Glimcher Finances Colonial Park Mall

COLUMBUS, Ohio—April 23, 2008—Glimcher Realty Trust (NYSE: GRT) —

announced today that it had recently completed a $42.25 million mortgage loan financing on Colonial Park Mall located in Harrisburg, PA.   The new loan has a three-year maturity and a floating interest rate of LIBOR plus 1.65% per annum with no principal amortization.  The loan was originated by U.S. Bank National Association.  The Company has swapped to an all-in fixed rate of 4.97% on the loan for the first two years.   Net proceeds from the financing were used to pay down outstanding borrowings on its credit facility.   The new loan replaces the previous $32 million financing on the property that matured and was repaid in October 2007. 

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