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Prepared and filed by St Ives Financial
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<p align="center"><font size="2" face="serif"><b>UNITED STATES</b></font><br>
<font size="2" face="serif"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br>
<font size="2" face="serif"><b>Washington, D.C. 20549</b></font></p>
<p align="center"><font size="2" face="serif"><b>_____________________</b></font></p>
<p align="center"><b><font face="serif" size="5">FORM 8-K</font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT</b></font><br>
<font size="2" face="serif"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font></p>
<p align="center"><font size="2" face="serif">Date of Report (Date of earliest event reported):  February 24, 2006</font></p>
<p align="center"><font size="2" face="serif">_____________________</font></p>
<p align="center"><b><font face="serif" size="6">Feldman Mall Properties, Inc.</font></b><br>
<font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></p>
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<td align="center"><font size="2" face="serif">Maryland</font></td>
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<td width="16%" align="center"><font size="2" face="serif">001-32365</font></td>
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<td width="36%" align="center"><font size="2" face="serif">13-4284187</font></td>
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<td align="center"><font size="2" face="serif">(State or other jurisdiction of</font><br>
  <font size="2" face="serif">incorporation)</font></td>
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<td align="center"><font size="2" face="serif">(Commission File Number) </font></td>
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<td align="center"><font size="2" face="serif">(IRS Employer</font><br><font size="2" face="serif">Identification Number)</font></td>
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<td align="center"><font size="2" face="serif">3225 North Central Avenue, Suite 1205</font><br><font size="2" face="serif">Phoenix, Arizona  </font></td>
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<td align="center"><font size="2" face="serif">85012</font></td>
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<td align="center"><font size="2" face="serif">(Address of principal executive offices)</font></td>
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<td align="center"><font size="2" face="serif">(Zip Code)</font></td>
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<p align="center"><font size="2" face="serif">Registrant&#8217;s telephone number, including area code:  602-277-5559</font></p>
<p align="center"><font size="2" face="serif">N/A</font><br>
<font size="2" face="serif">(Former name or former address, if changed since last report.)</font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<td align="left" width="13%"><font size="2" face="serif"><b>ITEM 1.01</b></font></td>
<td align="left"><font size="2" face="serif"><b>Entry into a Material Definitive Agreement.</b></font></td>
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<p align="left"><font size="2" face="serif"><b>Joint Venture with Kimco Realty Corp.</b></font></p>
<p align="left"><font size="2" face="serif">On February 17, 2006, Foothills
    Mall LLC (the &#8220;Owner&#8221;), a subsidiary of Feldman Mall Properties,
    Inc. (the &#8220;Company&#8221;),
    entered into a contribution agreement (the &#8220;Contribution
    Agreement&#8221;)
    with KRC Acquisition Corp., a Delaware corporation and a subsidiary of Kimco
    Realty Corp. (&#8220;Kimco&#8221;), in connection with the Foothills Mall
    (the &#8220;Mall&#8221;), located in the suburbs of Tucson, Arizona.  Under
    the terms of the Contribution Agreement, the Owner will contribute the Mall
    to a limited liability company at an agreed value of $104.1 million, plus
    certain closing costs.
    The closing date
    of
    the transaction is anticipated to be in early May of 2006 and is subject
    to the limited liability company&#8217;s ability to
obtain new secured debt financing in the minimum amount of $73.2 million.  At
    this loan amount, Kimco&#8217;s
contribution to the limited liability company would be a maximum of approximately
    $25 million and will be reduced on a dollar for dollar basis to the extent
    the
    actual
    loan
    amount
exceeds the minimum amount of $73.2 million.  </font></p>
<p align="left"><font size="2" face="serif">Pursuant to the terms of the Contribution
    Agreement, the Owner expects to receive approximately $39.0 million in
    cash from the transaction and expects that it will retain a $7.2 million
    capital interest in the Mall. Kimco will
    receive a preferred return on its capital from the Mall&#8217;s cash flow.
    Upon a sale or refinancing of the Mall, Kimco is also entitled to receive
    a priority
    return of its capital
    together will any unpaid accrued preferred return. After certain adjustments,
    the Owner is next entitled to receive an eight percent (8%) return on its
    capital and a preferred return. Thereafter, all surplus proceeds will be
    split 20%
    to
    Kimco
    and 80%
    to the Owner. Additionally, the Owner agreed to serve as the managing
    member of the limited liability company and will retain primary management,
    leasing and construction oversight.</font></p>
<p align="left"><font size="2" face="serif"><b>Bridge Loan Transaction with Kimco Capital Corp.</b></font></p>
<p align="left"><font size="2" face="serif">Concurrent with the execution of
    the Contribution Agreement, the Company&#8217;s operating partnership subsidiary
    (&#8220;FEOP&#8221;), and Kimco Capital Corp. (the &#8220;Lender&#8221;),
    a subsidiary of Kimco, executed a promissory note (the &#8220;Note&#8221;)
    for a bridge loan facility in the amount of $17.2 million on February 17,
    2006. The loan bears an interest rate of eight percent (8%) per annum for
    the period from February 17, 2006 to August 17, 2006 and nine percent (9%)
    per annum for the period from August 18, 2006 to February 28, 2007 (&#8220;Maturity
    Date&#8221;). The Note is due and payable in full upon the first to occur
    of the Maturity Date or closing of the contribution of the Mall to the limited
    liability company pursuant to the Contribution Agreement.</font></p>
<p align="left"><font size="2" face="serif">In connection with the Note, the Company and the Lender entered into a guaranty of payment (the &#8220;Guaranty&#8221;) on February 17, 2006, pursuant to which the Company, as guarantor of FEOP, agreed to guaranty to the Lender the punctual payment of the indebtedness and the performance of other obligations of FEOP to the Lender evidenced by the Note and any other agreements presently existing or hereafter entered into which evidence and/or secure any indebtedness from FEOP to the Lender.</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
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<td align="left" width="13%"><font size="2" face="serif"><b>ITEM 5.01</b></font></td>
<td align="left"><font size="2" face="serif"><b>Other Events.</b></font></td>
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<p align="left"><font size="2" face="serif">On February 22, 2006, the Company
    issued a press release announcing the joint venture with Kimco and the related
    loan transaction. A copy of this press release is attached hereto as Exhibit
99.1 and incorporated by reference herein.</font></p>
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<td align="left" width="13%"><font size="2" face="serif"><b>ITEM 9.01</b></font></td>
<td align="left"><font size="2" face="serif"><b>Financial Statements and Exhibits.</b></font></td>
</tr>
</table>
<div style="text-indent: 5%">
  <p align="left"> <font size="2" face="serif">(c) <i>Exhibits</i></font></p>
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<td width="6%"><font size="2" face="serif">99.1</font></td>
<td align="left">
<font size="2" face="serif"> Press Release of Feldman Mall Properties, Inc.,
dated February 22, 2006, announcing the joint venture with Kimco Realty Corp.
on Foothills Mall in Tucson Arizona.</font></td>
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<p align="center"><font face="serif" size="2">2</font></p>
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<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p align="left"><font size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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  <td>&nbsp;</td>
<td colspan="2"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">FELDMAN MALL PROPERTIES, INC.</font></td>
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  <td>&nbsp;</td>
  <td width="3%">&nbsp;</td>
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  <td>&nbsp;</td>
<td><font size="2" face="serif">By:</font></td>
<td align="left"><font size="2" face="serif"><u>/s/ Larry Feldman</u></font></td>
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  <td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td width="45%"><font size="2" face="serif">Name: Larry Feldman</font></td>
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  <td>&nbsp;</td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Title: Chairman and Chief Executive Officer</font></td>
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<p align="left"><font size="2" face="serif">Date: February 24, 2006</font></p>
<p align="center"><font face="serif" size="2">3</font></p>
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Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  February 24, 2006
_____________________
Feldman Mall Properties, Inc.
(Exact name of registrant as specified in its charter)
Maryland
001-32365
13-4284187
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification Number)
3225 North Central Avenue, Suite 1205
Phoenix, Arizona
85012
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:  602-277-5559
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01
Entry into a Material Definitive Agreement.
Joint Venture with Kimco Realty Corp.
On February 17, 2006, Foothills
    Mall LLC (the "Owner"), a subsidiary of Feldman Mall Properties,
    Inc. (the "Company"),
    entered into a contribution agreement (the "Contribution
    Agreement")
    with KRC Acquisition Corp., a Delaware corporation and a subsidiary of Kimco
    Realty Corp. ("Kimco"), in connection with the Foothills Mall
    (the "Mall"), located in the suburbs of Tucson, Arizona.  Under
    the terms of the Contribution Agreement, the Owner will contribute the Mall
    to a limited liability company at an agreed value of $104.1 million, plus
    certain closing costs.
    The closing date
    of
    the transaction is anticipated to be in early May of 2006 and is subject
    to the limited liability company's ability to
obtain new secured debt financing in the minimum amount of $73.2 million.  At
    this loan amount, Kimco's
contribution to the limited liability company would be a maximum of approximately
    $25 million and will be reduced on a dollar for dollar basis to the extent
    the
    actual
    loan
    amount
exceeds the minimum amount of $73.2 million.
Pursuant to the terms of the Contribution
    Agreement, the Owner expects to receive approximately $39.0 million in
    cash from the transaction and expects that it will retain a $7.2 million
    capital interest in the Mall. Kimco will
    receive a preferred return on its capital from the Mall's cash flow.
    Upon a sale or refinancing of the Mall, Kimco is also entitled to receive
    a priority
    return of its capital
    together will any unpaid accrued preferred return. After certain adjustments,
    the Owner is next entitled to receive an eight percent (8%) return on its
    capital and a preferred return. Thereafter, all surplus proceeds will be
    split 20%
    to
    Kimco
    and 80%
    to the Owner. Additionally, the Owner agreed to serve as the managing
    member of the limited liability company and will retain primary management,
    leasing and construction oversight.
Bridge Loan Transaction with Kimco Capital Corp.
Concurrent with the execution of
    the Contribution Agreement, the Company's operating partnership subsidiary
    ("FEOP"), and Kimco Capital Corp. (the "Lender"),
    a subsidiary of Kimco, executed a promissory note (the "Note")
    for a bridge loan facility in the amount of $17.2 million on February 17,
    2006. The loan bears an interest rate of eight percent (8%) per annum for
    the period from February 17, 2006 to August 17, 2006 and nine percent (9%)
    per annum for the period from August 18, 2006 to February 28, 2007 ("Maturity
    Date"). The Note is due and payable in full upon the first to occur
    of the Maturity Date or closing of the contribution of the Mall to the limited
    liability company pursuant to the Contribution Agreement.
In connection with the Note, the Company and the Lender entered into a guaranty of payment (the "Guaranty") on February 17, 2006, pursuant to which the Company, as guarantor of FEOP, agreed to guaranty to the Lender the punctual payment of the indebtedness and the performance of other obligations of FEOP to the Lender evidenced by the Note and any other agreements presently existing or hereafter entered into which evidence and/or secure any indebtedness from FEOP to the Lender.
ITEM 5.01
Other Events.
On February 22, 2006, the Company
    issued a press release announcing the joint venture with Kimco and the related
    loan transaction. A copy of this press release is attached hereto as Exhibit
99.1 and incorporated by reference herein.
ITEM 9.01
Financial Statements and Exhibits.
(c)
Exhibits
99.1
Press Release of Feldman Mall Properties, Inc.,
dated February 22, 2006, announcing the joint venture with Kimco Realty Corp.
on Foothills Mall in Tucson Arizona.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FELDMAN MALL PROPERTIES, INC.
By:
/s/ Larry Feldman
Name: Larry Feldman
Title: Chairman and Chief Executive Officer
Date: February 24, 2006
3