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Feldman Mall Properties' Losses Widen

GREAT NECK, NY-The company will close its Phoenix office, outsource back-office functions, but not sell or merge at this time.

By Marita Thomas | Updated on December 22, 2007

GREAT NECK, NY-Feldman Mall Properties Inc. reported a net loss of $3.1 million for the quarter ended this Sept. 30, compared with a net loss of $1.8 million for third-quarter 2006. Funds from operations slid to $600,000, down from $3 million in the prior-year quarter.

Larry Feldman, chairman, began a Dec. 21 conference call by apologizing for the delay in third quarter reporting and calling such a delay “unacceptable.” Aspects of an ongoing re-structuring are expected to result in timely reporting, he said.

Among the changes are the closing of its office in Phoenix; the resignation of James Bourg, EVP, COO and director; and the out-sourcing of back-office functions. Feldman said, “transferring our back-office and accounting functions to the Brandywine organization should bring down the high costs of G&A and also help ensure timely reporting.”

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