ex9902.htm

(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) Excludes the Company's held-for-sale malls and joint venture malls.

(3) Excludes the Company's held-for-sale malls.

GLIMCHER REALTY TRUST

Supplemental Information
For the Three and Six Months Ended June 30, 2009 and 2008

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
	Joint Venture Calculation of FFO and Disclosure of Pro Rata Share of JV 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 Coverage Ratios	Page 10
	Consolidated Debt Schedule	Page 11
	Consolidated Debt Maturities Schedule	Page 12
	Joint Venture Debt and Debt Maturity Schedule	Page 13

Operational Data:
	Occupancy Statistics	Page 14
	Leasing Results and Re-leasing Spreads	Page 15
	Core Same Mall Portfolio Statistics by Asset Category Wholly Owned Held for Investment	Page 16
	Core Same Mall Portfolio Statistics Mall Assets Including Joint Ventures	Page 17
	Summary of Significant Tenants	Page 18
	Top 10 Regional Mall Tenants	Page 19
	Lease Expiration Schedule	Page 20

Development Activity:
	Capital Expenditures	Page 21
	Development Activity	Page 22

QUARTERLY INCOME STATEMENTS

(in thousands)

	Three Months Ended June 30,
	2009									2008
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144

Revenues:
Minimum rents (see components on page 3)	$	46,096		$	737		$	46,833		$	48,948		$	2,225		$	51,173
Percentage rents		820			6			826			1,042			48			1,090
Tenant reimbursements		22,552			447			22,999			22,550			552			23,102
Out parcel sales		1,360			-			1,360			-			-			-
Other (see components on page 3)		4,820			34			4,854			5,102			162			5,264
Total Revenues		75,648			1,224			76,872			77,642			2,987			80,629

Expenses:
Property operating expenses		(15,529	)		(725	)		(16,254	)		(16,247	)		(1,449	)		(17,696	)
Real estate taxes		(8,881	)		(212	)		(9,093	)		(8,424	)		(494	)		(8,918	)
		(24,410	)		(937	)		(25,347	)		(24,671	)		(1,943	)		(26,614	)
Provision for doubtful accounts		(1,798	)		(67	)		(1,865	)		(1,906	)		(88	)		(1,994	)
Other operating expenses (see components on page 4)		(2,199	)		(25	)		(2,224	)		(1,917	)		(132	)		(2,049	)
Cost related to sales of out parcels		(972	)		-			(972	)		-			-			-
Real estate depreciation and amortization		(18,260	)		-			(18,260	)		(19,364	)		-			(19,364	)
Non-real estate depreciation and amortization		(541	)		-			(541	)		(534	)		-			(534	)
General and administrative		(4,440	)		(10	)		(4,450	)		(4,419	)		(7	)		(4,426	)
Total Expenses		(52,620	)		(1,039	)		(53,659	)		(52,811	)		(2,170	)		(54,981	)

Operating Income		23,028			185			23,213			24,831			817			25,648

Interest income		471			3			474			337			9			346
Interest expense		(19,014	)		(251	)		(19,265	)		(20,179	)		(853	)		(21,032	)
Loan fee amortization		(759	)		(13	)		(772	)		(476	)		(17	)		(493	)
Equity in loss of unconsolidated real estate entities, net		(726	)		-			(726	)		(48	)		-			(48	)
Income from continuing operations		3,000			(76	)		2,924			4,465			(44	)		4,421
Discontinued Operations:
Gain on sales of properties		-			-			-			1,252			-			1,252
Loss from operations		(76	)		76			-			(44	)		44			-
Net income		2,924			-			2,924			5,673			-			5,673
Noncontrolling interest in operating partnership		107			-			107			-			-			-

Net income attributable to Glimcher Realty Trust		3,031			-			3,031			5,673			-			5,673
Preferred stock dividends		(4,359	)		-			(4,359	)		(4,359	)		-			(4,359	)
Net (loss) income available to common shareholders	$	(1,328	)	$	-		$	(1,328	)	$	1,314		$	-		$	1,314

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

YEAR-TO-DATE INCOME STATEMENTS

(in thousands)

	Six Months Ended June 30,
	2009									2008
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144

Revenues:
Minimum rents (see components on page 3)	$	92,247		$	1,608		$	93,855		$	96,966		$	4,587		$	101,553
Percentage rents		2,259			16			2,275			2,273			108			2,381
Tenant reimbursements		46,437			991			47,428			45,844			1,580			47,424
Out parcel sales		1,675			-			1,675			1,060			-			1,060
Other (see components on page 3)		11,353			50			11,403			9,618			265			9,883
Total Revenues		153,971			2,665			156,636			155,761			6,540			162,301

Expenses:
Property operating expenses		(32,295	)		(1,345	)		(33,640	)		(32,899	)		(3,028	)		(35,927	)
Real estate taxes		(18,215	)		(427	)		(18,642	)		(17,428	)		(477	)		(17,905	)
		(50,510	)		(1,772	)		(52,282	)		(50,327	)		(3,505	)		(53,832	)
Provision for doubtful accounts		(3,088	)		(301	)		(3,389	)		(3,009	)		(1,305	)		(4,314	)
Other operating expenses (see components on page 4)		(4,328	)		(161	)		(4,489	)		(3,988	)		(304	)		(4,292	)
Cost related to sales of out parcels		(1,145	)		-			(1,145	)		(319	)		-			(319	)
Real estate depreciation and amortization		(40,786	)		-			(40,786	)		(38,452	)		-			(38,452	)
Non-real estate depreciation and amortization		(1,073	)		-			(1,073	)		(1,000	)		-			(1,000	)
General and administrative		(9,366	)		(16	)		(9,382	)		(8,572	)		(17	)		(8,589	)
Total Expenses		(110,296	)		(2,250	)		(112,546	)		(105,667	)		(5,131	)		(110,798	)

Operating Income		43,675			415			44,090			50,094			1,409			51,503

Interest income		928			8			936			529			27			556
Interest expense		(37,712	)		(1,174	)		(38,886	)		(40,845	)		(1,888	)		(42,733	)
Loan fee amortization		(1,401	)		(26	)		(1,427	)		(928	)		(34	)		(962	)
Equity in (loss) income of unconsolidated real estate entities, net		(1,083	)		-			(1,083	)		155			-			155
Income from continuing operations		4,407			(777	)		3,630			9,005			(486	)		8,519
Discontinued Operations:
Gain on sales of properties		-			-			-			1,252			-			1,252
Impairment losses, net		(183	)		-			(183	)		-			-			-
Loss from operations		(777	)		777			-			(486	)		486			-
Net income		3,447			-			3,447			9,771			-			9,771
Noncontrolling interest in operating partnership		388			-			388			-			-			-
Net income attributable to Glimcher Realty Trust		3,835			-			3,835			9,771			-			9,771
Preferred stock dividends		(8,718	)		-			(8,718	)		(8,718	)		-			(8,718	)
Net (loss) income available to common shareholders	$	(4,883	)	$	-		$	(4,883	)	$	1,053		$	-		$	1,053

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

Components of Minimum Rents and Other Revenue

(in thousands)

	Three Months Ended June 30,
	2009							2008
	As		Discontinued			Pre		As			Discontinued			Pre
	Reported		Operations			FAS 144		Reported			Operations			FAS 144

Components of Minimum Rents:
Base rent	$	45,882	$	777		$	46,659	$	48,026		$	2,218		$	50,244
Termination income		92		10			102		1,113			31			1,144
Straight-line rents		122		(50	)		72		(191	)		(24	)		(215	)
Total Minimum Rents	$	46,096	$	737		$	46,833	$	48,948		$	2,225		$	51,173

Components of Other Revenue:
Fee income	$	1,042	$	-		$	1,042	$	1,433		$	-		$	1,433
Specialty leasing and sponsorship income		2,474		19			2,493		2,394			110			2,504
Other		1,304		15			1,319		1,275			52			1,327
Total Other Revenue	$	4,820	$	34		$	4,854	$	5,102		$	162		$	5,264

	Six Months Ended June 30,
	2009									2008
	As			Discontinued			Pre			As			Discontinued		Pre
	Reported			Operations			FAS 144			Reported			Operations		FAS 144

Components of Minimum Rents:
Base rent	$	92,334		$	1,642		$	93,976		$	96,355		$	4,492	$	100,847
Termination income		394			10			404			1,125			31		1,156
Straight-line rents		(481	)		(44	)		(525	)		(514	)		64		(450	)
Total Minimum Rents	$	92,247		$	1,608		$	93,855		$	96,966		$	4,587	$	101,553

Components of Other Revenue:
Fee income	$	2,156		$	-		$	2,156		$	2,406		$	-	$	2,406
Specialty leasing and sponsorship income		4,906			36			4,942			4,694			200		4,894
Other (1)		4,291			14			4,305			2,518			65		2,583
Total Other Revenue	$	11,353		$	50		$	11,403		$	9,618		$	265	$	9,883

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

(1) Includes a $1,482 gain on the sale of an operating asset that occurred during the first 3 months ended March 31, 2009. This gain is excluded from FFO.

Components of Other Operating Expenses

(in thousands)

	Three Months Ended June 30,
	2009						2008
	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	$	277	$	-	$	277	$	213	$	-	$	213
Discontinued development write offs		185		-		185		-		-		-
Specialty leasing costs		420		5		425		447		64		511
Other		1,317		20		1,337		1,257		68		1,325
Total Other Operating Expenses	$	2,199	$	25	$	2,224	$	1,917	$	132	$	2,049

	Six Months Ended June 30,
	2009						2008
	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	$	592	$	-	$	592	$	358	$	-	$	358
Discontinued development write offs		185		-		185		326		-		326
Speciality leasing costs		885		38		923		923		128		1,051
Other		2,666		123		2,789		2,381		176		2,557
Total Other Operating Expenses	$	4,328	$	161	$	4,489	$	3,988	$	304	$	4,292

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

SUMMARY FINANCIAL STATEMENT INFORMATION

FOR UNCONSOLIDATED ENTITIES

(in thousands)

	For the Three Months Ended June 30, 2009						For the Three Months Ended June 30, 2008
				Company's Pro-Rata						Company's Pro-Rata
				Share of Joint Venture						Share of Joint Venture
	Total			Operations			Total			Operations
Statements of Operations

Total revenues	$	7,395		$	3,838		$	8,133		$	4,229
Operating expenses		(4,585	)		(2,372	)		(4,261	)		(2,215	)
Net operating income		2,810			1,466			3,872			2,014
Depreciation and amortization		(2,591	)		(1,342	)		(2,169	)		(1,128	)
Other expenses, net		(13	)		(7	)		(3	)		(2	)
Interest expense, net		(1,622	)		(839	)		(1,784	)		(928	)
Net loss		(1,416	)		(722	)		(84	)		(44	)
Preferred dividend		(8	)		(4	)		(8	)		(4	)
Net loss to partnership	$	(1,424	)	$	(726	)	$	(92	)	$	(48	)

GPLP's share of loss from investment in joint ventures	$	(726	)				$	(48	)

	For the Six Months Ended June 30, 2009						For the Six Months Ended June 30, 2008
				Company's Pro-Rata						Company's Pro-Rata
				Share of Joint Venture						Share of Joint Venture
	Total			Operations			Total			Operations
Statements of Operations

Total revenues	$	14,950		$	7,765		$	16,486		$	8,572
Operating expenses		(8,746	)		(4,535	)		(8,395	)		(4,365	)
Net operating income		6,204			3,230			8,091			4,207
Depreciation and amortization		(5,497	)		(2,841	)		(4,258	)		(2,214	)
Other expenses, net		(15	)		(8	)		(5	)		(3	)
Interest expense, net		(2,810	)		(1,456	)		(3,513	)		(1,827	)
Net (loss) income		(2,118	)		(1,075	)		315			163
Preferred dividend		(16	)		(8	)		(16	)		(8	)
Net (loss) income available to partnership	$	(2,134	)	$	(1,083	)	$	299		$	155

GPLP's share of (loss) income from investment in joint ventures	$	(1,083	)				$	155

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

	2009									2008
	3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos		YTD
	Mar. 31			June 30			June 30			Mar. 31			June 30			Sept. 30			Dec. 31		Dec. 31
Funds from Operations ("FFO"):
Net (loss) income available to common shareholders	$	(3,555	)	$	(1,328	)	$	(4,883	)	$	(261	)	$	1,314		$	(3,444	)	$	1,723	$	(668	)
Real estate depreciation and amortization		22,526			18,260			40,786			19,088			19,364			20,677			20,474		79,603
Equity in loss (income) of unconsolidated entities		357			726			1,083			(203	)		48			299			565		709
Pro-rata share of joint venture funds from operations		1,149			595			1,744			1,272			1,063			1,230			1,161		4,726
Noncontrolling interest in operating partnership		(281	)		(107	)		(388	)		-			-			-			-		-
(Gain) loss on sales of assets		(1,482	)		-			(1,482	)		-			(1,252	)		-			8		(1,244	)
FFO	$	18,714		$	18,146		$	36,860		$	19,896		$	20,537		$	18,762		$	23,931	$	83,126

Adjusted Funds from Operations:
FFO	$	18,714		$	18,146		$	36,860		$	19,896		$	20,537		$	18,762		$	23,931	$	83,126
Add back: impairment adjustments		183			-			183			-			-			-			-		-
Adjusted Funds from Operations	$	18,897		$	18,146		$	37,043		$	19,896		$	20,537		$	18,762		$	23,931	$	83,126

Weighted average common shares outstanding - diluted (including common stock equivalents)		40,866			41,145			40,997			40,701			40,790			40,783			40,791		40,762

FFO per diluted share	$	0.46		$	0.44		$	0.90		$	0.49		$	0.50		$	0.46		$	0.59	$	2.04
Add back impairment adjustments		-			-			-			-			-			-			-		-
Adjusted FFO per diluted share	$	0.46		$	0.44		$	0.90		$	0.49		$	0.50		$	0.46		$	0.59	$	2.04

	2009									2008
	3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			June 30			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
FFO Payout Ratio:
Dividend paid per common share/unit	$	0.1000		$	0.1000		$	0.2000		$	0.3200		$	0.3200		$	0.3200		$	0.3200		$	1.2800
FFO payout ratio after add back of impairment losses		21.6	%		22.7	%		22.1	%		65.5	%		63.6	%		69.6	%		54.5	%		62.8	%

	2009								2008
	3 mos			3 mos		YTD			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30		June 30			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Supplemental disclosure of amounts included in FFO for wholly owned properties
Deferred leasing costs	$	1,063		$	1,119	$	2,182		$	1,217		$	1,478		$	1,321		$	1,223		$	5,239
Straight-line adjustment as (decrease) increase to FFO	$	(597	)	$	72	$	(525	)	$	(235	)	$	(215	)	$	(487	)	$	(832	)	$	(1,769	)
Fair value of debt amortized as reduction to interest expense	$	42		$	42	$	84		$	42		$	42		$	42		$	42		$	168
Intangible and inducement amortization as a net increase (decrease) to base rents	$	78		$	329	$	407		$	242		$	338		$	354		$	(96	)	$	838
Discontinued development write-off's	$	-		$	185	$	185		$	326		$	-		$	-		$	47		$	373
Impairment adjustments	$	(183	)	$	-	$	(183	)	$	-		$	-		$	-		$	-		$	-

JOINT VENTURE CALCULATION OF FUNDS FROM OPERATIONS

AND DISCLOSURE OF PRO RATA SHARE OF JOINT VENTURE

NON-CASH AMOUNTS IN FFO

(in thousands)

	2009									2008
	3 mos			3 mos			YTD			3 mos		3 mos			3 mos			3 mos			YTD
	Mar. 31			June 30			June 30			Mar. 31		June 30			Sept. 30			Dec. 31			Dec. 31
Joint Venture Funds from Operations:
Net (loss) income available to partnership	$	(710	)	$	(1,424	)	$	(2,134	)	$	391	$	(92	)	$	(574	)	$	(1,085	)	$	(1,360	)
Real estate depreciation and amortization		2,897			2,549			5,446			2,054		2,136			2,939			3,321			10,450
FFO	$	2,187		$	1,125		$	3,312		$	2,445	$	2,044		$	2,365		$	2,236		$	9,090

Pro-rata share of joint venture funds from operations	$	1,149		$	595		$	1,744		$	1,272	$	1,063		$	1,230		$	1,161		$	4,726

	2009								2008
	3 mos		3 mos			YTD			3 mos		3 mos		3 mos		3 mos			YTD
	Mar. 31		June 30			June 30			Mar. 31		June 30		Sept. 30		Dec. 31			Dec. 31
Non-cash amounts included in FFO (pro-rata share of joint venture)
Straight-line adjustment as increase (decrease) to net income	$	15	$	(24	)	$	(9	)	$	48	$	23	$	50	$	(13	)	$	108
Fair value of debt amortized as increase to interest expense	$	-	$	-		$	-		$	25	$	17	$	-	$	-		$	42
Intangible amortization as an increase to minimum rents	$	217	$	216		$	433		$	286	$	258	$	446	$	668		$	1,658

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

	2009									2008
	3 mos			3 mos			YTD			3 mos			3 mos			3 mos			3 mos		YTD
	Mar. 31			June 30			June 30			Mar. 31			June 30			Sept. 30			Dec. 31		Dec. 31


Calculation of EBITDA:
Net income attributable to Glimcher Realty Trust	$	804		$	3,031		$	3,835		$	4,098		$	5,673		$	916		$	6,082	$	16,769
Interest expense (continuing and discontinued operations)		19,621			19,265			38,886			21,701			21,032			21,596			20,879		85,208
Loan fee amortization (continuing and discontinued operations)		655			772			1,427			469			493			499			615		2,076
Taxes (continuing and discontinued operations)		370			557			927			226			322			273			204		1,025
Depreciation and amortization (continuing and discontinued operations)		23,058			18,801			41,859			19,554			19,898			21,215			21,029		81,696
EBITDA		44,508			42,426			86,934			46,048			47,418			44,499			48,809		186,774
Noncontrolling interest in operating partnership		(281	)		(107	)		(388	)		-			-			-			-		-
(Gain) loss on sales of assets, properties held for sale and impairment charges		(1,299	)		-			(1,299	)		-			(1,252	)		-			8		(1,244	)
Adjusted EBITDA	$	42,928		$	42,319		$	85,247		$	46,048		$	46,166		$	44,499		$	48,817	$	185,530

Operating Ratios Excluding Held-for-Sale Properties:
General and administrative / total revenues		6.3%			5.9%			6.1%			5.3%			5.7%			5.5%			6.0%		5.6%
Tenant reimbursements / (real estate taxes + property operating expenses)		91.5%			92.4%			91.9%			90.8%			91.4%			90.7%			90.7%		90.9%

Operating Ratios Including Held-for-Sale Properties:
Tenant reimbursements / (real estate taxes + property operating expenses)		90.7%			90.7%			90.7%			89.4%			86.8%			87.3%			89.0%		88.1%

Earnings per Share:
Weighted average common shares outstanding - basic		37,864			38,023			37,944			37,710			37,788			37,795			37,805		37,775
Weighted average common shares outstanding - diluted		40,850			41,009			40,930			40,701			40,790			37,795			40,791		40,762

(Loss) earnings per share - basic	$	(0.09	)	$	(0.03	)	$	(0.13	)	$	(0.01	)	$	0.03		$	(0.09	)	$	0.05	$	(0.02	)

(Loss) earnings per share - diluted	$	(0.09	)	$	(0.03	)	$	(0.13	)	$	(0.01	)	$	0.03		$	(0.09	)	$	0.04	$	(0.02	)

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

	2009						2008
	Mar. 31			June 30			Dec. 31
Assets:
Land	$	246,333		$	245,506		$	245,806
Buildings, improvements and equipment		1,762,355			1,772,277			1,768,589
Developments in progress		101,415			99,600			103,809
		2,110,103			2,117,383			2,118,204
Less accumulated depreciation		571,520			588,343			565,894
Property and equipment, net		1,538,583			1,529,040			1,552,310

Deferred leasing costs, net		18,923			18,508			19,479
Investment in and advances to unconsolidated real estate entities		125,746			131,130			124,470
Real estate assets held-for-sale		45,423			45,271			64,774
Investment in real estate, net		1,728,675			1,723,949			1,761,033

Cash and cash equivalents		13,503			14,004			17,734
Non-real estate assets associated with discontinued operations		1,265			1,282			1,989
Restricted cash		12,218			13,842			14,209
Tenant accounts receivable, net		34,529			33,646			36,913
Deferred expenses, net		8,212			7,805			8,272
Prepaid and other assets		36,821			35,156			36,163
Total Assets	$	1,835,223		$	1,829,684		$	1,876,313

Liabilities and Equity:
Mortgage notes payable	$	1,206,983		$	1,219,120		$	1,225,627
Mortgage notes payable associated with discontinued operations		42,229			42,229			72,229
Notes payable		392,054			376,413			362,097
Other liabilities associated with discontinued operations		1,252			531			1,937
Accounts payable and accrued expenses		61,033			63,803			66,457
Distributions payable		8,461			8,463			17,414
Total Liabilities		1,712,012			1,710,559			1,745,761

Equity:
Series F cumulative preferred stock		60,000			60,000			60,000
Series G cumulative preferred stock		150,000			150,000			150,000
Common shares of beneficial interest		380			380			378
Additional paid-in capital		564,337			564,601			564,098
Distributions in excess of accumulated earnings		(644,504	)		(649,635	)		(637,148	)
Other comprehensive loss		(6,476	)		(5,381	)		(6,776	)
Total Glimcher Realty Trust Shareholders' Equity		123,737			119,965			130,552
Noncontrolling interest		(526	)		(840	)		-
Total equity		123,211			119,125			130,552
Total Liabilities and Equity	$	1,835,223		$	1,829,684		$	1,876,313

MARKET CAPITALIZATION and DEBT COVERAGE RATIOS

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

	2009						2008
	3 mos		3 mos		YTD		3 mos		3 mos		3 mos		3 mos		YTD
	Mar. 31		June 30		June 30		Mar. 31		June 30		Sept. 30		Dec. 31		Dec. 31

Share price (end of period)	$	1.40	$	2.90	$	2.90	$	11.96	$	11.18	$	10.44	$	2.81	$	2.81

Market Capitalization Ratio:
Common shares outstanding		38,009		38,029		38,029		37,784		37,790		37,797		37,809		37,809
Operating partnership units outstanding		2,986		2,986		2,986		2,988		2,988		2,988		2,986		2,986
Total common shares and units outstanding at end of period		40,995		41,015		41,015		40,772		40,778		40,785		40,795		40,795

Valuation - Common shares and operating partnership units outstanding	$	57,393	$	118,944	$	118,944	$	487,633	$	455,898	$	425,795	$	114,634	$	114,634
Valuation - Preferred stock		210,000		210,000		210,000		210,000		210,000		210,000		210,000		210,000
Total debt (end of period)		1,641,266		1,637,762		1,637,762		1,577,173		1,574,116		1,626,777		1,659,953		1,659,953
Total market capitalization	$	1,908,659	$	1,966,706	$	1,966,706	$	2,274,806	$	2,240,014	$	2,262,572	$	1,984,587	$	1,984,587

Debt / Market capitalization		86.0%		83.3%		83.3%		69.3%		70.3%		71.9%		83.6%		83.6%
Debt / Market capitalization including pro-rata share of joint ventures		86.5%		84.0%		84.0%		70.2%		71.3%		72.7%		84.2%		84.2%


Debt Coverage Ratios:
Interest coverage ratio		2.2		2.2		2.2		2.1		2.2		2.1		2.3		2.2
(Adjusted EBITDA from page 8 / interest expense)
Debt service coverage ratio		1.8		1.8		1.8		1.8		1.8		1.7		2.0		1.8
(Adjusted EBITDA / interest expense + scheduled principal payments)

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)

Mortgage Notes Payable:
	Jun. 30,			Dec. 31,			Interest Rates				Interest	Payment	Balloon Pmt.		Final
Fixed Rate	2009			2008			2009		2008		Terms	Terms	at Maturity		Maturity
Charlotte Eastland Mall, LLC (p)	$	42,229		$	42,229			8.50%		8.50%		(b)	$	42,229	(e)
Johnson City Venture, LLC		37,554			37,827			8.37%		8.37%		(a)	$	37,026	June 1, 2010
Polaris Center, LLC		39,123			39,423			8.20%		8.20%	(j)	(a)	$	38,543	(f)
Catalina Partners, LP		42,250			42,250			4.72%		4.72%	(k)	(b)	$	42,250	April 23, 2011
Glimcher Northtown Venture, LLC		40,000			40,000			6.02%		6.02%	(l)	(b)	$	40,000	October 21, 2011
Morgantown Mall Associates, LP		39,648			39,951			6.52%		6.52%	(m)	(a)	$	38,028	October 13, 2011
Glimcher Ashland Venture, LLC		23,394			23,701			7.25%		7.25%		(a)	$	21,817	November 1, 2011
Dayton Mall Venture, LLC		53,486			54,015			8.27%		8.27%	(j)	(a)	$	49,864	(g)
Glimcher WestShore, LLC		91,023			91,921			5.09%		5.09%		(a)	$	84,824	September 9, 2012
PFP Columbus, LLC		135,798			137,144			5.24%		5.24%		(a)	$	124,572	April 11, 2013
LC Portland, LLC		127,567			128,779			5.42%		5.42%	(j)	(a)	$	116,922	(h)
JG Elizabeth, LLC		151,775			153,260			4.83%		4.83%		(a)	$	135,194	June 8, 2014
MFC Beavercreek, LLC		104,725			105,686			5.45%		5.45%		(a)	$	92,762	November 1, 2014
Glimcher Supermall Venture, LLC		57,160			57,675			7.54%		7.54%	(j)	(a)	$	49,969	(i)
Glimcher Merritt Square, LLC		57,000			57,000			5.35%		5.35%		(c)	$	52,914	September 1, 2015
RVM Glimcher, LLC		49,739			50,000			5.65%		5.65%		(a)	$	44,931	January 11, 2016
WTM Glimcher, LLC		60,000			60,000			5.90%		5.90%		(b)	$	60,000	June 8, 2016
EM Columbus II, LLC		42,747			43,000			5.87%		5.87%		(a)	$	38,057	December 11, 2016
Tax Exempt Bonds		19,000			19,000			6.00%		6.00%		(d)	$	19,000	November 1, 2028
		1,214,218			1,222,861
Variable Rate/Bridge
Polaris Lifestyle Center, LLC		18,500			-			4.75%			(n)	(b)	$	18,500	February 1, 2012
Grand Central, LP		29,854			-			5.50%			(o)	(a)	$	29,329	February 1, 2012
		48,354			-
Other
Fair Value Adjustment - Polaris Center, LLC		393			607
Fair Value Adjustment - Glimcher Merritt Square, LLC		(1,616	)		(1,747	)
Extinguished Debt		-			76,135				(q)

Total Mortgage Notes Payable	$	1,261,349		$	1,297,856


(a)	The loan requires monthly payments of principal and interest.
(b)	The loan requires monthly payments of interest only.
(c)	The loan requires 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 Company entered into a loan modification agreement that extended the optional prepayment date to September 11, 2009. Per the agreement, if the property is not sold
	prior to September 11, 2009, the property will be conveyed to the lender, without penalty, and the Company will be released of all obligations under the loan agreement.
(f)	The loan matures in June 2030, with an optional prepayment (without penalty) date on June 1, 2010.
(g)	The loan matures in July 2027, with an optional prepayment (without penalty) date on July 11, 2012.
(h)	The loan matures in June 2033, with an optional prepayment (without penalty) date on June 11, 2013.
(i)	The loan matures in September 2029, with an optional prepayment (without penalty) date on February 11, 2015.
(j)	Interest rate escalates after optional prepayment date.
(k)	Interest rate of LIBOR plus 165 basis points fixed through a swap agreement at a rate of 4.72% at June 30, 2009 and December 31, 2008.
(l)	Interest rate of LIBOR plus 300 basis points fixed through a swap agreement at a rate of 6.02% at June 30, 2009 and December 31, 2008.
(m)	Interest rate of LIBOR plus 350 basis points fixed through a swap agreement at a rate of 6.52% at June 30, 2009 and December 31, 2008.
(n)	Interest rate is the greater of LIBOR plus 275 basis points or 4.75%.
(o)	Interest rate is the greater of LIBOR plus 350 basis points or 5.50%.
(p)	Mortgage notes payable associated with properties held-for-sale.
(q)	Interest rates ranging from 4.30% to 7.18% at December 31, 2008.

CONSOLIDATED DEBT MATURITIES SCHEDULE

(dollars in thousands)

			Extension
	Initial		Option		Interest		Balance			Principal Payments - Assumes Exercise of Extension Options
Description	Maturity		(d)		Rate		6/30/2009			2009			2010			2011			2012			2013			2014			2015			2016		2017+

Wholly Owned Properties
Charlotte Eastland Mall		09/2009				8.50%	$	42,229		$	42,229
Mall at Johnson City		06/2010				8.37%		37,554			276		$	37,278
Polaris Towne Center		06/2010				8.20%		39,123			304			38,819
Colonial Park Mall (a)		04/2011				4.72%		42,250			-			-		$	42,250
Northtown Mall (a)		10/2011		10/2012		6.02%		40,000			-			-			-		$	40,000
Morgantown Mall (a)		10/2011		10/2013		6.52%		39,648			313			660			698			739		$	37,238
Ashland Town Center		11/2011				7.25%		23,394			313			668			22,413			-			-
Polaris Lifestyle Center		02/2012		08/2013		4.75%		18,500			-			-			-			-			18,500
Grand Central Mall		02/2012		02/2014		5.50%		29,854			95			202			213			221			238		$	28,885
Dayton Mall		07/2012				8.27%		53,486			538			1,159			1,260			50,529			-			-
WestShore Plaza		09/2012				5.09%		91,023			909			1,902			2,003			86,209			-			-
Polaris Fashion Place		04/2013				5.24%		135,798			1,362			2,855			3,011			3,155			125,415			-
Lloyd Center		06/2013				5.42%		127,567			1,227			2,577			2,722			2,856			118,185			-
Jersey Gardens		06/2014				4.83%		151,775			1,501			3,135			3,292			3,437			3,629			136,781
Mall at Fairfield Commons		11/2014				5.45%		104,725			972			2,043			2,159			2,265			2,409			94,877
Supermall of the Great NW		02/2015				7.54%		57,160			523			1,119			1,208			1,292			1,406			1,517		$	50,095
Merritt Square Mall		09/2015				5.35%		57,000			-			185			756			790			843			889			53,537
River Valley Mall		01/2016				5.65%		49,739			306			649			686			719			768			815			863		$	44,933
Weberstown Mall		06/2016				5.90%		60,000			-			-			-			-			-			-			-			60,000
Eastland Mall (OH)		12/2016				5.87%		42,747			253			537			570			597			641			680			722			38,747
Tax Exempt Bonds		11/2028				6.00%		19,000			-			-			-			-			-			-			-			-	$	19,000
Fair Value Adjustment Amortization - Polaris Towne Center								393			214			179			-			-			-			-			-			-		-
Fair Value Adjustment Amortization - Merritt Square Mall								(1,616	)		(132	)		(264	)		(264	)		(264	)		(264	)		(264	)		(164	)		-		-

Subtotal (b)								1,261,349			51,203			93,703			82,977			192,545			309,008			264,180			105,053			143,680		19,000

Credit Facility (c)		12/2009		12/2010		2.43%		376,413			-			376,413			-			-			-			-			-			-		-

Total Wholly Owned Maturities							$	1,637,762		$	51,203		$	470,116		$	82,977		$	192,545		$	309,008		$	264,180		$	105,053		$	143,680	$	19,000

Pro-rata share of Joint Venture Maturities							$	94,310		$	18,200		$	2,315			-		$	23,400		$	50,395			-			-			-		-

Total Wholly Owned and Joint Venture Maturities							$	1,732,072		$	69,403		$	472,431		$	82,977		$	215,945		$	359,403		$	264,180		$	105,053		$	143,680	$	19,000

(a) Interest rates are fixed through various interest rate swap agreements

(b) Weighted Average interest rate for the fixed rate debt was 6.02% as of June 30, 2009 with an initial weighted average maturity of 4.5 years.

(c) Weighted average interest rate. $140 million of this balance has been fixed through various interest rate swap agreements

(d) Loan may be extended to date indicated subject to certain loan extension fees and conditions.

JOINT VENTURE DEBT AND DEBT MATURITY SCHEDULE

(dollars in thousands)

	Interest
	Rate		Loan	Final	Extension	Balance		Principal Payments - Assumes Exercise of Extension Options
Description	6/30/2009		Terms	Maturity	Options (e)	6/30/2009		2009		2010		2011		2012		2013


Fixed Rate Mortgages
Puente Hills Mall, LLC		5.61%	(a)	June 1, 2010	June 1, 2012	$	45,000	$	-	$	-	$	-	$	45,000	$	-
Kierland Crossing, LLC		5.44%	(b)	May 29, 2011	May 29, 2013		100,790		-		-		-		-		100,790
Total Fixed Rate Mortgages							145,790		-		-		-		45,000		100,790

Variable Rate Mortgages
Tulsa Promenade , LLC		7.00%	(c)	July 13, 2009			35,000		35,000		-		-		-		-
Surprise Peripheral Venture, LLC		2.06%	(d)	October 1, 2009	October 1, 2010		4,629		-		4,629		-		-		-
Total Variable Rate Mortgages							39,629		35,000		4,629		-		-		-

Total Joint Venture Mortgages						$	185,419	$	35,000	$	4,629	$	-	$	45,000	$	100,790


Joint Venture Debt (Pro Rata Share)						$	94,310	$	18,200	$	2,315	$	-	$	23,400	$	50,395


(a) Interest rate of LIBOR plus 235 basis points, loan requires monthly payments of interest only. The interest rate is fixed with a swap.
(b) Interest rate of LIBOR plus 150 basis points, loan requires monthly payments of interest only. The interest rate is fixed with a swap.
(c) The maturity date was extended to July 13, 2009. The borrower is currently in the process of closing on an additional loan extension that will extend the maturity date into 2011.
(d) Interest rate of LIBOR plus 175 basis points, loan requires monthly payments of interest only.
(e) Loan may be extended to date indicated subject to certain loan extension fees and conditions.

OCCUPANCY STATISTICS

Portfolio Occupancy Statistics

Portfolio occupancy statistics by property type are summarized below:


	Occupancy (1)
	6/30/2009	3/31/2009	12/31/2008	9/30/2008	6/30/2008

Core Malls (2)
Mall Anchors	93.1%	93.1%	94.0%	98.6%	97.3%
Mall Stores	90.3%	91.2%	94.4%	93.1%	92.3%
Total Consolidated Mall Portfolio	92.1%	92.4%	94.1%	96.6%	95.5%

Mall Portfolio - including Joint Ventures (3)
Mall Anchors	93.7%	93.3%	93.8%	98.2%	97.4%
Mall Stores	90.3%	91.2%	93.8%	92.6%	91.9%
Total Mall Portfolio	92.4%	92.5%	93.8%	96.2%	95.4%

LEASING RESULTS AND RE-LEASING SPREADS

Permanent Leasing Activity (excludes held-for-sale and joint venture properties)

The following table summarizes the new and rollover lease activity by type for the six months ended June 30, 2009:

	GLA Analysis						Average Annualized Base Rents
	New		Rollover				New		Rollover
Property Type	Leases		Leases		Total		Leases		Leases		Total
Mall Anchors		-		-		-	$	-	$	-	$	-
Mall Stores		102,384		217,903		320,287	$	46.81	$	24.51	$	32.05

The following table summarizes the new and rollover lease activity and the comparative prior rents for the three and six months ended June 30, 2009, 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 June 30, 2009
Mall Anchors		-		-		-	$	-	$	-	$	-	$	-	$	-	$	-		0%
Mall Stores		21,180		72,531		93,711	$	39.49	$	31.18	$	23.39	$	25.25	$	27.03	$	26.59		2%


Six months ended June 30, 2009
Mall Anchors		-		-		-	$	-	$	-	$	-	$	-	$	-	$	-		0%
Mall Stores		45,735		143,502		189,237	$	60.13	$	54.16	$	26.27	$	27.89	$	34.45	$	34.24		1%

CORE SAME MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

WHOLLY OWNED HELD FOR INVESTMENT

as of June 30, 2009

Property	Location	MSA Ranking	Total GLA		Avg. Mall Store Sales PSF (1) June 2009		Avg. Mall Store Sales PSF (1) June 2008		Mall Store Occupancy 6/30/2009		Mall Store Occupancy 06/30/2008		% of Mall Portfolio NOI (2)

MARKET DOMINANT

Jersey Gardens	Elizabeth, NJ	1		1,302,994
Lloyd Center	Portland, OR	23		1,423,202
Mall at Fairfield Commons	Dayton, OH	59		1,138,753
Mall at Johnson City	Johnson City, TN	>100		548,860
Polaris Fashion Place	Columbus, OH	32		1,532,731
Weberstown Mall	Stockton, CA	76		846,122
WestShore Plaza	Tampa, FL	19		1,059,112
				7,851,774	$	419	$	441		93.3%		94.6%		61%

Property	Location	MSA Ranking	Total GLA		Avg. Mall Store Sales PSF (1) June 2009		Avg. Mall Store Sales PSF (1) June 2008		Mall Store Occupancy 6/30/2009		Mall Store Occupancy 06/30/2008		% of Mall Portfolio NOI (2)

TRADE AREA DOMINANT

Ashland Town Center	Ashland, KY	>100		420,110
Colonial Park Mall	Harrisburg, PA	94		743,642
Dayton Mall	Dayton, OH	59		1,416,977
Eastland Mall (OH)	Columbus, OH	32		1,015,892
Grand Central Mall	Parkersburg, WV	>100		845,858
Indian Mound Mall	Columbus, OH	32		557,716
Merritt Square Mall	Merritt Island, FL	27		819,392
Morgantown Mall	Morgantown, WV	>100		557,954
New Towne Mall	New Philadelphia, OH	>100		513,674
Northtown Mall	Minneapolis, MN	16		713,895
River Valley Mall	Columbus, OH	32		569,412
Supermall of the Great NW	Seattle, WA	15		942,693
				9,117,215	$	284	$	299		87.5%		90.3%		39%

CORE MALLS - WHOLLY OWNED HELD FOR INVESTMENT				16,968,989	$	348	$	369		90.3%		92.3%		100%

(1) Sales for in-line stores with less than 10,000 square feet.
(2) Based on net operating income for the six months ended June 30, 2009.

SUMMARY OF SIGNIFICANT TENANTS

As of June 30, 2009

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, Old Navy		26		393,293	$	6,510,474		3.3%
Limited Brands, Inc.	Bath & Body Works/White Barn Candle, Victoria's Secret		42		195,188		5,090,051		2.6%
Signet Jewelers LTD	Kay Jewelers, JB Robinson, Jared Jewelers, others		36		66,240		4,281,662		2.2%
AMC Theater			2		148,344		4,189,000		2.1%
Foot Locker, Inc.	Champs Sports, Footlocker, Foot Action USA		42		161,528		4,049,684		2.0%
Bon Ton	Bon Ton, Elder Beerman, Herbergers		11		1,126,171		3,502,419		1.8%
Bain Capital	Cohoes Fashion, Burlington Coat		6		405,506		3,456,310		1.7%
JCPenney Company, Inc.			18		1,882,705		3,392,640		1.7%
Sears Holding Corp.	Great Indoors, K-Mart, Sears		21		2,500,330		2,934,797		1.5%
American Eagle Outfitters	American Eagle, aerie		17		97,656		2,602,236		1.3%
Zale Corp.	Piercing Pagoda, Zales Jewelers, Silver & Gold		31		29,604		2,574,600		1.3%
Genesco Inc.	Hat World, Lids, Johnston & Murphy, Journeys, Shi, Underground Station		42		62,539		2,536,246		1.3%
Luxottica Group	Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station		33		79,984		2,514,729		1.3%
Finish Line, Inc.	Finish Line, Man Alive		20		108,365		2,376,288		1.2%
Saks Inc.	Saks Fifth Avenue, Saks Off Fifth		3		228,156		2,360,100		1.2%
Forever 21, Inc			6		97,630		2,118,381		1.1%
Abercrombie & Fitch, Inc	Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks Outlet		18		117,076		2,044,638		1.0%

Total tenants representing > 1.0%			374		7,700,315	$	56,534,255		28.6%



Note: Information includes wholly-owned and joint venture properties and excludes held-for-sale malls.

TOP 10 REGIONAL MALL TENANTS

As of June 30, 2009

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	$	5,090,051		2.7%
Signet Jewelers LTD		35		60,460	$	4,195,422		2.2%
Foot Locker, Inc.		42		161,528	$	4,049,684		2.1%
Gap, Inc.		20		227,820	$	4,012,926		2.1%
American Eagle Outfitters		17		97,656	$	2,602,236		1.4%
Zale Corp.		31		29,604	$	2,574,600		1.3%
Genesco, Inc.		42		62,539	$	2,536,246		1.3%
Luxottica Group		33		79,984	$	2,514,729		1.3%
Finish Line, Inc.		20		108,365	$	2,376,288		1.2%
Abercrombie & Fitch, Inc.		18		117,076	$	2,044,638		1.1%


Mall Anchors (ranked by total GLA)
					Annualized
	Number of		GLA of		Minimum		% of Total
Tenant Name	Stores		Stores		Rents		Mall GLA
Sears Holding Corp.		17		2,313,188	$	1,790,127		12.1%
JCPenney Company, Inc.		15		1,841,903	$	3,392,640		9.7%
Macy's, Inc.		9		1,693,944	$	255,000		8.9%
Bon-Ton Department Stores, Inc.		11		1,126,171	$	3,502,419		5.9%
Dillard's		3		522,967	$	-		2.7%
Belks		6		416,131	$	1,756,852		2.2%
Bain Capital		5		390,950	$	3,235,572		2.1%
Saks Inc.		3		228,156	$	2,360,100		1.2%
Boscov's		1		182,609	$	-		1.0%
Nordstrom		2		175,025	$	387,215		0.9%


Note: Information includes wholly-owned and joint venture properties and excludes held-for-sale malls.

LEASE EXPIRATION SCHEDULE

As of June 30, 2009

Total Portfolio


									Percent of												Percent of
					Store		Total		Occupied								Anchor		Store		Annualized
			Anchor		Square		Square		GLA		Anchor		Store		Total		Annualized		Annualized		Base Rents
Lease	Number		Square Feet		Feet		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

2009		256		-		637,246		637,246		3.5%	$	-	$	12,357,475	$	12,357,475	$	-	$	22.95		6.2%
2010		418		989,186		1,076,569		2,065,755		11.3%		7,296,187		22,485,085		29,781,272	$	7.98	$	24.78		15.1%
2011		377		1,592,313		855,892		2,448,205		13.4%		5,729,568		24,865,859		30,595,427	$	4.36	$	30.03		15.5%
2012		264		871,990		733,790		1,605,780		8.8%		3,198,084		19,542,374		22,740,458	$	4.64	$	30.17		11.5%
2013		165		850,197		524,048		1,374,245		7.5%		2,466,077		12,340,050		14,806,127	$	2.90	$	26.91		7.5%
Thereafter		729		7,640,814		2,495,948		10,136,762		55.5%		29,361,297		58,162,839		87,524,136	$	8.49	$	26.04		44.2%
		2,209		11,944,500		6,323,493		18,267,993		100.0%	$	48,051,213	$	149,753,682	$	197,804,895	$	6.65	$	26.68		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 and excludes held-for-sale malls.

CAPITAL EXPENDITURES

(dollars in thousands)

	Three months ended June 30, 2009						Three months ended June 30, 2008

	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2009		Share		Total		2008		Share		Total

New developments	$	31	$	11,174	$	11,205	$	90	$	11,513	$	11,603

Redevelopment projects	$	5,967	$	3	$	5,970	$	18,583	$	199	$	18,782

Renovation with no incremental GLA	$	9	$	-	$	9	$	13	$	153	$	166

Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	-	$	258	$	258	$	307	$	-	$	307
Non-anchor stores		2,185		84		2,269		1,642		167		1,809
Operational capital expenditures		232		24		256		720		168		888
Total Property Capital Expenditures	$	2,417	$	366	$	2,783	$	2,669	$	335	$	3,004

	Six months ended June 30, 2009						Six months ended June 30, 2008

	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2009		Share		Total		2008		Share		Total

New developments	$	259	$	22,651	$	22,910	$	178	$	19,529	$	19,707

Redevelopment projects	$	14,348	$	10	$	14,358	$	29,576	$	272	$	29,848

Renovation with no incremental GLA	$	34	$	2	$	36	$	28	$	182	$	210

Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	40	$	749	$	789	$	993	$	-	$	993
Non-anchor stores		4,240		86		4,326		3,555		423		3,978
Operational capital expenditures		903		38		941		1,643		168		1,811
Total Property Capital Expenditures	$	5,183	$	873	$	6,056	$	6,191	$	591	$	6,782

DEVELOPMENT ACTIVITY

(dollars in thousands)

Project	Description	Total Project Cost (1)		Ownership %		Pro rata Project Cost		Pro rata Project Costs Incurred thru 6/30/2009 (1)		Opening Date	Project Initial Yield

PROPERTY DEVELOPMENTS:
Scottsdale Quarter	Development of new retail/office	$	250,000		50%	$	125,000	$	69,800	Phase 1 Q1-2009 through Q4-2009		8%
Scottsdale, Arizona	620,000 square feet lifestyle center


Total Development		$	250,000			$	125,000	$	69,800


(1) Project costs exclude the allocation of internal costs such as labor, interest and taxes.

Note: Anticipated opening date, estimated project costs and project yield are 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.

(1) Sales for in-line stores with less than 10,000 square feet.
(2) Company has a 52% ownership interest in these properties.
(3) Excludes Company's held-for-sale malls.