COLUMBUS, Ohio, Aug. 7 /PRNewswire-FirstCall/ -- Glimcher Realty Trust,(NYSE: GRT), one of the country's premier retail REITs, today announced theexecution of a contract to purchase Merritt Square Mall ("Merritt") inMerritt Island, Florida. The Company will purchase Merritt subject to an existing $57 millionmortgage loan with a fixed interest rate of 5.35% and a 30-year principalamortization. The loan matures on September 1, 2015. The Company willcomplete the acquisition using funds from its line of credit. The Companyanticipates closing on this transaction in the fall of 2007. Merritt was built in 1970 and has undergone several renovations andexpansions and is now an upscale, fully enclosed super-regional mall.Merritt is located in the Brevard County tourist district, which includesCocoa Beach and Port Canaveral, one of the busiest cruise ship ports in theworld. Merritt has approximately 804,000 square feet of gross leasable areaand has retail anchor stores such as, Dillard's, Macy's, JCPenney and Searsas well as a 16-screen Cobb Theater. In-line store occupancy isapproximately 94% and average store sales are approximately $350 per squarefoot. "Merritt Square Mall fits perfectly within our strategy of acquiringstrong, well-located properties with high-growth potential," stated MichaelP. Glimcher, President and CEO. "This acquisition will provide us apositive initial return based on the strength of the current income.Additionally, we are excited about the opportunity to leverage ourrelationships with our national retailers that will result in theimprovement of the overall retail mix at the mall." About the Company Glimcher Realty Trust, a real estate investment trust, is a recognizedleader in the ownership, management, acquisition and development ofregional and super-regional malls. Glimcher Realty Trust's common shares are listed on the New York stockexchange under the symbol "GRT." Glimcher Realty Trust's Series F andSeries G preferred shares are listed on the New York Stock Exchange underthe symbols "GRT.F" and "GRT.G", respectively. Glimcher Realty Trust is acomponent of the Russell 2000 Index, representing small cap stocks, and theRussell 3000 Index, representing the broader market. Forward Looking Statements This news release contains certain forward-looking statements withinthe meaning of Section 27A of the Securities Act of 1933, as amended, andSection 21E of the Securities Exchange Act of 1934, as amended. Suchstatements are based on assumptions and expectations that may not berealized and are inherently subject to risks and uncertainties, many ofwhich cannot be predicted with accuracy. Future events and actual results,financial and otherwise, may differ from the results discussed in theforward-looking statements. Risks and other factors that might causedifferences, some of which could be material, include, but are not limitedto, the failure of the Company to make additional investments in regionalmall properties and redevelopment of properties, failure of the Company tocomplete proposed or anticipated acquisitions, the failure to sellproperties as anticipated and obtain estimated sale prices, as well asother risks listed from time to time in the Company's reports filed withthe Securities and Exchange Commission or otherwise publicly disseminatedby the Company. Visit Glimcher at: http://www.glimcher.com
