Cedar Realty Trust, Inc. Schedule III

Real Estate andAccumulated Depreciation Year ended December 31, 2011


Property	State	Year acquired	Percent owned		Year built/ Year last renovated		Gross leasable area	Initial cost to the Company
								Land		Building and Improvements
								Land		Building and Improvements
Academy Plaza	PA	2001	100	%	1965/1998		151,977	$	2,406,000	$	9,623,000
Annie Land Plaza	VA	2006	100	%	1999		42,500		809,000		4,015,000
Camp Hill	PA	2002	100	%	1958/2005		472,717		4,460,000		17,857,000
Carbondale Plaza	PA	2004	100	%	1972/2005		121,135		1,586,000		7,289,000
Carll's Corner	NJ	2007	100	%	1960's-1999	/	129,582		3,034,000		15,293,000
Carmans Plaza	NY	2007	100	%	1954/2007		194,806		8,539,000		35,804,000
Circle Plaza	PA	2007	100	%	1979/1991		92,171		561,000		2,884,000
Coliseum Marketplace	VA	2005	100	%	1987/2005		103,069		2,924,000		14,416,000
Colonial Commons	PA	2011	100	%	2011		474,765		9,367,000		37,496,000
Crossroads II	PA	2008	60	%	2009		133,188		15,383,000		-
East Chestnut	PA	2005	100	%	1996		21,180		800,000		3,699,000
Elmhurst Square	VA	2006	100	%	1961-1983		66,250		1,371,000		5,994,000
Fairview Plaza	PA	2003	100	%	1992		69,579		2,128,000		8,483,000
Fairview Commons	PA	2007	100	%	1976/2003		59,578		858,000		3,568,000
Fieldstone Marketplace	MA	2005	20	%	1988/2003		193,970		5,229,000		21,440,000
Fort Washington	PA	2002	100	%	2003		41,000		2,462,000		-
General Booth Plaza	VA	2005	100	%	1985		73,320		1,935,000		9,493,000
Gold Star Plaza	PA	2006	100	%	1988		71,720		1,644,000		6,519,000
Golden Triangle	PA	2003	100	%	1960/2005		202,943		2,320,000		9,713,000
Groton Shopping Center	CT	2007	100	%	1969		117,986		3,070,000		12,320,000
Halifax Plaza	PA	2003	100	%	1994		51,510		1,412,000		5,799,000
Hamburg Commons	PA	2004	100	%	1988-1993		99,580		1,153,000		4,678,000
Huntingdon Plaza	PA	2004	100	%	1972 - 2003		142,845		933,000		4,129,000
Jordan Lane	CT	2005	100	%	1969/1991		181,730		4,291,000		21,176,000
Kempsville Crossing	VA	2005	100	%	1985		94,477		2,207,000		11,000,000
Kenley Village	MD	2005	100	%	1988		51,894		726,000		3,512,000
Kings Plaza	MA	2007	100	%	1970/1994		168,243		2,413,000		12,604,000
Kingston Plaza	NY	2006	100	%	2006		5,324		1,644,000		-
Lake Raystown Plaza	PA	2004	100	%	1995		140,159		2,231,000		6,735,000
Liberty Marketplace	PA	2005	100	%	2003		68,200		2,665,000		12,639,000
Martins's at Glen Allen	VA	2005	100	%	2000		63,328		6,769,000		683,000
Meadows Marketplace	PA	2004	20	%	2005		91,518		1,914,000		-
Mechanicsburg Giant	PA	2005	100	%	2003		51,500		2,709,000		12,159,000
Metro Square	MD	2008	100	%	1999		71,896		3,121,000		12,341,000
Newport Plaza	PA	2003	100	%	1996		64,489		1,721,000		7,758,000
New London Mall	CT	2009	40	%	1967/1997		259,293		14,891,000		24,967,000
Northside Commons	PA	2008	100	%	2009		64,710		3,332,000		-

Cedar Realty Trust, Inc. Schedule III

Real Estate andAccumulatedDepreciation Year endedDecember 31, 2011


	Subsequent cost capitalized			Gross amount at which carried at December 31, 2011						Accumulated depreciation (4)		Amount of Encumbrance
(continued)				Gross amount at which carried at December 31, 2011
Property				Land		Building and improvements		Total
Property				Land		Building and improvements		Total
Academy Plaza	$	1,696,000		$	2,406,000	$	11,319,000	$	13,725,000	$	2,987,000	$	8,894,000
Annie Land Plaza		54,000			809,000		4,069,000		4,878,000		773,000		(3	)
Camp Hill		43,504,000			4,424,000		61,397,000		65,821,000		11,312,000		65,000,000
Carbondale Plaza		4,883,000			1,586,000		12,172,000		13,758,000		2,736,000		4,864,000
Carll's Corner		(1,425,000	)		2,898,000		14,004,000		16,902,000		2,166,000		5,656,000
Carmans Plaza		(645,000	)		8,421,000		35,277,000		43,698,000		5,190,000		33,391,000
Circle Plaza		65,000			546,000		2,964,000		3,510,000		351,000		(3	)
ColiseumMarketplace		3,739,000			3,586,000		17,493,000		21,079,000		3,810,000		11,703,000
Crossroads II		28,440,000			17,671,000		26,152,000		43,823,000		1,433,000		(3	)
Colonial Commons		312,000			9,367,000		37,808,000		47,175,000		1,827,000		27,729,000
East Chestnut		3,000			800,000		3,702,000		4,502,000		917,000		1,773,000
Elmhurst Square		256,000			1,371,000		6,250,000		7,621,000		1,261,000		3,892,000
Fairview Plaza		270,000			2,129,000		8,752,000		10,881,000		2,082,000		5,254,000
Fairview Commons		-			858,000		3,568,000		4,426,000		693,000		(3	)
Fieldstone Marketplace		593,000			5,167,000		22,095,000		27,262,000		4,504,000		17,900,000
Fort Washington		5,176,000			2,462,000		5,176,000		7,638,000		1,194,000		5,535,000
General Booth Plaza		187,000			1,935,000		9,680,000		11,615,000		2,441,000		5,136,000
Gold Star Plaza		266,000			1,644,000		6,785,000		8,429,000		1,371,000		2,009,000
Golden Triangle		9,796,000			2,320,000		19,509,000		21,829,000		4,980,000		20,387,000
Groton Shopping Center		342,000			3,073,000		12,659,000		15,732,000		2,256,000		11,412,000
HalifaxPlaza		224,000			1,347,000		6,088,000		7,435,000		1,341,000		4,175,000
Hamburg Commons		5,402,000			1,153,000		10,080,000		11,233,000		1,776,000		5,017,000
Huntingdon Plaza		1,892,000			933,000		6,021,000		6,954,000		1,035,000		(3	)
Jordan Lane		973,000			4,291,000		22,149,000		26,440,000		4,638,000		12,628,000
Kempsville Crossing		140,000			2,207,000		11,140,000		13,347,000		2,974,000		5,799,000
Kenley Village		120,000			726,000		3,632,000		4,358,000		1,109,000		(3	)
Kings Plaza		337,000			2,408,000		12,946,000		15,354,000		2,141,000		7,538,000
Kingston Plaza		(962,000	)		496,000		186,000		682,000		30,000		511,000
Lake Raystown Plaza		6,829,000			2,231,000		13,564,000		15,795,000		2,882,000		(3	)
Liberty Marketplace		294,000			2,695,000		12,903,000		15,598,000		2,462,000		8,840,000
Martins's at Glen Allen		3,000			5,367,000		2,088,000		7,455,000		495,000		(3	)
Meadows Marketplace		11,402,000			1,914,000		11,402,000		13,316,000		1,685,000		10,002,000
Mechanicsburg Giant		-			2,709,000		12,159,000		14,868,000		2,137,000		9,075,000
Metro Square		(301,000	)		5,250,000		9,911,000		15,161,000		1,066,000		8,750,000
Newport Plaza		236,000			1,682,000		8,033,000		9,715,000		1,671,000		5,471,000
New London Mall		999,000			8,827,000		32,030,000		40,857,000		4,431,000		26,388,000
Northside Commons		10,001,000			3,379,000		9,954,000		13,333,000		552,000		(3	)

Cedar Realty Trust, Inc. Schedule III

Real Estate andAccumulatedDepreciation Year ended December 31, 2011


(continued)	State	Year acquired	Percent owned		Year built/ Year last renovated	Gross leasable area	Initial cost to the Company
Property							Land		Building and Improvements
Property							Land		Building and Improvements

Norwood Shopping Center	MA	2006	100	%	1965/2006	102,459	$	1,874,000	$	8,453,000
Oak Ridge	VA	2006	100	%	2000	38,700		960,000		4,254,000
Oakland Commons	CT	2007	100	%	1962/1995	89,850		2,504,000		15,662,000
Oakland Mills	MD	2005	100	%	1960's/2004	58,224		1,611,000		6,292,000
Palmyra Shopping Center	PA	2005	100	%	1960/1995	110,970		1,488,000		6,566,000
Pine Grove Plaza	NJ	2003	100	%	2001/2002	86,089		2,010,000		6,489,000
Port Richmond Village	PA	2001	100	%	1988	154,908		2,942,000		11,769,000
Price Chopper Plaza	MA	2007	100	%	1960's-2004	101,824		3,551,000		18,412,000
River View Plaza I, II and III	PA	2003	100	%	1991/1998	244,034		9,718,000		40,356,000
San Souci Plaza	MD	2009	40	%	1985 - 1997	264,134		14,849,000		18,445,000
Smithfield Plaza	VA	2005-2008	100	%	1987/1996	134,664		2,947,000		12,737,000
South Philadelphia	PA	2003	100	%	1950/2003	283,415		8,222,000		36,314,000
Southington Shopping Center	CT	2003	100	%	1972/2000	155,842		-		11,834,000
St. James Square	MD	2005	100	%	2000	39,903		688,000		3,838,000
Suffolk Plaza	VA	2005	100	%	1984	67,216		1,402,000		7,236,000
Swede Square	PA	2003	100	%	1980/2004	100,816		2,268,000		6,232,000
The Brickyard	CT	2004	100	%	1990	249,553		7,632,000		29,308,000
The Commons	PA	2004	100	%	2003	203,426		3,098,000		14,047,000
The Point	PA	2000	100	%	1972/2001	268,037		2,700,000		10,800,000
The Shops at Suffolk Downs	MA	2005	100	%	2005	121,251		7,580,000		11,089,000
Timpany Plaza	MA	2007	100	%	1970's-1989	183,775		3,412,000		19,240,000
Townfair Center	PA	2004	100	%	2002	218,662		3,022,000		13,786,000
Trexler Mall	PA	2005	100	%	1973/2004	339,363		6,932,000		32,815,000
Trexlertown Plaza	PA	2006	100	%	1990/2005	316,143		13,349,000		23,867,000
Ukrop's at Fredericksburg	VA	2005	100	%	1997	63,000		3,213,000		12,758,000
Valley Plaza	MD	2003	100	%	1975/1994	190,939		1,950,000		7,766,000
Virginia Little Creek	VA	2005	100	%	1996/2001	69,620		1,650,000		8,350,000
Washington Center Shoppes	NJ	2001	100	%	1979/1995	157,394		2,061,000		7,314,000
West Bridgewater Plaza	MA	2007	100	%	1970/2007	133,039		2,823,000		14,901,000
Upland Square	PA	2007	60	%	2009	382,578		28,187,000		-
Yorktowne Plaza	MD	2007	100	%	1970/2000	158,982		5,940,000		25,505,000

Total Consolidated Portfiolio						9,592,942	$	275,601,000	$	812,521,000

Cedar RealtyTrust, Inc. Schedule III

Real Estate andAccumulatedDepreciation Year endedDecember 31,2011


	Subsequent cost capitalized			Gross amountat which carriedat December 31,2011						Accumulated depreciation (4)		Amount of Encumbrance
(continued)				Gross amountat which carriedat December 31,2011
Property				Land		Building and improvements		Total
Property				Land		Building and improvements		Total
Norwood Shopping Center	$	460,000		$	1,874,000	$	8,913,000	$	10,787,000	$	1,741,000		(3	)
Oak Ridge		27,000			960,000		4,281,000		5,241,000		695,000		3,351,000
Oakland Commons		(525,000	)		2,504,000		15,137,000		17,641,000		2,253,000		(3	)
Oakland Mills		32,000			1,611,000		6,324,000		7,935,000		1,516,000		4,748,000
Palmyra Shopping Center		1,048,000			1,488,000		7,614,000		9,102,000		1,659,000		(3	)
Pine Grove Plaza		125,000			2,010,000		6,614,000		8,624,000		1,443,000		5,574,000
Port Richmond Village		712,000			2,843,000		12,580,000		15,423,000		3,316,000		14,156,000
Price ChopperPlaza		(552,000	)		4,082,000		17,329,000		21,411,000		2,383,000		(3	)
River ViewPlaza I, II and III		4,091,000			9,718,000		44,447,000		54,165,000		9,908,000		(3	)
San SouciPlaza		1,559,000			13,406,000		21,447,000		34,853,000		4,169,000		27,200,000
Smithfield Plaza		323,000			2,919,000		13,088,000		16,007,000		2,366,000		10,115,000
South Philadelphia		2,606,000			8,222,000		38,920,000		47,142,000		10,236,000		(3	)
Southington Shopping Center		35,000			-		11,869,000		11,869,000		2,481,000		5,577,000
St. James Square		644,000			688,000		4,482,000		5,170,000		1,160,000		(3	)
SuffolkPlaza		-			1,402,000		7,236,000		8,638,000		1,948,000		4,353,000
Swede Square		5,419,000			2,272,000		11,647,000		13,919,000		3,089,000		10,453,000
The Brickyard		1,401,000			7,648,000		30,693,000		38,341,000		12,547,000		(3	)
The Commons		2,871,000			3,098,000		16,918,000		20,016,000		3,895,000		(3	)
The Point		14,546,000			2,996,000		25,050,000		28,046,000		5,847,000		16,277,000
The Shops at SuffolkDowns		8,548,000			7,580,000		19,637,000		27,217,000		2,579,000		(3	)
Timpany Plaza		102,000			3,368,000		19,386,000		22,754,000		2,965,000		7,996,000
TownfairCenter		7,453,000			3,022,000		21,239,000		24,261,000		3,136,000		16,371,000
Trexler Mall		3,924,000			6,932,000		36,739,000		43,671,000		6,705,000		20,637,000
Trexlertown Plaza		21,133,000			13,351,000		44,998,000		58,349,000		3,865,000		(3	)
Ukrop's at Fredericksburg		-			3,213,000		12,758,000		15,971,000		2,267,000		(3	)
Valley Plaza		870,000			1,950,000		8,636,000		10,586,000		1,847,000		(3	)
Virginia Little Creek		(10,000	)		1,639,000		8,351,000		9,990,000		2,068,000		5,035,000
Washington Center Shoppes		3,754,000			2,000,000		11,129,000		13,129,000		3,032,000		8,321,000
West Bridgewater Plaza		(700,000	)		2,630,000		14,394,000		17,024,000		1,989,000		10,659,000
Upland Square		65,708,000			27,112,000		66,783,000		93,895,000		3,444,000		63,768,000
Yorktowne Plaza		294,000			5,853,000		25,886,000		31,739,000		4,350,000		19,707,000

TotaConsolidatedPortfiolio	$	280,999,000		$	269,479,000	$	1,099,642,000	$	1,369,121,000	$	197,608,000	$	589,027,000

CedarRealty Trust, Inc. Schedule III

Real Estate and Accumulated Depreciation Yearended December31, 2011

(continued)

The changes in real estate and accumulated depreciation for the three years ended December 31, 2011 are as follows (1):


Cost		2011			2010			2009

Balance, beginning of the year		$	1,290,116,000		$	1,273,395,000		$	1,141,623,000
Properties acquired			46,863,000			-			73,152,000
Improvements and betterments			32,373,000			17,631,000			64,767,000
Write-off fully-depreciated assets			(231,000	)		(910,000	)		(6,147,000	)
Balance, end of the year	(2)	$	1,369,121,000		$	1,290,116,000		$	1,273,395,000

Accumulated depreciation

Balance, beginning of the year		$	157,803,000		$	126,456,000		$	96,593,000
Depreciation expense			40,036,000			32,257,000			36,010,000
Write-off fully-depreciated assets			(231,000	)		(910,000	)		(6,147,000	)
Balance, end of the year		$	197,608,000		$	157,803,000		$	126,456,000

Net book value		$	1,171,513,000		$	1,132,313,000		$	1,146,939,000

(1) Restated to reflect the reclassifications of properties to "real estate held for sale/conveyance" during 2011.

(2) At December 31, 2011, the aggregate cost for federal income tax purposes was approximately $17.4 million less than the Company's recorded values.

(3) The total net book value of properties pledged as collateral under the Company's secured revolving credit facilities was $374.8 million at December 31, 2011 (in addition, $24.5 million relating to properties treated as "real estate held for sale/conveyance" was also pledged as collateral under the Company's secured revolving credit facility); the total amount outstanding under the secured revolving credit facilities was $166,317,000.

(4) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.