REAL ESTATE ACTIVITY

Golden Triangle Mall – Denton, Texas

During April 2006, the Company completed the acquisition of the Golden Triangle Mall in the Northeastern Dallas suburb of Denton, TX, for approximately $40 million, or $135 per square foot. Including un-owned anchors, the Golden Triangle Mall is a 765,000 square foot regional mall. The mall is currently 92% occupied, including temporary tenants, but excluding anchors. Excluding the anchors and temporary tenants, the mall is 88% leased. Non-owned anchor tenants are: Foley's (expected to be converted to Macy’s this fall), Dillard's, Sears, JCPenney, DSW and Dillard's Men. These non-owned anchors currently occupy approximately 470,000 square feet of the mall’s total square footage. Additional name brand tenants include Ross Dress for Less, Barnes & Noble, Victoria's Secret, American Eagle Outfitters, Pacific Coast Sun Wear and Bath & Body Works.

“With an estimated population growth in excess of 20% over the next five years and an average household income of approximately $80,000, Denton is an up and coming Dallas suburb primed for retail demand,” stated Larry Feldman. “Our primary focus at the mall will first be to attract key retailers that draw in the more affluent shoppers of the Denton/Dallas area. To do this, we will create a more upscale look and feel to the mall through a variety of capital improvements including the addition of one or more sit down restaurants.”

In addition to adding an upscale eatery or two, the Company’s multi-million dollar capital improvement plan includes the addition of a food court, the addition of a possible entertainment use, enhancing signage from the freeway and updating common areas with lighting upgrades, soft seating, ceiling and floor accents.

Mr. Feldman added, “The Golden Triangle Mall is a perfect fit for FMP. It is located in a major market, it has immediate access to a major interstate (including visibility to over 100,000 cars per day) and the mall is in the path of explosive population growth.”

Funding for this acquisition was derived in part by the $28.5 million net proceeds received from the issuance of Trust Preferred securities, which is described below, and in part with the proceeds from the company’s recent joint venture on the Foothills Mall in Tucson, Arizona with Kimco Realty Corp.

Joint Venture with Kimco Realty on Foothills Mall – Tucson, Arizona

On February 22, 2006, the Company announced that it entered into a joint venture agreement with a subsidiary of Kimco Realty Corp. (NYSE: KIM) in connection with the Foothills Mall, located in the suburbs of Tucson, Arizona.

Under the terms of the joint venture, a subsidiary of FMP will convey the property to the venture at a price of $104 million, plus closing costs. The closing date of the joint venture is anticipated to be in June 2006 and is subject to the joint venture’s ability to obtain new mortgage financing. The Company estimates that Kimco’s contribution to the venture will be a maximum of approximately $25 million. At closing, the Company expects to derive approximately $39 million in cash and expects that it will retain a $7.2 million equity interest in the joint venture.

FMP will be the managing member of the joint venture and will be responsible for the management, leasing and construction of the property.

Stratford Square Anchor Property Acquisition

On April 7, 2006, the Company acquired the building occupied by JCPenney and related acreage at Stratford Square for a price of $6.7 million, or $46 per square foot. The purchase price includes assumption of a loan secured by the property and having a principal balance of $3.5 million. The loan is self amortizing, bears interest at a 5.15% fixed rate, and matures in November 2013.

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