Feldman Mall Properties, Inc. Reports Form 10-K Filing Extension

GREAT NECK, N.Y. --March 31, 2005--Feldman Mall Properties, Inc. (NYSE: FMP), a real estate investment trust focused on the renovation and repositioning of retail shopping malls, today announced it filed Form 12b-25 with the Securities and Exchange Commission (the "SEC") to obtain a 15 day extension of the filing date for its Annual Report on Form 10-K for the year ended December 31, 2004. The Company has sought this extension to enable it to complete normally required annual disclosures. The Company expects to file the Form 10-K on or before the extended deadline of April 15, 2005.

Feldman Mall Properties, Inc. is a real estate investment trust, or REIT, that acquires, owns and repositions regional malls. The Company's portfolio consists of 4 malls aggregating approximately 4.1 million square feet. Feldman Mall Properties, Inc. is the only publicly held REIT that specializes exclusively in the renovation and repositioning of enclosed regional shopping malls.

For more information on Feldman Mall Properties Inc., visit the Company's website at www.feldmanmall.com or to receive the Company's latest news release and other corporate documents, please contact the Company at (516) 684-1239.

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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