Glimcher Announces The Sale Of Montgomery Mall In Montgomery, Alabama
COLUMBUS, Ohio—May 10, 2007—Glimcher Realty Trust (NYSE: GRT) — one of the country's premier retail REITs, announced today that it completed the sale of Montgomery Mall in Montgomery, Alabama. This mall is part of the Company's disposition program of five non- strategic mall assets announced last year.
The Company sold Montgomery Mall, a regional mall located in Montgomery, Alabama, for approximately $4.4 million to Dothan Acquisitions, LLC. The proceeds were used to pay down short-term borrowings under the Company's line of credit.
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, 2008, the Company's mall portfolio, including assets held through one of the Company's strategic joint ventures, consisted of 23 properties located in 14 states with gross leasable area totaling approximately 20.6 million square feet. The community center portfolio is comprised of four properties representing approximately 1.0 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® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market.
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