Wednesday, July 22, 2009

Glimcher Reports Second Quarter 2009 Results

COLUMBUS, OH, July 22 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) today announced financial results for the second quarter ended June 30, 2009.

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 loss to common shareholders during the second quarter of 2009 was $1.3 million, or $0.03 per share, as compared to net income of $1.3 million, or $0.03 per share, in the second quarter of 2008.

Funds From Operations ("FFO") during the second quarter of 2009 was $18.1 million compared to $20.5 million in the second quarter of 2008. On a per share basis, FFO during the second quarter of 2009 was $0.44 per share compared to $0.50 per share for the second quarter of 2008

."We continue to navigate through this difficult economic environment with an experienced team and a sharp focus on execution of our business plan," stated Michael P. Glimcher (top right photo), Chairman of the Board and CEO. "We have been encouraged by the relative stability of our core mall portfolio and believe it is well positioned for growth as the economy recovers."

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

Mark E. Yale, Executive V.P., CFO, +1-614-887-5610,,
Lisa A. Indest, V.P., Finance and Accounting, +1-614-887-5844,
Web Site:

CORE Construction Florida to Build 134,000-SF Student Housing Facility at Florida Memorial University in South Florida

SARASOTA, FL - CORE Construction Florida was recently awarded a contract to build a 134,000 square foot, student housing facility at Florida Memorial University,(top right photo) located north of Opa-Locka Airport in Miami Gardens.

John Wiseman, (bottom left photo) president of CORE Construction Florida, said the facility will start construction in August at an estimated cost of $14 million.

Wiseman said CORE Construction Florida was engaged to work with architects and engineers during the project’s design stage to streamline construction processes and reduce cost. The collaboration resulted in cost savings estimated at more than $3 million, Wiseman said.

CORE Construction has been in business since 1937 and ranks as one of the nation’s largest commercial contracting companies. CORE Construction is also active in Illinois, Nevada, Arizona and Texas. CORE Construction Services Southeast, Inc. has offices in Sarasota, Naples and Orlando.

For more information. contact:

John P. Wiseman, President, CORE Construction, 6320 Tower Lane, Sarasota, FL 34240
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Washington, DC Office Market Bucking National Trends

WASHINGTON, D.C., July 22, 2009 — Although the recession is weighing on the Washington, D.C., employment base and office market, both have endured economic stresses better than expected, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Indeed, the year-to-date reduction in employment has not been as detrimental to the metro’s office market, as most of the losses are in blue-collar industries.

“Tight lending markets, fewer institutional buyers and fears of a deepening recession have all contributed to tepid office investment activity in the Washington, D.C., metro,” says Ramon Kochavi (top right photo), regional manager of the Washington, D.C. office of Marcus & Millichap.

Following are some of the most significant aspects of the Washington, D.C. Office Research Report:

· With work force reductions projected to peak in the second and third quarters, local employers will cut 25,200 positions, or 1 percent, from payrolls in 2009, following the elimination of 1,700 jobs last year. Roughly 4,300 office-using personnel will be let go this year, a 0.6 percent decline.

· After inventory expanded by 7.5 million square feet in 2008, construction output will fall to 6.5 million square feet this year, in line with the five-year average.

· Continued losses in office-using employment sectors will underpin a 220 basis point rise in vacancy in 2009 to 13.7 percent. Last year, vacancy increased 240 basis points.

· Metrowide asking rents are projected to decline 2.1 percent to $35.66 per square foot this year, while effective rents will recede 2.7 percent to $30.64 per square foot. In 2008, asking and effective rents gained 3.3 percent and 1.0 percent, respectively.

For a copy of the complete Washington, D.C. Office Research Report, as well as reports on other markets nationwide, visit our website at

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Arbor Closes $3,775,000 Fannie Mae DUS ® Small Loan for Woodpark Apartments in Seattle, WA

Uniondale, NY (July 22, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,775,000 loan under the Fannie Mae DUS® Small Loan product line for the 43-unit complex known as Woodpark Apartments (top left photo) in Seattle, WA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.86 percent.

The loan was originated by Jon Red, (bottom right photo) Director, in Arbor’s full-service Spokane, WA lending office.

“The borrower was seeking a low rate for a 10-year fixed-rate term along with maximum leverage,” said Red. “Arbor was able to capitalize on a drop in rates and increase loan proceeds to $3,775,000, a $125,000 increase over the loan amount in the application.”

Contact: Ingrid Principe,

CBRE Multi-Housing Market in metro Orlando Continues to Struggle

ORLANDO, FL--CB Richard Ellis has issued its mid-year report on the metro Orlando multi-housing market. Highlights include:

The Orlando Multi-Housing Market has continued to struggle through mid year, but may be lining up for one of the nation’s strongest recoveries over the next four years.

In the short term, local job loss and the challenged national economy have led to further weakness in the market.

Physical occupancy through June in the MSA stood at about 90%, down slightly from 91.9% at the end of 2008. Concessions remain prevalent, and most properties are offering about one month free.

Average rents through the 2nd Qtr were at $803 according to M/PF and Torto Wheaton Research, and are forecast to remain relatively flat through the balance of 2009.

The worst of the market seems to be behind us however, and M/PF Torto Wheaton projects that jobs and apartment rents will begin an upward climb in Orlando in 2010.

Favorable supply/demand balances and strong job formation over the next five years have Orlando poised for strong growth.

The Education & Health and Professional & Business Service sectors are predicted to see the highest average annual growth through 2014, with 2.5% and 2.8% annual increases respectively.

Overall, the MSA is projected to add 159,000 new jobs from 2010 –2014, with occupancy predicted to reach 97.1% at the end of that period.

Rents are also forecast to grow more than 4% each year from 2012to 2014, and will average $933 according to M/PF Torto Wheaton’s Summer 2009 Report.

For a complete copy of the report and related charts, please contact:

Shelton D. Granade, Jr., First Vice President (top right photo)
CB Richard Ellis Investment Properties - Multihousing
189 S. Orange Avenue, Suite 1900 Orlando, FL 32801. T 407 839 3103. F 407 404 5001