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Glimcher Realty Trust Reports Operating Results (10-Q)

July 27, 2012 | About:
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10qk

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Glimcher Realty Trust (GRT) filed Quarterly Report for the period ended 2012-06-30.

Glimcher Realty Trust has a market cap of $1.41 billion; its shares were traded at around $10.2 with a P/E ratio of 16.3 and P/S ratio of 5.3. The dividend yield of Glimcher Realty Trust stocks is 4%.

Highlight of Business Operations:

Total revenues increased 19.1%, or $12.3 million, for the three months ended June 30, 2012 compared to the three months ended June 30, 2011. Of this amount, minimum rents increased $6.9 million, percentage rents increased $754,000, tenant reimbursements increased $3.8 million, and other revenues increased $914,000.

Other operating expenses increased $4.3 million, or 170.5%, for the three months ended June 30, 2012, as compared to the three months ended June 30, 2011. During the three months ended June 30, 2012, we incurred $3.2 million in discontinued development costs associated with a potential development in Panama City, Florida that we no longer intend to pursue. Also, we incurred $130,000 related to the sale of an outparcel located at Grand Central Mall. During the three months ended June 30, 2011, we did not have costs associated with discontinued development or outparcel sales. Lastly, we incurred an increase in ground lease expense associated with Pearlridge of $1.1 million.

Total revenues increased 14.1%, or $18.2 million, for the six months ended June 30, 2012 compared to the six months ended June 30, 2011. Of this amount, minimum rents increased $11.0 million, percentage rents increased $803,000, tenant reimbursements increased $5.3 million, and other revenues increased $1.0 million.

Other operating expenses increased $4.3 million or 81.4%, for the six months ended June 30, 2012, as compared to the six months ended June 30, 2011. During the six months ended June 30, 2012, we incurred $3.2 million in discontinued development costs associated with a potential development in Panama City, Florida that we no longer intend to pursue. Also, we incurred $199,000 related to the sale of two outparcels, both located at Grand Central Mall. During the six months ended June 30, 2011, we did not have costs associated with either discontinued development or outparcel sales. Lastly, we incurred $1.1 million in ground lease expense associated with Pearlridge.

Total revenues from discontinued operations were $362,000 and $4.0 million for the six months ended June 30, 2012 and 2011, respectively. Income from discontinued operations during the six months ended June 30, 2012 and 2011 was $110,000 and $396,000, respectively. The variance for both revenues and income from discontinued operations can primarily be attributed to Polaris Towne Center which was sold during the fourth quarter of 2011.

Read the The complete Report

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