
Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2015

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

Academy Plaza	PA	2001	100%	1965/2013	137,415	$2,406,000	$9,623,000
Big Y Shopping Center	CT	2013	100%	2007	101,105	11,272,000	23,395,000
Camp Hill	PA	2002	100%	1958/2005	464,765	4,460,000	17,857,000
Carll's Corner	NJ	2007	100%	1960's-1999	129,582	3,034,000	15,293,000
Carmans Plaza	NY	2007	100%	1954/2007	193,736	8,539,000	35,804,000
Coliseum Marketplace	VA	2005	100%	1987/2012	106,648	2,924,000	14,416,000
Colonial Commons	PA	2011	100%	2011/2013	461,914	9,367,000	37,496,000
Crossroads II	PA	2008	60%	2009	133,717	15,383,000	-
East River Park	DC	2015	100%	1946-1996	150,107	9,086,000	30,738,000
Elmhurst Square	VA	2006	100%	1961-1983	66,250	1,371,000	5,994,000
Fairview Commons	PA	2007	100%	1976/2003	52,964	858,000	3,568,000
Fieldstone Marketplace	MA	2005/2012	100%	1988/2003	193,970	5,229,000	21,440,000
Fort Washington Center	PA	2002	100%	2003	41,000	2,462,000	-
Franklin Village Plaza	MA	2004/2012	100%	1987/2005	303,096	14,270,000	61,915,000
Fredericksburg Way	VA	2005	100%	1997	63,000	3,213,000	12,758,000
General Booth Plaza	VA	2005	100%	1985	71,639	1,935,000	9,493,000
Glen Allen Shopping Center	VA	2005	100%	2000	63,328	6,769,000	683,000
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	117,186	3,070,000	12,320,000
Halifax Plaza	PA	2003	100%	1994	51,510	1,412,000	5,799,000
Hamburg Square	PA	2004	100%	1993/2010	99,580	1,153,000	4,678,000
Jordan Lane	CT	2005	100%	1969/1991	177,504	4,291,000	21,176,000
Kempsville Crossing	VA	2005	100%	1985/2013	79,512	2,207,000	11,000,000
Kings Plaza	MA	2007	100%	1970/1994	168,243	2,413,000	12,604,000
Lawndale Plaza	PA	2015	100%	1998	93,040	3,635,000	21,854,000
Maxatawny Marketplace	PA	2011	100%	2014	58,339	1,612,000	-
Meadows Marketplace	PA	2004/2012	100%	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	259,566	14,891,000	24,967,000
Northside Commons	PA	2008	100%	2009	69,136	3,332,000	-


Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2015
		Gross amount at which carried at
(continued)	Subsequent	December 31, 2015
	cost		Building and		Accumulated	Amount of
Property	capitalized	Land	improvements	Total	depreciation	Encumbrance

Academy Plaza	$4,407,000	$2,406,000	$14,030,000	$16,436,000	$4,489,000	-
Big Y Shopping Center	1,000	10,268,000	24,400,000	34,668,000	1,779,000	-
Camp Hill	44,163,000	4,424,000	62,056,000	66,480,000	18,009,000	61,494,000
Carll's Corner	(722,000)	2,898,000	14,707,000	17,605,000	4,139,000	-
Carmans Plaza	43,000	8,421,000	35,965,000	44,386,000	9,519,000	33,483,000
Coliseum Marketplace	5,425,000	3,586,000	19,179,000	22,765,000	5,849,000	-
Colonial Commons	4,872,000	9,367,000	42,368,000	51,735,000	8,431,000	25,721,000
Crossroads II	28,968,000	17,671,000	26,680,000	44,351,000	4,420,000	-
East River Park	-	9,086,000	30,738,000	39,824,000	-	20,462,000
Elmhurst Square	924,000	1,371,000	6,918,000	8,289,000	2,024,000	-
Fairview Commons	49,000	858,000	3,617,000	4,475,000	1,050,000	-
Fieldstone Marketplace	1,939,000	5,167,000	23,441,000	28,608,000	7,013,000	-
Fort Washington Center	5,176,000	2,462,000	5,176,000	7,638,000	1,883,000	-
Franklin Village Plaza	1,087,000	14,681,000	62,591,000	77,272,000	8,020,000	40,725,000
Fredericksburg Way	-	3,213,000	12,758,000	15,971,000	3,758,000	-
General Booth Plaza	353,000	1,935,000	9,846,000	11,781,000	3,559,000	-
Glen Allen Shopping Center	3,000	5,367,000	2,088,000	7,455,000	693,000	-
Gold Star Plaza	565,000	1,644,000	7,084,000	8,728,000	2,275,000	1,037,000
Golden Triangle	9,941,000	2,320,000	19,654,000	21,974,000	7,596,000	18,920,000
Groton Shopping Center	576,000	3,073,000	12,893,000	15,966,000	3,645,000	-
Halifax Plaza	247,000	1,347,000	6,111,000	7,458,000	2,116,000	-
Hamburg Square	5,511,000	1,153,000	10,189,000	11,342,000	2,840,000	4,625,000
Jordan Lane	1,431,000	4,291,000	22,607,000	26,898,000	7,065,000	-
Kempsville Crossing	(1,481,000)	2,207,000	9,519,000	11,726,000	4,034,000	-
Kings Plaza	430,000	2,408,000	13,039,000	15,447,000	3,608,000	-
Lawndale Plaza	343,000	3,635,000	22,197,000	25,832,000	713,000	-
Maxatawny Marketplace	8,844,000	1,454,000	9,002,000	10,456,000	649,000	-
Meadows Marketplace	11,407,000	1,914,000	11,407,000	13,321,000	2,865,000	9,219,000
Mechanicsburg Giant	-	2,709,000	12,159,000	14,868,000	3,469,000	-
Metro Square	(247,000)	5,250,000	9,965,000	15,215,000	2,168,000	7,717,000
Newport Plaza	400,000	1,682,000	8,197,000	9,879,000	2,693,000	-
New London Mall	1,424,000	8,807,000	32,475,000	41,282,000	9,545,000	-
Northside Commons	10,010,000	3,379,000	9,963,000	13,342,000	1,577,000	-


Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2015

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

Norwood Shopping Center	MA	2006	100%	1965/2013	102,459	$1,874,000	$8,453,000
Oak Ridge Shopping Center	VA	2006	100%	2000	38,700	960,000	4,254,000
Oakland Commons	CT	2007	100%	1962/2013	90,100	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%	1960/2012	111,051	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
Quartermaster Plaza	PA	2014	100%	2004	456,602	37,031,000	54,210,000
River View Plaza	PA	2003	100%	1991/1998	226,786	9,718,000	40,356,000
San Souci Plaza	MD	2009	40%	1985 - 1997	264,134	14,849,000	18,445,000
South Philadelphia	PA	2003	100%	1950/2003	283,415	8,222,000	36,314,000
Southington Center	CT	2003	100%	1972/2000	155,842	-	11,834,000
Suffolk Plaza	VA	2005	100%	1984	67,216	1,402,000	7,236,000
Swede Square	PA	2003	100%	1980/2012	100,816	2,268,000	6,232,000
The Brickyard	CT	2004	100%	1990/2012	227,193	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%	1972/2012	268,037	2,700,000	10,800,000
The Shops at Suffolk Downs	MA	2005	100%	2005/2011	121,320	7,580,000	11,089,000
Timpany Plaza	MA	2007	100%	1970's-1989	183,775	3,412,000	19,240,000
Trexler Mall	PA	2005	100%	1973/2013	337,297	6,932,000	32,815,000
Trexlertown Plaza	PA	2006	100%	1990/2011	319,529	13,349,000	23,867,000
Upland Square	PA	2007/2013	100%	2009	398,098	28,187,000	-
Valley Plaza	MD	2003	100%	1975/1994	190,939	1,950,000	7,766,000
Washington Center Shoppes	NJ	2001	100%	1979/1995	157,394	2,061,000	7,314,000
Webster Plaza	MA	2007	100%	1960's-2004	101,824	3,551,000	18,412,000
West Bridgewater Plaza	MA	2007	100%	1970/2007	133,039	2,823,000	14,901,000
Yorktowne Plaza	MD	2007	100%	1970/2000	158,982	5,940,000	25,505,000
Land parcels	PA	n/a	100%	n/a	-	1,965,000	-

Total Portfolio					9,459,113	$332,082,000	$912,537,000


Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2015
		Gross amount at which carried at
(continued)	Subsequent	December 31, 2015
	cost		Building and		Accumulated	Amount of
Property	capitalized	Land	improvements	Total	depreciation	Encumbrance

Norwood Shopping Center	$1,667,000	$1,874,000	$10,120,000	$11,994,000	$3,025,000	-
Oak Ridge Shopping Center	46,000	960,000	4,300,000	5,260,000	1,210,000	-
Oakland Commons	(233,000)	2,504,000	15,429,000	17,933,000	4,122,000	-
Oakland Mills	41,000	1,611,000	6,333,000	7,944,000	2,230,000	-
Palmyra Shopping Center	1,398,000	1,488,000	7,964,000	9,452,000	2,546,000	-
Pine Grove Plaza	480,000	2,010,000	6,969,000	8,979,000	2,166,000	-
Port Richmond Village	1,420,000	2,843,000	13,288,000	16,131,000	4,937,000	-
Quartermaster Plaza	808,000	37,031,000	55,018,000	92,049,000	3,272,000	-
River View Plaza	5,021,000	9,718,000	45,377,000	55,095,000	14,495,000	-
San Souci Plaza	1,956,000	13,406,000	21,844,000	35,250,000	8,592,000	27,200,000
South Philadelphia	2,717,000	8,222,000	39,031,000	47,253,000	14,508,000	-
Southington Center	194,000	-	12,028,000	12,028,000	3,725,000	-
Suffolk Plaza	23,000	1,402,000	7,259,000	8,661,000	2,873,000	-
Swede Square	5,712,000	2,272,000	11,940,000	14,212,000	4,641,000	9,829,000
The Brickyard	2,620,000	7,648,000	31,912,000	39,560,000	8,945,000	-
The Commons	3,008,000	3,098,000	17,055,000	20,153,000	5,884,000	-
The Point	14,719,000	2,996,000	25,223,000	28,219,000	8,595,000	28,488,000
The Shops at Suffolk Downs	9,518,000	7,580,000	20,607,000	28,187,000	4,936,000	-
Timpany Plaza	1,410,000	3,368,000	20,694,000	24,062,000	5,100,000	-
Trexler Mall	7,519,000	6,932,000	40,334,000	47,266,000	10,895,000	-
Trexlertown Plaza	26,973,000	13,351,000	50,838,000	64,189,000	8,475,000	-
Upland Square	68,409,000	25,783,000	70,813,000	96,596,000	11,280,000	-
Valley Plaza	1,103,000	1,950,000	8,869,000	10,819,000	2,990,000	-
Washington Center Shoppes	4,271,000	2,000,000	11,646,000	13,646,000	4,464,000	-
Webster Plaza	(185,000)	4,082,000	17,696,000	21,778,000	4,475,000	-
West Bridgewater Plaza	(809,000)	2,596,000	14,319,000	16,915,000	3,729,000	10,102,000
Yorktowne Plaza	457,000	5,801,000	26,101,000	31,902,000	7,229,000	-
Land parcels	(944,000)	879,000	142,000	1,021,000	-	-

Total Portfolio	$305,408,000	$323,859,000	$1,226,168,000	$1,550,027,000	$300,832,000	$299,022,000


Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2015

(continued)

The changes in real estate and accumulated depreciation for the three years ended December 31, 2015 are as follows:

Cost	2015		2014	2013

Balance, beginning of the year	$1,476,173,000		$1,450,951,000	$1,423,979,000
Properties held for sale	(4,599,000)		(81,223,000)	-
Properties acquired	65,313,000		91,241,000	34,666,000
Properties sold	-		-	(1,351,000)
Impairments	-		(6,000)	(928,000)
Improvements and betterments	13,140,000		15,210,000	13,581,000
Write-off fully-depreciated assets	-		-	(18,996,000)
Balance, end of the year	$1,550,027,000	(1)	$1,476,173,000	$1,450,951,000

Accumulated depreciation

Balance, beginning of the year	$267,211,000		$251,605,000	$229,535,000
Properties held for sale	(1,380,000)		(18,523,000)	-
Depreciation expense (2)	35,001,000		34,129,000	41,066,000
Write-off fully-depreciated assets	-		-	(18,996,000)
Balance, end of the year	$300,832,000		$267,211,000	$251,605,000

Net book value	$1,249,195,000		$1,208,962,000	$1,199,346,000



(1) At December 31, 2015, the aggregate cost for federal income tax purposes was approximately $0.3 million less than the Company's recorded values.
(2) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.