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Glimcher Realty Trust Reports Operating Results (10-K)

February 24, 2012 | About:
10qk

10qk

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Glimcher Realty Trust (GRT) filed Annual Report for the period ended 2011-12-31.

Glimcher Realty has a market cap of $1.07 billion; its shares were traded at around $10.03 with a P/E ratio of 15.8 and P/S ratio of 4. The dividend yield of Glimcher Realty stocks is 4%.

Highlight of Business Operations:

Total revenues increased 0.2%, or $433,000, for the year ended December 31, 2011 compared to the year ended December 31, 2010. Of this amount, minimum rents increased $121,000, percentage rents increased $1.7 million, tenant reimbursements decreased $2.7 million, and other income increased $1.3 million.

Licensing agreement income relates to our tenants with rental agreement terms of less than thirteen months. We experienced a $385,000 decrease in licensing agreement income in 2011. Of this decrease, $326,000 can be attributed to the conveyance of both Lloyd and WestShore to the Blackstone Venture. The remaining Properties in the portfolio experienced an aggregate decrease of $59,000. During the year ended December 31, 2011, we sold an outparcel at Ashland Town Center ("Ashland"), located in Ashland, Kentucky for $1.1 million. We had no outparcel sales during the year ended December 31, 2010. We also recorded a $547,000 gain when we sold 60% of both Lloyd and WestShore to an affiliate of Blackstone in connection with the formation of the Blackstone Venture for the year ended December 31, 2010. Fee and service income increased $2.3 million during the year ended December 31, 2011 compared to the same period ended December 31, 2010. This increase primarily relates to fees earned from the Pearlridge Venture and the Blackstone Venture. The decrease in other revenues can be primarily attributed to the closing of a theater that we previously operated at a Mall we sold in 2007.

Total revenues decreased 11.3%, or $34.0 million, for the year ended December 31, 2010 compared to the year ended December 31, 2009. Of this amount, minimum rents decreased $19.7 million, percentage rents decreased $862,000, tenant reimbursements decreased $10.7 million, and other income decreased $2.7 million.

Licensing agreement income relates to our tenants with rental agreement terms of less than thirteen months. We experienced a $1.4 million decrease in licensing agreement income in 2010. Of this decrease, $1.6 million can be attributed to the conveyance of both Lloyd and WestShore to the Blackstone Venture. The remaining Properties in the portfolio experienced an aggregate increase of $113,000. During the year ended December 31, 2009, we sold two outparcels for $1.7 million. There were no outparcel sales for the year ended December 31, 2010. We also recorded a $547,000 gain when we sold 60% of both Lloyd and WestShore to an affiliate of Blackstone in connection with the formation of the Blackstone Venture during the year ended December 31, 2010. During 2009, we sold a medical office building at Grand Central Mall, located in City of Vienna, West Virginia, for approximately $4.6 million net of costs of $3.1 million for a gain of approximately $1.5 million. Fee and service income increased $1.6 million during the year ended December 31, 2010 compared to the same period ended December 31, 2009. This increase primarily relates to services provided at both Lloyd and WestShore.

The provision for doubtful accounts was $3.7 million for the year ended December 31, 2010 compared to $5.6 million for the year ended December 31, 2009. The provision represents 1.4% and 1.9% of total revenues for the years ended December 31, 2010 and 2009, respectively. We experienced a $747,000 reduction in the provision for doubtful accounts as a result of the conveyance of both Lloyd and WestShore to the Blackstone Venture. The remaining improvement relates primarily to lower tenant bankruptcy activity and other tenant credit issues for the year ended December 31, 2010 compared to the year ended December 31, 2009.

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