Glimcher Realty Trust (FRA:GRY) Net-Net Working Capital : €-12.05 (As of Sep. 2014)

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What is Glimcher Realty Trust Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Glimcher Realty Trust's Net-Net Working Capital for the quarter that ended in Sep. 2014 was €-12.05.

The industry rank for Glimcher Realty Trust's Net-Net Working Capital or its related term are showing as below:

FRA:GRY's Price-to-Net-Net-Working-Capital is not ranked ^*
in the REITs industry.
Industry Median: 15.1
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Glimcher Realty Trust Net-Net Working Capital Historical Data

The historical data trend for Glimcher Realty Trust's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Glimcher Realty Trust Net-Net Working Capital Chart

Glimcher Realty Trust Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Net-Net Working Capital

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-24.27

-16.53

-8.75

-10.12

-11.35

Glimcher Realty Trust Quarterly Data
	Sep09	Dec09	Mar10	Jun10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14
Net-Net Working Capital	Get a 7-Day Free Trial															-11.33	-11.35	-11.35	-11.50	-12.05

Competitive Comparison of Glimcher Realty Trust's Net-Net Working Capital

For the REIT - Retail subindustry, Glimcher Realty Trust's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Glimcher Realty Trust's Price-to-Net-Net-Working-Capital Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Glimcher Realty Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Glimcher Realty Trust's Price-to-Net-Net-Working-Capital falls into.

Glimcher Realty Trust Net-Net Working Capital Calculation

Glimcher Realty Trust's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2013 is calculated as

	Net-Net Working Capital		(A: Dec. 2013 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(43.518	+	0	+	0.75 * 3.375	+	0.5 * 0	-	1464.839
-	217.485	-	9.761)	/	145.089
=	-11.35

Glimcher Realty Trust's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2014 is calculated as

	Net-Net Working Capital		(Q: Sep. 2014 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(14.321	+	0	+	0.75 * 26.323	+	0.5 * 0	-	1548.887
-	231.19	-	9.712)	/	145.709
=	-12.05

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Glimcher Realty Trust (FRA:GRY) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Glimcher Realty Trust Net-Net Working Capital Related Terms

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Glimcher Realty Trust (FRA:GRY) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

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Address

Website

http://www.glimcher.com

Glimcher Realty Trust is a self-administered and self-managed Maryland real estate investment trust which was formed on September 1, 1993. The Company and its affiliates are engaged in owning, leasing, acquiring, developing and operating a portfolio of retail properties consisting of regional and super regional malls and community shopping centers. At December 31, 2013, the Company owned material interests in and managed 28 properties - 25 wholly-owned and 3 partially owned through joint ventures which are located in 15 states. The Properties contain an aggregate of approximately 19.3 million square feet of gross leasable area of which approximately 95.6% was occupied at December 31, 2013. The Malls provide a range of shopping alternatives to serve the needs of customers in all market segments. The Company's Malls are in various formats such as enclosed regional malls, open-air retail centers, and outlet centers. Malls are generally anchored by multiple department stores such as Belk's, The Bon-Ton, Boscov's, Dick's Sporting Goods, Dillard's, Elder-Beerman, Herberger's, JCPenney, Kohl's, Macy's, Saks, Sears, and Von Maur. Mall stores, most of which are national retailers, include Abercrombie & Fitch, American Eagle Outfitters, Apple, Bath & Body Works, Express, Finish Line, Foot Locker, Forever 21, H&M, Hallmark, Kay Jewelers, The Limited, lululemon athletica, Pacific Sunwear, and Victoria's Secret. The Malls also have additional restaurants and retail businesses, such as Benihana, Cheesecake Factory, P.F. Chang's, and Red Lobster, located along the perimeter of the parking areas. The Company's Community Centers are designed to attract local and regional area customers and are typically anchored by a combination of discount department stores or supermarkets which attract shoppers to each center's smaller shops. The tenants at the Company's Community Centers typically offer day-to-day necessities and value-oriented merchandise. Many of the Community Centers have retail businesses or restaurants located along the perimeter of the parking areas. There are numerous shopping facilities that compete with the Company's Properties in attracting retailers to lease space.

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