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<SEC-DOCUMENT>0000950123-10-078911.txt : 20100819
<SEC-HEADER>0000950123-10-078911.hdr.sgml : 20100819
<ACCEPTANCE-DATETIME>20100818175810
ACCESSION NUMBER:		0000950123-10-078911
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100819
DATE AS OF CHANGE:		20100818

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:		101026474

	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>y86189b5e424b5.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 -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: Arial, Helvetica">Filed Pursuant to
    Rule 424(b)(5)</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Registration No. 333-155411</B>
</DIV>

<DIV style="margin-top: 8pt; 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">

    <U><FONT style="font-family: Arial, Helvetica">PROSPECTUS
    SUPPLEMENT</FONT></U>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">2,850,000&#160;Shares
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">CEDAR SHOPPING CENTERS,
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Series&#160;A Cumulative Redeemable Preferred Stock
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">(Liquidation Preference $25 Per
    Share)
    </FONT>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are offering 2,850,000&#160;shares of our
    8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Series&#160;A Cumulative Redeemable Preferred Stock. The
    Series&#160;A Preferred Stock offered by this prospectus
    supplement are a further issuance of, will form a single series
    with, and will have the same terms as, our outstanding
    8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Series&#160;A Cumulative Redeemable Preferred Stock issued in
    July 2004 and March 2005. There are presently outstanding an
    aggregate of 3,550,000&#160;shares of our Series&#160;A
    Preferred Stock.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions on the Series&#160;A Preferred Stock are payable
    quarterly at the rate of
    8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    of the liquidation preference per annum, or $2.21875 per share
    of Series&#160;A Preferred Stock per annum. The next quarterly
    distribution payment on the Series&#160;A Preferred Stock is
    scheduled for August&#160;20, 2010 to holders of record of
    shares of Series&#160;A Preferred Stock at the close of business
    on August&#160;10, 2010. Since the record date has passed,
    purchasers of shares of Series&#160;A Preferred Stock in this
    offering will not be entitled to receive that distribution
    payment.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Shares of the Series&#160;A Preferred Stock are redeemable at
    $25.00 each, plus any accrued and unpaid distributions to the
    date of redemption. The Series&#160;A Preferred Stock has no
    maturity date and will remain outstanding indefinitely unless
    redeemed.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our Series&#160;A Preferred Stock is listed on the New York
    Stock Exchange, or NYSE, under the symbol
    &#147;CDR&#160;PrA&#148;. The last reported sale price for the
    Series&#160;A Preferred Stock on the NYSE on August&#160;17,
    2010 was $25.35 per share.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Investing in the Series&#160;A Preferred Stock involves risks
    that are described in the &#147;Risk Factors&#148; sections
    beginning on
    <FONT style="white-space: nowrap">page&#160;S-5</FONT>
    of this prospectus supplement and page&#160;3 of the
    accompanying prospectus, as well as in the reports we file with
    the Securities and Exchange Commission pursuant to the
    Securities Exchange Act of 1934, incorporated by reference into
    this prospectus supplement and the accompanying prospectus.</I>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>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.</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; 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="7%" 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="9%" 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">
    <FONT style="font-size: 10pt">Per Share
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <FONT style="font-size: 10pt">Total
    </FONT>
</TD>
<TD>
&nbsp;
</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">
    Initial price to public
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.50
</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">
    69,825,000
</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">
    0.8575
</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">
    2,443,875
</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">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23.6425
</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">
    67,381,125
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

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

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter expects to deliver the shares of Series&#160;A
    Preferred Stock against payment in New York, New York on
    August&#160;25, 2010.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Goldman, Sachs&#160;&#038;
    Co.</FONT></B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prospectus Supplement dated August&#160;18, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; 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: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; 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="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TABLE OF
    CONTENTS</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: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>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='#103'>Risk Factors</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of Proceeds</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Ratios of Earnings to Combined Fixed Charges and
    Preferred Stock Dividends</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Description of the Series&#160;A Preferred
    Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Federal Income Tax Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-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='#109'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Incorporation of Certain Documents by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Forward-Looking Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-19
</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">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    About this Prospectus
</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">
    Incorporation of Certain Documents by Reference
</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">
    The Company
</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">
    Risk Factors
</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">
    Forward-Looking Statements
</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">
    Use of Proceeds
</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">
    Description of Preferred Stock
</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">
    Description of Depositary Shares
</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">
    Description of Common Stock
</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">
    Description of Warrants
</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">
    Description of Stock Purchase Contracts
</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">
    Description of Units
</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">
    Plan of Distribution
</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">
    Legal Matters
</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">
    Experts
</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">
    Where You Can Find More Information
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    i
</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: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You should rely only on the information contained 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 underwriter has
    not, authorized any person 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 underwriter is not, making an offer to sell these
    securities in any jurisdiction where the offer or sale is not
    permitted. You should assume that the information appearing in
    this prospectus supplement, the accompanying prospectus, any
    such free writing prospectus and the documents incorporated by
    reference is accurate only as of their respective dates or on
    other dates which are specified in those documents. Our
    business, financial condition, results of operations and
    prospects may have changed since those dates.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    ii
</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="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 -->

<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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>The following summary may not contain all of the information
    that is important to you. You should carefully read this entire
    prospectus supplement, the accompanying prospectus and the
    documents incorporated by reference before deciding whether to
    invest in shares of our Series&#160;A Preferred 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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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 that focuses
    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
    predominately in coastal mid-Atlantic and New England states. As
    of June&#160;30, 2010, we owned and managed (both wholly-owned
    and in joint venture) a portfolio of 118 operating properties
    totaling approximately 13.0&#160;million square feet of gross
    leasable area, or GLA, including 93 wholly-owned properties
    comprising approximately 9.4&#160;million square feet, 13
    properties owned in joint venture (consolidated) comprising
    approximately 1.7&#160;million square feet, eight properties
    partially-owned in a managed unconsolidated joint venture
    comprising approximately 1.3&#160;million square feet, and four
    <FONT style="white-space: nowrap">ground-up</FONT>
    development properties comprising approximately 0.6&#160;million
    square feet. Excluding the four
    <FONT style="white-space: nowrap">ground-up</FONT>
    development properties, the 114 property portfolio was
    approximately 90% leased at June&#160;30, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We conduct substantially all of our business through Cedar
    Shopping Centers Partnership, L.P., or our operating
    partnership, which owns (either directly or through
    subsidiaries) substantially all of our assets. At June&#160;30,
    2010, we owned a 97.1% 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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 into this prospectus supplement or the accompanying
    prospectus by reference.
</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: Arial, Helvetica">Recent
    Developments</FONT></B>
</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: Arial, Helvetica">Joint Venture
    Acquisition of Exeter Commons</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On August&#160;3, 2010, our joint venture, or our RioCan joint
    venture, with RioCan Real Estate Investment Trust, or RioCan, in
    which we have a 20% interest and RioCan has an 80% interest,
    acquired the Exeter Commons shopping center in Exeter Township,
    Pennsylvania (approximately 40&#160;miles west of Philadelphia),
    an approximately 361,000&#160;square foot multi-anchored
    shopping center completed in 2009. Exeter Commons is anchored by
    a 171,000&#160;square foot Lowe&#146;s Home Improvement Center
    and an 82,000&#160;square foot Giant Food Stores supermarket,
    both with leases extending to 2029, exclusive of renewal
    options. Other tenants include Staples, Petco, Famous Footwear,
    Five Below and Sleepy&#146;s. The property is shadow-anchored by
    a one year old Target store. The purchase price, excluding
    closing costs and adjustments, was approximately
    $53&#160;million. The purchase price was funded in part by a
    $30&#160;million loan from New York Life Insurance Company at
    5.3% for a term of ten years.
</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: Arial, Helvetica">Additional Joint
    Venture Transactions</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On August&#160;13, 2010, we entered into a definitive agreement
    to acquire five anchored shopping centers from Pennsylvania Real
    Estate Investment Trust, or PREIT, for approximately
    $134&#160;million, which we intend to assign to our RioCan joint
    venture. The acquisition of these five properties is subject to
    the satisfaction of customary closing conditions. The purchase
    of an additional property from PREIT for our RioCan joint
    venture is subject to the satisfaction of certain closing
    conditions,
</DIV>
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    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- 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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    including the consent and agreement of a third-party joint
    venture partner of PREIT. We have also agreed to purchase from
    PREIT a seventh property which we anticipate will be owned by us
    and RioCan on a
    <FONT style="white-space: nowrap">50-50</FONT> basis
    (through a separate joint venture arrangement), with the
    expectation that we and RioCan will eventually redevelop this
    property. The contract for the purchase of this property is also
    subject to the consent and agreement of a third-party joint
    venture partner of PREIT and the satisfaction of certain other
    closing conditions. The aggregate purchase price for all seven
    properties would be approximately $200&#160;million, exclusive
    of closing costs and adjustments. Certain &#147;earn-out&#148;
    arrangements for the
    <FONT style="white-space: nowrap">lease-up</FONT> of
    certain vacant premises during the two years after the closing
    of these acquisitions could potentially result in a further
    increase of the aggregate purchase price.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to obtain fixed-rate long-term mortgage financing at
    approximately
    <FONT style="white-space: nowrap">50-60%</FONT>
    <FONT style="white-space: nowrap">loan-to-value</FONT>
    on six of these seven properties. The closings for six of these
    properties are expected to occur by the end of 2010. However,
    there can be no assurance that any of these acquisitions will be
    consummated. PREIT will continue to provide certain property
    management and leasing services for the properties for a
    three-year period, terminable by the parties after twelve
    months. We will retain overall asset and financial management
    responsibilities for these properties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On August&#160;5, 2010, an agreement by us, on behalf of our
    RioCan joint venture, to acquire an approximately
    120,000&#160;square foot supermarket-anchored shopping center
    located in eastern Connecticut that was completed in 2006 and
    which will be unencumbered at closing, became non-cancelable.
    The purchase price for the property will be approximately
    $19.2&#160;million, excluding costs and adjustments.
</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: Arial, Helvetica">The
    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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a brief summary of certain terms of this
    offering. For a more complete description of the terms of the
    Series&#160;A Preferred Stock, see &#147;Description of the
    Series&#160;A Preferred Stock&#148; in this prospectus
    supplement and &#147;Description of Preferred Stock&#148; in the
    accompanying prospectus.
</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: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer</TD>
    <TD></TD>
    <TD valign="bottom">
    Cedar Shopping Centers, Inc.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Securities Offered</TD>
    <TD></TD>
    <TD valign="bottom">
    2,850,000 shares of
    8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Series&#160;A Cumulative Redeemable Preferred Stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Distributions</TD>
    <TD></TD>
    <TD valign="bottom">
    Investors will be entitled to receive cumulative cash
    distributions on the Series&#160;A Preferred Stock at a 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
    (equivalent to $2.21875 per annum per share). Distributions on
    the Series&#160;A Preferred Stock are payable quarterly in
    arrears on the 20th day of each February, May, August and
    November or, if not a business day, the next business day. The
    next quarterly distribution payment on the Series&#160;A
    Preferred Stock of $.5546875 per share is scheduled for
    August&#160;20, 2010 to holders of record of shares of
    Series&#160;A Preferred Stock at the close of business on
    August&#160;10, 2010. Since the record date has passed,
    purchasers of shares of Series&#160;A Preferred Stock in this
    offering will not be entitled to receive that distribution
    payment.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Optional Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    We may, at our option, redeem the Series&#160;A Preferred Stock,
    in whole or from time to time in part, by payment of $25.00 per
    share, plus any accrued and unpaid distributions to and
    including the date of redemption. Any partial redemption of the
    Series&#160;A Preferred Stock will be on a pro rata basis.</TD>
</TR>

</TABLE>
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    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- 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 style="margin-top: 6pt; 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: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    No Maturity</TD>
    <TD></TD>
    <TD valign="bottom">
    The Series&#160;A Preferred Stock has no maturity date and we
    are not required to redeem the Series&#160;A Preferred Stock.
    Accordingly, the Series&#160;A Preferred Stock will remain
    outstanding indefinitely unless we decide to redeem it. We are
    not required to set aside funds to redeem the Series&#160;A
    Preferred Stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Liquidation Preference</TD>
    <TD></TD>
    <TD valign="bottom">
    If we liquidate, dissolve or wind up, holders of the
    Series&#160;A Preferred Stock will have the right to receive the
    sum of (a)&#160;$25.00 per share and (b)&#160;accrued and unpaid
    distributions (whether or not declared) to the date of payment,
    before any payments are made to the holders of our common stock
    and any other series of our preferred stock that we may issue
    ranking junior to the Series&#160;A Preferred Stock as to
    liquidation rights. The rights of the holders of the
    Series&#160;A Preferred Stock to receive their liquidation
    distribution will be subject to the proportionate rights of each
    other series or class of our preferred stock ranking on parity
    with the Series&#160;A Preferred Stock that we may issue.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="bottom">
    The Series&#160;A Preferred Stock ranks senior to our common
    stock with respect to the payment of distributions and amounts
    upon liquidation, dissolution or winding up. The Series&#160;A
    Preferred Stock offered hereby will rank equally and form a
    single series with our outstanding
    8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Series&#160;A Cumulative Redeemable Preferred Stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Voting Rights</TD>
    <TD></TD>
    <TD valign="bottom">
    Holders of any series of our preferred stock, including the
    Series&#160;A Preferred Stock, generally have no voting rights;
    however, if we do not pay distributions on our Series&#160;A
    Preferred Stock for six or more consecutive quarterly periods,
    the holders of the Series&#160;A Preferred Stock, voting
    together with the holders of any other series of our preferred
    stock which has similar voting rights, will be entitled to vote
    for the election of two additional directors to serve on our
    board of directors until we pay all distributions which we owe
    on our preferred stock. In addition, the affirmative vote of the
    holders of at least two-thirds of the Series&#160;A Preferred
    Stock is required for us to authorize, create or increase
    capital shares ranking senior to the Series&#160;A Preferred
    Stock or to amend our Articles of Incorporation in a manner that
    materially and adversely affects the rights of the holders of
    the Series&#160;A Preferred Stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Listing</TD>
    <TD></TD>
    <TD valign="bottom">
    Our Series&#160;A Preferred Stock is listed on the NYSE under
    the symbol &#147;CDR PrA&#148;.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Restrictions on Ownership and Transfer</TD>
    <TD></TD>
    <TD valign="bottom">
    Our Articles of Incorporation provide that no person or entity
    may beneficially own, or be deemed to own by virtue of the
    applicable constructive ownership provisions of the Internal
    Revenue Code of 1986, as amended, or the Code, more than 9.9% of
    the outstanding shares of our common stock. The
    Articles&#160;Supplementary relating to the Series&#160;A
    Preferred Stock, or the Articles&#160;Supplementary, provide
    that the 9.9% ownership limitation applies to ownership of our
    Series&#160;A </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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    <BR>
    S-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: 87%; margin-left: 6%"><!-- 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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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Preferred Stock as a separate class. Our board of directors, in
    its sole discretion, is able to waive the 9.9% ownership limit
    under certain circumstances.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    We may prevent any proposed transfer of our capital shares,
    including the Series&#160;A Preferred Stock, which would
    jeopardize our status as a REIT and may repurchase any shares
    necessary to maintain our REIT status. We have the right to
    purchase any shares, including the Series&#160;A Preferred
    Stock, or refuse to transfer or issue shares to a person whose
    acquisition of shares would result in ownership in excess of the
    9.9% limit. Any transfer of shares that would result in our
    disqualification as a REIT or in a person exceeding this
    ownership limit which is not waived by us is deemed void.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Conversion</TD>
    <TD></TD>
    <TD valign="bottom">
    The Series&#160;A Preferred Stock is not convertible into or
    exchangeable for any other securities or property.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We estimate that our net proceeds from this offering, after
    expenses, will be approximately $67.1&#160;million. We will
    contribute the net proceeds from this offering to our operating
    partnership in exchange for preferred units of limited partner
    interest in our operating partnership that have substantially
    identical economic terms as the Series&#160;A Preferred Stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Our operating partnership presently intends to use all the net
    proceeds from this offering to repay amounts outstanding on our
    secured revolving stabilized property credit facility. After
    repayment, we expect to borrow from time to time under this
    facility to provide funds for the acquisition of additional
    properties, including our share of the purchase price of the
    joint venture acquisitions described above under
    &#147;&#160;&#151; Recent Developments&#148;, redevelopment or
    development of existing or new properties and for general
    working capital and other corporate purposes.</TD>
</TR>

</TABLE>

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

</DIV>
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    <BR>
    S-4
</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: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>An investment in our Series&#160;A Preferred Stock involves a
    number of risks. Before making an investment decision to
    purchase our Series&#160;A Preferred Stock, you should carefully
    consider all of the risks described below, the risks described
    under &#147;Risk Factors&#148; beginning on page&#160;3 of the
    accompanying prospectus and the risks described in the reports
    we file with the SEC pursuant to the Securities Exchange Act of
    1934, as amended, or Securities Exchange Act of 1934,
    incorporated by reference herein, as well as the other
    information contained in, or incorporated by reference into,
    this prospectus supplement or the accompanying prospectus. If
    any of these risks actually occurs, our business, financial
    condition and results of operations could be materially
    adversely affected. If this were to occur, the value of our
    Series&#160;A Preferred Stock could decline significantly and
    you may lose all or part of your investment.</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: Arial, Helvetica">Listing on the
    NYSE does not guarantee a market for our 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although the Series&#160;A Preferred Stock is listed on the
    NYSE, an active and liquid trading market to sell the
    Series&#160;A Preferred Stock may not be sustained or developed.
    The trading market for the existing Series&#160;A Preferred
    Stock is not liquid and there can be no assurance that this
    issuance of additional shares of Series&#160;A Preferred Stock
    will increase that liquidity. Since the Series&#160;A Preferred
    Stock has no maturity date, investors seeking liquidity may be
    limited to selling their shares of Series&#160;A Preferred Stock
    in the secondary market. If an active trading market is not
    developed, the market price and liquidity of the Series&#160;A
    Preferred Stock may be adversely affected. Even if an active
    public market does develop, we cannot guarantee that the market
    price for the Series&#160;A Preferred Stock will equal or exceed
    the price you pay for your shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The trading price of our Series&#160;A Preferred Stock may
    depend on many factors, including:
</DIV>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prevailing 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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the market for similar securities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our history of paying dividends on the Series&#160;A 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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional issuances of other series or classes 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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic and market conditions;&#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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our financial condition, performance and prospects.
</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Because the shares of Series&#160;A Preferred Stock carry a
    fixed dividend rate, their value in the secondary market will be
    influenced by changes in interest rates and will tend to move
    inversely to such changes.
</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: Arial, Helvetica">The Series&#160;A
    Preferred Stock is subordinated to existing and future
    debt.</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As of June&#160;30, 2010, our total indebtedness was
    approximately $860.8&#160;million, and we may incur additional
    debt to acquire additional properties, redevelop or develop
    existing or new properties or for other corporate purposes.
    Substantially all of our properties serve as collateral for our
    indebtedness. Payment of amounts due on our Series&#160;A
    Preferred Stock will be subordinated to all of our existing and
    future debt and will be structurally subordinated to the payment
    of dividends on preferred stock, if any, issued by subsidiaries
    of our operating partnership. In addition, we may issue
    additional Series&#160;A Preferred Stock
    <FONT style="white-space: nowrap">and/or</FONT>
    shares of another class or series of preferred stock ranking on
    a parity with the Series&#160;A Preferred Stock with respect to
    the payment of distributions and the distribution of assets upon
    liquidation, dissolution or winding up. These factors may affect
    the trading price of the Series&#160;A Preferred Stock.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; 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: 87%; margin-left: 6%"><!-- 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: Arial, Helvetica">The Series&#160;A
    Preferred Stock has not been rated.</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have not sought to obtain a rating for the Series&#160;A
    Preferred Stock. No assurance can be given, however, that one or
    more rating agencies might not independently determine to issue
    such a rating or that such a rating, if issued, would not
    adversely affect the market price of our Series&#160;A Preferred
    Stock. In addition, we may elect in the future to obtain a
    rating of our Series&#160;A Preferred Stock, which could
    adversely impact the market price of our Series&#160;A Preferred
    Stock. Ratings only reflect the views of the rating agency or
    agencies issuing the ratings and such ratings could be revised
    downward or withdrawn entirely at the discretion of the issuing
    rating agency if in its judgment circumstances so warrant. Any
    such downward revision or withdrawal of a rating could have an
    adverse effect on the market price of our Series&#160;A
    Preferred Stock.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We estimate that the net proceeds from this offering, after
    deducting the underwriting discount and other offering expenses,
    will be approximately $67.1&#160;million. We will contribute the
    net proceeds from this offering to our operating partnership in
    exchange for preferred units of limited partner interest in our
    operating partnership that have substantially identical economic
    terms as the Series&#160;A Preferred Stock. Our operating
    partnership presently intends to use all the net proceeds from
    this offering to repay amounts outstanding under our secured
    revolving stabilized property credit facility. We have a
    $285&#160;million secured revolving stabilized property credit
    facility with Bank of America, N.A. (as agent) and several other
    banks, pursuant to which we have pledged certain of our shopping
    center properties as collateral for borrowings thereunder. This
    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. This facility has an
    accordion feature permitting expansion to $400&#160;million,
    subject to collateral and lending commitments. Borrowings
    outstanding under this facility aggregated approximately
    $81.8&#160;million at June&#160;30, 2010, and such borrowings
    bore interest at a rate of 5.5% per annum. Borrowings under this
    facility bear interest at LIBOR, plus 350&#160;basis points
    (&#147;bps&#148;), with a 200&#160;bps LIBOR floor. This
    facility also requires an unused portion fee of 50&#160;bps.
    This 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 facility to provide funds for the
    acquisition of additional properties, including our share of the
    purchase price of the joint venture acquisitions described above
    under &#147;Summary&#160;&#151; Recent Developments&#148;,
    redevelopment or development of existing or new properties and
    for general working capital and other corporate purposes.
</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: Arial, Helvetica">RATIOS OF
    EARNINGS TO COMBINED FIXED CHARGES<BR>
    AND PREFERRED STOCK DIVIDENDS</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table sets forth our consolidated ratios of
    earnings to combined fixed charges and preferred stock dividend
    requirements for the periods shown.
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&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 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 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">
    <B>Six Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</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">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</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">
    <B>June&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</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">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2010</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2009</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2008</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2007</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2006</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2005</B>
</DIV>
</TD>
<TD>
&nbsp;
</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">
    Ratio of earnings to combined fixed charges and preferred stock
    dividend requirements(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.79x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.54x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.08x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.22x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.09x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.13x
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>



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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    For the purpose of calculating the ratio of earnings to fixed
    charges and preferred stock dividend requirements,
    &#147;earnings&#148; consist of income from continuing
    operations before income taxes plus </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; 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 -->

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;fixed charges&#148; and certain other adjustments.
    &#147;Fixed charges&#148; consist of interest incurred on all
    indebtedness related to continuing operations.</TD>
</TR>

</TABLE>

<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: Arial, Helvetica">DESCRIPTION OF
    THE SERIES&#160;A PREFERRED STOCK</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This description of the Series&#160;A Preferred Stock
    supplements the description of the general terms and provisions
    of our preferred stock in the accompanying prospectus and to the
    extent inconsistent herewith, the description of the
    Series&#160;A Preferred Stock contained herein supersedes the
    description therein. You should consult that general description
    for further information.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The summary is not complete and is qualified in its entirety by
    reference to our Articles of Incorporation and the
    Articles&#160;Supplementary, as amended or supplemented, which
    are available from us.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are currently authorized to issue up to
    12,500,000&#160;shares of preferred stock in one or more series.
    Each series of our preferred stock will have the designations,
    powers, preferences, rights, qualifications, limitations or
    restrictions as Maryland law and our Articles of Incorporation
    permit and our board of directors determines by adoption of
    applicable articles supplementary to our Articles of
    Incorporation. Prior to this offering, 3,550,000&#160;shares of
    our preferred stock are issued and outstanding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Prior to completing this offering, we will file the
    Articles&#160;Supplementary to increase the number of authorized
    shares of Series&#160;A Preferred Stock from
    3,550,000&#160;shares to 6,400,000 shares. You may obtain a
    complete copy of the Articles&#160;Supplementary by contacting
    us or from the SEC as described under &#147;Where You Can Find
    More Information&#148;. Our board of directors may authorize the
    issuance of additional shares of Series&#160;A Preferred Stock
    from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The transfer agent, registrar and distribution disbursing agent
    for the Series&#160;A Preferred Stock is American Stock
    Transfer&#160;&#038; Trust&#160;Company LLC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our 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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Holders of the Series&#160;A Preferred Stock are entitled to
    receive, when and as declared by our board of directors, out of
    funds legally available for the payment of distributions,
    cumulative cash distributions at the rate of
    8<SUP style="font-size: 85%; vertical-align: top">7</SUP>/8% of

    the liquidation preference per annum. Distributions on the
    Series&#160;A Preferred Stock are cumulative, payable quarterly
    in arrears on the 20th&#160;day of each February, May, August
    and November or, if not a business day, the next business day.
    The next quarterly distribution payment on the Series&#160;A
    Preferred Stock of $.5546875 per share is scheduled for
    August&#160;20, 2010 to holders of record of shares of
    Series&#160;A Preferred Stock at the close of business on
    August&#160;10, 2010. Since the record date has passed,
    purchasers of shares of Series&#160;A Preferred Stock in this
    offering will not be entitled to receive that distribution
    payment. Distributions payable on the Series&#160;A Preferred
    Stock for any partial period will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months. We will pay distributions to holders of record as they
    appear in our stock transfer books at the close of business on
    the applicable record date designated by our board of directors
    for the payment of distributions that is not more than 60 nor
    less than 10&#160;days prior to the distribution 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will not authorize or pay any distributions on the
    Series&#160;A Preferred Stock or set aside funds for the payment
    of distributions if restricted or prohibited by law, or if the
    terms of any of our agreements, including agreements relating to
    our indebtedness or our other series of preferred shares,
    prohibit that authorization, payment or setting aside of funds
    or provide that the authorization, payment or setting aside of
    funds is a breach of or a default under that agreement. We are,
    and may in the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; 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 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    future become, a party to agreements which restrict or prevent
    the payment of distributions on, or the purchase or redemption
    of, shares. These restrictions may include indirect covenants
    which require us to maintain specified levels of net worth or
    assets. We do not believe that these restrictions currently have
    any adverse impact on our ability to pay distributions on the
    Series&#160;A 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, distributions on the
    Series&#160;A Preferred Stock will accrue whether or not we have
    earnings, whether or not there are funds legally available for
    the payment of distributions and whether or not distributions
    are declared by the board of directors. Accrued but unpaid
    distributions on the Series&#160;A Preferred Stock will not bear
    interest, and holders of the Series&#160;A Preferred Stock will
    not be entitled to any distributions in excess of full
    cumulative distributions as described above. All of our
    distributions on the Series&#160;A Preferred Stock, including
    any capital gain distributions, will be credited first to the
    earliest accrued and unpaid distribution due.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will not declare or pay any distributions (other than
    distributions in kind on our common stock or other shares that
    rank junior to the Series&#160;A Preferred Stock), or set aside
    any funds for the payment of distributions, on common stock or
    other shares that rank junior to or on a parity with the
    Series&#160;A Preferred Stock, or redeem or otherwise acquire
    common stock or other shares that rank junior to or on a parity
    with the Series&#160;A Preferred Stock (except by conversion
    into or exchange for common stock or other shares ranking junior
    to the Series&#160;A Preferred Stock), unless we also have
    declared and either paid or set aside for payment the full
    cumulative distributions on the Series&#160;A Preferred Stock,
    for the current and all past distribution periods (other than
    pro rata distributions on preferred stock ranking on a parity as
    to distributions with the Series&#160;A Preferred Stock). This
    restriction will not limit our redemption or other acquisition
    of shares for the purposes of enforcing restrictions upon
    ownership and transfer of our equity securities contained in our
    Articles of Incorporation or for the purpose of preserving our
    status as a REIT.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will not authorize the full cumulative distributions on any
    shares of preferred stock unless we have authorized those
    distributions as are accrued on all of our outstanding shares of
    preferred stock which are of parity series. If we do not declare
    and either pay or set aside for payment the full cumulative
    distributions on the Series&#160;A Preferred Stock and all
    shares that rank on a parity with the Series&#160;A Preferred
    Stock, the amount which we have declared will be allocated pro
    rata to the Series&#160;A Preferred Stock and to each parity
    series of stock, so that the amount declared for each share of
    Series&#160;A Preferred Stock and for each share of each parity
    series is proportionate to the accrued and unpaid distributions
    on those 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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may redeem the Series&#160;A Preferred Stock at our option
    upon not less than 30 nor more than 60&#160;days written notice,
    in whole or in part, at any time or from time to time, at a
    redemption price of $25.00 per share, plus all accrued and
    unpaid distributions through the date fixed for redemption.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may give notice of redemption by mail to each holder of
    record of Series&#160;A Preferred Stock at the address shown on
    our stock transfer books. A failure to give notice of redemption
    or any defect in the notice or in its mailing will not affect
    the validity of the redemption of any share of Series&#160;A
    Preferred Stock except as to the holder to whom notice was
    defective. Each notice will state the following:
</DIV>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption date;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the redemption price;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares of Series&#160;A Preferred Stock to be
    redeemed;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place where the certificates for the Series&#160;A Preferred
    Stock are to be surrendered for payment;&#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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that distributions on the shares to be redeemed will cease to
    accrue on the redemption date.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    S-8
</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>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we redeem fewer than all of the shares of Series&#160;A
    Preferred Stock, the notice of redemption mailed to each
    stockholder will also specify the number of shares of
    Series&#160;A Preferred Stock that we will redeem from each
    stockholder. In this case, we will determine the number of
    shares of Series&#160;A Preferred Stock to be redeemed on a pro
    rata basis, by lot or by any other equitable method we may
    choose. Unless the full cumulative distributions on all shares
    of Series&#160;A Preferred Stock have been paid or set aside we
    generally may not redeem any Series&#160;A Preferred Stock
    unless we redeem all of the Series&#160;A Preferred Stock, or
    purchase or otherwise acquire any shares of Series&#160;A
    Preferred Stock or other equity securities ranking junior to or
    on a parity with the Series&#160;A Preferred Stock (except by
    conversion into or exchange for common stock or other shares
    ranking junior to the Series&#160;A Preferred Stock). This
    restriction will not limit our redemption or purchase of
    preferred stock for the purpose of enforcing restrictions upon
    ownership and transfer of our equity securities contained in our
    Articles of Incorporation, for the purpose of preserving our
    status as a REIT or pursuant to a purchase or exchange offer
    made on the same terms to all holders of the Series&#160;A
    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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we have given a notice of redemption and have set aside
    sufficient funds for the redemption in trust for the benefit of
    the holders of the shares of Series&#160;A Preferred Stock
    called for redemption, then, from and after the redemption date,
    those shares of Series&#160;A Preferred Stock will be treated as
    no longer outstanding, no further distributions will accrue and
    all other rights of the holders of those shares of Series&#160;A
    Preferred Stock will terminate. The holders of those shares of
    Series&#160;A Preferred Stock will retain their right to receive
    the redemption price for their shares and any accrued and unpaid
    distributions through the redemption date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The holders of shares of Series&#160;A Preferred Stock at the
    close of business on a distribution record date will be entitled
    to receive the distribution payable with respect to the
    Series&#160;A Preferred Stock on the corresponding payment date
    notwithstanding the redemption of the Series&#160;A Preferred
    Stock between such record date and the corresponding payment
    date. Except as provided above, we will make no payment or
    allowance for unpaid distributions, whether or not in arrears,
    on Series&#160;A Preferred Stock to be redeemed.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Series&#160;A Preferred Stock has no stated maturity and
    will not be subject to any sinking fund or mandatory redemption
    provisions, except as provided under
    &#147;&#151;&#160;Restrictions on Ownership and Transfer&#148;
    below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to applicable law, we may purchase Series&#160;A
    Preferred Stock in the open market, by tender or by private
    agreement. Any Series&#160;A Preferred Stock that we reacquire
    will be returned to the status of authorized but unissued
    Series&#160;A Preferred Stock, unless determined otherwise by
    our board of directors.
</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: Arial, Helvetica">Liquidation
    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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon any voluntary or involuntary liquidation, dissolution or
    winding up of our affairs, the holders of shares of
    Series&#160;A Preferred Stock are entitled to be paid out of our
    assets that are legally available for distribution to our
    stockholders the sum of (a)&#160;the liquidation preference of
    $25.00 per share and (b)&#160;an amount equal to any accrued and
    unpaid distributions (whether or not declared) to the date of
    payment, before any distribution of assets is made to holders of
    our common stock or any equity securities that we may issue that
    rank junior to the Series&#160;A Preferred Stock as to
    liquidation rights.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event that, upon any such voluntary or involuntary
    liquidation, dissolution or winding up, our available assets are
    insufficient to pay the amount of the liquidating distributions
    on all outstanding shares of Series&#160;A Preferred Stock and
    the corresponding amounts payable on all shares of other classes
    or series of our capital stock that we may issue ranking on a
    parity with the Series&#160;A Preferred Stock in the
    distribution of assets, then the holders of the Series&#160;A
    Preferred Stock and all other such classes or series of capital
    stock shall share ratably in any such distribution of assets in
    proportion to the full liquidating distributions to which they
    would otherwise be respectively entitled.
</DIV>
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    <BR>
    S-9
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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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Holders of Series&#160;A Preferred Stock will be entitled to
    written notice of any such liquidation. After payment of the
    full amount of the liquidating distributions to which they are
    entitled, the holders of Series&#160;A Preferred Stock will have
    no right or claim to any of our remaining assets. Our
    consolidation or merger with or into any other corporation,
    trust or entity or of any other corporation with or into us, or
    the sale, lease or conveyance of all or substantially all of our
    assets 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: Arial, Helvetica">Ranking</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Series&#160;A Preferred Stock will rank senior to our common
    stock and to any other of our equity securities that by their
    terms rank junior to the Series&#160;A Preferred Stock with
    respect to payments of distributions or rights upon our
    liquidation, dissolution or winding up. The Series&#160;A
    Preferred Stock will rank on a parity with any other equity
    securities that we may later authorize or issue and that by
    their terms are on a parity with the Series&#160;A Preferred
    Stock. The Series&#160;A Preferred Stock will rank junior to any
    equity securities that we may later authorize or issue and that
    by their terms rank senior to the Series&#160;A Preferred Stock.
    Any convertible debt securities that we may issue are not
    considered to be equity securities for these purposes. The
    Series&#160;A Preferred Stock offered hereby will rank equally
    and form a single series with our outstanding
    8<SUP style="font-size: 85%; vertical-align: top">7</SUP>/8%

    Series&#160;A Cumulative Redeemable 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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Holders of Series&#160;A Preferred Stock will have no voting
    rights, except as follows:
</DIV>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If distributions on our preferred stock are due for six or more
    consecutive quarterly periods and remain unpaid, holders of the
    Series&#160;A Preferred Stock, voting together with all other
    equity securities which have similar voting rights, will be
    entitled to vote for the election of two additional directors to
    serve on our board of directors until all distribution
    arrearages have been paid.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    In addition, the affirmative vote of the holders of at least
    two-thirds of the Series&#160;A Preferred Stock is required for
    us to authorize, create or increase our capital shares ranking
    senior to the outstanding Series&#160;A Preferred Stock or to
    amend our Articles of Incorporation, including the
    Articles&#160;Supplementary, in a manner that may materially and
    adversely affect the rights of the holders of the Series&#160;A
    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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In any matter in which the holders of the Series&#160;A
    Preferred Stock are entitled to vote, each share of
    Series&#160;A Preferred Stock will be entitled to one vote. If
    the holders of the Series&#160;A Preferred Stock and another
    series of preferred stock are entitled to vote together as a
    single class on any matter, the Series&#160;A Preferred Stock
    and the shares of the other series will have one vote for each
    $25.00 of liquidation preference.
</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: Arial, Helvetica">Restrictions on
    Ownership and Transfer</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Articles&#160;Supplementary provide that no person or entity
    may beneficially own, or be deemed to own by virtue of the
    applicable constructive ownership provisions of the Code, more
    than 9.9% of the outstanding shares of Series&#160;A 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our board of directors may (i)&#160;elect to purchase any shares
    owned by a person or group of affiliated persons in excess of
    the ownership limitations or (ii)&#160;refuse to transfer or
    issue shares to a person if an acquisition of shares by such
    person or group would result in such person or group exceeding
    these ownership limits.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may prevent any proposed transfer of our capital shares,
    including the Series&#160;A Preferred Stock, which would
    jeopardize our status as a REIT and may repurchase or redeem any
    shares necessary to maintain our REIT status.
</DIV>
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    <BR>
    S-10
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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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any transfer of shares that would result in a person or group
    exceeding ownership limits or result in our disqualification as
    a REIT is deemed void as of the date of such transfer and would
    be subject to excess share provisions set forth in our Articles
    of Incorporation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our board of directors has the right to waive ownership
    limitations and excess share provisions of our Articles of
    Incorporation and the Articles&#160;Supplementary.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Series&#160;A Preferred Stock is not convertible into, or
    exchangeable for, any property or other securities.
</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: Arial, Helvetica">FEDERAL INCOME
    TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<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: Arial, Helvetica">CIRCULAR 230
    DISCLOSURE</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE UNITED
    STATES TREASURY DEPARTMENT, WE INFORM YOU THAT (A)&#160;ANY TAX
    ADVICE CONTAINED HEREIN (INCLUDING ANY ATTACHMENTS OR
    ENCLOSURES) IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE
    USED, FOR THE PURPOSE OF AVOIDING TAX PENALTIES UNDER THE CODE,
    (B)&#160;THE ADVICE IS WRITTEN TO SUPPORT THE PROMOTION OR
    MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED HEREIN AND
    (C)&#160;EACH INVESTOR OR POTENTIAL INVESTOR SHOULD SEEK ADVICE
    BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX
    ADVISOR.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following summary of certain federal income tax
    considerations is based on current law, is for general
    information only, and is not tax advice. This discussion does
    not purport to address all aspects of taxation that may be
    relevant to particular stockholders in light of their personal
    investment or tax circumstances, or to certain types of
    stockholders (including, without limitation, insurance
    companies, tax-exempt organizations, financial institutions and
    broker dealers, subject to special treatment under the federal
    income tax laws). In addition, this discussion does not address
    the tax consequences applicable to stockholders that are not
    &#147;U.S.&#160;holders&#148;. For this purpose, a
    &#147;U.S.&#160;holder&#148; is a holder of our Series&#160;A
    Preferred Stock that, for federal income tax purposes, is:
    (i)&#160;a citizen or resident of the United States; (ii)&#160;a
    corporation (including an entity treated as a corporation for
    federal income tax purposes) created or organized under the laws
    of the United States, any of its States or the District of
    Columbia; (iii)&#160;an estate whose income is subject to
    federal income taxation regardless of its source; or
    (iv)&#160;any trust if (a)&#160;a U.S.&#160;court is able to
    exercise primary supervision over the administration of such
    trust and one or more U.S.&#160;persons have the authority to
    control all substantial decisions of the trust or (b)&#160;it
    has a valid election in place to be treated as a
    U.S.&#160;person. If a partnership, entity or arrangement
    treated as a partnership for federal income tax purposes holds
    our Series&#160;A Preferred Stock, the federal income tax
    treatment of a partner in the partnership will generally depend
    on the status of the partner and the activities of the
    partnership. If you are a partner in a partnership holding our
    Series&#160;A Preferred Stock, you should consult your tax
    advisor regarding the consequences of the purchase, ownership
    and disposition of our Series&#160;A Preferred Stock by the
    partnership.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    EACH PROSPECTIVE PURCHASER SHOULD CONSULT WITH ITS TAX ADVISOR
    REGARDING THE SPECIFIC TAX CONSEQUENCES OF THE PURCHASE,
    OWNERSHIP AND SALE OF THE SERIES&#160;A PREFERRED STOCK AND OF
    THE COMPANY&#146;S ELECTION TO BE TAXED AS A REIT, INCLUDING THE
    FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX
    CONSEQUENCES OF SUCH PURCHASE, OWNERSHIP, SALE AND ELECTION, AND
    OF POTENTIAL CHANGES IN APPLICABLE TAX LAWS, SOME OF WHICH MAY
    APPLY RETROACTIVELY.
</DIV>
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    <BR>
    S-11
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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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have elected to be taxed as a REIT, commencing with the
    taxable year ended December&#160;31, 1986. We believe that we
    have operated in such a manner as to qualify for taxation as a
    REIT, and intend to continue to operate in such a manner.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At the closing of this offering we expect to receive an opinion
    of Stroock&#160;&#038; Stroock&#160;&#038; Lavan LLP to the
    effect that we are organized in conformity with the requirements
    for qualification as a REIT under the Code, and that our method
    of operation will enable us to meet the requirements for
    qualification and taxation as a REIT. It must be emphasized that
    the opinion of Stroock&#160;&#038; Stroock&#160;&#038; Lavan LLP
    is based on various assumptions relating to our organization and
    operation, and is conditioned upon representations and covenants
    made by our management regarding our organization, income,
    assets, and the past, present and future conduct of our business
    operations. While we intend to operate so that we will qualify
    as a REIT, given the highly complex nature of the rules
    governing REITs, the ongoing importance of factual
    determinations, and the possibility of future changes in our
    circumstances, no assurance can be given by Stroock&#160;&#038;
    Stroock&#160;&#038; Lavan LLP or us that we will so qualify for
    any particular year. The opinion is expressed as of the date
    issued, and does not cover subsequent periods. Counsel will have
    no obligation to advise us or the holders of the Series&#160;A
    Preferred Stock of any subsequent change in the matters stated,
    represented or assumed, or of any subsequent change in the
    applicable law. You should be aware that opinions of counsel are
    not binding on the Internal Revenue Service, or the IRS, or the
    courts, and no assurance can be given that the IRS will not
    challenge the conclusions set forth in such opinions or that a
    court would not sustain such a challenge.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Qualification and taxation as a REIT depends on our ability to
    meet on a continuing basis various qualification requirements
    imposed upon REITs by the Code, the compliance with which will
    not be reviewed by Stroock&#160;&#038; Stroock&#160;&#038; Lavan
    LLP. In addition, our ability to qualify as a REIT depends in
    part upon the operating results, organizational structure and
    entity classification for federal income tax purposes of certain
    affiliated entities, the status of which may not have been
    reviewed by Stroock&#160;&#038; Stroock&#160;&#038; Lavan LLP.
    Our ability to qualify as a REIT also requires that we satisfy
    certain asset tests, some of which depend upon the fair market
    values of assets directly or indirectly owned by us. Such values
    may not be susceptible to a precise determination. Accordingly,
    no assurance can be given that the actual results of our
    operations for any taxable year satisfy such requirements for
    qualification and taxation as a REIT.
</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: Arial, Helvetica">Taxation of U.S.
    Holders on Distributions in Respect of 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions on the Series&#160;A Preferred Stock, including
    the distribution payable in November 2010, generally will be
    includable in your income as dividends to the extent the
    distributions do not exceed our allocable current or accumulated
    earnings and profits, with a portion of these dividends possibly
    treated as capital gain dividends as explained below, but with
    no portion of these dividends eligible for either the dividends
    received deduction for corporate stockholders or, except in
    limited circumstances, the 15% maximum rate applicable to
    dividends received by non-corporate taxpayers. As a result,
    except as discussed below regarding capital gain dividends, our
    ordinary dividends will be taxed at the higher tax rate
    applicable to ordinary income, which currently is a maximum rate
    of 35.0%.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions in excess of our allocable current or accumulated
    earnings and profits generally will be treated for federal
    income tax purposes as a return of capital to the extent of your
    basis in the Series&#160;A Preferred Stock, which will be
    reduced by this distribution, and thereafter, as gain from the
    sale or exchange of the Series&#160;A Preferred Stock. In
    determining the extent to which a distribution on the
    Series&#160;A Preferred Stock constitutes a dividend for federal
    income tax purposes, our current or accumulated earnings and
    profits will generally be allocated first to distributions with
    respect to the Series&#160;A Preferred Stock along with any
    other class of preferred stock we have outstanding, and
    thereafter to distributions with respect to our common stock.
</DIV>
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    <BR>
    S-12
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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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If for any taxable year we elect to designate as &#147;capital
    gain dividends&#148;, as defined in Section&#160;857 of the
    Code, any portion of the dividends paid for the year to holders
    of all classes of our shares, then the portion of dividends
    designated as capital gain dividends that will be allocable to
    the Series&#160;A Preferred Stock will be equal to the total
    capital gain dividends multiplied by a fraction, the numerator
    of which will be the total dividends paid on the Series&#160;A
    Preferred Stock for that taxable year, and the denominator of
    which shall be the total dividends paid on all classes of our
    shares (including the Series&#160;A Preferred Stock) for that
    taxable year. A U.S.&#160;holder generally will take into
    account distributions that we designate as capital gain
    dividends as long term capital gain without regard to the period
    for which the U.S.&#160;holder has held our capital shares. A
    corporate U.S.&#160;holder may, however, be required to treat up
    to 20% of certain capital gain dividends as ordinary income.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For taxable years beginning after December&#160;31, 2012,
    certain U.S.&#160;holders who are individuals, estates or trusts
    and whose income exceeds certain thresholds will be required to
    pay a 3.8% Medicare tax. The Medicare tax will apply to, among
    other things, dividends and other income derived from certain
    trades or business and net gains from the sale or other
    disposition of property, such as our capital shares, subject to
    certain exceptions. Our dividends and any gain from the
    disposition of our capital shares generally will be the type of
    gain that is subject to the Medicare tax.
</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: Arial, Helvetica">Taxation of U.S.
    Holders on Redemption of 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A redemption of your Series&#160;A Preferred Stock will be
    treated under Section&#160;302 of the Code as a distribution and
    hence taxable as a dividend to the extent of our current or
    accumulated earnings and profits, unless the redemption
    satisfies one of the tests set forth in Section&#160;302(b) of
    the Code and is therefore treated as a sale or exchange of the
    redeemed shares. The redemption will be treated as a sale or
    exchange if it (1)&#160;is &#147;substantially
    disproportionate&#148; with respect to your ownership in us,
    (2)&#160;results in a &#147;complete termination&#148; of your
    common and preferred stock interest in us, or (3)&#160;is
    &#147;not essentially equivalent to a dividend&#148; with
    respect to you, all within the meaning of Section&#160;302(b) of
    the Code. In determining whether any of these tests has been
    met, you must generally take into account our common and
    preferred stock considered to be owned by you by reason of
    constructive ownership rules set forth in the Code, as well as
    our common and preferred stock actually owned by you. If you
    actually or constructively own none or a small percentage of our
    common stock, a redemption of your Series&#160;A Preferred Stock
    is likely to qualify for sale or exchange treatment because the
    redemption would not be &#147;essentially equivalent to a
    dividend&#148; as defined by the Code. However, because the
    determination as to whether you will satisfy any of the tests of
    Section&#160;302(b) of the Code depends upon the facts and
    circumstances at the time that your Series&#160;A Preferred
    Stock is redeemed, you are advised to consult your own tax
    advisor to determine your particular tax treatment.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under Section&#160;305 of the Code, preferred stock that may be
    redeemed at a price higher than its issue price may have this
    &#147;redemption premium&#148; treated as a constructive
    distribution. Under applicable Treasury Regulations,
    constructive dividend treatment is required in the case of
    callable preferred stock only if, based on all of the facts and
    circumstances as of the issue date, redemption pursuant to this
    call right is more likely than not to occur. Even if this
    redemption is more likely than not to occur, constructive
    dividend treatment is not required if the redemption premium is
    solely in the nature of a penalty for premature redemption;
    i.e., it is a premium paid as a result of changes in economic
    conditions over which neither we nor you have control. The
    Treasury Regulations also provide a safe harbor pursuant to
    which an issuer&#146;s right to redeem will not be treated as
    more likely than not to occur. While there can be no assurance
    in this regard, we believe that constructive dividend treatment
    of the redemption premium on the Series&#160;A Preferred Stock
    which results from accrued but unpaid distributions, if any,
    should not be required.
</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: Arial, Helvetica">Taxation of U.S.
    Holders on Disposition of 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If you sell your Series&#160;A Preferred Stock, you will
    recognize gain or loss in an amount equal to the difference
    between the amount you receive in exchange for the Series&#160;A
    Preferred Stock and your
</DIV>
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    <BR>
    S-13
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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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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    basis in the Series&#160;A Preferred Stock sold. Any such gain
    or loss generally will be long-term capital gain or loss if you
    have held the Series&#160;A Preferred Stock for more than one
    year.
</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><I><FONT style="font-family: Arial, Helvetica">Capital Gains
    and Losses</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The highest marginal individual income tax rate currently is 35%
    (which rate will apply for the period through December&#160;31,
    2010). The maximum tax rate on long term capital gain applicable
    to U.S.&#160;holders taxed at individual rates is 15% for sales
    and exchanges of assets held for more than one year occurring
    through December&#160;31, 2010 (and 20% thereafter). The maximum
    tax rate on long term capital gain from the sale or exchange of
    &#147;section&#160;1250 property&#148;, or depreciable real
    property, is 25% to the extent that such gain would have been
    treated as ordinary income if the property were
    &#147;section&#160;1245 property&#148;. With respect to
    distributions that we designate as capital gain dividends, we
    will designate whether such a distribution is taxable to
    U.S.&#160;holders taxed at individual rates at a 15% (20% after
    December&#160;31, 2010)&#160;or 25% rate. Thus, the tax rate
    differential between capital gain and ordinary income for those
    taxpayers may be significant. In addition, the characterization
    of income as capital gain or ordinary income may affect the
    deductibility of capital losses. A non-corporate taxpayer may
    deduct capital losses not offset by capital gains against its
    ordinary income only up to a maximum annual amount of $3,000. A
    non-corporate taxpayer may carry forward unused capital losses
    indefinitely. A corporate taxpayer must pay tax on its net
    capital gain at ordinary corporate rates. A corporate taxpayer
    may deduct capital losses only to the extent of capital gains,
    with unused losses being carried back three years and forward
    five years.
</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><I><FONT style="font-family: Arial, Helvetica">Information
    Reporting Requirements and Withholding</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will report to U.S.&#160;holders and to the IRS the amount of
    distributions we pay during each calendar year, and the amount
    of tax we withhold, if any. Under the backup withholding rules,
    a U.S.&#160;holder may be subject to backup withholding at a
    rate of 28% with respect to distributions unless such holder:
</DIV>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is a corporation (for payments before January&#160;1,
    2012)&#160;or comes within certain other exempt categories and,
    when required, demonstrates this fact;&#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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provides a taxpayer identification number, certifies as to no
    loss of exemption from backup withholding, and otherwise
    complies with the applicable requirements of the backup
    withholding rules.
</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A U.S.&#160;holder who does not provide us with its correct
    taxpayer identification number also may be subject to penalties
    imposed by the IRS. Any amount paid as backup withholding will
    be creditable against the U.S.&#160;holder&#146;s income tax
    liability. U.S.&#160;holders that hold their Series&#160;A
    Preferred Stock through foreign accounts or intermediaries will
    be subject to U.S.&#160;withholding tax at a rate of 30% on
    dividends and proceeds of sale of our Series&#160;A Preferred
    Stock paid after December&#160;31, 2012 if certain disclosure
    requirements related to U.S.&#160;accounts are not satisfied. In
    addition, we may be required to withhold a portion of capital
    gain distributions to any U.S.&#160;holders who fail to certify
    their non-foreign status to us.
</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><I><FONT style="font-family: Arial, Helvetica">State, Local
    and Foreign Taxes</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We <FONT style="white-space: nowrap">and/or</FONT>
    our stockholders may be subject to taxation by various states,
    localities or foreign jurisdictions, including those in which we
    or a stockholder transacts business, owns property or resides.
    We own properties located in numerous jurisdictions and are
    required to file tax returns in some or all of those
    jurisdictions. The state, local and foreign tax treatment may
    differ from the federal income tax treatment described above.
    Consequently, stockholders should consult their tax advisors
    regarding the effect of state, local and foreign income and
    other tax laws upon an investment in our Series&#160;A Preferred
    Stock.
</DIV>
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    <BR>
    S-14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We and Goldman, Sachs &#038; Co., or the underwriter, have
    entered into an underwriting agreement with respect to the
    shares of Series&#160;A Preferred Stock being offered. Subject
    to certain conditions, the underwriter has agreed to purchase
    all of the 2,850,000&#160;shares of Series&#160;A Preferred
    Stock offered hereby.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter is committed to take and pay for all of the
    shares of Series&#160;A Preferred Stock being offered, if any
    are taken.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter is offering the Series&#160;A Preferred Stock,
    subject to prior sale, when, as and if issued to and accepted by
    it, subject to approval of legal matters by its counsel,
    including the validity of the Series&#160;A Preferred Stock, and
    other conditions contained in the underwriting agreement, such
    as the receipt by the underwriter of officers&#146; certificates
    and legal opinions. The underwriter reserves the right to
    withdraw, cancel or modify offers to the public and to reject
    orders in whole or in part.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table shows the per share and total underwriting
    discount to be paid to the underwriter by us.
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&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="10%" 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="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<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">
    0.8575
</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">
    2,443,875
</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: Arial, Helvetica; 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Shares of Series&#160;A Preferred Stock sold by the underwriter
    to the public will initially be offered at the initial public
    offering price set forth on the cover of this prospectus
    supplement. Any shares of Series&#160;A Preferred Stock sold by
    the underwriter to securities dealers may be sold at a discount
    of up to $0.343 per share from the initial public offering
    price. If all the shares of Series&#160;A Preferred Stock are
    not sold at the initial public offering price, the underwriter
    may change the 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have agreed with the underwriter not to offer, sell, contract
    to sell or otherwise dispose of any of our preferred stock or
    securities convertible into or exchangeable for preferred stock
    during the period from the date of this prospectus supplement
    continuing through the date 30&#160;days after the date of this
    prospectus supplement, except with the prior written consent of
    the underwriter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with this offering, the underwriter may purchase
    and sell shares of Series&#160;A Preferred Stock in the open
    market. These transactions may include short sales, stabilizing
    transactions and purchases to cover positions created by short
    sales. Shorts sales involve the sale by the underwriter of a
    greater number of shares of Series&#160;A Preferred Stock than
    it is required to purchase in this offering. The underwriter
    must close out any short position by purchasing shares of
    Series&#160;A Preferred Stock in the open market. A short
    position is more likely to be created if the underwriter is
    concerned that there may be downward pressure on the price of
    the Series&#160;A Preferred Stock in the open market after
    pricing that could adversely affect investors who purchase in
    this offering. Stabilizing transactions consist of various bids
    for or purchases of Series&#160;A Preferred Stock made by the
    underwriter in the open market prior to the completion 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Purchases to cover a short position and stabilizing
    transactions, as well as other purchases by the underwriter for
    its own account, may have the effect of preventing or retarding
    a decline in the market price of the Series&#160;A Preferred
    Stock, and may stabilize, maintain or otherwise affect the
    market price of the Series&#160;A Preferred Stock. As a result,
    the price of the Series&#160;A Preferred Stock may be higher
    than the price that otherwise might exist in the open market. If
    these activities are commenced, they may be discontinued at any
    time. These transactions may be effected on the NYSE, in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market or otherwise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We estimate that the total expenses of this offering, excluding
    the underwriting discount, will be approximately $250,000.
</DIV>
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    <BR>
    S-15
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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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the underwriter against certain
    liabilities, including liabilities under the Securities Act of
    1933.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter and its affiliates are full service financial
    institutions engaged in various activities, which may include
    securities trading, commercial and investment banking, financial
    advisory, investment management, investment research, principal
    investment, hedging, financing and brokerage activities. The
    underwriter and its affiliates have, from time to time,
    performed, and may in the future perform, various financial
    advisory and investment banking services for us, for which they
    received or will receive customary fees and expenses. The
    underwriter acted as our exclusive financial advisor in
    connection with the establishment of our RioCan joint venture
    and related property acquisitions in October 2009, for which it
    received, and may in the future receive, certain customary,
    negotiated fees. In addition, we currently anticipate that the
    underwriter will provide the financing that we anticipate
    obtaining on the six properties expected to be acquired by our
    RioCan joint venture from PREIT, as described above under
    &#147;Summary&#160;&#151; Recent Developments&#160;&#151;
    Additional Joint Venture Transactions&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the ordinary course of their various business activities, the
    underwriter and its affiliates may make or hold a broad array of
    investments and actively trade debt and equity securities (or
    related derivative securities) and financial instruments
    (including bank loans) for their own account and for the
    accounts of customers, and such investment and securities
    activities may involve our securities
    <FONT style="white-space: nowrap">and/or</FONT>
    instruments. The underwriter and its affiliates may also make
    investment recommendations
    <FONT style="white-space: nowrap">and/or</FONT>
    publish or express independent research views in respect of such
    securities or instruments and may at any time hold, or recommend
    to clients that they acquire, long
    <FONT style="white-space: nowrap">and/or</FONT> short
    positions in such securities and instruments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to deliver the shares of Series A Preferred Stock
    against payment therefor on August&#160;25, 2010, which will be
    the fifth business day following the date hereof. Under Rule
    15c6-1 of the Securities Exchange Act of 1934, trades in the
    secondary market generally are required to settle in three
    business days, unless the parties to any such trade expressly
    agree otherwise. Accordingly, purchasers who wish to trade the
    shares of Series A Preferred Stock on the date of this
    prospectus supplement or the next succeeding business day will
    be required, by virtue of the fact that the shares initially
    will settle in T+5, to specify an alternate settlement cycle at
    the time of any such trade to prevent a failed settlement and
    should consult their own adviser.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In relation to each Member State of the European Economic Area
    which has implemented the Prospectus Directive (each, a Relevant
    Member State), the underwriter has represented and agreed that
    with effect from and including the date on which the Prospectus
    Directive is implemented in that Relevant Member State (the
    Relevant Implementation Date) it has not made and will not make
    an offer of shares of Series&#160;A Preferred Stock to the
    public in that Relevant Member State prior to the publication of
    a prospectus in relation to the shares of Series&#160;A
    Preferred Stock which has been approved by the competent
    authority in that Relevant Member State or, where appropriate,
    approved in another Relevant Member State and notified to the
    competent authority in that Relevant Member State, all in
    accordance with the Prospectus Directive, except that it may,
    with effect from and including the Relevant Implementation Date,
    make an offer of shares of Series&#160;A Preferred Stock to the
    public in that Relevant Member State at any time:
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#160;to legal entities which are 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;
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;to any legal entity which 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;
</DIV>
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    <BR>
    S-16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (c)&#160;to fewer than 100 natural or legal persons (other than
    qualified investors as defined in the Prospectus
    Directive);&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (d)&#160;in any other circumstances which do not require the
    publication by us of 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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For the purposes of this provision, the expression an
    &#147;offer of shares to the public&#148; in relation to any
    shares of Series&#160;A Preferred Stock 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
    of Series&#160;A Preferred Stock to be offered so as to enable
    an investor to decide to purchase or subscribe for the shares of
    Series&#160;A Preferred Stock, as the same may be varied in that
    Relevant Member State by any measure implementing the Prospectus
    Directive in that Relevant Member State, and the expression
    Prospectus Directive means Directive 2003/71/EC and includes any
    relevant implementing measure in each Relevant Member State.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriter has represented and agreed that:
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (a)&#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 Financial Services
    and Markets Act 2000, or the FSMA) received by it in connection
    with the issue or sale of the shares of Series&#160;A Preferred
    Stock in circumstances in which Section&#160;21(1) of the FSMA
    does not apply to us;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (b)&#160;it has complied and will comply with all applicable
    provisions of the FSMA with respect to anything done by it in
    relation to the shares of Series&#160;A Preferred Stock in, from
    or otherwise involving the United Kingdom.
</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: Arial, Helvetica">Hong
    Kong</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The shares of Series&#160;A Preferred Stock may not be offered
    or sold by means of any document other than (i)&#160;in
    circumstances which do not constitute an offer to the public
    within the meaning of the Companies Ordinance (Cap. 32, Laws of
    Hong Kong), or (ii)&#160;to &#147;professional investors&#148;
    within the meaning of the Securities and Futures Ordinance (Cap.
    571, Laws of Hong Kong) and any rules made thereunder, or
    (iii)&#160;in other circumstances which do not result in the
    document being a &#147;prospectus&#148; within the meaning of
    the Companies Ordinance (Cap. 32, Laws of Hong Kong), and no
    advertisement, invitation or document relating to the shares of
    Series&#160;A Preferred Stock may be issued or may be in the
    possession of any person for the purpose of issue (in each case
    whether in Hong Kong or elsewhere), which is directed at, or the
    contents of which are likely to be accessed or read by, the
    public in Hong Kong (except if permitted to do so under the laws
    of Hong Kong) other than with respect to shares of Series&#160;A
    Preferred Stock which are or are intended to be disposed of only
    to persons outside Hong Kong or only to &#147;professional
    investors&#148; within the meaning of the Securities and Futures
    Ordinance (Cap. 571, Laws of Hong Kong) and any rules made
    thereunder.
</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: Arial, Helvetica">Singapore</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus supplement has not been registered as a
    prospectus with the Monetary Authority of Singapore.
    Accordingly, this prospectus and any other document or material
    in connection with the offer or sale, or invitation for
    subscription or purchase, of the shares of Series&#160;A
    Preferred Stock may not be circulated or distributed, nor may
    the shares of Series&#160;A Preferred Stock be offered or sold,
    or be made the subject of an invitation for subscription or
    purchase, whether directly or indirectly, to persons in
    Singapore other than (i)&#160;to an institutional investor under
    Section&#160;274 of the Securities and Futures Act,
    Chapter&#160;289 of Singapore, or the SFA, (ii)&#160;to a
    relevant person, or any person pursuant to Section&#160;275(1A),
    and in accordance with the conditions, specified in
    Section&#160;275
</DIV>
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    <BR>
    S-17
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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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    of the SFA or (iii)&#160;otherwise pursuant to, and in
    accordance with the conditions of, any other applicable
    provision of the SFA.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Where the shares of Series&#160;A Preferred Stock are subscribed
    or purchased under Section&#160;275 by a relevant person which
    is: (a)&#160;a corporation (which is not an accredited investor)
    the sole business of which is to hold investments and the entire
    share capital of which is owned by one or more individuals, each
    of whom is an accredited investor; or (b)&#160;a trust (where
    the trustee is not an accredited investor) whose sole purpose is
    to hold investments and each beneficiary is an accredited
    investor, shares, debentures and units of shares and debentures
    of that corporation or the beneficiaries&#146; rights and
    interest in that trust shall not be transferable for six months
    after that corporation or that trust has acquired the shares of
    Series&#160;A Preferred Stock under Section&#160;275 except:
    (1)&#160;to an institutional investor under Section&#160;274 of
    the SFA or to a relevant person, or any person pursuant to
    Section&#160;275(1A), and in accordance with the conditions,
    specified in Section&#160;275 of the SFA; (2)&#160;where no
    consideration is given for the transfer; or (3)&#160;by
    operation of law.
</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: Arial, Helvetica">Japan</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The shares of Series&#160;A Preferred Stock have not been and
    will not be registered under the Financial Instruments and
    Exchange Law of Japan (the Financial Instruments and Exchange
    Law) and the underwriter has agreed that it will not offer or
    sell any shares of Series&#160;A Preferred Stock, directly or
    indirectly, in Japan or to, or for the benefit of, any resident
    of Japan (which term as used herein means any person resident in
    Japan, including any corporation or other entity organized under
    the laws of Japan), or to others for re-offering or resale,
    directly or indirectly, in Japan or to a resident of Japan,
    except pursuant to an exemption from the registration
    requirements of, and otherwise in compliance with, the Financial
    Instruments and Exchange Law and any other applicable laws,
    regulations and ministerial guidelines of Japan.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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 underwriter by Sidley Austin
    <FONT style="font-variant: SMALL-CAPS">llp</FONT>, New York, New
    York.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The consolidated financial statements of Cedar Shopping Centers,
    Inc. appearing in Cedar Shopping Centers, Inc.&#146;s Amended
    Annual Report
    <FONT style="white-space: nowrap">(Form&#160;10-K/A)&#160;for</FONT>
    the year ended December&#160;31, 2009, 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, 2009 appearing in Cedar Shopping
    Centers, Inc.&#146;s Annual Report
    <FONT style="white-space: nowrap">(Form&#160;10-K)</FONT>
    as of December&#160;31, 2009 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 report given on the authority of
    such firm as experts in accounting and auditing.
</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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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
</DIV>
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    <BR>
    S-18
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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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    information. We incorporate by reference our documents listed
    below which were filed with the SEC under 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="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; 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, 2009, as amended by
    <FONT style="white-space: nowrap">Form&#160;10-K/A;</FONT>
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; 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, 2010 and June&#160;30,
    2010;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; 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 on February&#160;9, 2010, June&#160;3, 2010 and
    June&#160;16, 2010;&#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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Definitive proxy statement dated April&#160;26, 2010.
</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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 this offering:
</DIV>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; 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
    Securities Exchange Act of 1934;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; 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 Securities Exchange Act of 1934 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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Any reports filed under Section&#160;15(d) of the Securities
    Exchange Act of 1934.
</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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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='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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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='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: Arial, Helvetica">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: 5%; font-size: 10pt; font-family: Arial, Helvetica; 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 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 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 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; the ability of our joint venture partners to
    fund their respective shares of property acquisitions, tenant
    improvements and capital expenditures; 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
</DIV>
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    <BR>
    S-19
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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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    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 of ourselves and our joint venture
    partners 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, the accompanying prospectus 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, 2009. 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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    <BR>
    S-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<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</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">$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: 31%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</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"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

<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="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>    (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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    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 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>    (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="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>    (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="5%"></TD>
    <TD width="91%"></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="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>    (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: 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="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="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>    (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="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>    (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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</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: 87%; margin-left: 6%"><!-- 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">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="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>    (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="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>    (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="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>    (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="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>    (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="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>    (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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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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 -->
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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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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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 -->
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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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    <BR>
    9
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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%; 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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    <BR>
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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%; 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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    <BR>
    12
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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%; 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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</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%; 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>
<!-- XBRL Pagebreak Begin -->

<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: 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">
    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
</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: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">2,850,000&#160;Shares
    </FONT>
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">CEDAR SHOPPING CENTERS,
    INC.</FONT></B>
</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: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">8<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Series&#160;A Cumulative Redeemable Preferred Stock
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 14pt">(Liquidation Preference $25 Per
    Share)
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">
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    <IMG src="y86189b5y8618900.gif" alt="(COMPANY LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

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    <B><FONT style="font-size: 14pt">PROSPECTUS SUPPLEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

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

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    <B><FONT style="font-size: 18pt">Goldman, Sachs&#160;&#038;
    Co.</FONT></B>
</DIV>
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