912898--2/23/2007--GLIMCHER_REALTY

related topics

{investment, property, distribution}

{debt, indebtedness, cash}

{stock, price, share}

{tax, income, asset}

{loan, real, estate}

{operation, international, foreign}

{cost, contract, operation}

{regulation, change, law}

{cost, regulation, environmental}

{loss, insurance, financial}

{personnel, key, retain}

{provision, law, control}

{property, intellectual, protect}

{system, service, information}

We are subject to risks inherent in owning real estate investments. Our insurance coverage in the future may not include adequate amounts of terrorism insurance. We rely on major tenants. Bankruptcy of our tenants or downturns in our tenants businesses may reduce our cash flow. We face significant competition that may decrease the occupancy and rental rates of our properties. The failure to fully recover from tenants cost reimbursements for CAM, taxes and insurance could adversely affect our operating results. The results of operations for our properties depend on the economic conditions of the regions of the United States in which they are located. We may be unable to successfully develop properties or operate developed properties. We could incur significant costs related to environmental issues. Our assets may be subject to impairment charges that may materially affect our financial results. We may incur significant costs of complying with the Americans with Disabilities Act and similar laws. Our failure to qualify as a REIT would have serious adverse consequences. Our ownership interests in certain partnerships and other ventures are subject to certain tax risks. We may not have access to other sources of funds necessary to meet our REIT distribution requirements. Debt financing could adversely affect our performance. Certain of our financing arrangements contain limitations on the amount of debt that we may incur. Our financial condition and distributions could be adversely affected by financial covenants. Our variable rate debt obligations may impede our operating performance and put us at a competitive disadvantage, as well as adversely affect our ability to pay distributions to you. An increase in interest rates or total-debt-to-total-market capitalization could cause a decrease in the market price of the outstanding Common Shares. The Board of Trustees has unlimited authority to increase the amount of debt that we may incur. Our issuance of additional Common Shares may affect prevailing market prices for the outstanding Common Shares. Our ability to operate or dispose of any partially-owned properties that we may acquire may be restricted. We are subject to certain conflicts of interest and limitations on property sales. Our charter and bylaws and the laws of the state of our incorporation contain provisions that may delay, defer or prevent a change in control or other transactions that could provide shareholders with the opportunity to realize a premium over the then-prevailing market price for our Common Shares. Risks associated with information systems may interfere with our operations. Our operations could be affected if we lose any key management personnel. Inflation may influence our operations.

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912898--2/23/2007--GLIMCHER_REALTY_TRUST