Glimcher Realty Trust Reports First Quarter 2001 Results

FFO Benefits from Occupancy Gains and Higher Average Rents;

Debt Reduced by $10 Million



Apr 19, 2001, 01:00 ET from Glimcher Realty Trust

    COLUMBUS, Ohio, April 19 /PRNewswire/ -- Glimcher Realty Trust,
 (NYSE:   GRT), one of the country's premier retail REITs, today reported results
 for its first quarter ended March 31, 2001.  For the latest three months, the
 Company's core portfolio performed well with a 4.4% gain in revenues as a
 result of stronger occupancy and higher average rents in the regional mall
 portfolio.  Total operating performance was impacted by the dilution from
 asset sales.   The Company's successful asset disposition program helped to
 reduce total debt by $10 million in the 2001 first quarter.
     "Our core portfolio is solid.  We are making good progress on our plan to
 grow the regional mall portfolio and improve its quality," said Michael P.
 Glimcher, President.  "We continue to actively market non-strategic
 single-tenant and community center assets to better focus this portfolio on
 geographic regions where we have a higher concentration of properties.
 Proceeds from the sale of these properties are being used primarily to pay
 down debt; and in the first quarter, we were able to make substantial progress
 toward that goal.  Further, we continue to address the 2001 debt maturities
 through a combination of asset sales and refinancings."
 
                 Summary of First Quarter Financial Highlights
                (dollars in thousands except per share amounts)
 
                                         Three Months Ended March 31,
                                      2001             2000          Change
     Revenue                         $63,381         $60,696          4.4%
     FFO                             $18,963         $18,482          2.6%
     FFO per diluted share             $0.70           $0.69          1.4%
 
     First Quarter 2001 Results
     For the first quarter 2001, funds from operations (FFO) increased to
 $19.0 million, or $0.70 per diluted share, compared with $18.5 million, or
 $0.69 per diluted share, for the first quarter 2000.  FFO is an industry
 standard measure for evaluating operating performance defined as net income
 plus real estate depreciation less gains or losses from depreciable property
 sales, extraordinary items and cumulative effect of accounting changes.
 Revenues rose to $63.4 million with 108 properties contributing to first
 quarter 2001 results compared with revenues of $60.7 million generated from
 126 properties a year earlier.  Net income was $3.2 million compared with
 $4.3 million for the same period of 2000.
     At March 31, 2001, debt-to-market capitalization stood at 62.8% compared
 with 65.8% at December 31, 2000.  The decrease results from a combination of
 $10 million in debt reduction and a 21% improvement in the Company's share
 price between January 1, 2001 and March 31, 2001.
 
     Asset Sales
     During the first quarter of 2001, the Company closed on $7.8 million of
 non-strategic asset sales, generating a net gain to Glimcher of approximately
 $810,000.  These assets consisted of one single-tenant property, two community
 centers, and one outparcel.  The 2001 first quarter net income includes net
 gains on sales of property of $0.03 per diluted share compared with $0.05 per
 diluted share in the similar 2000 period.
 
     Permanent Financing Secured
     In keeping with the Company's strategy to secure permanent financing on
 select assets under beneficial interest rate and market conditions, Glimcher
 refinanced three properties in the first quarter under permanent mortgages
 aggregating $22.8 million at an average fixed interest rate of 7.32%.  The
 Company currently has applications pending for certain other permanent
 financing commitments.
     In a separate development, in late February, the Company announced that
 through its operating partnership, Glimcher Properties Limited Partnership,
 GRT entered into an agreement to purchase the $34 million Series A-1
 convertible preferred shares of GRT, $56 million Series D convertible
 preferred shares of GRT, a 40% interest in Jersey Gardens Mall, and a
 45% interest in The Great Mall of the Great Plains.  Specific details of the
 consideration are subject to confidentiality provisions contained in the
 agreement to purchase.  The Company is currently in the process of arranging
 funding for the transaction, which is expected to close by June 30, 2001.
 
     Base Rents, Occupancy Rates for Mall and Community Center Portfolios
     Average base rents for mall stores increased to $21.66 per square foot at
 March 31, 2001, from $21.30 per square foot at March 31, 2000.  Mall store
 occupancy rates were 86.2% versus 83.5% in the similar 2000 period.
     Average base rents in the community center portfolio increased 5.8% to
 $5.83 per square foot at March 31, 2001, from $5.51 per square foot at the end
 of the first quarter of 2000.  Total community center portfolio occupancy was
 94.9% compared with 95.3% at March 31, 2000.
 
     Portfolio Overview
     At March 31, 2001, the Company's mall portfolio gross leasable area (GLA)
 totaled 18.3 million square feet.  Additionally, the community center
 portfolio totaled 12.1 million square feet.  As of April 18, 2001, Glimcher
 owns or has a joint venture interest in a total of 108 properties in 26 states
 aggregating 30.4 million square feet of GLA.
 
     Development on Track for New Regional Mall
     Construction of Glimcher's latest regional mall development, Polaris
 Fashion Place in Columbus, Ohio, is moving forward on schedule.  The Company
 expects all seven anchors to be in operation by the time of the projected
 grand opening on October 25, 2001.
 
     Dividend Performance
     For the first quarter of 2001, the Company declared a cash dividend of
 $0.4808 per common share, which was paid on April 16, 2001, to common
 shareholders of record as of March 30, 2001.  The cash dividend is equivalent
 to $1.9232 on an annualized basis.  The Company also paid a cash dividend of
 $0.578125 on its 9.25% Series B Preferred Shares on April 16, 2001, to
 shareholders of record on March 30, 2001.  On an annualized basis, this is the
 equivalent of $2.3125 per preferred share.
 
     First quarter Conference Call
     Glimcher's first quarter investor conference call is scheduled for 11 a.m.
 EDT on April 19, 2001.  Those wishing to join this call may contact Georganne
 Palffy at The Financial Relations Board/BSMG at: gpalffy@frb.bsmg.com .  This
 call also will be simulcast and available over the Internet via the web site
 www.streetevents.com .
 
     About the Company
     Glimcher Realty Trust, a real estate investment trust, is a recognized
 leader in the ownership, management, acquisition and development of enclosed
 regional and super-regional malls, value megamalls, and community shopping
 centers.
     Glimcher Realty Trust's common shares are listed on the New York Stock
 Exchange under the symbol "GRT."  Glimcher Realty Trust is a component of both
 the Russell 2000(R) Index, representing small cap stocks, and the Russell
 3000(R) Index, representing the broader market.
 
     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, financing and development risks, construction
 and lease-up delays, cost overruns, the level and volatility of interest
 rates, the consummation of asset sales at acceptable prices, the rate of
 revenue increases versus expense increases and financial stability of tenants
 within the retail industry, 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.
 
     Supplemental Information Available
     The following supplemental materials are available on the Company's web
 site or by calling 614-621-9000, ext. 119:
     -- Summary financial statement information
     -- Quarterly calculation of FFO, EBITDA and selected statistical ratios
     -- Outstanding debt and debt maturities schedules
     -- Segment reporting
     -- Summary financial statement information for unconsolidated entities
     -- Portfolio statistics
     -- Schedule of significant tenants
 
      For more information about Glimcher Realty Trust toll-free via fax,
     dial 1-800-PRO-INFO (or 1-800-776-4636), follow the voice menu prompts
       and enter the company code "GRT" (or 478) on any touch tone phone,
         or visit the Glimcher page on FRB's web site at www.frbinc.com
 
     Visit Glimcher at www.glimcher.com
 
 
                             GLIMCHER REALTY TRUST
                               Operating Results
                    (in thousands, except per share amounts)
 
                                                        Three months ended
                                                             March 31,
                                                        2001            2000
 
     Minimum rents                                    $40,753        $40,897
     Percentage rents                                   1,580          1,615
     Tenant reimbursements                             16,362         14,689
     Fee income and other                               4,686          3,495
     Total revenues                                    63,381         60,696
     Property expenses                                 19,325         17,625
     Depreciation and amortization                     12,122         11,746
     General and administrative                         2,572          2,409
     Total expenses                                    34,019         31,780
     Operating income                                  29,362         28,916
     Gain (loss) on sales of properties/outparcels        810          1,269
     Interest expense, net                             19,893         19,947
     Equity in income (loss) of
       unconsolidated entities                           (506)           (14)
     Minority interest in operating partnership           426            526
     Income before extraordinary item and
       cumulative effect of accounting change           9,347          9,698
     Extraordinary item -- early
       extinguishment of debt                             290              -
     Income before cumulative effect
       of accounting change                             9,057          9,698
     Cumulative effect of accounting change               116              -
 
     Net income                                         8,941          9,698
     Preferred stock dividends                          5,760          5,402
     Net income available to common shareholders       $3,181         $4,296
 
     Weighted average common
       shares outstanding -- basic                     23,829         23,771
     Weighted average common shares
       outstanding -- diluted                          27,122         26,747
 
     Earnings per share before extraordinary
       item and cumulative effect -- basic              $0.15          $0.18
     Extraordinary item and cumulative
       effect of accounting change                      $0.02          $   -
     Earnings per share - basic                         $0.13          $0.18
     Earnings per share before
       extraordinary item and cumulative
       effect -- diluted                                $0.15          $0.18
     Extraordinary item and cumulative effect
       of accounting change                             $0.01          $   -
     Earnings per share -- diluted                      $0.13          $0.18
 
     Funds from Operations
     Funds from operations -- basic                   $16,791        $16,439
     Funds from operations -- diluted                 $18,963        $18,482
 
     Funds from operations per share -- basic           $0.70          $0.69
     Funds from operations per share -- diluted         $0.70          $0.69
 
 
 
                               GLIMCHER REALTY TRUST
                         Selected Balance Sheet Information
                                   (in thousands)
 
                                                    March 31,    December 31,
                                                      2001           2000
 
     Investment in real estate, net                $1,478,722     $1,495,697
     Total assets                                  $1,572,671     $1,589,545
     Mortgage notes and other notes payable        $1,059,501     $1,069,466
 
                                                     March 31,      March 31,
                                                        2001           2000
     Occupancy:
       Mall Anchors                                     95.9%          99.0%
       Mall Stores -- Total Portfolio                   86.2%          83.5%
       Total Mall Portfolio                             92.2%          93.0%
       Community Center Anchors                         96.6%          97.2%
       Community Center Stores                          88.4%          90.6%
       Total Shopping Centers                           94.6%          95.7%
       Single Tenant Retail Properties                 100.0%          92.2%
       Total Community Center Portfolio                 94.9%          95.3%
 
     Average Base Rents
 
       Mall Anchors                                     $5.22          $5.19
       Mall Stores -- Total Portfolio                  $21.66         $21.30
       Community Center Anchors                         $4.75          $4.61
       Community Center Stores                          $9.56          $9.22
       Single Tenant Retail Properties                  $5.95          $4.40
       Community Center Properties                      $5.83          $5.51
 
 

SOURCE Glimcher Realty Trust
    COLUMBUS, Ohio, April 19 /PRNewswire/ -- Glimcher Realty Trust,
 (NYSE:   GRT), one of the country's premier retail REITs, today reported results
 for its first quarter ended March 31, 2001.  For the latest three months, the
 Company's core portfolio performed well with a 4.4% gain in revenues as a
 result of stronger occupancy and higher average rents in the regional mall
 portfolio.  Total operating performance was impacted by the dilution from
 asset sales.   The Company's successful asset disposition program helped to
 reduce total debt by $10 million in the 2001 first quarter.
     "Our core portfolio is solid.  We are making good progress on our plan to
 grow the regional mall portfolio and improve its quality," said Michael P.
 Glimcher, President.  "We continue to actively market non-strategic
 single-tenant and community center assets to better focus this portfolio on
 geographic regions where we have a higher concentration of properties.
 Proceeds from the sale of these properties are being used primarily to pay
 down debt; and in the first quarter, we were able to make substantial progress
 toward that goal.  Further, we continue to address the 2001 debt maturities
 through a combination of asset sales and refinancings."
 
                 Summary of First Quarter Financial Highlights
                (dollars in thousands except per share amounts)
 
                                         Three Months Ended March 31,
                                      2001             2000          Change
     Revenue                         $63,381         $60,696          4.4%
     FFO                             $18,963         $18,482          2.6%
     FFO per diluted share             $0.70           $0.69          1.4%
 
     First Quarter 2001 Results
     For the first quarter 2001, funds from operations (FFO) increased to
 $19.0 million, or $0.70 per diluted share, compared with $18.5 million, or
 $0.69 per diluted share, for the first quarter 2000.  FFO is an industry
 standard measure for evaluating operating performance defined as net income
 plus real estate depreciation less gains or losses from depreciable property
 sales, extraordinary items and cumulative effect of accounting changes.
 Revenues rose to $63.4 million with 108 properties contributing to first
 quarter 2001 results compared with revenues of $60.7 million generated from
 126 properties a year earlier.  Net income was $3.2 million compared with
 $4.3 million for the same period of 2000.
     At March 31, 2001, debt-to-market capitalization stood at 62.8% compared
 with 65.8% at December 31, 2000.  The decrease results from a combination of
 $10 million in debt reduction and a 21% improvement in the Company's share
 price between January 1, 2001 and March 31, 2001.
 
     Asset Sales
     During the first quarter of 2001, the Company closed on $7.8 million of
 non-strategic asset sales, generating a net gain to Glimcher of approximately
 $810,000.  These assets consisted of one single-tenant property, two community
 centers, and one outparcel.  The 2001 first quarter net income includes net
 gains on sales of property of $0.03 per diluted share compared with $0.05 per
 diluted share in the similar 2000 period.
 
     Permanent Financing Secured
     In keeping with the Company's strategy to secure permanent financing on
 select assets under beneficial interest rate and market conditions, Glimcher
 refinanced three properties in the first quarter under permanent mortgages
 aggregating $22.8 million at an average fixed interest rate of 7.32%.  The
 Company currently has applications pending for certain other permanent
 financing commitments.
     In a separate development, in late February, the Company announced that
 through its operating partnership, Glimcher Properties Limited Partnership,
 GRT entered into an agreement to purchase the $34 million Series A-1
 convertible preferred shares of GRT, $56 million Series D convertible
 preferred shares of GRT, a 40% interest in Jersey Gardens Mall, and a
 45% interest in The Great Mall of the Great Plains.  Specific details of the
 consideration are subject to confidentiality provisions contained in the
 agreement to purchase.  The Company is currently in the process of arranging
 funding for the transaction, which is expected to close by June 30, 2001.
 
     Base Rents, Occupancy Rates for Mall and Community Center Portfolios
     Average base rents for mall stores increased to $21.66 per square foot at
 March 31, 2001, from $21.30 per square foot at March 31, 2000.  Mall store
 occupancy rates were 86.2% versus 83.5% in the similar 2000 period.
     Average base rents in the community center portfolio increased 5.8% to
 $5.83 per square foot at March 31, 2001, from $5.51 per square foot at the end
 of the first quarter of 2000.  Total community center portfolio occupancy was
 94.9% compared with 95.3% at March 31, 2000.
 
     Portfolio Overview
     At March 31, 2001, the Company's mall portfolio gross leasable area (GLA)
 totaled 18.3 million square feet.  Additionally, the community center
 portfolio totaled 12.1 million square feet.  As of April 18, 2001, Glimcher
 owns or has a joint venture interest in a total of 108 properties in 26 states
 aggregating 30.4 million square feet of GLA.
 
     Development on Track for New Regional Mall
     Construction of Glimcher's latest regional mall development, Polaris
 Fashion Place in Columbus, Ohio, is moving forward on schedule.  The Company
 expects all seven anchors to be in operation by the time of the projected
 grand opening on October 25, 2001.
 
     Dividend Performance
     For the first quarter of 2001, the Company declared a cash dividend of
 $0.4808 per common share, which was paid on April 16, 2001, to common
 shareholders of record as of March 30, 2001.  The cash dividend is equivalent
 to $1.9232 on an annualized basis.  The Company also paid a cash dividend of
 $0.578125 on its 9.25% Series B Preferred Shares on April 16, 2001, to
 shareholders of record on March 30, 2001.  On an annualized basis, this is the
 equivalent of $2.3125 per preferred share.
 
     First quarter Conference Call
     Glimcher's first quarter investor conference call is scheduled for 11 a.m.
 EDT on April 19, 2001.  Those wishing to join this call may contact Georganne
 Palffy at The Financial Relations Board/BSMG at: gpalffy@frb.bsmg.com .  This
 call also will be simulcast and available over the Internet via the web site
 www.streetevents.com .
 
     About the Company
     Glimcher Realty Trust, a real estate investment trust, is a recognized
 leader in the ownership, management, acquisition and development of enclosed
 regional and super-regional malls, value megamalls, and community shopping
 centers.
     Glimcher Realty Trust's common shares are listed on the New York Stock
 Exchange under the symbol "GRT."  Glimcher Realty Trust is a component of both
 the Russell 2000(R) Index, representing small cap stocks, and the Russell
 3000(R) Index, representing the broader market.
 
     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, financing and development risks, construction
 and lease-up delays, cost overruns, the level and volatility of interest
 rates, the consummation of asset sales at acceptable prices, the rate of
 revenue increases versus expense increases and financial stability of tenants
 within the retail industry, 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.
 
     Supplemental Information Available
     The following supplemental materials are available on the Company's web
 site or by calling 614-621-9000, ext. 119:
     -- Summary financial statement information
     -- Quarterly calculation of FFO, EBITDA and selected statistical ratios
     -- Outstanding debt and debt maturities schedules
     -- Segment reporting
     -- Summary financial statement information for unconsolidated entities
     -- Portfolio statistics
     -- Schedule of significant tenants
 
      For more information about Glimcher Realty Trust toll-free via fax,
     dial 1-800-PRO-INFO (or 1-800-776-4636), follow the voice menu prompts
       and enter the company code "GRT" (or 478) on any touch tone phone,
         or visit the Glimcher page on FRB's web site at www.frbinc.com
 
     Visit Glimcher at www.glimcher.com
 
 
                             GLIMCHER REALTY TRUST
                               Operating Results
                    (in thousands, except per share amounts)
 
                                                        Three months ended
                                                             March 31,
                                                        2001            2000
 
     Minimum rents                                    $40,753        $40,897
     Percentage rents                                   1,580          1,615
     Tenant reimbursements                             16,362         14,689
     Fee income and other                               4,686          3,495
     Total revenues                                    63,381         60,696
     Property expenses                                 19,325         17,625
     Depreciation and amortization                     12,122         11,746
     General and administrative                         2,572          2,409
     Total expenses                                    34,019         31,780
     Operating income                                  29,362         28,916
     Gain (loss) on sales of properties/outparcels        810          1,269
     Interest expense, net                             19,893         19,947
     Equity in income (loss) of
       unconsolidated entities                           (506)           (14)
     Minority interest in operating partnership           426            526
     Income before extraordinary item and
       cumulative effect of accounting change           9,347          9,698
     Extraordinary item -- early
       extinguishment of debt                             290              -
     Income before cumulative effect
       of accounting change                             9,057          9,698
     Cumulative effect of accounting change               116              -
 
     Net income                                         8,941          9,698
     Preferred stock dividends                          5,760          5,402
     Net income available to common shareholders       $3,181         $4,296
 
     Weighted average common
       shares outstanding -- basic                     23,829         23,771
     Weighted average common shares
       outstanding -- diluted                          27,122         26,747
 
     Earnings per share before extraordinary
       item and cumulative effect -- basic              $0.15          $0.18
     Extraordinary item and cumulative
       effect of accounting change                      $0.02          $   -
     Earnings per share - basic                         $0.13          $0.18
     Earnings per share before
       extraordinary item and cumulative
       effect -- diluted                                $0.15          $0.18
     Extraordinary item and cumulative effect
       of accounting change                             $0.01          $   -
     Earnings per share -- diluted                      $0.13          $0.18
 
     Funds from Operations
     Funds from operations -- basic                   $16,791        $16,439
     Funds from operations -- diluted                 $18,963        $18,482
 
     Funds from operations per share -- basic           $0.70          $0.69
     Funds from operations per share -- diluted         $0.70          $0.69
 
 
 
                               GLIMCHER REALTY TRUST
                         Selected Balance Sheet Information
                                   (in thousands)
 
                                                    March 31,    December 31,
                                                      2001           2000
 
     Investment in real estate, net                $1,478,722     $1,495,697
     Total assets                                  $1,572,671     $1,589,545
     Mortgage notes and other notes payable        $1,059,501     $1,069,466
 
                                                     March 31,      March 31,
                                                        2001           2000
     Occupancy:
       Mall Anchors                                     95.9%          99.0%
       Mall Stores -- Total Portfolio                   86.2%          83.5%
       Total Mall Portfolio                             92.2%          93.0%
       Community Center Anchors                         96.6%          97.2%
       Community Center Stores                          88.4%          90.6%
       Total Shopping Centers                           94.6%          95.7%
       Single Tenant Retail Properties                 100.0%          92.2%
       Total Community Center Portfolio                 94.9%          95.3%
 
     Average Base Rents
 
       Mall Anchors                                     $5.22          $5.19
       Mall Stores -- Total Portfolio                  $21.66         $21.30
       Community Center Anchors                         $4.75          $4.61
       Community Center Stores                          $9.56          $9.22
       Single Tenant Retail Properties                  $5.95          $4.40
       Community Center Properties                      $5.83          $5.51
 
 SOURCE  Glimcher Realty Trust