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Glimcher Realty Trust Boasts 20% Revenue Jump

COLUMBUS, OH-Occupancy is strong at Polaris Fashion Mall, the largest mall in the region at 1.5 million sf, which held a grand opening Oct. 25, as well as most other malls in the REIT's portfolio.

By Robert Carr | Updated on October 29, 2001

COLUMBUS, OH-Glimcher Realty Trust has seen a 20.2% increase in revenues in the third quarter, primarily due to the company acquiring an interest in two malls previously held in joint ventures. Funds from operations were lower on a per share basis due to asset sales during the past 12 months and continuing weak retail sales, company officials say.

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.

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