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Glimcher Realty Trust Reports Operating Results (10-Q)

October 26, 2012 | About:
10qk

10qk

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Glimcher Realty Trust (GRT) filed Quarterly Report for the period ended 2012-09-30.

Glimcher Realty Trust has a market cap of $1.54 billion; its shares were traded at around $10.55 with a P/E ratio of 17.8 and P/S ratio of 5.8. The dividend yield of Glimcher Realty Trust stocks is 3.6%.

Highlight of Business Operations:

Since their respective acquisition dates, Pearlridge Center had revenues of $13,042 and $19,994 for the three and nine months ended September 30, 2012, respectively. One Nineteen and Malibu Lumber Yard had combined revenues totaling $3,162 and $3,718 during the three and nine months ended September 30, 2012, respectively. The Acquisitions had a net loss of $848 and $905 during the three and nine months ended September 30, 2012, respectively.

Total revenues increased 30.7%, or $20.5 million, for the three months ended September 30, 2012 compared to the three months ended September 30, 2011. Of this amount, minimum rents increased $13.2 million, percentage rents increased $1.3 million, tenant reimbursements increased $7.3 million, and other revenues decreased $1.3 million.

Total revenues from discontinued operations were $6.4 million and $2.1 million for the three months ended September 30, 2012 and 2011, respectively. Income from discontinued operations during the three months ended September 30, 2012 and 2011 was $638,000 and $547,000, respectively. The revenues in 2012 are primarily attributed to the sale of an outparcel at Northtown Mall. Revenues for 2011 relate primarily to Polaris Towne Center, which was sold during 2011.

Total revenues increased 19.8%, or $38.7 million, for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. Of this amount, minimum rents increased $24.2 million, percentage rents increased $2.1 million, tenant reimbursements increased $12.7 million, and other revenues decreased $296,000.

Total revenues from discontinued operations were $6.7 million and $6.1 million for the nine months ended September 30, 2012 and 2011, respectively. Income from discontinued operations during the nine months ended September 30, 2012 and 2011 was $748,000 and $943,000, respectively. The revenues in 2012 are primarily attributed to the sale of an outparcel at Northtown Mall. Revenues for 2011 relate primarily to Polaris Towne Center, which was sold during 2011.

Read the The complete Report

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