761648--3/16/2009--CEDAR_SHOPPING_CENTERS

related topics

{investment, property, distribution}

{loan, real, estate}

{debt, indebtedness, cash}

{capital, credit, financial}

{personnel, key, retain}

{tax, income, asset}

{provision, law, control}

{cost, regulation, environmental}

{loss, insurance, financial}

{operation, natural, condition}

{cost, contract, operation}

Volatility and instability in the credit markets could adversely affect our ability to obtain new financing or to refinance existing indebtedness Our properties consist primarily of community shopping and convenience centers. Our performance therefore is linked to economic conditions in the market for retail space generally Our performance and value are subject to risks associated with real estate assets and with the real estate industry. Our substantial indebtedness and constraints on credit may impede our operating performance, as well as our development, redevelopment and acquisition activities, and put us at a competitive disadvantage. As substantially all of our revenues are derived from rental income, failure of tenants to pay rent or delays in arranging leases and occupancy at our properties, particularly with respect to anchor tenants, could seriously harm our operating results and financial condition. Competition may impede our ability to renew leases or re-let spaces as leases expire, which could harm our business and operating results. Our current and future joint venture investments could be adversely affected by the lack of sole decision-making authority, reliance on joint venture partners financial condition, and any disputes that may arise between our joint venture partners and us. The financial covenants in our loan agreements may restrict our operating or acquisition activities, which may harm our financial condition and operating results. A substantial portion of our properties are located in the mid-Atlantic and Northeast coastal regions, which exposes us to greater economic risks than if our properties were owned in several geographic regions. Development and redevelopment activities may be delayed or otherwise may not achieve expected results. Our success depends on key personnel whose continued service is not guaranteed. Potential losses may not be covered by insurance. Future terrorist attacks could harm the demand for, and the value of, our properties. If we fail to continue as a REIT, our distributions will not be deductible, and our income will be subject to taxation, thereby reducing earnings available for distribution. We could incur significant costs related to government regulation and litigation over environmental matters and various other federal, state and local regulatory requirements. Our charter and Maryland law contain provisions that may delay, defer or prevent a change of control transaction and depress our stock price.

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761648--3/16/2009--CEDAR_SHOPPING_CENTERS_INC