GLIMCHER REALTY TRUST - FORM 8-K - EX-99.2 - SUPPLEMENTAL REPORT DATED JUNE 30, 2012

Attached files

file	filename
8-K - CURRENT REPORT - GLIMCHER REALTY TRUST	a8-kxjuly202012.htm
EX-99.1 - PRESS RELEASE DATED JULY 19, 2012 - GLIMCHER REALTY TRUST	exhibit991-datedjuly192012.htm

Exhibit 99.2

GLIMCHER REALTY TRUST

Supplemental Information

For the Three and Six Months Ended June 30, 2012 and 2011

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
Net Operating Income Growth for Comparable Properties (Including Pro-Rata Share of Joint Venture Properties)	Page 9

Balance Sheet Data:
Consolidated Balance Sheets	Page 10
Market Capitalization and Debt Covenant Requirements	Page 11
Consolidated Debt Schedule	Page 12
Total Debt Maturities Schedule (Wholly-owned and Pro-Rata Share of Joint Venture Debt)	Page 13
Joint Venture Debt Maturity Schedule	Page 14

Operational Data:
Occupancy Statistics	Page 15
Leasing Results and Re-leasing Spreads	Page 16
Mall Portfolio Statistics by Asset Category	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 and Major Redevelopment Activity	Page 22

QUARTERLY INCOME STATEMENTS

(in thousands)



	Three Months Ended June 30,
	2012									2011
	As Reported			Discontinued Operations			Pre ASC-205			As Reported			Discontinued Operations			Pre ASC-205
Revenues:
Minimum rents (see components on page 3)	$	46,926		$	106		$	47,032		$	40,052		$	1,667		$	41,719
Percentage rents	1,771			—			1,771			1,017			—			1,017
Tenant reimbursements	22,653			148			22,801			18,855			337			19,192
Outparcel sale	545			—			545			—			—			—
Other (see components on page 3)	5,176			1			5,177			4,807			2			4,809
Total Revenues	77,071			255			77,326			64,731			2,006			66,737
Expenses:
Property operating expenses	(16,680		)	—			(16,680		)	(13,798		)	(141		)	(13,939		)
Real estate taxes	(9,439		)	(13		)	(9,452		)	(8,270		)	(238		)	(8,508		)
Total recoverable expenses	(26,119		)	(13		)	(26,132		)	(22,068		)	(379		)	(22,447		)
Provision for doubtful accounts	(564		)	(100		)	(664		)	(685		)	(76		)	(761		)
Other operating expenses (see components on page 4)	(6,690		)	(43		)	(6,733		)	(2,521		)	(28		)	(2,549		)
Costs related to the sale of an outparcel	(130		)	—			(130		)	—			—			—
Real estate depreciation and amortization	(21,855		)	—			(21,855		)	(16,294		)	(450		)	(16,744		)
Non-real estate depreciation and amortization	(507		)	—			(507		)	(544		)	—			(544		)
General and administrative	(6,032		)	(2		)	(6,034		)	(5,109		)	(20		)	(5,129		)
Impairment loss	—			—			—			(8,995		)	—			(8,995		)
Total Expenses	(61,897		)	(158		)	(62,055		)	(56,216		)	(953		)	(57,169		)
Operating Income	15,174			97			15,271			8,515			1,053			9,568
Interest income	63			—			63			367			—			367
Gain on remeasurement of equity method investment	25,068			—			25,068			—			—			—
Interest expense	(16,479		)	—			(16,479		)	(16,750		)	(778		)	(17,528		)
Loan fee amortization	(898		)	—			(898		)	(1,342		)	(21		)	(1,363		)
Equity in loss of unconsolidated real estate entities, net	(1,111		)	—			(1,111		)	(7,901		)	—			(7,901		)
Income (loss) from continuing operations	21,817			97			21,914			(17,111		)	254			(16,857		)
Discontinued Operations:
Income from operations	97			(97		)	—			254			(254		)	—
Net income (loss)	21,914			—			21,914			(16,857		)	—			(16,857		)
Allocation to noncontrolling interest	(274		)	—			(274		)	618			—			618
Net income (loss) attributable to Glimcher Realty Trust	21,640			—			21,640			(16,239		)	—			(16,239		)
Preferred share dividends	(6,137		)	—			(6,137		)	(6,137		)	—			(6,137		)
Net income (loss) to common shareholders	$	15,503		$	—		$	15,503		$	(22,376	)	$	—		$	(22,376	)

Note: Pre ASC-205 column includes both continuing and discontinued operations.

Page 1

YEAR-TO-DATE INCOME STATEMENTS

(in thousands)



	Six Months Ended June 30,
	2012									2011
	As Reported			Discontinued Operations			Pre ASC-205			As Reported			Discontinued Operations			Pre ASC-205
Revenues:
Minimum rents (see components on page 3)	$	89,676		$	212		$	89,888		$	78,650		$	3,294		$	81,944
Percentage rents	3,153			—			3,153			2,350			—			2,350
Tenant reimbursements	43,098			149			43,247			37,778			743			38,521
Outparcel sale	760			—			760			—			—			—
Other (see components on page 3)	10,212			1			10,213			9,940			3			9,943
Total Revenues	146,899			362			147,261			128,718			4,040			132,758
Expenses:
Property operating expenses	(31,141		)	7			(31,134		)	(28,244		)	(354		)	(28,598		)
Real estate taxes	(18,281		)	(24		)	(18,305		)	(15,613		)	(474		)	(16,087		)
Total recoverable expenses	(49,422		)	(17		)	(49,439		)	(43,857		)	(828		)	(44,685		)
Provision for doubtful accounts	(4,706		)	(130		)	(4,836		)	(1,649		)	(186		)	(1,835		)
Other operating expenses (see components on page 4)	(9,286		)	(71		)	(9,357		)	(5,230		)	(98		)	(5,328		)
Costs related to the sale of an outparcel	(199		)	—			(199		)	—			—			—
Real estate depreciation and amortization	(40,889		)	(20		)	(40,909		)	(31,998		)	(891		)	(32,889		)
Non-real estate depreciation and amortization	(1,029		)	—			(1,029		)	(1,066		)	—			(1,066		)
General and administrative	(11,529		)	(15		)	(11,544		)	(10,063		)	(51		)	(10,114		)
Impairment loss	—			—			—			(8,995		)	—			(8,995		)
Total Expenses	(117,060		)	(253		)	(117,313		)	(102,858		)	(2,054		)	(104,912		)
Operating Income	29,839			109			29,948			25,860			1,986			27,846
Interest income	65			1			66			697			1			698
Gain on remeasurement of equity method investment	25,068			—			25,068			—			—			—
Interest expense	(32,182		)	—			(32,182		)	(32,716		)	(1,549		)	(34,265		)
Loan fee amortization	(1,883		)	—			(1,883		)	(3,480		)	(42		)	(3,522		)
Equity in loss of unconsolidated real estate entities, net	(4,585		)	—			(4,585		)	(7,636		)	—			(7,636		)
Income (loss) from continuing operations	16,322			110			16,432			(17,275		)	396			(16,879		)
Discontinued Operations:
Income from operations	110			(110		)	—			396			(396		)	—
Net income (loss)	16,432			—			16,432			(16,879		)	—			(16,879		)
Allocation to noncontrolling interests	(11		)	—			(11		)	800			—			800
Net income (loss) attributable to Glimcher Realty Trust	16,421			—			16,421			(16,079		)	—			(16,079		)
Preferred share dividends	(12,274		)	—			(12,274		)	(12,274		)	—			(12,274		)
Net income (loss) to common shareholders	$	4,147		$	—		$	4,147		$	(28,353	)	$	—		$	(28,353	)

Note: Pre ASC-205 column includes both continuing and discontinued operations.

Page 2

Components of Minimum Rents and Other Revenue

(in thousands)



	Three Months Ended June 30,
	2012						2011
	As Reported		Discontinued Operations		Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Components of Minimum Rents:
Base rent	$	46,030	$	100	$	46,130	$	38,649	$	1,654	$	40,303
Termination income	106		—		106		616		—		616
Straight-line rents	790		6		796		787		13		800
Total Minimum Rents	$	46,926	$	106	$	47,032	$	40,052	$	1,667	$	41,719
Components of Other Revenue:
Fee and service income	$	2,075	$	—	$	2,075	$	2,008	$	—	$	2,008
Specialty leasing and sponsorship income	2,275		1		2,276		2,021		2		2,023
Other	826		—		826		778		—		778
Total Other Revenue	$	5,176	$	1	$	5,177	$	4,807	$	2	$	4,809



	Six Months Ended June 30,
	2012						2011
	As Reported		Discontinued Operations		Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Components of Minimum Rents:
Base rent	$	87,852	$	200	$	88,052	$	76,506	$	3,280	$	79,786
Termination income	435		—		435		624		—		624
Straight-line rents	1,389		12		1,401		1,520		14		1,534
Total Minimum Rents	$	89,676	$	212	$	89,888	$	78,650	$	3,294	$	81,944
Components of Other Revenue:
Fee and service income	$	4,252	$	—	$	4,252	$	4,073	$	—	$	4,073
Specialty leasing and sponsorship income	4,220		1		4,221		4,048		3		4,051
Other	1,740		—		1,740		1,819		—		1,819
Total Other Revenue	$	10,212	$	1	$	10,213	$	9,940	$	3	$	9,943

Note: Pre ASC-205 column includes both continuing and discontinued operations.

Page 3

Components of Other Operating Expenses

(in thousands)



	Three Months Ended June 30,
	2012						2011
Components of Other Operating Expenses	As Reported		Discontinued Operations		Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Cost of providing services to unconsolidated real estate entities	$	1,080	$	—	$	1,080	$	1,139	$	—	$	1,139
Discontinued development write-offs	3,222		—		3,222		—		—		—
Specialty leasing costs	490		—		490		506		—		506
Other	1,898		43		1,941		876		28		904
Total Other Operating Expenses	$	6,690	$	43	$	6,733	$	2,521	$	28	$	2,549



	Six Months Ended June 30,
	2012						2011
Components of Other Operating Expenses	As Reported		Discontinued Operations		Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Cost of providing services to unconsolidated real estate entities	$	2,185	$	—	$	2,185	$	2,174	$	—	$	2,174
Discontinued development write-offs	3,348		—		3,348		—		—		—
Specialty leasing costs	1,020		—		1,020		986		—		986
Other	2,733		71		2,804		2,070		98		2,168
Total Other Operating Expenses	$	9,286	$	71	$	9,357	$	5,230	$	98	$	5,328

Note: Pre ASC-205 column includes both continuing and discontinued operations.

Page 4

SUMMARY FINANCIAL STATEMENT INFORMATION

FOR UNCONSOLIDATED ENTITIES

(in thousands)



	For the Three Months Ended June 30, 2012						For the Three Months Ended June 30, 2011
	Total			Company's Pro-Rata Share of Unconsolidated Entities Operations			Total			Company's Pro-Rata Share of Unconsolidated Entities Operations
Statements of Operations
Total revenues	$	23,625		$	9,325		$	30,906		$	10,884
Operating expenses	(11,838		)	(4,634		)	(15,121		)	(5,250		)
Net operating income	11,787			4,691			15,785			5,634
Depreciation and amortization	(6,326		)	(2,512		)	(9,797		)	(3,468		)
Other expenses, net	(70		)	(28		)	(104		)	(42		)
Interest expense, net	(4,463		)	(1,708		)	(6,055		)	(2,144		)
Impairment loss (1)	(3,100		)	(1,550		)	(15,149		)	(7,877		)
Net loss	(2,172		)	(1,107		)	(15,320		)	(7,897		)
Preferred dividend	(8		)	(4		)	(8		)	(4		)
Net loss to partnership	$	(2,180	)	$	(1,111	)	$	(15,328	)	$	(7,901	)
GPLP's share of loss from investment in unconsolidated entities	$	(1,111	)				$	(7,901	)



	For the Six Months Ended June 30, 2012						For the Six Months Ended June 30, 2011
	Total			Company's Pro-Rata Share of Unconsolidated Entities Operations			Total			Company's Pro-Rata Share of Unconsolidated Entities Operations
Statements of Operations
Total revenues	$	54,196		$	20,121		$	61,808		$	21,870
Operating expenses	(26,998		)	(9,830		)	(30,094		)	(10,481		)
Net operating income	27,198			10,291			31,714			11,389
Depreciation and amortization	(15,586		)	(5,634		)	(19,247		)	(6,716		)
Other expenses, net	(230		)	(92		)	(203		)	(79		)
Interest expense, net	(10,156		)	(3,660		)	(12,204		)	(4,345		)
Impairment loss	(10,662		)	(5,482		)	(15,149		)	(7,877		)
Net loss	(9,436		)	(4,577		)	(15,089		)	(7,628		)
Preferred dividend	(16		)	(8		)	(16		)	(8		)
Net loss to partnership	$	(9,452	)	$	(4,585	)	$	(15,105	)	$	(7,636	)
GPLP's share of loss from investment in unconsolidated entities	$	(4,585	)				$	(7,636	)

(1) Impairment losses for the three months ended June 30, 2012 relate to Town Square at Surprise and for the three months

ended June 30, 2011 relate to Tulsa Promenade.

Page 5

CALCULATION OF FUNDS FROM OPERATIONS

and FFO PAYOUT RATIO

(in thousands, except per share data)



	2012									2011
	3 mos Mar. 31			3 mos June 30			YTD June 30			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Funds from Operations ("FFO"):
Net (loss) income to common shareholders	$	(11,356	)	$	15,503		$	4,147		$	(5,977	)	$	(22,376	)	$	(4,656	)	$	28,018		$	(4,991	)
Real estate depreciation and amortization	19,054			21,855			40,909			16,145			16,744			17,912			16,966			67,767
Equity in loss (income) of unconsolidated entities	3,474			1,111			4,585			(265		)	7,901			(618		)	(638		)	6,380
Pro-rata share of unconsolidated entities funds from operations	3,564			2,937			6,501			3,484			3,415			3,614			4,745			15,258
Noncontrolling interest in operating partnership	(263		)	274			11			(182		)	(618		)	(122		)	710			(212		)
Gain on the remeasurement of equity method investment	—			(25,068		)	(25,068		)	—			—			—			—			—
Gain on disposition of properties, net	—			—			—			—			—			—			(27,800		)	(27,800		)
FFO (1)	$	14,473		$	16,612		$	31,085		$	13,205		$	5,066		$	16,130		$	22,001		$	56,402
Adjusted Funds from Operations:
FFO	$	14,473		$	16,612		$	31,085		$	13,205		$	5,066		$	16,130		$	22,001		$	56,402
Add back: impairment adjustments on non-depreciable real estate assets	—			—			—			—			8,995			—			—			8,995
Add back: write-down of Tulsa Promenade note receivable	3,322			—			3,322			—			—			—			530			530
Add back: debt extinguishment charges	—			—			—			1,548			739			—			498			2,785
Add back: write-off of pre-development costs associated with a project located in Panama City Beach, Florida	—			3,193			3,193			—			—			—			—			—
Adjusted Funds from Operations	$	17,795		$	19,805		$	37,600		$	14,753		$	14,800		$	16,130		$	23,029		$	68,712
Weighted average common shares outstanding - diluted (2)	120,693			142,833			131,763			101,562			105,753			110,668			111,771			107,493
FFO per diluted share	$	0.12		$	0.12		$	0.24		$	0.13		$	0.05		$	0.15		$	0.20		$	0.52
Adjustments: write-off of debt extinguishments and impairments	0.03			0.02			0.05			0.02			0.09			—			0.01			0.11
Adjusted FFO per diluted share	$	0.15		$	0.14		$	0.29		$	0.15		$	0.14		$	0.15		$	0.21		$	0.64



	2012									2011
	3 mos Mar. 31			3 mos June 30			YTD June 30			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
FFO Payout Ratio:
Dividend paid per common share/unit	$	0.1000		$	0.1000		$	0.2000		$	0.1000		$	0.1000		$	0.1000		$	0.1000		$	0.4000
FFO payout ratio after adjustments	67.8		%	72.1		%	70.1		%	68.8		%	71.5		%	68.6		%	48.5		%	62.6		%



	2012							2011
	3 mos Mar. 31			3 mos June 30		YTD June 30		3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Supplemental disclosure of amounts included in FFO for consolidated properties:
Deferred leasing costs	$	1,315		$	1,591	$	2,906	$	1,088		$	1,247		$	1,091		$	1,174		$	4,600
Straight-line adjustment as an increase to minimum rents	$	605		$	796	$	1,401	$	735		$	800		$	963		$	532		$	3,030
Straight-line adjustment for ground lease expense recorded as an increase to other operating expense	$	—		$	491	$	491	$	—		$	—		$	—		$	—		$	—
Fair value of debt amortized as a (decrease) increase to interest expense	$	(65	)	$	127	$	62	$	(65	)	$	(66	)	$	(65	)	$	(66	)	$	(262	)
Intangible and inducement amortization as a net increase (decrease) to base rents (continuing and discontinued operations)	$	6		$	709	$	715	$	(53	)	$	(95	)	$	(387	)	$	(30	)	$	(565	)
Discontinued development write-off's	$	126		$	3,222	$	3,348	$	—		$	—		$	27		$	73		$	100


(1)	Previous reported quarterly FFO amounts have been adjusted to exclude any impairments recognized on depreciable real estate assets.


(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)



	2012									2011
	3 mos Mar. 31			3 mos June 30			YTD June 30			3 mos Mar. 31		3 mos June 30			3 mos Sept. 30		3 mos Dec. 31		YTD Dec. 31
Unconsolidated Entities Funds from Operations:
Net (loss) income to partnership	$	(7,272	)	$	(2,180	)	$	(9,452	)	$	223	$	(15,328	)	$	1,400	$	2,043	$	(11,662	)
Real estate depreciation and amortization	9,225			6,295			15,520			9,388		9,736			8,808		8,810		36,742
Impairment loss	7,562			3,100			10,662			—		15,149			—		2,097		17,246
FFO	$	9,515		$	7,215		$	16,730		$	9,611	$	9,557		$	10,208	$	12,950	$	42,326
Pro-rata share of unconsolidated entities funds from operations	$	3,564		$	2,937		$	6,501		$	3,484	$	3,415		$	3,614	$	4,745	$	15,258



	2012									2011
	3 mos Mar. 31			3 mos June 30			YTD June 30			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Non-cash amounts included in FFO (pro-rata share of unconsolidated entities):
Straight-line adjustment as an increase (decrease) to base rent	$	6		$	(120	)	$	(114	)	$	104		$	(68	)	$	100		$	42		$	178
Intangible amortization as an increase to minimum rents	$	340		$	244		$	584		$	340		$	334		$	327		$	340		$	1,341
Straight-line adjustment - ground lease expense	$	(127	)	$	(51	)	$	(178	)	$	(124	)	$	(125	)	$	(124	)	$	(125	)	$	(498	)
Impairment loss	$	(3,932	)	$	(1,550	)	$	(5,482	)	$	—		$	(7,877	)	$	—		$	(1,090	)	$	(8,967	)
Loan fee amortization	$	(76	)	$	(44	)	$	(120	)	$	(77	)	$	(78	)	$	(78	)	$	(73	)	$	(306	)

Page 7

EBITDA, OPERATING RATIOS and EARNINGS PER SHARE

(dollars and shares in thousands)



	2012									2011
	3 mos Mar. 31			3 mos June 30			YTD June 30			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31
Calculation of EBITDA:
Net (loss) income attributable to Glimcher Realty Trust	$	(5,219	)	$	21,640		$	16,421		$	160		$	(16,239	)	$	1,481		$	34,155		$	19,557
Interest expense (continuing and discontinued operations)	15,703			16,479			32,182			16,737			17,528			16,588			16,114			66,967
Loan fee amortization (continuing and discontinued operations)	985			898			1,883			2,159			1,363			1,162			1,435			6,119
Taxes (continuing and discontinued operations)	237			232			469			266			261			219			48			794
Depreciation and amortization (continuing and discontinued operations)	19,576			22,362			41,938			16,667			17,288			18,455			17,511			69,921
EBITDA	31,282			61,611			92,893			35,989			20,201			37,905			69,263			163,358
Allocation to noncontrolling interest	(263		)	274			11			(182		)	(618		)	(122		)	710			(212		)
EBITDA adjustments related to pro-rata share of unconsolidated entities, net	9,073			5,802			14,875			5,490			13,535			5,181			6,318			30,524
Impairment loss	—			—			—			—			8,995			—			—			8,995
Add back: write down of Tulsa Promenade note receivable	3,322			—			3,322			—			—			—			—			—
Add back: write-off of pre-development costs associated with a project located in Panama City Beach, Florida	—			3,193			3,193			—			—			—			—			—
Gain on remeasurement of equity method investment	—			(25,068		)	(25,068		)	—			—			—			—			—
Gain on disposition of properties, net	—			—			—			—			—			—			(27,800		)	(27,800		)
Adjusted EBITDA	$	43,414		$	45,812		$	89,226		$	41,297		$	42,113		$	42,964		$	48,491		$	174,865
Operating Ratios:
General and administrative / total revenues	7.9		%	7.8		%	7.8		%	7.7		%	7.9		%	8.1		%	6.7		%	7.6		%
Tenant reimbursements / (real estate taxes + property operating expenses)	87.7		%	86.7		%	87.2		%	86.8		%	85.4		%	83.7		%	87.0		%	85.7		%
Earnings per Share:
Weighted average common shares outstanding - basic	117,517			139,832			128,675			98,234			102,406			107,444			108,576			104,220
Weighted average common shares outstanding - diluted	120,271			142,833			131,763			101,220			105,351			110,252			111,771			107,101
(Loss) earnings per share - basic	$	(0.10	)	$	0.11		$	0.03		$	(0.06	)	$	(0.22	)	$	(0.04	)	$	0.26		$	(0.05	)
(Loss) earnings per share - diluted	$	(0.10	)	$	0.11		$	0.03		$	(0.06	)	$	(0.22	)	$	(0.04	)	$	0.26		$	(0.05	)

Page 8

NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES

(INCLUDING PRO-RATA SHARE OF JOINT VENTURE PROPERTIES)

(in thousands)




	Three Months Ended June 30,									Six Months Ended June 30,
	2012			2011			Variance			2012			2011			Variance

Operating Income	$	15,174		$	8,515		$	6,659		$	29,839		$	25,860		$	3,979

Depreciation and Amortization (1)	22,362			17,288			5,074			41,938			33,955			7,983
General and administrative (1)	6,034			5,129			905			11,544			10,114			1,430
Proportionate share of joint venture Comparable NOI	5,224			5,420			(196		)	10,508			10,725			(217		)
Non comparable Properties (2)	(6,946		)	(1,325		)	(5,621		)	(10,844		)	(2,329		)	(8,515		)
Termination and outparcel net income	(521		)	(616		)	95			(996		)	(624		)	(372		)
Straight line rents (1)	(796		)	(800		)	4			(1,401		)	(1,534		)	133
Non-recurring, non-cash items (3)	—			8,995			(8,995		)	3,322			8,995			(5,673		)
Other (4)	1,387			(649		)	2,036			271			(1,391		)	1,662

Comparable NOI	$	41,918		$	41,957		$	(39	)	$	84,181		$	83,771		$	410

Comparable NOI percentage change							(0.1		)%							0.5		%

(1) Amounts include both continued and discontinued operations.

(2) Amounts include Community Centers, Scottsdale Quarter, Town Center Plaza, One Nineteen, Malibu Lumber Yard,

and partial quarter of Pearlridge Center at 100% ownership.

(3) Amounts include impairment and write-down of Tulsa note receivable.

(4) Other adjustments include fee income, discontinued development costs, non-property income and expenses, intangible amortization of above/below market leases and other non-recurring income or expenses.

Page 9

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)



	2012						2011
	Mar. 31			June 30			Dec. 31
Assets:
Land	$	308,476		$	340,438		$	312,496
Buildings, improvements and equipment	1,890,367			2,334,277			1,876,048
Developments in progress	51,534			58,932			46,530
	2,250,377			2,733,647			2,235,074
Less accumulated depreciation	645,372			664,142			634,279
Property and equipment, net	1,605,005			2,069,505			1,600,795
Deferred leasing costs, net	23,812			29,002			24,505
Real estate assets held-for-sale	9,379			9,384			4,056
Investment in and advances to unconsolidated real estate entities	120,007			101,482			124,793
Investment in real estate, net	1,758,203			2,209,373			1,754,149
Cash and cash equivalents	134,793			15,271			8,876
Non-real estate assets associated with property held-for-sale	131			137			—
Restricted cash	15,406			12,865			18,820
Tenant accounts receivable, net	22,611			27,453			26,873
Deferred expenses, net	14,527			15,303			15,780
Prepaid and other assets	34,961			33,347			36,601
Total Assets	$	1,980,632		$	2,313,749		$	1,861,099
Liabilities and Equity:
Mortgage notes payable	$	1,177,949		$	1,335,653		$	1,175,053
Notes payable	—			133,000			78,000
Other liabilities associated with property held-for-sale	143			166			127
Accounts payable and accrued expenses	41,970			83,416			45,977
Distributions payable	20,354			20,381			18,013
Total Liabilities	1,240,416			1,572,616			1,317,170
Equity:
Series F cumulative preferred shares	60,000			60,000			60,000
Series G cumulative preferred shares	222,074			222,074			222,074
Common shares of beneficial interest	1,395			1,401			1,160
Additional paid-in capital	1,234,953			1,236,175			1,016,188
Distributions in excess of accumulated earnings	(791,871		)	(790,380		)	(766,571		)
Accumulated other comprehensive loss	(515		)	(1,045		)	(483		)
Total Glimcher Realty Trust Shareholders' Equity	726,036			728,225			532,368
Noncontrolling interest	14,180			12,908			11,561
Total equity	740,216			741,133			543,929
Total Liabilities and Equity	$	1,980,632		$	2,313,749		$	1,861,099

Page 10

MARKET CAPITALIZATION and DEBT COVENANT REQUIREMENTS

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



	2012						2011
	3 mos Mar. 31			3 mos June 30			3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31
Share price (end of period)	$	10.22		$	10.22		$	9.25		$	9.50		$	7.08		$	9.20
Market Capitalization Ratio:
Common shares outstanding	139,439			140,124			99,895			107,158			107,489			115,975
Operating partnership units outstanding	2,728			2,323			2,986			2,889			2,789			2,789
Total common shares and units outstanding at end of period	142,167			142,447			102,881			110,047			110,278			118,764
Valuation - Common shares and operating partnership units outstanding	$	1,452,947		$	1,455,808		$	951,649		$	1,045,447		$	780,768		$	1,092,629
Preferred shares	282,074			282,074			282,074			282,074			282,074			282,074
Total wholly-owned debt (end of period)	1,177,949			1,468,653			1,296,696			1,251,262			1,257,393			1,253,053
Total market capitalization	$	2,912,970		$	3,206,535		$	2,530,419		$	2,578,783		$	2,320,235		$	2,627,756
Debt / Market capitalization	40.4		%	45.8		%	51.2		%	48.5		%	54.2		%	47.7		%
Debt / Market capitalization including pro-rata share of joint ventures	43.5		%	47.9		%	54.1		%	51.5		%	57.1		%	50.6		%



			2012
Credit Facility Debt Covenant Requirements:	Facility Requirements		June 30
Maximum Corporate Debt to Total Asset Value	60.0	%	49.5	%
Minimum Interest Coverage Ratio	1.75 x		2.45 x
Minimum Fixed Charge Coverage Ratio	1.40 x		1.55 x
Maximum Recourse Debt	12.5	%	5.48	%

Page 11

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)



Mortgage Notes Payable:
	June 30,			Dec. 31,			Interest Rates
Fixed Rate	2012			2011			2012		2011		Interest Terms	Payment Terms	Balloon Pmt. at Maturity		Initial/Final Maturity
Dayton Mall	$	49,864		$	50,529		8.27	%	8.27	%		(a)	$	49,864	(d)
Polaris Fashion Place	127,013			128,570			5.24	%	5.24	%		(a)	$	124,572	April 11, 2013
The Outlet Collection - Jersey Gardens	142,148			143,846			4.83	%	4.83	%		(a)	$	135,194	June 8, 2014
The Mall at Fairfield Commons	98,434			99,551			5.45	%	5.45	%		(a)	$	92,762	November 1, 2014
The Outlet Collection - Seattle	53,676			54,309			7.54	%	7.54	%	(i)	(a)	$	49,969	(e)
Merritt Square Mall	55,599			55,999			5.35	%	5.35	%		(a)	$	52,914	September 1, 2015
Scottsdale Quarter Fee Interest	68,310			68,829			4.91	%	4.91	%		(a)	$	64,577	October 1, 2015
Pearlridge Center	175,000			—			4.60	%	—			(l)	$	169,999	November 1, 2015
River Valley Mall	47,742			48,097			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	41,094			41,388			5.87	%	5.87	%		(a)	$	38,057	December 11, 2016
The Mall at Johnson City	53,868			54,153			6.76	%	6.76	%		(a)	$	47,768	May 6, 2020
Grand Central Mall	44,008			44,277			6.05	%	6.05	%		(a)	$	38,307	July 6, 2020
Ashland Town Center	41,532			41,833			4.90	%	4.90	%		(a)	$	34,569	July 6, 2021
Town Center Plaza	76,627			—			5.00	%	—			(a)	$	52,465	(j)
Tax Exempt Bonds	19,000			19,000			6.00	%	6.00	%		(c)	$	19,000	November 1, 2028
	1,153,915			910,381
Variable Rate
Colonial Park Mall (f)	33,714			40,000			3.75	%	3.41	%	(g)	(a)	$	33,283	April 23, 2013
Scottsdale Quarter	130,000			140,633			3.29	%	2.86	%	(h)	(b)	$	130,000	(m)
Scottsdale Quarter Phase III Fee Interest	15,000			15,000			3.15	%	3.20	%	(k)	(b)	$	15,000	December 1, 2012
	178,714			195,633
Other
Fair Value Adjustment - Merritt Square Mall	(830		)	(961		)
Fair Value Adjustment - Pearlridge Center	3,854			—
Extinguished Debt	—			70,000					3.30	%
Total Mortgage Notes Payable	$	1,335,653		$	1,175,053


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


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


(c)	The bonds requires semi-annual payments of interest.


(d)	The loan was repaid on July 11, 2012 and replaced with a $50.0 million term loan that matures on October 11, 2012. The Company has

executed a term sheet to replace the term loan with long-term financing.


(f)	In April 2012, the Company reduced the loan by $6.2 million to a balance of $33.8 million.


(g)	Interest rate of LIBOR plus 350 basis points.


(h)	$105 million was fixed through a swap agreement at a rate of 3.14% at June 30, 2012 and the remaining $25 million incurs interest at an average rate of LIBOR plus 365 basis points. $125 million was fixed through a swap agreement at a rate of 2.86% at December 31, 2011.


(i)	Interest rate escalates after optional prepayment date.


(j)	The loan has a 15 year term based on a call date of February 1, 2027.


(k)	Interest rate of LIBOR plus 290 basis points.


(l)	The loan requires monthly payments of interest only until November 2013. Thereafter, monthly payments of principal and interest are required.


(m)	The loan matures May 22, 2015, however, a portion of the loan ($107 million) may be extended for one year subject to certain loan extension fees and conditions.

Page 12

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

(dollars in thousands)



							Principal Payments - Assumes Exercise of Extension Options (e)
Description	Initial Maturity	Extension Option	Interest Rate	Balance 6/30/2012			2012			2013			2014			2015			2016		2017+
Wholly Owned Properties
Dayton Mall	07/2012		8.27%	$	49,864		$	49,864
Scottsdale Quarter Phase III Fee Interest (c)	12/2012		3.15%	15,000			15,000
Polaris Fashion Place	04/2013		5.24%	127,013			1,599			$	125,414
Colonial Park Mall	04/2013		3.75%	33,714			258			33,456
The Outlet Collection - Jersey Gardens	06/2014		4.83%	142,148			1,740			3,629			$	136,779
The Mall at Fairfield Commons	11/2014		5.45%	98,434			1,148			2,409			94,877
The Outlet Collection - Seattle	02/2015		7.54%	53,676			658			1,406			1,517			$	50,095
Scottsdale Quarter (a)	05/2015	(b)	3.29%	130,000			—			—			—			130,000
Merritt Square Mall	09/2015		5.35%	55,599			401			842			889			53,467
Scottsdale Quarter Fee Interest	10/2015		4.91%	68,310			532			1,115			1,171			65,492
Pearlridge Center	11/2015		4.60%	175,000			—			431			2,681			171,888
River Valley Mall	01/2016		5.65%	47,742			355			770			815			863			$	44,939
Weberstown Mall	06/2016		5.90%	60,000			—			—			—			—			60,000
Eastland Mall	12/2016		5.87%	41,094			303			641			680			722			38,748
The Mall at Johnson City	05/2020		6.76%	53,868			295			633			677			726			766		$	50,771
Grand Central Mall	07/2020		6.05%	44,008			277			589			626			665			700		41,151
Ashland Town Center	07/2021		4.90%	41,532			308			646			679			714			744		38,441
Town Center Plaza	02/2027		5.00%	76,627			570			1,185			1,245			1,309			1,375		70,943
Tax Exempt Bonds	11/2028		6.00%	19,000			—			—			—			—			—		19,000
Fair Value Adjustment Amortization - Merritt Square Mall				(830		)	(130		)	(262		)	(262		)	(176		)
Fair Value Adjustment Amortization - Pearlridge Center				3,854			578			1,156			1,156			964
Subtotal (d)				1,335,653			73,756			174,060			243,530			476,729			147,272		220,306
Credit Facility	10/2014	10/2015	2.50%	133,000			—			—			—			133,000
Total Wholly Owned Maturities				$	1,468,653		$	73,756		$	174,060		$	243,530		$	609,729		$	147,272	$	220,306
Total Joint Venture Maturities (pro-rata share)				$	129,308		$	48,541		$	49,567		$	—		$	—		$	—	$	31,200
Total Wholly Owned and Joint Venture Maturities				$	1,597,961		$	122,297		$	223,627		$	243,530		$	609,729		$	147,272	$	251,506


(a)	$105,000 of the loan has been fixed through an interest rate swap agreement and the remaining $25,000 incurs interest at a rate of LIBOR plus 3.65%.


(b)	A portion of the loan ($107,000) may be extended for one year subject to certain loan extension fees and conditions.


(c)	Loan incurs interest at a rate of LIBOR plus 2.90%.


(d)	Weighted average interest rate for the fixed rate mortgage debt was 5.4% as of June 30, 2012 with an initial weighted average maturity of 3.9 years when considering available extension options.


(e)	Loan may be extended to date indicated subject to certain loan extension fees and conditions. Extension availability is subject to the inherent risk of the Company's ability to satisfy such conditions.

Page 13

JOINT VENTURE DEBT MATURITY SCHEDULE

(dollars in thousands)



						Principal Payments
Description	Interest Rate 6/30/2012	Loan Terms	Final Maturity	Balance 6/30/12		2012		2013		2014		2015+
Fixed Rate Mortgages
WestShore Plaza	5.09%	(a)	September 9, 2012	$	85,175	$	85,175
Lloyd Center	5.42%	(a)	June 11, 2013	119,634		1,447		$	118,187
Puente Hills Mall	4.50%	(b)	July 1, 2017	60,000		—		—		$	—	$	60,000
Total Fixed Rate Mortgages				264,809		86,622		118,187		—		60,000
Variable Rate Mortgages
Tulsa Promenade (e)	5.25%	(c)	September 30, 2012	26,676		26,676
Town Square at Surprise	5.50%	(d)	(f)	4,625		43		4,582		—		—
Total Variable Rate Mortgages				31,301		26,719		4,582		—		—
Total Joint Venture Mortgages				$	296,110	$	113,341	$	122,769	$	—	$	60,000
Joint Venture Debt (Pro Rata Share)				$	129,308	$	48,541	$	49,567	$	—	$	31,200


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


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


(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.


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


(f)	The loan matured on June 30, 2012. The Company is in discussions with the lender for a modification and extension of the existing loan.

Page 14

OCCUPANCY STATISTICS

Portfolio Occupancy Statistics

Portfolio occupancy statistics by property type are summarized below:



	Occupancy (1)
	6/30/2012 (4)	3/31/2012	12/31/2011	9/30/2011	6/30/2011
Core Malls (2)
Mall Anchors	96.7%	96.7%	96.5%	96.1%	96.1%
Mall Non-Anchors	88.8%	89.5%	92.2%	91.4%	89.7%
Total Occupancy	93.6%	93.8%	94.8%	94.3%	93.6%

Mall Portfolio - excluding Joint Ventures (3)
Mall Anchors	95.7%	95.5%	95.3%	94.7%	94.7%
Mall Non-Anchors	88.9%	88.7%	91.5%	91.0%	88.6%
Total Occupancy	92.9%	92.9%	93.9%	93.3%	92.4%

Occupancy Cost (5)	10.9%	11.0%	11.2%	11.4%	11.8%


(1)	Occupied space is defined as any space where a tenant is occupying the space or paying rent at the date indicated, excluding all tenants with leases having an initial term of less than one year.


(2)	Includes the Company's joint venture malls.


(3)	Excludes mall properties that are held in joint ventures as of June 30, 2012.


(4)	The Company acquired all of the interest in Pearlridge Center during the second quarter of 2012. This property is no longer a joint venture mall effective May 9, 2012.


(5)	Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for stores of 10,000 sf or less.

Page 15

LEASING RESULTS AND RE-LEASING SPREADS

Permanent Leasing Activity (includes joint venture properties)

The following table summarizes the new and renewal lease activity by type for the six months ended June 30, 2012:



	GLA Analysis			Average Annualized Base Rents
Property Type	New Leases	Renewal Leases	Total	New Leases		Renewal Leases		Total
Mall Anchors	84,700	113,553	198,253	$	39.49	$	11.78	$	17.98
Mall Non-Anchors	173,789	443,369	617,158	$	38.36	$	30.92	$	33.12

The following table summarizes the new and renewal lease activity and the comparative prior rents for the three and six months ended June 30, 2012, for only those leases where the space was occupied in the previous 24 months:



	GLA Analysis			Average Annualized Base Rents
Property Type	New Leases	Renewal Leases	Total	New Leases		Prior Tenants		Renewal Leases		Prior Rent		Total New/Renewal		Total Prior Tenants/Rent		Percent Change in Base Rent
Three months ended June 30, 2012
Mall Anchors	—	—	—	$	—	$	—	$	—	$	—	$	—	$	—	—	%
Mall Non-Anchors	60,896	188,413	249,309	$	56.57	$	50.32	$	34.84	$	31.65	$	40.15	$	36.21	11	%
Six months ended June 30, 2012
Mall Anchors	—	58,159	58,159	$	—	$	—	$	11.78	$	11.78	$	11.78	$	11.78	—	%
Mall Non-Anchors	120,601	343,182	463,783	$	43.18	$	37.88	$	33.07	$	30.83	$	35.70	$	32.67	9	%

Page 16

MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

as of June 30, 2012



TIER 1	Property	Location	MSA Ranking	Total GLA (3)	Avg. Mall Store Sales PSF (1) June 2012		Avg. Mall Store Sales PSF (1) June 2011		Total Mall Occupancy 6/30/12		Total Mall Occupancy 6/30/11		% of Mall Portfolio NOI (2)
(Malls with highly productive tenant sales)	Ashland Town Center	Ashland, KY	>100	414,827
	Dayton Mall	Dayton, OH	61	1,386,534
	Eastland Mall	Columbus, OH	32	999,599
	Grand Central Mall	Parkersburg, WV	>100	848,349
	Lloyd Center (JV)	Portland, OR	23	1,478,420
	Malibu Lumber Yard	Malibu, CA	2	31,441
	Mall at Fairfield Commons	Dayton, OH	61	1,138,153
	Mall at Johnson City	Johnson City, TN	>100	569,555
	Merritt Square Mall	Merritt Island, FL	27	807,727
	Morgantown Mall	Morgantown, WV	>100	557,528
	Northtown Mall	Minneapolis, MN	16	694,347
	Pearlridge Center	Honolulu, HI	55	1,144,737
	Polaris Fashion Place	Columbus, OH	32	1,550,020
	Scottsdale Quarter	Scottsdale, AZ	12	519,539
	The Outlet Collection - Jersey Gardens	Elizabeth, NJ	1	1,294,854
	Town Center Plaza (4)	Leawood, KS	29	601,493
	Weberstown Mall	Stockton, CA	78	857,955
	WestShore Plaza (JV)	Tampa, FL	19	1,057,234
				15,952,312	$	478	$	437	94.1	%	94.6	%	86%



TIER 2	Property	Location	MSA Ranking	Total GLA (3)	Avg. Mall Store Sales PSF (1) June 2012		Avg. Mall Store Sales PSF (1) June 2011		Total Mall Occupancy 6/30/12		Total Mall Occupancy 6/30/11		% of Mall Portfolio NOI (2)
(Malls with moderately productive tenant sales)	Colonial Park Mall	Harrisburg, PA	96	740,766
	Indian Mound Mall	Columbus, OH	32	556,059
	New Towne Mall	New Philadelphia, OH	>100	512,960
	Puente Hills Mall (JV)	City of Industry, CA	2	1,103,804
	River Valley Mall	Columbus, OH	32	584,713
	The Outlet Collection - Seattle	Seattle, WA	15	932,495
	Tulsa Promenade (JV)	Tulsa, OK	53	926,056
				5,356,853	$	269	$	252	92.0	%	90.9	%	14%
TOTAL MALL ASSETS				21,309,165	$	434	$	393	93.6	%	93.6	%
TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS				16,743,651	$	453	$	398	92.9	%	92.4	%


(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, 2012 (pro-rata share for JV Malls).


(3)	Included in the total GLA is 3,891,883 sf which is owned by the tenants.


(4)	Included in the square footage amount is the square footage for both Town Center Plaza and One Nineteen.

Page 17

SUMMARY OF SIGNIFICANT TENANTS

As of June 30, 2012

Tenants Representing > 1.0% of Total Portfolio Annualized Minimum Rent



Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Annualized Minimum Rent		% of Total Annualized Minimum Rent
Limited Brands, Inc.	Bath & Body Works/White Barn Candle, Victoria's Secret, Victoria's Secret Sport	49	231,724	$	6,146,185	2.6	%
Gap, Inc.	Banana Republic, Gap, Gap Kids, Old Navy	26	316,827	4,667,770		2.0	%
Bain Capital, LLC	Burlington Coat Factory, Cohoes Fashion, Guitar Center, Gymboree, Janie & Jack, Crazy 8	23	438,935	4,616,132		1.9	%
Foot Locker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker	42	175,047	4,519,749		1.9	%
Signet Jewelers, Ltd.	J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry	33	59,333	4,351,906		1.8	%
AMC Entertainment, Inc.		2	148,344	4,269,000		1.8	%
Forever 21, Inc.		9	190,634	3,900,617		1.6	%
Sears Holding Corp.	Great Indoors, K-Mart, Sears	22	2,685,330	3,683,642		1.5	%
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		1.4	%
Genesco, Inc.	Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station	49	76,342	3,101,313		1.3	%
American Eagle Outfitters, Inc.	aerie, American Eagle	18	109,351	3,033,665		1.3	%
Luxottica Group	DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station	35	84,115	2,764,416		1.2	%
Ascena Retail Group, Inc.	Dress Barn, Fashion Bug, Justice, Lane Bryant, Maurice's	36	186,164	2,485,228		1.0	%
Finish Line, Inc.	Finish Line, Man Alive	20	109,477	2,415,907		1.0	%
Total tenants representing > 1.0%		393	7,820,499	$	56,850,589	23.8	%

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

Page 18

TOP 10 REGIONAL MALL TENANTS

As of June 30, 2012

Mall Stores (ranked by percent of total minimum mall rents)



Tenant Name	Number of Stores	GLA of Stores	Annualized Minimum Rents		% of Total Annualized Minimum Mall Rents
Limited Brands, Inc.	49	231,724	$	6,146,185	2.6	%
Foot Locker, Inc.	42	175,047	$	4,519,749	1.9	%
Signet Jewelers, Ltd.	33	59,333	$	4,351,906	1.8	%
Gap, Inc.	23	254,518	$	3,442,364	1.5	%
Genesco, Inc.	49	76,342	$	3,101,313	1.3	%
American Eagle Outfitters, Inc.	18	109,351	$	3,033,665	1.3	%
Luxottica Group	35	84,115	$	2,764,416	1.2	%
Ascena Retail Group, Inc.	35	179,159	$	2,485,228	1.1	%
Finish Line, Inc.	20	109,477	$	2,415,907	1.0	%
Aeropostale	24	85,843	$	2,301,739	1.0	%

Mall Anchors (ranked by total GLA)



Tenant Name	Number of Stores	GLA of Stores	Annualized Minimum Rents		% of Total Mall GLA
Sears Holding Corp.	18	2,498,188	$	2,538,973	11.7	%
Macy's, Inc.	11	1,965,177	$	658,630	9.2	%
JCPenney Company, Inc.	15	1,841,903	$	3,392,640	8.6	%
The Bon-Ton Stores, Inc.	11	1,126,171	$	3,502,419	5.3	%
Dillard's	3	522,967	$	—	2.5	%
Belk, Inc.	6	416,131	$	1,856,852	2.0	%
Bain Capital, LLC	5	390,950	$	3,446,462	1.8	%
Dick's Sporting Goods, Inc.	4	229,000	$	2,039,000	1.1	%
Saks, Inc.	3	228,156	$	2,360,100	1.1	%
Boscov's Department Store, LLC	1	182,609	$	—	0.9	%

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

Page 19

LEASE EXPIRATION SCHEDULE

As of June 30, 2012

Total Portfolio



Lease Expiration Year	Number of Leases	Anchor Square Feet of GLA Expiring	Non-Anchor Square Feet of GLA Expiring	Total Square Feet of GLA Expiring	Percent of Occupied GLA Represented by Expiring Leases		Anchor Annualized Base Rents Expiring		Non-Anchor Annualized Base Rents Expiring		Total Annualized Base Rents Expiring		Anchor Annualized Base Rents/ Square Foot Expiring (1)		Non-Anchor Annualized Base Rents/ Square Foot Expiring (1)		Percent of Annualized Base Rents Represented by Expiring Leases
2012	324	84,808	679,713	764,521	3.8	%	$	957,405	$	14,987,572	$	15,944,977	$	11.29	$	26.09	6.7	%
2013	520	503,696	1,314,444	1,818,140	9.0	%	1,784,507		23,834,204		25,618,711		$	3.98	$	21.94	10.8	%
2014	385	1,043,051	879,570	1,922,621	9.5	%	6,570,005		23,377,882		29,947,887		$	6.30	$	30.64	12.6	%
2015	309	1,363,571	888,352	2,251,923	11.1	%	8,691,034		19,522,574		28,213,608		$	7.16	$	25.77	11.9	%
2016	204	1,162,834	640,717	1,803,551	8.9	%	5,280,745		16,757,438		22,038,183		$	4.86	$	29.33	9.3	%
Thereafter	816	8,533,929	3,148,114	11,682,043	57.7	%	31,422,307		84,610,360		116,032,667		$	8.02	$	29.10	48.7	%
	2,558	12,691,889	7,550,910	20,242,799	100.0	%	$	54,706,003	$	183,090,030	$	237,796,033	$	7.02	$	27.49	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 20

CAPITAL EXPENDITURES

(dollars in thousands)



	Three months ended June 30, 2012						Three months ended June 30, 2011
	Consolidated Properties 2012		Unconsolidated Joint Venture Proportionate Share		Total		Consolidated Properties 2011		Unconsolidated Joint Venture Proportionate Share		Total
Development projects	$	1,369	$	—	$	1,369	$	4,769	$	—	$	4,769
Redevelopment and renovation projects	$	3,931	$	28	$	3,959	$	1,472	$	21	$	1,493
Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	4,361	$	562	$	4,923	$	491	$	67	$	558
Non-anchor stores	3,231		122		3,353		2,667		329		2,996
Operational capital expenditures	866		67		933		691		106		797
Total Property Capital Expenditures	$	8,458	$	751	$	9,209	$	3,849	$	502	$	4,351



	Six months ended June 30, 2012						Six months ended June 30, 2011
	Consolidated Properties 2012		Unconsolidated Joint Venture Proportionate Share		Total		Consolidated Properties 2011		Unconsolidated Joint Venture Proportionate Share		Total
Development projects	$	5,798	$	—	$	5,798	$	12,202	$	—	$	12,202
Redevelopment and renovation projects	$	5,384	$	45	$	5,429	$	1,579	$	44	$	1,623
Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	5,684	$	1,875	$	7,559	$	1,635	$	131	$	1,766
Non-anchor stores	5,947		575		6,522		5,093		562		5,655
Operational capital expenditures	2,170		361		2,531		1,731		431		2,162
Total Property Capital Expenditures	$	13,801	$	2,811	$	16,612	$	8,459	$	1,124	$	9,583

Page 21

DEVELOPMENT AND MAJOR REDEVELOPMENT ACTIVITY

(dollars in thousands)



Project	Description	Estimated Total Project Costs (1)	Project Costs Incurred thru 6/30/12 (1)	Opening Date	Estimated Project Yield
PROPERTY DEVELOPMENT:

Scottsdale Quarter- Phase III Scottsdale, Arizona	Multi-use addition to existing center.	To Be Determined	$25,470	Q4-2013 - Q4-2014	To Be Determined

PROPERTY REDEVELOPMENTS:

Outlet Redevelopments The Outlet Collection - Jersey Gardens The Outlet Collection - Seattle	Addition of new outlet brands along with interior/exterior renovations to existing centers.	$55,000 - $65,000	$2,456	Jersey - Fall 2013 Seattle - Holiday 2013	7% - 9%

(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.

Page 22

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