Glimcher Realty Trust
Glimcher Realty Trust (NYSE: GRT) is a Columbus, Ohio based real estate investment trust.[1] The company specializes in the development and management of regional malls and shopping centers.[2] As of 2009, the company's properties consisted of 23 malls (with a total leasable area of 20.74 million square feet), and three community centers (with a total leasable area of 760 thousand square feet). On 2008-10-23, Glimcher Realty Trust posted a third quarter loss of US$3.44 million.[3] On the same day, Standard & Poor's lowered Glimcher's credit rating, in response to a declining outlook for the trust's portfolio.[4]
In 2004, it sold several properties to Bromont Investments, a company based in Scottsdale, Arizona.[5]
In early 2006, it acquired one mall in partnership with a Canadian pension fund and another one by itself.[6]
In September 2014, Simon Property Group's Washington Prime Group announced to acquire Glimcher Realty Trust in which the companies will merge to become "WP Glimcher" when the deal is made by early 2015. [7] As part of the deal, Jersey Gardens and University Park Village were sold to Simon.
Properties managed
The following malls are managed by Glimcher:[8]
- Puente Hills Mall - City of Industry, California
- WestShore Plaza - Tampa, Florida
- Ashland Town Center - Ashland, Kentucky
- Northtown Mall - Blaine, Minnesota
- Jersey Gardens - Elizabeth, New Jersey
- Dayton Mall - Miami Township, Montgomery County, Ohio
- Indian Mound Mall - Newark, Ohio
- Polaris Fashion Place - Columbus, Ohio
- The Mall at Fairfield Commons - Beavercreek, Ohio
- Lloyd Center - Portland, Oregon
- Colonial Park Mall - Harrisburg, Pennsylvania
- Mall at Johnson City - Johnson City, Tennessee
- Grand Central Mall - Vienna, West Virginia
- The Outlet Collection Seattle - Auburn, Washington
- Scottsdale Quarter - Scottsdale, Arizona
- Weberstown Mall - Stockton, California
- Merritt Square Mall - Merritt Island, Florida
- Eastland Mall - Columbus, Ohio
- New Towne Mall - New Philadelphia, Ohio
- River Valley Mall - Lancaster, Ohio
- Morgantown Mall - Morgantown, West Virginia
- Pearlridge Center - Aiea, Hawaii
- Town Center Plaza - Leawood, Kansas
Restatement
On February 22, 2005, the company restated its financial statements from 2001 through 2003 to correct the timing of recognized revenue from tenants.[9]
References
- ↑ "Company Profile". Glimcher Realty Trust. Retrieved 2008-11-18.
- ↑ "Regional Mall REITs Hold Up Under Pressure". Retail Traffic. 2008-08-13. Retrieved 2008-09-05.
- ↑ "Glimcher posts 3Q loss". Columbus Business First. 2008-10-22. Retrieved 2008-11-17.
- ↑ "S&P cuts Glimcher Realty Trust corp credit rating". Reuters. 2008-10-23. Retrieved 2008-11-17.
- ↑ "Realty trust sells small Lancaster, Ohio, mall". The Columbus Dispatch (Columbus, Ohio). August 7, 2004. Retrieved 26 April 2010.
- ↑ "Article: Glimcher Realty Trust sticks to enclosed malls despite open-air trend.". The Columbus Dispatch (Columbus, OH). January 5, 2006. Retrieved 26 April 2010.
- ↑ "." September 18, 2014. Retrieved September 19, 2014.
- ↑ "Listing of Properties". Glimcher Realty Trust. Retrieved 2010-10-24.
- ↑ "Glimcher to restate earnings, FFO".