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Glimcher Reports $22M Loss from Property Problems

COLUMBUS, OH-Revenue and comp sales are up at the trust, but issues with development property in Ohio and impairment from its share in Tulsa Promenade caused the shareholder loss.

By Robert Carr | Updated on July 24, 2011

COLUMBUS, OH-Glimcher Realty Trust announced good news of getting close to $400 per square foot sales in its 27 properties during its second quarter results call Friday, but had to also admit to a $22.4 million net loss to shareholders during Q2. The company reports that occupancies are high and all its malls had increased sales during the quarter, but the trust had to report about $17 million of impairment costs.

Michael Glimcher, chairman and CEO of the locally based trust, said during the call that the properties delivered solid financial results for the quarter. Total revenue for Q2 was at $66.7 million, he said, compared to $63.9 million in the second quarter of 2010. Comparable store sales increased 6.8% during Q2 2011 when matched against the year before.

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