and agree that with effect from and
    including the date on which the Prospectus Directive is
    implemented in that Relevant Member State, it has not made and
    will not make an offer of the shares which are the subject of
    the offering contemplated by this prospectus supplement and the
    accompanying prospectus to the public in that Relevant Member
    State other than:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to any legal entity that is authorized or regulated to operate
    in the financial markets or, if not so authorized or regulated,
    whose corporate purpose is solely to invest in securities;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to any legal entity that has two or more of (1)&#160;an average
    of at least 250&#160;employees during the last financial year;
    (2)&#160;a total balance sheet of more than &#128;43,000,000;
    and (3)&#160;an annual net turnover of more than
    &#128;50,000,000, as shown in its last annual or consolidated
    accounts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to fewer than 100 natural or legal persons (other than qualified
    investors, as defined in the Prospectus Directive);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in any other circumstances that do not require the publication
    of a prospectus pursuant to Article&#160;3(2) of the Prospectus
    Directive,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided that no such offer of shares shall require us or any
    underwriter to publish a prospectus pursuant to Article&#160;3
    of the Prospectus Directive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this provision, the expression an &#147;offer to
    the public&#148; in relation to any shares in any Relevant
    Member State means the communication in any form and by any
    means of sufficient information on the terms of the offer and
    the shares to be offered so as to enable an investor to decide
    to purchase or subscribe for the shares, as the expression may
    be varied in that Relevant Member State by any measure
    implementing the Prospectus Directive in that Relevant Member
    State, and the expression &#147;Prospectus Directive&#148; means
    Directive 2003/71/EC and includes any relevant implementing
    measure in each Relevant Member State.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in the United Kingdom</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus supplement and the accompanying prospectus are
    only being distributed to, and are only directed at, persons
    located or resident outside the United Kingdom or, if located or
    resident in the United Kingdom, to (i)&#160;persons that are
    investment professionals falling within Article&#160;19(5) of
    the Financial Services and Markets Act 2000 (Financial
    Promotion) Order 2005 (the &#147;Order&#148;), or (ii)&#160;high
    net worth companies, unincorporated associations and
    partnerships and trustees of high value trusts as described in
    Article&#160;49(2)(a) to (d)&#160;of the Order (each such person
    being referred to as a &#147;relevant person&#148;) or
    (iii)&#160;any other persons to whom this prospectus supplement
    and the accompanying prospectus may otherwise lawfully be
    communicated in accordance with the Order. This prospectus
    supplement and the accompanying prospectus and their contents
    are confidential and should not be distributed, published or
    reproduced (in whole or in part) or disclosed by recipients to
    any other persons in the United Kingdom. Any person in the
    United Kingdom that is not a relevant person should not act or
    rely on these documents or any of their contents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each underwriter will be deemed to represent and agree that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;it has complied and will comply with all applicable
    provisions of the Financial Services and Market Act 2000
    (&#147;FSMA&#148;) with respect to anything done by it in
    relation to any shares in, from or otherwise involving the
    United Kingdom;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;(a)&#160;it is a person whose ordinary activities
    involve it in acquiring, holding, managing or disposing of
    investments (as principal or agent) for the purposes of its
    business; and (b)&#160;it has not offered or sold and will not
    offer or sell any shares other than to persons: (i)&#160;whose
    ordinary activities involve them in acquiring, holding, managing
    or disposing of investments (as principal or agent) for the
    purposes of their businesses; or (ii)&#160;who it is reasonable
    to expect will acquire, hold, manage or dispose of investments
    (as principal or agent) for the purposes of their businesses,
    where the issue of the shares would otherwise constitute a
    contravention of section&#160;19 of the FSMA by us;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;it has only communicated or caused to be communicated
    and will only communicate or cause to be communicated an
    invitation or inducement to engage in investment activity
    (within the meaning of section&#160;21 of the FSMA) received by
    it in connection with the issue or sale of any shares in
    circumstances in which section&#160;21(1) of the FSMA does not
    apply to us.
</DIV>

<A name='606'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters will be passed upon for us by
    Stroock&#160;&#038; Stroock&#160;&#038; Lavan LLP of New York,
    New York and for the underwriters by Sidley Austin LLP, New
    York, New York.
</DIV>
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    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='607'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Cedar Shopping Centers,
    Inc. appearing in Cedar Shopping Centers, Inc.&#146;s Current
    Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated August&#160;24, 2009, for the year ended December&#160;31,
    2008, including the schedule appearing therein, and the
    effectiveness of Cedar Shopping Centers, Inc.&#146;s internal
    control over financial reporting as of December&#160;31, 2008
    appearing in the Cedar Shopping Centers, Inc.&#146;s Annual
    Report
    <FONT style="white-space: nowrap">(Form&#160;10-K)</FONT>
    for the year ended December&#160;31, 2008, have been audited by
    Ernst&#160;&#038; Young LLP, independent registered public
    accounting firm, as set forth in their reports thereon, included
    therein, and incorporated herein by reference. Such consolidated
    financial statements and schedule are incorporated herein by
    reference in reliance upon such reports given on the authority
    of such firm as experts in accounting and auditing.
</DIV>

<A name='608'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information we file with them, which means that we can disclose
    important information to you by referring you to those
    documents. The information incorporated by reference is
    considered to be part of this prospectus supplement, and
    information that we subsequently file with the SEC will
    automatically update and supersede this information. We
    incorporate by reference our documents listed below which were
    filed with the SEC under the Exchange Act:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2009, June&#160;30, 2009
    and September&#160;30, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed April&#160;20, 2009, June&#160;11, 2009, August&#160;26,
    2009, September&#160;16, 2009, September&#160;22, 2009,
    October&#160;30, 2009, November&#160;2, 2009 and
    November&#160;16, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Definitive proxy statement dated April&#160;27, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also incorporate by reference each of the following documents
    that we file with the SEC after the date of this prospectus
    supplement but before the end of the offering:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Reports filed under Sections&#160;13(a) and (c)&#160;of the
    Exchange Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Definitive proxy or information statements filed under
    Section&#160;14 of the Exchange Act in connection with any
    subsequent stockholders&#146; meeting;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any reports filed under Section&#160;15(d) of the Exchange Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request copies of the filings, at no cost, by telephone
    at
    <FONT style="white-space: nowrap">(516)&#160;767-6492</FONT>
    or by mail at: Cedar Shopping Centers, Inc., 44 South Bayles
    Avenue, Port Washington, New York 11050, Attention: Investor
    Relations.
</DIV>

<A name='609'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may read and copy any material that we file with the SEC at
    the SEC&#146;s Public Reference Room at 100&#160;F&#160;Street,
    NE, Washington,&#160;D.C. 20549. You may obtain information on
    the operation of the Public Reference Room by calling the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
    You may also access our SEC filings over the Internet at the
    SEC&#146;s website at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<A name='610'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus supplement and the accompanying prospectus
    contain or incorporate by reference forward-looking statements
    within the meaning of Section&#160;27A of the Securities Act and
    Section&#160;21E of the Exchange Act. Such forward-looking
    statements include, without limitation, statements containing
    the words &#147;anticipates&#148;, &#147;believes&#148;,
    &#147;expects&#148;, &#147;intends&#148;, &#147;future&#148;,
    and words of similar import which express our beliefs,
    expectations or intentions regarding future performance or
    future events or trends. While forward-looking statements
    reflect good faith beliefs, expectations or intentions, 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
</DIV>
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    <BR>
    S-9
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    differ materially from anticipated future results, performance
    or achievements expressed or implied by such forward-looking
    statements as a result of factors outside of our control.
    Certain factors that might cause such differences 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 our market areas in particular; the
    financial viability of our tenants (including an inability to
    pay rent, filing for bankruptcy protection, closing stores
    <FONT style="white-space: nowrap">and/or</FONT>
    vacating the premises); the continuing availability of
    acquisition, development and redevelopment opportunities, on
    favorable terms; the availability of equity and debt capital
    (including the availability of construction financing) in the
    public and private markets; the availability of suitable joint
    venture partners and potential purchasers of our properties if
    offered for sale; changes in interest rates; the fact that
    returns from acquisition, development and redevelopment
    activities may not be at expected levels or at expected times;
    risks inherent in ongoing development and redevelopment projects
    including, but not limited to, costs overruns resulting from
    weather delays, changes in the nature and scope of development
    and redevelopment efforts, changes in governmental regulations
    relating thereto, and market factors involved in the pricing of
    material and labor; the need to renew leases or re-let space
    upon the expiration or termination of current leases and incur
    applicable required replacement costs; and the financial
    flexibility to repay or refinance debt obligations when due and
    to fund tenant improvements and capital expenditures. For more
    information regarding risks that may cause our actual results to
    differ materially from any forward-looking statements, please
    see the discussion under &#147;Risk Factors&#148; contained in
    this prospectus supplement and the other information contained
    in our publicly available filings with the SEC, including our
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008. We do not undertake
    any responsibility to update any of these factors or to announce
    publicly any revisions to forward-looking statements, whether as
    a result of new information, future events or otherwise.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-10
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS</FONT></U></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">$1,000,000,000</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">CEDAR SHOPPING CENTERS,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Common Stock, Preferred Stock, Depositary Shares,
    Warrants,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Stock Purchase Contracts and Units</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cedar may offer and issue from time to time up to $1,000,000,000
    of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of preferred stock represented by depositary shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stock purchase contracts;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Cedar&#146;s common stock is traded on the New York Stock
    Exchange under the symbol &#147;CDR.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The securities to be offered by us will be in amounts, at prices
    and on terms to be determined at the time of offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When we sell a particular series of securities, we will prepare
    a prospectus supplement describing the offering and the terms of
    that series of securities. Such terms may include limitations on
    direct or beneficial ownership and restrictions on transfer of
    the securities, in each case as may be appropriate to preserve
    our status as a real estate investment trust for federal income
    tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where necessary, the applicable prospectus supplement will
    contain information about certain United States Federal income
    tax considerations relating to, and any listing on a securities
    exchange of, the securities covered by such prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer the securities directly or through agents or to or
    through underwriters or dealers. If any agents or underwriters
    are involved in the sale of the securities their names, and any
    applicable purchase price, fee, commission or discount
    arrangement between or among them, will be set forth, or will be
    calculable from the information set forth, in an accompanying
    prospectus supplement. We can sell the securities through
    agents, underwriters or dealers only with delivery of a
    prospectus supplement describing the method and terms of the
    offering of such securities. See &#147;Plan of
    Distribution.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our securities involves certain
    risks.&#160;&#160;See &#147;Risk Factors&#148; beginning at
    page&#160;3 of this Prospectus for a description of certain
    factors that you should consider prior to purchasing the
    securities.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the adequacy or accuracy of this
    prospectus. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Attorney General of the State of New York has not passed
    on or endorsed the merits of this Offering. Any representation
    to the contrary is unlawful.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">The date of
    this Prospectus is December&#160;1, 2008.
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 30%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='101'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement that we
    filed with the Securities and Exchange Commission (the
    &#147;SEC&#148;) using a &#147;shelf&#148; registration or
    continuous offering process. We may from time to time sell any
    combination of the securities offered in this prospectus in one
    or more offerings up to a total dollar amount of $1,000,000,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus provides you with a general description of the
    securities we may offer. Each time we sell securities we will
    provide you with a prospectus supplement containing specific
    information about the terms of the securities being offered. The
    prospectus supplement which contains specific information about
    the terms of the securities being offered may also include a
    discussion of certain U.S.&#160;Federal income tax consequences
    and any risk factors or other special considerations applicable
    to those securities. The prospectus supplement may also add,
    update or change information in this prospectus. If there is any
    inconsistency between the information in the prospectus and the
    prospectus supplement, you should rely on the information in the
    prospectus supplement. You should read both this prospectus and
    any prospectus supplement together with additional information
    described under the heading &#147;Where You Can Find More
    Information.&#148;
</DIV>

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information that we file with them, which means that we can
    disclose important information to you by referring you to those
    documents. The information incorporated by reference is an
    important part of this prospectus, and the information that we
    file later with the SEC will automatically update and supersede
    this information. We incorporate by reference the documents
    listed below and any future filings we make with the SEC under
    Sections&#160;13(a), 13(c), 14 or 15(d) of the Securities
    Exchange Act of 1934:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    Cedar&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2007.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    Cedar&#146;s Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2008, June&#160;30, 2008,
    and September&#160;30, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed June&#160;17, 2008, September&#160;4, 2008,
    September&#160;19, 2008 and November&#160;6, 2008 and
    <FONT style="white-space: nowrap">Form&#160;8-K/A</FONT>
    filed February, 21, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4.&#160;
</TD>
    <TD align="left">
    The description of Cedar&#146;s common stock which is contained
    in Item&#160;1 of our registration statement on
    <FONT style="white-space: nowrap">Form&#160;8-A,</FONT>
    as amended, filed October&#160;1, 2003 pursuant to
    Section&#160;12 of the Exchange Act.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5.&#160;
</TD>
    <TD align="left">
    The information contained in the section &#147;Investment
    Policies and Policies With Respect to Certain Activities&#148;
    contained in the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-11</FONT>
    filed on August&#160;20, 2003, as amended, SEC File Number:
    <FONT style="white-space: nowrap">333-108091.</FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may request a copy of these filings, at no cost, by writing
    or telephoning us at our principal executive offices at the
    following address:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Investor
    Relations<BR>
    Cedar Shopping Centers, Inc.<BR>
    44 South Bayles Avenue<BR>
    Port Washington, NY
    <FONT style="white-space: nowrap">11050-3765</FONT><BR>
    <FONT style="white-space: nowrap">(516)&#160;767-6492</FONT><BR>
    <FONT style="white-space: nowrap">http://www.cedarshoppingcenters.com</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information incorporated by
    reference or provided in this prospectus or any prospectus
    supplement. We have not authorized anyone else to provide you
    with different information. We are not making an offer of these
    securities in any state where the offer is not permitted. Do not
    assume that the information in this prospectus or any prospectus
    supplement is accurate as of any date other than the date on the
    front of these documents.
</DIV>
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    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We were organized in 1984 and elected to be taxed as a real
    estate investment trust, or REIT, in 1986. We are a fully
    integrated, self-administered and self-managed real estate
    company. We focus primarily on the ownership, operation,
    development and redevelopment of supermarket-anchored shopping
    centers in nine mid-Atlantic and New England states. As of
    September&#160;30, 2008, we owned 119 properties, aggregating
    approximately 12.0&#160;million square feet of gross leasable
    area, or GLA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conduct our business through Cedar Shopping Centers
    Partnership, L.P., or the operating partnership, a Delaware
    limited partnership. As of September&#160;30, 2008, we owned
    approximately a 95.7% interest in the operating partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our principal executive offices are located at 44 South Bayles
    Avenue, Port Washington, NY
    <FONT style="white-space: nowrap">11050-3765.</FONT>
    Our telephone number is
    <FONT style="white-space: nowrap">(516)&#160;767-6492</FONT>
    and our website address is www.cedarshoppingcenters.com.
</DIV>

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in our securities involves significant risks. Please
    see the risk factors under the heading &#147;Risk Factors&#148;
    in our periodic reports filed with the SEC under the Securities
    Exchange Act of 1934, which are incorporated by reference in
    this prospectus. Before making an investment decision, you
    should carefully consider these risks as well as other
    information we include or incorporate by reference in this
    prospectus and any prospectus supplement. The risks and
    uncertainties we have described are not the only ones facing our
    company. Additional risks and uncertainties not presently known
    to us or that we currently deem immaterial may also affect our
    business operations.
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains or incorporates by reference
    forward-looking statements within the meaning of
    Section&#160;27A of the Securities Act of 1933 and
    Section&#160;21E of the Securities Exchange Act of 1934. Such
    forward-looking statements include, without limitation,
    statements containing the words &#147;anticipates&#148;,
    &#147;believes&#148;, &#147;expects&#148;, &#147;intends&#148;,
    &#147;future&#148;, and words of similar import which express
    the Company&#146;s beliefs, expectations or intentions regarding
    future performance or future events or trends. While
    forward-looking statements reflect good faith beliefs,
    expectations or intentions, 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 differences 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 the Company&#146;s tenants; the continuing
    availability of suitable acquisitions, and development and
    redevelopment opportunities, on favorable terms; the
    availability of equity and debt capital (including the
    availability of construction financing) in the public and
    private markets; the availability of suitable joint venture
    partners; changes in interest rates; the fact that returns from
    development, redevelopment and acquisition activities may not be
    at expected levels or at expected times; risks inherent 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, changes in governmental regulations related thereto,
    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
    repay or refinance debt obligations when due. For a discussion
    of these and other factors that could cause actual results to
    differ from those contemplated in the forward-looking statements
    in this prospectus and in documents incorporated by reference in
    this prospectus, see the section entitled &#147;Risk
    Factors&#148; in this prospectus, in any section entitled
    &#147;Risk Factors&#148; in supplements to this prospectus, and
    in the documents incorporated by reference into this prospectus.
    The Company does not intend, and disclaims any duty or
    obligation, to update or revise any forward-looking statements
    set forth in this prospectus to reflect any change in
</DIV>
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    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    expectations, change in information, new information, future
    events or other circumstances on which such information may have
    been based.
</DIV>

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net proceeds from the sale of the securities will be used
    for general corporate purposes, which may include the repayment
    of existing indebtedness, the development or acquisition of
    additional properties as suitable opportunities arise and the
    renovation, expansion and improvement of our existing
    properties. The applicable prospectus supplement will contain
    further details on the use of net proceeds.
</DIV>

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF PREFERRED STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    and Outstanding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is authorized to issue 12,500,000&#160;shares of
    preferred stock, $.01&#160;par value per share.
    3,550,000&#160;shares of Series&#160;A Preferred Stock are
    issued and outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Series&#160;A
    Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Series&#160;A Preferred Stock bears cumulative cash
    dividends at the rate of
    8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    per annum of the $25.00 per share liquidation preference (equal
    to $2.21875 per annum per share). The Series&#160;A Preferred
    Stock is redeemable at our option on and after July&#160;28,
    2009 at $25.00 per share, plus accrued and unpaid dividends. The
    Series&#160;A Preferred Stock has a liquidation preference of
    $25.00 per share, plus a premium of between 1% and 5% if
    liquidation occurs before July&#160;28, 2009. The holders of
    Series&#160;A Preferred Stock generally do not have any voting
    rights; however, the affirmative vote of at least two-thirds is
    required to create capital shares ranking senior to the
    Series&#160;A Preferred Stock or to amend our Articles of
    Incorporation that materially and adversely affects their
    rights. The Series&#160;A Preferred Stock is listed on the NYSE
    under the symbol &#147;CDR PrA.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The statements below describing the preferred stock are in all
    respects subject to and qualified by reference to the applicable
    provisions of our Articles of Incorporation and Bylaws and any
    applicable articles supplementary to the Articles of
    Incorporation designating terms of a series of preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The issuance of preferred stock could adversely affect the
    voting power, dividend rights and other rights of holders of
    common stock. Issuance of preferred stock could impede, delay,
    prevent or facilitate a merger, tender offer or change in our
    control. Although the Board of Directors is required to make a
    determination as to the best interests of our stockholders when
    issuing preferred stock, the Board could act in a manner that
    would discourage an acquisition attempt or other transaction
    that some, or a majority, of the stockholders might believe to
    be in our best interests or in which stockholders might receive
    a premium for their shares over the then prevailing market
    price; provided, however, that preferred stock may not be used
    for anti-takeover purposes. Management believes that the
    availability of preferred stock will provide us with increased
    flexibility in structuring possible future financing and
    acquisitions and in meeting other needs that might arise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our articles of incorporation contain the following restrictions
    in connection with the issuance of any preferred stock:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    the preferred stock will not be used as, or in conjunction with,
    an anti-takeover defense (including potential mergers, in
    connection with an existing or future shareholder rights plan,
    or by designating terms, or issuing shares in transactions for
    the purposes of aiding management in defending against an
    unsolicited bid for control of the Company) unless approved by
    the shareholders at such time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    the preferred stock will not be issued to an individual or group
    for the purpose of creating a block of voting power to support
    management on controversial issues without receiving shareholder
    approval;&#160;and
</TD>
</TR>

</TABLE>
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    <BR>
    4
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    if the preferred stock is to have voting rights, the shares will
    have the same voting rights as the common stock (including upon
    conversion).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the limitations prescribed by the Articles of
    Incorporation, the Board of Directors can fix the number of
    shares constituting each series of preferred stock and the
    designations and powers, preferences and relative,
    participating, optional or other special rights and
    qualifications, limitations or restrictions thereof, including
    such provisions as may be desired concerning voting, redemption,
    dividends, dissolution or the distribution of assets, conversion
    or exchange, and such other subjects or matters as may be fixed
    by resolution of the Board of Directors. When issued, the
    preferred stock will be fully paid and nonassessable by us. The
    preferred stock will have no preemptive rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference is made to the prospectus supplement relating to the
    preferred stock offered thereby for specific terms, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    the title and stated value of the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    the number of shares of the preferred stock offered, the
    liquidation preference per share and the offering price of the
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    the dividend rate(s), period(s)
    <FONT style="white-space: nowrap">and/or</FONT>
    payment date(s) or method(s) of calculation thereof applicable
    to the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (4)&#160;
</TD>
    <TD align="left">
    the date from which dividends on the preferred stock shall
    accumulate, if applicable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (5)&#160;
</TD>
    <TD align="left">
    the procedures for any auction and remarketing, if any, for the
    preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (6)&#160;
</TD>
    <TD align="left">
    the provision for a sinking fund, if any, for the preferred
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (7)&#160;
</TD>
    <TD align="left">
    the provision for redemption, if applicable, of the preferred
    stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (8)&#160;
</TD>
    <TD align="left">
    any listing of the preferred stock on any securities exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (9)&#160;
</TD>
    <TD align="left">
    the terms and conditions, if applicable, upon which the
    preferred stock will be convertible into our common stock,
    including the conversion price, or the manner of calculation
    thereof;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="4%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (10)&#160;
</TD>
    <TD align="left">
    whether interests in the preferred stock will be represented by
    depositary shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (11)&#160;
</TD>
    <TD align="left">
    any other specific terms, preferences, rights, limitations or
    restrictions of the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (12)&#160;
</TD>
    <TD align="left">
    a discussion of federal income tax considerations applicable to
    the preferred stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (13)&#160;
</TD>
    <TD align="left">
    the relative ranking and preferences of the preferred stock as
    to dividend rights and rights upon liquidation, dissolution or
    winding up of our affairs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (14)&#160;
</TD>
    <TD align="left">
    any limitations on issuance of any series of preferred stock
    ranking senior to or on a parity with the series of preferred
    stock as to dividend rights and rights upon liquidation,
    dissolution or winding up of our affairs;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (15)&#160;
</TD>
    <TD align="left">
    any limitations on direct or beneficial ownership and
    restrictions on transfer, in each case as may be appropriate to
    be qualified as a REIT.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rank</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in the prospectus supplement, the
    preferred stock will, with respect to dividend rights and rights
    upon liquidation, dissolution or our winding up, rank:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    senior to all classes or series of our common stock;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    senior to all equity securities ranking junior to the preferred
    stock;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    equal with all equity securities issued by us, if the terms of
    such securities specifically provide for equal treatment;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    junior to all equity securities the terms of which specifically
    provide that the equity securities rank senior to the preferred
    stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; excludes convertible debt
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the preferred stock of each series will be entitled
    to receive, when and if declared by our Board of Directors, out
    of assets legally available for payment, cash dividends at rates
    and on dates set forth in the applicable prospectus supplement.
    Each such dividend will be payable to holders of record as they
    appear on our share transfer books on the applicable record
    dates. Our Board of Directors will fix the record dates for
    dividend payments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As provided in the applicable prospectus supplement, dividends
    on any series of the preferred stock may be cumulative or
    non-cumulative. Cumulative dividends will be cumulative from and
    after the date set forth in the applicable prospectus
    supplement. If our Board of Directors fails to declare a
    dividend payable on a dividend payment date on any series of the
    preferred stock for which dividends are non-cumulative, then the
    holders of such series of the preferred stock will have no right
    to receive a dividend for the dividend period ending on such
    dividend payment date. We will have no obligation to pay the
    dividend accrued for such dividend period, whether or not
    dividends on such series are declared payable on any future
    dividend payment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If preferred stock of any series is outstanding, our Board of
    Directors will not declare, pay or set apart for payment
    dividends on any of our capital stock of any other series
    ranking, as to dividends, equally with or junior to the
    preferred stock outstanding for any period unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    for preferred stock with cumulative dividends, we have declared
    and paid, or declared and set apart a sum sufficient to pay,
    full cumulative dividends on the preferred stock through the
    then current dividend period;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    for preferred stock lacking a cumulative dividend, we have
    declared and paid or declared and set aside a sum sufficient to
    pay full dividends for the then current dividend period.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When dividends are not paid in full, or when a sum sufficient
    for such full payment is not set apart, upon preferred stock of
    any series and the shares of any other series of preferred stock
    ranking equally as to dividends with the preferred stock of such
    series, all dividends declared upon preferred stock of such
    series and any other series of preferred stock ranking equally
    as to dividends with such preferred stock shall be declared pro
    rata so that the amount of dividends declared per share of
    preferred stock of such series and such other series of
    preferred stock shall in all cases bear to each other the same
    ratio that accrued dividends per share on the preferred stock of
    such series, which shall not include any accumulation of unpaid
    dividends for prior dividend periods if such preferred stock
    lacks a cumulative dividend, and such other series of preferred
    stock bear to each other. No interest, or sum of money instead
    of interest, shall be payable for any dividend payment or
    payments on preferred stock of such series which may be in
    arrears.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as provided in the immediately preceding paragraph,
    unless we have paid dividends through the then current dividend
    period, including dividend payments in arrears if dividends are
    cumulative, for such series of preferred stock or unless our
    Board of Directors has declared such dividends and has set aside
    a sum sufficient for such payment, our Board of Directors shall
    not declare dividends, other than in shares of common stock or
    other capital shares ranking junior to the preferred stock of
    such series as to dividends and upon liquidation, or pay or set
    aside for payment or declare or make any other distribution upon
    the common stock, or any other of our capital shares ranking
    junior to or equally with the preferred stock of such series as
    to dividends or upon liquidation. Additionally, we shall not
    redeem, purchase or otherwise acquire for any consideration, or
    any moneys to be paid or made available for a sinking fund for
    the redemption of any such shares, any shares of common stock,
    or any other of our capital shares ranking junior to or equally
    with the preferred stock of such series as to dividends or upon
    liquidation. Notwithstanding the foregoing, we may convert such
    shares into or exchange such shares for other of our capital
    shares ranking junior to the preferred stock of such series as
    to dividends and upon liquidation.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the applicable prospectus supplement so provides, the
    preferred stock will be subject to mandatory redemption or
    redemption at our option, as a whole or in part, in each case
    upon the terms, at the times and at the redemption prices set
    forth in such prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement applicable to a series of preferred
    stock that is subject to mandatory redemption will specify:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the number of shares of such preferred stock that shall be
    redeemed by us in each year,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the year such redemption will commence,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    the redemption price per share, together with an amount equal to
    all accrued and unpaid dividends thereon to the date of
    redemption,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    whether the redemption price is payable in cash or property.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the redemption price for preferred stock of any series is
    payable only from the net proceeds of the issuance of our
    capital shares, the terms of such preferred stock may provide
    that, if we have not issued capital shares or to the extent the
    net proceeds from any issuance are insufficient to pay in full
    the aggregate redemption price then due, such preferred stock
    shall automatically be converted into our capital shares
    pursuant to conversion provisions specified in the applicable
    prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot redeem, purchase or otherwise acquire shares of a
    series of preferred stock unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    for preferred stock with cumulative dividends, we have declared
    and paid, or declared and set apart a sum sufficient to pay,
    full cumulative dividends on the preferred stock through the
    then current dividend period;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    for preferred stock lacking a cumulative dividend, we have
    declared and paid or declared and set aside a sum sufficient to
    pay full dividends for the then current dividend period.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing shall not prevent the purchase or acquisition of
    preferred stock of such series to preserve our REIT status or
    pursuant to a purchase or exchange offer made on the same terms
    to holders of all outstanding preferred stock of such series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If fewer than all of the outstanding shares of preferred stock
    of any series are to be redeemed, we will determine the number
    of shares to be redeemed. We may redeem the shares on a pro rata
    basis from the holders of record of such shares in proportion to
    the number of such shares held or for which redemption is
    requested by such holder with adjustments to avoid redemption of
    fractional shares, or by lot.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will mail notice of redemption&#160;30 to 60&#160;days prior
    to the redemption date to each holder of record of preferred
    stock of any series to be redeemed at the address shown on our
    share transfer books. Each notice shall state:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    the redemption date;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    the number of shares and series of the preferred stock to be
    redeemed;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    the redemption price;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    the place or places where certificates for such preferred stock
    are to be surrendered for payment of the redemption price;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (e)&#160;
</TD>
    <TD align="left">
    that dividends on the shares to be redeemed will cease to accrue
    on such redemption date;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (f)&#160;
</TD>
    <TD align="left">
    the date upon which the holder&#146;s conversion rights, if any,
    as to such shares shall terminate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we are to redeem fewer than all the shares of preferred stock
    of any series, the notice we mail to each holder of preferred
    stock shall specify the number of shares of preferred stock to
    be redeemed from each holder. If we have given notice of
    redemption of any preferred stock and if we have set aside, in
    trust for the benefit of the holders of any preferred stock
    called for redemption, the funds necessary for such redemption,
    then from and after the
</DIV>
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    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    redemption date dividends will cease to accrue on the preferred
    stock to be redeemed. Additionally all rights of the holders of
    the redeemable shares will terminate, except the right to
    receive the redemption price.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon any voluntary or involuntary liquidation, dissolution or
    winding up of our affairs, then the holders of each series of
    preferred stock shall be entitled to receive out of our assets
    legally available for distribution to shareholders liquidating
    distributions in the amount of the liquidation preference per
    share, plus an amount equal to all dividends accrued and unpaid
    on such series of preferred stock. Such preferred shareholders
    will receive these distributions before any distribution or
    payment shall be made to the holders of any common stock or any
    other class or series of our capital shares ranking junior to
    the preferred stock in the distribution of assets upon our
    liquidation, dissolution or winding up. After payment of the
    full amount of the liquidating distributions to which they are
    entitled, the holders of preferred stock will have no right or
    claim to any of our remaining assets. If our available assets
    are insufficient to pay the amount of the liquidating
    distributions on all outstanding preferred stock and the
    corresponding amounts payable on all shares of other classes or
    series of our capital shares ranking equally with the preferred
    stock in the distribution of assets, then the holders of the
    preferred stock and all other such classes or series of capital
    shares shall share on a pro rata basis in any such distribution
    of assets in proportion to the full liquidating distributions to
    which they would otherwise be entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If liquidating distributions have been made in full to all
    holders of preferred stock, our remaining assets will be
    distributed among the holders of any other classes or series of
    capital shares ranking junior to the preferred stock upon
    liquidation, dissolution or winding up, according to their
    rights and preferences and in each case according to their
    number of shares. For such purposes, our consolidation or merger
    with or into any other corporation, trust or entity, or the
    sale, lease or conveyance of all or substantially all of our
    property or business, shall not be deemed to constitute our
    liquidation, dissolution or winding up.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of the preferred stock will not have any voting rights,
    except as set forth below or as otherwise from time to time
    required by law or as indicated in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whenever dividends on any shares of preferred stock are in
    arrears for six or more consecutive quarterly periods, the
    holders of such shares of preferred stock, voting separately as
    a class with all other series of preferred stock upon which like
    voting rights have been conferred and are exercisable, will be
    entitled to vote for the election of two additional directors at
    a special meeting called by the holders of record of ten percent
    (10%) of any series of preferred stock so in arrears or at the
    next annual meeting of stockholders, and at each subsequent
    annual meeting until (a)&#160;if such series of preferred stock
    has a cumulative dividend, we have paid or our Board of
    Directors has declared and set aside a sum sufficient for
    payment of all dividends accumulated on such shares of preferred
    stock for the past dividend periods and the then current
    dividend period or (b)&#160;if such series of preferred stock
    lacks a cumulative dividend, we have fully paid or our Board of
    Directors has declared and set aside a sum sufficient for
    payment of four consecutive quarterly dividends. In such case,
    two directors will be added to our Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless provided otherwise for any series of preferred stock, so
    long as any shares of preferred stock remain outstanding, we
    will not, without the affirmative vote or consent of the holders
    of at least two-thirds of the shares of each series of preferred
    stock outstanding at the time, given in person or by proxy,
    either in writing or at a meeting with such series voting
    separately as a class, (a)&#160;authorize or create, or increase
    the authorized or issued amount of, any class or series of
    capital stock ranking prior to such preferred stock with respect
    to payment of dividends or the distribution of assets upon
    liquidation, dissolution or winding up or reclassify any of our
    authorized capital stock into such shares, or create, authorize
    or issue any obligation or security convertible into or
    evidencing the right to purchase any such shares; or
    (b)&#160;amend, alter or repeal the provisions of our Articles
    of Incorporation or the designating amendment for such series of
    preferred stock, whether by merger, consolidation or otherwise,
    so as to materially and adversely affect any right, preference,
    privilege or voting power of such series of preferred stock or
    the holders thereof. With respect to the occurrence of any of
    the events set forth in (b)&#160;above so long as the preferred
    stock remains outstanding with the terms thereof materially
    unchanged, the occurrence of any such event shall not be deemed
    to materially and adversely affect such rights, preferences,
    privileges or voting power of holders of
</DIV>
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    <BR>
    8
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preferred stock. Additionally, any increase in the amount of the
    authorized preferred stock or the creation or issuance of any
    other series of preferred stock, or any increase in the amount
    of authorized shares of such series or any other series of
    preferred stock, in each case ranking on a parity with or junior
    to the preferred stock of such series with respect to payment of
    dividends or the distribution of assets upon liquidation,
    dissolution or winding up, shall not be deemed to materially and
    adversely affect such rights, preferences, privileges or voting
    powers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing voting provisions will not apply if, at or prior
    to the time when the act with respect to which such vote would
    otherwise be required shall be effected, all outstanding shares
    of such series of preferred stock shall have been redeemed or
    called for redemption and sufficient funds shall have been
    deposited in trust to effect such redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will set forth the terms
    and conditions, if any, upon which any series of preferred stock
    is convertible into shares of common stock. Such terms will
    include the number of shares of common stock into which the
    shares of preferred stock are convertible, the conversion price,
    or manner of calculation thereof, the conversion period,
    provisions as to whether conversion will be at the option of the
    holders of the preferred stock or us, the events requiring an
    adjustment of the conversion price and provisions affecting
    conversion in the event of the redemption of such series of
    preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Maryland law provides that no shareholder, including holders of
    preferred stock, shall be personally liable for our acts and
    obligations and that our funds and property shall be the only
    recourse for such acts or obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Ownership</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To qualify as a REIT under the Code, not more than 50% in value
    of our outstanding capital shares may be owned, directly or
    indirectly, by five or fewer individuals as defined in the Code
    to include certain entities, during the last half of a taxable
    year. Therefore, the designating amendment for each series of
    preferred stock may contain provisions restricting the ownership
    and transfer of the preferred stock. The applicable prospectus
    supplement will specify any additional ownership limitation
    relating to a series of preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registrar
    and Transfer Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will set forth the
    Registrar and Transfer Agent for the preferred stock. The
    Registrar and Transfer Agent for the Series&#160;A Preferred
    Stock is American Stock Transfer&#160;&#038; Trust&#160;Company.
</DIV>

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEPOSITARY SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue receipts for depositary shares, each of which will
    represent a fractional interest of a share of a particular
    series of preferred stock, as specified in the applicable
    prospectus supplement. Shares of preferred stock of each series
    represented by the depositary shares will be deposited under a
    separate deposit agreement between us, the depositary named
    therein and the holders of the depositary receipts. Subject to
    the terms of the deposit agreement, each depositary receipt
    owner will be entitled, in proportion to the fractional interest
    of a share of a particular series of preferred stock represented
    by the depositary shares evidenced by such depositary receipt,
    to all the rights and preferences of the preferred stock
    represented thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Depositary receipts issued pursuant to the applicable deposit
    agreement will evidence the depositary shares. Immediately
    following our issuance and delivery of the preferred stock to
    the depositary, we will cause the depositary to issue, on our
    behalf, the depositary receipts. Upon request, we will provide
    you with copies of the applicable form of deposit agreement and
    depositary receipt.
</DIV>
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    9
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends
    and Other Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The depositary will distribute all cash dividends or other cash
    distributions received in respect of the preferred stock to the
    record holders of depositary receipts evidencing the related
    depositary shares in proportion to the number of depositary
    receipts owned by the holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If there is a distribution other than in cash, the depositary
    will distribute property received by it to the record holders of
    depositary receipts entitled thereto. If the depositary
    determines that it is not feasible to make such distribution,
    the depositary may, with our approval, sell the property and
    distribute the net proceeds from such sale to the holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon surrender of the depositary receipts at the corporate trust
    office of the depositary, unless the related depositary shares
    have previously been called for redemption, the holders thereof
    will be entitled to delivery, to or upon such holders&#146;
    order, of the number of whole or fractional shares of the
    preferred stock and any money or other property represented by
    the depositary shares evidenced by the depositary receipts.
    Holders of depositary receipts will be entitled to receive whole
    or fractional shares of the related preferred stock on the basis
    of the proportion of preferred stock represented by each
    depositary share as specified in the applicable prospectus
    supplement. Thereafter, holders of such shares of preferred
    stock will not be entitled to receive depositary shares for the
    preferred stock. If the depositary receipts delivered by the
    holder evidence a number of depositary shares in excess of the
    number of depositary shares representing the number of shares of
    preferred stock to be withdrawn, the depositary will deliver to
    the holder a new depositary receipt evidencing the excess number
    of depositary shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    of Depositary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provided we shall have paid in full to the depositary the
    redemption price of the preferred stock to be redeemed plus an
    amount equal to any accrued and unpaid dividends thereon to the
    redemption date, whenever we redeem shares of preferred stock
    held by the depositary, the depositary will redeem as of the
    same redemption date the number of depositary shares
    representing shares of the preferred stock so redeemed. The
    redemption price per depositary share will be equal to the
    redemption price and any other amounts per share payable with
    respect to the preferred stock. If fewer than all the depositary
    shares are to be redeemed, the depositary shares to be redeemed
    will be selected as nearly as may be practicable without
    creating fractional depositary shares, pro rata, or by any other
    equitable method we determine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From and after the date fixed for redemption, all dividends in
    respect of the shares of preferred stock so called for
    redemption will cease to accrue, the depositary shares called
    for redemption will no longer be deemed to be outstanding and
    all rights of the holders of the depositary receipts evidencing
    the depositary shares so called for redemption will cease,
    except the right to receive any moneys payable upon such
    redemption and any money or other property to which the holders
    of such depositary receipts were entitled to receive upon such
    redemption upon surrender to the depositary of the depositary
    receipts representing the depositary shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting of
    the Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon receipt of notice of any meeting at which the holders of
    the preferred stock are entitled to vote, the depositary will
    mail the information contained in such notice of meeting to the
    record holders of the depositary receipts evidencing the
    depositary shares that represent such preferred stock. Each
    record holder of depositary receipts evidencing depositary
    shares on the record date, which will be the same date as the
    record date for the preferred stock, will be entitled to
    instruct the depositary as to the exercise of the voting rights
    pertaining to the amount of preferred stock represented by such
    holder&#146;s depositary shares. The depositary will vote the
    amount of preferred stock represented by such depositary shares
    in accordance with such instructions, and we will agree to take
    all reasonable action that may be deemed necessary by the
    depositary in order to enable the depositary to do so. If the
    depositary does not receive specific instructions from the
    holders of depositary receipts evidencing such depositary
    shares, it will abstain from voting the amount of preferred
    stock represented by such depositary shares. The depositary
    shall not be responsible for any failure to carry out any
    instruction to vote, or for the manner or effect
</DIV>
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    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of any such vote made, as long as any such action or non-action
    is in good faith and does not result from the depositary&#146;s
    negligence or willful misconduct.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon our liquidation, dissolution or winding up, whether
    voluntary or involuntary, the holders of each depositary receipt
    will be entitled to the fraction of the liquidation preference
    accorded each share of preferred stock represented by the
    depositary share evidenced by such depositary receipt, as set
    forth in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    of Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except with respect to certain conversions in order to be
    qualified as a REIT, the depositary shares are not convertible
    into our common stock or any other of our securities or
    property. Nevertheless, if the applicable prospectus supplement
    so specifies, the holders of the depositary receipts may
    surrender their depositary receipts to the depositary with
    written instructions to the depositary to instruct us to cause
    conversion of the preferred stock represented by the depositary
    shares evidenced by such depositary receipts into whole shares
    of common stock, other shares of our preferred stock or other
    shares of our capital stock, and we have agreed that upon
    receipt of such instructions and any amounts payable in respect
    thereof, we will cause the conversion of the depositary shares
    utilizing the same procedures as those provided for delivery of
    preferred stock to effect such conversion. If the depositary
    shares evidenced by a depositary receipt are to be converted in
    part only, the depositary will issue a new depositary receipt
    for any depositary shares not to be converted. No fractional
    shares of common stock will be issued upon conversion, and if
    such conversion will result in a fractional share being issued,
    we will pay an amount in cash equal to the value of the
    fractional interest based upon the closing price of the common
    stock on the last business day prior to the conversion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    and Termination of the Deposit Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By agreement, we and the depositary at any time can amend the
    form of depositary receipt and any provision of the deposit
    agreement. However, any amendment that materially and adversely
    alters the rights of the holders of depositary receipts or that
    would be materially and adversely inconsistent with the rights
    granted to holders of the related preferred stock will be
    effective only if the existing holders of at least two-thirds of
    the depositary shares have approved the amendment. No amendment
    shall impair the right, subject to certain exceptions in the
    deposit agreement, of any holder of depositary receipts to
    surrender any depositary receipt with instructions to deliver to
    the holder the related preferred stock and all money and other
    property, if any, represented thereby, except in order to comply
    with law. Every holder of an outstanding depositary receipt at
    the time an amendment becomes effective shall be deemed, by
    continuing to hold the depositary receipt, to consent and agree
    to the amendment and to be bound by the deposit agreement as
    amended thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon 30&#160;days&#146; prior written notice to the depositary,
    we may terminate the deposit agreement if (a)&#160;such
    termination is necessary to be qualified as a REIT or (b)&#160;a
    majority of each series of preferred stock affected by such
    termination consents to such termination. Upon the termination
    of the deposit agreement, the depositary shall deliver or make
    available to each holder of depositary receipts, upon surrender
    of the depositary receipts held by such holder, such number of
    whole or fractional shares of preferred stock as are represented
    by the depositary shares evidenced by the depositary receipts
    together with any other property held by the depositary with
    respect to the depositary receipt. If the deposit agreement is
    terminated to preserve our status as a REIT, then we will use
    our best efforts to list the preferred stock issued upon
    surrender of the related depositary shares on a national
    securities exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The deposit agreement will automatically terminate if
    (a)&#160;all outstanding depositary shares shall have been
    redeemed, (b)&#160;there shall have been a final distribution in
    respect of the related preferred stock in connection with our
    liquidation, dissolution or winding up and such distribution
    shall have been distributed to the holders of depositary
    receipts evidencing the depositary shares representing such
    preferred stock or (c)&#160;each share of the related preferred
    stock shall have been converted into our capital stock not so
    represented by depositary shares.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Charges
    of Depositary</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay all transfer and other taxes and governmental
    charges arising solely from the existence of the deposit
    agreement. In addition, we will pay the fees and expenses of the
    depositary in connection with the performance of its duties
    under the deposit agreement. However, holders of depositary
    receipts will pay certain other transfer and other taxes and
    governmental charges. The holders will also pay the fees and
    expenses of the depositary for any duties, outside of those
    expressly provided for in the deposit agreement, the holders
    request to be performed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Resignation
    and Removal of Depositary</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The depositary may resign at any time by delivering to us notice
    of its election to do so. We may at any time remove the
    depositary, any such resignation or removal will take effect
    upon the appointment of a successor depositary. A successor
    depositary must be appointed within 60&#160;days after delivery
    of the notice of resignation or removal and must be a bank or
    trust company having its principal office in the United States
    and having a combined capital and surplus of $50,000,000 or more.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The depositary will forward to holders of depositary receipts
    any reports and communications from us which are received by the
    depositary with respect to the related Preferred Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and the depositary will not be liable if either of us is
    prevented from or delayed in, by law or any circumstances beyond
    its control, performing its obligations under the deposit
    agreement. Our obligations and the depositary&#146;s obligations
    under the deposit agreement will be limited to performing the
    duties thereunder in good faith and without negligence, in the
    case of any action or inaction in the voting of preferred stock
    represented by the depositary shares, gross negligence or
    willful misconduct. If satisfactory indemnity is furnished, we
    and the depositary will be obligated to prosecute or defend any
    legal proceeding in respect of any depositary receipts,
    depositary shares or shares of preferred stock represented
    thereby. We and the depositary may rely on written advice of
    counsel or accountants, or information provided by persons
    presenting shares of preferred stock represented by depository
    receipts for deposit, holders of depositary receipts or other
    persons believed in good faith to be competent to give such
    information, and on documents believed in good faith to be
    genuine and signed by a proper party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event the depositary shall receive conflicting claims,
    requests or instructions from any holders of depositary
    receipts, on the one hand, and us, on the other hand, the
    depositary shall be entitled to act on our claims, requests or
    instructions.
</DIV>

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF COMMON STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company&#146;s authorized capital stock includes
    150&#160;million shares of common stock, $.06&#160;par value per
    share. For each outstanding share of common stock held, the
    holder is entitled to one vote on all matters presented to
    stockholders for a vote. Cumulative voting is not permitted.
    Holders of the common stock do not have preemptive rights. At
    September&#160;30, 2008, there were 44,488,703&#160;shares of
    common stock outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shares of common stock issued and sold will be duly
    authorized, fully paid, and non-assessable. Distributions may be
    paid to the holders of common stock if and when declared by our
    Board of Directors. Dividends will be paid out of funds legally
    available for dividend payment. We have paid quarterly dividends
    beginning with a dividend for the portion of the quarter from
    the closing of our public offering in October 2003.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Maryland law, stockholders are generally not liable for
    our debts or obligations. If we are liquidated, subject to the
    right of any holders of preferred stock to receive preferential
    distributions, each outstanding share of common stock will be
    entitled to participate pro rata in the assets remaining after
    payment of, or adequate provision for, all of our known debts
    and liabilities.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Ownership</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to qualify as a REIT under the Code, not more than 50%
    in value of our outstanding capital shares may be owned,
    directly or indirectly, by five or fewer individuals, as defined
    in the Code, during the last half of a taxable year and the
    common stock must be beneficially owned by 100 or more persons
    during 335&#160;days of a taxable year of 12&#160;months, or
    during a proportionate part of a shorter taxable year. To
    satisfy the above ownership requirements and certain other
    requirements for qualification as a REIT, our Articles of
    Incorporation contain a provision restricting the ownership or
    acquisition of shares of common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registrar
    and Transfer Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    American Stock Transfer&#160;&#038; Trust&#160;Company is the
    Registrar and Transfer Agent for the common stock.
</DIV>

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue, together with other securities or separately,
    warrants to purchase our common stock or preferred stock. We
    will issue the warrants under warrant agreements to be entered
    into between us and a warrant agent, or as shall be set forth in
    the applicable prospectus supplement. The warrant agent will act
    solely as our agent in connection with the warrants of the
    series being offered and will not assume any obligation or
    relationship of agency or trust for or with any holders or
    beneficial owners of warrants. The applicable prospectus
    supplement will describe the following terms, where applicable,
    of warrants in respect of which this prospectus is being
    delivered:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation, amount and terms of the securities for which
    the warrants are exercisable and the procedures and conditions
    relating to the exercise of the warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the other securities, if any, with
    which the warrants are to be issued and the number of warrants
    issued with such security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices at which the warrants will be issued;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate number of warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions for adjustment of the number or amount of
    securities receivable upon exercise of the warrants or the
    exercise price of the warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices at which the securities purchasable upon
    exercise of the warrants may be purchased;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the date on and after which the warrants and the
    securities purchasable upon exercise of the warrants will be
    separately transferable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of the material United States
    federal income tax considerations applicable to the exercise of
    the warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the warrants, including terms, procedures and
    limitations relating to the exchange and exercise of the
    warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the warrants will
    commence, and the date on which the right will expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the maximum or minimum number of warrants which may be exercised
    at any time;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    information with respect to book-entry procedures, if any.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to this prospectus we also may issue warrants to
    underwriters or agents as additional compensation in connection
    with a distribution of our securities.
</DIV>
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    <BR>
    13
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exercise
    of Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each warrant will entitle the holder thereof to purchase for
    cash the number of shares of preferred stock or common stock at
    the exercise price as will in each case be set forth in, or be
    determinable as set forth in, the applicable prospectus
    supplement. Warrants may be exercised at any time up to the
    close of business on the expiration date set forth in the
    applicable prospectus supplement. After the close of business on
    the expiration date, unexercised warrants will become void.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Warrants may be exercised as set forth in the applicable
    prospectus supplement relating to those warrants. Upon receipt
    of payment and the warrant certificate properly completed and
    duly executed at the corporate trust office of the warrant agent
    or any other office indicated in the applicable prospectus
    supplement, we will, as soon as practicable, forward the
    purchased securities. If less than all of the warrants
    represented by the warrant certificate are exercised, a new
    warrant certificate will be issued for the remaining warrants.
</DIV>

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF STOCK PURCHASE CONTRACTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue stock purchase contracts, which are contracts
    obligating holders to purchase from or sell to us, and
    obligating us to purchase from or sell to the holders, a
    specified number of shares of our common stock at a future date
    or dates. The price per share of common stock may be fixed at
    the time the stock purchase contracts are issued or may be
    determined by reference to a specific formula contained in the
    stock purchase contracts. We may issue stock purchase contracts
    in such amounts and in as many distinct series as we wish.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement may contain, where applicable, the
    following information about the stock purchase contracts issued
    under it:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the stock purchase contracts obligate the holder to
    purchase or sell, or both purchase and sell, our common stock
    and the nature and amount of common stock, or the method of
    determining that amount;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the stock purchase contracts are to be prepaid or not;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the stock purchase contracts are to be settled by
    delivery, or by reference or linkage to the value, performance
    or level of our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any acceleration, cancellation, termination or other provisions
    relating to the settlement of the stock purchase
    contracts;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the stock purchase contracts will be issued in fully
    registered or global form.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will describe the terms of
    any stock purchase contracts. The preceding description and any
    description of stock purchase contracts in the applicable
    prospectus supplement does not purport to be complete and is
    subject to and is qualified in its entirety by reference to the
    stock purchase contract agreement and, if applicable, collateral
    arrangements and depository arrangements relating to such stock
    purchase contracts.
</DIV>

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF UNITS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue units comprised of one or more of the other
    securities described in this prospectus in any combination. Each
    unit will be issued so that the holder of the unit is also the
    holder of each security included in the unit. Thus, the holder
    of a unit will have the rights and obligations of a holder of
    each included security. The unit agreement under which a unit is
    issued may provide that the securities included in the unit may
    not be held or transferred separately, at any time or at any
    time before a specified date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement may describe:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the units and of the securities
    comprising the units, including whether and under what
    circumstances those securities may be held or transferred
    separately;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions for the issuance, payment, settlement, transfer
    or exchange of the units or of the securities comprising the
    units;&#160;and
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the units will be issued in fully registered or global
    form.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will describe the terms of
    any units. The preceding description and any description of
    units in the applicable prospectus supplement does not purport
    to be complete and is subject to and is qualified in its
    entirety by reference to the unit agreement and, if applicable,
    collateral arrangements and depositary arrangements relating to
    such units.
</DIV>

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the securities to one or more underwriters for
    public offering and sale by them or may sell the securities to
    investors directly or through agents. We will name, in the
    applicable prospectus supplement, any such underwriter or agent
    involved in the offer and sale of the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Underwriters may offer and sell the securities at a fixed price
    or prices, which may be changed, at prices related to the
    prevailing market prices at the time of sale or at negotiated
    prices. We may, from time to time, authorize underwriters acting
    as our agents to offer and sell the securities upon the terms
    and conditions as are set forth in the applicable prospectus
    supplement. In connection with the sale of securities,
    underwriters may be deemed to have received compensation from us
    in the form of underwriting discounts or commissions and may
    also receive commissions from purchasers of securities for whom
    they may act as agent. Underwriters may sell securities to or
    through dealers, and such dealers may receive compensation in
    the form of discounts, concessions or commissions from the
    underwriters
    <FONT style="white-space: nowrap">and/or</FONT>
    commissions from the purchasers for whom they may act as agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will set forth in the applicable prospectus supplement any
    underwriting compensation we pay to underwriters or agents in
    connection with the offering of securities, and any discounts,
    concessions or commissions allowed by underwriters to
    participating dealers. Underwriters, dealers and agents
    participating in the distribution of the securities may be
    deemed to be underwriters, and any discounts and commissions
    received by them and any profit realized by them on resale of
    the securities may be deemed to be underwriting discounts and
    commissions, under the Securities Act. Underwriters, dealers and
    agents may be entitled, under agreements entered into with us,
    to indemnification against and contribution toward certain civil
    liabilities, including liabilities under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that we make sales to or through one or more of
    the named underwriters or agents in at-the-market offerings, we
    will do so pursuant to the terms of a distribution agreement
    between us and the underwriters or agents. If we engage in
    at-the-market sales pursuant to a distribution agreement, we
    will issue and sell shares of our common stock to or through one
    or more of the named underwriters or agents, which may act on an
    agency basis or on a principal basis. During the term of any
    such agreement, we may sell shares on a daily basis in exchange
    transactions or otherwise as we agree with the underwriters or
    agents. The distribution agreement will provide that any shares
    of our common stock sold will be sold at prices related to the
    then prevailing market prices for our securities. Therefore,
    exact figures regarding proceeds that will be raised or
    commissions to be paid are impossible to determine and will be
    described in a prospectus supplement. Pursuant to the terms of
    the distribution agreement, we also may agree to sell, and the
    relevant underwriters or dealers may agree to solicit offers to
    purchase, blocks of our common stock. The terms of each such
    distribution agreement will be set forth in more detail in a
    prospectus supplement to this prospectus. To the extent that any
    named underwriter or agent acts as principal pursuant to the
    terms of a distribution agreement, or if we offer to sell shares
    of our common stock through another broker-dealer acting as
    underwriter, then such named underwriter may engage in certain
    transactions that stabilize, maintain or otherwise affect the
    price of our common stock. We will describe any such activities
    in the prospectus supplement relating to the transaction. To the
    extent that any named broker dealer or agent acts as agent on a
    best efforts basis pursuant to the terms of a distribution
    agreement, such broker dealer or agent will not engage in any
    such stabilization transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the applicable prospectus supplement so indicates, we will
    authorize dealers acting as our agents to solicit offers by
    certain institutions to purchase securities from them at the
    public offering price set forth in such prospectus supplement
    pursuant to Delayed Delivery Contracts (&#147;Contracts&#148;)
    providing for payment and delivery on the date or dates stated
    in such prospectus supplement. Each Contract will be for an
    amount not less than, and the aggregate principal amount of
    securities sold pursuant to Contracts shall be equal to, the
    respective amounts stated in the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    applicable prospectus supplement. Institutions with whom
    Contracts, when authorized, may be made include commercial and
    savings banks, insurance companies, pension funds, investment
    companies, educational and charitable institutions, and other
    institutions but will in all cases be subject to our approval.
    Contracts will not be subject to any conditions except
    (a)&#160;the purchase by an institution of the securities
    covered by its Contracts shall not at the time of delivery be
    prohibited under the laws of any jurisdiction in the United
    States to which such institution is subject, and (b)&#160;if the
    securities are being sold to underwriters, we shall have sold to
    such underwriters the total principal amount of the securities
    less the principal amount thereof covered by Contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the ordinary course of business, certain of the underwriters
    and their affiliates may be customers of, engage in transactions
    with and perform services for us.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stroock&#160;&#038; Stroock&#160;&#038; Lavan LLP of New York,
    New York will pass upon the validity of the issuance of the
    securities offered hereby for us.
</DIV>

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Cedar Shopping Centers,
    Inc. appearing in Cedar Shopping Centers, Inc.&#146;s Annual
    Report
    <FONT style="white-space: nowrap">(Form&#160;10-K)</FONT>
    for the year ended December&#160;31, 2007 (including the
    schedule appearing therein), and the effectiveness of Cedar
    Shopping Centers, Inc.&#146;s internal control over financial
    reporting as of December&#160;31, 2007 have been audited by
    Ernst&#160;&#038; Young LLP, independent registered public
    accounting firm, as set forth in their reports thereon, included
    therein, and incorporated herein by reference. Such consolidated
    financial statements are incorporated herein by reference in
    reliance upon such reports given on the authority of such firm
    as experts in accounting and auditing.
</DIV>

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file reports, proxy statements and other information with the
    SEC. You may inspect and copy any document that we file at the
    public reference rooms maintained by the SEC in
    Washington,&#160;D.C., New York, New York and Chicago, Illinois.
    Any documents we file may also be available at the SEC&#146;s
    site on the World Wide Web located at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    For a fee you can obtain the documents by mail from the Public
    Reference Section of the SEC at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC a Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    under the Securities Act of 1933. This prospectus does not
    contain all of the information set forth in the registration
    statement.
</DIV>
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    <BR>
    16
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">7,500,000&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CEDAR
    SHOPPING CENTERS, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">KeyBanc Capital Markets<BR>
    Raymond James<BR>
    Morgan Keegan&#160;&#038; Company, Inc.<BR>
    RBC Capital Markets<BR>
    BMO Capital Markets<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">February&#160;&#160;&#160;,
    2010</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

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</DOCUMENT>
</SEC-DOCUMENT>
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