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COLUMBUS, OH-Glimcher Realty Trust has seen a 20.2% increase in revenues in the third quarter, primarily due to the company acquiring an interest in two malls previously held in joint ventures. Funds from operations were lower on a per share basis due to asset sales during the past 12 months and continuing weak retail sales, company officials say.

Revenues from 103 properties, compared to 114 properties in the third quarter of 2000, rose to $72.9 million.

The revenue increase for the quarter was principally due to increased occupancy and the inclusion of Jersey Gardens, formerly a joint venture until Glimcher acquired the third-party interest in the second quarter, and The Mall at Johnson City, where the joint ventureinterest was acquired in November 2000.

The company closed on a $9.5 million sale of a 210,150-sf community center in Lexington, NC, resulting in a loss of approximately $700,000. The company also recognized a loss of approximately $325,000 related to a community center sale thatclosed in October 2001. It also sold a development parcel during the third quarter for approximately $400,000 and recognized a gain of $212,000.

Glimcher’s newest mall development, Polaris Fashion Place, had a grand opening Oct. 25. Containing more than 1.5 million sf, Polaris Fashion Place is the Columbus region’s largestmall. Approximately 40% of its square footage will be leased to stores that are new to the central Ohio market, including four of the department stores.

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