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PORTLAND-Lloyd Center owner Glimcher Realty Trust has paid off a maturing $130-million floating-rate loan on the enclosed mall with a new fixed-rate $140-million non-recourse loan. Lehman Brothers Holding Inc. acted as principal lender.

The 1.4 million-sf enclosed regional mall contains 737,000 sf of anchor space and 707,000 sf of in-line shop space. Anchor space is 95% occupied and in-line shop space is currently 96% occupied with average sales of $335 per sf, according to the retail REIT’s annual report.

Anchor tenants include Nordstrom, Meier & Frank, Sears, Marshall’s, Barnes & Noble and Toys R Us. According to the annual report, the Marshall’s lease expires in January 2004, the Toys R Us lease expires in January 2005 and the Meier & Frank lease expires in January 2006. The rest of the leases expire in 2012.

The new debt carries a fixed interest rate of 5.42% and a 30-year principal amortization schedule. The old debt had an initial maturity date of November 10, 2003, but Glimcher utilized a prepayment option that permitted a prepayment as of May 10, 2003.

As a result of this prepayment, Glimcher will incur a charge of approximately $0.01 per share in the second quarter related to early extinguishment of debt. Effective in 2003, early extinguishment costs are no longer considered to be extraordinary items and funds from operations for the second quarter will be reduced by this charge.

The company’s share price is trading near its 52-week high. On Tuesday, shares closed up $0.06 at $21.25. The share price hit a 52-week high of $21.47 on Friday, May 9. The company’s 52-week low of $14.53 dates back to July 2002.

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