COLUMBUS, OH-Between May and Oct. 1, Glimcher Realty Trust had disposed of four properties for an aggregate of $208.2 million, advancing the first stage of an ongoing strategy to upgrade the quality of its portfolio. The locally based retail REIT will use the proceeds to reinvest in its pipeline, which includes the redevelopment of existing centers, ground-up development and possible acquisitions, said Michael Glimcher, chairman and CEO, during a third-quarter conference call.

With sales accomplished and just two hold-for-sale properties remaining, Glimcher plans to pursue JV partnerships on its middle-tier properties, which Glimcher said, represent “the best place to find capital.” In developing the strategy, he said, the portfolio was segmented into “bottom, middle and top” properties.

Sales occurred at the bottom. They included Montgomery Mall in Montgomery, AL; University Mall in Tampa; Alameda Mall and Northwest Mall in Houston. Primarily as a result of dispositions, third-quarter net income was $46.4 million, compared with $1.7 million for the prior-year quarter.