Good morning and welcome to the Cedar Shopping Centers Incorporated fourth quarter and year-end 2010 earnings conference call. At this time, all participants have been placed in a listen-only mode and the floor will be open to your questions following the presentation. Additionally, today’s call is being recorded. It is now my pleasure to turn the call over to your host, Brad Cohen of ICR.

Thank you very much, operator. Good morning. At this time, management would like me to inform you that certain statements made during this call, which are not historical facts may be deemed forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, and Section 21E of the Securities and Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Although the company believes that expectations reflecting any forward-looking statements are based upon reasonable assumptions, they are subject to various risks and uncertainties. The company can provide no assurance that expectations will be achieved and actual results may differ. Many of the factors and risks that could cause actual results to differ materially from expectations are detailed in the company’s press release, which was put out yesterday and from time-to-time in the company’s filings with the Securities and Exchange Commission. In the end, the company undertakes no obligation to revise or update any forward-looking statements reflected in our circumstances after the date of the company’s release. It is now my pleasure to turn the call over to Mr. Leo Ullman, Chairman, Chief Executive Officer and President. Leo?

Thank you very much Brad as always for your disclaimers. Thank you very much for joining us today on the Cedar Shopping Center’s earnings conference call for the fourth quarter and full year 2010 results. With me on the call today is Larry Kreider, our Chief Financial Officer. Other members of our team, including Tom Richey, President of our Development and Construction Division; Brenda Walker, our Chief Operating Officer; and Nancy Mozzachio, our Vice President of Leasing are also on the call and available to you. We have had a very strong quarter and a good year. As you will note from our earnings release and from our supplementary information filed last evening, we announced large increases in revenue growth and net operating income attributable in large part to acquisitions during the year. Our operating FFO, excluding non-cash items and certain transaction expenses, was $0.14 per share for the quarter and $0.59 for the year, which in each case exceeded our guidance. We are, of course, pleased with those results. Very importantly, our occupancy for our stabilized core properties based on tenants in place and paying rent was 94%, a significant incremental increase over prior periods, and our total occupancy including redevelopment properties again reflecting only tenants in place and paying rent was 92.5%, also a meaningful incremental increase over prior periods. If we had included signed leases, our occupancy levels would have been even higher at 95%, and 93.5% respectively. These strong occupancy results are attributable to our development properties coming on stream, and also correspondingly to outstanding results from our fine leasing team headed by Nancy Mozzachio, who will shortly discuss some of our leasing efforts and achievements. Our FFO and our income metrics were affected as Larry will further discuss by substantial capital transactions during the course…

Thank you Leo. Our strong results for the quarter and year evidenced our commitment to increase shareholder value through effective leasing efforts. We executed new leases for the quarter totaling approximately 288,000 square feet, including square footage leased within properties out for sale. For the year ended 2010, we leased a total of 424, 600 square feet. Last year, we projected a 100 basis point increase in occupancy due to new lease commitments. We are pleased to report we met our goal in 2010. It is important to know that leases recognized in the fourth quarter of 2010 are expected to contribute approximately $2.2 million in revenue for 2011. Now to renewal activity, we are proud to report we’ve renewed 466,000 square feet for a quarter at 6% spreads on straight-line basis, and renewed 1,581,439 square feet for the year, with average spreads of 5.58% also on a straight-line basis. Of this yearend total, 6 leases occupying 529,616 square feet renewed at current rates pursuant to in place lease contracts. For leases other than the six flat renewals, our average renewal rate increases to on a straight-line basis 7.68% on 1,51,823 square feet. For the current year, we have already renewed 63% of leases set to expire. I would like to point out with the exception of one quarter in 2009; we achieved positive renewal spreads for the last 20 quarters. We’re proud of this record. Our leasing totals are the result of lot of hard work by our leasing team, comprised of eight individuals. Leasing velocity within the portfolio is increasing at all size levels. Leasing within our development properties, namely Upland Square and Crossroads is gaining momentum. With the recent lease signings, Upland Square is 91% leased, Crossroads is now 82% leased. Small store leasing is improving in all geographic regions within the portfolio. Well capitalized regional franchisees are committing to locations with greater frequency, and national chains are poised to grow platforms in a systematic way for 2011 and 2012. In this quarter’s filings for the first time, we are separately reporting small store and large box occupancy. As of 12/31/2010, small store occupancy was 82.2%, large store occupancy as of December 31 was 94.4%. We expect these numbers to further increase during 2011. With that, I will turn the call back over to Leo.

Thank you very much Nancy. And now Larry will take us through some of the financial data. Larry.

Thank you Leo. For full details of our financial results for the quarter ended December 31, 2010, I refer you to our press release issued last night, as well as our supplemental financial information published on our website, and also available at www.sec.gov. Our results in the fourth quarter feature stable operations in our core properties, growth through properties acquired by the Cedar/RioCan joint venture, and improved leasing and continued progress on our financial metrics. As documented in our supplemental financial information document on Page 9, revenues and net operating income for the fourth quarter, including all of our managed properties, but excluding non-cash revenues, increased approximately 24% and 26% respectfully as compared to the third quarter of this year, primarily as a result of the newly acquired properties purchased by the Cedar/RioCan joint venture; including acquisition and financing fees. By early in the fourth quarter, we completed the last of the 14 properties purchased by the Cedar/RioCan joint-venture. Operating results also reflect continued leasing at our development and stable results in the rest of our portfolio. Our financial results, as measured by same property results, were stable with the exception of the financial impact of approximately $350,000 from the bankruptcy filing of A&P and the one lease it rejected. However, we believe we may have a fairly substantial substantive recovery on our claim, which we would record at a later date. Other than this item, our same property results were again consistent as compared to last year and last quarter. G&A expenses were $300,000 higher than last quarter due to some additional tax and accounting costs, but still within the expected range of approximately $2.4 million to $2.7 million per quarter, exclusive of non-cash, stock based compensation of mark-to-market adjustments. Interest expense was flat compared to last quarter as…

Thank you Larry. Operator, we would be pleased to take any questions, comments or thoughts.

Thank you. (Operator instructions) We will go first to Todd Thomas with KeyBanc Capital Markets. Todd Thomas – KeyBanc Capital Markets: Hi, good morning. I am along with Jordan Sadler.

Good morning. Todd Thomas – KeyBanc Capital Markets: Good morning. Leo, in your prepared remarks and in the earnings release, it sounded like there are more dispositions being contemplated than the asset sales that have been announced, I guess the 17 properties that were placed on the market in the quarter, can you just provide some context around the volume of total sales in 2011 that we should expect, and maybe how much in gross proceeds you would expect to generate?

I don’t think I could provide that at this moment Todd. I did mention that we were selling a couple of properties in Michigan, and that we had placed for sale a couple of properties in Maryland and Virginia. We expect to further review our portfolio with our board, and to provide some further color when we provide guidance at the end of the coming quarter. Again, it will be difficult to quantify the exact amounts at this point. Todd Thomas – KeyBanc Capital Markets: Okay, how about some color around the pricing that you expect to achieve on I guess the 15 Ohio properties and the other two, and what kind of expected timing are you anticipating today?

The timing again is not clear because it is a process to sell the Ohio properties. We do not expect to achieve results much better than 8.5% to 9.25%.

Todd, just one additional, we do expect to achieve based on what Leo just said, $67 million in total proceeds. Todd Thomas – KeyBanc Capital Markets: Okay, that is helpful. And then just flipping to acquisitions, can you characterize what you are seeing and sort of how active you expect to be on buying property, while you reposition the portfolio through asset sales?

Just a further clarification on Larry’s point, with the 67 million in sales, we expect part of that to be approximately 34 million of debt or so that we would be eliminating. In terms of acquisitions, we really have to try to bifurcate those with the acquisitions within the RioCan portfolio and those on balance sheet. For the RioCan portfolio, we will be targeting 150 million to 200 million. Whether we achieve that or not will be a function as I mentioned in my remarks, of cap rates and cap rate compression and interest costs. But that is certainly our target. And that would be by the end of October, because that is when our JV period technically matures. With respect to on balance sheet, it is very hard to determine we bought the $50 million or so Colonial Commons property. We would be looking for additional opportunities of that sort with redeveloping and retenanting prospects in good demographic areas with some good growth prospects. I would not expect it to exceed 50 million to 100 million on balance sheet at this moment. Todd Thomas – KeyBanc Capital Markets: Okay, and then just lastly, maybe this is for Nancy, regarding the leasing activity, I may have missed some of this in your prepared remarks, but how much annualized NOI do you expect for leases that are signed but not yet commenced to contribute?

Well, we have leases that we completed in the fourth quarter of 2010 that we expect to contribute 2.2 million in 2011, and that number of course, would be slightly larger for 2012. And then since the quarter is closed we’ve signed other new leases that we expect those to probably contributed at least a quarter of $1 million for 2011, and probably upwards of 600,000 for 2012. Todd Thomas – KeyBanc Capital Markets: Okay. Thank you.

(Operator instructions) Next from BMO Capital Markets, we will hear from Paul Adornato. Paul Adornato – BMO Capital Markets: Hi, good morning.

Good morning. Paul Adornato – BMO Capital Markets: I was wondering if you could tell us if the properties subject to the Homburg buy-sell, if those properties were presented or considered for the RioCan JV.

Not really is the short answer. What basically happened is that the Homburg Group triggered the buy-sell, and we then had the opportunity to buy or sell those nine properties. We did talk to RioCan about it, but it was really our decision to sell most of those properties, all but the one property that I mentioned, because we felt on balance that was the way to go. I don’t think that it would have been a good idea to even create a situation where there might have been a cherry picking approach or so, because this was basically an overall transaction for both parties. Paul Adornato – BMO Capital Markets: Okay. And with respect to asset dispositions, could you talk about your expectations for those markets in general, and why the timing makes sense now, as opposed to perhaps sometime in the future when cap rates may compress a little bit?

Well, I think it reflects an acceleration of a process that was started by our company a year, year and a half ago, to look at our portfolio very carefully, even though most of it has been acquired in very recent years, and to programmatically move to dispose properties that were in lower growth, smaller markets, even if performing relatively well, because in the long run I think it is reasonably clear that the market has favored better demographics, and lower debt metrics, and we’re positioning our company to benefit from those important metrics. So, we looked at and have targeted much more than the ones that we talked about, the ones that we mentioned earlier at 67 million, that is probably, let us say two thirds or so of what we reasonably expect to sell, and it may be quite a bit more than that. But we have looked at our properties, we have carefully evaluated all of our properties, we have looked at those with higher leverage. We have looked at those with lower growth, and we will continue to do that exercise and it will take a year to 2 years we think. Paul Adornato – BMO Capital Markets: Okay. And finally, what is your appetite for moving up the risk spectrum at this point, obviously most of your activity has been through the JV, but you have done at least a couple of deals outside of that. So, what should we expect Cedar to do by itself?

I don’t think you should expect us to move up the risk ladder very, very much. We have historically benefited from opportunities to reposition and redevelop and retenant properties, and we expect to be looking out for those opportunities. We think that specifically within our development and redevelopment pipeline, we have a lot of opportunities still, and we will be working on those. It includes, for example, the Shore Mall property, the properties on Roosevelt Boulevard in Philadelphia, plus the Trexlertown properties, among the biggest development and redevelopment opportunity, and we will be working hard on those. But that is probably as much on the risk profile as we would tolerate at this point. Paul Adornato – BMO Capital Markets: Okay. Thanks very much.

(Operator instructions) We will move next to Sri Nagarajan with FBR Capital Markets.

Thanks and good morning. Leo, a broader strategic question if I may, I mean I think you have hit on the point that as the market is favoring a little bit of higher demographics, your stock has been consistently trading at or below NAV. It appears to add – again in your prepared remarks you also talked about a board and a review process in there. Why not a strategic review of your entire portfolio here as a logical next step, and it appears that your recent activity of selling non-core assets and exiting JVs is also accelerating. Could you just comment on the various strategic review options that you discussed perhaps with the board or are there thoughts on increasing your NAV or new strategies there?

Well, Sri, we have developed we think a very, very strong portfolio of properties over the years. As you will note, we have been able to demonstrate very strong consistent performance throughout the various quarters. Our occupancy has remained very high; our cash flow has been predictable almost to the nickel, so we think we have developed the most outstanding conservative risk averse portfolio that maybe out there with more supermarkets than anyone else on a percentage basis. So, we think we have a very high quality portfolio to begin with, and we purposely and carefully assemble that portfolio. What we are doing now is as I mentioned acceleration of sales of – in the pruning mode. We are pruning, we are not converting ourselves to a different animal. This is a very, very high-quality portfolio and strong operating portfolio, and what we are doing again is to prove them so as to create better demographics and again to delever, but we are not changing the focus of our company beyond what we have announced, and from which we started this enterprise.

Again on the dispositions, and all the questions just to hit on a point of the volume acquisition is obviously you have talked about as well, but from a financial metric perspective, is there a goal that the board has outlined to you from a debt to EBITDA level, or a fixed charge level that you alluded to in your prepared remarks that you are striving to achieve through these dispositions?

We are working with our board as always to adopt a business plan, which will target certain debt to EBITDA metrics, and fixed charge coverage metrics, which we will attempt to achieve, and as mentioned this is a continuing process, and we will announce some of those targets when the time comes.

So, I don’t think – is it part of the guidance process that you would think that it is – you would announce something like a goal of say, 5 times or whatever it is by a certain year-end target, along with the guidance is there something that we could expect going forward?

I would indeed expect to do that, and expect to do that by the end of the second quarter, but it won’t be five times regrettably.

Okay. Just trying – so on the – a few bookkeeping questions on the A&P termination, obviously you know, you are more optimistic with the bad debt of 350,000, what is the lost revenue or NOI annually that is – I believe that maybe already a tenant in this space, but what is the lost incremental NOI there?

I just appreciate Sri that A&P never opened in this site. It was to be (inaudible) in East Lansing, Michigan. And it never opened. It built a new beautiful store with a new parking lot, everything else, and A&P subleased it to Hobby Lobby at a substantially reduced rent. Hobby Lobby is still in place, and that is now a direct lease as a result of the disaffirmation of the lease by A&P. Our annual loss in revenue for that property is what Larry, roughly?

About $560,000.

Okay. Fair enough.

That is the base rent for A&P, but Hobby Lobby pays. That is okay. The difference annually is about 560, but appreciate again that under the bankruptcy code, we do have a continuing claim for I’m going to say 15% subject to correction by Stuart [ph] of remaining rents under the lease for a 20 year term in this case, and as a result of that our claim, and under the code is in an amount in excess of $2 million.

Okay. Fair enough. Now again, the recent news on Supervalu has not been good. It is closing a few stores in the north-east at least. How has this affected, or will it affect your portfolio at all in terms of rent going forward, and is there a positive outcome for you in terms of repositioning, or if any at all?

Well, you were tough today Sri. We do have five of our six store closings are Supervalus all of which are still paying rent, and I will ask Brenda to discuss this a little bit. Brenda if you are…

Okay. At the end of 2010, we had 4 supermarkets. We have subsequently had two more closings. The total square footage at the end of 2010 was 234,000 square feet of our GLA, and that is approximately 1.6%. The base rent for the four at the end of the year was $3.2 million. Was that helpful.

What is significant there Sri is that the leases go on, 2014 is the first to expire to 2030. So, the lease schedule goes 2014, 2016, 2017, 2027, 2024, and 2030. So, we have an awful lot of rent to collect, but as indicated, all but one are Supervalu concepts. Incidentally, one of those properties is in the Homburg JV portfolio.

Okay. So, from a top rent revenue collection perspective, it is not impactful for your top line at least yet?

No, but I appreciate for each of the respective properties it is a challenge for some of the other tenants where applicable, and we’re working hard with other groceries, among others, to fill that space, even though it is the supermarket that has the right to sublease in mostly all of those cases.

Fair enough. Finally on the JV fees itself, as you ramp up your RioCan JV here, maybe a breakdown of what is recurring JV fees, and potential fees in the future could be really helpful, just in the quarter and looking at 2011, perhaps you guys can outline to us what is recurring fee stream that would come from the JVs?

Okay. Do we have that?

Yes. Well, in the quarter, we have about $1 million of acquisition and financing fees that are all included in other revenue, and I think ongoing, the amount that we expect from property management fees on an annual basis is $1.5 million.

So, $1.5 million annually?

Yes.

For the property management.

For the property management.

The acquisition fees and the financing fees are separate one-time transactions.

So, as an addendum to that, it is about $2 million of property management and accounting fees?

We hope so.

Okay. Fair enough. Thank you so much.

Thanks Sri.

And our last question will come from Arthur Friedman with Friedman Asset Management. Arthur Friedman – Friedman Asset Management: Hi, good morning Leo and everyone.

Good morning. Arthur Friedman – Friedman Asset Management: You have actually answered most of my questions, so I just want you to explain one thing, I think for a lot of us while you went through this process of reviewing your properties for the last year, this whole slew of sales in the last two months looked like a change in strategy, but I think you have articulated it clearly now. So I understand it. I guess the only question I have then at this point is what are you seeing overall in terms of the marketplace, just from a business strategy standpoint?

Well, on an overall basis, I think that we have – I’m going to speak personally for a second. I feel quite a bit nervous about our economy. I feel that the increase in gas prices, I think increases in consumer product prices, increases in interest rates will all have a meaningful effect on retail in general. And I think our kind of defensive portfolio will continue to perform well under the circumstances. Correspondingly, I think our acquisition opportunities will be limited because of the increases in rents and the amount of money available to buy stuff. I also think that we’re going to see declining reports, even though there were pretty robust reports by many retailers, I think we’re going to see some declines as a result of increases in commodities and in hydrocarbons. On an overall basis, I am a little bit more guarded than the optimism that you hear and see at the moment. Correspondingly, there is not much new development. So that there is substantial demand for our properties as you have seen in our leasing results. So, I feel that our properties will continue to operate very well, but I do worry a bit about retailing in general during the next year. Arthur Friedman – Friedman Asset Management: Thank you very much. Good presentation.

Thank you very much Arthur.

And that is all the time that we have for questions today. I will turn the conference back over to management for any additional or closing comments.

Thank you very much operator. In closing, we wish to stress that our fine management team, again supported by our board, tenants, lenders and shareholders has delivered strong results for the fourth quarter and full year 2010. Going forward as noted, we will be very much focused on rationalizing our portfolio towards higher quality and demographics, delevering to improve our critical financial metrics, and where appropriate making acquisitions to also further enhance the quality of our portfolio, all-important efforts to create value for our shareholders. Thank you very much operator.

Thank you. Ladies and gentlemen that does conclude today’s conference. We thank you for your participation.