Second quarter 2014 results for Glimcher

Glimcher Realty Trust has announced its financial results for the second quarter ended June 30, 2014. Per share amounts referred to are based on diluted common shares. The Chairman of the Board and CEO, Michael P. Glimcher stated that during this quarter, the company continued delivering solid operating figures from its core mall portfolio, including […]

Glimcher Realty Trust has announced its financial results for the second quarter ended June 30, 2014. Per share amounts referred to are based on diluted common shares.

The Chairman of the Board and CEO, Michael P. Glimcher stated that during this quarter, the company continued delivering solid operating figures from its core mall portfolio, including 17% re-leasing spreads, 95% total occupancy and growth of net operating income above 4%.  The second quarter redevelopment projects gained momentum including new deals with Sephora, West Elm, Kendra Scott, Athleta, Intermix and American Girl.  He added that the company is placing focus on asset disposals in a bid to improve its portfolio and balance sheet during the second half of this year.

The net loss to common shareholders during the 2014 second quarter was $5.6m or $0.04 per share, compared to $29.9m net income or $0.21 per share for the same 2013 period.  Funds from operations (FFO) for this quarter were $26.7m or $0.18 per share, compared to 2013’s $33.4m or $0.23 per share.  Adjusted FFO for Q2 2013 was $26.6m or $0.18 per share.  This excludes the gain of $6.9m due to the pro-rata share of the loan settlement on Tulsa Promenade, which was disposed of during Q2 2013.