Glimcher Realty Trust (GRT, Financial) filed Quarterly Report for the period ended 2009-06-30.
GLIMCHER REALTY is a self-administered and self-managed Maryland REIT which was formed to continue the business of The Glimcher Company and its affiliates of owning leasing acquiring developing and operating a portfolio of retail properties consisting of regional and super regional malls (including most recently value-oriented super-regional malls) and community shopping centers(including single tenant retail properties). Glimcher Realty Trust has a market cap of $123.9 million; its shares were traded at around $3.26 with a P/E ratio of 1.5 and P/S ratio of 0.3. The dividend yield of Glimcher Realty Trust stocks is 12.3%.
Total revenues decreased 2.6%, or $2.0 million, for the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Minimum rents decreased $2.9 million, percentage rents decreased $222,000, and other revenues increased $1.1 million.
Total expenses decreased 0.4%, or $191,000, for the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Property operating expenses decreased $718,000, real estate taxes increased $457,000, the provision for doubtful accounts decreased $108,000, other operating expenses increased $1.3 million, depreciation and amortization decreased $1.1 million, and general and administrative costs increased $21,000.
The net loss from joint ventures contains results from our investments in Puente Hills Mall (“Puente”), Tulsa Promenade (“Tulsa”), Surprise Town Square (“Surprise”), and Scottsdale Quarter. 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. Net loss from unconsolidated entities was $1.4 million and $92,000 for the three months ended June 30, 2009 and 2008, respectively. Our proportionate share of the loss was $726,000 and $48,000 for the three months ended June 30, 2009 and 2008, respectively. We experienced less minimum rents, percentage rents, and tenant reimbursements during the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Also, we incurred more depreciation expense associated with vacating tenants. Offsetting the decreases to earnings was a decrease in interest expense. This decrease can be attributed to lower outstanding borrowings from operating Properties.
Total revenues from discontinued operations were $1.2 million in the three months ended June 30, 2009 compared to $3.0 million during the three months ended June 30, 2008. The net (loss) income from discontinued operations during the three months ended June 30, 2009 and 2008 was $(76,000) and $1,208,000, respectively. This variance in income can be primarily attributable to the $1.3 million gain on sale of assets. This gain was primarily driven by the sale of Knox Village Square which was sold during the three months ended June 30, 2008.
Total revenues decreased 1.1%, or $1.8 million, for the six months ended June 30, 2009 compared to the six months ended June 30, 2008. Minimum rents decreased $4.7 million, percentage rents decreased $14,000, tenant reimbursements increased $593,000, and other revenues increased $2.4 million.
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GLIMCHER REALTY is a self-administered and self-managed Maryland REIT which was formed to continue the business of The Glimcher Company and its affiliates of owning leasing acquiring developing and operating a portfolio of retail properties consisting of regional and super regional malls (including most recently value-oriented super-regional malls) and community shopping centers(including single tenant retail properties). Glimcher Realty Trust has a market cap of $123.9 million; its shares were traded at around $3.26 with a P/E ratio of 1.5 and P/S ratio of 0.3. The dividend yield of Glimcher Realty Trust stocks is 12.3%.
Highlight of Business Operations:
FFO decreased by $3.6 million, or 8.8%, for the six months ended June 30, 2009 compared to the six months ended June 30, 2008. Contributing to the decrease was a $4.7 million reduction in minimum rents. Of this amount, $4.0 million can be attributed to a decline in base rents as well as a $731,000 decline in lease termination income. During the six months ended June 30, 2008, we reversed stock compensation expense relating to performance share awards granted under the Long Term Incentive Plan for Senior Executives (“LTIP”) in the amount of $555,000. There was no such reversal during the six months ended June 30, 2009. Lastly, we received $591,000 less in FFO from our joint ventures.Total revenues decreased 2.6%, or $2.0 million, for the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Minimum rents decreased $2.9 million, percentage rents decreased $222,000, and other revenues increased $1.1 million.
Total expenses decreased 0.4%, or $191,000, for the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Property operating expenses decreased $718,000, real estate taxes increased $457,000, the provision for doubtful accounts decreased $108,000, other operating expenses increased $1.3 million, depreciation and amortization decreased $1.1 million, and general and administrative costs increased $21,000.
The net loss from joint ventures contains results from our investments in Puente Hills Mall (“Puente”), Tulsa Promenade (“Tulsa”), Surprise Town Square (“Surprise”), and Scottsdale Quarter. 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. Net loss from unconsolidated entities was $1.4 million and $92,000 for the three months ended June 30, 2009 and 2008, respectively. Our proportionate share of the loss was $726,000 and $48,000 for the three months ended June 30, 2009 and 2008, respectively. We experienced less minimum rents, percentage rents, and tenant reimbursements during the three months ended June 30, 2009 compared to the three months ended June 30, 2008. Also, we incurred more depreciation expense associated with vacating tenants. Offsetting the decreases to earnings was a decrease in interest expense. This decrease can be attributed to lower outstanding borrowings from operating Properties.
Total revenues from discontinued operations were $1.2 million in the three months ended June 30, 2009 compared to $3.0 million during the three months ended June 30, 2008. The net (loss) income from discontinued operations during the three months ended June 30, 2009 and 2008 was $(76,000) and $1,208,000, respectively. This variance in income can be primarily attributable to the $1.3 million gain on sale of assets. This gain was primarily driven by the sale of Knox Village Square which was sold during the three months ended June 30, 2008.
Total revenues decreased 1.1%, or $1.8 million, for the six months ended June 30, 2009 compared to the six months ended June 30, 2008. Minimum rents decreased $4.7 million, percentage rents decreased $14,000, tenant reimbursements increased $593,000, and other revenues increased $2.4 million.
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