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,.myale@glimcher.com or

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

both of Glimcher Realty Trust

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