Glimcher Provides Updated Guidance

Glimcher Realty Trust, GRT, one of the country’s premier retail REITs, today announced that it revised its guidance for fiscal year 2010 to incorporate recent capital and investment transactions that either have been completed or are expected to close by the end of current fiscal year. As of the date of this release, the Company expects diluted net loss per share to be in the range of $(0.21) to $(0.16) for the year ending December 31, 2010 and expects diluted Funds from Operations (“FFO”) per share to be in the range of $0.72 to $0.77 for the year ending December 31, 2010. The Company’s expectations for 2010 are based upon the key factors and assumptions previously communicated with updates for the following items: Secondary offering in July 2010 of approximately 16 million common shares and net proceeds of approximately $96 million. Acquisition of land for all three phases of its Scottsdale Quarter development project and termination of the existing joint venture agreement giving the Company 100% ownership in both the land and improvements. The guidance also includes an accommodation for certain acquisition costs that will be expensed as incurred. Closing on the acquisition of a 20% interest in Pearlridge Center located in Honolulu, Hawaii, through a joint venture with an affiliate of The Blackstone Group® during the fourth quarter of 2010. The guidance also includes an accommodation for certain acquisition costs that will be expensed as incurred.