The completed public offering was for six million shares of8-1/8% Series G Cumulative Redeemable Shares at $25 apiece. About$128 million of the $145 million in net proceeds will be used tofund the redemption of all of the Company's outstanding 9.25%Series B Cumulative Redeemable Preferred Shares. The remaining $17million will be used to pay down the company's credit facility,which was recently drawn upon to pay off $17 million insubordinated mortgage debt relating to is Great Mall of the GreatPlains property in Olathe, KS.

Also announced today was the sale of Cambridge Plaza, a95,019-sf community center in Cambridge, OH that is only 15%occupied. The sale price was $14.47 per sf, or slightly less than$1.4 million. The vacancy is comprised of a 79,949-sf vacant anchorlocation that was formerly occupied by Ames. The cash proceeds wereused to pay down the Company's outstanding variable rate debt.

The sale is part of Glimcher's ongoing plan to sell off itscommunity center assets and focus on regional malls. As of Monday,the company's portfolio included 27 million sf of gross leasablearea, 80% of which is housed in 25 regional malls. The remaining5.1 million sf is housed in 43 community center properties. Lastyear at this time, the company's portfolio had 25.5 million sf ofgross leasable area, including 23 regional malls totaling 19.8million sf and 49 community center properties totaling 5.7 millionsf.