SOURCE: Feldman Mall Properties, Inc.

May 31, 2011 17:07 ET

Feldman Mall Properties, Inc. Announcements

NEW YORK, NY--(Marketwire - May 31, 2011) - 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 June 1, 2011 to August 17, 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.

Stratford Square Mall

Effective May 9, 2011, the Company exercised its right to extend the maturity date of the first mortgage loan collateralized by the Stratford Square Mall to May 9, 2012. The amount of the first mortgage loan is $104,500,000.00.

Audited Financial Statements

The Company has engaged KPMG LLP to prepare audited financial statements for fiscal years 2009 and 2010. The Company will post the financial statements on its website (www.feldmanmall.com) once they are released by KPMG LLP.

Annual Meeting of Shareholders

Following posting of the Company's 2009 and 2010 audited financial statements, the Company intends to set a date for the annual meeting of shareholders, during which an election for members of the Board of Directors will be held, along with the conduct of such other business as properly comes before the meeting.

Exploring Opportunities

With the satisfaction of the last of the derivatives to which the Company was a counterparty, there has been an improvement in the Company's ongoing cash flow from Stratford Square Mall. The Company is now engaged in exploring business opportunities with the aim of maximizing shareholder value given the assets on hand.

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