Sunday, October 26, 2008

Glimcher Reports Third Quarter 2008 Results

Core mall store occupancy at September 30, 2008 of 93%
Quarterly releasing spreads increased 19% over the prior rental rate
Completed $80 million of mortgage financings in October 2008

COLUMBUS, OH /PRNewswire-FirstCall/ -- Glimcher Realty Trust, (NYSE:GRT), has announced financial results for the third quarter ended September 30, 2008.

(References to per share amounts are based on diluted common shares.)

"We are pleased with the property operating metrics for the quarter especially during these uncertain economic times," stated Michael P. Glimcher, (top right photo), Chairman of the Board and CEO. "Furthermore, we made tangible progress towards addressing our debt maturities in this challenging credit environment."

Net loss to common shareholders in the third quarter of 2008 was $(3.4) million, or $(0.09) per share, as compared to a net income available to common shareholders of $46.4 million, or $1.23 per share, in the third quarter of 2007.

Included in the third quarter 2007 income was a $48.8 million gain related primarily to two malls sold in the third quarter of 2007.

Funds From Operations ("FFO") in the third quarter of 2008 was $18.8 million compared to $20.2 million in the third quarter of 2007. On a per share basis, FFO for the third quarter of 2008 was $0.46 per share compared to $0.50 per share in the third quarter of 2007.

For a complete copy of Glimcher Realty Trust's news release, please contact

Mark E. Yale, Exec. V.P., CFO, +1-614-887-5610, or
Lisa A. Indest, V.P., Finance and Accounting,+1-614-887-5844,
both of Glimcher Realty Trust

Marcus & Millichap Capital Corp. Arranges $1.35M Loan for Portland, OR Apartment Complex

PORTLAND, OR – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.35 million fixed-rate loan to refinance the Hoffman Apartments property, a 12-unit multi-family asset located at 1425 NW 19th St. in Portland.

Steven Wiltshire, (top right photo) an associate director in the firm’s Portland office, arranged the financing package for Hoffman Apartments.

“The property was operating at under market expense with lower-than-market expense ratios,” says Wiltshire.

“MMCC was able to add value by documenting the ratios and presenting an improved debt-service coverage ratio to the lender. As a result, the borrower also benefited by a gain in proceeds at closing.”

Financing for this property was provided by a commercial bank at a 6.37 percent fixed rate. Terms of the loan are for 5 years with a 30-year amortization schedule. Loan-to-value was 58 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Cotter-Ryan Commercial Completes Site Work, Starts Vertical Construction of 20,000-SFOffice Building in Debary, FL

LONGWOOD, FL --- Cotter-Ryan Commercial has completed site work and started vertical construction of a 20,000 square foot office building at SummerHaven Professional Center, located off Enterprise Rd. and Summerhaven Ave. in DeBary.

William Turner, (top right photo) director of operations at Cotter-Ryan Commercial, LLC, said the three-story tilt-wall building will open in March of next year. Construction will cost $1.5 million, Turner said. SummerHaven Professional Center, LLC, is the developer.

For more information, contact
Jessica Bush, Cotter Ryan Commercial, LLC 407-786-7686
Scott Ryan, President Cotter Ryan Commercial 407-786-7686
William Turner Director of Operations Cotter Ryan 407-786-7686
Larry Vershel, Larry Vershel Communications 407-644-4142

Tilt-Con Starts School Projects in Miami-Dade and Broward Counties, FL

Westminster Christian School is Getting a two-story, 22,250-SF Cafetorium

MIAMI-DADE COUNTY, FL – Tilt-Con Corporation, Tamarac, is under way on Westminster Christian School’s new 2-story, 22,250-square-foot cafetorium in Palmetto Bay (top right rendering) , under its contract with Burke Construction Group, Doral, FL.

Ranked as Florida’s largest tilt-up concrete constructor by Southeast Construction magazine, Tilt-Con utilizes its multi-story economical system for tilt-up concrete walls, and its scope of work includes foundations, slab-on-grade, tilt-up concrete wall panels and mezzanines.

Designed by The Corrales Group, Boca Raton, Tilt-Con’s scope of work is slated for completion in January 2009. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, FL 33321, phone 1-800-446-8458.

Skanska Building 121,225-SF Elementary School in Broward County

BROWARD COUNTY, FL – Tilt-Con Corporation, Tamarac, is under way on Broward County Public Schools’ new multimillion-dollar 121,225-square-foot Elementary School Z in Parkland, in Broward County, FL.

The two-building, one- and two-story facility is located at Nob Hill Road and N. Pine Island Road.

Selected for the project by Skanska USA Building’s Dania Beach, FL, office, Tilt-Con is utilizing its economical multi-story system for tilt-up concrete walls.

Tilt-Con’s scope of work includes foundations, slab-on-grade, tilt-up concrete wall panels and mezzanines. Designed by Song + Associates, Palm Beach, FL, Tilt-Con’s work is slated for completion in January 2009.
Contact: Kenneth H. Cristol, 407-774-2515