Glimcher Realty Trust
Glimcher Realty Trust (former NYSE symbol GRT) was a Columbus, Ohio based real estate investment trust headed by CEO Michael Glimcher.[1] The company specialized in the development and management of regional malls and shopping centers.[2] The company was acquired by Washington Prime Group (owned by Simon Property Group) in January 2015 and merged to become WP Glimcher.
As of 2009, the company's properties consisted of 23 malls (with a total leasable area of 20.74 million square feet), and three community centers (with a total leasable area of 760 thousand square feet). On 2008-10-23, Glimcher Realty Trust posted a third quarter loss of US$3.44 million.[3] On the same day, Standard & Poor's lowered Glimcher's credit rating, in response to a declining outlook for the trust's portfolio.[4]
In 2004, it sold several properties to Bromont Investments, a company based in Scottsdale, Arizona.[5]
In early 2006, it acquired one mall in partnership with a Canadian pension fund and another one by itself.[6]
In September 2014, Simon Property Group's Washington Prime Group announced to acquire Glimcher Realty Trust and its properties, in which the companies would merge to become WP Glimcher.[7] The deal was completed in January 2015, although the properties were still flagged as Simon properties until early 2016. As part of the deal, Jersey Gardens and University Park Village were sold to Simon, as well as WP Glimcher acquiring Brunswick Square from Simon in return. Michael Glimcher later went on to become CEO of the new merged company.[8]
Former properties
The following malls were managed by Glimcher prior to the 2015 acquisition.[9] Most of these malls continue to be managed under the new company WP Glimcher.
- Puente Hills Mall - City of Industry, California
- WestShore Plaza - Tampa, Florida
- Ashland Town Center - Ashland, Kentucky
- Northtown Mall - Blaine, Minnesota
- Jersey Gardens - Elizabeth, New Jersey
- Dayton Mall - Miami Township, Montgomery County, Ohio
- Indian Mound Mall - Newark, Ohio
- Polaris Fashion Place - Columbus, Ohio
- The Mall at Fairfield Commons - Beavercreek, Ohio
- Lloyd Center - Portland, Oregon
- Colonial Park Mall - Harrisburg, Pennsylvania
- Mall at Johnson City - Johnson City, Tennessee
- Grand Central Mall - Vienna, West Virginia
- The Outlet Collection Seattle - Auburn, Washington
- Scottsdale Quarter - Scottsdale, Arizona
- Weberstown Mall - Stockton, California
- Merritt Square Mall - Merritt Island, Florida
- Eastland Mall - Columbus, Ohio
- New Towne Mall - New Philadelphia, Ohio
- River Valley Mall - Lancaster, Ohio
- Morgantown Mall - Morgantown, West Virginia
- Pearlridge Center - Aiea, Hawaii
- Town Center Plaza - Leawood, Kansas
Restatement
On February 22, 2005, the company restated its financial statements from 2001 through 2003 to correct the timing of recognized revenue from tenants.[10]
References
- ↑ "Company Profile". Glimcher Realty Trust. Retrieved 2008-11-18.
- ↑ "Regional Mall REITs Hold Up Under Pressure". Retail Traffic. 2008-08-13. Retrieved 2008-09-05.
- ↑ "Glimcher posts 3Q loss". Columbus Business First. 2008-10-22. Retrieved 2008-11-17.
- ↑ "S&P cuts Glimcher Realty Trust corp credit rating". Reuters. 2008-10-23. Retrieved 2008-11-17.
- ↑ "Realty trust sells small Lancaster, Ohio, mall". The Columbus Dispatch. Columbus, Ohio. August 7, 2004. Retrieved 26 April 2010.
- ↑ "Article: Glimcher Realty Trust sticks to enclosed malls despite open-air trend.". The Columbus Dispatch. Columbus, OH. January 5, 2006. Retrieved 26 April 2010.
- ↑ "." September 18, 2014. Retrieved September 19, 2014.
- ↑ "WP Glimcher Announces Management Transition". Business Wire. June 1, 2015. Retrieved 9 March 2016.
- ↑ "Listing of Properties". Glimcher Realty Trust. Retrieved 2010-10-24.
- ↑ "Glimcher to restate earnings, FFO".