Exhibit 99.2

Supplemental Information

For the three months ended March 31, 2010 and 2009

   

GLIMCHER REALTY TRUST

Supplemental Information

For the Three Months Ended March 31, 2010 and 2009

TABLE OF CONTENTS

Income Statement Data:
	Quarterly Income Statements	Page 1
	Components of Minimum Rents and Other Revenue	Page 2
	Components of Other Operating Expenses	Page 3
	Summary Financial Statement Information for Unconsolidated Entities	Page 4
	Calculation of Funds from Operations and FFO Payout Ratio	Page 5
	Unconsolidated Entities Calculation of FFO and Disclosure of Pro-Rata Share of Non-Cash Amounts  in FFO	Page 6
	EBITDA, Operating Ratios and Earnings Per Share	Page 7
Balance Sheet Data:
	Consolidated Balance Sheets	Page 8
	Market Capitalization and Debt Covenant Requirements	Page 9
	Consolidated Debt Schedule	Page 10
	Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture)	Page 11
	Joint Venture Debt Maturity Schedule	Page 12
Operational Data:
	Occupancy Statistics	Page 13
	Leasing Results and Re-leasing Spreads	Page 14
	Core 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
Development Activity:
	Capital Expenditures	Page 19
	Development Activity	Page 20

QUARTERLY INCOME STATEMENTS

(in thousands)

	Three Months Ended March 31,
	2010									2009
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144
Revenues:
Minimum rents (see components on page 2)	$	47,356		$	(45	)	$	47,311		$	46,278		$	744		$	47,022
Percentage rents		857			-			857			1,439			10			1,449
Tenant reimbursements		22,869			-			22,869			23,925			504			24,429
Out parcel sales		-			-			-			315			-			315
Other (see components on page 2)		4,685			64			4,749			6,384			165			6,549
Total Revenues		75,767			19			75,786			78,341			1,423			79,764
Expenses:
Property operating expenses		(16,722	)		2			(16,720	)		(16,740	)		(646	)		(17,386	)
Real estate taxes		(8,831	)		(1	)		(8,832	)		(9,380	)		(169	)		(9,549	)
		(25,553	)		1			(25,552	)		(26,120	)		(815	)		(26,935	)
Provision for doubtful accounts		(1,406	)		-			(1,406	)		(1,293	)		(231	)		(1,524	)
Other operating expenses (see components on page 3)		(2,841	)		(71	)		(2,912	)		(2,154	)		(223	)		(2,377	)
Cost related to sales of out parcels		-			-			-			(173	)		-			(173	)
Real estate depreciation and amortization		(19,697	)		-			(19,697	)		(22,526	)		-			(22,526	)
Non-real estate depreciation and amortization		(504	)		-			(504	)		(532	)		-			(532	)
General and administrative		(4,889	)		-			(4,889	)		(4,815	)		(5	)		(4,820	)
Total Expenses		(54,890	)		(70	)		(54,960	)		(57,613	)		(1,274	)		(58,887	)
Operating Income		20,877			(51	)		20,826			20,728			149			20,877
Interest income		275			-			275			457			5			462
Interest expense		(20,077	)		-			(20,077	)		(18,699	)		(922	)		(19,621	)
Loan fee amortization		(979	)		-			(979	)		(642	)		(13	)		(655	)
Equity in loss of unconsolidated real estate entities, net		(424	)		-			(424	)		(357	)		-			(357	)
(Loss) income from continuing operations		(328	)		(51	)		(379	)		1,487			(781	)		706
Discontinued Operations:
Adjustment to gain on sold property		(215	)		-			(215	)		-			-			-
Impairment charges, net		-			-			-			(183	)		-			(183	)
Loss from operations		(51	)		51			-			(781	)		781			-
Net (loss) income		(594	)		-			(594	)		523			-			523
Allocation to noncontrolling interests		1,306			-			1,306			281			-			281
Net income attributable to Glimcher Realty Trust		712			-			712			804			-			804
Preferred stock dividends		(4,359	)		-			(4,359	)		(4,359	)		-			(4,359	)
Net loss to common shareholders	$	(3,647	)	$	-		$	(3,647	)	$	(3,555	)	$	-		$	(3,555	)

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

Page 1

Components of Minimum Rents and Other Revenue

(in thousands)

	Three Months Ended March 31,
	2010									2009
	As			Discontinued			Pre			As			Discontinued			Pre
	Reported			Operations			FAS 144			Reported			Operations			FAS 144
Components of Minimum Rents:
Base rent	$	46,753		$	(45	)	$	46,708		$	46,572		$	745		$	47,317
Termination income		666			-			666			302			-			302
Straight-line rents		(63	)		-			(63	)		(596	)		(1	)		(597	)
Total Minimum Rents	$	47,356		$	(45	)	$	47,311		$	46,278		$	744		$	47,022
Components of Other Revenue:
Fee income	$	471		$	-		$	471		$	1,114		$	-		$	1,114
Specialty leasing and sponsorship income		2,248			-			2,248			2,432			17			2,449
Other (1)		1,966			64			2,030			2,838			148			2,986
Total Other Revenue	$	4,685		$	64		$	4,749		$	6,384		$	165		$	6,549

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

(1) Included in the 3 months ended March 31, 2010 is a $547 gain on the sale of a 60% interest in both Lloyd Center and Westshore Plaza. Included in

      the 3 months ended March 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 2

Components of Other Operating Expenses

(in thousands)

	Three Months Ended March 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	$	109	$	-	$	109	$	426	$	-	$	426
Discontinued development write offs		226		-		226		-		-		-
Specialty leasing costs		417		-		417		465		33		498
Other		2,089		71		2,160		1,263		190		1,453
Total Other Operating Expenses	$	2,841	$	71	$	2,912	$	2,154	$	223	$	2,377

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

Page 3

SUMMARY FINANCIAL STATEMENT INFORMATION

FOR UNCONSOLIDATED ENTITIES

(in thousands)

	For the Three Months Ended March 31, 2010						For the Three Months Ended March 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	$	7,898		$	4,011		$	7,554		$	3,926
Operating expenses		(4,549	)		(2,327	)		(4,155	)		(2,159	)
Net operating income		3,349			1,684			3,399			1,767
Depreciation and amortization		(2,293	)		(1,166	)		(2,906	)		(1,499	)
Other income (expense), net		8			4			(9	)		(5	)
Interest expense, net		(1,858	)		(942	)		(1,187	)		(616	)
Net loss		(794	)		(420	)		(703	)		(353	)
Preferred dividend		(8	)		(4	)		(8	)		(4	)
Net loss to partnership	$	(802	)	$	(424	)	$	(711	)	$	(357	)
GPLP's share of loss from investment in unconsolidated entities	$	(424	)				$	(357	)

Page 4

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			3 mos			YTD
	Mar. 31			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Funds from Operations ("FFO"):
Net loss to common shareholders	$	(3,647	)	$	(3,555	)	$	(1,328	)	$	(2,435	)	$	(5,538	)	$	(12,856	)
Real estate depreciation and amortization		19,697			22,526			18,260			18,515			19,634			78,935
Pro-rata share of consolidated joint venture depreciation		(350	)		-			-			-			-			-
Equity in loss of unconsolidated entities		424			357			726			759			1,349			3,191
Pro-rata share of unconsolidated entities funds from operations		723			1,149			595			526			93			2,363
Noncontrolling interest in operating partnership		(160	)		(281	)		(107	)		(191	)		(242	)		(821	)
(Gain) loss on disposition of properties		(332	)		(1,482	)		-			288			-			(1,194	)
FFO	$	16,355		$	18,714		$	18,146		$	17,462		$	15,296		$	69,618
Adjusted Funds from Operations:
FFO	$	16,355		$	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
Adjusted Funds from Operations	$	16,355		$	18,897		$	18,146		$	17,462		$	22,062		$	76,567
Weighted average common shares outstanding - diluted (1)		71,958			40,866			41,145			44,053			71,857			49,582
FFO per diluted share	$	0.23		$	0.46		$	0.44		$	0.40		$	0.21		$	1.40
Adjustments: impairment, derivative and note receivable		-			0.00			-			-			0.09			0.14
Adjusted FFO per diluted share	$	0.23		$	0.46		$	0.44		$	0.40		$	0.31		$	1.54

	2010		2009
	3 mos		3 mos		3 mos		3 mos		3 mos		YTD
	Mar. 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	$	0.1000	$	0.4000
FFO payout ratio after adjustments for impairment, derivative and note receivable		44.0%		21.6%		22.7%		25.2%		32.6%		25.9%

	2010			2009
	3 mos			3 mos			3 mos		3 mos			3 mos			YTD
	Mar. 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		$	1,063		$	1,119	$	937		$	1,020		$	4,139
Straight-line adjustment as (decrease) increase to FFO	$	(334	)	$	(596	)	$	72	$	(262	)	$	(448	)	$	(1,234	)
Fair value of debt amortized as reduction to interest expense	$	113		$	42		$	42	$	42		$	42		$	168
Intangible and inducement amortization as a net increase to base rents	$	135		$	78		$	329	$	235		$	248		$	890
Discontinued development write-off's	$	226		$	-		$	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 stock equivalents that may be excluded in the calculation of earnings per share.

Page 5

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			3 mos			YTD
	Mar. 31			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Unconsolidated Entities Funds from Operations:
Net loss to partnership	$	(802	)	$	(711	)	$	(1,424	)	$	(1,496	)	$	(2,667	)	$	(6,298	)
Real estate depreciation and amortization		2,256			2,898			2,549			2,487			2,792			10,726
FFO	$	1,454		$	2,187		$	1,125		$	991		$	125		$	4,428
Pro-rata share of unconsolidated entities funds from operations	$	723		$	1,149		$	595		$	526		$	93		$	2,363

	2010		2009
	3 mos		3 mos		3 mos			3 mos			3 mos			YTD
	Mar. 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 increase (decrease) to net income	$	19	$	15	$	(24	)	$	(58	)	$	(292	)	$	(359	)
Intangible amortization as an increase to minimum rents	$	191	$	217	$	216		$	345		$	200		$	978

Page 6

EBITDA, OPERATING RATIOS and EARNINGS PER SHARE

(dollars and shares in thousands)

	2010			2009
	3 mos			3 mos			3 mos			3 mos			3 mos			YTD
	Mar. 31			Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Calculation of EBITDA:
Net income (loss) attributable to Glimcher Realty Trust	$	712		$	804		$	3,031		$	1,925		$	(1,179	)	$	4,581
Interest expense (continuing and discontinued operations)		20,077			19,621			19,265			20,044			19,665			78,595
Loan fee amortization (continuing and discontinued operations)		979			655			772			607			660			2,694
Taxes (continuing and discontinued operations)		449			370			557			462			965			2,354
Depreciation and amortization (continuing and discontinued operations)		20,201			23,058			18,801			19,009			20,094			80,962
EBITDA		42,418			44,508			42,426			42,047			40,205			169,186
Allocation to noncontrolling interests		(1,306	)		(281	)		(107	)		(191	)		(242	)		(821	)
Charge to fully reserve note receivable		-			-			-			-			4,966			4,966
Gain on fair market value adjustment of derivative		-			-			-			-			(1,622	)		(1,622	)
(Gain) loss on disposition of properties and impairment charges		(332	)		(1,299	)		-			288			3,422			2,411
Adjusted EBITDA	$	40,780		$	42,928		$	42,319		$	42,144		$	46,729		$	174,120
Operating Ratios:
General and administrative / total revenues		6.5%			6.1%			5.9%			5.8%			6.3%			6.0%
Tenant reimbursements / (real estate taxes + property operating expenses)		89.5%			91.6%			92.2%			91.4%			89.1%			91.1%
Earnings per Share:
Weighted average common shares outstanding - basic		68,782			37,864			38,023			41,038			68,716			46,480
Weighted average common shares outstanding - diluted		71,768			40,850			41,009			44,024			71,702			49,466
Loss per share - basic	$	(0.05	)	$	(0.09	)	$	(0.03	)	$	(0.06	)	$	(0.08	)	$	(0.28	)
Loss per share - diluted	$	(0.05	)	$	(0.09	)	$	(0.03	)	$	(0.06	)	$	(0.08	)	$	(0.28	)

Page 7

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	2010			2009
	Mar. 31			Dec. 31
Assets:
Land	$	194,343		$	251,001
Buildings, improvements and equipment		1,555,014			1,839,342
Developments in progress		219,235			45,934
		1,968,592			2,136,277
Less accumulated depreciation		546,648			624,165
Property and equipment, net		1,421,944			1,512,112
Deferred leasing costs, net		18,081			18,751
Investment in and advances to unconsolidated real estate entities		124,680			138,898
Investment in real estate, net		1,564,705			1,669,761
Cash and cash equivalents		11,300			85,007
Restricted cash		11,705			12,684
Tenant accounts receivable, net		20,126			30,013
Deferred expenses, net		15,803			9,018
Prepaid and other assets		36,629			43,429
Total Assets	$	1,660,268		$	1,849,912
Liabilities and Equity:
Mortgage notes payable	$	1,140,352		$	1,224,991
Notes payable		226,102			346,906
Accounts payable and accrued expenses		82,451			59,071
Distributions payable		11,549			11,530
Total Liabilities		1,460,454			1,642,498
Equity:
Series F cumulative preferred stock		60,000			60,000
Series G cumulative preferred stock		150,000			150,000
Common shares of beneficial interest		689			687
Additional paid-in capital		666,771			666,489
Distributions in excess of accumulated earnings		(681,890	)		(671,351	)
Other comprehensive loss		(8,889	)		(3,819	)
Total Glimcher Realty Trust Shareholders' Equity		186,681			202,006
Noncontrolling interest		13,133			5,408
Total equity		199,814			207,414
Total Liabilities and Equity	$	1,660,268		$	1,849,912

Page 8

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
	Mar. 31		Mar. 31		June 30		Sept. 30		Dec. 31
Share price (end of period)	$	5.07	$	1.40	$	2.90	$	3.67	$	2.70
Market Capitalization Ratio:
Common shares outstanding		68,914		38,009		38,029		68,708		68,719
Operating partnership units outstanding		2,986		2,986		2,986		2,986		2,986
Total common shares and units outstanding at end of period		71,900		40,995		41,015		71,694		71,705
Valuation - Common shares and operating partnership units outstanding	$	364,533	$	57,393	$	118,944	$	263,117	$	193,604
Valuation - Preferred stock		210,000		210,000		210,000		210,000		210,000
Total wholly-owned debt (end of period)		1,238,091		1,641,266		1,637,762		1,586,166		1,571,897
Total market capitalization	$	1,812,624	$	1,908,659	$	1,966,706	$	2,059,283	$	1,975,501
Debt / Market capitalization		68.3%		86.0%		83.3%		77.0%		79.6%
Debt / Market capitalization including pro-rata share of  joint ventures		71.3%		86.6%		84.0%		78.1%		80.6%
			Facility				2010
Credit Facility Debt Covenant Requirements:(1)			Requirements				Mar. 31
Maximum Corporate Debt to Total Asset Value				70.0%				65.3%
Minimum Interest Coverage Ratio				1.75x				2.21x
Minimum Fixed Charge Coverage Ratio				1.30x				1.54x
Maximum Recourse Debt				27.5%				18.7%

(1) Requirements per the amended credit facility.

Page 9

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)

Mortgage Notes Payable:
	Mar. 31,			Dec. 31,			Interest Rates				Interest	Payment	Balloon Pmt.
Fixed Rate	2010			2009			2010		2009		Terms	Terms	at Maturity		Maturity
The Mall at Johnson City (p)	$	37,123		$	37,278			8.37%		8.37%		(a)	$	37,026	June 1, 2010
Colonial Park Mall		42,250			42,250			4.72%		4.72%	(g)	(b)	$	42,250	April 23, 2011
Scottsdale Quarter (o)		128,363			-			5.44%		-	(h)	(b)	$	128,363	May 29, 2011
Northtown Mall		40,000			40,000			6.02%		6.02%	(i)	(b)	$	40,000	October 21, 2011
Morgantown Mall		39,174			39,335			6.52%		6.52%	(j)	(a)	$	38,028	October 13, 2011
Ashland Town Center		22,913			23,081			7.25%		7.25%		(a)	$	21,817	November 1, 2011
Polaris Lifestyle Center		23,400			23,400			5.58%		5.58%	(k)	(b)	$	23,400	February 1, 2012
Dayton Mall		52,653			52,948			8.27%		8.27%	(l)	(a)	$	49,864	(e)
Polaris Fashion Place		133,712			134,436			5.24%		5.24%		(a)	$	124,572	April 11, 2013
Jersey Gardens Mall		149,479			150,274			4.83%		4.83%		(a)	$	135,194	June 8, 2014
The Mall at Fairfield Commons		103,233			103,752			5.45%		5.45%		(a)	$	92,762	November 1, 2014
Supermall of the Great Northwest		56,351			56,637			7.54%		7.54%	(l)	(a)	$	49,969	(f)
Merritt Square Mall		57,000			57,000			5.35%		5.35%		(c)	$	52,914	September 1, 2015
River Valley Mall		49,264			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, Ohio		42,354			42,493			5.87%		5.87%		(a)	$	38,057	December 11, 2016
Polaris Towne Center		46,000			-			6.76%				(a)	$	39,934	April 1, 2020
Tax Exempt Bonds		19,000			19,000			6.00%		6.00%		(d)	$	19,000	November 1, 2028
		1,102,269			931,317
Variable Rate
Grand Central Mall		39,502			39,706			5.50%		5.50%	(m)	(a)	$	37,917	February 1, 2012
Other
Fair Value Adjustment - Merritt Square Mall		(1,419	)		(1,485	)
Extinguished/Transferred Debt		-			255,453				(n)
Total Mortgage Notes Payable	$	1,140,352		$	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 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 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 165 basis points fixed through a swap agreement at a rate of 4.72% at March 31, 2010 and December 31, 2009.
(h)	Interest rate of LIBOR plus 150 basis points fixed through a swap agreement at a rate of 5.44% at March 31, 2010.
(i)	Interest rate of LIBOR plus 300 basis points fixed through a swap agreement at a rate of 6.02% at March 31, 2010 and December 31, 2009.
(j)	Interest rate of LIBOR plus 350 basis points fixed through a swap agreement at a rate of 6.52% at March 31, 2010 and 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 March 31, 2010 and December 31, 2009.
(l)	Interest rate escalates after optional prepayment date.
(m)	Interest rate is the greater of LIBOR plus 350 basis points or 5.50%.
(n)	Interest rates ranging from 5.09% to 8.20% at December 31, 2009.
(o)	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.
(p)	The loan was refinanced in April 2010.

Page 10

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

(dollars in thousands)

	Initial	Extension	Interest		Balance			Principal Payments (d)
Description	Maturity	Option	Rate		3/31/2010			2010			2011			2012			2013			2014			2015			2016		2017+
Wholly Owned Properties (f)
The Mall at Johnson City (e)	06/2010			8.37%	$	37,123		$	37,123
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%		39,174			499			698			739		$	37,238
Ashland Town Center	11/2011			7.25%		22,913			500			22,413			-			-
Polaris Lifestyle Center (a)	02/2012	08/2013		5.58%		23,400			-			-			-			23,400
Grand Central Mall	02/2012	02/2014		5.50%		39,502			598			848			890			947		$	36,219
Dayton Mall	07/2012			8.27%		52,653			864			1,260			50,529			-			-
Polaris Fashion Place	04/2013			5.24%		133,712			2,132			3,011			3,155			125,414			-
Jersey Gardens	06/2014			4.83%		149,479			2,341			3,292			3,437			3,629			136,780
The Mall at Fairfield Commons	11/2014			5.45%		103,233			1,524			2,159			2,265			2,409			94,876
Supermall of the Great Northwest	02/2015			7.54%		56,351			833			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%		49,264			481			686			719			768			815			863		$	44,932
Weberstown Mall	06/2016			5.90%		60,000			-			-			-			-			-			-			60,000
Eastland Mall, Ohio	12/2016			5.87%		42,354			397			570			597			641			680			722			38,747
Polaris Towne Center	04/2020			6.76%		46,000			288			475			489			533			571			611			646	$	42,387
Tax Exempt Bonds	11/2028			6.00%		19,000			-			-			-			-			-			-			-		19,000
Fair Value Adjustment Amortization - Merritt Square Mall						(1,419	)		(198	)		(264	)		(264	)		(264	)		(264	)		(165	)		-		-
Subtotal (b)						1,011,989			47,567			79,362			104,638			196,964			272,083			105,663			144,325		61,387
Credit Facility (c)	12/2010	12/2012		5.50%		226,102			-			-			226,102			-			-			-			-		-
Total Wholly Owned Maturities					$	1,238,091		$	47,567		$	79,362		$	330,740		$	196,964		$	272,083		$	105,663		$	144,325	$	61,387
Total Joint Venture Maturities (pro-rata share)					$	191,551		$	1,337		$	19,732		$	59,026		$	111,456		$	-		$	-		$	-	$	-
Total Wholly Owned and Joint Venture Maturities					$	1,429,642		$	48,904		$	99,094		$	389,766		$	308,420		$	272,083		$	105,663		$	144,325	$	61,387

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

(b) Weighted Average interest rate for the fixed rate mortgage debt was 6.0% as of March 31, 2010 with an initial weighted average maturity of 4.3 years when considering available extension options.

(c) $35 million of this balance has been fixed through various interest rate swap agreements

(d) Assumes extension option(s) are exercised by the Company. These options are subject to the risk that certain conditions for extension will not be satisfied.

(e) The loan was refinanced in April 2010. The initial maturity indicated has changed to May 2020.

(f) The loan for Scottsdale Quarter is presented within Total Joint Venture Maturities (pro-rata share).

Page 11

 JOINT VENTURE DEBT MATURITY SCHEDULE

 (dollars in thousands)

	Interest Rate		Loan		Extension	Balance		Principal Payments - Assumes Exercise of Extension Options
Description	3/31/2010		Terms	Maturity	Options (e)	3/31/2010		2010		2011		2012		2013
Fixed Rate Mortgages
Puente Hills Mall		5.61%	(a)	June 1, 2010	June 1, 2012	$	45,000	$	-	$	-	$	45,000	$	-
Scottsdale Quarter		5.44%	(b)	May 29, 2011	May 29, 2013		128,363								128,363
Westshore Plaza		5.09%		September 9, 2012			89,632		1,420		2,003		86,209		-
Lloyd Center		5.42%		June 11, 2013			125,686		1,922		2,722		2,856		118,186
Total Fixed Rate Mortgages							388,681		3,342		4,725		134,065		246,549
Variable Rate Mortgages
Tulsa Promenade		7.00%	(c)	March 14, 2011			29,837		-		29,837		-		-
Surprise Town Square		5.50%	(d)	October 1, 2011			4,653		-		4,653		-		-
Total Variable Rate Mortgages							34,490		-		34,490		-		-
Total Joint Venture Mortgages						$	423,171	$	3,342	$	39,215	$	134,065	$	246,549
Joint Venture Debt (Pro Rata Share)						$	191,551	$	1,337	$	19,732	$	59,026	$	111,456

 (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) 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. These options are subject to the risk that certain conditions for extension will not be satisfied.

Page 12

OCCUPANCY STATISTICS

Portfolio Occupancy Statistics

Portfolio occupancy statistics by property type are summarized below:

	Occupancy (1)
	3/31/2010	12/31/2009	9/30/2009	6/30/2009	3/31/2009
Core Malls (2)
Mall Anchors	93.8%	94.1%	93.7%	93.7%	93.3%
Mall Stores	90.5%	92.0%	91.5%	90.4%	91.3%
Total Consolidated Mall Portfolio	92.6%	93.3%	92.9%	92.5%	92.6%
Mall Portfolio - excluding Joint Ventures (3)
Mall Anchors	92.5%	92.5%	92.0%	91.9%	92.0%
Mall Stores	90.0%	92.2%	91.5%	89.8%	90.7%
Total Mall Portfolio	91.6%	92.4%	91.8%	91.2%	91.5%

(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 and excludes held-for-sale malls.

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

Page 13

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 three months ended March 31, 2010:

	GLA Analysis						Average Annualized Base Rents
	New		Rollover				New		Rollover
Property Type	Leases		Leases		Total		Leases		Leases		Total
Mall Anchors		100,338		21,536		121,874	$	11.13	$	20.00	$	12.70
Mall Stores		56,982		125,193		182,175	$	45.49	$	26.62	$	31.42

The following table summarizes the new and rollover lease activity and the comparative prior rents for the three months ended March 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 March 31, 2010
Mall Anchors		50,338		21,536		71,874	$	12.79	$	11.76	$	20.00	$	15.50	$	14.95	$	12.88		16%
Mall Stores		20,643		81,793		102,436	$	39.92	$	29.28	$	30.88	$	29.41	$	32.70	$	29.39		11%

Page 14

 CORE MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

WHOLLY OWNED AND JOINT VENTURE ASSETS

as of March 31, 2010

Property	Location	MSA Ranking	Total GLA		Avg. Mall Store Sales PSF (1) March 2010		Avg. Mall Store Sales PSF (1) March 2009		Mall Store Occupancy 3/31/2010			Mall Store Occupancy 3/31/2009		% of Mall Portfolio NOI (2)
MARKET DOMINANT
Jersey Gardens	Elizabeth, NJ	1		1,302,048
Lloyd Center (JV)	Portland, OR	23		1,475,340
Mall at Fairfield Commons	Dayton, OH	61		1,138,624
Mall at Johnson City	Johnson City, TN	>100		571,328
Polaris Fashion Place	Columbus, OH	32		1,568,759
Scottsdale Quarter (JV) (3)	Scottsdale, AZ	12		111,799
Weberstown Mall	Stockton, CA	78		858,505
Westshore Plaza (JV)	Tampa, FL	19		1,078,659
				8,105,062	$	417	$	430		93.5	%		94.1%		61%
Property	Location	MSA Ranking	Total GLA		Avg. Mall Store Sales PSF (1) March 2010		Avg. Mall Store Sales PSF (1) March 2009		Mall Store Occupancy 3/31/2010			Mall Store Occupancy 3/31/2009		% of Mall Portfolio NOI (2)
TRADE AREA DOMINANT
Ashland Town Center	Ashland, KY	>100		415,515
Colonial Park Mall	Harrisburg, PA	96		743,732
Dayton Mall	Dayton, OH	61		1,416,710
Eastland Mall  (OH)	Columbus, OH	32		998,886
Grand Central Mall	Parkersburg, WV	>100		845,889
Indian Mound Mall	Columbus, OH	32		557,067
Merritt Square Mall	Merritt Island, FL	27		819,574
Morgantown Mall	Morgantown, WV	>100		557,954
New Towne Mall	New Philadelphia, OH	>100		513,695
Northtown Mall	Minneapolis, MN	16		701,741
Puente Hills Mall (JV)	City of Industry, CA	2		1,102,249
River Valley Mall	Columbus, OH	32		586,517
Supermall of the Great NW	Seattle, WA	15		942,516
Tulsa Promenade (JV)	Tulsa, OK	53		926,456
				11,128,501	$	277	$	283		87.9%			89.0%		39%
CORE MALLS - TOTAL MALL PORTFOLIO				19,233,563	$	342	$	347		90.5%			91.3%		100%
MALL PORTFOLIO EXCLUDING JOINT VENTURE (JV) MALLS					$	351	$	349		90.0%			90.7%

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

(2) Based on net operating income for the three months ended March 31, 2010.

(3) GLA disclosed includes only the tenants that are open as of March 31, 2010.  Total GLA for the property will approximate 600,000 square feet when development is complete. Store sales for Scottsdale are excluded as these stores are not yet comparable.

Page 15

SUMMARY OF SIGNIFICANT TENANTS

As of March 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		27		408,460	$	6,086,520		3.1%
Limited Brands, Inc.	Bath & Body Works/White Barn Candle, Victoria's Secret		42		195,188		5,066,446		2.6%
Signet Jewelers, Ltd.	J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry		35		65,040		4,303,587		2.2%
AMC Entertainment, Inc.			2		148,344		4,189,000		2.1%
Foot Locker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker		39		152,908		3,814,826		1.9%
Bain Capital, LLC	Burlington Coat Factory, Cohoes Fashion, Guitar Center		6		405,506		3,526,440		1.8%
Bon Ton Department Stores, Inc.	Bon Ton, Elder Beerman, Herbergers		11		1,126,171		3,502,419		1.8%
JCPenney Company, Inc.			18		1,882,705		3,392,640		1.7%
Sears Holding Corp.	Great Indoors, K-Mart, Sears		22		2,500,330		2,974,552		1.5%
Genesco Inc.	Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station		46		70,420		2,916,082		1.5%
Forever 21, Inc.			8		130,232		2,908,818		1.5%
American Eagle Outfitters	aerie, American Eagle		17		97,656		2,631,964		1.3%
Luxottica Group	DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station		32		81,218		2,485,490		1.3%
Zale Corp.	Gordon's Jewelers, Piercing Pagoda, Silver & Gold Connection, Zales Jewelers		29		27,163		2,442,550		1.2%
Saks Inc.	Saks Fifth Avenue, Saks Off Fifth		3		228,156		2,360,100		1.2%
The Finish Line, Inc.			19		104,217		2,166,819		1.1%
Abercrombie & Fitch, Inc.	abercrombie, Abercrombie & Fitch, Gilly Hicks Outlet, Hollister		19		122,576		2,072,138		1.0%
HMS Host USA, Inc.	Various food court concepts owned by HMS Host USA, Inc.		2		16,282		2,018,714		1.0%
Total tenants representing > 1.0%			377		7,762,572	$	58,859,105		29.8%

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

Page 16

TOP 10 REGIONAL MALL TENANTS

As of March 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	$	5,066,446		2.7	%
Signet Jewelers, Ltd.		34		59,260	$	4,206,998		2.2	%
Foot Locker, Inc.		39		152,908	$	3,814,826		2.0	%
Gap, Inc.		21		242,987	$	3,589,072		1.9	%
Genesco, Inc.		46		70,420	$	2,916,082		1.5	%
American Eagle Outfitters		17		97,656	$	2,631,964		1.4	%
Luxottica Group		32		81,218	$	2,485,490		1.3	%
Zale Corp.		29		27,163	$	2,442,550		1.3	%
The Finish Line, Inc.		19		104,217	$	2,166,819		1.1	%
Abercrombie & Fitch, Inc.		19		122,576	$	2,072,138		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	$	1,829,882		12.0	%
JCPenney Company, Inc.		15		1,841,903	$	3,392,640		9.6	%
Macy's, Inc.		9		1,693,944	$	255,000		8.8	%
Bon-Ton Department Stores, Inc.		11		1,126,171	$	3,502,419		5.9	%
Dillard's		3		522,967	$	-		2.7	%
Belk, Inc.		6		416,131	$	1,756,852		2.2	%
Bain Capital, LLC		5		390,950	$	3,305,702		2.0	%
Saks Inc.		3		228,156	$	2,360,100		1.2	%
Boscov's Department Store, LLC		1		182,609	$	-		0.9	%
Nordstrom, Inc.		2		175,025	$	387,215		0.9	%

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

Page 17

LEASE EXPIRATION SCHEDULE

As of March 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
2010		364		153,786		884,282		1,038,068		5.6%	$	1,204,662	$	17,248,799	$	18,453,461	$	7.83	$	22.65		9.3%
2011		470		935,240		1,152,756		2,087,996		11.3%		3,439,081		26,330,009		29,769,090	$	4.70	$	26.47		15.0%
2012		337		942,547		910,730		1,853,277		10.0%		4,040,318		21,964,253		26,004,571	$	5.32	$	27.74		13.1%
2013		184		850,197		579,005		1,429,202		7.7%		2,466,077		13,157,674		15,623,751	$	2.90	$	27.59		7.9%
2014		178		917,980		458,930		1,376,910		7.4%		6,553,587		12,720,449		19,274,036	$	7.14	$	32.34		9.7%
Thereafter		667		8,187,849		2,549,163		10,737,012		58.0%		31,211,220		57,680,354		88,891,574	$	7.99	$	25.49		45.0%
		2,200		11,987,599		6,534,866		18,522,465		100.0%	$	48,914,945	$	149,101,538	$	198,016,483	$	6.68	$	26.25		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 18

CAPITAL EXPENDITURES

(dollars in thousands)

	Three months ended March 31, 2010						Three months ended March 31, 2009
			Unconsolidated						Unconsolidated
	Consolidated		Joint Venture				Consolidated		Joint Venture
	Properties		Proportionate				Properties		Proportionate
	2010		Share		Total		2009		Share		Total
New developments (1)	$	4,691	$	-	$	4,691	$	228	$	11,478	$	11,706
Redevelopment projects	$	822	$	-	$	822	$	8,381	$	7	$	8,388
Renovation with no incremental GLA	$	179	$	-	$	179	$	25	$	2	$	27
Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	295	$	250	$	545	$	40	$	491	$	531
Non-anchor stores		1,543		16		1,559		2,055		2		2,057
Operational capital expenditures		777		41		818		671		14		685
Total Property Capital Expenditures	$	2,615	$	307	$	2,922	$	2,766	$	507	$	3,273

(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

Page 19

DEVELOPMENT ACTIVITY

(dollars in thousands)

Project	Description	Total Project Cost (1)		Ownership %		Pro rata Project Cost		Pro rata Project Costs Incurred thru 3/31/2010 (1)		Opening Date	Project Initial Yield
PROPERTY DEVELOPMENTS:
Scottsdale Quarter	Development of new retail/office	$	250,000		50%	$	125,000	$	89,000	Phase 1 Q1-2009 through Q4-2010		8%
Scottsdale, Arizona	600,000 square feet lifestyle center									Phase 2 openings begin Q4 - 2010
Total  Development		$	250,000			$	125,000	$	89,000

(1) Project costs include items such as construction and design costs, tenant improvments, third party leasing commissions and ground lease payments.

     Costs that are excluded are the allocation of internal costs such as labor, development fees, 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.

Page 20