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, myale@glimcher.com,
Lisa A. Indest, V.P., Finance and Accounting, +1-614-887-5844, lindest@glimcher.com
Web Site: http://www.glimcher.com/

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/

Glimcher Announces Mortgage Financing for Grand Central Mall in Vienna, WVA

Financing on Polaris Lifestyle Center expected to close during the First Quarter of 2009

COLUMBUS, OH /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) announced that it has closed on a $25 million mortgage loan on Grand Central Mall located in Vienna, West Virginia. (bottom left map)

For a period of up to six months after the initial funding, the loan amount can be increased up to $47 million through additional commitments from lenders.

The $25 million of funds were applied to the repayment of the existing $46 million loan on the mall with the balance of the existing mortgage paid using funds from the company's line of credit.

The new loan has a term of five years comprised of an initial three-year maturity with two, one-year extension options.

The loan is 50% recourse with a floating interest rate of LIBOR plus 3.50% per annum with an interest rate floor of 5.50% per annum.

Shortly after closing on the new loan, the company sold an outparcel at Grand Central Mall for approximately $5 million. The proceeds from this sale were used to repay outstanding borrowings on the company's line of credit.

The company also announced that it expects to close during the first quarter of 2009 on a $24 million mortgage loan financing of the company's recently completed lifestyle addition at Polaris Fashion Place ("Polaris") in Columbus, Ohio. (top right photo)

Proceeds from the Polaris financing will be used to repay outstanding borrowings on the company's line of credit.

CONTACT:

Lisa A. Indest, Vice President, Finance and Accounting of Glimcher Realty Trust, +1-614-887-5844, lindest@glimcher.com

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

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/

Glimcher Announces $80M of Mortgage Financings

COLUMBUS, OH, Oct. 10 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:GRT) announced today that it has completed a $40 million mortgage loan financing of Morgantown Mall (middle right photo) located in Morgantown, WV.

The new loan has a term of five years comprised of an initial three-year maturity with two, one-year extension options.

The loan is 50% recourse with a floating interest rate of LIBOR plus 3.50% per annum. Net proceeds from the financing along with available capacity on the Company's credit facility will be used to pay off the existing $51 million mortgage on Morgantown Mall and Morgantown Commons. The Company is in the process of securing financing for the Morgantown Commons.

The Company also announced that it expects to close within the next several weeks on a $40 million mortgage loan financing of Northtown Mall (top left photo) , located in Blaine, MN.

The new loan will have a term of four years comprised of an initial three-year maturity with a single one-year extension option. The loan will be 50% recourse with a floating interest rate of LIBOR plus 3.00% per annum with no principal amortization.

The net proceeds from the financing will be used to pay down outstanding borrowings on the Company's credit facility.

"As we have previously noted, the Company's near-term debt maturities are manageable and we are pleased with the progress we are making in executing our plans to address such maturities," stated Michael P. Glimcher, (top right photo) Chairman of the Board and CEO.

Excluding the Eastland Charlotte loan for which discussions with the special servicer continue, the Company has now completed the refinancing of all its remaining debt maturities for 2008.

With respect to 2009 debt maturities, the Company plans to use the line of credit capacity created by the closing of the Northtown financing to address the repayment of its Grand Central Mall loan.

The $46 million Grand Central Mall loan represents the Company's most significant property debt maturity in 2009.

Other property mortgage debt maturing in 2009 includes loans on the Great Mall and Tulsa Promenade. (middle left photo)

The Great Mall is currently under contract for sale with closing scheduled for mid-December of this year. The Company has already received 10% of the purchase price in the form of a non-refundable deposit from the prospective buyer.

The Company also expects, if necessary, to have sufficient capacity available under its credit facility to address its $18.2 million pro-rata share of the Tulsa Promenade debt. The Company's credit facility is scheduled to mature in December of 2009 but does have a one-year extension provision at the option of the Company. No other debt maturities occur in 2009.

The Company expects to have a $315 million to $335 million outstanding balance on its credit facility as of December 31, 2008.About Glimcher Realty TrustGlimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of regional and super-regional malls.

Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT."

Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT-F" and "GRT-G," respectively. Glimcher Realty Trust is a component of both the Russell 2000(R) Index, representing small cap stocks, and the Russell 3000(R) Index, representing the broader market.

CONTACT: Lisa A. Indest of Glimcher Realty Trust, Vice President,Finance and Accounting, +1-614-887-5844, lindest@glimcher.com

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