Excluding the impairment charge, the REIT would have achieved FFO of 60 cents per share, beating analyst estimates, said Glimcher president and CEO Michael P. Glimcher. "The company is now well positioned todeliver meaningful earnings growth," he stressed during the company's earnings conference call. During the quarter, Glimcher recorded revenues of $84.8 million, an increase of 6% from $79 million for thesame period last year.

The REIT, which owns 24 properties in 16 states, gained roughly $3 million of termination income during the third quarter along with 3% growth in comparable mall center revenues. Moreover, mall store average rents reached $25.05 per sf, an increase of 3.2% from the $24.28 per sf for the third quarter 2004. Occupancy also increased to 87.5% at the end of the third quarter compared to 85.8% at September 30, 2004, while average retail sales for mall stores increased3.8% to $333 per sf.

During the quarter, Glimcher sold two properties--Southside Mall in Oneonta, NY and Buckhannon Plaza in Tennerton, WV--generatingproceeds of about $14 million.