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S&P Lowers Outlook for Glimcher Realty Trust

PHILADELPHIA-Sale of non-core assets has been slower than anticipated, according to ratings agency. In addition, there are vacancy issues at the remaining centers as well as the company's high level of debt.

By Jim McCartney | Updated on September 06, 2002

PHILADELPHIA-Standard & Poor’s Ratings Services recently downgraded its outlook on Columbus, OH-based Glimcher Realty Trust, which focuses on retail properties, from stable to negative. S&P says “near-term vacancy issues in its non-corecommunity center portfolio,” as well as high debt levels has offset Glimcher’s “relatively well-occupied and profitable (but comparatively smaller) portfolio.”

The properties generate a stable cash flow from a “diverse and moderately credit-worthy” tenant base, according to S&P.

Glimcher made a strategic decision about three years ago to sell most of its communitycenters and all of its stand-alone assets and use the proceeds to pay down debt. Progress, however, has been slower than anticipated, according to S&P.

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