Glimcher Realty Trust (GRT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Glimcher Realty Trust has a market cap of $474.1 million; its shares were traded at around $6.88 with and P/S ratio of 1.6. The dividend yield of Glimcher Realty Trust stocks is 5.8%.GRT is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC.
Total revenues decreased 3.3%, or $2.6 million, for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Minimum rents increased $1.1 million, percentage rents decreased $582,000, tenant reimbursements decreased $1.1 million, and other revenues decreased $2.0 million.
Total expenses decreased 4.7%, or $2.7 million, for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Property operating expenses decreased $18,000, real estate taxes decreased $549,000, the provision for doubtful accounts increased $113,000, other operating expenses increased $514,000, depreciation and amortization decreased $2.9 million, and general and administrative costs increased $74,000.
Total revenues from discontinued operations were $19,000 in the three months ended March 31, 2010 compared to $1.4 million during the three months ended March 31, 2009. The net loss from discontinued operations during the three months ended March 31, 2010 and 2009 was $51,000 and $781,000, respectively. The variance in both revenue and net loss can primarily be attributed to Eastland Charlotte which was disposed of during the three months ended September 30, 2009. During the three months ended March 31, 2010, we recorded a $215,000 loss on a property that was sold in a previous period related to a litigation settlement. During the three months ended March 31, 2009, we recorded $183,000 in impairment losses, net. The impairment loss relates to capital investments at Eastland Charlotte and was partially offset by a favorable impairment adjustment when we sold The Great Mall of the Great Plains (“Great Mall”) for $20.5 million in January 2009.
The allocation of noncontrolling interest was $(1.3) million and $(281,000) as of March 31, 2010 and 2009, respectively. The increase in the allocation of our net loss to noncontrolling interest relates primarily to the consolidation of the Scottsdale Venture. Of the $1.3 million allocation $1.1 represents 50% of the net loss from the Scottsdale Venture that is allocated to our noncontrolling partner. The loss is driven primarily by non-cash items including $363,000 of depreciation expense and $255,000 of straight-line expense associated with the ground lease as well as interest expense of $518,000.
In light of the challenging capital and debt markets, we are focused on addressing our near term debt maturities. In March 2010, GPLP closed on a $370 million amended credit facility (the “Amended Credit Facility”) that matures in December 2010 and has two one-year extension options available to GPLP, subject to the satisfaction of certain conditions. The Amended Credit Facility is partially secured and amends the $470 million unsecured credit facility that was due to expire in December 2010 (the “Prior Facility,” and together with the Amended Credit Facility, the “Facilities”). The Amended Credit Facility provides for a conditional reduction of the borrowing availability and three scheduled reductions. The conditional reduction permanently reduced the Amended Credit Facility's aggregate borrowing availability from $370 million to $320 million, when GPLP s affiliate completed its joint venture with Blackstone. The first scheduled reduction permanently reduces the Amended Credit Facility's aggregate borrowing availability to $300 million on or before December 14, 2010, provided GPLP exercises its option to extend the maturity date from December 14, 2010 to December 13, 2011. Provided GPLP has extended the maturity date to December 13, 2011, a second scheduled reduction from $300 million to $275 million shall occur on June 30, 2011. A third scheduled reduction of the Amended Credit Facility's borrowing availability from $275 million to $250 million shall occur on or before December 14, 2011, provided GPLP has exercised its option to extend the maturity date from December 13, 2011 to December 13, 2012. In connection with the third scheduled reduction, the Amended Credit Facility's aggregate borrowing availability may be further reduced to an amount necessary to support certain collateral coverage requirements under the agreement. In addition to the scheduled reductions noted above, GPLP s borrowing availability shall be further reduced to the principal balance of no less than $200 million resulting from the application of the net proceeds generated from: A) the sale, financing, or refinancing of certain assets of the Company or its affiliates, B) operating cash flow, or C) any capital events, provided that GPLP be allowed to maintain $60 million of unused availability under the Amended Credit Facility. The Amended Credit Facility is initially secured by perfected first mortgage liens with respect to two of the Company s Mall Properties, two Community Center Properties, and certain other assets. Under the Amended Credit Facility, the interest rate shall be LIBOR plus 4.0% with a LIBOR floor of 1.5%. The Amended Credit Facility contains customary covenants, representations, warranties and events of default. Management bel
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Glimcher Realty Trust has a market cap of $474.1 million; its shares were traded at around $6.88 with and P/S ratio of 1.6. The dividend yield of Glimcher Realty Trust stocks is 5.8%.GRT is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC.
Highlight of Business Operations:
FFO decreased by $2.4 million, or 12.6%, for the three months ended March 31, 2010 as compared to the three months ended March 31, 2009. During the three months ended March 31, 2010, we received $1.7 million less in operating income excluding real estate depreciation and gains on the sale of operating assets. Of this amount, we received $643,000 less in management fee related income. This variance is primarily driven by the consolidation of our development in Scottsdale, Arizona (“Scottsdale Quarter”). Also, we lost approximately $483,000 in property operating income when we conveyed both Lloyd Center located in Portland, Oregon (“Lloyd”) and WestShore Plaza located in Tampa, Florida (“WestShore”) to a joint venture and sold a 60% interest in the venture to an affiliate of the Blackstone Group® (“Blackstone”) late in the first quarter of 2010. Furthermore, we incurred $514,000 more in other operating expenses for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. This increase can primarily be attributed to the ground lease expenses associated with Scottsdale Quarter. Lastly, we incurred $1.7 million more in interest expense. This increase in interest expense can be attributed to an increase in borrowing costs as well as an increase in the average loan balance.Total revenues decreased 3.3%, or $2.6 million, for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Minimum rents increased $1.1 million, percentage rents decreased $582,000, tenant reimbursements decreased $1.1 million, and other revenues decreased $2.0 million.
Total expenses decreased 4.7%, or $2.7 million, for the three months ended March 31, 2010 compared to the three months ended March 31, 2009. Property operating expenses decreased $18,000, real estate taxes decreased $549,000, the provision for doubtful accounts increased $113,000, other operating expenses increased $514,000, depreciation and amortization decreased $2.9 million, and general and administrative costs increased $74,000.
Total revenues from discontinued operations were $19,000 in the three months ended March 31, 2010 compared to $1.4 million during the three months ended March 31, 2009. The net loss from discontinued operations during the three months ended March 31, 2010 and 2009 was $51,000 and $781,000, respectively. The variance in both revenue and net loss can primarily be attributed to Eastland Charlotte which was disposed of during the three months ended September 30, 2009. During the three months ended March 31, 2010, we recorded a $215,000 loss on a property that was sold in a previous period related to a litigation settlement. During the three months ended March 31, 2009, we recorded $183,000 in impairment losses, net. The impairment loss relates to capital investments at Eastland Charlotte and was partially offset by a favorable impairment adjustment when we sold The Great Mall of the Great Plains (“Great Mall”) for $20.5 million in January 2009.
The allocation of noncontrolling interest was $(1.3) million and $(281,000) as of March 31, 2010 and 2009, respectively. The increase in the allocation of our net loss to noncontrolling interest relates primarily to the consolidation of the Scottsdale Venture. Of the $1.3 million allocation $1.1 represents 50% of the net loss from the Scottsdale Venture that is allocated to our noncontrolling partner. The loss is driven primarily by non-cash items including $363,000 of depreciation expense and $255,000 of straight-line expense associated with the ground lease as well as interest expense of $518,000.
In light of the challenging capital and debt markets, we are focused on addressing our near term debt maturities. In March 2010, GPLP closed on a $370 million amended credit facility (the “Amended Credit Facility”) that matures in December 2010 and has two one-year extension options available to GPLP, subject to the satisfaction of certain conditions. The Amended Credit Facility is partially secured and amends the $470 million unsecured credit facility that was due to expire in December 2010 (the “Prior Facility,” and together with the Amended Credit Facility, the “Facilities”). The Amended Credit Facility provides for a conditional reduction of the borrowing availability and three scheduled reductions. The conditional reduction permanently reduced the Amended Credit Facility's aggregate borrowing availability from $370 million to $320 million, when GPLP s affiliate completed its joint venture with Blackstone. The first scheduled reduction permanently reduces the Amended Credit Facility's aggregate borrowing availability to $300 million on or before December 14, 2010, provided GPLP exercises its option to extend the maturity date from December 14, 2010 to December 13, 2011. Provided GPLP has extended the maturity date to December 13, 2011, a second scheduled reduction from $300 million to $275 million shall occur on June 30, 2011. A third scheduled reduction of the Amended Credit Facility's borrowing availability from $275 million to $250 million shall occur on or before December 14, 2011, provided GPLP has exercised its option to extend the maturity date from December 13, 2011 to December 13, 2012. In connection with the third scheduled reduction, the Amended Credit Facility's aggregate borrowing availability may be further reduced to an amount necessary to support certain collateral coverage requirements under the agreement. In addition to the scheduled reductions noted above, GPLP s borrowing availability shall be further reduced to the principal balance of no less than $200 million resulting from the application of the net proceeds generated from: A) the sale, financing, or refinancing of certain assets of the Company or its affiliates, B) operating cash flow, or C) any capital events, provided that GPLP be allowed to maintain $60 million of unused availability under the Amended Credit Facility. The Amended Credit Facility is initially secured by perfected first mortgage liens with respect to two of the Company s Mall Properties, two Community Center Properties, and certain other assets. Under the Amended Credit Facility, the interest rate shall be LIBOR plus 4.0% with a LIBOR floor of 1.5%. The Amended Credit Facility contains customary covenants, representations, warranties and events of default. Management bel
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