Revenues from 103 properties, compared to 114 properties in the third quarter of 2000, rose to $72.9 million.
The revenue increase for the quarter was principally due to increased occupancy and the inclusion of Jersey Gardens, formerly a joint venture until Glimcher acquired the third-party interest in the second quarter, and The Mall at Johnson City, where the joint ventureinterest was acquired in November 2000.
The company closed on a $9.5 million sale of a 210,150-sf community center in Lexington, NC, resulting in a loss of approximately $700,000. The company also recognized a loss of approximately $325,000 related to a community center sale thatclosed in October 2001. It also sold a development parcel during the third quarter for approximately $400,000 and recognized a gain of $212,000.
Glimcher's newest mall development, Polaris Fashion Place, had a grand opening Oct. 25. Containing more than 1.5 million sf, Polaris Fashion Place is the Columbus region's largestmall. Approximately 40% of its square footage will be leased to stores that are new to the central Ohio market, including four of the department stores.
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