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Glimcher Reports Third Quarter 2012 Results



  Glimcher Reports Third Quarter 2012 Results

  * Mall store sales improved 8.3% to $429 per square foot at September 30,
                                       2012
  * 9% re-leasing spreads for the mall store leases signed during the third
                                 quarter of 2012
  * 15% increase in mall leasing volume during the first three quarters of
    2012

Business Wire

COLUMBUS, Ohio -- October 25, 2012

Glimcher Realty Trust (NYSE: GRT) today announced financial results for the
third quarter ended September 30, 2012. 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.

“We are certainly pleased with the steady progress made during the quarter as
we continue to transform the company,” stated Michael P. Glimcher, Chairman of
the Board and CEO. “Whether it’s enhancing our balance sheet, strengthening
our existing portfolio or pursuing strategic investments, we are laying a
solid foundation for future growth that we believe will ultimately deliver
value to our shareholders.”

Net loss to common shareholders during the third quarter of 2012 was $10.4
million, or $0.07 per share, as compared to a net loss to common shareholders
of $4.7 million, or $0.04 per share, in the third quarter of 2011. Funds From
Operations (“FFO”) during the third quarter of 2012 was $20.5 million, or
$0.14 per share, compared to $16.1 million, or $0.15 per share, in the third
quarter of 2011. Adjusted FFO for the third quarter of 2012 was $23.9 million,
or $0.17 per share. Adjusted FFO for the third quarter of 2012 excludes the
$3.4 million non-cash write-off of issuance costs related to the redemption of
preferred shares during the quarter.

Third Quarter Earnings Highlights

  * Total revenues were $87.3 million in the third quarter of 2012, compared
    to total revenues of $66.8 million in the third quarter of 2011. The $20.5
    million increase in total revenues resulted primarily from $19.7 million
    of revenue from properties acquired since September 2011 as well as
    revenue growth of $1.8 million from Scottsdale Quarter^®, an open-air
    center in Scottsdale, Arizona. The acquired properties were Town Center
    Plaza and One Nineteen, each located in Leawood, Kansas, and Malibu Lumber
    Yard located in Malibu, California. We also acquired the remaining 80%
    indirect ownership interest in Pearlridge Center in Honolulu, Hawaii
    (“Pearlridge”) during the second quarter of 2012.
  * Net loss to common shareholders was $10.4 million in the third quarter of
    2012, compared to a net loss to common shareholders of $4.7 million in the
    third quarter of 2011. The decrease in net income was primarily due to the
    Company’s recognition of a $3.4 million non-cash write-off of issuance
    costs related to the redemption of preferred shares.
  * Net operating income (“NOI”) for comparable mall properties, including the
    pro-rata share of the malls held through joint ventures, increased 0.2%
    when comparing the three months ended September 30, 2012 to the three
    months ended September 30, 2011.
  * Average store rents for the Core Malls were $34.73 per square foot (“psf”)
    as of September 30, 2012, a 3.9% improvement from $33.43 psf as of
    September 30, 2011. Average in-line store rents include in-line permanent
    retail stores that are less than 10,000 square feet. Core Malls include
    all of the Company’s open-air centers, mall properties and outlet
    properties, including both wholly-owned and material joint venture
    properties.
  * Re-leasing spreads for the Core Malls increased by 9% for the non-anchor
    leases signed during the third quarter of 2012, with base rents averaging
    $35.15 psf. Re-leasing spreads represent the percentage change in base
    rent for permanent leases signed, both new and renewals, to the base rent
    for comparative tenants for those leases where the space was occupied in
    the previous twenty-four months.
  * Total occupancy for Core Malls increased 40 basis points to 94.7% at
    September 30, 2012 compared to 94.3% at September 30, 2011.
  * Average store sales in the Core Malls increased 8.3% to $429 psf for the
    twelve months ended September 30, 2012, compared to $396 psf for the
    twelve months ended September 30, 2011. Average store sales represent
    retail sales for mall stores of 10,000 square feet of gross leasable area
    or less that reported sales in the most recent twelve month period.
  * Comparable store sales for the Company’s Core Malls during the three
    months ended September 30, 2012, compared to the three months ended
    September 30, 2011 increased by 4.8% and increased 5.6% for the twelve
    months ending September 30, 2012 when compared to the same period in 2011.
    Comparable sales compare only those stores with sales in each respective
    period ended September 30, 2012 and September 30, 2011.
  * Occupancy costs for the twelve months ended September 30, 2012 were 11.0%
    of tenant sales for Core Mall stores. Occupancy costs include the tenants’
    minimum rent and amounts the tenants pay toward operating costs and real
    estate taxes.
  * Scottsdale Quarter^® ended the third quarter of 2012 with a total
    occupancy of 88% for the first two phases of the project, comprised of
    retail at 83% and office at 97%. When including signed leases not yet
    open, leases out for signature, and outstanding letters of intent, over
    93% of the gross leasable area for the first two phases has been
    addressed.

Update on Liquidity and Capital Resources

  * Debt-to-total-market capitalization at September 30, 2012 (including the
    Company’s pro-rata share of joint venture debt) was 47.1%, based on a
    common share closing price of $10.57, as compared to 50.6% at December 31,
    2011, based on a common share closing price of $9.20. Debt with fixed
    interest rates represented approximately 87.4% of the Company’s
    consolidated total outstanding borrowings at September 30, 2012, compared
    to 85.0% at December 31, 2011.
  * The Company sold 1.2 million common shares, at a weighted average price of
    $10.48 per share, under its at-the-market (“ATM”) equity offering program
    during the three months ended September 30, 2012, generating net proceeds
    of $12.0 million. The proceeds generated from the ATM program were used to
    repay a portion of the outstanding balance under the Company’s corporate
    credit facility. As of September 30, 2012, the Company has approximately
    $40.8 million available for issuance under the ATM program.
  * The Company completed a $100 million preferred equity offering in July
    2012. The new Series H Cumulative Redeemable Preferred Shares of
    Beneficial Interest (the “Series H Shares”) will pay a 7.5% dividend per
    annum. In September, the Company used the proceeds from the Series H
    Shares to redeem all of the outstanding 8.75% Series F Preferred Shares
    for $60 million and 1.2 million of the Company’s 8.125% Series G Preferred
    Shares for $30 million. In connection with the redemption, the Company
    recorded a non-cash write-off of approximately $3.4 million of previously
    incurred issuance costs.
  * In August 2012, the Company closed on an $82 million, 10-year mortgage on
    Dayton Mall in Dayton, Ohio. The loan bears interest of 4.57% per annum.
    Proceeds were used to repay the existing $50 million term loan on Dayton
    Mall, with the remaining $32 million in excess proceeds being used to
    reduce outstanding balances under the Company’s credit facility.
  * In September 2012, a joint venture that owns WestShore Plaza in Tampa,
    Florida, closed on a $122.5 million loan. The loan bears interest at an
    initial rate of 3.65% and has a term of up to five years when considering
    extension options.
  * In October 2012, the Company closed on a $38 million loan on One Nineteen.
    The interest rate is 4.25% per annum and the loan has a term of over 14
    years based on a call date of February 1, 2027. The loan’s maturity is
    coterminous with the financing on Town Center Plaza. Proceeds from the
    loan were used to repay a portion of the outstanding balance under the
    Company’s credit facility.

2012 Outlook

As of the date of this release, the Company updated estimated diluted net loss
and FFO per share to reflect the non-cash write-off of approximately $3.4
million of previously incurred issuance costs related to the preferred shares
that were redeemed during the third quarter of 2012 and incremental
depreciation expense related primarily to the Company’s 2012 acquisitions.
Estimated diluted net loss per share was updated to be in the range of $(0.05)
to $(0.02) for the year ending December 31, 2012, and updated guidance for
diluted FFO per share to be in the range of $0.57 to $0.60 for the year ending
December 31, 2012. Other key assumptions detailed in previously issued
guidance generally remain the same. Additionally, the guidance does not
reflect any other property dispositions, acquisitions or material capital
raising events that might occur during the remainder of the year.

A reconciliation of the range of estimated diluted net loss per share to
estimated adjusted FFO per share for 2012 follows:

                                                     Low End         High End
  Estimated diluted net loss per share               $ (0.05 )       $ (0.02 )
  Less: Gain from re-measurement of equity             (0.18 )         (0.18 )
  investment
  Add: Real estate depreciation, amortization          0.80            0.80   
  and impairments*
  Estimated FFO per share                            $ 0.57          $ 0.60   
                                                                              

* wholly-owned properties and pro-rata share of unconsolidated joint ventures

For the fourth quarter of 2012, the Company estimates diluted net (loss)
income per share to be in the range of $(0.01) to $0.02, and FFO per share to
be in the range of  $0.18 to $0.21. A reconciliation of the range of estimated
diluted net (loss) income per share to estimated FFO per share for the fourth
quarter of 2012 follows:

                                                      Low End         High End
  Estimated diluted
  net (loss) income                                   $ (0.01 )       $  0.02
  per share
  Add: Real estate
  depreciation and                                      0.19             0.19
  amortization*
  Estimated FFO per                                   $ 0.18          $  0.21
  share
                                                                          

* wholly-owned properties and pro-rata share of unconsolidated joint ventures

This outlook is a forward-looking statement and is subject to the risks and
other factors described elsewhere in this release.

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 The
National Association of REIT (“NAREIT”) defines FFO as net income (loss)
available to common shareholders (computed in accordance with GAAP, excluding
gains or losses from sales of depreciable property, impairment adjustments
associated with depreciable real estate, plus real estate related depreciation
and amortization and after adjustments for unconsolidated partnerships and
joint ventures. The Company may also discuss FFO as adjusted. Reconciliations
of non-GAAP financial measures to earnings used in this press release are
included in the press release.

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 straight-line adjustments of minimum rents,
amortization of above-below market intangibles, termination income, and income
from outparcel sales. The Company also adjusts 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, as well as impairment charges are excluded from
NOI for the same reasons that it is excluded from FFO pursuant to NAREIT’s
definition.

Third Quarter Conference Call

Glimcher’s third quarter investor conference call is scheduled for 11 a.m. ET
on Friday, October 26, 2012. Those wishing to listen to this call may do so by
calling 866.804.6924 Passcode: 47924616. This call also will be simulcast and
available over the Internet via the website www.glimcher.com. A replay will be
available approximately one hour after the Earnings Call through midnight
November 9, 2012 by dialing 888.286.8010, Pass code: 46790107, or you can
access the webcast replay on the Investor Relations page of the Company’s
website. Supplemental information about the third quarter operating results is
available on the Company’s website, or at www.sec.gov or by calling
614.887.5632.

About Glimcher Realty Trust

Glimcher Realty Trust, a real estate investment trust, is a recognized leader
in the ownership, management, acquisition and development of retail
properties, which includes open-air centers, enclosed regional malls, as well
as outlet centers. At September 30, 2012, GRT owned interests in and managed
28 Properties with gross leasable area totaling approximately 21.5 million
square feet, consisting of 25 Malls (21 wholly owned and four partially owned
through joint ventures) and three Community Centers (two wholly owned and one
partially owned through a joint venture).

Glimcher Realty Trust’s common shares are listed on the New York Stock
Exchange under the symbol “GRT.” Glimcher Realty Trust’s Series G and Series H
preferred shares are listed on the New York Stock Exchange under the symbols
“GRTPRG” and “GRTPRH,” 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. Glimcher^® and Scottsdale
Quarter^® are registered trademarks of Glimcher Realty Trust.

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 joint venture (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
Glimcher 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, failure to comply or remain in compliance with
covenants in the Company’s debt instruments, failure or inability to exercise
available extension options on debt instruments, failure of Glimcher to
qualify as a real estate investment trust, termination of existing JV
arrangements, conflicts of interest with the Company’s existing JV partners,
failure to achieve projected returns on development properties, the failure to
sell malls 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 in this news release and from time to
time in Glimcher’s reports filed with the Securities and Exchange Commission
or otherwise publicly disseminated by Glimcher.

                     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          2012                         2011
  Operations
                                                                    
  Total revenues        $ 87,329                     $ 66,831
  Total expenses          (70,235 )                    (50,047 )
  Operating income        17,094                       16,784
  Interest expense,       (18,157 )                    (16,590 )
  net
  Equity in (loss)
  income of
  unconsolidated real     (83     )                    618      
  estate entities,
  net
  (Loss) Income from
  continuing              (1,146  )                    812
  operations
  Discontinued
  operations:
  Income from             638                          547      
  operations
  Net (loss) income       (508    )                    1,359
  Allocation to
  noncontrolling          196                          122
  interest
  Less: Preferred         (6,605  )                    (6,137  )
  stock dividends
  Write-off of
  issuance costs
  related to              (3,446  )                    -        
  preferred share
  redemptions (1)
  Net loss to common    $ (10,363 )                  $ (4,656  )
  shareholders
                                                                    
                                                                    
  Reconciliation of                   Per Diluted                  Per Diluted
  Net Loss to Common
  Shareholders to                                                  Common
  Funds From                          Common Share                 Share
  Operations
                                                                    
  Net loss to common    $ (10,363 )                  $ (4,656  )
  shareholders
  Allocation to
  noncontrolling          (171    )                    (122    )
  interest (GPLP unit
  holders) (2)
                          (10,534 )   $  (0.08 )       (4,778  )   $  (0.04  )
  Real estate
  depreciation and        28,374         0.20          17,912         0.16
  amortization, net
  Equity in loss
  (income) of             83             0.00          (618    )      (0.00  )
  unconsolidated
  entities, net
  Pro-rata share of
  unconsolidated          2,541          0.02          3,614          0.03    
  entities funds from
  operations
  Funds From            $ 20,464      $  0.14        $ 16,130      $  0.15    
  Operations
                                                                    
  Write-off of
  preferred issuance      3,446          0.03          -              -       
  costs (1)
  Adjusted Funds From   $ 23,910      $  0.17        $ 16,130      $  0.15    
  Operations
                                                                    
  Weighted average
  common shares           140,641                      107,444
  outstanding - basic
  Weighted average
  common shares           142,964                      110,252
  outstanding -
  diluted (3)
                                                                    
  Earnings per Share
                                                                    
  Loss from
  continuing            $ (0.08   )                  $ (0.05   )
  operations per
  common share
  Discontinued
  operations per        $ 0.00                       $ 0.00
  common share
  Loss per common       $ (0.07   )                  $ (0.04   )
  share
                                                                    
  Loss from
  continuing
  operations per        $ (0.08   )                  $ (0.05   )
  diluted common
  share
  Discontinued
  operations per        $ 0.00                       $ 0.00
  diluted common
  share
  Loss per diluted      $ (0.07   )                  $ (0.04   )
  common share
  Adjusted Funds from
  operations per        $ 0.17                       $ 0.15
  diluted common
  share
                                                                    

(1)   Non-cash write-off related to the redemption of preferred shares for the
      three months ending September 30, 3012.
      Noncontrolling interest is comprised of both the noncontrolling interest
      in Town Square at Surprise (from July 20, 2012) and the interest held by
(2)   GPLP's unit holders for the three months ending September 30, 2012. For
      the three months ending September 30, 2011, noncontrolling interest is
      comprised only of GPLP unit holders' interest.
      FFO per share in 2012 and 2011 has been calculated using 143,562 and
(3)   110,668 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         2012                         2011
  Operations
                                                                    
  Total revenues       $ 234,228                    $ 195,549
  Total expenses (1)     (187,295 )                   (152,905 )
  Operating income       46,933                       42,644
  Gain on
  re-measurement of      25,068                       -
  equity method
  investment
  Interest expense,      (52,157  )                   (52,089  )
  net (2)
  Equity in loss of
  unconsolidated         (4,668   )                   (7,018   )
  real estate
  entities, net (3)
  Income (loss) from
  continuing             15,176                       (16,463  )
  operations
  Discontinued
  operations:
  Income from            748                          943       
  operations
  Net income (loss)      15,924                       (15,520  )
  Allocation to
  noncontrolling         185                          922
  interest
  Less: Preferred        (18,879  )                   (18,411  )
  stock dividends
  Write-off of
  issuance costs
  related to             (3,446   )                   -         
  preferred share
  redemptions (4)
  Net loss to common   $ (6,216   )                 $ (33,009  )
  shareholders
                                                                    
                                                                    
  Reconciliation of                   Per Diluted                  Per Diluted
  Net Loss to Common
  Shareholders to                     Common                       Common
  Funds From                          Share                        Share
  Operations
                                                                    
  Net loss to common   $ (6,216   )                 $ (33,009  )
  shareholders
  Allocation to
  noncontrolling         (160     )                   (922     )
  interest (5)
                         (6,376   )   $  (0.05  )     (33,931  )   $  (0.32  )
  Real estate
  depreciation and       69,283          0.51         50,801          0.48
  amortization, net
  Equity in loss of
  unconsolidated         4,668           0.03         7,018           0.06
  entities, net
  Pro-rata share of
  unconsolidated         9,042           0.07         10,513          0.10
  entities funds
  from operations
  Gain on
  re-measurement of      (25,068  )      (0.18  )     -               -       
  equity method
  investment
  Funds From           $ 51,549       $  0.38       $ 34,401       $  0.32    
  Operations
                                                                    
  Write-off of
  preferred issuance   $ 3,446        $  0.02       $ -            $  -
  costs (4)
  Write-off of
  non-cash charges       6,515           0.05         11,282          0.11    
  (1) (2)
  Adjusted Funds       $ 61,510       $  0.45       $ 45,683       $  0.43    
  From Operations
                                                                    
  Weighted average
  common shares          132,692                      102,752
  outstanding -
  basic
  Weighted average
  common shares          135,214                      105,664
  outstanding -
  diluted (6)
                                                                    
  Earnings per Share
                                                                    
  Loss from
  continuing           $ (0.05    )                 $ (0.33    )
  operations per
  common share
  Discontinued
  operations per       $ 0.01                       $ 0.01
  common share
  Loss per common      $ (0.05    )                 $ (0.32    )
  share
                                                                    
  Loss from
  continuing
  operations per       $ (0.05    )                 $ (0.33    )
  diluted common
  share
  Discontinued
  operations per       $ 0.01                       $ 0.01
  diluted common
  share
  Loss per diluted     $ (0.05    )                 $ (0.32    )
  common share
  Adjusted Funds
  From Operations      $ 0.45                       $ 0.43
  per diluted common
  share
                                                                    

      Includes $3.3 million provision to write down a note receivable due from
      the Tulsa joint venture and a write off of $3.2 million in
(1)   pre-development costs related to a development in Panama City Beach,
      Florida in the nine months ending September 30, 2012. Includes an
      impairment charge of $9.0 million on land that was previously held for
      future development in the nine months ended September 30, 2011.
(2)   Includes charges of $2.3 million associated with the extinguishment of
      mortgage notes payable for the nine months ended September 30, 2011.
      Includes $5.8 million related to the Company's share of impairment
      charges for Town Square at Surprise ($1.6 million) and Tulsa Promenade
(3)   ($4.2 million) in the nine months ended September 30, 2012. Includes
      $7.9 million related to the Company's share of an impairment charge for
      Tulsa Promenade in the nine months ended September 30, 2011.
(4)   Non-cash write-off related to the redemption of preferred shares for the
      nine months ending September 30, 3012.
      Noncontrolling interest is comprised of both the noncontrolling interest
      in Town Square at Surprise, beginning July 20, 2012, and the interest
(5)   held by GPLP's unit holders for the nine months ending September 30,
      2012. For the nine months ending September 30, 2011, noncontrolling
      interest is comprised only of GPLP unit holders' interest.
      FFO per share in 2012 and 2011 has been calculated using 135,720 and
(6)   106,051 common shares, respectively, which includes the common stock
      equivalents.
       

 
GLIMCHER REALTY TRUST
Selected Balance Sheet Information
(in thousands, except percentages and base rents)
                                                                
                                                                  
                                                 September 30,   December 31,
                                                 2012            2011
                                                                  
Investment in real estate, net                   $  2,213,992    $   1,754,149
Total assets                                     $  2,345,422    $   1,865,426
Mortgage notes and other notes payable           $  1,476,639    $   1,253,053
Debt / Market capitalization                        44.9%            47.7%
Debt / Market capitalization including              47.1%            50.6%
pro-rata share of joint ventures
                                                                  
                                                                  
                                                 September 30,   September 30,
                                                 2012            2011
Occupancy:
      Core Malls (1):
      Mall Anchors (2)                           96.8%           96.1%
      Mall Non-Anchors (3)                       91.4%           91.4%
      Total Core Mall Portfolio                  94.7%           94.3%
                                                                  
      Malls excluding Joint Ventures:
      Mall Anchors (2)                           95.9%           94.7%
      Mall Non-Anchors (3)                       91.7%           91.0%
      Mall Portfolio excluding joint             94.2%           93.3%
      ventures
                                                                  
                                                                  
Average Base Rents:
      Core Malls (1):
      Mall Anchors (2)                           $7.08           $6.80
      In-Line Stores under 10,000 sf (4)         $34.73          $33.43
                                                                  
      Malls excluding Joint Ventures:
      Mall Anchors (2)                           $6.57           $6.13
      In-Line Stores under 10,000 sf (4)         $34.48          $32.64
                                                                  

(1)     Mall properties including material joint ventures.
(2)     Stores over 20,000 sf.
(3)     Non-anchors include in-line permanent retail tenants, office, and
        long-term specialty tenants under 20,000 sf as well as outparcels.
(4)     In-line permanent retail stores under 10,000 sf.
         
Note: Pearlridge Center is reported as a consolidated property in September
2012 and as a joint venture property in September 2011.
         

Contact:

Glimcher Realty Trust
Investors:
Lisa A. Indest, SVP, Finance and Accounting, 614-887-5844
lindest@glimcher.com
or
Media:
Karen Bailey, Director, Corporate Communications, 614-887-5847
kbailey@glimcher.com
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