GLIMCHER REALTY TRUST ANNOUNCES $103 MILLION ASSET SALE

COLUMBUS, Ohio-August 6, 2004-Glimcher Realty Trust, (NYSE: GRT), one of the country's premier retail REITs, announced today it had entered into a contract to sell 25 community center assets to privately held Bromont Investments (Walt Rector) of Scottsdale, AZ and Dolgen Ventures, located in San Diego, CA, for approximately $103.1 million. As of August 5, 2004, the sale of 23 properties has been completed for a purchase price of approximately $91.9 million. The Company expects to close on the two additional centers as soon as loan assumption approvals are completed.

The cash proceeds were used to repay a $38 million mortgage on River Valley Mall due on December 31, 2004, a $5 million mortgage due on March 1, 2005, a $2.9 million mortgage due on July 11, 2007 and a $28.2 million bridge loan maturing on January 5, 2005. The balance of the cash proceeds which were approximately $15.2 million, after payment of closing related costs, were used to reduce the outstanding borrowings on the Company's line of credit. In connection with this transaction, the Company obtained the release of nine community centers securing its line of credit. The Company expects to provide a mortgage on River Valley Mall as substitute collateral on the line.

In addition to the 23 centers sold today, the Company has two additional centers under contract with the purchasers for $11.2 million. The closing of the sale of those two properties will be completed when the purchaser receives lender approval for the assumption of a $2.5 million mortgage and a $4.0 million mortgage on the properties. The additional proceeds from the sale are expected to be applied to reduce borrowings on the line of credit.

The 25 properties encompass approximately 2,388,000 square feet of gross leasable area. Attached is a listing of the size and location of each of the properties.

"This sale is an important step in the execution of our plan to focus on regional mall assets" said Michael P. Glimcher, President. "The paydown of debt as a result of this transaction will improve our ratio of debt to market capitalization, reduce our exposure to variable rate debt and provide an opportunity to pursue acquisition and development opportunities."

Between 2000 and 2004 the Company has closed on the sale of 89 community center and single tenant assets for a total of $487.4 million. Upon completion of the sale of all 25 community center assets, the Company will own 42 properties aggregating 24.4 million square feet of gross leasable area. The Company's 25 regional malls represent 21.8 million square feet of GLA. After the sale of the 25 centers, regional malls will represent approximately 89.5% of the total portfolio GLA and 93.6% of total portfolio annualized minimum rents.

About the Company

Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of enclosed regional and super-regional malls, and community shopping centers.

Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT." Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT.F" and "GRT.G," respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market.

Forward-Looking Statement

This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. Risks and other factors that might cause differences, some of which could be material, include, but are not limited to, the failure of the Company to sell properties as anticipated, the failure of the Company to use sale proceeds to reduce debt, development risks, as well as other risks listed from time to time in the Company's reports filed with the Securities and Exchange Commission or otherwise publicly disseminated by the Company.

Visit Glimcher at: www.glimcher.com

Center Name City State Square Footage
Alliance Kmart Center Alliance NE 40,800
Ashland Plaza Russell KY 132,700
Artesian Plaza Martinsville IN 196,001
Audubon Village Henderson KY 124,580
Bollweevil Shopping Center Enterprise AL 43,425
Canal Place Rome NY 32,800
Clarksville Plaza Clarksville IN 108,874
Corry Plaza Corry PA 108,367
Gratiot Shopping Center Saginaw MI 201,311
*Hocking Valley Mall Lancaster OH 179,487
Liberty Plaza Morristown TN 58,700
Logan Place Russellville KY 114,748
Monroe Shopping Center Madisonville TN 93,196
New Boston Portsmouth OH 128,730
North Horner Shopping Center Sanford NC 40,136
Prestonsburg Village Center Prestonsburg KY 175,347
Rend Lake Shopping Center Benton IL 121,383
Shady Springs Beckley WV 67,577
Stewart Plaza Mansfield OH 15,347
Sycamore Square Ashland TN 103,752
Twin County Plaza Galax VA 160,713
Walnut Cove Shopping Center Walnut Cove NC 58,450
Walgreens New Albany IN 13,000
Walgreens Louisville KY 13,000
*Westpark Plaza Carbondale IL 55,322

Total Square Footage 2,387,746

* Under contract pending lender approval

International Council of Shopping Centers

August 06, 2004 - -Staff of Shopping Centers Today - SCT Newswire

Glimcher selling 25 open-air and single-tenant centers for $103.1 million Glimcher Realty Trust is selling 25 open-air and single-tenant properties to Bromont Investments and Dolgen Ventures for $103.1 million. The deal is part of the company's strategy to concentrate on its regional mall portfolio.

The assets, totaling 2.4 million square feet, are located across the South and Midwest. They range in size from some 13,000-square-foot Walgreens stores in Indiana and Kentucky to the 201,311-square-foot Gratiot Shopping Center, in Saginaw, Mich.

"This sale is an important step in the execution of our plan to focus on regional mall assets," said Michael P. Glimcher, the company's president, in a press release.

Since 2000, Columbus, Ohio-based Glimcher has sold 89 community centers and single-tenant properties for a total of $487.4 million. After this latest transaction, 25 of the company's remaining 42 properties will be regional malls.

The deal will also repay $45.9 million in mortgages and a $28.2 million bridge loan on River Valley Mall, Lancaster, Ohio.

Compiled by the staff of Shopping Centers Today. © August 06, 2004 International Council of Shopping Centers.

SHOPPING CENTER CHANGES HANDS RETAIL: New owners hope to revamp businesses at Meridian Village.

THE BELLINGHAM HERALD
November 6, 2003

Staff A joint venture of two real estate investment firms has purchased the Meridian Village Shopping Center across Meridian Street from Bellis Fair mall.

Tax records show the new owners, Bromont Pavilion Bellingham LLC, bought the center from RVIP CA/WA/OR Portfolio for about $23.5 million on Oct. 30. Bromont Pavilion is partnership between Bromont Investments of Phoenix, Ariz., and Dolgen Ventures of San Diego, Calif.

The center is home to Home Depot, Circuit City, Rite Aid, Boater's World, KeyBank and some smaller tenants. It is located at one of the busiest intersections in Whatcom County. But the center does have some vacancies.

SUHRCO Management Inc. of Bellevue has been hired to "manage, lease and reposition the shopping center," according to a press release.

The new owners see the center as a major opportunity, said Rick Shorett, executive vice president of SUHRCO. Only 11 percent of the center is vacant based on square footage, but the number is skewed by the size of major tenants such as Home Depot, he said. Many of the smaller 1,000 to 1,800 square feet stores in the center are currently empty.

"I believe the buyer saw an opportunity there because it is an underutilized property," Shorett said.

Though no specific plans have been made yet, Shorett said the new owners plan a "facelift" of the center, which he calls "tired." Among the ideas being considered are getting more home-improvement related stores and creating a center with a theme that fits with what is already there, he said.

"Circuit City is doing well and Home Depot is doing well, but there's an opportunity here to do something more," Shorett said.