Glimcher Realty Trust has a market cap of $605.5 million; its shares were traded at around $7.28 with and P/S ratio of 2. The dividend yield of Glimcher Realty Trust stocks is 5.5%.GRT is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:Total revenues decreased 13.3%, or $9.9 million, for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. Minimum rents decreased $6.9 million, percentage rents increased $26,000, tenant reimbursements decreased $3.6 million, and other revenues increased $598,000.
Total expenses decreased 9.3%, or $4.8 million, for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. Property operating expenses decreased $2.3 million, real estate taxes decreased $921,000, the provision for doubtful accounts decreased $431,000, other operating expenses increased by $1.3 million, depreciation and amortization decreased $2.8 million and general and administrative costs increased $386,000.
Other operating expenses increased 62.8%, or $1.3 million, for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009. During the three months ended September 30, 2010, we incurred $772,000 in ground lease expense associated with Scottsdale Quarter. Of this expense, $465,000 relates to non-cash straight-line adjustments. We also incurred $575,000 in additional costs during the three months ended September 30, 2010 related to providing services to our joint ventures and affiliated third parties for housekeeping and security services at the properties. The majority of this increase can be attributed to the conveyance of both Lloyd and WestShore to the Blackstone Venture.
Depreciation expense decreased for the three months ended September 30, 2010 by $2.8 million, or 14.9%, as compared to the same period ended September 30, 2009. We experienced a $3.4 million decrease in depreciation and amortization attributable to the conveyance of both Lloyd and WestShore to the Blackstone Venture. Offsetting this decrease, we experienced a $1.0 million increase in depreciation expense associated with Scottsdale Quarter.
Equity in loss from unconsolidated real estate entities, net contains results from our investments in Puente Hills Mall (“Puente”), Tulsa Promenade (“Tulsa”), and Town Square at Surprise (“Surprise”). The results of Lloyd and WestShore are also included for the period of March 26, 2010 through September 30, 2010. Puente and Tulsa are held through a joint venture (the “ORC Venture”), with OMERS Realty Corporation (“ORC”), an affiliate of Oxford Properties Group (“Oxford”), which is the global real estate platform for the Ontario (Canada) Municipal Employees Retirement System, a Canadian pension plan. Lloyd and WestShore are held by the Blackstone Venture. Surprise is held in a joint venture with an unaffiliated landowner (the “Surprise Venture”). Net income (loss) from unconsolidated entities was $91,000 and $(1.5) million for the three months ended September 30, 2010 and 2009, respectively. Our proportionate share of the net loss was $(70,000) and $(759,000) for the three months ended September 30, 2010 and 2009, respectively. The favorable contribution from unconsolidated real estate entities is primarily attributed to conveyance of both Lloyd and WestShore to the Blackstone Venture late in the first quarter of 2010.
The allocation of the loss to noncontrolling interest was $2.1 million and $191,000 for the three months ended September 30, 2010 and 2009, respectively. Of the $2.1 million allocation, $1.9 million represents 50% of the net loss from the Scottsdale Venture that is allocated to our noncontrolling partner. The loss in the Scottsdale Venture is driven primarily by non-cash items including $498,000 of depreciation expense and $232,000 of straight-line expense associated with the ground lease as well as interest expense of $877,000.
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