Glimcher Announces Plans to Purchase Partner's Interest in Pearlridge Center in Honolulu, Hawaii

Glimcher Realty Trust, GRT announced plans to purchase the 80% indirect ownership interest in Pearlridge Center in Honolulu, Hawaii from affiliates of Blackstone Real Estate Partners VI. The purchase price for this ownership interest will be approximately $289.4 million including Blackstone's pro-rata share of the $175 million mortgage debt currently encumbering the property, resulting in a cash purchase price for Blackstone's interest of approximately $149.4 million. The company anticipates that the acquisition will be funded through the net proceeds from a public offering of common stock and/or available funds from the company's credit facility. The transaction is expected to close during the second quarter of 2012 and is subject to customary closing conditions. Pearlridge was acquired in 2010 by a joint venture that is owned 80% by an affiliate of Blackstone and 20% by an affiliate of Glimcher. Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million square feet. The Property has in-line tenant sales of nearly $500 per square foot and an occupancy rate of more than 99%.