Glimcher Reports Fourth Quarter and Fiscal Year 2012 Results

  Glimcher Reports Fourth Quarter and Fiscal Year 2012 Results

  *Mall store sales improved 7.7% to $435 per square foot at December 31,
                                       2012
  *12% re-leasing spreads for the mall store leases signed during the fourth
                                 quarter of 2012
  *Net operating income for comparable properties up 2% during the fourth
    quarter of 2012

Business Wire

COLUMBUS, Ohio -- February 14, 2013

Glimcher Realty Trust (NYSE: GRT) today announced financial results for the
fourth quarter and fiscal year ended December 31, 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 pleased with another quarter of strong fundamentals turned in from our
core mall portfolio,” stated MichaelP. Glimcher, Chairman of the Board and
CEO. “With portfolio occupancy over 95%, mall store sales per square foot at a
record level, and tenant occupancy cost ratios remaining at historic lows, we
believe the Company is well positioned to deliver meaningful growth in 2013
and beyond.”

Net loss to common shareholders during the fourth quarter of 2012 was $24.3
million, or $0.17 per share, as compared to net income to common shareholders
of $28.0 million, or $0.26 per share, in the fourth quarter of 2011. Funds
From Operations (“FFO”) during the fourth quarter of 2012 was $28.5 million,
or $0.20 per share, compared to $22.0 million, or $0.20per share, in the
fourth quarter of 2011.

For fiscal year 2012, net loss to common shareholders was $30.5 million, or
$0.23 per share, compared to a net loss of $5.0 million, or $0.05 per share,
for fiscal year 2011. FFO was $80.1 million, or $0.58 per share, for fiscal
year 2012, compared to $56.4 million, or $0.52 per share, for fiscal year
2011.

Fourth Quarter and Fiscal Year Earnings Highlights

  *Total revenues were $91.8 million in the fourth quarter of 2012, compared
    to total revenues of $71.9 million in the fourth quarter of 2011. The
    $19.9 million increase in total revenues resulted primarily from
    $18.9million of revenue from properties acquired since December 2011, as
    well as revenue growth of $1.9 million from Scottsdale Quarter^®, an
    open-air center in Scottsdale, Arizona. The acquired properties were
    TownCenter Plaza and Town Center Crossing, each located in Leawood,
    Kansas, and Malibu Lumber Yard located in Malibu, California. The Company
    also acquired the remaining 80% indirect ownership interest in Pearlridge
    Center in Honolulu, Hawaii (“Pearlridge”) during the second quarter of
    2012.
  *Total revenues were $326.0 million for fiscal year 2012 compared to total
    revenues of $267.4 million for the fiscal year 2011. The $58.6 million
    increase in total revenues resulted primarily from $53.1million of
    revenue from properties acquired since December 2011 as well as revenue
    growth of $6.7 million from Scottsdale Quarter^®.
  *Net loss to common shareholders was $24.3 million in the fourth quarter of
    2012, compared to net income to common shareholders of $28.0million in
    the fourth quarter of 2011. The $52.3 million decrease in net income was
    primarily due to increased non-cash impairment charges in the fourth
    quarter of 2012 and the $27.8million gain on the sale of Polaris Towne
    Center in Columbus, Ohio recognized during the fourth quarter of 2011. The
    Company’s share of impairment charges related to Eastland Mall located in
    Columbus, Ohio and Tulsa Promenade Mall located in Tulsa, Oklahoma
    (“Tulsa”) during the fourth quarter of 2012 impacted earnings by a total
    of $24.9 million. The 2012 impairment charges related to Eastland Mall
    were $18.5 million and the Company’s share of the 2012 impairment charge
    on Tulsa was $6.4 million.
  *Net loss to common shareholders for fiscal year 2012 was $30.5 million,
    compared to a net loss of $5.0 million for fiscal year 2011. The $25.5
    million decrease was primarily due to the $27.8 million gain from the sale
    of Polaris Towne Center during fiscal year 2011, $9.9 million of non-cash
    write-offs in fiscal year 2012, and an increase of $12.7 million in
    non-cash impairment charges recognized in the fiscal year 2012. The $9.9
    million of non-cash write-offs in 2012 include the $3.4 million write-off
    of issuance costs related to the redemption of preferred shares, the $3.2
    million write-off of pre-development costs related to a project in Panama
    City Beach, Florida, and a charge of $3.3 million related to the write
    down of a note receivable from the Tulsa joint venture, which owns Tulsa.
    The 2012 impairment charges related to Eastland Mall for $18.5 million,
    $10.6million for the Company’s share of Tulsa’s impairment, and $1.6
    million for the Company’s share of Town Square at Surprise in Surprise,
    Arizona. The 2011 impairments related to land held-for-sale ($9.0million)
    and the Company’s pro-rata share of the impairment ($9.0 million) related
    to Tulsa. Partially offsetting these decreases to net income was the
    Company’s recognition of a $25.1 million gain on the re-measurement of its
    20% equity investment in Pearlridge during fiscal year 2012.
  *Net operating income (“NOI”) for comparable mall properties, including the
    pro-rata share of the malls held through joint ventures, increased 1.8%
    when comparing the three months ended December 31, 2012 to the three
    months ended December31, 2011. NOI for these same properties for the
    fiscal year ended December31, 2012 increased approximately 0.8% compared
    to the fiscal year ended December 31, 2011.
  *Average store rents for the Core Malls were $34.74 per square foot (“psf”)
    as of December 31, 2012, a 4.1%improvement from $33.37psf as of December
    31, 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 12% for the non-anchor
    leases signed during the fourth quarter of 2012, with base rents averaging
    $34.19 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 50 basis points to 95.3% at
    December 31, 2012 compared to 94.8% at December31, 2011.
  *Average store sales in the Core Malls increased 7.7% to $435 psf for the
    twelve months ended December31, 2012, compared to $404 psf for the twelve
    months ended December 31, 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 twelve
    months ended December 31, 2012, compared to the twelve months ended
    December31, 2011 increased 3.9%. Comparable sales compare only those
    stores with sales in each twelve month period ended December 31, 2012 and
    December 31, 2011.
  *Occupancy costs for the twelve months ended December 31, 2012 were 10.8%
    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^® finished the year ended December 31, 2012 with a
    total occupancy of 88.5% for the first two phases of the project,
    comprised of retail at 84.1% and office at 97.8%. When including signed
    leases for tenants not yet open, leases out for signature, and outstanding
    letters of intent, approximately 96% 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 December 31, 2012 (including the
    Company’s pro-rata share of joint venture debt) was 46.1%, based on a
    common share closing price of $11.09, 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 89.2% of the Company’s
    consolidated total outstanding borrowings at December31, 2012, compared
    to 85.0% at December31, 2011.
  *The Company sold 1.1 million common shares, at a weighted average price of
    $10.80 per share, under its at-the-market (“ATM”) equity offering program
    during the three months ended December 31, 2012, generating net proceeds
    of $11.4 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. The Company has approximately $29.2million available for
    issuance under the ATM program based upon the shares sold through December
    31, 2012.
  *The mortgage loan for Tulsa matured on December 31, 2012 and is currently
    in default. The lender has not initiated any adverse actions. The Tulsa
    joint venture, in which the Company has a 52% interest, is engaged in
    active discussions with the lender regarding an extension of the loan’s
    term and the continued marketing of Tulsa for sale. In January 2013, the
    Tulsa joint venture received an offer and expects to enter into an
    agreement to sell Tulsa during the first quarter of 2013. Accordingly, the
    joint venture reduced the carrying value of Tulsa in the fourth quarter of
    2012 to the purchase price in the offer.
  *In January 2013, the Company acquired University Park Village, a premier
    open-air center located in Fort Worth, Texas, for $105.0 million.
    University Park Village has approximately 173,220 square feet of leasable
    retail space, tenant sales averaging approximately $800 per square foot
    and occupancy at 97%. The Company funded the acquisition through a $60
    million term loan with the remaining funds coming from the Company’s
    credit facility. The term loan has an interest rate of LIBOR plus 300
    basis points and matures on April 8, 2013. The Company expects to obtain
    long-term mortgage financing on the property prior to the term loan’s
    maturity date, provided market conditions are favorable.
  *In February 2013, the Company closed on a $225 million loan on Polaris
    Fashion Place in Columbus, Ohio (“Polaris”). The interest rate is 3.9% per
    annum and the loan has a term of 12 years. Proceeds from the loan were
    used to repay the previously outstanding $125.2 million loan on Polaris.
    The balance of the loan’s excess proceeds was used to reduce the amount
    outstanding under the Company’s credit facility.
  *The Company has currently received in excess of $250 million of
    non-binding commitments in support of the modification and extension of
    the corporate credit facility. The modification will extend the facility’s
    maturity date to February 2017 with an additional one-year extension
    option available that would extend the final maturity date to February
    2018. The new unsecured revolving credit facility (“Revolver”) will
    provide for improved pricing through lower interest rate spreads which are
    based on the Company’s total debt outstanding as a percentage of total
    assets. Based upon the Company’s current debt levels, pricing will be set
    initially at LIBOR plus 195 basis points versus the current rate of LIBOR
    plus 237.5 basis points. The commitment amount of $250 million will remain
    the same under the Revolver as modified with the ability to increase the
    commitment amount to $400 million under an accordion feature. Initially,
    the Company will have approximately $195 million of availability under the
    Revolver and is expecting to have over $160 million of unused capacity at
    closing. Simultaneously, the Company will close and fully draw on a new
    $45 million secured credit facility. The interest rate will be LIBOR plus
    250 basis points and the term of the loan will be no longer than 15
    months. The secured credit facility will be secured by 49% of the
    partnership interests in four of the Company’s properties and will be
    subject to borrowing availability limits and financial covenants that are
    consistent with market terms.

2013 Outlook

As of the date of this release, the Company expects diluted net (loss) income
per share to be in the range of $(0.02) to $0.02 for the year ending December
31, 2013, and expects diluted FFO per share to be in the range of $0.69 to
$0.73 for the year ending December31, 2013.

The Company’s expectations for 2013 are based upon the following key factors
and assumptions:

  *An increase in comparable Core Mall net operating income of 3.5% to 4.5%.
    Comparable Core Malls include all Core Mall properties beginning the
    quarter after the property has been owned for one year. Accordingly, Town
    Center Crossing in Leawood, Kansas and Malibu Lumber Yard in Malibu,
    California are excluded for the first half of the year, and University
    Park Village in Fort Worth, Texas is excluded for the full year. The
    increase in comparable Core Mall net operating income for 2013 when
    excluding Scottsdale Quarter^® is 2.0% - 3.0%.
  *Lease termination income and gain on sales of outparcels of $2.0 to $3.0
    million.
  *Net fee and service income of $3.0 to $3.5 million.
  *Bad debt expense of $2.0 to $3.0 million.
  *General and administrative expenses of $26.5 to $27.5 million for the
    year.
  *Total loan fee amortization of approximately $3.75 - $4.25 million for
    consolidated properties.
  *NOI yield for the first two phases of Scottsdale Quarter^® for 2013 of
    approximately 4.00% - 4.25%. The project yield is calculated using the
    property NOI divided into an investment of $325million.
  *$45 to $55 million of development and re-development investments primarily
    related to the outlet redevelopments at The Outlet Collection^TM | Jersey
    Gardens and The Outlet Collection^TM | Seattle. Completion of the outlet
    redevelopment is expected at the end of the third quarter 2013.
  *$22.5 to $27.5 million of recurring capital expenditures and tenant
    allowances / improvements.
  *$100 to $105 million of excess proceeds (including pro-rata share of joint
    ventures) from the recently closed Polaris loan and the re-financing of
    the Lloyd Center mortgage.
  *Closing of the Company’s new Revolver and secured credit facility during
    the first quarter of 2013.
  *Closing by April 2013 on $50 to $55 million of permanent financing for the
    Company’s recently acquired University Park Village.
  *Maintain the dividend rate of $0.40 per annum.
  *Disposition of Tulsa at the end of the first quarter, with an expected
    gain on the extinguishment of the Tulsa mortgage.
  *Net proceeds from use of the ATM program of $20 to $40 million.
  *Estimated outstanding balance on the Company’s Revolver of $40 to $50
    million as of December 31, 2013.

A reconciliation of the range of estimated diluted net (loss) income per share
to estimated FFO per share for 2013 follows:

                                   Low End       High End
                    Estimated diluted
                    net (loss) income              $ (0.02 )         $ 0.02
                    per share
                    Add: Real estate
                    depreciation and                 0.75              0.75
                    amortization*
                    Less: Gain on debt              (0.04 )          (0.04 )
                    extinguishment
                    Estimated FFO per              $ 0.69           $ 0.73  
                    share

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

For the first quarter of 2013, the Company estimates diluted net (loss) income
per share to be in the range of $(0.01) to $0.01 and FFO per share to be in
the range of  $0.15 to $0.17. A reconciliation of the range of estimated
diluted net (loss) income per share to estimated FFO per share for the first
quarter of 2013 follows:

                                   Low End       High End
                    Estimated diluted
                    net (loss) income              $ (0.01 )         $ 0.01
                    per share
                    Add: Real estate
                    depreciation and                 0.20              0.20
                    amortization*
                    Less: Gain on debt              (0.04 )          (0.04 )
                    extinguishment
                    Estimated FFO per              $ 0.15           $ 0.17  
                    share

                    * wholly-owned properties and pro-rata share of 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.

Fourth Quarter Conference Call

Glimcher’s fourth quarter and fiscal year investor conference call is
scheduled for 11 a.m. ET on Friday, February15, 2013. Those wishing to listen
to this call may do so by calling 866.383.8008 Passcode: 88148342. 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 March 1, 2013 by dialing 888.286.8010, Pass
code:87421514, or you can access the webcast replay on the Investor Relations
page of the Company’s website. Supplemental information about the fourth
quarter and fiscal year operating results are 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 December 31, 2012, GRT owned material 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 December 31,
Statement of            2012                          2011
Operations
                                                                    
Total revenues          $ 91,807                      $ 71,898
Total expenses           (86,751 )                    (49,420 )
(1)
Operating                 5,056                         22,478
income
Interest                  (18,439 )                     (16,584 )
expense, net
Equity in
(loss) income
of                       (5,459  )                    638     
unconsolidated
real estate
entities, net
(Loss) income
from continuing           (18,842 )                     6,532
operations
Discontinued
operations:
Gain on
disposition of            -                             27,800
property
Income from              236                         533     
operations
Net (loss)                (18,606 )                     34,865
income
Allocation to
noncontrolling            416                           (710    )
interest
Less: Preferred          (6,090  )                    (6,137  )
stock dividends
Net (loss)
income to               $ (24,280 )                   $ 28,018  
common
shareholders
                                                                    
                                                                    
Reconciliation
of Net (Loss)                         Per Diluted                   Per
Income to                                                           Diluted
Common
Shareholders to                       Common                        Common
Funds From                            Share                         Share
Operations
                                                                    
Net (loss)
income to               $ (24,280 )                   $ 28,018
common
shareholders
Allocation to
noncontrolling
interest (GPLP           (394    )                    710     
unit holders)
(2)
                          (24,674 )   $  (0.17  )       28,728      $  0.26
Real estate
depreciation
and                       26,106         0.18           16,966         0.15
amortization,
net
Equity in loss
(income) of               5,459          0.04           (638    )      (0.00 )
unconsolidated
entities, net
Pro-rata share
of
unconsolidated            3,147          0.02           4,745          0.04
entities funds
from operations
Impairment                18,477         0.13           -              -
charges
Gain on
disposition of           -            0.00         (27,800 )     (0.25 )
property
Funds From              $ 28,515     $  0.20        $ 22,001     $  0.20  
Operations
                                                                    
                                                                    
Weighted
average common
shares                    142,478                       108,576
outstanding -
basic
Weighted
average common
shares                    144,799                       111,771
outstanding -
diluted (3)
                                                                    
                                                                    
Earnings per
Share
                                                                    
(Loss) income
from continuing         $ (0.17   )                   $ 0.00
operations per
common share
Discontinued
operations per          $ 0.00                        $ 0.25
common share
(Loss) income
per common              $ (0.17   )                   $ 0.26
share
                                                                    
(Loss) income
from continuing
operations per          $ (0.17   )                   $ 0.00
diluted common
share
Discontinued
operations per          $ 0.00                        $ 0.25
diluted common
share
(Loss) income
per diluted             $ (0.17   )                   $ 0.26
common share
Funds From
Operations per          $ 0.20                        $ 0.20
diluted common
share
                                                                    
                                                                    

(1)  Includes an $18.5 million non-cash impairment charge for the quarter
      ended December 31, 2012 related to Eastland Mall in Columbus, Ohio.
      Noncontrolling interest is comprised of both the noncontrolling interest
      in Town Square at Surprise and the interest held by GPLP's unit holders
(2)   for the three months ending December 31, 2012. For the three months
      ending December 31, 2011, noncontrolling interest is comprised only of
      GPLP unit holders' interest.
      FFO per share in 2012 and 2011 has been calculated using 145,392 and
(3)   111,771 common shares, respectively, which includes common stock
      equivalents.
      

                                                            
                                                                     
GLIMCHER REALTY TRUST
Operating Results
(in thousands, except per share amounts)
(unaudited)
                                                                     
                        Year ended December 31,
Statement of            2012                          2011
Operations
                                                                     
Total revenues          $ 326,035                     $ 267,447
Total expenses           (274,046 )                   (202,325 )
(1)
Operating                 51,989                        65,122
income
Gain on
re-measurement
of equity                 25,068                        -
method
investment
Interest                  (70,596  )                    (68,674  )
expense, net
Equity in loss
of
unconsolidated           (10,127  )                   (6,380   )
real estate
entities, net
(2)
Loss from
continuing                (3,666   )                    (9,932   )
operations
Discontinued
operations:
Gain on
disposition of            -                             27,800
property
Income from              984                         1,477    
operations
Net (loss)                (2,682   )                    19,345
income
Allocation to
noncontrolling            601                           212
interest
Less: Preferred           (24,969  )                    (24,548  )
stock dividends
Write-off of
issuance costs
related to               (3,446   )                   -        
preferred share
redemptions (3)
Net loss to
common                  $ (30,496  )                  $ (4,991   )
shareholders
                                                                     
                                                                     
Reconciliation                         Per                           Per
of Net Loss to                         Diluted                       Diluted
Common
Shareholders to                        Common                        Common
Funds From                             Share                         Share
Operations
                                                                     
Net loss to
common                  $ (30,496  )                  $ (4,991   )
shareholders
Allocation to
noncontrolling           (554     )                   (212     )
interest (4)
                          (31,050  )   $  (0.22 )       (5,203   )   $ (0.05 )
Real estate
depreciation
and                       95,389          0.69          67,767         0.63
amortization,
net
Equity in loss
of                        10,127          0.07          6,380          0.06
unconsolidated
entities, net
Pro-rata share
of
unconsolidated            12,189          0.09          15,258         0.14
entities funds
from operations
Impairment                18,477          0.13          -              -
charges
Gain on
disposition of            -               -             (27,800  )     (0.26 )
property
Gain on
re-measurement
of equity                (25,068  )     (0.18 )      -            -     
method
investment
Funds From              $ 80,064      $  0.58       $ 56,402      $ 0.52  
Operations
                                                                     
                                                                     
Weighted
average common
shares                    135,152                       104,220
outstanding -
basic
Weighted
average common
shares                    137,624                       107,101
outstanding -
diluted (5)
                                                                     
                                                                     
Earnings per
Share
                                                                     
Loss from
continuing              $ (0.23    )                  $ (0.32    )
operations per
common share
Discontinued
operations per          $ 0.01                        $ 0.27
common share
Loss per common         $ (0.23    )                  $ (0.05    )
share
                                                                     
Loss from
continuing
operations per          $ (0.23    )                  $ (0.32    )
diluted common
share
Discontinued
operations per          $ 0.01                        $ 0.27
diluted common
share
Loss per
diluted common          $ (0.23    )                  $ (0.05    )
share
Funds From
Operations per          $ 0.58                        $ 0.52
diluted common
share
                                                                     
                                                                     

      Includes an $18.5 million non-cash impairment charge related to Eastland
      Mall in Columbus, Ohio, a $3.3 million provision to write down a note
      receivable due from the Tulsa joint venture and a write off of $3.2
(1)  million in pre-development costs related to a development in Panama City
      Beach, Florida in the year ending December 31, 2012. Includes an
      impairment charge of $9.0 million on land that was previously held for
      future development in the year ended December 31, 2011.
      Includes $12.1 million related to the Company's share of impairment
      charges for Town Square at Surprise ($1.5 million) and Tulsa Promenade
(2)   ($10.6 million) in the year ended December 31, 2012. Includes $9.0
      million related to the Company's share of an impairment charge for Tulsa
      Promenade in the year ended December 31, 2011.
(3)   Non-cash write-off related to the redemption of preferred shares for the
      year ending December 31, 3012.
      Noncontrolling interest is comprised of both the noncontrolling interest
      in Town Square at Surprise, beginning July 20, 2012, and the interest
(4)   held by GPLP's unit holders for the year ending December 31, 2012. For
      the year ending December 31, 2011, noncontrolling interest is comprised
      only of GPLP unit holders' interest.
      FFO per share in 2012 and 2011 has been calculated using 138,151 and
(5)   107,493 common shares, respectively, which includes the common stock
      equivalents.
      

                                                          
                                                                 
GLIMCHER REALTY TRUST
Selected Balance Sheet Information
(in thousands, except percentages and base rents)
             
                                               December 31,      December 31,
                                               2012              2011
                                                                 
Investment in real estate, net                 $ 2,187,028       $ 1,754,149
Total assets                                   $ 2,329,407       $ 1,865,426
Mortgage notes and other notes payable         $ 1,484,774       $ 1,253,053
Debt / Market capitalization                     43.8      %       47.7      %
Debt / Market capitalization including           46.1      %       50.6      %
pro-rata share of joint ventures
                                                     
                                                                 
                                               December 31,      December 31,
                                               2012              2011
Occupancy:
                    Core Malls (1):
                    Mall Anchors (2)             96.6      %       96.5      %
                    Mall Non-Anchors             93.2      %       92.2      %
                    (3)
                    Total Core Mall              95.3      %       94.8      %
                    Portfolio
                                                                 
                    Malls excluding
                    Joint Ventures:
                    Mall Anchors (2)             95.6      %       95.3      %
                    Mall Non-Anchors             93.9      %       91.5      %
                    (3)
                    Mall Portfolio
                    excluding joint              94.9      %       93.9      %
                    ventures
                                                                 
Average Base Rents:
                    Core Malls (1):
                    Mall Anchors (2)           $ 7.41            $ 6.99
                    In-Line Stores
                    under 10,000 sf            $ 34.74           $ 33.37
                    (4)
                                                                 
                    Malls excluding
                    Joint Ventures:
                    Mall Anchors (2)           $ 6.95            $ 6.39
                    In-Line Stores
                    under 10,000 sf            $ 34.52           $ 32.64
                    (4)
                                                                 

(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 December
2012 and as a joint venture property in December 2011.


Contact:

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