Amended, Restated and Consolidated Credit Facility

On January 26, 2012, the Company entered into a $300 million secured credit facility (the “Credit Facility”), which amended, restated and consolidated its $185 million stabilized property revolving credit facility and its $150 million development property credit facility. The two prior facilities were due to expire on January 31, 2012 and June 13, 2012, respectively.

The new Credit Facility is comprised of a four-year $75 million term loan and a three-year $225 million revolving credit facility, subject to collateral in place. In connection with the new Credit Facility, the Company paid participating lender fees and closing and transaction costs of approximately $4.0 million. In addition, the Company wrote off $2.6 million of unamortized fees associated with the terminated stabilized property and development credit facilities.

Borrowings under the new Credit Facility are priced at LIBOR plus a spread of 200 to 300 bps based on the Company’s leverage ratio (the weighted-average rate of interest as of March 31, 2012 was 3.1% per annum). Subject to customary conditions, the term loan and the revolving credit facility may both be extended for one additional year at the Company’s option. Under an accordion feature, the Credit Facility can be increased to $500 million, subject to customary conditions, collateral in place and lending commitments from participating banks.

The Credit Facility contains financial covenants including, but not limited to, maximum debt leverage, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the Credit Facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company’s failure to comply with these covenants or the occurrence of an event of default under the Credit Facility could result in the acceleration of the Company’s debt and other financial obligations under the Credit Facility. The Credit Facility is available to fund acquisitions, redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes.

Based on covenant measurements and collateral in place as of March 31, 2012, the Company was permitted to draw up to approximately $232.0 million, of which approximately $66.9 million remained available as of that date.

Derivative financial instruments

At March 31, 2012, the Company had approximately $31.9 million of mortgage loans payable subject to interest rate swaps. Such interest rate swaps converted LIBOR-based variable rates to fixed annual rates of 5.2% to 6.5% per annum. At that date, the Company had accrued liabilities of $1.9 million (included in accounts payable and accrued expenses on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to existing mortgage loans payable. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to accumulated other comprehensive (loss) income, noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as appropriate.

The following is a summary of the derivative financial instruments held by the Company and the Cedar/RioCan joint venture at March 31, 2012 and December 31, 2011:

Notional values

Balance

Fair value

Designation/

March 31,

December 31,

Maturity

sheet

March 31,

December 31,

Cash flow

Derivative

Count

2012

Count

2011

dates

location

2012

2011

Interest

Accrued

rate swaps

liabilities

Qualifying

Consolidated

$ 31,926,000

$ 32,091,000

2013-2018

Consolidated

$ 1,852,000

$ 2,053,000

Cedar/RioCan

Qualifying

Joint Venture

$ 14,089,000

$ 14,182,000

2016

Joint Venture

$ 2,354,000

$ 2,419,000

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three months ended March 31, 2012 and 2011, respectively:

		Amount of gain recognized in other
		comprehensive (loss) (effective portion)
Designation/		Three months ended March 31,
Cash flow	Derivative	2012	2011

Qualifying	Consolidated	$ 288,000	$ 298,000
	Cedar/RioCan
Qualifying	Joint Venture	$ 54,000	$ -

As of March 31, 2012, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of March 31, 2012, if a counterparty were to default, the Company would receive a net interest benefit.