GREAT NECK, N.Y. /PRNewswire/ -- Feldman Mall Properties, Inc. (BULLETIN BOARD: FMLP) has entered into a letter agreement with Inland American Real Estate Trust, Inc. ("Inland") pursuant to which Feldman will repurchase from Inland 2,000,000 shares of 6.85% Series A Cumulative Convertible Preferred Stock (the "Series A Preferred Stock").In exchange, Inland will receive title to the Stratford Square Mall, (middle left photo) located in Bloomingdale, Illinois, Northgate Mall, located in Cincinnati, Ohio, and the Golden Triangle Mall, located in Denton, Texas (collectively, the "Malls"), subject to the mortgage indebtedness secured by the Malls.
Inland will also deliver to the Company $9.125 million in cash representing the amount by which the value of the Malls, subject to the outstanding indebtedness, exceeds the value of the Series A Preferred Stock.
This letter agreement is subject to the approvals of the Boards of Directors of both the Company and Inland.
Upon the completion of this transaction, the Company will own interests in
four retail malls: (i) Harrisburg Mall, located in Harrisburg, Pennsylvania, (ii) Colonie Center Mall, located in Albany, New York, (iii) Foothills Mall, located in Tucson, Arizona and (iv) the Tallahassee Mall, (top right photo) located in Tallahassee, Florida, which was placed in receivership as of November 12, 2008.
four retail malls: (i) Harrisburg Mall, located in Harrisburg, Pennsylvania, (ii) Colonie Center Mall, located in Albany, New York, (iii) Foothills Mall, located in Tucson, Arizona and (iv) the Tallahassee Mall, (top right photo) located in Tallahassee, Florida, which was placed in receivership as of November 12, 2008.(For a complete copy of Feldman's news release, showing transaction details and financials, please contact Thomas E. Wirth, President & Chief Financial Officer of FeldmanMall Properties, Inc., +1-516-684-1239.)
Web site: http://www.feldmanmall.com/
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