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

Attached files

file	filename
8-K - FORM 8-K - GLIMCHER REALTY TRUST	grt_8k-102611.htm
EX-99.1 - PRESS RELEASE - GLIMCHER REALTY TRUST	ex99-1.htm

Exhibit 99.2

Supplemental Information

For the three and nine months ended September 30, 2011 and 2010

GLIMCHER REALTY TRUST

Supplemental Information
For the Three and Nine Months Ended September 30, 2011 and 2010

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	Page 14
	Leasing Results and Re-leasing Spreads	Page 15
	Mall Portfolio Statistics by Asset Category	Page 16
	Summary of Significant Tenants	Page 17
	Top 10 Regional Mall Tenants	Page 18
	Lease Expiration Schedule	Page 19

Development Activity:
	Capital Expenditures	Page 20
	Scottsdale Quarter Update	Page 21

QUARTERLY INCOME STATEMENTS

(in thousands)

	Three Months Ended September 30,
	2011									2010
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144

Revenues:
Minimum rents (see components on page 3)	$	39,849		$	1,540		$	41,389		$	37,420		$	1,480		$	38,900
Percentage rents		1,650			-			1,650			1,391			-			1,391
Tenant reimbursements		19,284			431			19,715			18,935			396			19,331
Outparcel sale		1,050			-			1,050			-			-			-
Other (see components on page 3)		5,105			-			5,105			5,178			12			5,190
Total Revenues		66,938			1,971			68,909			62,924			1,888			64,812

Expenses:
Property operating expenses		(14,819	)		(211	)		(15,030	)		(13,762	)		(209	)		(13,971	)
Real estate taxes		(8,232	)		(225	)		(8,457	)		(7,681	)		(226	)		(7,907	)
Total recoverable expenses		(23,051	)		(436	)		(23,487	)		(21,443	)		(435	)		(21,878	)
Provision for doubtful accounts		(341	)		87			(254	)		(911	)		(25	)		(936	)
Other operating expenses (see components on page 4)		(2,630	)		(34	)		(2,664	)		(3,431	)		(2	)		(3,433	)
Costs related to the sale of an outparcel		(499	)		-			(499	)		-			-			-
Real estate depreciation and amortization		(17,649	)		(263	)		(17,912	)		(15,273	)		(347	)		(15,620	)
Non-real estate depreciation and amortization		(543	)		-			(543	)		(552	)		-			(552	)
General and administrative		(5,398	)		(16	)		(5,414	)		(4,640	)		(8	)		(4,648	)
Total Expenses		(50,111	)		(662	)		(50,773	)		(46,250	)		(817	)		(47,067	)

Operating Income		16,827			1,309			18,136			16,674			1,071			17,745

Interest income		355			-			355			301			1			302
Interest expense		(15,804	)		(784	)		(16,588	)		(16,074	)		(786	)		(16,860	)
Loan fee amortization		(1,141	)		(21	)		(1,162	)		(1,609	)		(27	)		(1,636	)
Equity in income (loss) of unconsolidated real estate entities, net		618			-			618			(70	)		-			(70	)
Income (loss) from continuing operations		855			504			1,359			(778	)		259			(519	)
Discontinued Operations:
Income from operations		504			(504	)		-			259			(259	)		-
Net income (loss)		1,359			-			1,359			(519	)		-			(519	)
Allocation to noncontrolling interest		122			-			122			2,053			-			2,053

Net income attributable to Glimcher Realty Trust		1,481			-			1,481			1,534			-			1,534
Preferred stock dividends		(6,137	)		-			(6,137	)		(6,137	)		-			(6,137	)
Net loss to common shareholders	$	(4,656	)	$	-		$	(4,656	)	$	(4,603	)	$	-		$	(4,603	)

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

Page 1

YEAR-TO-DATE INCOME STATEMENTS

(in thousands)

	Nine Months Ended September 30,
	2011									2010
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144

Revenues:
Minimum rents (see components on page 3)	$	118,712		$	4,621		$	123,333		$	120,967		$	4,233		$	125,200
Percentage rents		4,000			-			4,000			3,052			-			3,052
Tenant reimbursements		57,064			1,172			58,236			60,175			1,101			61,276
Outparcel sale		1,050			-			1,050			-			-			-
Other (see components on page 3)		15,045			3			15,048			14,890			88			14,978
Total Revenues		195,871			5,796			201,667			199,084			5,422			204,506

Expenses:
Property operating expenses		(43,062	)		(566	)		(43,628	)		(43,129	)		(656	)		(43,785	)
Real estate taxes		(23,866	)		(678	)		(24,544	)		(24,096	)		(682	)		(24,778	)
Total recoverable expenses		(66,928	)		(1,244	)		(68,172	)		(67,225	)		(1,338	)		(68,563	)
Provision for doubtful accounts		(1,990	)		(99	)		(2,089	)		(3,443	)		(48	)		(3,491	)
Other operating expenses (see components on page 4)		(7,860	)		(132	)		(7,992	)		(9,975	)		(79	)		(10,054	)
Costs related to the sale of an outparcel		(499	)		-			(499	)		-			-			-
Real estate depreciation and amortization		(49,757	)		(1,044	)		(50,801	)		(50,120	)		(1,038	)		(51,158	)
Non-real estate depreciation and amortization		(1,609	)		-			(1,609	)		(1,574	)		-			(1,574	)
General and administrative		(15,460	)		(68	)		(15,528	)		(14,261	)		(51	)		(14,312	)
Impairment loss		(8,995	)		-			(8,995	)		-			-			-
Total Expenses		(153,098	)		(2,587	)		(155,685	)		(146,598	)		(2,554	)		(149,152	)

Operating Income		42,773			3,209			45,982			52,486			2,868			55,354

Interest income		1,051			2			1,053			869			2			871
Interest expense		(48,520	)		(2,333	)		(50,853	)		(52,857	)		(2,204	)		(55,061	)
Loan fee amortization		(4,621	)		(63	)		(4,684	)		(4,559	)		(51	)		(4,610	)
Equity in loss of unconsolidated real estate entities, net		(7,018	)		-			(7,018	)		(438	)		-			(438	)
Loss from continuing operations		(16,335	)		815			(15,520	)		(4,499	)		615			(3,884	)
Discontinued Operations:
Loss on disposition of property		-			-			-			(215	)		-			(215	)
Income from operations		815			(815	)		-			615			(615	)		-
Net loss		(15,520	)		-			(15,520	)		(4,099	)		-			(4,099	)
Allocation to noncontrolling interests		922			-			922			5,038			-			5,038
Net (loss) income attributable to Glimcher Realty Trust		(14,598	)		-			(14,598	)		939			-			939
Preferred stock dividends		(18,411	)		-			(18,411	)		(16,099	)		-			(16,099	)
Net loss to common shareholders	$	(33,009	)	$	-		$	(33,009	)	$	(15,160	)	$	-		$	(15,160	)

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 September 30,
	2011							2010
	As		Discontinued			Pre		As		Discontinued			Pre
	Reported		Operations			FAS 144		Reported		Operations			FAS 144

Components of Minimum Rents:
Base rent	$	38,611	$	1,558		$	40,169	$	36,851	$	1,503		$	38,354
Termination income		257		-			257		148		-			148
Straight-line rents		981		(18	)		963		421		(23	)		398
Total Minimum Rents	$	39,849	$	1,540		$	41,389	$	37,420	$	1,480		$	38,900

Components of Other Revenue:
Fee and service income	$	2,184	$	-		$	2,184	$	1,847	$	-		$	1,847
Specialty leasing and sponsorship income		2,275		-			2,275		2,417		12			2,429
Other		646		-			646		914		-			914
Total Other Revenue	$	5,105	$	-		$	5,105	$	5,178	$	12		$	5,190

	Nine Months Ended September 30,
	2011							2010
	As		Discontinued			Pre		As		Discontinued			Pre
	Reported		Operations			FAS 144		Reported		Operations			FAS 144

Components of Minimum Rents:
Base rent	$	115,318	$	4,637		$	119,955	$	119,549	$	4,315		$	123,864
Termination income		881		-			881		740		-			740
Straight-line rents		2,513		(16	)		2,497		678		(82	)		596
Total Minimum Rents	$	118,712	$	4,621		$	123,333	$	120,967	$	4,233		$	125,200

Components of Other Revenue:
Fee and service income	$	6,256	$	-		$	6,256	$	4,174	$	-		$	4,174
Specialty leasing and sponsorship income		6,323		3			6,326		6,702		24			6,726
Other (1)		2,466		-			2,466		4,014		64			4,078
Total Other Revenue	$	15,045	$	3		$	15,048	$	14,890	$	88		$	14,978

Note: Pre FAS 144 column includes both continuing and discontinued operations.
(1) Included in the nine months ended September 30, 2010 is a $547 gain on the sale of a 60% interest in both Lloyd Center and WestShore Plaza. This gain is
excluded in the computation of FFO.

Page 3

Components of Other Operating Expenses

(in thousands)

	Three Months Ended September 30,
	2011						2010
	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	$	1,070	$	-	$	1,070	$	944	$	-	$	944
Discontinued development write-offs		27		-		27		-		-		-
Specialty leasing costs		491		-		491		438		-		438
Scottsdale ground lease		-		-		-		772		-		772
Other		1,042		34		1,076		1,277		2		1,279
Total Other Operating Expenses	$	2,630	$	34	$	2,664	$	3,431	$	2	$	3,433

	Nine Months Ended September 30,
	2011						2010
	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	$	3,201	$	-	$	3,201	$	2,147	$	-	$	2,147
Discontinued development write offs		27		-		27		230		-		230
Specialty leasing costs		1,478		-		1,478		1,290		-		1,290
Scottsdale ground lease		-		-		-		2,551		-		2,551
Other		3,154		132		3,286		3,757		79		3,836
Total Other Operating Expenses	$	7,860	$	132	$	7,992	$	9,975	$	79	$	10,054

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 September 30, 2011						For the Three Months Ended September 30, 2010
				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	$	32,334		$	11,333		$	19,645		$	8,709
Operating expenses		(15,961	)		(5,534	)		(9,445	)		(4,324	)
Net operating income		16,373			5,799			10,200			4,385
Depreciation and amortization		(8,853	)		(3,017	)		(5,968	)		(2,639	)
Other expenses, net		(54	)		(22	)		(3	)		(2	)
Interest expense, net		(6,058	)		(2,138	)		(4,130	)		(1,810	)
Net income (loss)		1,408			622			99			(66	)
Preferred dividend		(8	)		(4	)		(8	)		(4	)
Net income available to partnership	$	1,400		$	618		$	91		$	(70	)

GPLP's share of income (loss) from investment in unconsolidated entities	$	618					$	(70	)

	For the Nine Months Ended September 30, 2011						For the Nine Months Ended September 30, 2010
				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	$	94,141		$	33,202		$	47,261		$	21,509
Operating expenses		(46,055	)		(16,015	)		(23,210	)		(10,894	)
Net operating income		48,086			17,187			24,051			10,615
Depreciation and amortization		(28,099	)		(9,732	)		(14,025	)		(6,372	)
Other expenses, net		(257	)		(100	)		(5	)		(3	)
Interest expense, net		(18,263	)		(6,484	)		(10,316	)		(4,666	)
Impairment loss		(15,149	)		(7,877	)		-			-
Net loss		(13,682	)		(7,006	)		(295	)		(426	)
Preferred dividend		(23	)		(12	)		(23	)		(12	)
Net loss to partnership	$	(13,705	)	$	(7,018	)	$	(318	)	$	(438	)

GPLP's share of loss from investment in unconsolidated entities	$	(7,018	)				$	(438	)

Page 5

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

	2011												2010
	3 mos			3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Sept. 30			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Funds from Operations ("FFO"):
Net loss to common shareholders	$	(5,977	)	$	(22,376	)	$	(4,656	)	$	(33,009	)	$	(3,647	)	$	(6,910	)	$	(4,603	)	$	(1,223	)	$	(16,383	)
Real estate depreciation and amortization		16,145			16,744			17,912			50,801			19,697			15,841			15,620			16,390			67,548
Partners share of consolidated joint venture depreciation		-			-			-			-			(350	)		(410	)		(484	)		(93	)		(1,337	)
Equity in (income) loss of unconsolidated entities		(265	)		7,901			(618	)		7,018			424			(56	)		70			(469	)		(31	)
Pro-rata share of unconsolidated entities funds from operations		3,484			(4,462	)		3,614			2,636			723			2,589			2,533			3,486			9,331
Noncontrolling interest in operating partnership		(182	)		(618	)		(122	)		(922	)		(160	)		(298	)		(179	)		(54	)		(691	)
Gain on disposition of properties, net		-			-			-			-			(332	)		-			-			-			(332	)
FFO	$	13,205		$	(2,811	)	$	16,130		$	26,524		$	16,355		$	10,756		$	12,957		$	18,037		$	58,105

Adjusted Funds from Operations:
FFO	$	13,205		$	(2,811	)	$	16,130		$	26,524		$	16,355		$	10,756		$	12,957		$	18,037		$	58,105
Add back: impairment adjustments (1)		-			16,872			-			16,872			-			-			-			-			-
Add back: swap termination fees		819			-			-			819			-			-			-			-			-
Add back: related deferred fees and defeasance charges		729			739			-			1,468			-			1,070			-			-			1,070
Adjusted Funds from Operations	$	14,753		$	14,800		$	16,130		$	45,683		$	16,355		$	11,826		$	12,957		$	18,037		$	59,175

Weighted average common shares outstanding - diluted (2)		101,562			105,753			110,668			106,051			71,958			72,225			83,235			88,360			78,997

FFO per diluted share	$	0.13		$	(0.03	)	$	0.15		$	0.25		$	0.23		$	0.15		$	0.16		$	0.20		$	0.74
Adjustments: write-off of deferred loan fees, defeasance charges, impairments, and swap termination fees		0.02			0.17			-			0.18			-			0.01			-			-			0.01
Adjusted FFO per diluted share	$	0.15		$	0.14		$	0.15		$	0.43		$	0.23		$	0.16		$	0.16		$	0.20		$	0.75

	2011								2010
	3 mos		3 mos		3 mos		YTD		3 mos		3 mos		3 mos		3 mos		YTD
	Mar. 31		June 30		Sept. 30		Sept. 30		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	$	0.3000	$	0.1000	$	0.1000	$	0.1000	$	0.1000	$	0.4000
FFO payout ratio after adjustments		68.8%		71.5%		68.6%		69.6%		44.0%		61.1%		64.2%		49.0%		53.4%

	2011												2010
	3 mos			3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Sept. 30			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Supplemental disclosure of amounts included in FFO for consolidated properties
Deferred leasing costs	$	1,088		$	1,247		$	1,091		$	3,426		$	1,034		$	1,274		$	898		$	971		$	4,177
Straight-line adjustment as an increase (decrease) to FFO	$	734		$	800		$	963		$	2,497		$	(334	)	$	(106	)	$	129		$	125		$	(186	)
Fair value of debt amortized as an (increase) reduction to interest expense	$	(65	)	$	(66	)	$	(65	)	$	(196	)	$	113		$	(66	)	$	(65	)	$	(65	)	$	(83	)
Intangible and inducement amortization as a net (decrease) increase to base rents (continuing and discontinued operations)	$	(53	)	$	(95	)	$	(387	)	$	(535	)	$	135		$	74		$	51		$	(44	)	$	216
Discontinued development write-off's	$	-		$	-		$	27		$	27		$	227		$	3		$	-		$	11		$	241

(1) Amount includes Company's pro-rata share of an impairment charge of $7,877 related to its investment in unconsolidated entities.
(2) 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)

	2011										2010
	3 mos		3 mos			3 mos		YTD			3 mos			3 mos		3 mos		3 mos		YTD
	Mar. 31		June 30			Sept. 30		Sept. 30			Mar. 31			June 30		Sept. 30		Dec. 31		Dec. 31
Unconsolidated Entities Funds from Operations:
Net income (loss) to partnership	$	223	$	(15,328	)	$	1,400	$	(13,705	)	$	(802	)	$	393	$	91	$	359	$	41
Real estate depreciation and amortization		9,388		9,735			8,808		27,931			2,256			5,695		5,891		8,221		22,063
FFO	$	9,611	$	(5,593	)	$	10,208	$	14,226		$	1,454		$	6,088	$	5,982	$	8,580	$	22,104

Pro-rata share of unconsolidated entities funds from operations	$	3,484	$	(4,462	)	$	3,614	$	2,636		$	723		$	2,589	$	2,533	$	3,486	$	9,331

Adjusted Funds from Operations (pro-rata share of unconsolidated entities):
Impairment loss	$	-	$	7,877		$	-	$	7,877		$	-		$	-	$	-	$	-	$	-
Adjusted Funds from Operations	$	3,484	$	3,415		$	3,614	$	10,513		$	723		$	2,589	$	2,533	$	3,486	$	9,331

	2011												2010
	3 mos			3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Sept. 30			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	$	104		$	(68	)	$	100		$	136		$	19		$	(67	)	$	(39	)	$	35		$	(52	)
Intangible amortization as an increase to minimum rents	$	340		$	334		$	327		$	1,001		$	191		$	325		$	233		$	310		$	1,059
Straight-line adjustment - ground lease expense	$	(124	)	$	(125	)	$	(124	)	$	(373	)	$	-		$	-		$	-		$	(81	)	$	(81	)
Impairment loss	$	-		$	(7,877	)	$	-		$	(7,877	)	$	-		$	-		$	-		$	-		$	-
Loan fee amortization	$	(77	)	$	(78	)	$	(78	)	$	(233	)	$	(93	)	$	(91	)	$	(61	)	$	(72	)	$	(317	)

Page 7

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

	2011												2010
	3 mos			3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			Sept. 30			Sept. 30			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31


Calculation of EBITDA:
Net income (loss) attributable to Glimcher Realty Trust	$	160		$	(16,239	)	$	1,481		$	(14,598	)	$	712		$	(1,307	)	$	1,534		$	4,914		$	5,853
Interest expense (continuing and discontinued operations)		16,737			17,528			16,588			50,853			20,077			18,124			16,860			17,285			72,346
Loan fee amortization (continuing and discontinued operations)		2,159			1,363			1,162			4,684			979			1,995			1,636			1,878			6,488
Taxes (continuing and discontinued operations)		266			261			219			746			449			497			588			377			1,911
Depreciation and amortization (continuing and discontinued operations)		16,667			17,288			18,455			52,410			20,201			16,359			16,172			16,811			69,543
EBITDA		35,989			20,201			37,905			94,095			42,418			35,668			36,790			41,265			156,141
Allocation to noncontrolling interest		(182	)		(618	)		(122	)		(922	)		(1,306	)		(1,679	)		(2,053	)		(435	)		(5,473	)
EBITDA adjustments related to pro-rata share of unconsolidated entities, net		5,488			13,535			5,181			24,204			2,107			4,491			4,455			5,360			16,413
Impairment loss		-			8,995			-			8,995			-			-			-			-			-
Gain on disposition of properties, net		-			-			-			-			(332	)		-			-			-			(332	)
Adjusted EBITDA	$	41,295		$	42,113		$	42,964		$	126,372		$	42,887		$	38,480		$	39,192		$	46,190		$	166,749

Operating Ratios:
General and administrative / total revenues		7.7%			7.9%			8.1%			7.9%			6.6%			7.7%			7.4%			7.4%			7.1%
Tenant reimbursements / (real estate taxes + property operating expenses)		86.8%			85.4%			83.7%			85.3%			89.9%			90.2%			88.3%			88.0%			89.0%

Earnings per Share:
Weighted average common shares outstanding - basic		98,234			102,406			107,444			102,752			68,782			68,926			79,967			85,050			75,738
Weighted average common shares outstanding - diluted		101,220			105,351			110,252			105,664			71,768			71,912			82,953			88,036			78,724

Loss per share - basic	$	(0.06	)	$	(0.22	)	$	(0.04	)	$	(0.32	)	$	(0.05	)	$	(0.10	)	$	(0.06	)	$	(0.01	)	$	(0.22	)

Loss per share - diluted	$	(0.06	)	$	(0.22	)	$	(0.04	)	$	(0.32	)	$	(0.05	)	$	(0.10	)	$	(0.06	)	$	(0.01	)	$	(0.22	)

Page 8

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

	2011									2010
	Mar. 31			June 30			Sept. 30			Dec. 31
Assets:
Land	$	258,133		$	296,150		$	281,445		$	250,408
Buildings, improvements and equipment		1,676,961			1,775,431			1,755,391			1,657,154
Developments in progress		199,673			62,555			56,052			210,797
		2,134,767			2,134,136			2,092,888			2,118,359
Less accumulated depreciation		601,729			616,686			618,752			588,351
Property and equipment, net		1,533,038			1,517,450			1,474,136			1,530,008

Deferred leasing costs, net		20,009			21,052			21,038			19,997
Real estate assets held-for-sale		-			-			47,813			-
Investment in and advances to unconsolidated real estate entities		136,763			126,492			125,229			138,194
Investment in real estate, net		1,689,810			1,664,994			1,668,216			1,688,199

Cash and cash equivalents		7,200			6,688			6,123			9,245
Non-real estate assets associated with property held-for-sale		-			-			4,507			-
Restricted cash		14,886			25,031			20,969			17,037
Tenant accounts receivable, net		20,729			20,989			21,763			25,342
Deferred expenses, net		15,251			15,183			13,286			14,828
Prepaid and other assets		39,758			41,257			38,569			37,697
Total Assets	$	1,787,634		$	1,774,142		$	1,773,433		$	1,792,348

Liabilities and Equity:
Mortgage notes payable	$	1,140,644		$	1,159,262		$	1,110,067		$	1,243,759
Mortgage note payable associated with property held-for-sale		-			-			45,326			-
Notes payable		156,052			92,000			102,000			153,553
Other liabilities associated with property held-for-sale		-			-			1,267			-
Accounts payable and accrued expenses		39,798			37,550			42,585			48,328
Distributions payable		16,425			17,142			17,165			14,941
Total Liabilities		1,352,919			1,305,954			1,318,410			1,460,581

Equity:
Series F cumulative preferred shares		60,000			60,000			60,000			60,000
Series G cumulative preferred shares		222,074			222,074			222,074			222,074
Common shares of beneficial interest		999			1,072			1,075			851
Additional paid-in capital		877,682			942,892			945,574			763,951
Distributions in excess of accumulated earnings		(734,495	)		(767,586	)		(782,992	)		(718,529	)
Accumulated other comprehensive loss		(1,363	)		(576	)		(500	)		(3,707	)
Total Glimcher Realty Trust Shareholders' Equity		424,897			457,876			445,231			324,640
Noncontrolling interest		9,818			10,312			9,792			7,127
Total equity		434,715			468,188			455,023			331,767
Total Liabilities and Equity	$	1,787,634		$	1,774,142		$	1,773,433		$	1,792,348

Page 9

MARKET CAPITALIZATION and DEBT COVENANT REQUIREMENTS

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

	2011								2010
	3 mos		3 mos		3 mos		YTD		3 mos		3 mos		3 mos		3 mos
	Mar. 31		June 30		Sept. 30		Sept. 30		Mar. 31		June 30		Sept. 30		Dec. 31

Share price (end of period)	$	9.25	$	9.50	$	7.08	$	7.08	$	5.07	$	5.98	$	6.15	$	8.40

Market Capitalization Ratio:
Common shares outstanding		99,895		107,158		107,489		107,489		68,914		68,937		85,044		85,053
Operating partnership units outstanding		2,986		2,889		2,789		2,789		2,986		2,986		2,986		2,986
Total common shares and units outstanding at end of period		102,881		110,047		110,278		110,278		71,900		71,923		88,030		88,039

Valuation - Common shares and operating partnership units outstanding	$	951,649	$	1,045,447	$	780,768	$	780,768	$	364,533	$	430,100	$	541,385	$	739,528
Preferred shares		282,074		282,074		282,074		282,074		210,000		282,174		282,174		282,074
Total wholly-owned debt (end of period)		1,296,696		1,251,262		1,257,393		1,257,393		1,238,091		1,185,211		1,207,974		1,397,312
Total market capitalization	$	2,530,419	$	2,578,783	$	2,320,235	$	2,320,235	$	1,812,624	$	1,897,485	$	2,031,533	$	2,418,914

Debt / Market capitalization		51.2%		48.5%		54.2%		54.2%		68.3%		62.5%		59.5%		57.8%
Debt / Market capitalization including pro-rata share of joint ventures		54.1%		51.5%		57.1%		57.1%		71.3%		65.9%		62.9%		60.4%

	Facility		2011
Credit Facility Debt Covenant Requirements:(1)	Requirements		Sept. 30
Maximum Corporate Debt to Total Asset Value		60.0%		51.1%
Minimum Interest Coverage Ratio		1.75x		2.26x
Minimum Fixed Charge Coverage Ratio		1.35x		1.46x
Maximum Recourse Debt		12.5%		4.2%

(1) Covenant requirement for the credit facility after the October 2011 amendment.

Page 10

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)

Mortgage Notes Payable:
	Sept. 30,			Dec. 31,			Interest Rates				Interest	Payment	Balloon Pmt.		Initial/Final
Fixed Rate	2011			2010			2011		2010		Terms	Terms	at Maturity		Maturity
Scottsdale Phase III Land (Senior Loan)	$	12,500		$	12,500			5.50%		5.50%		(b)	$	12,500	November 5, 2011
Scottsdale Phase III Land (Junior Loan)		3,500			3,500			6.00%		6.00%		(b)	$	3,500	November 5, 2011
Dayton Mall		50,856			51,789			8.27%		8.27%	(h)	(a)	$	49,864	(d)
Polaris Fashion Place		129,342			131,581			5.24%		5.24%		(a)	$	124,572	April 11, 2013
Jersey Gardens		144,689			147,138			4.83%		4.83%		(a)	$	135,194	June 8, 2014
The Mall at Fairfield Commons		100,105			101,709			5.45%		5.45%		(a)	$	92,762	November 1, 2014
Supermall of the Great Northwest		54,623			55,518			7.54%		7.54%	(h)	(a)	$	49,969	(e)
Merritt Square Mall		56,254			56,815			5.35%		5.35%		(a)	$	52,914	September 1, 2015
Scottsdale Quarter Fee Interest		69,088			69,838			4.91%		4.91%		(a)	$	64,577	October 1, 2015
River Valley Mall		48,274			48,784			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		41,535			41,958			5.87%		5.87%		(a)	$	38,057	December 11, 2016
Polaris Towne Center (j)		45,326			45,680			6.76%		6.76%		(a)	$	39,934	April 1, 2020
The Mall at Johnson City		54,298			54,706			6.76%		6.76%		(a)	$	47,768	May 6, 2020
Grand Central Mall		44,413			44,799			6.05%		6.05%		(a)	$	38,307	July 6, 2020
Ashland Town Center		41,983			-			4.90%				(a)	$	34,569	July 6, 2021
Tax Exempt Bonds		19,000			19,000			6.00%		6.00%		(c)	$	19,000	November 1, 2028
		975,786			945,315
Variable Rate
Colonial Park Mall		40,000			40,000			3.40%		3.54%	(f)	(b)	$	40,000	April 23, 2012
Scottsdale Quarter		140,633			138,179			2.85%		5.94%	(g)	(b)	$	140,633	May 29, 2012
		180,633			178,179
Other
Fair Value Adjustment - Merritt Square Mall		(1,026	)		(1,223	)
Extinguished Debt		-			121,488				(i)

Total Mortgage Notes Payable	$	1,155,393		$	1,243,759

(a) The loan requires monthly payments of principal and interest.

(b) The loan requires monthly payments of interest only.

(d) The loan matures in July 2027, with an optional prepayment (without penalty) date on July 11, 2012.

(e) The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015.

(f) 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 and 3.45% at September 30, 2011.

(g) Interest rate of LIBOR plus 250 basis points. The full loan amount was fixed through a swap agreement at a rate of 5.94% at December 31, 2010 and $125 million was fixed through a swap agreement at a rate of 2.86% at September 30, 2011.

(h) Interest rate escalates after optional prepayment date.

(i) Interest rates ranging from 3.76% to 7.25% at December 31, 2010.

(j) Mortgage note payable associated with a property held-for-sale.

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 - Assumes Exercise of Extension Options (c)
Description	Maturity		Option	Rate		9/30/2011			2011			2012			2013			2014			2015			2016		2017+

Wholly Owned Properties
Scottsdale Phase III Land (Senior Loan)		11/2011			5.50%	$	12,500		$	12,500
Scottsdale Phase III Land (Junior Loan)		11/2011			6.00%		3,500			3,500
Colonial Park Mall (d)		04/2012	04/2013		3.40%		40,000			-		$	-		$	40,000
Scottsdale Quarter (a)		05/2012	05/2013		2.85%		140,633			-			-			140,633
Dayton Mall		07/2012			8.27%		50,856			327			50,529
Polaris Fashion Place		04/2013			5.24%		129,342			772			3,155			125,415
Jersey Gardens		06/2014			4.83%		144,689			843			3,437			3,629		$	136,780
The Mall at Fairfield Commons		11/2014			5.45%		100,105			555			2,265			2,409			94,876
Supermall of the Great Northwest		02/2015			7.54%		54,623			313			1,292			1,406			1,517		$	50,095
Merritt Square Mall		09/2015			5.35%		56,254			195			790			842			889			53,538
Scottsdale Quarter Fee Interest		10/2015			4.91%		69,088			259			1,052			1,115			1,171			65,491
River Valley Mall		01/2016			5.65%		48,274			177			719			770			815			863		$	44,930
Weberstown Mall		06/2016			5.90%		60,000			-			-			-			-			-			60,000
Eastland Mall		12/2016			5.87%		41,535			147			597			641			680			722			38,748
Polaris Towne Center (e)		04/2020			6.76%		45,326			121			489			533			571			611			646	$	42,355
The Mall at Johnson City		05/2020			6.76%		54,298			144			581			633			677			726			766		50,771
Grand Central Mall		07/2020			6.05%		44,413			135			547			589			626			665			700		41,151
Ashland Town Center		07/2021			4.90%		41,983			150			609			646			679			714			744		38,441
Tax Exempt Bonds		11/2028			6.00%		19,000			-			-			-			-			-			-		19,000
Fair Value Adjustment Amortization - Merritt Square Mall							(1,026	)		(65	)		(262	)		(262	)		(262	)		(175	)

Subtotal (b)							1,155,393			20,073			65,800			318,999			239,019			173,250			146,534		191,718

Credit Facility		12/2011	12/2013		3.79%		102,000			-			-			102,000

Total Wholly Owned Maturities						$	1,257,393		$	20,073		$	65,800		$	420,999		$	239,019		$	173,250		$	146,534	$	191,718

Total Joint Venture Maturities (pro-rata share)						$	158,408		$	3,032		$	73,102		$	47,360		$	536		$	34,378		$	-	$	-

Total Wholly Owned and Joint Venture Maturities						$	1,415,801		$	23,105		$	138,902		$	468,359		$	239,555		$	207,628		$	146,534	$	191,718

(a) $125 million of the loan has been fixed through an interest rate swap agreement and the remaining $15.6 million incurs interest at a rate of LIBOR plus 250 basis points.
(b) Weighted Average interest rate for the fixed rate mortgage debt was 5.4% as of September 30, 2011 with an initial weighted average maturity of 3.7 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.
(e) Mortgage note payable associated with a property held-for-sale.

Page 12

JOINT VENTURE DEBT MATURITY SCHEDULE

(dollars in thousands)

	Interest Rate		Loan	Final	Balance		Principal Payments
Description	9/30/2011		Terms	Maturity	9/30/2011		2011		2012		2013		2014		2015


Fixed Rate Mortgages
Puente Hills Mall		2.74%	(a)	June 1, 2012	$	44,424	$	121	$	44,303
WestShore Plaza		5.09%		September 9, 2012		86,723		513		86,210
Lloyd Center		5.42%		June 11, 2013		121,741		699		2,856	$	118,186
Pearlridge Center		4.60%	(b)	November 1, 2015		175,000		-		-		431	$	2,681	$	171,888
Total Fixed Rate Mortgages						427,888		1,333		133,369		118,617		2,681		171,888

Variable Rate Mortgages
Tulsa Promenade (e)		5.25%	(c)	March 14, 2012		28,068		300		27,768		-		-		-
Town Square at Surprise		5.50%	(d)	October 1, 2011		4,653		4,653		-		-		-		-
Total Variable Rate Mortgages						32,721		4,953		27,768		-		-		-

Total Joint Venture Mortgages					$	460,609	$	6,286	$	161,137	$	118,617	$	2,681	$	171,888


Joint Venture Debt (Pro Rata Share)					$	158,408	$	3,032	$	73,102	$	47,360	$	536	$	34,378

(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 2013.

(c) Interest rate is the greater of 5.25% or LIBOR plus 4.25%. The loan requires monthly payments of principal and interest, however net cashflows from the property will also 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. The Company is in discussions with the existing lender regarding an extension and modification of the existing loan.

(e) Mortgage note payable associated with a property held-for-sale.

Page 13

OCCUPANCY STATISTICS

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


	Occupancy (1)
	9/30/2011 (2)	6/30/2011	3/31/2011	12/31/2010	9/30/2010

Core Malls (3)
Mall Anchors	96.1%	96.1%	95.7%	95.7%	94.4%
Mall Non-Anchor	91.4%	89.7%	91.5%	92.8%	90.9%
Total Occupancy	94.3%	93.6%	94.1%	94.6%	93.2%

Mall Portfolio - excluding Joint Ventures (4)
Mall Anchors	94.7%	94.7%	94.6%	94.6%	92.7%
Mall Non-Anchor	91.0%	88.6%	90.8%	92.0%	90.9%
Total Occupancy	93.3%	92.4%	93.2%	93.6%	92.0%

(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) The Company placed the square footage for the completed phases of our Scottsdale Quarter project in service during the second quarter of 2011. Excluding the impact of Scottsdale Quarter, mall non-anchor occupancy and total occupancy for core malls were 92.4% and 94.7% during the third quarter of 2011, respectively.
(3) Includes the Company's joint venture malls.
(4) Excludes mall properties that are held in joint ventures as of September 30, 2011.

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 nine months ended September 30, 2011:

	GLA Analysis						Average Annualized Base Rents
	New		Rollover				New		Rollover
Property Type	Leases		Leases		Total		Leases		Leases		Total
Mall Anchors		132,823		20,050		152,873	$	8.62	$	24.28	$	11.87
Mall Non-Anchor		268,776		539,256		808,032	$	24.75	$	33.08	$	30.18

The following table summarizes the new and rollover lease activity and the comparative prior rents for the three and nine months ended September 30, 2011, 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 September 30, 2011
Mall Anchors		-		-		-	$	-	$	-	$	-	$	-	$	-	$	-		-
Mall Non-Anchor		61,036		153,576		214,612	$	24.41	$	15.73	$	34.95	$	33.46	$	31.96	$	28.42		12%


Nine months ended September 30, 2011
Mall Anchors		-		20,050		20,050	$	-	$	-	$	24.28	$	23.00	$	24.28	$	23.00		6%
Mall Non-Anchor		122,146		404,260		526,406	$	25.40	$	18.21	$	32.94	$	32.23	$	31.19	$	28.98		8%

Page 15

MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

as of September 30, 2011

TIER 1	Property	Location	MSA Ranking		Total GLA		Avg. Mall Store Sales PSF (1) Sept. 2011		Avg. Mall Store Sales PSF (1) Sept. 2010		Total Mall Occupancy 9/30/11	Total Mall Occupancy 9/30/10	% of Mall Portfolio NOI (2)
(Malls with sales productivity greater than $300 psf)	Ashland Town Center	Ashland, KY	>100			414,941
	Dayton Mall	Dayton, OH		61		1,417,138
	Eastland Mall	Columbus, OH		32		999,458
	Grand Central Mall	Parkersburg, WV	>100			846,189
	Jersey Gardens	Elizabeth, NJ		1		1,290,191
	Lloyd Center (JV)	Portland, OR		23		1,475,699
	Mall at Fairfield Commons	Dayton, OH		61		1,138,303
	Mall at Johnson City	Johnson City, TN	>100			569,259
	Merritt Square Mall	Merritt Island, FL		27		807,787
	Morgantown Mall	Morgantown, WV	>100			557,740
	Northtown Mall	Minneapolis, MN		16		694,347
	Pearlridge Center (JV)	Honolulu, HI		55		1,145,282
	Polaris Fashion Place	Columbus, OH		32		1,570,297
	Scottsdale Quarter	Scottsdale, AZ		12		520,572
	Weberstown Mall	Stockton, CA		78		857,755
	WestShore Plaza (JV)	Tampa, FL		19		1,071,713
						15,376,671	$	445	$	395	95.2%	94.2%	83%

TIER 2	Property	Location	MSA Ranking		Total GLA		Avg. Mall Store Sales PSF (1) Sept. 2011		Avg. Mall Store Sales PSF (1) Sept. 2010		Total Mall Occupancy 9/30/11		Total Mall Occupancy 9/30/10		% of Mall Portfolio NOI (2)
(Malls with moderate sales productivity)	Colonial Park Mall	Harrisburg, PA		96		740,974
	Indian Mound Mall	Columbus, OH		32		557,098
	New Towne Mall	New Philadelphia, OH	>100			512,260
	Puente Hills Mall (JV)	City of Industry, CA		2		1,097,598
	River Valley Mall	Columbus, OH		32		584,551
	Supermall of the Great NW	Seattle, WA		15		933,145
	Tulsa Promenade (JV)	Tulsa, OK		53		926,606
						5,352,232	$	248	$	243		91.6%		90.3%		17%

TOTAL MALL ASSETS						20,728,903	$	396	$	354		94.3%		93.2%

TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS						15,012,005	$	403	$	365		93.3%		92.0%

(1) Sales for in-line stores with less than 10,000 square feet.

(2) Based on net operating income for the nine months ended September 30, 2011.

Note: The Company's market dominant properties had sales of $496 and occupancy of 97.4% at September 30, 2011. The Company's trade dominant malls had sales of $292 and occupancy of 91.5% at September 30, 2011.

Page 16

SUMMARY OF SIGNIFICANT TENANTS

As of September 30, 2011

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		371,197	$	5,510,821		2.4	%
Limited Brands, Inc.	Bath & Body Works/White Barn Candle, Victoria's Secret		44		202,988		4,993,777		2.2	%
Foot Locker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker		43		177,547		4,531,058		2.0	%
Signet Jewelers, Ltd.	J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry		34		63,494		4,266,008		1.9	%
AMC Entertainment, Inc.			2		148,344		4,189,000		1.8	%
Bain Capital, LLC	Burlington Coat Factory, Cohoes Fashion, Guitar Center, Gymboree, Janie & Jack, Crazy 8		18		427,873		4,090,780		1.8	%
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	%
The Bon-Ton 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		76,419		3,108,545		1.4	%
American Eagle Outfitters, Inc.	aerie, American Eagle		17		103,846		2,722,930		1.2	%
Luxottica Group	DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station		35		85,534		2,604,409		1.1	%
Zale Corp.	Gordon's Jewelers, Piercing Pagoda, Silver & Gold Connection, Zales Jewelers		28		27,543		2,480,865		1.1	%
Saks, Inc.	Saks Fifth Avenue, Saks Off Fifth		3		228,156		2,360,100		1.0	%
Finish Line, Inc.	Finish Line, Man Alive		19		105,153		2,305,915		1.0	%

Total tenants representing > 1.0%			381		7,902,934	$	57,643,526		25.2	%

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

Page 17

TOP 10 REGIONAL MALL TENANTS

As of September 30, 2011

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.		44		202,988	$	4,993,777		2.3	%
Foot Locker, Inc.		43		177,547	$	4,531,058		2.1	%
Signet Jewelers, Ltd.		33		57,714	$	4,169,419		1.9	%
Gap, Inc.		24		291,188	$	4,002,215		1.8	%
Genesco, Inc.		49		76,419	$	3,108,545		1.4	%
American Eagle Outfitters, Inc.		17		103,846	$	2,722,930		1.3	%
Luxottica Group		35		85,534	$	2,604,409		1.2	%
Zale Corp.		28		27,543	$	2,480,865		1.1	%
Finish Line, Inc.		19		105,153	$	2,305,915		1.1	%
Aeropostale		23		81,872	$	2,137,301		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		12.1	%
Macy's, Inc.		10		1,843,944	$	658,630		8.9	%
JCPenney Company, Inc.		15		1,841,903	$	3,392,640		8.9	%
The Bon-Ton Stores, Inc.		11		1,126,171	$	3,502,419		5.4	%
Dillard's		3		522,967	$	-		2.5	%
Belk, Inc.		6		416,131	$	1,856,852		2.0	%
Bain Capital, LLC		5		390,950	$	3,274,262		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 September 30, 2011

Total Portfolio

									Percent of												Percent of
									Occupied								Anchor		Non-Anchor		Annualized
			Anchor		Non-Anchor		Total		GLA		Anchor		Non-Anchor		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		240		55,498		449,102		504,600		2.5%	$	715,074	$	11,101,065	$	11,816,139	$	12.88	$	28.71		5.2%
2012		548		410,757		1,382,999		1,793,756		8.8%		3,338,039		26,312,334		29,650,373	$	8.13	$	22.51		13.1%
2013		373		876,154		1,005,589		1,881,743		9.3%		2,586,077		21,810,148		24,396,225	$	2.95	$	26.08		10.8%
2014		300		1,110,900		713,598		1,824,498		9.0%		7,531,855		19,156,312		26,688,167	$	6.78	$	30.32		11.8%
2015		232		1,426,721		792,299		2,219,020		10.9%		9,170,034		18,464,483		27,634,517	$	7.18	$	26.80		12.2%
Thereafter		843		8,801,483		3,257,084		12,058,567		59.5%		31,771,321		74,825,107		106,596,428	$	7.51	$	25.94		46.9%
		2,536		12,681,513		7,600,671		20,282,184		100.0%	$	55,112,400	$	171,669,449	$	226,781,849	$	6.92	$	26.02		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 September 30, 2011						Three months ended September 30, 2010

			Unconsolidated						Unconsolidated
	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2011		Share		Total		2010		Share		Total
Development projects	$	3,955	$	-	$	3,955	$	102,658	$	-	$	102,658

Redevelopment projects	$	2,386	$	1	$	2,387	$	4	$	13	$	17

Renovation with no incremental GLA	$	1,862	$	8	$	1,870	$	203	$	-	$	203

Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	257	$	526	$	783	$	2,717	$	256	$	2,973
Non-anchor stores		2,947		1,129		4,076		3,552		27		3,579
Operational capital expenditures		2,103		234		2,337		917		212		1,129
Total Property Capital Expenditures	$	5,307	$	1,889	$	7,196	$	7,186	$	495	$	7,681

	Nine months ended September 30, 2011						Nine months ended September 30, 2010

			Unconsolidated						Unconsolidated
	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2011		Share		Total		2010		Share		Total
Development projects	$	16,157	$	-	$	16,157	$	111,305	$	-	$	111,305

Redevelopment projects	$	3,579	$	30	$	3,609	$	3,446	$	16	$	3,462

Renovation with no incremental GLA	$	2,248	$	23	$	2,271	$	395	$	5	$	400

Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	1,892	$	657	$	2,549	$	5,648	$	1,317	$	6,965
Non-anchor stores		8,040		1,691		9,731		6,913		139		7,052
Operational capital expenditures		3,834		665		4,499		3,460		321		3,781
Total Property Capital Expenditures	$	13,766	$	3,013	$	16,779	$	16,021	$	1,777	$	17,798

Page 20

Scottsdale Quarter Update

(dollars in thousands)

Investment Update:	Total Project Costs (1)						Project Costs Incurred thru 9/30/2011 (1)			Stabilized Yield

Scottsdale Quarter:
Scottsdale, Arizona
Development of new retail/office lifestyle
center (530,000 square feet for Phase I/ II)
	Range
Phase I / II	Low			High
Hard Costs	$	229,000		$	234,000		$	229,275
Land Purchase		96,000			96,000			96,000
Noncontrolling Partner Interest		(10,000	)		(10,000	)		(10,000	)
	$	315,000		$	320,000		$	315,275			6.5% - 7.0%



Occupancy Update:				9/30/2011
Office					90%
Retail					73%
Total					79%

Leasing Update:
Phase I/II square footage is approximately 90% addressed for both retail and office. The leases that are addressed include signed leases, letters of intent and leases out for signature.


(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.

Page 21

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