GLIMCHER REALTY TRUST - FORM 8-K - EX-99.2 - SUPPLEMENTAL FINANCIAL INFORMATION

Attached files

file	filename
8-K - CURRENT REPORT - GLIMCHER REALTY TRUST	grt_8k-021611.htm
EX-99.1 - PRESS RELEASE - GLIMCHER REALTY TRUST	ex99-1.htm

Exhibit 99.2

GLIMCHER

Supplemental Information

For the three and twelve months ended December 31, 2010 and 2009

GLIMCHER REALTY TRUST

Supplemental Information

For the Three and Twelve Months Ended December 31, 2010 and 2009

TABLE OF CONTENTS

Income Statement Data:
	Quarterly Income Statements	Page 1
	Year-to-Date Income Statements	Page 2
	Components of Minimum Rents and Other Revenue	Page 3
	Components of Other Operating Expenses	Page 4
	Summary Financial Statement Information for Unconsolidated Entities	Page 5
	Calculation of Funds from Operations and FFO Payout Ratio	Page 6
	Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts in FFO	Page 7
	EBITDA, Operating Ratios and Earnings Per Share	Page 8

Balance Sheet Data:
	Consolidated Balance Sheets	Page 9
	Market Capitalization and Debt Covenant Requirements	Page 10
	Consolidated Debt Schedule	Page 11
	Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture Debt)	Page 12
	Joint Venture Debt Maturity Schedule	Page 13

Operational Data:
	Occupancy Statistics
	Leasing Results and Re-leasing Spreads	Page 14
	Mall Portfolio Statistics by Asset Category	Page 15
	Summary of Significant Tenants	Page 16
	Top 10 Regional Mall Tenants	Page 17
	Lease Expiration Schedule	Page 18
		Page 19
Development Activity:
	Capital Expenditures	Page 20
	Scottsdale Quarter Update	Page 21

QUARTERLY INCOME STATEMENTS

(in thousands)

	Three Months Ended December 31,
	2010									2009
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144

Revenues:
Minimum rents (see components on page 3)	$	40,806		$	-		$	40,806		$	46,979		$	-		$	46,979
Percentage rents		1,576			-			1,576			1,865			-			1,865
Tenant reimbursements		20,003			-			20,003			22,679			4			22,683
Other (see components on page 3)		7,874			-			7,874			8,056			206			8,262
Total Revenues		70,259			-			70,259			79,579			210			79,789

Expenses:
Property operating expenses		(13,873	)		3			(13,870	)		(16,370	)		15			(16,355	)
Real estate taxes		(8,852	)		(3	)		(8,855	)		(9,080	)		(3	)		(9,083	)
		(22,725	)		-			(22,725	)		(25,450	)		12			(25,438	)
Provision for doubtful accounts		(263	)		-			(263	)		(1,389	)		-			(1,389	)
Other operating expenses (see components on page 4)		(2,377	)		-			(2,377	)		(2,056	)		(166	)		(2,222	)
Real estate depreciation and amortization		(16,390	)		-			(16,390	)		(19,634	)		-			(19,634	)
Non-real estate depreciation and amortization		(421	)		-			(421	)		(460	)		-			(460	)
General and administrative		(5,170	)		(1	)		(5,171	)		(4,894	)		(3	)		(4,897	)
Impairment loss		-			-			-			(3,422	)		-			(3,422	)
Total Expenses		(47,346	)		(1	)		(47,347	)		(57,305	)		(157	)		(57,462	)

Operating Income		22,913			(1	)		22,912			22,274			53			22,327

Interest income		321			(60	)		261			1,270			-			1,270
Interest expense		(17,285	)		-			(17,285	)		(19,661	)		(4	)		(19,665	)
Loan fee amortization		(1,878	)		-			(1,878	)		(660	)		-			(660	)
Other expenses, net (see components on page 6)		-			-			-			(3,344	)		-			(3,344	)
Equity in income (loss) of unconsolidated real estate entities, net		469			-			469			(1,349	)		-			(1,349	)
Income (loss) from continuing operations		4,540			(61	)		4,479			(1,470	)		49			(1,421	)
Discontinued Operations:
(Loss) income from operations		(61	)		61			-			49			(49	)		-
Net income (loss)		4,479			-			4,479			(1,421	)		-			(1,421	)
Allocation to noncontrolling interests		435			-			435			242			-			242
Net income (loss) attributable to Glimcher Realty Trust		4,914			-			4,914			(1,179	)		-			(1,179	)
Preferred share dividends		(6,137	)		-			(6,137	)		(4,359	)		-			(4,359	)
Net loss to common shareholders	$	(1,223	)	$	-		$	(1,223	)	$	(5,538	)	$	-		$	(5,538	)

Note: Pre FAS 144 column includes both continuing and discontinued operations.

Page 1

YEAR-TO-DATE INCOME STATEMENTS

(in thousands)

	Twelve Months Ended December 31,
	2010									2009
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144

Revenues:
Minimum rents (see components on page 3)	$	166,072		$	(66	)	$	166,006		$	185,269		$	1,718		$	186,987
Percentage rents		4,628			-			4,628			5,489			22			5,511
Tenant reimbursements		81,284			(5	)		81,279			92,140			1,180			93,320
Out parcel sales		-			-			-			1,675			-			1,675
Other (see components on page 3)		22,788			64			22,852			23,852			462			24,314
Total Revenues		274,772			(7	)		274,765			308,425			3,382			311,807

Expenses:
Property operating expenses		(57,659	)		4			(57,655	)		(64,978	)		(1,930	)		(66,908	)
Real estate taxes		(33,626	)		(7	)		(33,633	)		(36,218	)		(472	)		(36,690	)
		(91,285	)		(3	)		(91,288	)		(101,196	)		(2,402	)		(103,598	)
Provision for doubtful accounts		(3,754	)		-			(3,754	)		(5,849	)		(307	)		(6,156	)
Other operating expenses (see components on page 4)		(12,356	)		(75	)		(12,431	)		(8,633	)		(455	)		(9,088	)
Cost related to sales of out parcels		-			-			-			(1,145	)		-			(1,145	)
Real estate depreciation and amortization		(67,548	)		-			(67,548	)		(78,935	)		-			(78,935	)
Non-real estate depreciation and amortization		(1,995	)		-			(1,995	)		(2,027	)		-			(2,027	)
General and administrative		(19,477	)		(6	)		(19,483	)		(18,305	)		(19	)		(18,324	)
Impairment loss		-			-			-			(3,422	)		-			(3,422	)
Total Expenses		(196,415	)		(84	)		(196,499	)		(219,512	)		(3,183	)		(222,695	)

Operating Income		78,357			(91	)		78,266			88,913			199			89,112

Interest income		1,191			(59	)		1,132			2,934			9			2,943
Interest expense		(72,346	)		-			(72,346	)		(77,385	)		(1,210	)		(78,595	)
Loan fee amortization		(6,488	)		-			(6,488	)		(2,660	)		(34	)		(2,694	)
Other expenses, net (see components on page 6)		-			-			-			(3,344	)		-			(3,344	)
Equity in income (loss) of unconsolidated real estate entities, net		31			-			31			(3,191	)		-			(3,191	)
Income from continuing operations		745			(150	)		595			5,267			(1,036	)		4,231
Discontinued Operations:
Loss on disposition of properties		(215	)		-			(215	)		(288	)		-			(288	)
Impairment losses, net		-			-			-			(183	)		-			(183	)
Loss from operations		(150	)		150			-			(1,036	)		1,036			-
Net income		380			-			380			3,760			-			3,760
Allocation to noncontrolling interests		5,473			-			5,473			821			-			821
Net income attributable to Glimcher Realty Trust		5,853			-			5,853			4,581			-			4,581
Preferred share dividends		(22,236	)		-			(22,236	)		(17,437	)		-			(17,437	)
Net loss to common shareholders	$	(16,383	)	$	-		$	(16,383	)	$	(12,856	)	$	-		$	(12,856	)

Note: Pre FAS 144 column includes both continuing and discontinued operations.

Page 2

Components of Minimum Rents and Other Revenue

(in thousands)

	Three Months Ended December 31,
	2010						2009
	As		Discontinued		Pre		As			Discontinued		Pre
	Reported		Operations		FAS 144		Reported			Operations		FAS 144

Components of Minimum Rents:
Base rent	$	40,321	$	-	$	40,321	$	47,186		$	-	$	47,186
Termination income		360		-		360		241			-		241
Straight-line rents		125		-		125		(448	)		-		(448	)
Total Minimum Rents	$	40,806	$	-	$	40,806	$	46,979		$	-	$	46,979

Components of Other Revenue:
Fee and service income	$	2,098	$	-	$	2,098	$	1,204		$	-	$	1,204
Specialty leasing and sponsorship income		4,560		-		4,560		5,252			7		5,259
Other		1,216		-		1,216		1,600			199		1,799
Total Other Revenue	$	7,874	$	-	$	7,874	$	8,056		$	206	$	8,262

	Twelve Months Ended December 31,
	2010							2009
	As		Discontinued			Pre		As			Discontinued			Pre
	Reported		Operations			FAS 144		Reported			Operations			FAS 144

Components of Minimum Rents:
Base rent	$	164,250	$	(66	)	$	164,184	$	185,695		$	1,805		$	187,500
Termination income		1,101		-			1,101		718			3			721
Straight-line rents		721		-			721		(1,144	)		(90	)		(1,234	)
Total Minimum Rents	$	166,072	$	(66	)	$	166,006	$	185,269		$	1,718		$	186,987

Components of Other Revenue:
Fee and service income	$	6,272	$	-		$	6,272	$	4,655		$	-		$	4,655
Specialty leasing and sponsorship income		11,286		-			11,286		12,708			64			12,772
Other (1)		5,230		64			5,294		6,489			398			6,887
Total Other Revenue	$	22,788	$	64		$	22,852	$	23,852		$	462		$	24,314

Note: Pre FAS 144 column includes both continuing and discontinued operations.
(1) Included in the twelve months ended December 31, 2010 is a $547 gain on the sale of a 60% interest in both Lloyd Center and Westshore Plaza. Included in
the twelve months ended December 31, 2009 is a $1,482 gain on the sale of an operating asset. Both of these gains are excluded in the computation of FFO.

Page 3

Components of Other Operating Expenses

(in thousands)

	Three Months Ended December 31,
	2010						2009
	As		Discontinued		Pre		As		Discontinued		Pre
Components of Other Operating Expenses	Reported		Operations		FAS 144		Reported		Operations		FAS 144
Cost of providing services to unconsolidated real estate entities	$	1,002	$	-	$	1,002	$	390	$	-	$	390
Discontinued development write offs		11		-		11		7		-		7
Specialty leasing costs		462		-		462		474		-		474
Other		902		-		902		1,185		166		1,351
Total Other Operating Expenses	$	2,377	$	-	$	2,377	$	2,056	$	166	$	2,222

	Twelve Months Ended December 31,
	2010						2009
	As		Discontinued		Pre		As		Discontinued		Pre
Components of Other Operating Expenses	Reported		Operations		FAS 144		Reported		Operations		FAS 144
Cost of providing services to unconsolidated real estate entities	$	3,149	$	-	$	3,149	$	1,848	$	-	$	1,848
Discontinued development write offs		241		-		241		243		-		243
Speciality leasing costs		1,752		-		1,752		1,771		41		1,812
Scottsdale ground lease		2,551		-		2,551		-		-		-
Other		4,663		75		4,738		4,771		414		5,185
Total Other Operating Expenses	$	12,356	$	75	$	12,431	$	8,633	$	455	$	9,088

Note: Pre FAS 144 column includes both continuing and discontinued operations.

Page 4

SUMMARY FINANCIAL STATEMENT INFORMATION

FOR UNCONSOLIDATED ENTITIES

(in thousands)

	For the Three Months Ended December 31, 2010						For the Three Months Ended December 31, 2009
				Company's Pro-Rata						Company's Pro-Rata
				Share of Unconsolidated						Share of Unconsolidated
	Total			Entities Operations			Total			Entities Operations
Statements of Operations

Total revenues	$	28,178		$	10,701		$	7,760		$	4,028
Operating expenses		(12,970	)		(4,872	)		(5,245	)		(2,707	)
Net operating income		15,208			5,829			2,515			1,321
Depreciation and amortization		(8,224	)		(3,020	)		(2,851	)		(1,472	)
Other expenses, net		(903	)		(198	)		(5	)		(3	)
Interest expense, net		(5,713	)		(2,138	)		(2,318	)		(1,191	)
Net income (loss)		368			473			(2,659	)		(1,345	)
Preferred dividend		(8	)		(4	)		(8	)		(4	)
Net income (loss) to partnership	$	360		$	469		$	(2,667	)	$	(1,349	)

GPLP's share of income (loss) from investment in unconsolidated entites	$	469					$	(1,349	)

	For the Twleve Months Ended December 31, 2010						For the Twelve Months Ended December 31, 2009
				Company's Pro-Rata						Company's Pro-Rata
				Share of Unconsolidated						Share of Unconsolidated
	Total			Entities Operations			Total			Entities Operations
Statements of Operations

Total revenues	$	75,440		$	32,211		$	30,811		$	15,996
Operating expenses		(36,180	)		(15,766	)		(19,148	)		(9,911	)
Net operating income		39,260			16,445			11,663			6,085
Depreciation and amortization		(22,251	)		(9,393	)		(10,893	)		(5,628	)
Other expenses, net		(908	)		(201	)		(31	)		(16	)
Interest expense, net		(16,029	)		(6,804	)		(7,006	)		(3,616	)
Net income (loss)		72			47			(6,267	)		(3,175	)
Preferred dividend		(31	)		(16	)		(31	)		(16	)
Net income (loss) to partnership	$	41		$	31		$	(6,298	)	$	(3,191	)

GPLP's share of income (loss) from investment in unconsolidated entities	$	31					$	(3,191	)

Page 5

CALCULATION OF FUNDS FROM OPERATIONS
and FFO PAYOUT RATIO
(in thousands, except per share data)

	2010															2009
	3 mos			3 mos			3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Funds from Operations ("FFO"):
Net loss to common shareholders	$	(3,647	)	$	(6,910	)	$	(4,603	)	$	(1,223	)	$	(16,383	)	$	(3,555	)	$	(1,328	)	$	(2,435	)	$	(5,538	)	$	(12,856	)
Real estate depreciation and amortization		19,697			15,841			15,620			16,390			67,548			22,526			18,260			18,515			19,634			78,935
Partners share of consolidated joint venture depreciation		(350	)		(410	)		(484	)		(93	)		(1,337	)		-			-			-			-			-
Equity in loss (income) of unconsolidated entities		424			(56	)		70			(469	)		(31	)		357			726			759			1,349			3,191
Pro-rata share of unconsolidated entities funds from operations		723			2,589			2,533			3,486			9,331			1,149			595			526			93			2,363
Noncontrolling interest in operating partnership		(160	)		(298	)		(179	)		(54	)		(691	)		(281	)		(107	)		(191	)		(242	)		(821	)
(Gain) loss on disposition of properties		(332	)		-			-			-			(332	)		(1,482	)		-			288			-			(1,194	)
FFO	$	16,355		$	10,756		$	12,957		$	18,037		$	58,105		$	18,714		$	18,146		$	17,462		$	15,296		$	69,618

Adjusted Funds from Operations:
FFO	$	16,355		$	10,756		$	12,957		$	18,037		$	58,105		$	18,714		$	18,146		$	17,462		$	15,296		$	69,618
Add back: impairment adjustments		-			-			-			-			-			183			-			-			3,422			3,605
Less: fair market value adjustment of derivative		-			-			-			-			-			-			-			-			(1,622	)		(1,622	)
Add back: charge to fully reserve note receivable		-			-			-			-			-			-			-			-			4,966			4,966
Add back: defeasance charges and related deferred fees		-			1,070			-			-			1,070			-			-			-			-			-
Adjusted Funds from Operations	$	16,355		$	11,826		$	12,957		$	18,037		$	59,175		$	18,897		$	18,146		$	17,462		$	22,062		$	76,567

Weighted average common shares outstanding - diluted (1)		71,958			72,225			83,235			88,360			78,997			40,866			41,145			44,053			71,857			49,582

FFO per diluted share	$	0.23		$	0.15		$	0.16		$	0.20		$	0.74		$	0.46		$	0.44		$	0.40		$	0.21		$	1.40
Adjustments: impairment, derivative and note receivable		-			0.01			-			-			0.01			0.00			-			-			0.09			0.14
Adjusted FFO per diluted share	$	0.23		$	0.16		$	0.16		$	0.20		$	0.75		$	0.46		$	0.44		$	0.40		$	0.31		$	1.54

	2010										2009
	3 mos		3 mos		3 mos		3 mos		YTD		3 mos		3 mos		3 mos		3 mos		YTD
	Mar. 31		June 30		Sept. 30		Dec. 31		Dec. 31		Mar. 31		June 30		Sept. 30		Dec. 31		Dec. 31
FFO Payout Ratio:
Dividend paid per common share/unit	$	0.1000	$	0.1000	$	0.1000	$	0.1000	$	0.4000	$	0.1000	$	0.1000	$	0.1000	$	0.1000	$	0.4000
FFO payout ratio after adjustments		44.0%		61.1%		64.2%		49.0%		53.4%		21.6%		22.7%		25.2%		32.6%		25.9%

	2010															2009
	3 mos			3 mos			3 mos			3 mos			YTD			3 mos			3 mos		3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31			Mar. 31			June 30		Sept. 30			Dec. 31			Dec. 31
Supplemental disclosure of amounts included in FFO for consolidated properties
Deferred leasing costs	$	1,034		$	1,274		$	898		$	971		$	4,177		$	1,063		$	1,119	$	937		$	1,020		$	4,139
Straight-line adjustment as (decrease) increase to FFO	$	(334	)	$	(106	)	$	129		$	125		$	(186	)	$	(596	)	$	72	$	(262	)	$	(448	)	$	(1,234	)
Fair value of debt amortized as a reduction (increase) to interest expense	$	113		$	(66	)	$	(65	)	$	(65	)	$	(83	)	$	42		$	42	$	42		$	42		$	168
Intangible and inducement amortization as a net increase (decrease) to base rents	$	135		$	74		$	51		$	(44	)	$	216		$	78		$	329	$	235		$	248		$	890
Discontinued development write-off's	$	227		$	3		$	-		$	11		$	241		$	-		$	185	$	51		$	7		$	243
Impairment adjustments	$	-		$	-		$	-		$	-		$	-		$	(183	)	$	-	$	-		$	(3,422	)	$	(3,605	)
Gain on fair market value adjustment of derivative/charge to fully reserve note receivable	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-		$	(3,344	)	$	(3,344	)

(1) Shares include all potential common share equivalents that may be excluded in the calculation of earnings per share.

Page 6

UNCONSOLIDATED ENTITIES CALCULATION OF FUNDS FROM OPERATIONS

AND DISCLOSURE OF PRO-RATA SHARE OF NON-CASH AMOUNTS IN FFO

(in thousands)

	2010											2009
	3 mos			3 mos		3 mos		3 mos		YTD		3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30		Sept. 30		Dec. 31		Dec. 31		Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Unconsolidated Entities Funds from Operations:
Net (loss) income to partnership	$	(803	)	$	393	$	91	$	360	$	41	$	(711	)	$	(1,424	)	$	(1,496	)	$	(2,667	)	$	(6,298	)
Real estate depreciation and amortization		2,256			5,695		5,891		8,221		22,063		2,898			2,549			2,487			2,792			10,726
FFO	$	1,453		$	6,088	$	5,982	$	8,581	$	22,104	$	2,187		$	1,125		$	991		$	125		$	4,428

Pro-rata share of unconsolidated entities funds from operations	$	723		$	2,589	$	2,533	$	3,486	$	9,331	$	1,149		$	595		$	526		$	93		$	2,363

	2010													2009
	3 mos		3 mos			3 mos			3 mos		YTD			3 mos		3 mos		3 mos		3 mos			YTD
	Mar. 31		June 30			Sept. 30			Dec. 31		Dec. 31			Mar. 31		June 30		Sept. 30		Dec. 31			Dec. 31
Non-cash amounts included in FFO (pro-rata share of unconsolidated entities)
Straight-line adjustment as an increase (decrease) to base rent	$	19	$	(67	)	$	(39	)	$	35	$	(52	)	$	15	$	78	$	64	$	(122	)	$	35
Intangible amortization as an increase to minimum rents	$	191	$	325		$	233		$	310	$	1,059		$	217	$	216	$	345	$	200		$	978
Straight line adjustment - ground lease expense	$	-	$	-		$	-		$	81	$	81		$	-	$	102	$	122	$	174		$	398
Loan fee amortization	$	93	$	91		$	61		$	72	$	317		$	63	$	73	$	90	$	122		$	348

Page 7

EBITDA, OPERATING RATIOS and EARNINGS PER SHARE
(dollars and shares in thousands)

	2010															2009
	3 mos			3 mos			3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31


Calculation of EBITDA:
Net income (loss) attributable to Glimcher Realty Trust	$	712		$	(1,307	)	$	1,534		$	4,914		$	5,853		$	804		$	3,031		$	1,925		$	(1,179	)	$	4,581
Interest expense (continuing and discontinued operations)		20,077			18,124			16,860			17,285			72,346			19,621			19,265			20,044			19,665			78,595
Loan fee amortization (continuing and discontinued operations)		979			1,995			1,636			1,878			6,488			655			772			607			660			2,694
Taxes (continuing and discontinued operations)		449			497			588			377			1,911			370			557			462			965			2,354
Depreciation and amortization (continuing and discontinued operations)		20,201			16,359			16,172			16,811			69,543			23,058			18,801			19,009			20,094			80,962
EBITDA		42,418			35,668			36,790			41,265			156,141			44,508			42,426			42,047			40,205			169,186
Allocation to noncontrolling interests		(1,306	)		(1,679	)		(2,053	)		(435	)		(5,473	)		(281	)		(107	)		(191	)		(242	)		(821	)
Charge to fully reserve note receivable		-			-			-			-			-			-			-			-			4,966			4,966
EBITDA related to pro-rata share of unconsolidated entities, net		2,107			4,491			4,455			5,360			16,413			2,121			2,192			2,293			2,670			9,276
Gain on fair market value adjustment of derivative		-			-			-			-			-			-			-			-			(1,622	)		(1,622	)
(Gain) loss on disposition of properties and impairment charges		(332	)		-			-			-			(332	)		(1,299	)		-			288			3,422			2,411
Adjusted EBITDA	$	42,887		$	38,480		$	39,192		$	46,190		$	166,749		$	45,049		$	44,511		$	44,437		$	49,399		$	183,396

Operating Ratios:
General and administrative / total revenues		6.5%			7.5%			7.2%			7.4%			7.1%			6.1%			5.7%			5.7%			6.1%			5.9%
Tenant reimbursements / (real estate taxes + property operating expenses)		89.5%			90.3%			88.4%			88.0%			89.0%			91.6%			92.2%			91.4%			89.1%			91.1%

Earnings per Share:
Weighted average common shares outstanding - basic		68,782			68,926			79,967			85,050			75,738			37,864			38,023			41,038			68,716			46,480
Weighted average common shares outstanding - diluted		71,768			71,912			82,953			88,036			78,724			40,850			41,009			44,024			71,702			49,466

Loss per share - basic	$	(0.05	)	$	(0.10	)	$	(0.06	)	$	(0.01	)	$	(0.22	)	$	(0.09	)	$	(0.03	)	$	(0.06	)	$	(0.08	)	$	(0.28	)

Loss per share - diluted	$	(0.05	)	$	(0.10	)	$	(0.06	)	$	(0.01	)	$	(0.22	)	$	(0.09	)	$	(0.03	)	$	(0.06	)	$	(0.08	)	$	(0.28	)

Page 8

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

	2010												2009
	Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Assets:
Land	$	194,343		$	194,343		$	224,967		$	250,408		$	251,001
Buildings, improvements and equipment		1,555,014			1,583,805			1,596,077			1,657,154			1,839,342
Developments in progress		219,235			216,773			253,256			210,797			45,934
		1,968,592			1,994,921			2,074,300			2,118,359			2,136,277
Less accumulated depreciation		546,648			560,666			574,063			588,351			624,165
Property and equipment, net		1,421,944			1,434,255			1,500,237			1,530,008			1,512,112

Deferred leasing costs, net		18,081			17,957			19,081			19,997			18,751
Investment in and advances to unconsolidated real estate entities		124,680			124,601			126,898			138,194			138,898
Investment in real estate, net		1,564,705			1,576,813			1,646,216			1,688,199			1,669,761

Cash and cash equivalents		11,300			9,654			6,678			9,245			85,007
Restricted cash		11,705			13,402			15,578			17,037			12,684
Tenant accounts receivable, net		20,126			19,502			21,510			25,342			30,013
Deferred expenses, net		15,803			16,097			15,698			14,828			9,018
Prepaid and other assets		36,629			35,311			35,935			37,697			43,429
Total Assets	$	1,660,268		$	1,670,779		$	1,741,615		$	1,792,348		$	1,849,912

Liabilities and Equity:
Mortgage notes payable	$	1,140,352		$	1,157,576		$	1,224,730		$	1,243,759		$	1,224,991
Notes payable		226,102			155,998			112,153			153,553			346,906
Accounts payable and accrued expenses		82,451			85,570			49,600			48,328			59,071
Distributions payable		11,549			13,329			14,940			14,941			11,530
Total Liabilities		1,460,454			1,412,473			1,401,423			1,460,581			1,642,498

Equity:
Series F cumulative preferred shares		60,000			60,000			60,000			60,000			60,000
Series G cumulative preferred shares		150,000			222,174			222,174			222,074			150,000
Common shares of beneficial interest		689			689			850			851			687
Additional paid-in capital		666,771			667,119			759,460			763,951			666,489
Distributions in excess of accumulated earnings		(681,890	)		(695,693	)		(708,800	)		(718,529	)		(671,351	)
Other comprehensive loss		(8,889	)		(7,688	)		(6,768	)		(3,707	)		(3,819	)
Total Glimcher Realty Trust Shareholders' Equity		186,681			246,601			326,916			324,640			202,006
Noncontrolling interest		13,133			11,705			13,276			7,127			5,408
Total equity		199,814			258,306			340,192			331,767			207,414
Total Liabilities and Equity	$	1,660,268		$	1,670,779		$	1,741,615		$	1,792,348		$	1,849,912

Page 9

MARKET CAPITALIZATION and DEBT COVERAGE RATIOS

(dollars and shares in thousands, except per share price)

	2010								2009
	3 mos		3 mos		3 mos		3 mos		3 mos		3 mos		3 mos		3 mos
	Mar. 31		June 30		Sept. 30		Dec. 31		Mar. 31		June 30		Sept. 30		Dec. 31

Share price (end of period)	$	5.07	$	5.98	$	6.15	$	8.40	$	1.40	$	2.90	$	3.67	$	2.70

Market Capitalization Ratio:
Common shares outstanding		68,914		68,937		85,044		85,053		38,009		38,029		68,708		68,719
Operating partnership units outstanding		2,986		2,986		2,986		2,986		2,986		2,986		2,986		2,986
Total common shares and units outstanding at end of period		71,900		71,923		88,030		88,039		40,995		41,015		71,694		71,705

Valuation - Common shares and operating partnership units outstanding	$	364,533	$	430,100	$	541,385	$	739,528	$	57,393	$	118,944	$	263,117	$	193,604
Preferred shares		210,000		282,174		282,174		282,074		210,000		210,000		210,000		210,000
Total wholly-owned debt (end of period)		1,238,091		1,185,211		1,207,974		1,397,312		1,641,266		1,637,762		1,586,166		1,571,897
Total market capitalization	$	1,812,624	$	1,897,485	$	2,031,533	$	2,418,914	$	1,908,659	$	1,966,706	$	2,059,283	$	1,975,501

Debt / Market capitalization		68.3%		62.5%		59.5%		57.8%		86.0%		83.3%		77.0%		79.6%
Debt / Market capitalization including pro-rata share of joint ventures		71.3%		65.9%		62.9%		60.4%		86.6%		84.0%		78.1%		80.6%


	Facility		2010
Credit Facility Debt Covenant Requirements:(1)	Requirements		Dec. 31
Maximum Corporate Debt to Total Asset Value		70.0%		61.5%
Minimum Interest Coverage Ratio		1.75x		2.15x
Minimum Fixed Charge Coverage Ratio		1.30x		1.44x
Maximum Recourse Debt		25.0%		12.7%

(1) Requirements per the covenants in place from our credit facility as of December 31, 2010.

Page 10

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)

Mortgage Notes Payable:
	Dec. 31,			Dec. 31,			Interest Rates				Interest	Payment	Balloon Pmt.		Initial/Final
Fixed Rate	2010			2009			2010		2009		Terms	Terms	at Maturity		Maturity
Scottsdale Quarter (n)	$	138,179		$	-			5.94%		-	(h)	(b)	$	138,179	May 29, 2011
Northtown Mall (o)		37,000			40,000			6.02%		6.02%	(i)	(b)	$	37,000	October 21, 2011
Ashland Town Center		22,413			23,081			7.25%		7.25%		(a)	$	21,817	November 1, 2011
Scottsdale Phase III Land (Senior Loan)		12,500			-			5.50%		-		(b)	$	12,500	November 5, 2011
Polaris Lifestyle Center		23,400			23,400			5.58%		5.58%	(k)	(b)	$	23,400	February 1, 2012
Dayton Mall		51,789			52,948			8.27%		8.27%	(l)	(a)	$	49,864	(e)
Scottsdale Phase III Land (Junior Loan)		3,500			-			6.00%		-		(b)	$	3,500	October 15, 2012
Polaris Fashion Place		131,581			134,436			5.24%		5.24%		(a)	$	124,572	April 11, 2013
Jersey Gardens		147,138			150,274			4.83%		4.83%		(a)	$	135,194	June 8, 2014
The Mall at Fairfield Commons		101,709			103,752			5.45%		5.45%		(a)	$	92,762	November 1, 2014
Supermall of the Great Northwest		55,518			56,637			7.54%		7.54%	(l)	(a)	$	49,969	(f)
Merritt Square Mall		56,815			57,000			5.35%		5.35%		(c)	$	52,914	September 1, 2015
Scottsdale Quarter Fee Interest		69,838			-			4.91%		-		(a)	$	64,577	October 1, 2015
River Valley Mall		48,784			49,433			5.65%		5.65%		(a)	$	44,931	January 11, 2016
Weberstown Mall		60,000			60,000			5.90%		5.90%		(b)	$	60,000	June 8, 2016
Eastland Mall		41,958			42,493			5.87%		5.87%		(a)	$	38,057	December 11, 2016
Polaris Towne Center		45,680			-			6.76%		-		(a)	$	39,934	April 1, 2020
The Mall at Johnson City		54,706			-			6.76%		-		(a)	$	47,768	May 6, 2020
Grand Central Mall		44,799			-			6.05%		-		(a)	$	38,307	July 6, 2020
Tax Exempt Bonds		19,000			19,000			6.00%		6.00%		(d)	$	19,000	November 1, 2028
		1,166,307			812,454
Variable Rate
Colonial Park Mall (p)		40,000			42,250			3.54%		4.72%	(g)	(b)	$	40,000	April 23, 2012
Morgantown Mall		38,675			39,335			3.76%		6.52%	(j)	(a)	$	38,028	October 13, 2011

Other
Fair Value Adjustment - Merritt Square Mall		(1,223	)		(1,485	)
Extinguished/Transferred Debt		-			332,437				(m)

Total Mortgage Notes Payable	$	1,243,759		$	1,224,991

(a)	The loan requires monthly payments of principal and interest.
(b)	The loan requires monthly payments of interest only.
(c)	The loan required monthly payments of interest only until October 2010, thereafter principal and interest are required.
(d)	The loan requires semi-annual payments of interest.
(e)	The loan matures in July 2027, with an optional prepayment (without penalty) date on July 11, 2012.
(f)	The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015.
(g)	Interest rate of LIBOR plus 300 basis points. $30 million has been fixed through a swap agreement at a rate of 3.64% at December 31, 2010. The full loan amount was fixed
	at a rate of 4.72% through a swap agreement at December 31, 2009.
(h)	Interest rate of LIBOR plus 200 basis points fixed through a swap agreement at a rate of 5.94% at December 31, 2010.
(i)	Interest rate of LIBOR plus 300 basis points fixed through a swap agreement at a rate of 6.02% at December 31, 2010 and December 31, 2009.
(j)	Interest rate of LIBOR plus 350 basis points. The rate was fixed through a swap agreement at a rate of 6.52% at December 31, 2009.
(k)	Interest rate is the greater of LIBOR plus 275 basis points or 4.75% and is fixed through a swap agreement at a rate of 5.58% at December 31, 2010 and December 31, 2009.
(l)	Interest rate escalates after optional prepayment date.
(m)	Interest rates ranging from 5.09% to 8.37% at December 31, 2009.
(n)	Beginning in 2010, the Scottsdale Quarter joint venture is being included in the Company's consolidated results. It was previously classified as an unconsolidated entity.
	The Company acquired all of the ownership interest in October 2010.
(o)	The Company elected to make a $3 million partial loan payment in June 2010.
(p)	The Company elected to make a $2.25 million partial loan payment in December 2010.

Page 11

TOTAL DEBT MATURITIES SCHEDULE (Wholly-owned and Pro-Rata Share of Joint Venture Debt)

(dollars in thousands)

	Initial		Extension		Interest			Balance			Principal Payments (c)
Description	Maturity		Option		Rate			12/31/2010			2011			2012			2013			2014			2015			2016		2017+

Wholly Owned Properties
Scottsdale Quarter (a)		05/2011		05/2013		5.94	%	$	138,179		$	-		$	-		$	138,179
Northtown Mall (a)		10/2011		10/2012		6.02	%		37,000			-			37,000
Morgantown Mall		10/2011		10/2013		3.76	%		38,675			586			647			37,442
Ashland Town Center		11/2011				7.25	%		22,413			22,413
Scottsdale Phase III Land (Senior Loan)		11/2011		11/2012		5.50	%		12,500			-			12,500
Polaris Lifestyle Center (a)		02/2012		08/2013		5.58	%		23,400			-			-			23,400
Colonial Park Mall (d)		04/2012		04/2013		3.54	%		40,000			-			-			40,000
Dayton Mall		07/2012				8.27	%		51,789			1,260			50,529
Scottsdale Phase III Land (Junior Loan)		10/2012				6.00	%		3,500			-			3,500
Polaris Fashion Place		04/2013				5.24	%		131,581			3,011			3,155			125,415
Jersey Gardens		06/2014				4.83	%		147,138			3,292			3,437			3,629		$	136,780
The Mall at Fairfield Commons		11/2014				5.45	%		101,709			2,159			2,265			2,409			94,876
Supermall of the Great Northwest		02/2015				7.54	%		55,518			1,208			1,292			1,406			1,517		$	50,095
Merritt Square Mall		09/2015				5.35	%		56,815			753			786			838			885			53,553
Scottsdale Quarter Fee Interest		10/2015				4.91	%		69,838			1,009			1,052			1,115			1,171			65,491
River Valley Mall		01/2016				5.65	%		48,784			686			719			768			815			863		$	44,933
Weberstown Mall		06/2016				5.90	%		60,000			-			-			-			-			-			60,000
Eastland Mall		12/2016				5.87	%		41,958			570			597			641			680			722			38,748
Polaris Towne Center		04/2020				6.76	%		45,680			475			489			533			571			611			646	$	42,355
The Mall at Johnson City		05/2020				6.76	%		54,706			552			581			633			677			726			766		50,771
Grand Central Mall		07/2020				6.05	%		44,799			825			869			931			991			1,053			1,113		39,017
Tax Exempt Bonds		11/2028				6.00	%		19,000			-			-			-			-			-			-		19,000
Fair Value Adjustment Amortization - Merritt Square Mall									(1,223	)		(264	)		(264	)		(264	)		(264	)		(167	)

Subtotal (b)									1,243,759			38,535			119,154			377,075			238,699			172,947			146,206		151,143

Credit Facility		12/2011		12/2012		5.50	%		153,553			-			153,553

Total Wholly Owned Maturities								$	1,397,312		$	38,535		$	272,707		$	377,075		$	238,699		$	172,947		$	146,206	$	151,143

Total Joint Venture Maturities (pro-rata share)								$	160,642		$	19,705		$	58,749		$	47,810		$	562		$	33,816		$	-	$	-

Total Wholly Owned and Joint Venture Maturities								$	1,557,954		$	58,240		$	331,456		$	424,885		$	239,261		$	206,763		$	146,206	$	151,143

(a) Interest rates are fixed through various interest rate swap agreements.
(b) Weighted Average interest rate for the fixed rate mortgage debt was 5.9% as of December 31, 2010 with an initial weighted average maturity of 4.0 years when considering available extension options.
(c) Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to satisfy such conditions.
(d) $30 million of the loan has been fixed through an interest rate swap agreement and the remaining $10 million incurs interest at a rate of LIBOR plus 300 basis points.

Page 12

JOINT VENTURE DEBT MATURITY SCHEDULE

(dollars in thousands)

	Interest Rate		Loan	Final	Extension	Balance		Principal Payments - Assumes Exercise of Extension Options
Description	12/31/2010		Terms	Maturity	Options (e)	12/31/2010		2011		2012		2013		2014		2015


Fixed Rate Mortgages
Puente Hills Mall		3.17%	(a)	June 1, 2011	June 1, 2012	$	44,775	$	473	$	44,302
Westshore Plaza		5.09%		September 9, 2012			88,212		2,003		86,209
Lloyd Center		5.42%		June 11, 2013			123,764		2,722		2,856	$	118,186
Pearlridge Center		4.60%	(b)	November 1, 2015			175,000		-		431		2,681	$	2,809	$	169,079
Total Fixed Rate Mortgages							431,751		5,198		133,798		120,867		2,809		169,079

Variable Rate Mortgages
Tulsa Promenade		7.00%	(c)	March 14, 2011			29,311		29,311		-		-		-		-
Surprise Town Square		5.50%	(d)	October 1, 2011			4,653		4,653		-		-		-		-
Total Variable Rate Mortgages							33,964		33,964		-		-		-		-

Total Joint Venture Mortgages						$	465,715	$	39,162	$	133,798	$	120,867	$	2,809	$	169,079


Joint Venture Debt (Pro Rata Share)						$	160,642	$	19,705	$	58,749	$	47,810	$	562	$	33,816

(a) Interest rate of LIBOR plus 235 basis points, loan requires monthly payments of principal and interest. The interest rate is fixed with a swap.
(b) The loan requires monthly payments of interest only until November 2012.
(c) Interest rate is the greater of 7.00% or LIBOR plus 4.00%. The loan requires monthly payments of interest only, however net cash flows from the property will be used to reduce the
principal balance on a quarterly basis.
(d) Interest rate is the greater of 5.50% or LIBOR plus 4.00%. The loan requires monthly payments of interest only.
(e) Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to satisfy such conditions.

Page 13

OCCUPANCY STATISTICS

Portfolio Occupancy Statistics
Portfolio occupancy statistics by property type are summarized below:

	Occupancy (1)
	12/31/2010	9/30/2010	6/30/2010	3/31/2010	12/31/2009

Core Malls (2)
Mall Anchors	95.7%	94.4%	93.9%	93.8%	94.1%
Mall Stores	92.8%	90.9%	90.5%	90.5%	92.0%
Total Occupancy	94.6%	93.2%	92.7%	92.6%	93.3%

Mall Portfolio - excluding Joint Ventures (3)
Mall Anchors	94.6%	92.7%	92.6%	92.5%	92.5%
Mall Stores	92.0%	90.9%	90.3%	90.2%	92.2%
Total Occupancy	93.6%	92.0%	91.8%	91.7%	92.4%

(1) Occupied space is defined as any space where a tenant is occupying the space or paying rent at the date
indicated, excluding all tenants with leases having an initial term of less than one year.
(2) Includes the Company's joint venture malls.
(3) Excludes mall properties that are held in joint ventures as of December 31, 2010.

Page 14

LEASING RESULTS AND RE-LEASING SPREADS

Permanent Leasing Activity (includes joint venture properties)
The following table summarizes the new and rollover lease activity by type for the twelve months ended December 31, 2010:

	GLA Analysis						Average Annualized Base Rents
	New		Rollover				New		Rollover
Property Type	Leases		Leases		Total		Leases		Leases		Total
Mall Anchors		295,776		100,673		396,449	$	11.44	$	18.64	$	13.42
Mall Stores		346,463		470,477		816,940	$	28.95	$	33.58	$	31.46

The following table summarizes the new and rollover lease activity and the comparative prior rents for the three and twelve months ended December 31, 2010, for only
those leases where the space was occupied in the previous 24 months:

	GLA Analysis						Average Annualized Base Rents												Percent
	New		Rollover				New		Prior		Rollover		Prior		Total		Total Prior		Change in
Property Type	Leases		Leases		Total		Leases		Tenants		Leases		Rent		New/Rollover		Tenants/Rent		Base Rent

Three months ended December 31, 2010
Mall Anchors		67,960		58,879		126,839	$	15.70	$	13.40	$	16.98	$	13.25	$	16.29	$	13.33		22%
Mall Stores		11,535		53,279		64,814	$	56.19	$	62.34	$	31.78	$	30.43	$	36.12	$	36.11		0%

Twelve months ended December 31, 2010
Mall Anchors		170,735		100,673		271,408	$	11.10	$	10.26	$	19.21	$	16.06	$	14.11	$	12.41		14%
Mall Stores		85,442		293,094		378,536	$	35.22	$	33.28	$	34.62	$	33.73	$	34.75	$	33.63		3%

Page 15

MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

as of December 31, 2010

Property	Location	MSA Ranking		Total GLA		Avg. Mall Store Sales PSF (1) December 2010		Avg. Mall Store Sales PSF (1) December 2009		Mall Store Occupancy 12/31/2010		Mall Store Occupancy 12/31/2009		% of Mall Portfolio NOI (2)

MARKET DOMINANT

Jersey Gardens	Elizabeth, NJ		1		1,301,776	$	625	$	549		100.0%		98.7%
Lloyd Center (JV)	Portland, OR		23		1,475,728	$	348	$	348		95.5%		94.4%
Mall at Fairfield Commons	Dayton, OH		61		1,138,752	$	329	$	313		93.5%		93.9%
Mall at Johnson City	Johnson City, TN		>100		568,907	$	397	$	409		93.7%		94.1%
Pearlridge Center (JV)	Honolulu, HI		55		1,147,618	$	487		n/a		100.0%		n/a
Polaris Fashion Place	Columbus, OH		32		1,569,167	$	394	$	374		98.4%		97.9%
Scottsdale Quarter	Scottsdale, AZ		12		258,356	$	1,664	$	-		(3)		(3)
Weberstown Mall	Stockton, CA		78		857,605	$	360	$	375		86.5%		86.1%
Westshore Plaza (JV)	Tampa, FL		19		1,071,891	$	383	$	370		96.4%		93.1%
					9,389,800	$	453	$	406		96.2%		95.0%	58%

Property	Location	MSA Ranking		Total GLA		Avg. Mall Store Sales PSF (1) December 2010		Avg. Mall Store Sales PSF (1) December 2009		Mall Store Occupancy 12/31/2010		Mall Store Occupancy 12/31/2009		% of Mall Portfolio NOI (2)

TRADE AREA DOMINANT

Ashland Town Center	Ashland, KY		>100		419,633	$	400	$	388		97.2%		87.0%
Colonial Park Mall	Harrisburg, PA		96		741,074	$	268	$	257		90.6%		93.8%
Dayton Mall	Dayton, OH		61		1,417,150	$	291	$	278		88.4%		89.3%
Eastland Mall	Columbus, OH		32		999,299	$	308	$	271		94.6%		93.3%
Grand Central Mall	Parkersburg, WV		>100		846,039	$	333	$	295		93.0%		93.2%
Indian Mound Mall	Columbus, OH		32		557,216	$	225	$	236		87.1%		88.3%
Merritt Square Mall	Merritt Island, FL		27		807,750	$	298	$	290		78.0%		87.5%
Morgantown Mall	Morgantown, WV		>100		557,770	$	346	$	343		94.3%		89.8%
New Towne Mall	New Philadelphia, OH		>100		512,326	$	252	$	233		90.1%		92.3%
Northtown Mall	Minneapolis, MN		16		701,269	$	339	$	317		85.5%		82.7%
Puente Hills Mall (JV)	City of Industry, CA		2		1,099,299	$	212	$	218		88.3%		87.7%
River Valley Mall	Columbus, OH		32		586,889	$	288	$	289		90.2%		91.5%
Supermall of the Great NW	Seattle, WA		15		933,295	$	213	$	205		83.4%		90.0%
Tulsa Promenade (JV)	Tulsa, OK		53		926,456	$	272	$	275		85.5%		85.1%
					11,105,465	$	284	$	271		88.5%		89.4%	42%


TOTAL MALL ASSETS					20,495,265	$	371	$	334		92.8%		92.0%

TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS						$	375	$	340		92.0%		92.2%

(1) Sales for in-line stores with less than 10,000 square feet.
(2) Based on net operating income for the three months ended December 31, 2010.
(3) GLA disclosed and used in portfolio occupancy calculations includes only the tenants that are open as of December 31, 2010.

Page 16

SUMMARY OF SIGNIFICANT TENANTS

As of December 31, 2010

Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent

								% of Total
						Annualized		Annualized
		Number of		GLA of		Minimum		Minimum
Tenant Name	Tenant DBA's in Portfolio	Stores		Stores		Rent		Rent

Gap, Inc.	Banana Republic, Gap, Gap Kids, Old Navy		28		388,320	$	5,573,944		2.4%
Limited Brands, Inc.	Bath & Body Works/White Barn Candle, Victoria's Secret		42		195,188		4,926,371		2.1%
Foot Locker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker		43		177,547		4,606,010		2.0%
Signet Jewelers, Ltd.	J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry		35		65,040		4,303,587		1.9%
AMC Entertainment, Inc.			2		148,344		4,189,000		1.8%
Bain Capital, LLC	Burlington Coat Factory, Cohoes Fashion, Guitar Center, Gymboree		16		424,153		3,962,019		1.7%
Forever 21, Inc.			9		190,634		3,900,617		1.7%
Sears Holding Corp.	Great Indoors, K-Mart, Sears		23		2,685,330		3,683,642		1.6%
Bon-Ton Department Stores, Inc.	Bon-Ton, Elder Beerman, Herbergers		11		1,126,171		3,502,419		1.5%
JCPenney Company, Inc.			18		1,882,705		3,392,640		1.5%
Genesco Inc.	Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station		49		75,196		3,114,903		1.4%
American Eagle Outfitters, Inc.	aerie, American Eagle		18		108,851		2,842,330		1.2%
Luxottica Group	DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station		37		91,176		2,727,090		1.2%
Zale Corp.	Gordon's Jewelers, Piercing Pagoda, Silver & Gold Connection, Zales Jewelers		30		30,513		2,415,625		1.0%
Saks Inc.	Saks Fifth Avenue, Saks Off Fifth		3		228,156		2,360,100		1.0%

Total tenants representing > 1.0%			364		7,817,324	$	55,500,297		24.0%

Note: Information includes wholly-owned and joint venture properties.

Page 17

TOP 10 REGIONAL MALL TENANTS

As of December 31, 2010

Mall Stores (ranked by percent of total minimum mall rents)
							% of Total
					Annualized		Annualized
	Number of		GLA of		Minimum		Minimum
Tenant Name	Stores		Stores		Rents		Mall Rents
Limited Brands, Inc.		42		195,188	$	4,926,371		2.2%
Foot Locker, Inc.		43		177,547	$	4,606,010		2.1%
Signet Jewelers, Ltd.		34		59,260	$	4,206,998		1.9%
Gap, Inc.		23		271,568	$	3,597,392		1.6%
Genesco, Inc.		49		75,196	$	3,114,903		1.4%
American Eagle Outfitters, Inc.		18		108,851	$	2,842,330		1.3%
Luxottica Group		37		91,176	$	2,727,090		1.2%
Zale Corp.		30		30,513	$	2,415,625		1.1%
The Finish Line, Inc.		19		104,217	$	2,229,052		1.0%
Claire's Stores, Inc.		31		45,486	$	2,192,477		1.0%

Mall Anchors (ranked by total GLA)
					Annualized
	Number of		GLA of		Minimum		% of Total
Tenant Name	Stores		Stores		Rents		Mall GLA
Sears Holding Corp.		18		2,498,188	$	2,538,973		12.2%
Macy's, Inc.		10		1,843,944	$	655,000		9.0%
JCPenney Company, Inc.		15		1,841,903	$	3,392,640		9.0%
Bon-Ton Department Stores, Inc.		11		1,126,171	$	3,502,419		5.5%
Dillard's		3		522,967	$	-		2.6%
Belk, Inc.		6		416,131	$	1,756,852		2.0%
Bain Capital, LLC		5		390,950	$	3,244,052		1.9%
Saks Inc.		3		228,156	$	2,360,100		1.1%
Boscov's Department Store, LLC		1		182,609	$	-		0.9%
Dick's Sporting Goods, Inc.		3		179,000	$	1,539,000		0.9%


Note: Information includes wholly-owned and joint venture properties.

Page 18

LEASE EXPIRATION SCHEDULE

As of December 31, 2010

Total Portfolio

									Percent of												Percent of
									Occupied								Anchor		Store		Annualized
			Anchor		Store		Total		GLA		Anchor		Store		Total		Annualized		Annualized		Base Rents
Lease	Number		Square Feet		Square Feet		Square Feet		Represented		Annualized		Annualized		Annualized		Base Rents/		Base Rents/		Represented
Expiration	of		of GLA		of GLA		of GLA		by Expiring		Base Rents		Base Rents		Base Rents		Square Foot		Square Foot		by Expiring
Year	Leases		Expiring		Expiring		Expiring		Leases		Expiring		Expiring		Expiring		Expiring (1)		Expiring (1)		Leases

2011		693		130,843		1,617,415		1,748,258		8.7%	$	1,716,001	$	37,062,877	$	38,778,878	$	13.11	$	26.55		16.8%
2012		417		771,167		1,105,996		1,877,163		9.3%		4,105,318		25,482,017		29,587,335	$	5.32	$	27.59		12.8%
2013		290		654,197		753,788		1,407,985		7.0%		2,463,077		18,464,110		20,927,187	$	3.77	$	29.76		9.1%
2014		220		1,110,900		578,037		1,688,937		8.4%		7,528,225		15,380,807		22,909,032	$	6.78	$	30.63		9.9%
2015		207		1,451,921		666,120		2,118,041		10.5%		9,522,834		16,376,107		25,898,941	$	7.31	$	27.91		11.2%
Thereafter		721		8,519,388		2,770,928		11,290,316		56.1%		29,597,764		62,911,130		92,508,894	$	7.49	$	26.15		40.2%
		2,548		12,638,416		7,492,284		20,130,700		100.0%	$	54,933,219	$	175,677,048	$	230,610,267	$	6.94	$	27.30		100.0%

(1) The base rents per square foot calculation excludes outlot and ground leases that do not pay rents or pay nominal amounts for rents.
Note: Information includes wholly-owned and joint venture properties.

Page 19

CAPITAL EXPENDITURES

(dollars in thousands)

	Three months ended December 31, 2010						Three months ended December 31, 2009

			Unconsolidated						Unconsolidated
	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2010		Share		Total		2009		Share		Total
Development projects (1)	$	35,696	$	-	$	35,696	$	11	$	6,256	$	6,267

Redevelopment projects	$	478	$	9	$	487	$	1,772	$	-	$	1,772

Renovation with no incremental GLA	$	3	$	-	$	3	$	19	$	-	$	19

Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	206	$	240	$	446	$	1,444	$	41	$	1,485
Non-anchor stores		2,587		51		2,638		2,430		-		2,430
Operational capital expenditures		2,406		489		2,895		3,602		86		3,688
Total Property Capital Expenditures	$	5,199	$	780	$	5,979	$	7,476	$	127	$	7,603

	Twelve months ended December 31, 2010						Twelve months ended December 31, 2009

			Unconsolidated						Unconsolidated
	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2010		Share		Total		2009		Share		Total
Development projects (1)	$	147,000	$	-	$	147,000	$	291	$	36,400	$	36,691

Redevelopment projects	$	3,922	$	25	$	3,947	$	18,528	$	10	$	18,538

Renovation with no incremental GLA	$	398	$	6	$	404	$	393	$	2	$	395

Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	5,855	$	1,557	$	7,412	$	3,219	$	790	$	4,009
Non-anchor stores		9,500		191		9,691		9,793		180		9,973
Operational capital expenditures		5,865		810		6,675		6,563		403		6,966
Total Property Capital Expenditures	$	21,220	$	2,558	$	23,778	$	19,575	$	1,373	$	20,948

(1) During 2009 the Scottsdale Development project was included in Unconsolidated Joint Venture Proportionate Share figures. Beginning in 2010, our proportionate share of this development

is included in Consolidated Properties through September 2010. In October 2010, the Company acquired the remaining 50% interest in Scottsdale Quarter. Included in the Consolidated

Properties 2010 amount is the $96 million expenditure for Phase I and II land at Scottsdale Quarter and $25.5 million for Phase III land at Scottsdale Quarter.

Page 20

Scottsdale Quarter Update

(dollars in thousands)

Project	Total Project Costs (1)						Project Costs Incurred thru 12/31/2010 (1)			Stabilized Yield

Scottsdale Quarter:

Scottsdale, Arizona
Development of new retail/office
600,000 square feet lifestyle center
	Range
Phase I / II	Low			High
Hard Costs	$	224,000		$	234,000		$	212,100
Land Purchase		96,000			96,000			96,000
Minority Partner Equity		(10,000	)		(10,000	)		(10,000	)
	$	310,000		$	320,000		$	298,100			6.5% - 7.0%

Phase III
Retail and Land	$	50,000		$	60,000		$	25,450
Sale of Land Parcels		(25,000	)		(20,000	)		-
	$	25,000		$	40,000		$	25,450			14.0% - 15.0%

Total Net Costs	$	335,000		$	360,000		$	323,550			7.5% - 8.0%

(1) Project costs include items such as construction and design costs, tenant improvements, third party leasing
commissions, ground lease payments prior to land purchase in September 2010 and the cost of the land.
Costs that are excluded are the allocation of internal costs such as labor, development fees, interest and taxes.

Note: Estimated yield of project is subject to adjustment as a result of changes (some of
which are not under the direct control of the company) that are inherent in the development process.

Project Leasing Update:
Phase I/II square footage is approximately 88% and 85% addressed for retail and office, respectively. The leases
that are addressed include signed leases, letters of intent and leases out for signature.

Page 21

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