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Glimcher Suffers $15M Charge

COLUMBUS, OH-The shopping center REIT posts a $6.7 million loss for the third quarter because of a $15 million charge.

By Jennifer D. Duell | Updated on October 28, 2005

COLUMBUS, OH-Glimcher Realty Trust incurred a $15 million impairment charge or 38 cents per share during the third quarter because of several assignments held for sale. The charge resulted in a net loss of $6.7 million or 18 cents per share and funds from operations of $9.1 million or 23 cents per share compared to 55 cents per share for the same period last year.

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.

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