Exhibit 99.1

FELDMAN MALL PROPERTIES, INC. REPORTS SECOND QUARTER 2007 FINANCIAL RESULTS

***
Conference Call to Discuss Results Will Be Held at 10:00AM EDT, October 29, 2007
Dial in: (800) 257-1836 or go to www.feldmanmall.com

GREAT NECK, N.Y.—October 26, 2007

RELEASE HIGHLIGHTS

	•		2nd quarter FFO was $(0.12) per (diluted) share as compared to $0.20 per share (diluted) in 2nd quarter 2006
	•		Executive management restructuring

FINANCIAL RESULTS

Feldman Mall Properties, Inc. (NYSE:FMP) today reported Funds From Operations (“FFO”) totaling $(1.7) million, or $(0.12) per diluted share, for the second quarter ended June 30, 2007 as compared to $3.0 million, or $0.20 per diluted share for the three months ended June 30, 2006. The Company’s net loss for the three months ended June 30, 2007 was $4.9 million, or $0.40 per share, as compared to net income of $24.4 million, or $1.86 per diluted share for the second quarter of 2006. Net income for the three months ended June 30, 2006 included a $30.0 million gain, or $2.04 per diluted share, on the partial sale of the Foothills Mall. The Company had 14.5 and 14.7 million weighted average common shares and operating partnership units outstanding during the second quarters ended June 30, 2007 and 2006, respectively.

Second quarter results were negatively impacted by a number of non-recurring expenses, including professional fees, incurred in connection with the strategic alternatives process. Management believes that these non-recurring expenses will also impact the third quarter but to a lesser extent. The sale of joint venture interests in the Foothills Mall and Colonie Center during the second and third quarters of 2006, respectively, while having a negative impact on year-over-year comparisons from an operating income standpoint (as per the chart below), generated $80.3 million in cash proceeds. The Company has redeployed those proceeds into capital expenditures for the redevelopment of its existing mall properties and believes that continued redevelopment of its malls will lead to increased shop lease-up, increased shopper traffic and consequently stronger revenues.

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The following items represent changes in income and expense that impacted the Company’s FFO results for the periods indicated (in millions):

		June 30, 2007
		Three				Six
		Months				Months
Property Level Net Operating Income (“NOI”):
Lower rental revenue		$	(0.3	)		$	(0.1	)
Higher operating expenses			(0.6	)			(1.1	)
Same store NOI variance (1)			(0.9	)			(1.2	)
G&A Expense:
Executive severance (non-recurring)			(0.6	)			(0.6	)
Strategic alternative costs (non-recurring)			(0.4	)			(0.4	)
Other recurring G&A expense (2)			(1.5	)			(2.6	)
Total G&A variance			(2.5	)			(3.6	)
Effect of Sale to JVs: Colonie & Foothills:
Net operating Income			(3.3	)			(6.1	)
Decrease in interest expense			1.4				2.9
Increase in management, leasing and development fees			0.8				1.4
Total effect of sale of JV interests			(1.1	)			(1.8	)
Other:
Golden Triangle Mall NOI (acquired 4/06)			—				0.4
Change in Harrisburg earnout liability			—				2.3
Other income and expense, net			—				(0.7	)
Preferred stock dividends			(0.2	)			(0.2	)
Decrease in FFO		$	(4.7	)		$	(4.8	)

For the six months ended June 30, 2007, FFO totaled $1.3 million, or $0.09 per diluted share as compared to $6.0 million, or $0.41 per diluted share for the six months ended June 30, 2006. The Company’s net loss for the six months ended June 30, 2007 was $5.8 million, or $0.46 per share, as compared to net income of $23.0 million, or $1.75 per diluted share for the six months ended June 30, 2006. The 2007 period includes a non-cash reduction in the Company’s earnout obligation due to affiliates, increasing miscellaneous income in the first quarter by $2.3 million. The Company had 14.5 and 14.7 million weighted average common shares and operating partnership units outstanding during the six months ended June 30, 2007 and 2006, respectively.

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OTHER

Strategic Alternatives

On June 5, 2007, the Company announced that it has retained Friedman, Billings, Ramsey & Co., Inc. to assist the Company in exploring strategic alternatives in order to enhance shareholder value. These strategic alternatives included the raising of capital through the sale of assets of the Company, joint ventures or strategic partnerships, selective acquisitions or dispositions, and the combination, sale or merger of the Company with another entity. While the Company remains committed to exploring strategic alternatives, it does not believe a sale, merger or other strategic alternative is imminent under the current market conditions. During the Company’s second quarter conference call management will update investors on the strategic alternative process.

Deferred Dividend

In light of current market conditions and to enhance the redevelopment of the Company’s malls, the Company has suspended the common dividend and does not expect to declare any additional common dividends in the foreseeable future except as may be required to maintain REIT status.

Executive Management Restructuring

The Company announces the following management restructuring which is effective immediately:

	•		Larry Feldman will give up his position as CEO and the accompanying management responsibilities so that he may focus significantly all of his energy on the critical real estate imperatives facing the Company including leasing, anchor tenant retention and replacement, redevelopment and construction, and strategic direction and planning for the Company. He remains Chairman of the Board.
	•		Tom Wirth has been named President and remains CFO. Tom will assume management responsibilities for the Company with a focus on public company obligations including timely financial reporting.
	•		Jim Bourg retains his position as Chief Operating Officer.
	•		To provide support to, and more direct oversight of management, the independent board members have formed an executive committee led by Bruce Moore. The executive committee will remain in place until such time as the Company has retained additional executive talent, or the committee deems its assistance is no longer required.

CONFERENCE CALL

The Company’s executive management team will host a conference call and audio web cast on October 29, 2007 at 10:00 AM EDT to discuss the financial results. The conference call may be accessed by dialing (800) 257-1836. No pass code is required. The live conference will be simultaneously broadcast in a listen-only mode on the Company’s website at www.feldmanmall.com.

A replay of the call will be available through November 5, 2007 by dialing (800) 405-2236 using pass code 11101247, or individuals may access the replay via the Company’s web site.

NON-GAAP FINANCIAL MEASURES

Feldman Mall Properties, Inc., consistent with real estate industry and investment community preferences, uses FFO as a supplemental measure of operating performance. The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from cumulative effects of accounting changes, extraordinary items

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and sales of depreciable properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.

In order to provide a better understanding of the relationship with FFO and GAAP net income, a reconciliation of FFO to GAAP net income has been provided on page 7 of this release. FFO does not represent cash flow from operating activities in accordance with GAAP, should not be considered as an alternative to GAAP net income and is not necessarily indicative of cash available to fund cash needs.

During the October 29, 2007 conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used a non-GAAP financial measure and the comparable GAAP financial measure (net income/loss) can be found on page 7 of this release.

*Financial Tables Attached

About Feldman Mall Properties
Feldman Mall Properties, Inc. acquires, renovates and repositions enclosed regional shopping malls. Feldman Mall Properties Inc.’s investment strategy is to opportunistically acquire underperforming malls and transform them into physically attractive and profitable Class A malls through comprehensive renovation and re-tenanting efforts aimed at increasing shopper traffic and tenant sales. For more information on Feldman Mall Properties Inc., visit the Company’s website at www.feldmanmall.com.

The Company’s portfolio, including non-owned anchor tenants, consists of seven regional malls aggregating approximately 7.0 million square feet of which the Company owns approximately 4.1 million square feet.

To receive the Company’s latest news release and other corporate documents, please contact the Company at (516) 684-1239. All releases and supplemental data can also be downloaded directly from the Feldman Mall Properties website at: www.feldmanmall.com.

Forward-looking Information

This press release contains forward-looking statements that involve risks and uncertainties regarding various matters, including, without limitation, the success of our business strategy, including our acquisition, renovation and repositioning plans; our ability to close pending acquisitions and the timing of those acquisitions; our ability to obtain required financing; our understanding of our competition; market trends; our ability to implement our repositioning plans on time and within our budgets; projected capital and renovation expenditures; demand for shop space and the success of our lease-up plans; availability and creditworthiness of current and prospective tenants; and lease rates and terms. The forward-looking statements are based on our assumptions and current expectations of future performance. These assumptions and expectations may be inaccurate or may change as a result of many possible events or factors, not all of which are known to us. If there is any inaccuracy or change, actual results may vary materially from our forward-looking statements.

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FELDMAN MALL PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)

		June 30, 2007				December 31, 2006
		(Unaudited)
ASSETS:
Investments in real estate, net		$	339,265			$	318,440
Investment in unconsolidated real estate partnerships			36,461				32,833
Cash and cash equivalents			3,962				13,036
Restricted cash			31,115				8,159
Rents, deferred rents and other receivables, net			6,433				5,718
Acquired below-market ground lease, net			7,606				7,674
Acquired lease rights, net			8,211				9,262
Acquired in-place lease values, net			7,706				10,049
Deferred charges, net			4,289				3,284
Other assets, net			6,397				5,396
Total Assets		$	451,445			$	413,851
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Mortgage loans payable		$	235,291			$	211,451
Junior subordinated debt obligation			29,380				29,380
Secured line of credit			13,000				—
Due to affiliates			1,654				3,891
Accounts payable, accrued expenses and other liabilities			27,500				25,832
Dividends and distributions payable			175				3,315
Acquired lease obligations, net			5,903				6,823
Deferred gain on partial sale of real estate			3,515				3,515
Negative carrying value of investment in unconsolidated partnership			4,450				4,450
Total liabilities			320,868				288,657
Minority interest			10,719				11,649
Commitments and contingencies
Stockholders’ Equity
Series A 6.85% Cumulative Convertible Preferred Stock; 2,000,000 shares authorized; 600,000 shares issued and outstanding; $25.00 liquidation preference			14,599				—
Common stock ($0.01 par value, 200,000,000 shares authorized, 13,047,370 and 13,155,062 issued and outstanding at June 30, 2007 and December 31, 2006, respectively)			131				132
Additional paid-in capital			120,453				120,163
Distributions in excess of earnings			(16,463	)			(7,637	)
Accumulated other comprehensive income			1,138				887
Total stockholders’ equity			119,858				113,545
Total Liabilities and Stockholders’ Equity		$	451,445			$	413,851

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FELDMAN MALL PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2007				2006				2007				2006
Revenue:
Rental		$	7,687			$	11,787			$	15,396			$	22,477
Tenant reimbursements			3,417				6,326				6,997				11,665
Management, leasing and development services			875				112				1,698				257
Interest and other income			457				265				3,105				769
Total revenue			12,436				18,490				27,196				35,168
Expenses:
Rental property operating and maintenance			4,462				5,701				8,793				11,225
Real estate taxes			1,463				2,518				3,041				4,570
Interest (including amortization of deferred financing costs)			3,529				5,129				6,640				9,303
Loss from early extinguishment of debt			379				357				379				357
Depreciation and amortization			3,451				5,500				6,856				9,947
General and administrative			4,302				1,800				7,239				3,681
Total expenses			17,586				21,005				32,948				39,083
Loss from operations			(5,150	)			(2,515	)			(5,752	)			(3,915	)
Equity in loss of unconsolidated real estate partnerships			(300	)			(139	)			(655	)			(284	)
Gain on partial sale of real estate			—				29,968				—				29,968
Income (loss) before minority interest			(5,450	)			27,314				(6,407	)			25,769
Minority interest			515				(2,962	)			608				(2,795	)
Net income (loss)		$	(4,935	)		$	24,352			$	(5,799	)		$	22,974
Less preferred stock dividends, net of minority interest			(158	)			—				(158	)			—
Net income (loss) available to common stockholders — basic			(5,093	)			24,352				(5,957	)			22,974
Basic income (loss) per share		$	(0.40	)		$	1.90			$	(0.46	)		$	1.79
Diluted income (loss) per share			(0.40	)			1.86				(0.46	)			1.75
Funds From Operations (FFO) Calculation:
Net income (loss) available to common shareholders		$	(5,093	)		$	24,352			$	(5,957	)		$	22,974
Add:
Depreciation and amortization			3,451				5,500				6,856				9,947
Joint venture FFO adjustment			622				209				1,247				388
Minority interest			(515	)			2,962				(608	)			2,795
Less:
Gain on partial sale of real estate			—				(29,968	)			—				(29,968	)
Depreciation of non-real estate assets			(134	)			(46	)			(242	)			(88	)
FFO, diluted		$	(1,669	)		$	3,009			$	1,296			$	6,048
FFO per share		$	(0.12	)		$	0.20			$	0.09			$	0.41
Ownership interests:
Weighted average REIT common shares for basic net income per share			12,862				12,802				12,862				12,800
Weighted average common stock equivalents and partnership units			1,613				1,891				1,642				1,884
Weighted average shares and units outstanding			14,475				14,693				14,504				14,684

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FELDMAN MALL PROPERTIES, INC.

OPERATING STATISTICS

June 30, 2007

																										Shop
																						Shop				Tenant
Property		Total				Rentable								Annualized				Shop				Tenants				Base Rent
(Ownership		Square				Square				Mall				Base				Tenant				Percentage				Per Leased
Interest)		Feet				Feet				Occupancy				Rent				Square Feet				Leased (A)				Sq. Ft.
Stratford Square (100%)			1,300,000				629,000				94.8	%		$	8,083,572				384,000				68.34	%		$	23.85
Tallahassee Mall (100%)			966,000				966,000				92.75				7,416,224				204,000				73.13				22.62
Northgate Mall (100%)			1,100,000				577,000				91.67				7,953,772				315,000				63.36				24.19
Golden Triangle Mall (100%)			765,000				288,000				98.06				3,065,867				171,000				69.85				19.40
Foothills Mall (30.8%)			711,000				502,000				96.72				8,209,269				230,000				91.80				19.24
Colonie Center Mall (25.0%)			1,200,000				668,000				91.95				6,916,906				336,000				80.34				26.34
Harrisburg Mall (25.0%)			922,000				922,000				83.10				5,292,389				270,000				55.64				21.34
Total/Weighted Avg.			6,964,000				4,552,000				92.72	%		$	46,937,999				1,910,000				71.78	%		$	22.43

Lease		Number of				Expiring				% of Total				Expiring				Annualized								Expiring
Expiration		Expiring				Rentable				Sq. Ft.				Base				Base				% of Total				Base Rent
Year		Leases				Area				Expiring				Rent				Rent				Base Rent				Per Sq. Ft.
2007			50				127,347				3.61	%		$	198,757			$	2,385,059				5.1	%		$	18.73
2008			86				368,141				10.43				372,900				4,474,766				9.5				12.16
2009			67				190,152				5.38				327,875				3,934,473				8.4				20.69
2010			64				221,114				6.26				365,301				4,383,585				9.3				19.82
2011			62				249,735				7.07				415,015				4,980,190				10.6				19.94
2012			42				290,219				8.22				302,900				3,634,757				7.7				12.52
2013			36				326,865				9.26				336,162				4,033,883				8.6				12.34
2014			34				308,591				8.74				363,065				4,356,782				9.3				14.12
2015			22				90,651				2.57				147,336				1,768,042				3.8				19.50
2016 and thereafter			59				1,358,497				38.47				1,082,210				12,986,462				27.7				9.56
Total/Weighted Average			522				3,531,312				100.0	%		$	3,911,521			$	46,937,999				100.0	%		$	13.29

Sales Per Square Foot
Trailing Twelve Months Ending

		6/30/2007				3/31/2007				12/31/2006				9/30/2006				6/30/2006
Stratford Square Mall		$	286.93				288.77				284.51				283.33				282.70
Tallahassee Mall			325.00				327.45				320.32				329.34				329.64
Northgate Mall			317.56				320.38				308.42				309.63				308.27
Golden Triangle Mall			293.02				295.70				283.95				278.54
Foothills Mall			308.47				310.35				305.77				306.03				302.35
Colonie Center Mall			303.43				303.33				308.02				299.71				299.95
Harrisburg Mall			270.44				269.92				266.61				260.31				255.03
Total/Weighted Average		$	300.69			$	302.27			$	296.80			$	295.27			$	296.32

Shop Occupancy with Temporary Tenants
Trailing Twelve Months Ending

		6/30/2007				3/31/2007				12/31/2006				9/30/2006				6/30/2006
Stratford Square Mall			82.74	%			83.19	%			82.28	%			75.89	%			73.76	%
Tallahassee Mall			85.98				86.61				88.00				88.00				88.19
Northgate Mall			78.65				84.26				90.18				90.91				84.75
Golden Triangle Mall			91.76				95.26				95.63				78.41
Foothills Mall			87.37				92.71				100.00				96.50				96.52
Colonie Center Mall			87.10				87.18				89.19				90.46				88.96
Harrisburg Mall			77.03				80.72				75.15				80.80				77.90
Total/Weighted Average			84.38	%			87.13	%			88.63	%			85.85	%			85.01	%

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