Exhibit 99.1

FELDMAN MALL PROPERTIES, INC. REPORTS FOURTH QUARTER 2006 FINANCIAL RESULTS

***
Conference Call to Discuss Results Will Be Held at 11:00 AM EDT, May 16, 2007
Dial in: (800) 366-8058 or go to www.feldmanmall.com

GREAT NECK, N.Y.—May 14, 2007

RELEASE HIGHLIGHTS

	•		4th quarter FFO was $0.18 per diluted share
	•		Full year 2006 FFO was $0.80 per diluted share
	•		Completed an agreement to issue up to $50 million of 6.85% convertible preferred shares
	•		Completed unsecured credit agreement to borrow up to $25 million through a 7% promissory note
	•		Completed the refinancing of the Stratford Square Mall for $104.5 million
	•		Declared first quarter dividend of $0.2275 per share

FINANCIAL RESULTS

Feldman Mall Properties, Inc. (NYSE: FMP) today reported Funds From Operations (“FFO”) totaling $2.7 million, or $0.18 per diluted share, for the fourth quarter ended December 31, 2006 as compared to $2.1 million, or $0.15 per diluted share for the three months ended December 31, 2005. The Company’s net loss for the three months ended December 31, 2006 was $1.0 million, or $0.08 per share, as compared to a loss of $2.1 million, or $0.17 per share for the fourth quarter of 2005. The Company had 14.6 and 14.2 million weighted average common shares and operating partnership units outstanding during the fourth quarters ended December 31, 2006 and 2005, respectively.

For the year ended December 31, 2006, FFO totaled $11.7 million, or $0.80 per diluted share as compared to $10.9 million, or $0.78 per diluted share for the year ended December 31, 2005. Excluding the early extinguishment of debt during the second quarter of 2006 totaling approximately $0.4 million, FFO totaled $12.1 million, or $0.83 per diluted share. The Company’s net income for the year ended December 31, 2006 was $20.2 million, or $1.54 per diluted share, as compared to a net loss of $2.6 million, or $0.21 per share for the year ended December 31, 2005. The Company had 14.7 and 14.1 million weighted average common shares and operating partnership units outstanding during the year ended December 31, 2006 and 2005, respectively. The results for the year ended December 31, 2006 includes a $29.4 million gain on the partial sale of the Foothills Mall.

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REAL ESTATE AND FINANCING ACTIVITY

$104.5 Million Stratford Square Refinancing

The Company announced today the refinancing of the Stratford Square Mall, located in Bloomingdale, Illinois. The $104.5 million first mortgage closed May 8, 2007 with an initial term of 36 months and bearing interest at a floating rate of 115 basis points over LIBOR. The loan has two one-year extension options.

On the closing date, $75 million of the loan proceeds were used to retire Stratford Square’s outstanding $75 million first mortgage. The balance of the proceeds was placed into escrow and will be released to the Company to fund the completion of its redevelopment project.

$50 Million of Convertible Preferred Shares

The Company intends to issue up to $50 million of convertible preferred stock through the private placement of 2 million shares of 6.85% Series A Cumulative Convertible Preferred Shares to Inland American Real Estate Trust, Inc., a public non-listed REIT sponsored by an affiliate of the Inland Real Estate Group of Companies. Pursuant to the terms of the agreement, the Company issued $15 million of preferred stock on April 30, 2007. The Company is required to issue a total of $50 million by the end of the 12 month period following the close of this transaction.

Under the terms of this transaction, and in accordance with New York Stock Exchange rules, the Company will seek shareholder approval to permit conversion of the preferred shares into common stock. Assuming an affirmative vote of Company shareholders, Inland American Real Estate Trust will have the option after June 30, 2009 to convert some or all of its outstanding preferred shares. Each preferred share is being issued at a price of $25.00 per share and, assuming an affirmative vote of Company shareholders, will be convertible, in whole or in part, at a conversion ratio of 1.77305 common shares to preferred shares. This conversion ratio is based upon a common share price of $14.10 per share. Assuming stockholder approval of convertibility, and if the preferred shareholders do not convert their shares to common stock, then commencing August of 2009, the Company may redeem the preferred shares without any redemption premium at the price of $25.00 per share. For more details regarding this transaction, please refer to the Company’s 8-K filing dated April 16, 2006.

The Company intends to utilize the net proceeds from the offering to provide capital for the redevelopment of its mall assets, to repay borrowings under its line of credit and for general corporate purposes.

$25 Million Credit Agreement with an Affiliate of Kimco Realty Corporation

The Company has executed a promissory note (the “Note”) providing for loans aggregating up to $25 million from Kimco Capital Corp. (“Kimco”). No amount has yet been borrowed under the Note.

Loan draws under the Note are optional on the part of the Company and will bear interest at the rate of seven percent per annum, payable monthly. Any outstanding principal amount will be due and payable on April 10, 2008, provided that the maturity of the Note may be extended to April 10, 2009 if the Company complies with certain performance criteria. The Company may prepay the outstanding principal amount under the Note in whole or in part at any time.

In addition to the interest on the Note, Kimco will be paid a variable fee equal to (i) $500,000, multiplied by (ii) (a) the volume weighted average price of the Company’s common stock as of a five-day period chosen by Kimco, minus (b) $13.00 per common share. If Kimco does not select a date for determination of the fee prior to termination of the Note, the Company will instead pay to Kimco $250,000 in additional interest.

The Company intends to utilize the Kimco proceeds to provide capital for the redevelopment of its mall assets, to repay borrowings under its line of credit and for general corporate purposes.

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OTHER

Appointment of New Board Member

In connection with the Inland transaction, Mr. Thomas H. McAuley will be joining the Company’s board of directors. Mr. McAuley, age 61, has been a Director of Inland Real Estate Corp. since 2004. Mr. McAuley is also currently the president of Inland Capital Markets Group, Inc., which is an advisor on real estate investments, including public REITs, to various entities within The Inland Real Estate Group of Companies, Inc.

In order for the Company’s Board of Directors to comply with the director independence rules of the New York Stock Exchange, Jim Bourg will resign his board seat prior to Mr. McAuley joining the Company’s board. Jim Bourg will continue to be the Company’s Chief Operating Officer and will attend all future board meetings.

First Quarter Dividend of $0.2275 Per Share

The Company announced that its Board of Directors has declared a quarterly dividend of $0.2275 per common share for the quarter ending March 31, 2007. The dividend is payable on May 25, 2007 to shareholders of record at the close of business on May 18, 2007.

Management’s Internal Control Assessment

As of December 31, 2006, the Company’s management has determined that its controls over financial reporting contained a material weakness. The Company lacked the sufficient number of personnel to ensure that the financial statements were prepared on a timely basis. As a result, the Company was unable to adequately complete its necessary procedures on time. The lack of sufficient personnel caused delays in the review and approval of supporting documents and journal entries necessary to prepare our financial statements on a timely basis in accordance with regulatory guidelines. At the beginning of 2007 management commenced hiring and training additional personnel to correct this material weakness.

CONFERENCE CALL/WEBCAST

The Company’s executive management team, led by Larry Feldman, chairman and chief executive officer, and Tom Wirth, executive vice-president and chief financial officer, will host a conference call and audio web cast on Wednesday, May 16, 2007 at 11:00 a.m. EDT to discuss the Company’s financial results. The conference call may be accessed by dialing (800) 366-8058. 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 for a limited time by dialing (800) 405-2236 and using the pass code 11090288, 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 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

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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 6 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 May 16, 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) can be found on page 6 of this release.

*Financial Tables Attached

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 4.6 million square feet.

To receive the Company’s latest news releases 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.

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Data)

		December 31, 2006				December 31, 2005
Assets:
Investments in real estate, net		$	318,440			$	396,108
Investment in unconsolidated real estate partnerships			33,150				3,153
Cash and cash equivalents			13,036				14,331
Restricted cash			8,159				7,707
Rents, deferred rents and other receivables, net			5,718				5,763
Acquired below-market ground lease, net			7,674				7,811
Acquired lease rights, net			9,262				14,205
Acquired in-place lease values, net			10,049				19,098
Deferred charges, net			3,284				2,843
Other assets, net			5,396				4,466
Total Assets		$	414,168			$	475,485
Liabilities and Stockholders’ Equity:
Mortgage loans payable		$	211,451			$	318,489
Junior subordinated debt obligation			29,380				—
Due to affiliates			3,891				5,303
Accounts payable, accrued expenses, and other liabilities			25,832				19,672
Dividends and distributions payable			3,315				3,331
Acquired lease obligations, net			6,823				11,612
Deferred gain on partial sale of real estate			3,832				—
Negative carrying value of investment in unconsolidated partnership			4,450				—
Total liabilities			288,974				358,407
Minority interest			11,433				12,117
Stockholders’ Equity
Common stock ($0.01 par value, 200,000,000 shares authorized, 13,155,062 and 13,050,370 issued and outstanding at December 31, 2006 and 2005, respectively)			132				131
Additional paid-in capital			120,379				119,643
Distributions in excess of earnings			(7,637	)			(15,912	)
Accumulated other comprehensive income			887				1,099
Total stockholders’ equity			113,761				104,961
Total Liabilities and Stockholders’ Equity		$	414,168			$	475,485

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FELDMAN MALL PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED

(In Thousands, Except Per Share Data)

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2006				2005				2006				2005
Revenue:
Rental		$	8,984			$	12,081			$	41,104			$	35,729
Tenant reimbursements			4,172				5,587				19,867				17,634
Management, leasing, and development services			870				114				1,310				470
Interest and other income			723				616				3,024				1,362
Total Revenue			14,749				18,398				65,305				55,195
Expenses:
Rental property operating and maintenance			4,766				6,845				21,014				18,383
Real estate taxes			1,414				2,097				7,645				6,520
Interest (including amortization of deferred financing costs)			3,252				4,110				16,435				11,909
Loss from early extinguishment of debt			—				—				357				—
Depreciation and amortization			3,555				4,227				17,394				13,383
General and administrative			3,003				3,278				8,657				7,511
Total Expenses			15,990				20,557				71,502				57,706
Equity in income (loss) of unconsolidated real estate partnerships			104				(162	)			(550	)			(454	)
Gain on partial sale of real estate			—				—				29,397				—
Income (loss) before minority interest			(1,137	)			(2,321	)			22,650				(2,965	)
Minority interest			111				259				(2,469	)			332
Net Income (Loss)		$	(1,026	)		$	(2,062	)		$	20,181			$	(2,633	)
Basic earnings (loss) per share		$	(0.08	)		$	(0.17	)		$	1.58			$	(0.21	)
Diluted earnings (loss) per share		$	(0.08	)		$	(0.17	)		$	1.54			$	(0.21	)
Basic weighted average common shares outstanding			12,821				12,466				12,808				12,363
Diluted weighted average common shares and common share equivalents outstanding			12,821				12,466				14,666				12,363
Funds From Operations (FFO) Calculation:
Net income (loss)		$	(1,026	)		$	(2,062	)		$	20,181			$	(2,633	)
Add:
Depreciation and amortization			3,555				4,227				17,394				13,383
Joint venture FFO adjustment			337				216				1,377				729
Minority interest of income (loss)			(111	)			(259	)			2,469				(332	)
Less:
Gain on partial sale of real estate			—				—				(29,397	)			—
Depreciation of non-real estate assets			(78	)			(50	)			(280	)			(247	)
FFO, diluted		$	2,677			$	2,072			$	11,744			$	10,900
Debt extinguishment related to partial sale			—				—				357				—
FFO, before charges for debt extinguishment		$	2,677			$	2,072			$	12,101			$	10,900
FFO per share		$	0.18			$	0.15			$	0.80			$	0.78
FFO per share, before charges for debt extinguishment		$	0.18			$	0.15			$	0.83			$	0.78
Ownership interests:
Weighted average REIT common shares for basic net income per share			12,821				12,466				12,808				12,363
Weighted average common stock equivalents and partnership units			1,779				1,769				1,858				1,700
Weighted average shares and units outstanding			14,600				14,235				14,666				14,063

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FELDMAN MALL PROPERTIES, INC.

OPERATING STATISTICS

December 31, 2006

																										Shop
																						Shop				Tenant
Property		Total				Rentable								Annualized				Shop				Tenants				Base Rent
(Ownership		Square				Square				Total Mall				Base				Tenant				Percentage				Per Leased
Interest)		Feet				Feet (A)				Occupancy(C)				Rent				Square Feet				Leased (B)				Sq. Ft.
Stratford Square (100%)			1,300,000				629,000				90.6	%		$	5,990,680				485,000				66.4	%		$	24.81
Tallahassee Mall (100%)			966,000				966,000				96.0				7,249,332				204,000				79.0				22.60
Northgate Mall (100%)			1,100,000				577,000				90.9				7,804,935				315,000				67.6				23.55
Golden Triangle Mall (100%)			765,000				288,000				94.2				3,087,392				171,000				66.0				20.35
Foothills Mall (30.8%)			711,000				502,000				98.6				7,810,682				230,000				96.4				21.48
Colonie Center Mall (25.0%)			1,200,000				668,000				93.2				7,573,996				336,000				78.0				27.40
Harrisburg Mall (25.0%)			922,000				922,000				88.3				5,015,975				270,000				58.8				24.46
Total/Weighted Avg.			6,964,000				4,552,000				93.1	%		$	44,532,992				2,011,000				75.6	%		$	23.74

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			69				183,373				5.33	%		$	290,317			$	3,483,808				7.92	%		$	19.00
2008			84				357,069				10.37				366,130				4,393,557				9.99				12.30
2009			68				181,626				5.28				314,725				3,776,696				8.59				20.79
2010			58				208,211				6.05				342,802				4,113,622				9.35				19.76
2011			63				251,885				7.32				425,246				5,102,947				11.60				20.26
2012			32				249,834				7.26				237,028				2,844,337				6.47				11.38
2013			35				326,337				9.48				325,143				3,901,718				8.87				11.96
2014			33				307,085				8.92				362,970				4,355,638				9.90				14.18
2015			22				90,651				2.63				147,337				1,768,042				4.02				19.50
2016 and thereafter			48				1,285,990				37.36				854,187				10,250,239				23.30				7.97
Total/Average			512				3,442,061				100.00	%		$	3,665,885			$	43,990,604				100.0	%		$	12.78

Same Store Sales Per Square Foot
Trailing Twelve Months Ending

		12/31/06				9/30/06				6/30/06				3/31/06				12/31/05
Stratford		$	284.31			$	283.33			$	282.70			$	281.91			$	278.58
Tallahassee			320.32				329.34				329.64				332.88				335.41
Northgate			308.42				309.63				308.27				306.13				306.55
Foothills			305.77				306.03				302.35				305.28				304.73
Colonie			308.02				299.71				299.95				301.10				302.62
Harrisburg			266.61				260.31				255.03				253.10				252.31
Total/Average		$	298.91			$	298.06			$	296.32			$	296.73			$	296.70

Golden Triangle is not included

Same Store In-Line Occupancy with Temporary Tenants
Trailing Twelve Months Ending

		12/31/06				9/30/06				6/30/06				3/31/06				12/31/05
Stratford			82.3	%			75.9	%			73.7	%			76.3	%			80.3	%
Tallahassee			88.0				88.0				88.1				88.9				88.9
Northgate			90.2				90.1				84.7				85.4				87.1
Foothills			100.0				96.5				96.5				96.5				97.5
Colonie			89.2				90.4				88.9				88.9				89.3
Harrisburg			75.2				80.8				77.9				77.8				77.4
Total/Average			88.8	%			85.8	%			85.0	%			85.7	%			86.8	%

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