SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP


Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Inland American Real Estate Trust, Inc.

(Last) (First) (Middle)
2901 BUTTERFIELD ROAD

(Street)
OAK BROOK IL 60523

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CEDAR SHOPPING CENTERS INC [ CDR ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
02/15/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/15/2008 P 165,700 A $11.21 4,939,838 D(1)
Common Stock 02/19/2008 P 44,500 A $11.38 4,984,338 D(1)
Common Stock 02/19/2008 P 55,500 A $11.41 5,039,838 D(1)
Common Stock 02/20/2008 P 56,600 A $11.48 5,096,438 D(1)
Common Stock 02/21/2008 P 93,900 A $11.45 5,190,338 D(1)
Common Stock 02/22/2008 P 198,900 A $11.48 5,389,238 D(1)
Common Stock 02/25/2008 P 43,500 A $11.45 5,432,738 D(1)
Common Stock 02/26/2008 P 41,000 A $11.58 5,473,738 D(1)
Common Stock 02/27/2008 P 6,500 A $11.55 5,480,238 D(1)
Common Stock 02/28/2008 P 182,400 A $11.57 5,662,638 D(1)
Common Stock 02/29/2008 P 139,100 A $11.54 5,801,738 D(1)
Common Stock 03/03/2008 P 64,500 A $11.57 5,866,238 D(1)
Common Stock 03/04/2008 P 177,500 A $11.58 6,043,738 D(1)
Common Stock 2,000 D(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Inland American Real Estate Trust, Inc.

(Last) (First) (Middle)
2901 BUTTERFIELD ROAD

(Street)
OAK BROOK IL 60523

(City) (State) (Zip)
1. Name and Address of Reporting Person*
GOODWIN DANIEL L

(Last) (First) (Middle)
2901 BUTTERFIELD ROAD

(Street)
OAK BROOK IL 60523

(City) (State) (Zip)
1. Name and Address of Reporting Person*
PARKS ROBERT D

(Last) (First) (Middle)
2901 BUTTERFIELD ROAD

(Street)
OAK BROOK IL 60523

(City) (State) (Zip)
Explanation of Responses:
1. The reported shares are owned directly by Inland American. Mr. Goodwin and Mr. Parks disclaim beneficial ownership of the shares beneficially owned by Inland American except to the extent of their respective ownership of shares of Inland American stock.
2. The reported shares are owned directly by Mr. Parks.
Remarks:
To obtain a waiver of the 9.9% common stock ownership limitation in the issuer's charter, Inland American Real Estate Trust, Inc. ("Inland American") and Inland Investment Advisors, Inc. ("Adviser") and two affiliates of Adviser have entered into a Voting Agreement with the issuer dated 02/13/2008. This Voting Agreement is attached as Exhibit 7.4 to the Schedule 13D filed by Inland American and other reporting persons with the SEC on 2/14/2008. There is no written or express agreement between or among any of Inland American, Mr. Goodwin and Mr. Parks to acquire, hold, vote or dispose of the issuer's securities. In accordance with the perceived statutory purpose of Section 13(d) to inform investors as to accumulations of an issuer's securities and because of the relationships among the Reporting Persons described in this Form 4, the Reporting Persons have filed this Form 4 jointly. Adviser and Inland American are separate legal entities. Adviser manages discretionary accounts for Inland American, Mr. Goodwin and Mr. Parks, among other clients. An investment committee comprised of three members of the board of Adviser oversees the overall investment strategy and decisions made with respect to the accounts it manages, within the respective investment guidelines provided to it by its clients. Mr. Goodwin and Mr. Parks are members of this investment committee. Mr. Goodwin manages the day-to-day operations of Adviser. Mr. Goodwin and Mr. Parks directly and indirectly own shares of Inland American. Mr. Parks is a director and Chairman of the Board of Inland American.
INLAND AMERICAN REAL ESTATE TRUST, INC., By /s/ Brenda G. Gujral, President 03/04/2008
DANIEL L. GOODWIN /s/ Daniel L. Goodwin 03/04/2008
ROBERT D. PARKS /s/ Robert D. Parks 03/04/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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