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Glimcher Dispels Glitches

NEW YORK CITY-Glimcher Realty discusses its plans for growth during a presentation at NAREIT Institutional Investor Forum Friday.

By Dana Dubriwny | Updated on June 13, 2005

NEW YORK CITY-Following years of reassembling key management and realigning assets in the company’s portfolio, Columbus, OH-based Glimcher Realty Trust has reemerged with plans for growth. In a presentation Friday at the National Association of Real Estate Investment Trusts’ Institutional Investor Forum, Michael P. Glimcher, CEO and president of the firm, discussed the firm’s current position and its strategy for future asset acquisitions.

“We spent, quite frankly, the last couple years doing positive things with the company putting the house in order, delevering, selling off non-core assets and enhancing our senior management team,” Glimcher said. “We feel comfortable that we built a platform for growth.”

Indeed the company has experienced growth. In its first quarter of 2005, Glimcher reported an income $1.4 million, or 4 cents per share, as compared to $800,000, or 2 cents per share, in the same period of 2004. Funds from operations were reported at $19.9 million, or 50 cents per share compared, to $18.2 million or 46 cents per share in the first quarter of 2004.

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