Glimcher Announces The Sale Of Northwest Mall In Houston, Texas
COLUMBUS, Ohio—October 1, 2007 - Glimcher Realty Trust (NYSE: GRT) — one of the country's premier retail REITs, announced that it completed the sale of Northwest Mall in Houston, Texas on October 1, 2007 to an affiliate of Levcor Inc. This mall is the fourth mall sold as part of the company's disposition program of its non-strategic mall assets announced last year.
The company sold Northwest Mall for the amount previously disclosed in the company's Form 10-Q for the quarter ending June 30, 2007. The proceeds were used to pay down short-term borrowings under the company’s line of credit.
About Levcor
Levcor Inc. is based in Houston, Texas and is a national shopping center developer specializing in developing and redeveloping shopping centers from 100,000 square feet to 1,000,000 square feet.
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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