Glimcher Realty Trust

COLUMBUS, Ohio, April 26 -- Glimcher Realty
Trust, (NYSE: GRT), today announced financial results for the first quarter
ended March 31, 2006. A description and reconciliation of non-GAAP
financial metrics is contained in a later section of this press release and
references to per share amounts are based on diluted common shares.
Net income available to common shareholders in the first quarter of
2006 was $4.0 million, or $0.11 per share, as compared to $1.4 million, or
$0.04 per share, in the first quarter of 2005. Funds From Operations
("FFO") in the first quarter of 2006 was $23.1 million, compared to $19.9
million in the first quarter of 2005. On a per share basis, FFO for the
first quarter of 2006 was $0.58 per share compared to the 2005 first
quarter of $0.50 per share.
"We are pleased with the start of the fiscal year," stated Michael P.
Glimcher, CEO and President. "Our financial performance was on target and
we continue working on our strategy to upgrade the quality of our real
estate portfolio."
Summary of Financial Results
(unaudited, dollars in thousands except per share amounts)

Three Months Ended March 31,
2006 2005 % Change
Revenues $83,859 $79,573 5.4%

Net income available to
common shareholders $3,984 $1,437 177.2%
Earnings per share $0.11 $0.04 175.0%
FFO $23,070 $19,909 15.9%
FFO per share
$0.58 $0.50 16.0%

Highlights

- Total revenues of $83.9 million in the first quarter of 2006 were 5.4%
greater than total revenues for the first quarter of 2005. This
increase was driven by higher lease termination income and same mall
revenues along with additional revenues from the Tulsa Promenade
acquisition for the period of direct ownership during the first
quarter.

- Net income available to common shareholders for the first quarter
increased $2.5 million compared to the first quarter of 2005. A $1.7
million gain on the sale of several properties during the quarter, a
decrease in general and administrative expenses of $2.1 million and
contributions from recent acquisitions more than offset increases in
interest expense and real estate depreciation and amortization.

- Same mall net operating income for the first quarter of 2006 decreased
by approximately 0.5% over net operating income for the first quarter
of 2005. Increases in minimum rents were offset by a decline in tenant
reimbursement rates.

- Same mall store average rents were $25.21 per square foot at March 31,
2006, an increase of 2.8% from the $24.53 per square foot at March 31,
2005. Same mall store occupancy at March 31, 2006 was 87.3% compared
to 87.4% at March 31, 2005.

- Average retail sales for mall stores at our wholly owned properties
increased 2.4% to $339 per square foot for the twelve months ending
March 31, 2006 compared to $331 per square foot at March 31, 2005.

- Debt-to-total-market capitalization at March 31, 2006 (including the
Company's pro-rata share of joint venture debt) was 54.2% based on the
common share closing price of $28.40, compared to 56.9% at December 31,
2005 based on the common share closing price of $24.32. Fixed rate
debt represented approximately 84% of the Company's total outstanding
borrowings at March 31, 2006.

- On January 17, 2006, the Company acquired Tulsa Promenade located in
Tulsa, Oklahoma for $58.3 million. The Company subsequently
transferred the property in March into its joint venture with Oxford
Properties Group.

- The Company sold four properties during the first quarter of 2006
(Ayden Plaza located in Ayden NC, Pea Ridge Plaza located in
Huntington, WV, Scott Town Plaza located in Bloomsburg, PA and Lowes
Marion located in Marion, OH) generating total proceeds of
approximately $13 million. After these transactions, the Company has
7 remaining community centers.

Outlook
The Company estimates 2006 earnings per share to be in the range of
$0.51 to $0.57 and FFO per share to be in the range of $2.45 to $2.51. The
guidance assumes the sale of approximately $12 million of community centers
during the second quarter of 2006. All other significant assumptions
detailed in previous guidance remain the same.
A reconciliation of the range of estimated FFO per share to estimated
earnings per share for 2006 follows:
Low End High End
Estimated Earnings per share $0.51 $0.57
Add: Real estate depreciation
and amortization* 1.98 1.98
Less: Gain on sales of properties (0.04) (0.04)
Estimated FFO per share $2.45 $2.51
For the second quarter of 2006, the Company estimates earnings per
share to be in the range of $0.05 to $0.08 per share and FFO per share to
be in the range of $0.54 to $0.57 per share. A reconciliation of the range
of estimated FFO per share for the second quarter of 2006 follows:
Low End High End
Estimated Earnings per share $0.05 $0.08
Add: Real estate depreciation
and amortization* 0.49 0.49
Estimated FFO per share $0.54 $0.57

* wholly owned and pro rata share of joint ventures

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 below should not be considered as alternatives to net income or
other GAAP measures as indicators of our performance.
Funds From Operations is used by industry analysts and investors as a
supplemental operating performance measure of an equity real estate
investment trust ("REIT"). The Company uses FFO in addition to net income
to report operating results. FFO is an industry standard for evaluating
operating performance defined as net income (loss) (computed in accordance
with GAAP) excluding gains or losses from sales of depreciable property,
plus real estate related depreciation and amortization and after
adjustments for unconsolidated partnerships and joint ventures. FFO does
include impairment losses for properties held for use and held for sale.
Reconciliations of non-GAAP financial measures to net income available to
common shareholders are included in the Operating Results, found in the
financial table section of this press release.
Net Operating Income (NOI) is used by industry analysts, investors and
Company management to measure operating performance of the Company's
properties. NOI represents total property revenues less property operating
and maintenance expenses. Accordingly, NOI excludes certain expenses
included in the determination of net income such as property management and
other indirect operating expenses, interest expense and depreciation and
amortization expense. These items are excluded from NOI in order to provide
results that are more closely related to a property's results of
operations. In addition the Company's computation of same mall NOI excludes
property bad debt expense, straightline adjustments of minimum rents,
termination income, and income from outparcel sales. We also adjust for
other miscellaneous items in order to enhance the comparability of results
from one period to another. Certain items, such as interest expense, while
included in FFO and net income, do not affect the operating performance of
a real estate asset and are often incurred at the corporate level as
opposed to the property level. As a result, management uses only those
income and expense items that are incurred at the property level to
evaluate a property's performance. Real estate asset related depreciation
and amortization is excluded from NOI for the same reasons that it is
excluded from FFO pursuant to NAREIT's definition.
First Quarter Conference Call
Glimcher's first quarter investor conference call is scheduled for 11
a.m. ET on Thursday, April 27, 2006. Those wishing to join this call may do
so by calling (888) 879-9207. This call also will be simulcast and
available over the Internet via the web site http://www.glimcher.com on April 27,
2006 and continue through May 12, 2006. Supplemental information about the
first quarter operating results is available on the Company's web site or
at http://www.sec.gov or by calling (614) 887-5613.
About the Company
Glimcher Realty Trust, a real estate investment trust, is a recognized
leader in the ownership, management, acquisition and development of
regional and super-regional malls. At March 31, 2006, the Company's mall
portfolio, including assets held through our strategic joint venture,
consisted of 26 properties located in 16 states with gross leasable area
totaling approximately 23.7 million square feet. The community center and
single tenant portfolio is comprised of seven properties representing
approximately 1.5 million square feet. Glimcher Realty Trust's common
shares are listed on the New York Stock Exchange under the symbol "GRT."
Glimcher Realty Trust's Series F and Series G preferred shares are listed
on the New York Stock Exchange under the symbols "GRT.F" and "GRT.G,"
respectively. Glimcher Realty Trust is a component of both the Russell
2000(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, competition, tenant bankruptcies,
bankruptcies of joint venture partners, the failure to increase mall store
occupancy and same mall net operating income, rejection of leases by
tenants in bankruptcy, financing and development risks, the failure to
upgrade our tenant mix, construction and lease-up delays, cost overruns,
the level and volatility of interest rates, the rate of revenue increases
versus expense increases, the financial stability of tenants within the
retail industry, the failure of the Company to make additional investments
in regional mall properties and redevelopment of properties, failure of the
Company to complete proposed or anticipated acquisitions, the failure to
sell properties as anticipated and to obtain estimated sale prices, the
failure to fully recover tenant obligations for common area maintenance,
insurance, taxes and other property expenses, loss of key personnel,
possible restrictions on our ability to operate or dispose of any
partially-owned properties, failure of the Company to qualify as a real
estate investment trust ("REIT"), termination of existing joint venture
arrangements, conflicts of interest with our existing joint venture
partners, increases in impairment charges, failure to refinance debt at
favorable terms and conditions, significant costs related to environmental
issues, the failure to achieve net income or FFO for 2006 set forth in this
press release as well as other risks listed from time to time in the
Company's reports filed with the Securities and Exchange Commission or
otherwise publicly disseminated by the Company.
Visit Glimcher at: http://www.glimcher.com



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

Three Months ended March 31,
Statement of Operations 2006 2005

Total revenues $83,859 $79,573
Total expenses 55,545 53,953
Operating income 28,314 25,620
Interest expense, net 23,052 20,677
Equity in income of unconsolidated
entities, net 593 -
Income before minority interest in
operating partnership
and discontinued operations 5,855 4,943

Minority interest in operating
partnership 337 136
Income from continuing operations 5,518 4,807
Discontinued operations:
Gain (loss) on sale of properties 1,717 (30)
Income from operations 1,108 1,019
Net income 8,343 5,796
Less: Preferred stock dividends 4,359 4,359
Net income available to common
shareholders $3,984 $1,437



Reconciliation of Net Income Available to Common
Shareholders to Funds From Operations

Per Per
Diluted Diluted
Common Common
Share Share

Net income available to common
shareholders $3,984 $1,437
Minority interest in operating
partnership 337 136
4,321 $0.11 1,573 $0.04
Real estate depreciation and
amortization 19,513 $0.49 18,306 $0.46
Equity in income of unconsolidated
entities (593) $(0.02) - $-
Pro-rata share of joint venture funds
from operations 1,546 $0.04 - $-
(Gain) loss on sale of properties (1,717) $(0.04) 30 $0.00
Funds From Operations $23,070 $0.58 $19,909 $0.50

Weighted average common shares
outstanding - basic 36,499 35,713
Weighted average common shares
outstanding - diluted 40,038 39,703



Earnings per Share

Net income available to common
shareholders before discontinued
operations per common share $0.04 $0.02
Discontinued operations per common
share $0.07 $0.03
Earnings per common share $0.11 $0.04

Net income available to common
shareholders before discontinued
operations per diluted common share $0.04 $0.01
Discontinued operations per diluted
common share $0.07 $0.02
Earnings per diluted common share $0.11 $0.04
Funds from operations per diluted
common share $0.58 $0.50



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

March 31, December 31,
2006 2005

Investment in real estate, net $1,879,334 $1,877,059
Total assets $1,996,336 $1,995,312
Mortgage notes and other notes
payable $1,520,910 $1,501,481
Debt/Market capitalization 53.2% 56.1%
Debt/Market capitalization
including pro-rata share of joint
ventures 54.2% 56.9%



March 31, March 31,
2006 2005
Occupancy:
Wholly owned Malls:
Mall Anchors 95.0% 91.3%
Mall Stores 87.3% 87.6%
Total Consolidated Mall
Portfolio 92.3% 90.0%

Mall Portfolio including
Joint Ventures (2):
Mall Anchors 95.5% 91.3%
Mall Stores 86.5% 87.6%
Total Mall Portfolio 92.3% 90.0%


Comparable Occupancy: (1)
Comparable Mall Stores 87.3% 87.4%
Comparable Mall Portfolio 92.3% 90.3%


Average Base Rents:
Wholly owned Malls:
Mall Anchors $6.19 $6.05
Mall Stores $25.21 $24.41

Mall Portfolio including
Joint Ventures (2):
Mall Anchors $6.60 $6.05
Mall Stores $25.25 $24.41


Comparable Average Base Rents (1):
Comparable Mall Anchors $6.19 $6.05
Comparable Mall Stores $25.21 $24.53


(1) Comparable occupancy rates and base rent (total portfolio including
joint venture properties) exclude the properties sold after 3/31/2005
from the 3/31/2005 occupancy calculation and those acquired after
3/31/2005 from the 3/31/2006 calculation.

(2) The Company did not own any properties through joint venture
arrangements as of March 31, 2005 and therefore the occupancy and
average base rent for wholly owned properties and the total portfolio
are the same for that period.



SOURCE Glimcher Realty Trust
Web Site: http://www.glimcher.com