Cedar Realty Trust, Inc.

Schedule III

Real Estate and Accumulated Depreciation

						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			463,967		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		9,143,000		30,893,000
Elmhurst Square	VA		2006		100%	1961-1983			66,254		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			151,995		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			303,144		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
Glenwood Village	NJ		2016		100%		2015		63,844		625,000		17,674,000
Gold Star Plaza	PA		2006		100%		1988		71,720		1,644,000		6,519,000
Golden Triangle	PA		2003		100%	1960/2005			202,790		2,320,000		9,713,000
Groton Shopping Center	CT		2007		100%		1969		121,825		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		59,939		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		100%	1967/1997			259,566		14,891,000		24,967,000
Northside Commons	PA		2008		100%		2009		69,136		3,332,000		-
Norwood Shopping Center	MA		2006		100%	1965/2013			97,756		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			236,217		9,718,000		40,356,000
San Souci Plaza	MD		2009		40%	1985 - 1997			264,134		14,849,000		18,445,000
Shoppes at Arts District	DC		2016		100%		2011		35,676		2,247,000		18,616,000
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			227,598		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			321,129		13,349,000		23,867,000
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			98,984		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									9,127,793	$	306,824,000	$	948,982,000

Cedar Realty Trust, Inc.

Schedule III

Real Estate and Accumulated Depreciation

				Gross amount at which carried at
(continued)	Subsequent			December 31, 2016
	cost					Building and				Accumulated		Amount of
Property	capitalized (a)			Land		improvements		Total		depreciation		Encumbrance
Academy Plaza	$	4,565,000		$	2,406,000	$	14,188,000	$	16,594,000	$	4,907,000	$	-
Big Y Shopping Center		11,000			10,268,000		24,410,000		34,678,000		2,601,000		-
Camp Hill		44,498,000			4,424,000		62,391,000		66,815,000		19,663,000		-
Carll's Corner		(433,000	)		2,898,000		14,996,000		17,894,000		4,614,000		-
Carmans Plaza		517,000			8,421,000		36,439,000		44,860,000		10,394,000		-
Coliseum Marketplace		5,426,000			3,586,000		19,180,000		22,766,000		6,361,000		-
Colonial Commons		5,222,000			9,367,000		42,718,000		52,085,000		10,079,000		25,070,000
Crossroads II		28,968,000			17,671,000		26,680,000		44,351,000		5,140,000		-
East River Park		378,000			9,398,000		31,016,000		40,414,000		1,662,000		19,848,000
Elmhurst Square		423,000			1,371,000		6,417,000		7,788,000		1,704,000		-
Fairview Commons		346,000			858,000		3,914,000		4,772,000		860,000		-
Fieldstone Marketplace		1,969,000			5,167,000		23,471,000		28,638,000		7,951,000		-
Fort Washington Center		5,176,000			2,462,000		5,176,000		7,638,000		2,055,000		-
Franklin Village Plaza		1,486,000			14,681,000		62,990,000		77,671,000		10,313,000		49,097,000
Fredericksburg Way		-			3,213,000		12,758,000		15,971,000		4,131,000		-
General Booth Plaza		(947,000	)		1,935,000		8,546,000		10,481,000		2,465,000		-
Glen Allen Shopping Center		(212,000	)		5,367,000		1,873,000		7,240,000		524,000		-
Glenwood Village		66,000			625,000		17,740,000		18,365,000		370,000		-
Gold Star Plaza		598,000			1,644,000		7,117,000		8,761,000		2,518,000		-
Golden Triangle		9,517,000			2,320,000		19,230,000		21,550,000		7,807,000		-
Groton Shopping Center		4,045,000			3,113,000		16,322,000		19,435,000		3,922,000		-
Halifax Plaza		367,000			1,347,000		6,231,000		7,578,000		2,308,000		-
Hamburg Square		5,518,000			1,153,000		10,196,000		11,349,000		3,038,000		-
Jordan Lane		242,000			4,291,000		21,418,000		25,709,000		6,043,000		-
Kempsville Crossing		(3,227,000	)		2,207,000		7,773,000		9,980,000		2,470,000		-
Kings Plaza		(537,000	)		2,408,000		12,072,000		14,480,000		2,885,000		-
Lawndale Plaza		436,000			3,635,000		22,290,000		25,925,000		1,665,000		-
Maxatawny Marketplace		9,066,000			1,454,000		9,224,000		10,678,000		879,000		-
Meadows Marketplace		11,425,000			1,914,000		11,425,000		13,339,000		3,160,000		-
Mechanicsburg Giant		-			2,709,000		12,159,000		14,868,000		3,802,000		-
Metro Square		(247,000	)		5,250,000		9,965,000		15,215,000		2,445,000		7,344,000
Newport Plaza		401,000			1,682,000		8,198,000		9,880,000		2,942,000		-
New London Mall		1,532,000			8,807,000		32,583,000		41,390,000		10,743,000		-
Northside Commons		10,010,000			3,379,000		9,963,000		13,342,000		1,832,000		-
Norwood Shopping Center		735,000			1,874,000		9,188,000		11,062,000		2,366,000		-
Oak Ridge Shopping Center		46,000			960,000		4,300,000		5,260,000		1,340,000		-
Oakland Commons		(344,000	)		2,504,000		15,318,000		17,822,000		4,352,000		-
Oakland Mills		41,000			1,611,000		6,333,000		7,944,000		2,408,000		-
Palmyra Shopping Center		1,700,000			1,488,000		8,266,000		9,754,000		2,780,000		-
Pine Grove Plaza		767,000			2,010,000		7,256,000		9,266,000		2,362,000		-
Port Richmond Village		1,588,000			2,843,000		13,456,000		16,299,000		5,342,000		-
Quartermaster Plaza		812,000			37,031,000		55,022,000		92,053,000		5,142,000		-
River View Plaza		5,309,000			9,718,000		45,665,000		55,383,000		15,689,000		-
San Souci Plaza		2,425,000			13,406,000		22,313,000		35,719,000		9,501,000		-
Shoppes at Arts District		-			2,247,000		18,616,000		20,863,000		503,000		9,044,000
South Philadelphia		2,815,000			8,222,000		39,129,000		47,351,000		15,534,000		-
Southington Center		233,000			-		12,067,000		12,067,000		4,039,000		-
Suffolk Plaza		(1,301,000	)		1,402,000		5,935,000		7,337,000		1,701,000		-
Swede Square		5,726,000			2,272,000		11,954,000		14,226,000		4,930,000		-
The Brickyard		3,903,000			7,648,000		33,195,000		40,843,000		9,370,000		-
The Commons		3,093,000			3,098,000		17,140,000		20,238,000		6,364,000		-
The Point		14,787,000			2,996,000		25,291,000		28,287,000		9,288,000		27,840,000
The Shops at Suffolk Downs		9,569,000			7,580,000		20,658,000		28,238,000		5,530,000		-
Timpany Plaza		593,000			3,368,000		19,877,000		23,245,000		4,615,000		-
Trexler Mall		7,588,000			6,932,000		40,403,000		47,335,000		12,052,000		-
Trexlertown Plaza		26,578,000			13,351,000		50,443,000		63,794,000		8,761,000		-
Valley Plaza		1,354,000			1,950,000		9,120,000		11,070,000		3,292,000		-
Washington Center Shoppes		4,460,000			2,000,000		11,835,000		13,835,000		4,821,000		-
Webster Plaza		2,847,000			4,082,000		20,728,000		24,810,000		4,727,000		-
West Bridgewater Plaza		(685,000	)		2,596,000		14,443,000		17,039,000		4,127,000		-
Yorktowne Plaza		463,000			5,798,000		26,110,000		31,908,000		7,881,000		-
Land parcels		(1,084,000	)		881,000		-		881,000		-		-
Total Portfolio	$	240,623,000		$	301,299,000	$	1,195,130,000	$	1,496,429,000	$	313,070,000	$	138,243,000

Cedar Realty Trust, Inc.

Schedule III

Real Estate and Accumulated Depreciation

The changes in real estate and accumulated depreciation for the three years ended December 31, 2016 are as follows:

Cost	2016				2015			2014
Balance, beginning of the year	$	1,550,027,000			$	1,476,173,000		$	1,450,951,000
Properties transferred to held for sale		(96,596,000	)			(4,599,000	)		(81,223,000	)
Properties acquired		39,456,000				65,313,000			91,241,000
Impairments		—				—			(6,000	)
Improvements and betterments		15,672,000				13,140,000			15,210,000
Write-off fully-depreciated assets		(12,130,000	)			—			—
Balance, end of the year	$	1,496,429,000		(b)	$	1,550,027,000		$	1,476,173,000

Accumulated depreciation
Balance, beginning of the year	$	300,832,000			$	267,211,000		$	251,605,000
Properties transferred to held for sale		(11,280,000	)			(1,380,000	)		(18,523,000	)
Depreciation expense (c)	$	35,648,000			$	35,001,000		$	34,129,000
Write-off fully-depreciated assets		(12,130,000	)			-			-
Balance, end of the year	$	313,070,000			$	300,832,000		$	267,211,000

Net book value	$	1,183,359,000			$	1,249,195,000		$	1,208,962,000

(a)

Negative amounts represent write-offs of fully depreciated assets.

(b)

At December 31, 2016, the aggregate cost for federal income tax purposes was approximately $26.5 million greater than the Company's recorded values.

(c)

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