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Glimcher Sells 13 Properties for $106M

PHILADELPHIA-The Columbus, OH-based REIT disposes of 13 of the 22 properties it put up for sale in June. Nine of the 13 are in Ohio. The purchase includes $76.8 million in cash and the assumption of $29.2 million in mortgages.

By Marita Thomas | Updated on September 03, 2002

PHILADELPHIA-Columbus, OH-based Glimcher Realty Trust has closed the sale of 13 properties to a group of unidentified private investors for approximately $106 million. The sale represents the initial closing on a sale of a 22-asset portfolio, announced in June.

The purchase price includes $76.8 million in cash and the assumption of four existing mortgages with a total outstanding balance of $29.2 million. The cash proceeds are being used to repay a $50-million mortgage that is scheduled to mature on October 26 and to pay down $19.2 million on Glimcher’s floating rate bridge loan facility. The balance of the funds, after payment of costs related to the closing, is being used to reduce outstanding borrowings on Glimcher’s line of credit.

“This $106-million sale is a major step forward in execution of our plan to lowerthe company’s leverage and focus on regional mall assets,” says president Michael P. Glimcher in a statement. “The closing of this transaction has reduced our debt to a market capitalization ratio below 60% as of Aug. 31 and completes our refinancing requirements for 2002.”

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