Exhibit 99.1

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

***
Conference Call to Discuss Results Will Be Held at 1:00PM EST, December 21, 2007
Dial in: (800) 218-4007 or go to www.feldmanmall.com

GREAT NECK, N.Y.—December 21, 2007

RELEASE HIGHLIGHT

•

3rd quarter FFO was $0.04 per diluted share as compared to $0.21 per diluted share in the 3rd quarter of 2006.

FINANCIAL RESULTS

Feldman Mall Properties, Inc. (NYSE:FMP) today reported Funds From Operations (“FFO”) totaling $0.6 million, or $0.04 per diluted share, for the third quarter ended September 30, 2007 as compared to $3.0 million, or $0.21 per diluted share for the three months ended September 30, 2006. The Company’s net loss for the three months ended September 30, 2007 was $3.1 million, or $0.26 per share, as compared to a net loss of $1.8 million, or $0.14 per diluted share for the third quarter of 2006. The Company had 14.5 and 14.7 million weighted average common shares and operating partnership units outstanding during the third quarters ended September 30, 2007 and 2006, respectively.

Third 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 fourth quarter. 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. Third quarter results were positively impacted by a non-cash reduction in obligation to affiliates totaling $1.6 million.

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Feldman Mall Properties, Inc.
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The following items represent variances in income and expense that impacted the Company’s FFO results for the periods indicated compared to the prior year periods (in millions):

		September 30, 2007
		Months				Nine
		Months				Months
Property Level Net Operating Income (“NOI”):
Higher rental revenue		$	1.1			$	0.7
Higher operating expenses			(0.8	)			(2.2	)
Same store NOI variance (1)			0.3				(1.5	)
G&A Expense:
Executive severance (non-recurring)			—				(0.6	)
Strategic alternative costs (non-recurring)			(0.3	)			(0.7	)
Other G&A expense (2)			(1.5	)			(4.0	)
Total G&A variance			(1.8	)			(5.3	)
Effect of Sale to JVs: Colonie & Foothills:
Net operating income			(1.6	)			(7.8	)
Decrease in interest expense			0.6				3.5
Increase in management, leasing and development fee income			0.9				2.4
Total effect of sale to joint ventures			(0.1	)			(1.9	)
Other:
Three months Golden Triangle Mall NOI (acquired 4/06)			—				0.7
Decrease in Harrisburg earnout liability			0.4				2.8
Increase in interest expense			(0.8	)			(1.1	)
Other income and expense, net			(0.2	)			(0.5	)
Preferred stock dividends			(0.2	)			(0.4	)
Decrease in FFO allocated to common stockholders		$	(2.4	)		$	(7.2	)

(1)

The increase in NOI for properties that were wholly-owned during both the three months ended September 30, 2007 and 2006 periods was due to (i) higher revenue ($1.1 million) primarily due to the opening of a theater at the Stratford Square Mall, offset by (ii) higher operating expenses ($0.8 million) primarily due to higher salary, wages, provision for bad debt and professional fees.

(2)

Other expenses for the three months ended September 30, 2007 increased $1.5 million due to (i) higher professional fees, SOX-related fees, and construction management expense ($1.1 million), (ii) costs associated with special construction audits and lease audits ($0.2 million) and (iii) higher personnel costs ($0.2 million).

For the nine months ended September 30, 2007, FFO totaled $1.9 million, or $0.13 per diluted share as compared to $9.1 million, or $0.62 per diluted share for the nine months ended September 30, 2006. The Company’s net loss for the nine months ended September 30, 2007 was $8.9 million, or $0.73 per share, as compared to net income of $21.2 million, or $1.62 per diluted share for the nine months ended September 30, 2006. The 2007 periods include non-cash reductions in the Company’s earnout obligation due to affiliates, included in miscellaneous income in the first quarter in the amount of $2.3 million and in the third quarter in the amount of $1.6 million. The Company had 14.5 and 14.7 million weighted average common shares and operating partnership units outstanding during the nine months ended September 30, 2007 and 2006, respectively.

Feldman Mall Properties, Inc.
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OTHER

Management Changes

The Company is concentrating on expense reduction both at the property and corporate levels and has initiated programs including outsourcing to achieve certain economies of scale. In conjunction with the Company’s continuing efforts to restructure, the Phoenix office will be closed except for a minimal leasing staff. In addition, Executive Vice President and Chief Operating Officer and Director, James Bourg, announced that he will be leaving the Company. The Company anticipates that Mr. Bourg’s departure and the closure of the Phoenix office will take place during the second quarter of 2008. In connection with Mr. Bourg’s departure, the Company will incur a one-time severance charge of approximately $1.3 million that will be incurred in the fourth quarter of 2007.

Strategic Alternatives

On June 5, 2007, the Company announced that it 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 that a sale, merger or other strategic alternative is imminent under the current market conditions. During the Company’s third quarter conference call management will update investors on the strategic alternative process.

CONFERENCE CALL

The Company’s executive management team will host a conference call and audio web cast on December 21, 2007 at 1:00 PM EST to discuss the financial results. The conference call may be accessed by dialing (800) 218-4007. 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 December 28, 2007 by dialing (800) 405-2236 using pass code 11105154, or individuals may access the replay via the Company’s web site.

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 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.

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Feldman Mall Properties, Inc.
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During the December 21, 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.

Feldman Mall Properties, Inc.
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FELDMAN MALL PROPERTIES, INC. AND SUBSIDIARIES

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

		September 30, 2007				December 31, 2006
		(Unaudited)
ASSETS:
Investments in real estate, net		$	342,288			$	318,440
Investment in unconsolidated real estate partnerships			37,931				32,833
Cash and cash equivalents			1,804				13,036
Restricted cash			21,136				8,159
Rents, deferred rents and other receivables, net			7,090				5,718
Acquired below-market ground lease, net			7,572				7,674
Acquired lease rights, net			7,753				9,262
Acquired in-place lease values, net			7,030				10,049
Deferred charges, net			4,029				3,284
Other assets, net			4,507				5,396
Total Assets		$	441,140			$	413,851
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Mortgage loans payable		$	234,099			$	211,451
Junior subordinated debt obligation			29,380				29,380
Secured line of credit			17,000				—
Due to affiliates			—				3,891
Accounts payable, accrued expenses and other liabilities			22,366				25,832
Dividends and distributions payable			259				3,315
Acquired lease obligations, net			5,458				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			316,527				288,657
Minority interest			10,409				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			14,580				—
Common stock ($0.01 par value, 200,000,000 shares authorized, 13,034,331 and 13,155,062 issued and outstanding at September 30, 2007 and December 31, 2006, respectively)			130				132
Additional paid-in capital			120,562				120,163
Distributions in excess of earnings			(19,827	)			(7,637	)
Accumulated other comprehensive income (loss)			(1,241	)			887
Total stockholders’ equity			114,204				113,545
Total Liabilities and Stockholders’ Equity		$	441,140			$	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								Nine Months Ended
		September 30,								September 30,
		2007				2006				2007				2006
Revenue:
Rental		$	7,898			$	9,643			$	23,294			$	32,120
Tenant reimbursements			3,596				4,030				10,593				15,695
Management, leasing and development services			1,094				183				2,792				440
Interest and other income			2,285				1,532				5,390				2,301
Total revenue			14,873				15,388				42,069				50,556
Expenses:
Rental property operating and maintenance			4,595				5,023				13,388				16,248
Real estate taxes			1,516				1,661				4,557				6,231
Interest (including amortization of deferred financing costs)			4,114				3,880				10,754				13,183
Loss from early extinguishment of debt			—				—				379				357
Depreciation and amortization			3,826				3,892				10,682				13,839
General and administrative			3,754				1,973				10,993				5,654
Total expenses			17,805				16,429				50,753				55,512
Equity in loss of unconsolidated real estate partnerships			(508	)			(370	)			(1,163	)			(654	)
(Loss) gain on partial sale of real estate			—				(571	)			—				29,397
(Loss) income before minority interest			(3,440	)			(1,982	)			(9,847	)			23,787
Minority interest			311				214				919				(2,580	)
Net (loss) income			(3,129	)			(1,768	)			(8,928	)			21,207
Less preferred stock dividends, net of minority interest			(233	)			—				(391	)			—
Net income (loss) available to common shareholders’ basic		$	(3,362	)		$	(1,768	)		$	(9,319	)		$	21,207
Basic (loss) earnings per share		$	(0.26	)		$	(0.14	)		$	(0.73	)		$	1.66
Diluted (loss) earnings per share		$	(0.26	)		$	(0.14	)		$	(0.73	)		$	1.62
Funds From Operations (FFO) Calculation:
Net income (loss) available to common shareholders		$	(3,362	)		$	(1,768	)		$	(9,319	)		$	21,207
Add:
Depreciation and amortization			3,826				3,892				10,682				13,839
Joint venture FFO adjustment			590				651				1,837				1,039
Minority interest			(311	)			(214	)			(919	)			2,580
Less:
Gain on partial sale of real estate			—				571				—				(29,397	)
Depreciation of non-real estate assets			(135	)			(113	)			(377	)			(201	)
FFO, diluted		$	608			$	3,019			$	1,904			$	9,067
FFO per share		$	0.04			$	0.21			$	0.13			$	0.62
Ownership interests:
Weighted average REIT common shares for basic net income per share			12,868				12,811				12,864				12,804
Weighted average common stock equivalents and partnership units			1,587				1,900				1,624				1,889
Weighted average shares and units outstanding			14,455				14,711				14,488				14,693

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Feldman Mall Properties, Inc.
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FELDMAN MALL PROPERTIES, INC.
OPERATING STATISTICS

September 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				93.81	%		$	8,058,324				383,614				66.49	%		$	24.07
Tallahassee Mall (100%)			966,000				966,000				92.86	%			7,418,237				204,000				74.19	%			23.99
Northgate Mall (100%)			1,100,000				577,000				89.03	%			8,038,751				315,000				74.15	%			24.32
Golden Triangle Mall (100%)			765,000				288,000				97.15	%			3,023,115				171,000				68.71	%			19.00
Foothills Mall (30.6%)			711,000				502,000				97.41	%			8,215,865				230,000				91.80	%			19.27
Colonie Center Mall (25%)			1,200,000				668,000				91.07	%			6,797,747				36,000				69.35	%			28.03
Harrisburg Mall (25%)			922,000				922,000				83.41	%			5,237,889				270,000				56.63	%			21.47
Total/Weighted Avg.			6,964,000				4,552,000				92.11	%		$	46,789,928				1,909,614				71.11	%		$	22.88

(A) — Excludes temporary tenants

Lease						Expiring				% of Total				Expiring				Annualized
Expiration		Number of Expiring				Rentable				Sq. Ft.				Base				Base								Expiring Base Rent
Year		Leases				Area				Expiring				Rent				Rent				% of Total Base Rent				Per Sq. Ft.
2007			46				124,180				3.48	%		$	179,346			$	2,152,120				4.6	%		$	17.33
2008			89				370,286				10.36	%			363,142				4,357,676				9.3	%		$	11.77
2009			68				184,352				5.16	%			317,872				3,814,443				8.2	%		$	20.69
2010			66				226,780				6.35	%			368,801				4,425,585				9.5	%		$	19.51
2011			62				248,370				6.95	%			414,223				4,970,690				10.6	%		$	20.01
2012			40				285,993				8.00	%			296,568				3,558,782				7.6	%		$	12.44
2013			37				331,602				9.28	%			346,426				4,157,045				8.9	%		$	12.54
2014			34				308,510				8.63	%			363,065				4,356,782				9.3	%		$	14.12
2015			22				90,651				2.54	%			147,336				1,768,042				3.8	%		$	19.50
2016 and thereafter			65				1,402,776				39.25	%			1,102,403				13,228,763				28.3	%		$	9.43
Portfolio Total			529				3,573,500				100.00	%		$	3,899,182			$	46,789,928				100	%		$	13.09

Sales Per Square Foot
Trailing Twelve Months Ending

		9/30/2007				6/30/2007				3/31/2007				12/31/2006				9/30/2006
Stratford Square Mall		$	284.71			$	286.93				288.77				284.51				283.33
Tallahassee Mall			315.13				325.00				327.45				320.32				329.34
Northgate Mall			323.48				317.56				320.38				308.42				309.63
Golden Triangle Mall			292.96				293.02				295.70				283.95				278.54
Foothills Mall			302.79				308.47				310.35				305.77				306.03
Colonie Center Mall			305.31				303.43				303.33				308.02				299.71
Harrisburg Mall			269.73				270.44				269.92				266.61				260.31
Total/Weighted Average		$	299.16			$	300.69			$	302.27			$	296.80			$	295.27

Shop Occupancy with Temporary Tenants
Trailing Twelve Months Ending

		9/30/2007				6/30/2007				3/31/2007				12/31/2006				9/30/2006
Stratford Square Mall			87.44	%			82.74	%			83.19	%			82.28	%			75.89	%
Tallahassee Mall			85.45				85.98				86.61				88.00				88.00
Northgate Mall			85.50				78.65				84.26				90.18				90.91
Golden Triangle Mall			87.90				91.76				95.26				95.63				78.41
Foothills Mall			93.89				91.80				92.71				100.00				96.50
Colonie Center Mall			87.90				87.10				87.18				89.19				90.46
Harrisburg Mall			77.88				77.03				80.72				75.15				80.80
Total/Weighted Average			85.12	%			84.38	%			87.13	%			88.63	%			85.85	%