Glimcher Reports 2008 Results and Provides 2009 Earnings Guidance

COLUMBUS, OH /PRNewswire-FirstCall/ -- Glimcher Realty Trust, (NYSE:GRT), has announced financial results for the fourth quarter and year ended December 31, 2008.

The Company also provided Funds From Operations (FFO) and earnings guidance for 2009.

"We are pleased with the relative strength of our mall portfolio heading into fiscal year 2009 as evidenced by the solid operating fundamentals we reported for the fourth quarter of 2008," stated Michael P. Glimcher, (top right photo) Chairman of the Board and Chief Executive Officer.

"While we would rather forecast growth for this year, we believe our 2009 guidance is reflective of the challenging economic environment we are currently experiencing."

References to per share amounts are based on diluted common shares. A description and reconciliation of non-GAAP financial measures to GAAP financial measures is contained in a later section of this press release.

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

Net income available to common shareholders during the fourth quarter of 2008 was $1.7 million, or $0.04 per share, as compared to a loss of $21.3 million, or $0.56 per share, in the fourth quarter of 2007.

Funds From Operations ("FFO") during the fourth quarter of 2008 was $23.9 million, compared to $(0.9) million in the fourth quarter of 2007.

On a per share basis, FFO during the fourth quarter of 2008 was $0.59 per share compared to $(0.02) per share for the fourth quarter of 2007. Included in the results for the fourth quarter of 2007 were non-cash impairment charges of $28.0 million.

For the year ended December 31, 2008, net loss to common shareholders was $0.7 million or $0.02 per share, compared to net income of $20.9 million, or $0.56 per share, for the year ended December 31, 2007.

FFO for the year ended December 31, 2008 was $83.1 million, or $2.04 per share, as compared to $55.4 million, or $1.37 per share, in 2007. Included in the results for the fiscal year 2007 were non-cash impairment and defeasance charges of $30.2 million.

For a complete copy of the company's news release and financials, please contact:

Mark E. Yale, Exec. V.P., CFO, +1-614-887-5610, myale@glimcher.com

or Lisa A. Indest, V.P., Finance and Accounting, +1-614-887-5844, lindest@glimcher.com

Web site: http://www.glimcher.com/