GLIMCHER REALTY TRUST - FORM 8-K - EX-99.2 - SUPPLEMENTAL REPORT DATED DECEMBER 31, 2012

Attached files

file	filename
8-K - CURRENT REPORT - GLIMCHER REALTY TRUST	glimcherrealtytust8-kdated.htm
EX-99.1 - PRESS RELEASE DATED FEBRUARY 14, 2013 - GLIMCHER REALTY TRUST	exhibit991-4q2012.htm

Exhibit 99.2

GLIMCHER REALTY TRUST

Supplemental Information

For the Three and Twelve Months Ended December 31, 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 Unconsolidated 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 (Consolidated and Pro-Rata Share of Unconsolidated Debt)	Page 13
Unconsolidated 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 December 31,
	2012									2011
	As Reported			Discontinued Operations			Pre ASC-205			As Reported			Discontinued Operations			Pre ASC-205
Revenues:
Minimum rents (see components on page 3)	$	53,556		$	—		$	53,556		$	41,565		$	1,270		$	42,835
Percentage rents	3,706			(1		)	3,705			2,320			—			2,320
Tenant reimbursements	26,632			(10		)	26,622			20,084			247			20,331
Other (see components on page 3)	7,913			1			7,914			7,929			3			7,932
Total Revenues	91,807			(10		)	91,797			71,898			1,520			73,418
Expenses:
Property operating expenses	(19,478		)	(12		)	(19,490		)	(14,118		)	(120		)	(14,238		)
Real estate taxes	(10,572		)	(56		)	(10,628		)	(8,965		)	(178		)	(9,143		)
Total recoverable expenses	(30,050		)	(68		)	(30,118		)	(23,083		)	(298		)	(23,381		)
Provision for doubtful accounts	(646		)	336			(310		)	(1,458		)	—			(1,458		)
Other operating expenses (see components on page 4)	(4,763		)	(15		)	(4,778		)	(2,601		)	(26		)	(2,627		)
Real estate depreciation and amortization	(26,124		)	—			(26,124		)	(16,912		)	(54		)	(16,966		)
Non-real estate depreciation and amortization	(536		)	—			(536		)	(545		)	—			(545		)
General and administrative	(6,155		)	(7		)	(6,162		)	(4,821		)	(35		)	(4,856		)
Impairment loss	(18,477		)	—			(18,477		)	—			—			—
Total Expenses	(86,751		)	246			(86,505		)	(49,420		)	(413		)	(49,833		)
Operating Income	5,056			236			5,292			22,478			1,107			23,585
Interest income	4			—			4			390			1			391
Interest expense	(17,488		)	—			(17,488		)	(15,553		)	(561		)	(16,114		)
Loan fee amortization	(955		)	—			(955		)	(1,421		)	(14		)	(1,435		)
Equity in (loss) income of unconsolidated real estate entities, net	(5,459		)	—			(5,459		)	638			—			638
(Loss) income from continuing operations	(18,842		)	236			(18,606		)	6,532			533			7,065
Discontinued Operations:
Gain on disposition of property	—			—			—			27,800			—			27,800
Income from operations	236			(236		)	—			533			(533		)	—
Net (loss) income	(18,606		)	—			(18,606		)	34,865			—			34,865
Allocation to noncontrolling interest	416			—			416			(710		)	—			(710		)
Net (loss) income attributable to Glimcher Realty Trust	(18,190		)	—			(18,190		)	34,155			—			34,155
Preferred share dividends	(6,090		)	—			(6,090		)	(6,137		)	—			(6,137		)
Net (loss) income to common shareholders	$	(24,280	)	$	—		$	(24,280	)	$	28,018		$	—		$	28,018

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

YEAR-TO-DATE INCOME STATEMENTS

(in thousands)



	Twelve Months Ended December 31,
	2012									2011
	As Reported			Discontinued Operations			Pre ASC-205			As Reported			Discontinued Operations			Pre ASC-205
Revenues:
Minimum rents (see components on page 3)	$	196,147		$	62		$	196,209		$	159,958		$	6,210		$	166,168
Percentage rents	9,815			(1		)	9,814			6,320			—			6,320
Tenant reimbursements	96,361			17			96,378			77,145			1,422			78,567
Outparcel sale	760			6,650			7,410			1,050			—			1,050
Other (see components on page 3)	22,952			1			22,953			22,974			6			22,980
Total Revenues	326,035			6,729			332,764			267,447			7,638			275,085
Expenses:
Property operating expenses	(70,935		)	(5		)	(70,940		)	(57,181		)	(685		)	(57,866		)
Real estate taxes	(39,221		)	(90		)	(39,311		)	(32,801		)	(886		)	(33,687		)
Total recoverable expenses	(110,156		)	(95		)	(110,251		)	(89,982		)	(1,571		)	(91,553		)
Provision for doubtful accounts	(6,065		)	206			(5,859		)	(3,448		)	(99		)	(3,547		)
Other operating expenses (see components on page 4)	(18,462		)	(101		)	(18,563		)	(10,461		)	(158		)	(10,619		)
Costs related to the sale of an outparcel	(199		)	(5,232		)	(5,431		)	(499		)	—			(499		)
Real estate depreciation and amortization	(94,923		)	(503		)	(95,426		)	(66,504		)	(1,263		)	(67,767		)
Non-real estate depreciation and amortization	(2,075		)	—			(2,075		)	(2,154		)	—			(2,154		)
General and administrative	(23,689		)	(22		)	(23,711		)	(20,282		)	(102		)	(20,384		)
Impairment loss	(18,477		)	—			(18,477		)	(8,995		)	—			(8,995		)
Total Expenses	(274,046		)	(5,747		)	(279,793		)	(202,325		)	(3,193		)	(205,518		)
Operating Income	51,989			982			52,971			65,122			4,445			69,567
Interest income	71			2			73			1,441			3			1,444
Gain on remeasurement of equity method investment	25,068			—			25,068			—			—			—
Interest expense	(66,772		)	—			(66,772		)	(64,073		)	(2,894		)	(66,967		)
Loan fee amortization	(3,895		)	—			(3,895		)	(6,042		)	(77		)	(6,119		)
Equity in loss of unconsolidated real estate entities, net	(10,127		)	—			(10,127		)	(6,380		)	—			(6,380		)
Loss from continuing operations	(3,666		)	984			(2,682		)	(9,932		)	1,477			(8,455		)
Discontinued Operations:
Gain on disposition of property	—			—			—			27,800			—			27,800
Income from operations	984			(984		)	—			1,477			(1,477		)	—
Net (loss) income	(2,682		)	—			(2,682		)	19,345			—			19,345
Allocation to noncontrolling interests	601			—			601			212			—			212
Net (loss) income attributable to Glimcher Realty Trust	(2,081		)	—			(2,081		)	19,557			—			19,557
Preferred share dividends	(24,969		)	—			(24,969		)	(24,548		)	—			(24,548		)
Write-off of issuance costs related to preferred share redemptions	(3,446		)	—			(3,446		)	—			—			—
Net loss to common shareholders	$	(30,496	)	$	—		$	(30,496	)	$	(4,991	)	$	—		$	(4,991	)

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

COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE

(in thousands)



	Three Months Ended December 31,
	2012								2011
	As Reported			Discontinued Operations		Pre ASC-205			As Reported		Discontinued Operations		Pre ASC-205
Components of Minimum Rents:
Base rent	$	52,904		$	—	$	52,904		$	40,802	$	1,254	$	42,056
Termination income	(14		)	—		(14		)	232		15		247
Straight-line rents	666			—		666			531		1		532
Total Minimum Rents	$	53,556		$	—	$	53,556		$	41,565	$	1,270	$	42,835
Components of Other Revenue:
Fee and service income	$	1,939		$	—	$	1,939		$	2,318	$	—	$	2,318
Specialty leasing and sponsorship income	4,424			—		4,424			4,354		1		4,355
Other	1,550			1		1,551			1,257		2		1,259
Total Other Revenue	$	7,913		$	1	$	7,914		$	7,929	$	3	$	7,932



	Twelve Months Ended December 31,
	2012							2011
	As Reported		Discontinued Operations			Pre ASC-205		As Reported		Discontinued Operations		Pre ASC-205
Components of Minimum Rents:
Base rent	$	192,616	$	187		$	192,803	$	155,820	$	6,191	$	162,011
Termination income	706		—			706		1,113		15		1,128
Straight-line rents	2,825		(125		)	2,700		3,025		4		3,029
Total Minimum Rents	$	196,147	$	62		$	196,209	$	159,958	$	6,210	$	166,168
Components of Other Revenue:
Fee and service income	$	7,886	$	—		$	7,886	$	8,575	$	—	$	8,575
Specialty leasing and sponsorship income	10,988		—			10,988		10,676		4		10,680
Other	4,078		1			4,079		3,723		2		3,725
Total Other Revenue	$	22,952	$	1		$	22,953	$	22,974	$	6	$	22,980

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

COMPONENTS OF OTHER OPERATING EXPENSES

(in thousands)



	Three Months Ended December 31,
	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	$	1,044	$	—	$	1,044	$	1,054	$	—	$	1,054
Discontinued development write-offs	14		—		14		73		—		73
Specialty leasing costs	501		—		501		484		—		484
Ground lease expense	2,185		—		2,185		—		—		—
Other	1,019		15		1,034		990		26		1,016
Total Other Operating Expenses	$	4,763	$	15	$	4,778	$	2,601	$	26	$	2,627



	Twelve Months Ended December 31,
	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	$	4,255	$	—	$	4,255	$	4,255	$	—	$	4,255
Discontinued development write-offs	3,359		—		3,359		100		—		100
Specialty leasing costs	2,010		—		2,010		1,961		—		1,961
Ground lease expense	5,381		—		5,381		—		—		—
Other	3,457		101		3,558		4,145		158		4,303
Total Other Operating Expenses	$	18,462	$	101	$	18,563	$	10,461	$	158	$	10,619

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

SUMMARY FINANCIAL STATEMENT INFORMATION

FOR UNCONSOLIDATED ENTITIES

(in thousands)



	For the Three Months Ended December 31, 2012						For the Three Months Ended December 31, 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	$	20,325		$	9,024		$	35,093		$	12,475
Operating expenses	(9,009		)	(4,052		)	(15,914		)	(5,519		)
Net operating income	11,316			4,972			19,179			6,956
Depreciation and amortization	(5,207		)	(2,264		)	(8,845		)	(3,032		)
Other expenses, net	(97		)	(39		)	(121		)	(49		)
Interest expense, net	(4,076		)	(1,772		)	(6,065		)	(2,143		)
Impairment loss (1)	(12,216		)	(6,352		)	(2,097		)	(1,090		)
Net (loss) income	(10,280		)	(5,455		)	2,051			642
Preferred dividend	(8		)	(4		)	(8		)	(4		)
Net (loss) income to partnership	$	(10,288	)	$	(5,459	)	$	2,043		$	638
GPLP's share of (loss) income from investment in unconsolidated entities	$	(5,459	)				$	638



	For the Twelve Months Ended December 31, 2012						For the Twelve Months Ended December 31, 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	$	93,732		$	37,641		$	129,235		$	45,679
Operating expenses	(45,001		)	(17,960		)	(61,970		)	(21,535		)
Net operating income	48,731			19,681			67,265			24,144
Depreciation and amortization	(26,025		)	(10,170		)	(36,944		)	(12,764		)
Other expenses, net	(439		)	(181		)	(379		)	(150		)
Interest expense, net	(18,392		)	(7,244		)	(24,327		)	(8,627		)
Impairment loss (2)	(23,575		)	(12,197		)	(17,246		)	(8,967		)
Net loss	(19,700		)	(10,111		)	(11,631		)	(6,364		)
Preferred dividend	(31		)	(16		)	(31		)	(16		)
Net loss to partnership	$	(19,731	)	$	(10,127	)	$	(11,662	)	$	(6,380	)
GPLP's share of loss from investment in unconsolidated entities	$	(10,127	)				$	(6,380	)

(1) Impairment loss for the three months ended December 31, 2012 and 2011 relates to Tulsa Promenade.

(2) Impairment loss for the twelve months ended December 31, 2012 relates to Tulsa Promenade and Town Square at Surprise. Beginning July 20, 2012, Town Square at Surprise was reported as a consolidated entity. The impairment loss for the twelve months ended December 31, 2011 relates to Tulsa Promenade only.

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			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31			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		$	(10,363	)	$	(24,280	)	$	(30,496	)	$	(5,977	)	$	(22,376	)	$	(4,656	)	$	28,018		$	(4,991	)
Real estate depreciation and amortization	19,054			21,855			28,393			26,124			95,426			16,145			16,744			17,912			16,966			67,767
Pro-rata share of consolidated joint venture depreciation	—			—			(19		)	(18		)	(37		)	—			—			—			—			—
Equity in loss (income) of unconsolidated entities	3,474			1,111			83			5,459			10,127			(265		)	7,901			(618		)	(638		)	6,380
Pro-rata share of unconsolidated entities funds from operations	3,564			2,937			2,541			3,147			12,189			3,484			3,415			3,614			4,745			15,258
Noncontrolling interest in operating partnership	(263		)	274			(171		)	(394		)	(554		)	(182		)	(618		)	(122		)	710			(212		)
Gain on the remeasurement of equity method investment	—			(25,068		)	—			—			(25,068		)	—			—			—			—			—
Impairment loss on depreciable real estate assets	—			—			—			18,477			18,477			—			—			—			—
Gain on disposition of property	—			—			—			—			—			—			—			—			(27,800		)	(27,800		)
FFO	$	14,473		$	16,612		$	20,464		28,515			$	80,064		$	13,205		$	5,066		$	16,130		$	22,001		$	56,402
Adjusted Funds from Operations:
FFO	$	14,473		$	16,612		$	20,464		28,515			$	80,064		$	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 issuance costs related to preferred share redemptions	—			—			3,446			—			3,446			—			—			—			—			—
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		$	23,910		28,515			$	90,025		$	14,753		$	14,800		$	16,130		$	23,029		$	68,712
Weighted average common shares outstanding - diluted (1)	120,693			142,833			143,562			145,392			138,151			101,562			105,753			110,668			111,771			107,493
FFO per diluted share	$	0.12		$	0.12		$	0.14		$	0.20		$	0.58		$	0.13		$	0.05		$	0.15		$	0.20		$	0.52
Total adjustments	0.03			0.02			0.02			—			0.07			0.02			0.09			—			0.01			0.11
Adjusted FFO per diluted share	$	0.15		$	0.14		$	0.17		$	0.20		$	0.65		$	0.15		$	0.14		$	0.15		$	0.21		$	0.64



	2012															2011
	3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31			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		$	0.1000		$	0.1000		$	0.4000		$	0.1000		$	0.1000		$	0.1000		$	0.1000		$	0.4000
FFO payout ratio after adjustments	67.8		%	72.1		%	60.0		%	51.0		%	61.4		%	68.8		%	71.5		%	68.6		%	48.5		%	62.6		%



	2012											2011
	3 mos Mar. 31			3 mos June 30		3 mos Sept. 30		3 mos Dec. 31		YTD Dec. 31		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	$	1,318	$	1,418	$	5,642	$	1,088		$	1,247		$	1,091		$	1,174		$	4,600
Straight-line adjustment as an increase to minimum rents (continuing and discontinued operations)	$	605		$	796	$	633	$	666	$	2,700	$	734		$	800		$	963		$	532		$	3,029
Straight-line and fair market value adjustment for ground lease expense recorded as an increase to other operating expense	$	—		$	562	$	969	$	829	$	2,360	$	—		$	—		$	—		$	—		$	—
Fair value of debt amortized as an (increase) decrease to interest expense	$	(65	)	$	127	$	431	$	348	$	841	$	(65	)	$	(66	)	$	(65	)	$	(66	)	$	(262	)
Intangible and inducement amortization as a net increase (decrease) to base rents (continuing and discontinued operations)	$	6		$	709	$	1,835	$	584	$	3,134	$	(53	)	$	(95	)	$	(387	)	$	(30	)	$	(565	)
Discontinued development write-off's	$	126		$	3,219	$	—	$	14	$	3,359	$	—		$	—		$	27		$	73		$	100


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

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			3 mos Sept. 30		3 mos Dec. 31			YTD Dec. 31			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	$	(10,288	)	$	(19,731	)	$	223	$	(15,328	)	$	1,400	$	2,043	$	(11,662	)
Real estate depreciation and amortization	9,225			6,295			5,206		5,184			25,910			9,388		9,736			8,808		8,810		36,742
Impairment loss	7,562			3,100			697		12,216			23,575			—		15,149			—		2,097		17,246
FFO	$	9,515		$	7,215		$	5,912	$	7,112		$	29,754		$	9,611	$	9,557		$	10,208	$	12,950	$	42,326
Pro-rata share of unconsolidated entities funds from operations	$	3,564		$	2,937		$	2,541	$	3,147		$	12,189		$	3,484	$	3,415		$	3,614	$	4,745	$	15,258



	2012															2011
	3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31			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	)	$	17		$	1		$	(96	)	$	104		$	(68	)	$	100		$	42		$	178
Intangible amortization as an increase to minimum rents	$	340		$	244		$	154		$	142		$	880		$	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	)	$	(363	)	$	(6,352	)	$	(12,197	)	$	—		$	(7,877	)	$	—		$	(1,090	)	$	(8,967	)
Loan fee amortization	$	(76	)	$	(44	)	$	(150	)	$	(172	)	$	(442	)	$	(77	)	$	(78	)	$	(78	)	$	(73	)	$	(306	)

EBITDA, OPERATING RATIOS AND EARNINGS PER SHARE

(dollars and shares in thousands)



	2012															2011
	3 mos Mar. 31			3 mos June 30			3 mos Sept. 30			3 mos Dec. 31			YTD Dec. 31			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		$	(312	)	$	(18,190	)	$	(2,081	)	$	160		$	(16,239	)	$	1,481		$	34,155		$	19,557
Interest expense (continuing and discontinued operations)	15,703			16,479			17,102			17,488			66,772			16,737			17,528			16,588			16,114			66,967
Loan fee amortization (continuing and discontinued operations)	985			898			1,057			955			3,895			2,159			1,363			1,162			1,435			6,119
Taxes (continuing and discontinued operations)	237			232			243			281			993			266			261			219			48			794
Depreciation and amortization (continuing and discontinued operations)	19,576			22,362			28,903			26,660			97,501			16,667			17,288			18,455			17,511			69,921
EBITDA	31,282			61,611			46,993			27,194			167,080			35,989			20,201			37,905			69,263			163,358
Allocation to noncontrolling interest	(263		)	274			(171		)	(394		)	(554		)	(182		)	(618		)	(122		)	710			(212		)
Adjustment for consolidated joint venture	—			—			(54		)	(62		)	(116		)	—			—			—			—			—
EBITDA adjustments related to pro-rata share of unconsolidated entities, net	9,073			5,802			4,486			10,431			29,792			5,490			13,535			5,181			6,318			30,524
Impairment loss	—			—			—			18,477			18,477			—			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 property	—			—			—			—			—			—			—			—			(27,800		)	(27,800		)
Adjusted EBITDA	$	43,414		$	45,812		$	51,254		$	55,646		$	196,126		$	41,297		$	42,113		$	42,964		$	48,491		$	174,865
Operating Ratios:
General and administrative / total revenues	7.9		%	7.8		%	6.9		%	6.7		%	7.3		%	7.7		%	7.9		%	8.1		%	6.7		%	7.6		%
Tenant reimbursements / (real estate taxes + property operating expenses)	87.7		%	86.7		%	86.8		%	88.6		%	87.5		%	86.8		%	85.4		%	83.7		%	87.0		%	85.7		%
Earnings per Share:
Weighted average common shares outstanding - basic	117,517			139,832			140,641			142,478			135,152			98,234			102,406			107,444			108,576			104,220
Weighted average common shares outstanding - diluted	120,271			142,833			142,964			144,799			137,624			101,220			105,351			110,252			111,771			107,101
(Loss) earnings per share - basic	$	(0.10	)	$	0.11		$	(0.07	)	$	(0.17	)	$	(0.23	)	$	(0.06	)	$	(0.22	)	$	(0.04	)	$	0.26		$	(0.05	)
(Loss) earnings per share - diluted	$	(0.10	)	$	0.11		$	(0.07	)	$	(0.17	)	$	(0.23	)	$	(0.06	)	$	(0.22	)	$	(0.04	)	$	0.26		$	(0.05	)

NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES

(INCLUDING PRO-RATA SHARE OF UNCONSOLIDATED PROPERTIES)

(in thousands)




	Three Months Ended December 31,									Twelve Months Ended December 31,
	2012			2011			Variance			2012			2011			Variance

Operating Income	$	5,056		$	22,478		$	(17,422	)	$	51,989		$	65,122		$	(13,133	)

Depreciation and Amortization (1)	26,660			17,511			9,149			97,501			69,921			27,580
General and administrative (1)	6,162			4,856			1,306			23,711			20,384			3,327
Proportionate share of unconsolidated joint venture Comparable NOI	5,946			6,115			(169		)	21,775			22,401			(626		)
Non-comparable Properties (2)	(11,232		)	(4,905		)	(6,327		)	(31,297		)	(8,081		)	(23,216		)
Termination and outparcel net income	14			(247		)	261			(2,685		)	(1,679		)	(1,006		)
Straight line rents (1)	(666		)	(532		)	(134		)	(2,700		)	(3,029		)	329
Non-recurring, non-cash items (3)	18,477			—			18,477			21,799			8,995			12,804
Other (4)	(1,415		)	2,874			(4,289		)	(3,929		)	791			(4,720		)

Comparable NOI	$	49,002		$	48,150		$	852		$	176,164		$	174,825		$	1,339

Comparable NOI percentage change							1.8		%							0.8		%

(1) Amounts include both continued and discontinued operations.

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

and 80% of Pearlridge Center.

(3) Amounts include impairments 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.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)



	2012												2011
	Mar. 31			June 30			Sept. 30			Dec. 31			Dec. 31
Assets:
Land	$	308,476		$	340,438		$	352,105		$	338,543		$	312,496
Buildings, improvements and equipment	1,890,367			2,334,277			2,348,776			2,361,077			1,876,048
Developments in progress	51,534			58,932			69,715			75,748			46,530
	2,250,377			2,733,647			2,770,596			2,775,368			2,235,074
Less accumulated depreciation	645,372			664,142			687,531			710,042			634,279
Property and equipment, net	1,605,005			2,069,505			2,083,065			2,065,326			1,600,795

Deferred leasing costs, net	23,812			29,002			30,172			30,944			24,505
Real estate assets held-for-sale	9,379			9,384			4,056			4,056			4,056
Investment in and advances to unconsolidated real estate entities	120,007			101,482			96,699			86,702			124,793
Investment in real estate, net	1,758,203			2,209,373			2,213,992			2,187,028			1,754,149

Cash and cash equivalents	134,793			15,271			7,567			17,489			8,876
Non-real estate assets associated with property held-for-sale	131			137			—			—			—
Restricted cash	15,406			12,865			20,358			22,043			18,820
Tenant accounts receivable, net	22,611			27,453			29,979			31,793			26,873
Deferred expenses, net	14,527			15,303			15,294			17,642			15,780
Prepaid and other assets	39,145			37,396			58,232			53,412			40,928
Total Assets	$	1,984,816		$	2,317,798		$	2,345,422		$	2,329,407		$	1,865,426
Liabilities and Equity:
Mortgage notes payable	$	1,177,949		$	1,335,653		$	1,368,639		$	1,399,774		$	1,175,053
Notes payable	—			133,000			108,000			85,000			78,000
Other liabilities associated with property held-for-sale	143			166			99			132			127
Accounts payable and accrued expenses	46,154			87,465			110,198			112,630			50,304
Distributions payable	20,354			20,381			19,669			20,314			18,013
Total Liabilities	1,244,600			1,576,665			1,606,605			1,617,850			1,321,497
Equity:
Series F cumulative preferred shares	60,000			60,000			—			—			60,000
Series G cumulative preferred shares	222,074			222,074			192,412			192,412			222,074
Series H cumulative preferred shares	—			—			96,564			96,466			—
Common shares of beneficial interest	1,395			1,401			1,421			1,431			1,160
Additional paid-in capital	1,234,953			1,236,175			1,252,203			1,264,104			1,016,188
Distributions in excess of accumulated earnings	(791,871		)	(790,380		)	(814,944		)	(853,530		)	(766,571		)
Accumulated other comprehensive loss	(515		)	(1,045		)	(1,369		)	(1,284		)	(483		)
Total Glimcher Realty Trust Shareholders' Equity	726,036			728,225			726,287			699,599			532,368
Noncontrolling interest	14,180			12,908			12,530			11,958			11,561
Total equity	740,216			741,133			738,817			711,557			543,929
Total Liabilities and Equity	$	1,984,816		$	2,317,798		$	2,345,422		$	2,329,407		$	1,865,426

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 Sept. 30			3 mos Dec. 31			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		$	10.57		$	11.09		$	9.25		$	9.50		$	7.08		$	9.20
Market Capitalization Ratio:
Common shares outstanding	139,439			140,124			142,011			143,090			99,895			107,158			107,489			115,975
Operating partnership units outstanding	2,728			2,323			2,323			2,308			2,986			2,889			2,789			2,789
Total common shares and units outstanding at end of period	142,167			142,447			144,334			145,398			102,881			110,047			110,278			118,764
Valuation - Common shares and operating partnership units outstanding	$	1,452,947		$	1,455,808		$	1,525,610		$	1,612,464		$	951,649		$	1,045,447		$	780,768		$	1,092,629
Preferred shares	282,074			282,074			288,976			288,878			282,074			282,074			282,074			282,074
Total consolidated debt (end of period)	1,177,949			1,468,653			1,476,639			1,484,774			1,296,696			1,251,262			1,257,393			1,253,053
Total market capitalization	$	2,912,970		$	3,206,535		$	3,291,225		$	3,386,116		$	2,530,419		$	2,578,783		$	2,320,235		$	2,627,756
Debt / Market capitalization	40.4		%	45.8		%	44.9		%	43.8		%	51.2		%	48.5		%	54.2		%	47.7		%
Debt / Market capitalization including pro-rata share of unconsolidated entities	43.5		%	47.9		%	47.1		%	46.1		%	54.1		%	51.5		%	57.1		%	50.6		%



			2012
Credit Facility Debt Covenant Requirements:	Facility Requirements		Dec. 31
Maximum Corporate Debt to Total Asset Value	60.0	%	53.2	%
Minimum Interest Coverage Ratio	1.75 x		2.61 x
Minimum Fixed Charge Coverage Ratio	1.40 x		1.67 x
Maximum Recourse Debt	12.5	%	5.8	%

CONSOLIDATED DEBT SCHEDULE

(dollars in thousands)



Mortgage Notes Payable:
	Dec. 31,			Dec. 31,			Interest Rates
Fixed Rate:	2012			2011			2012		2011		Interest Terms	Payment Terms	Balloon Pmt. at Maturity		Initial/Final Maturity
Polaris Fashion Place	$	125,414		$	128,570		5.24	%	5.24	%		(a)	$	124,572	April 11, 2013
The Outlet Collection \| Jersey Gardens	140,409			143,846			4.83	%	4.83	%		(a)	$	135,194	June 8, 2014
The Mall at Fairfield Commons	97,285			99,551			5.45	%	5.45	%		(a)	$	92,762	November 1, 2014
The Outlet Collection \| Seattle	53,018			54,309			7.54	%	7.54	%	(i)	(a)	$	49,969	(e)
Merritt Square Mall	55,205			55,999			5.35	%	5.35	%		(a)	$	52,914	September 1, 2015
Scottsdale Quarter Fee Interest	67,778			68,829			4.91	%	4.91	%		(a)	$	64,577	October 1, 2015
Pearlridge Center	175,000			—			4.60	%	—			(l)	$	169,327	November 1, 2015
River Valley Mall	47,378			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	40,791			41,388			5.87	%	5.87	%		(a)	$	38,057	December 11, 2016
The Mall at Johnson City	53,573			54,153			6.76	%	6.76	%		(a)	$	47,768	May 6, 2020
Grand Central Mall	43,730			44,277			6.05	%	6.05	%		(a)	$	38,307	July 6, 2020
Ashland Town Center	41,223			41,833			4.90	%	4.90	%		(a)	$	34,569	July 6, 2021
Dayton Mall	82,000			—			4.57	%	—			(d)	$	75,241	September 1, 2022
Town Center Plaza	76,057			—			5.00	%	—			(a)	$	52,465	(j)
Town Center Crossing	37,948			—			4.25	%	—			(a)	$	25,820	(j)
Tax Exempt Bonds	19,000			19,000			6.00	%	6.00	%		(c)	$	19,000	November 1, 2028
	1,215,809			859,852
Variable Rate:
Colonial Park Mall (f)	33,455			40,000			3.71	%	3.41	%	(g)	(a)	$	33,283	April 23, 2013
Town Square at Surprise (o)	3,592			—			5.50	%	—		(p)	(a)	$	3,566	(q)
Scottsdale Quarter Phase III Fee Interest (r)	12,930			15,000			3.11	%	3.20	%	(k)	(b)	$	12,930	December 1, 2013
Scottsdale Quarter	130,000			140,633			3.28	%	2.86	%	(h)	(b)	$	130,000	(m)
	179,977			195,633
Other:
Fair Value Adjustment - Merritt Square Mall	(699		)	(961		)
Fair Value Adjustment - Pearlridge Center	4,687			—
Extinguished Debt	—			120,529					(n)
Total Mortgage Notes Payable	$	1,399,774		$	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 require semi-annual payments of interest.


(d)	The loan requires monthly payments of interest only until October 2017. Thereafter, monthly payments of principal and interest are required.


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


(f)	In April 2012, the Company reduced the loan by $6,200 to a balance of $33,800.


(g)	Interest rate of LIBOR plus 3.50%.


(h)	$105,000 was fixed through a swap agreement at a rate of 3.14% at December 31, 2012 and the remaining $25,000 incurs interest at an average rate of LIBOR plus 3.65%. $125,000 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 loans for Town Center Plaza and Town Center Crossing are cross-collateralized and have a call date of February 1, 2027.


(k)	Interest rate of LIBOR plus 2.90%.


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


(n)	Interest rates ranging from 3.30% to 8.27% at December 31, 2011.


(o)	Beginning in July 2012, the Surprise joint venture is being included in the Company's consolidated results. It was previously classified as an unconsolidated entity.


(p)	Interest rate is the greater of 5.50% or LIBOR plus 4.00%.


(q)	The loan matures June 30, 2013, however, the loan may be extended for eighteen months subject to certain loan extension fees and conditions.


(r)	In November 2012, the Company reduced the loan by $2,070 to a balance of $12,930.

TOTAL DEBT MATURITIES SCHEDULE (Consolidated and Pro-Rata Share of Unconsolidated Debt)

(dollars in thousands)



							Principal Payments - Assumes Exercise of Extension Options (e)
Description	Initial Maturity	Extension Option	Interest Rate	Balance 12/31/2012			2013			2014			2015			2016		2017		2018+
Consolidated Properties
Polaris Fashion Place	04/2013		5.24%	$	125,414		$	125,414
Colonial Park Mall	04/2013		3.71%	33,455			33,455
Town Square at Surprise (f)	06/2013	12/2014	5.50%	3,592			62			$	3,530
Scottsdale Quarter Phase III Fee Interest (c)	12/2013		3.11%	12,930			12,930			—
The Outlet Collection \| Jersey Gardens	06/2014		4.83%	140,409			3,629			136,780
The Mall at Fairfield Commons	11/2014		5.45%	97,285			2,409			94,876
The Outlet Collection \| Seattle	02/2015		7.54%	53,018			1,406			1,517			$	50,095
Scottsdale Quarter (a)	05/2015	(b)	3.28%	130,000			—			—			130,000
Merritt Square Mall	09/2015		5.35%	55,205			842			889			53,474
Scottsdale Quarter Fee Interest	10/2015		4.91%	67,778			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%	47,378			770			815			863			$	44,930
Weberstown Mall	06/2016		5.90%	60,000			—			—			—			60,000
Eastland Mall	12/2016		5.87%	40,791			641			680			722			38,748
The Mall at Johnson City	05/2020		6.76%	53,573			633			677			726			766		$	830	$	49,941
Grand Central Mall	07/2020		6.05%	43,730			589			626			665			700		751		40,399
Ashland Town Center	07/2021		4.90%	41,223			646			679			714			744		788		37,652
Dayton Mall	09/2022		4.57%	82,000			—			—			—			—		311		81,689
Town Center Plaza	02/2027		5.00%	76,057			1,185			1,245			1,309			1,375		1,446		69,497
Town Center Crossing	02/2027		4.25%	37,948			643			671			700			730		760		34,444
Tax Exempt Bonds	11/2028		6.00%	19,000			—			—			—			—		—		19,000
Fair Value Adjustment Amortization - Merritt Square Mall				(699		)	(262		)	(262		)	(175		)
Fair Value Adjustment Amortization - Pearlridge Center				4,687			1,654			1,654			1,379
Subtotal (d)				1,399,774			188,192			248,229			477,852			147,993		4,886		332,622
Credit Facility	10/2014	10/2015	2.46%	85,000			—			—			85,000
Total Consolidated Maturities				$	1,484,774		$	188,192		$	248,229		$	562,852		$	147,993	$	4,886	$	332,622
Pro-Rata Share of Unconsolidated Maturities (detail page 14)				$	141,034		$	60,834		$	—		$	—		$	—	$	80,200	$	—
Total				$	1,625,808		$	249,026		$	248,229		$	562,852		$	147,993	$	85,086	$	332,622


(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 5.2% as of December 31, 2012 with an initial weighted average maturity of 3.8 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.


(f)	Beginning in July 2012, the Surprise joint venture is being included in the Company's consolidated results. It was previously classified as an unconsolidated entity. Interest rate is the greater of 5.50% or LIBOR plus 4.00%.

UNCONSOLIDATED DEBT MATURITY SCHEDULE

(dollars in thousands)



						Principal Payments
Description	Interest Rate 12/31/2012	Loan Terms	Final Maturity	Balance 12/31/12		2013		2014		2015		2016+
Fixed Rate Mortgages
Lloyd Center	5.42%	(a)	June 11, 2013	$	118,186	$	118,186
Puente Hills Mall	4.50%	(b)	July 1, 2017	60,000		—		$	—	$	—	$	60,000
Total Fixed Rate Mortgages				178,186		118,186		—		—		60,000
Variable Rate Mortgages
Tulsa Promenade (d)	5.25%	(c)	(g)	26,076		26,076
WestShore Plaza	3.65%	(e)	(f)	122,500		—		—		—		122,500
Total Variable Rate Mortgages				148,576		26,076		—		—		122,500
Sub-Total				$	326,762	$	144,262	$	—	$	—	$	182,500
Pro-Rata Share of Debt Shown Above				$	141,034	$	60,834	$	—	$	—	$	80,200


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


(e)	Interest rate is the greater of 3.65% or LIBOR plus 3.15%. The rate has been capped at 7.15%. The loan requires monthly payments of interest only.


(f)	The loan has a maturity date of October 1, 2015 with two successive one-year extension options available, subject to certain conditions.


(g)	The loan matured on December 31, 2012, however, the borrower is in discussions with the lender regarding a loan modification to extend the maturity date.

OCCUPANCY STATISTICS

Portfolio Occupancy Statistics

Portfolio occupancy statistics by property type are summarized below:



	Occupancy (1)
	12/31/2012	9/30/2012	6/30/2012 (3)	3/31/2012	12/31/2011
Core Malls (2)
Mall Anchors	96.6%	96.8%	96.7%	96.7%	96.5%
Mall Non-Anchors	93.2%	91.4%	88.8%	89.5%	92.2%
Total Occupancy	95.3%	94.7%	93.6%	93.8%	94.8%

Mall Portfolio - excluding Joint Ventures
Mall Anchors	95.6%	95.9%	95.7%	95.5%	95.3%
Mall Non-Anchors	93.9%	91.7%	88.9%	88.7%	91.5%
Total Occupancy	94.9%	94.2%	92.9%	92.9%	93.9%

Occupancy Cost (4)	10.8%	11.0%	10.9%	11.0%	11.2%


(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)	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.


(4)	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.

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 twelve months ended December 31, 2012:



	GLA Analysis			Average Annualized Base Rents
Property Type	New Leases	Renewal Leases	Total	New Leases		Renewal Leases		Total
Mall Anchors	134,691	141,478	276,169	$	24.55	$	11.85	$	14.91
Mall Non-Anchors	347,441	786,905	1,134,346	$	32.74	$	31.97	$	32.21

The following table summarizes the new and renewal lease activity and the comparative prior rents for the three and twelve months ended December 31, 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 December 31, 2012
Mall Anchors	20,751	27,925	48,676	$	5.78	$	2.70	$	12.00	$	12.00	$	9.35	$	8.03	16	%
Mall Non-Anchors	9,410	147,197	156,607	$	46.06	$	42.22	$	33.43	$	29.70	$	34.19	$	30.45	12	%
Twelve months ended December 31, 2012
Mall Anchors	20,751	86,084	106,835	$	5.78	$	2.70	$	11.85	$	11.85	$	10.67	$	10.07	6	%
Mall Non-Anchors	196,115	589,162	785,277	$	37.53	$	33.69	$	34.40	$	31.61	$	35.18	$	32.13	10	%

MALL PORTFOLIO STATISTICS BY ASSET CATEGORY

as of December 31, 2012



TIER 1	Property	Location	MSA Ranking	Total GLA (3)	Avg. Mall Store Sales PSF (1) Dec. 2012		Avg. Mall Store Sales PSF (1) Dec. 2011		Total Mall Occupancy 12/31/12		Total Mall Occupancy 12/31/11		% of Mall Portfolio NOI (2)
(Malls with highly productive tenant sales)	Ashland Town Center	Ashland, KY	>100	415,218	$	396	$	411	100.0	%	98.8	%
	Dayton Mall	Dayton, OH	62	1,436,347	$	313	$	316	95.0	%	94.9	%
	Eastland Mall	Columbus, OH	32	999,189	$	359	$	335	74.7	%	75.0	%
	Grand Central Mall	Parkersburg, WV	>100	847,507	$	333	$	339	98.3	%	95.5	%
	Lloyd Center (JV)	Portland, OR	23	1,478,057	$	346	$	330	97.4	%	97.5	%
	Malibu Lumber Yard	Malibu, CA	2	31,441	$	1,188	$	—	89.0	%	—
	Mall at Fairfield Commons	Dayton, OH	61	1,136,963	$	356	$	341	97.8	%	98.7	%
	Mall at Johnson City	Johnson City, TN	>100	570,067	$	426	$	416	99.1	%	99.2	%
	Merritt Square Mall	Merritt Island, FL	96	797,165	$	353	$	309	96.4	%	92.7	%
	Morgantown Mall	Morgantown, WV	>100	555,590	$	371	$	328	99.6	%	95.6	%
	Northtown Mall	Minneapolis, MN	16	590,067	$	382	$	355	94.6	%	92.7	%
	Outlet Collection \| Jersey Gardens	Elizabeth, NJ	1	1,295,656	$	688	$	685	100.0	%	99.5	%
	Pearlridge Center	Honolulu, HI	53	1,147,810	$	511	$	492	97.8	%	99.7	%
	Polaris Fashion Place	Columbus, OH	32	1,438,142	$	529	$	508	100.0	%	99.7	%
	River Valley Mall	Columbus, OH	32	584,537	$	311	$	323	83.7	%	83.4	%
	Scottsdale Quarter	Scottsdale, AZ	14	541,266	$	1,019	$	1,366	88.5	%	80.1	%
	Town Center Plaza (4)	Leawood, KS	29	607,810	$	588	$	428	93.3	%	94.0	%
	Weberstown Mall	Stockton, CA	76	855,829	$	419	$	393	99.4	%	100.0	%
	WestShore Plaza (JV)	Tampa, FL	18	1,073,679	$	405	$	419	98.2	%	98.4	%
				16,402,340	$	472	$	446	95.6	%	95.0	%	89	%



TIER 2	Property	Location	MSA Ranking	Total GLA (3)	Avg. Mall Store Sales PSF (1) Dec. 2012		Avg. Mall Store Sales PSF (1) Dec. 2011		Total Mall Occupancy 12/31/12		Total Mall Occupancy 12/31/11		% of Mall Portfolio NOI (2)
(Malls with moderately productive tenant sales)	Colonial Park Mall	Harrisburg, PA	94	739,202	$	280	$	265	99.3	%	97.6	%
	Indian Mound Mall	Columbus, OH	32	555,862	$	208	$	230	81.8	%	84.0	%
	New Towne Mall	New Philadelphia, OH	>100	512,762	$	267	$	247	97.6	%	96.8	%
	Outlet Collection \| Seattle	Seattle, WA	15	880,828	$	254	$	210	92.8	%	92.4	%
	Puente Hills Mall (JV)	City of Industry, CA	2	1,107,890	$	274	$	242	94.7	%	95.1	%
	Tulsa Promenade (JV)	Tulsa, OK	54	926,059	$	295	$	277	96.2	%	96.6	%
				4,722,603	$	265	$	243	94.2	%	94.1	%	11	%
TOTAL MALL ASSETS				21,124,943	$	435	$	404	95.3	%	94.8	%
TOTAL MALL ASSETS EXCLUDING JOINT VENTURE (JV) MALLS				16,539,258	$	453	$	415	94.9	%	93.9	%


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


(2)	Based on net operating income for the twelve months ended December 31, 2012 (pro-rata share for JV Malls).


(3)	Included in the total GLA is 5,146,115 sf which is owned by the tenants.


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

SUMMARY OF SIGNIFICANT TENANTS

As of December 31, 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	52	241,055	$	6,466,841	2.6	%
Gap, Inc.	Banana Republic, Gap, Gap Kids, Old Navy	26	316,827	4,783,270		1.9	%
Bain Capital, LLC	Burlington Coat Factory, Cohoes Fashion, Crazy 8, Guitar Center, Gymboree, Janie & Jack	23	438,935	4,653,294		1.8	%
Foot Locker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker	42	177,507	4,593,928		1.8	%
Signet Jewelers, Ltd.	J.B. Robinson, Jared's, Kay Jewelers, Leroy's Jewelers, Ostermans' Jewelry	33	59,356	4,382,408		1.7	%
AMC Entertainment, Inc.		2	148,344	4,269,000		1.7	%
Forever 21, Inc.		9	190,634	3,914,725		1.6	%
Sears Holding Corp.	K-Mart, Sears	21	2,549,474	3,683,642		1.5	%
The Bon-Ton Stores, Inc.	Bon-Ton, Elder Beerman, Herbergers	11	1,126,171	3,502,419		1.4	%
JCPenney Company, Inc.		18	1,882,705	3,392,640		1.3	%
American Eagle Outfitters, Inc.	aerie, American Eagle	18	109,351	3,050,795		1.2	%
Genesco, Inc.	Hat World, Johnston & Murphy, Journeys, Lids, Shi, Underground Station	49	76,342	3,047,874		1.2	%
Luxottica Group	Apex, DOC Eyeworld, Lenscrafters, Pearle Vision, Sunglass Hut, Watch Station	36	85,035	2,824,219		1.1	%
Dick's Sporting Goods		5	279,000	2,601,500		1.0	%
Finish Line, Inc.	Finish Line, Man Alive	20	109,998	2,543,389		1.0	%
Total tenants representing > 1.0%		365	7,790,734	$	57,709,944	22.8	%

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

TOP 10 REGIONAL MALL TENANTS

As of December 31, 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.	52	241,055	$	6,466,841	2.6	%
Foot Locker, Inc.	42	177,507	$	4,593,928	1.8	%
Signet Jewelers, Ltd.	33	59,356	$	4,382,408	1.7	%
Gap, Inc.	23	254,518	$	3,557,864	1.4	%
American Eagle Outfitters, Inc.	18	109,351	$	3,050,795	1.2	%
Genesco, Inc.	49	76,342	$	3,047,874	1.2	%
Luxottica Group	36	85,035	$	2,824,219	1.1	%
Finish Line, Inc.	20	109,998	$	2,543,389	1.0	%
Ascena Retail Group, Inc.	35	178,264	$	2,480,814	1.0	%
Aeropostale	24	85,843	$	2,304,655	0.9	%

Mall Anchors (ranked by total GLA)



Tenant Name	Number of Stores	GLA of Stores	Annualized Minimum Rents		% of Total Mall GLA
Sears Holding Corp.	17	2,362,332	$	2,538,973	11.2	%
Macy's, Inc.	11	1,965,177	$	658,739	9.3	%
JCPenney Company, Inc.	15	1,841,903	$	3,392,640	8.7	%
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	1.9	%
Dick's Sporting Goods, Inc.	5	279,000	$	2,601,500	1.3	%
Saks, Inc.	3	230,694	$	2,390,556	1.1	%
Boscov's Department Store, LLC	1	182,609	$	—	0.9	%

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

LEASE EXPIRATION SCHEDULE

As of December 31, 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
2013	663	226,762	1,658,269	1,885,031	9.2	%	$	1,615,692	$	33,280,576	$	34,896,268	$	7.13	$	24.19	13.9	%
2014	437	1,018,590	1,009,354	2,027,944	9.9	%	6,179,014		26,290,058		32,469,072		$	6.21	$	30.37	12.9	%
2015	367	1,222,046	1,024,213	2,246,259	11.0	%	8,516,102		22,725,757		31,241,859		$	7.94	$	26.01	12.4	%
2016	223	1,194,013	678,709	1,872,722	9.2	%	5,280,745		18,280,795		23,561,540		$	4.86	$	29.86	9.4	%
2017	213	997,851	649,609	1,647,460	8.1	%	5,572,766		16,702,712		22,275,478		$	5.58	$	28.68	8.9	%
Thereafter	712	7,925,230	2,836,101	10,761,331	52.6	%	30,827,081		76,422,251		107,249,332		$	8.92	$	29.29	42.5	%
	2,615	12,584,492	7,856,255	20,440,747	100.0	%	$	57,991,400	$	193,702,149	$	251,693,549	$	7.40	$	28.00	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.

CAPITAL EXPENDITURES

(dollars in thousands)



	Three months ended December 31, 2012						Three months ended December 31, 2011
	Consolidated Properties 2012		Unconsolidated Joint Venture Proportionate Share		Total		Consolidated Properties 2011		Unconsolidated Joint Venture Proportionate Share		Total
Development projects	$	353	$	—	$	353	$	5,420	$	—	$	5,420
Redevelopment and renovation projects	$	10,384	$	339	$	10,723	$	2,207	$	34	$	2,241
Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	1,836	$	1,041	$	2,877	$	—	$	291	$	291
Non-Anchor stores	5,091		308		5,399		2,468		328		2,796
Operational capital expenditures	4,522		290		4,812		3,069		329		3,398
Total Property Capital Expenditures	$	11,449	$	1,639	$	13,088	$	5,537	$	948	$	6,485



	Twelve months ended December 31, 2012						Twelve months ended December 31, 2011
	Consolidated Properties 2012		Unconsolidated Joint Venture Proportionate Share		Total		Consolidated Properties 2011		Unconsolidated Joint Venture Proportionate Share		Total
Development projects	$	7,291	$	—	$	7,291	$	21,577	$	—	$	21,577
Redevelopment and renovation projects	$	34,889	$	415	$	35,304	$	8,034	$	87	$	8,121
Property Capital Expenditures:
Tenant improvements and tenant allowances:
Anchor stores	$	11,604	$	4,185	$	15,789	$	1,892	$	948	$	2,840
Non-Anchor stores	15,997		904		16,901		10,508		2,019		12,527
Operational capital expenditures	9,172		707		9,879		6,903		994		7,897
Total Property Capital Expenditures	$	36,773	$	5,796	$	42,569	$	19,303	$	3,961	$	23,264

DEVELOPMENT AND MAJOR REDEVELOPMENT ACTIVITY

(dollars in thousands)

Project

Description

Estimated

Total

Project Costs (1)

Project Costs

Incurred thru

12/31/12 (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

2014 - 2015

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

17,477

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.

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