Feldman Mall Properties, Inc. Announcements

NEW YORK, April 13 /PRNewswire-FirstCall/ -- Feldman Mall Properties, Inc. (Pink Sheets: FMLP) made the following announcements:

2008 Audited Financial Statements

The audited financial statements for the Company's 2008 fiscal year are now available on the Company's website at www.feldmanmall.com.  In addition, copies may be obtained without charge upon request to John F. Dougherty, Jr., Secretary, Feldman Mall Properties, Inc., 1065 Avenue of the Americas, 19th Floor, New York, NY 10018.

Golden Triangle Mall

In March 2010, the Company's subsidiary, FMP Denton LP, sold an outparcel, the net proceeds of which reduced the amount of the loan owing to JP Morgan Chase Bank, N.A. from $26.6 Million to $25.9 Million, and further reduced the Company's guarantee to $1.3 Million.  The Company and the Bank are currently engaged in discussions concerning an extension of the existing forbearance agreement and modification and restoration of the loan.

Stratford Square Mall

The Company's subsidiary, FMP Stratford LLC, has notified the servicer of the loan of its desire to extend the maturity date from May 9, 2010 to May 8, 2011.  In order to obtain the extension, the subsidiary must provide the lender with an interest rate cap agreement and meet the requirements of the loan documents, including that no event of default has occurred and is continuing.  The Company is proceeding to satisfy those conditions, however, the Company can provide no assurance that all of the conditions will be satisfied and the term of the loan accordingly extended.

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.  The Company's portfolio, including non-owned anchor tenants, now consists of two regional malls aggregating approximately 2.065 million square feet, excluding Northgate Mall.  For more information on Feldman Mall Properties Inc., visit the Company website at www.feldmanmall.com.

SOURCE Feldman Mall Properties, Inc.