Glimcher Reports Third Quarter 2009 Results

-- Core mall store occupancy at September 30, 2009 of 92%, an improvement of
160 bps from June 30, 2009

COLUMBUS, Ohio, Oct. 29 /PRNewswire-FirstCall/ -- Glimcher Realty Trust (NYSE:
GRT) today announced financial results for the third quarter ended September
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 third quarter of 2009 was $2.4
million, or $0.06 per share, as compared to net loss of $3.4 million, or $0.09
per share, in the third quarter of 2008. Funds From Operations ("FFO") during
the third quarter of 2009 was $17.5 million compared to $18.8 million in the
third quarter of 2008. On a per share basis, FFO during the third quarter of
2009 was $0.40 per share compared to $0.46 per share for the third quarter of
2008.

"We are pleased with both the stability of our core mall portfolio and the
significant progress made during the third quarter to enhance our liquidity
and balance sheet position," stated Michael P. Glimcher, Chairman of the Board
and CEO. "In September, we successfully completed a secondary equity offering
raising approximately $110 million of net proceeds and have now addressed all
of our 2009 mortgage debt maturities," added Mr. Glimcher.

Summary of Financial Results
(unaudited, dollars in thousands except per share amounts)

For Quarter Ended For Nine Months Ended
September 30, September 30,
-------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenues $74,568 $81,419 $228,539 $237,180
Net loss to common
shareholders $(2,435) $(3,444) $(7,318) $(2,391)
Loss per diluted
common share $(0.06) $(0.09) $(0.19) $(0.06)
FFO $17,462 $18,762 $54,322 $59,195
FFO per diluted
common share $0.40 $0.46 $1.29 $1.45
----- ----- ----- -----

Third Quarter Earnings Highlights

-- Total revenues were $74.6 million in the third quarter of 2009
compared
to total revenues of $81.4 million for the third quarter of 2008. The
$6.8 million decrease in total revenue was due to a $5.0 million
reduction in revenue from the sale of outparcels and a $1.8 million
reduction in base rents primarily resulting from tenant bankruptcies,
store closures and rent concessions made in the last twelve months.

-- Net loss to common shareholders for the third quarter of 2009 was $2.4
million compared to net loss of $3.4 million for the third quarter of
2008. The $1.0 million decrease in net loss was due to a $0.8 million
reduction in operating losses from properties held for sale and lower
interest costs.

-- Net operating income for comparable wholly-owned mall properties
("Core
Malls") decreased 4.2% in the third quarter of 2009 from the third
quarter of 2008. Core Malls exclude the Company's malls held in joint
ventures.

-- Store average rents for the Core Malls were $27.21 per square foot
("psf") at September 30, 2009, an increase from $27.13 psf at
September
30, 2008. Re-leasing spreads for the leases signed during the third
quarter of 2009 were up 7% with base rents averaging $31.68 psf.
Re-leasing spreads represent the percentage change in base rent for
leases signed, both new leases and renewals, to the base rent for
comparative tenants for those leases where the space was occupied in
the
previous twenty-four months.

-- Occupancy for stores in the Core Malls at September 30, 2009 was 91.9%
compared to 93.1% at September 30, 2008.

-- Average store sales in the Core Malls decreased 5.4% to $349 psf for
the
twelve months ending September 30, 2009 compared to $369 psf for the
twelve months ending September 30, 2008, but increased sequentially
compared to the sales for the twelve months ending June 30, 2009 of
$348
psf. Comparable mall store sales for the Company's Core Malls
decreased
6.8% for the twelve months ending September 30, 2009 compared to the
same period in 2008. Average store sales represent retail sales for
mall stores of 10,000 square feet or less that reported sales in the
most recent twelve month period. Comparable sales compare only those
stores with sales in both respective twelve month periods ending
September 30, 2009 and September 30, 2008.

Update on liquidity and capital resources

-- Debt-to-total-market capitalization at September 30, 2009 (including
the
Company's pro-rata share of joint venture debt) was 78.1% based on the
common share closing price of $3.67 as compared to 84.2% at December
31,
2008 based on the common share closing price of $2.81. Debt with
fixed
rates represented approximately 83.9% of the Company's total
outstanding
borrowings at September 30, 2009 as compared to 86.6% as of December
31,
2008. The Company's total consolidated debt decreased by $73.8
million
during the first nine months of 2009.

-- The Company issued 30,666,667 shares of common stock in September
2009,
raising net proceeds of approximately $110 million.

-- The Company conveyed its interest in Eastland Mall in Charlotte, North
Carolina to the lender during September 2009.

-- As of September 30, 2009, the Company is in compliance with the
financial covenants under its credit facility.

-- During the third quarter, the Company received non-binding commitments
from all of the participating banks eligible to provide a commitment
to
extend the credit facility's maturity date through December 2011 and
modify its terms. As of September 30, 2009, one of the commitments has
expired and one additional bank, previously ineligible to provide a
commitment due to a default of its funding obligations, has cured its
default and is now eligible to provide a commitment, but has yet to do
so. The Company continues to work with all of the participating banks
in its credit facility for an extension and modification of the credit
facility and expects to execute the extension and modification late in
the fourth quarter of 2009.

-- The current maturity date of the Company's Credit Facility is December
of 2009 and the Credit Facility provides for a one year extension
option. On October 2, 2009, the Company notified the Credit
Facility's
administrative agent of its intention to exercise the option to extend
the maturity date to December 2010, providing ample time to execute
the
further extension and modification.

-- The Company continues its effort in the marketing of interests in
three
of its properties with a goal of raising net proceeds of approximately
$50 million. Excess proceeds from the sale of all, or a portion of,
the
Company's interests in these assets will be used to reduce the
outstanding borrowings on the credit facility in support of our
efforts
to reduce the Company's leverage and enhance its liquidity. The three
properties are: Lloyd Center in Portland, Oregon; Polaris Towne
Center
in Columbus, Ohio; and WestShore Plaza in Tampa, Florida.

2009 Outlook

The Company has revised guidance to reflect the additional shares issued in
connection with its recent secondary offering. The Company estimates diluted
net loss per share to be in the range of $(0.15) to $(0.08) for the year
ending December 31, 2009 and expects diluted FFO per share to be in the range
of $1.53 to $1.60 for the year ending December 31, 2009.

A reconciliation of the range of estimated diluted net loss per share to FFO
per share for 2009 follows:

Low End High End
------- --------
Estimated diluted net loss per share $(0.15) $(0.08)
Add: Real estate depreciation and amortization* 1.70 1.70
Less: Gain on sales of properties (0.02) (0.02)
------ ------
Estimated FFO per share $ 1.53 $1.60
====== ======

* wholly owned properties and pro rata share of joint ventures

For the fourth quarter of 2009, the Company estimates diluted net income per
share to be in the range of $0.01 to $0.08 and FFO per share to be in the
range of $0.28 to $0.35. A reconciliation of the range of estimated diluted
net income per share to estimated FFO per share for the fourth quarter of 2009
follows:

Low End High End
------- --------
Estimated diluted net income per share $0.01 $0.08
Add: Real estate depreciation and amortization* 0.27 0.27
------ ------
Estimated FFO per share $ 0.28 $ 0.35
====== ======

* wholly owned properties and pro rata share of joint ventures

The Company's guidance assumes closing on the modification of its credit
facility late in the fourth quarter of 2009, but does not include any impact
from potential sales of interests in assets to a joint venture or outright
sales of assets.

Funds From Operations and Net Operating Income

This press release contains certain non-Generally Accepted Accounting
Principles (GAAP) financial measures and other terms. The Company's
definition and calculation of these non-GAAP financial measures and other
terms may differ from the definitions and methodologies used by other REITs
and, accordingly, may not be comparable. The non-GAAP financial measures
referred to above should not be considered as alternatives to net income or
other GAAP measures as indicators of the Company's performance.

Funds From Operations is used by industry analysts and investors as a
supplemental operating performance measure of an equity real estate investment
trust ("REIT"). The Company uses FFO in addition to net income to report
operating results. FFO is an industry standard for evaluating operating
performance defined as net income (computed in accordance with GAAP) excluding
gains or losses from sales of depreciable property, plus real estate
depreciation and amortization after adjustments for unconsolidated
partnerships and joint ventures. FFO does include impairment losses for
properties held for use and held for sale. Reconciliations of non-GAAP
financial measures to earnings used in this press release are included in the
above Outlook sections of the press release.

Net Operating Income (NOI) is used by industry analysts, investors and Company
management to measure operating performance of the Company's properties. NOI
represents total property revenues less property operating and maintenance
expenses. Accordingly, NOI excludes certain expenses included in the
determination of net income such as property management and other indirect
operating expenses, interest expense and depreciation and amortization
expense. These items are excluded from NOI in order to provide results that
are more closely related to a property's results of operations. In addition
the Company's computation of same mall NOI excludes property bad debt expense,
straight-line adjustments of minimum rents, amortization of above-below market
intangibles, termination income, and income from outparcel sales. We also
adjust for other miscellaneous items in order to enhance the comparability of
results from one period to another. Certain items, such as interest expense,
while included in FFO and net income, do not affect the operating performance
of a real estate asset and are often incurred at the corporate level as
opposed to the property level. As a result, management uses only those income
and expense items that are incurred at the property level to evaluate a
property's performance. Real estate asset related depreciation and
amortization is excluded from NOI for the same reasons that it is excluded
from FFO pursuant to the National Association of Real Estate Investment
Trust's definition.

Third Quarter Conference Call
Glimcher's third quarter investor conference call is scheduled for 10 a.m. ET
on Friday, October 30, 2009. Those wishing to join this call may do so by
calling (866) 783.2146, passcode 45198197. This call also will be simulcast
and available over the Internet via the web site www.glimcher.com on October
30, 2009 and continue through November 13, 2009. Supplemental information
about the third quarter operating results is available on the Company's
website or at www.sec.gov or by calling (614) 887-5605.

About the Company
Glimcher Realty Trust, a real estate investment trust, is a recognized leader
in the ownership, management, acquisition and development of malls, which
includes enclosed regional malls and open-air lifestyle centers, as well as
community centers. At September 30, 2009, the Company's mall portfolio,
including assets held through the Company's strategic joint ventures,
consisted of 22 mall properties located in 13 states with gross leasable area
totaling approximately 19.1 million square feet. The community center
portfolio is comprised of four properties representing approximately 800,000
square feet. 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(®) Index, representing small cap stocks,
and the Russell 3000(®) Index, representing the broader market.

Forward Looking Statements
This news release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such statements are
based on assumptions and expectations that may not be realized and are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy. Future events and actual results, financial and
otherwise, may differ from the results discussed in the forward-looking
statements. Risks and other factors that might cause differences, some of
which could be material, include, but are not limited to, economic and market
conditions, tenant bankruptcies, bankruptcies of JV partners, rejection of
leases by tenants in bankruptcy, financing and development risks, construction
and lease-up delays, cost overruns, the level and volatility of interest
rates, the rate of revenue increases versus expense increases, the financial
stability of tenants within the retail industry, the failure of the Company to
make additional investments in regional mall properties and redevelopment of
properties, the failure to acquire properties as and when anticipated, the
failure to fully recover tenant obligations for CAM, taxes and other property
expenses, the failure of the Company to complete the amendment to its
corporate credit facility, failure to comply or remain in compliance with
covenants in our debt instruments, failure of the Company to qualify as real
estate investment trust, termination of existing JV arrangements, conflicts of
interest with our existing JV partners, the failure to sell mall and community
centers and the failure to sell such properties when anticipated, the failure
to achieve estimated sales prices and proceeds from the sale of malls,
increases in impairment charges, additional impairment charges, as well as
other risks listed from time to time in the Company's reports filed with the
Securities and Exchange Commission or otherwise publicly disseminated by the
Company.

Visit Glimcher at: www.glimcher.com

GLIMCHER REALTY TRUST
Operating Results
(in thousands, except per share amounts)
(unaudited)

Three Months ended
September 30,
------------------
Statement of Operations 2009 2008
----------------------- ---- ----

Total revenues $74,568 $81,419
Total expenses (51,846) (58,848)
------- -------
Operating income 22,722 22,571
Interest expense, net (19,874) (20,461)
Equity in loss of unconsolidated
real estate entities, net (759) (299)
---- ----
Income from continuing operations 2,089 1,811
Discontinued operations:
Loss on disposition of
property (288) -
Loss from operations (67) (895)
--- ----
Net income 1,734 916
Allocation to noncontrolling
interest 191 -
Less: Preferred stock dividends (4,360) (4,360)
------ ------
Net loss to common shareholders $(2,435) $(3,444)
======= =======

Reconciliation of Net
Loss to Common
--------------------- Per Diluted Per Diluted
Shareholders to Funds From Common Common
Operations Share Share
-------------------------- ------- ------

Net loss to common
shareholders $(2,435) $(3,444)
Allocation to
noncontrolling interest (191) -
---- -----
(2,626) $(0.06) (3,444) $(0.09)
Real estate depreciation
and amortization 18,515 0.42 20,677 0.51
Equity in loss of
unconsolidated real
estate entities, net 759 0.02 299 0.01
Pro-rata share of joint
venture funds from operations 526 0.01 1,230 0.03
Loss on disposition of property 288 0.01 - -
------- ----- ------- -----
Funds From Operations $17,462 $0.40 $18,762 $0.46
======= ===== ======= =====

Weighted average common
shares outstanding - basic 41,038 37,795
Weighted average common
shares outstanding -
diluted (1) 44,024 37,795

Earnings per Share
------------------

Net loss to common
shareholders before
discontinued operations per
common share $(0.05) $(0.07)
Discontinued operations per
common share $(0.01) $(0.02)
Loss per common share $(0.06) $(0.09)

Net loss to common
shareholders before
discontinued operations per
diluted common share $(0.05) $(0.07)
Discontinued operations per
diluted common share $(0.01) $(0.02)
Loss per diluted common share $(0.06) $(0.09)
Funds from operations per
diluted common share $0.40 $0.46

(1) FFO per share in 2009 and 2008 has been calculated using 44,053 and
40,783 common shares respectively, which includes common stock
equivalents.

GLIMCHER REALTY TRUST
Operating Results
(in thousands, except per share amounts)
(unaudited)

Nine Months ended September 30,
-------------------------------
Statement of Operations 2009 2008
----------------------- ---- ----

Total revenues (1) $228,539 $237,180
Total expenses (162,208) (164,521)
-------- --------
Operating income 66,331 72,659
Interest expense, net (58,059) (61,186)
Equity in loss of unconsolidated
real estate entities, net (1,842) (144)
------ ----
Income from continuing operations 6,430 11,329
Discontinued operations:
Impairment loss, net (183) -
(Loss) gain on disposition
of properties, net (288) 1,252
Loss from operations (778) (1,894)
---- ------
Net income 5,181 10,687
Allocation to noncontrolling
interest 579 -
Less: Preferred stock dividends (13,078) (13,078)
------- -------
Net loss to common shareholders $(7,318) $(2,391)
======= =======

Reconciliation of Net Loss to
Common Shareholders
----------------------------- Per Diluted Per Diluted
Common Common
to Funds From Operations Share Share
------------------------ -------- -------

Net loss to common shareholders $(7,318) $(2,391)
Allocation to noncontrolling
interest (579) -
---- -----
(7,897) $(0.19) (2,391) $(0.06)
Real estate depreciation
and amortization 59,301 1.41 59,129 1.45
Equity in loss of unconsolidated
real estate entities, net 1,842 0.04 144 0.00
Pro-rata share of joint venture
funds from operations 2,270 0.05 3,565 0.09
Gain on disposition of
properties, net (1,194) (0.02) (1,252) (0.03)
------ ----- ------ -----
Funds From Operations $54,322 $1.29 $59,195 $1.45
======= ===== ======= =====

Weighted average common shares
outstanding - basic 38,986 37,765
Weighted average common shares
outstanding - diluted (2) 41,972 37,765

Earnings per Share
------------------

Net loss to common
shareholders before
discontinued operations
per common share $(0.16) $(0.05)
Discontinued operations
per common share $(0.03) $(0.02)
Loss per common share $(0.19) $(0.06)

Net loss to common
shareholders before
discontinued operations per
diluted common share $(0.16) $(0.05)
Discontinued operations per
diluted common share $(0.03) $(0.02)
Loss per diluted common share $(0.19) $(0.06)
Funds from operations per
diluted common share $1.29 $1.45

(1) Includes a $1.482 million gain on sale of depreciable real estate for
the nine months ended September 30, 2009.
(2) FFO per share in 2009 and 2008 has been calculated using 41,989 and
40,757 common shares respectively, which includes common stock
equivalents.

GLIMCHER REALTY TRUST
Selected Balance Sheet Information
(in thousands, except percentages and base rents)

September 30, December 31,
2009 2008
---- ----

Investment in real estate, net $1,678,785 $1,761,033
Total assets $1,881,137 $1,876,313
Mortgage notes and other notes
payable $1,586,166 $1,659,953
Debt / Market capitalization 77.0% 83.6%
Debt / Market capitalization
including pro-rata share of
joint ventures 78.1% 84.2%

September 30, September 30,
2009 2008
---- ----
Occupancy:
------------
Core Malls (1):
---------------
Mall Anchors 93.1% 98.6%
Mall Stores 91.9% 93.1%
Total Consolidated Mall Portfolio 92.6% 96.6%

Malls including Joint Ventures (2):
-----------------------------------
Mall Anchors 93.7% 98.2%
Mall Stores 91.5% 92.6%
Total Mall Portfolio 92.9% 96.2%

Average Base Rents:
---------------------
Core Malls (1):
---------------
Mall Anchors $6.02 $6.05
Mall Stores $27.21 $27.13

Malls including Joint Ventures (2):
-----------------------------------
Mall Anchors $6.36 $6.38
Mall Stores $26.86 $26.85

(1) Excludes mall properties held for sale and the company's joint
venture malls.
(2) Excludes mall properties held for sale.

SOURCE Glimcher Realty Trust

Mark E. Yale, Executive 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