Glimcher Realty Stock Rating Lowered

Moody's Investors Service has lowered the ratings of Glimcher Realty Trust (preferred stock to B1) after completing its review following the resignation of PricewaterhouseCoopers LLP, Glimcher's auditors, on June 1.The real estate investment trust's rating outlook is stable. "The downgrade reflects Glimcher's continuing deterioration in credit metrics, particularly increased leverage and reduced fixed charge coverage," the rating agency said. In addition, Moody's said it "is concerned about management controls at the REIT, as well as the fact that the new accounting firm (BDO Seidman) will not have the opportunity to fully review Glimcher's financial reports and procedures until the new auditors have completed the year-end 2004 audit and released these financials in March 2005." Moody's can be found online at http://www.moody.com.