Blackstone Group And Glimcher Realty Trust Form Joint Venture

Glimcher Realty Trust (NYSE: GRT) and The Blackstone Group (NYSE: BX) formed a joint venture.

Under the Agreement, GPLP, by and through the GPLP Company, will contribute its entire ownership interest in Glimcher Westshore, LLC, the fee owner of WestShore Plaza, a regional mall located in Tampa, Florida, and in LC Portland, LLC, the fee owner of Lloyd Center, a regional mall located in Portland, Oregon, to the Company.

Upon the closing of the transactions under the Agreement, Purchaser will purchase sixty percent (60%) of the membership interests in the Company. Upon its execution of the Agreement, Purchaser shall make an earnest money deposit of $6.3 million (the "Deposit") within one (1) business day of the Agreement's execution date. Under the Agreement, Purchaser's contribution shall be equal to sixty percent (60%) of the Properties' net asset value. The net asset value of the Properties is determined by: (i) deducting from the gross asset value of the Properties, which for purposes of the Agreement is equal to approximately $320 million: (A) approximately $218 million in outstanding first mortgage loans encumbering the Properties that will be assumed and (B) unfunded allowances for tenants at the Properties and leasing costs, and (ii) making other adjustments with respect to items of income and expense under the Agreement.