Thursday December 16, 6:00 am ET
Feldman Mall Properties, Inc. Announces Pricing of Initial Public Offering
PHOENIX--(BUSINESS WIRE)--Dec. 16, 2004--Feldman Mall Properties, Inc. (NYSE: FMP - News), a full service real estate investment trust focused on the renovation and repositioning of retail shopping malls, today announced that it has priced its initial public offering of 10,666,667 shares of its common stock at $13.00 per share for total net proceeds, after payment of expenses related to the offering, of approximately $124.8 million. All of the shares of common stock are being offered by Feldman Mall Properties, Inc. The shares will trade on The New York Stock Exchange under the symbol "FMP."
Feldman Mall Properties, Inc. has also granted the underwriters an option to purchase, within 30 days, up to 1,600,000 additional shares for the purpose of covering over allotments, if any. If the over allotment is exercised in full, the additional net proceeds from the over allotment are expected to be $19.3 million. The closing of the offering is expected to occur on or about December 21, 2004 and is subject to customary closing conditions.
The shares are being offered through Friedman, Billings, Ramsey & Co. as sole bookrunning manager and RBC Capital Markets Corporation and BB&T Capital Markets, a division of Scott & Stringfellow, Inc., as co-managers. The offering of the securities is being made only by means of a prospectus, copies of which may be obtained from Friedman, Billings, Ramsey & Co. Prospectus Request Department at 1001 Nineteenth Street North, Arlington, Virginia 22209, or by calling (703) 469-1023.
A registration statement relating to the Company's common stock has been filed with the Securities and Exchange Commission and has been declared effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Offers for the shares of common stock will be made only be means of a prospectus (including a final prospectus) forming a part of Feldman Mall Properties, Inc.'s registration statement.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Feldman Mall Properties, Inc. business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Registration Statement on Form S-11 as filed with the Securities and Exchange Commission.
About Feldman Mall Properties, Inc.
Feldman Mall Properties, Inc. was formed to continue the business of Feldman Equities of Arizona, LLC to acquire, renovate and reposition enclosed retail 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 or near 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.
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