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REIT FFO Drops 16.5% in Q4, Cost-Cutting Begins

COLUMBUS, OH-A $3.7-million increase in bad debt expense over the fourth quarter of 2000 cuts Glimcher Realty Trust's funds from operations by $0.11 per share. Tenant bankruptcies are a major issue behind a 10% staff reduction.

By Robert Carr | Updated on February 15, 2002

COLUMBUS, OH-Glimcher Realty Trust reports fourth-quarter funds from operations per diluted share dropped 16.5% to $0.66 per share, ending the year with a 3.6% drop to $2.72 per share. The fourth-quarter drop came despite a 15.9% increase in revenues, sparked by operating results of Jersey Gardens and The Mall at Johnson City, which were reported as joint ventures in 2000.

Increased average rents and higher average occupancy in the mall portfolio also contributed to the revenue increase, the retail REIT reports.

However, the company also had a $3.7-million increase in bad debt expense over the fourth quarter of 2000. That cut FFO by $0.11 per share.

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