SOURCE: Feldman Mall Properties, Inc.

Feldman Mall Properties, Inc.

December 16, 2010 16:38 ET

Feldman Mall Properties, Inc. Announcements

NEW YORK, NY--(Marketwire - December 16, 2010) - Feldman Mall Properties, Inc. (PINKSHEETS: FMLP) made the following announcements:

Preferred Shares Repurchase

The closing date for the Company's repurchase of 2,000,000 shares of 6.85% Series A Cumulative Convertible Preferred Stock, liquidation preference $25.00 per share, from Inland American Real Estate Trust, Inc. ("Inland"), has been extended from December 31, 2010 to June 1, 2011. All of the remaining terms and conditions contained and set forth in the June 10, 2010 Preferred Shares Repurchase Agreement between the Company and Inland remain the same.

Directors' Resignations

Lawrence S. Kaplan and Wendy Luscombe resigned as directors of the Company and from their respective committee offices; their resignations were accepted by the Board on December 13, 2010. Mr. Kaplan was elected to office in December 2004, while Ms. Luscombe became a director in May 2008. The Board expressed its profound appreciation and gratitude for the considerable service and counsel provided to the Company by Mr. Kaplan and Ms. Luscombe, and wished them well in their future endeavors.

The Board decided to leave the vacancies created by the resignations of Mr. Kaplan and Ms. Luscombe open for the time being and will determine at a later date whether to seek replacements for those seats or to reduce the size of the Board.

About Feldman Mall Properties, Inc.

The Company's shares of common stock are quoted on Pink OTC Markets, a privately-owned company formerly known as Pink Sheets, which operates Pink Quote. Following foreclosure of the Golden Triangle Mall, and excluding the Northgate Mall, located in Cincinnati, Ohio, which is in receivership, the Company will continue to own one (1) regional mall, Stratford Square, located in Bloomingdale, Illinois, and containing 1.3 million square feet. For more information on Feldman Mall Properties Inc., visit the Company website at www.feldmanmall.com.

Contact Information

  • CONTACT:
    FELDMAN MALL PROPERTIES, INC.
    John F. Dougherty, Jr.
    Senior Vice President and General Counsel and Secretary
    (215) 564-8084
    1065 Avenue of the Americas, 19th Floor
    New York, NY 10018