Glimcher Completes $150M Offering, Asset Sale

COLUMBUS, OH-Glimcher Realty Trust announced Tuesday morning it has completed a $150 million public offering of preferred shares that will pay off a previous preferred offering and pay down debt. The locally based retail REIT also said today that on Friday it sold off a struggling community center in Cambridge, OH.

The completed public offering was for six million shares of 8-1/8% Series G Cumulative Redeemable Shares at $25 apiece. About $128 million of the $145 million in net proceeds will be used to fund the redemption of all of the Company’s outstanding 9.25% Series B Cumulative Redeemable Preferred Shares. The remaining $17 million will be used to pay down the company’s credit facility, which was recently drawn upon to pay off $17 million in subordinated mortgage debt relating to is Great Mall of the Great Plains property in Olathe, KS.

Also announced today was the sale of Cambridge Plaza, a 95,019-sf community center in Cambridge, OH that is only 15% occupied. The sale price was $14.47 per sf, or slightly less than $1.4 million. The vacancy is comprised of a 79,949-sf vacant anchor location that was formerly occupied by Ames. The cash proceeds were used to pay down the Company’s outstanding variable rate debt.