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. 

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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