QUOTE AND NEWS
SeekingAlpha  Jul 18  Comment 
Glimcher Realty Trust (NYSE:GRT) Q2 2014 Earnings Conference Call July 18, 2014 11:00 AM ET Executives Lisa Indest - CAO and SVP of Finance Michael Glimcher - Chairman and CEO Marshall Loeb - President and COO Mark Yale - CFO ...
TheStreet.com  Jul 3  Comment 
NEW YORK (TheStreet) -- RATINGS CHANGES Glimcher Realty Trust was upgraded to hold at TheStreet Ratings. TheStreet Ratings Team has this to say about its recommendation: "We rate Glimcher Realty Trust a hold. The primary factors that have...
New York Times  May 31  Comment 
His deft combination of insights from the fields of orthopedics and engineering led to major scientific breakthroughs, including an artificial limb called the “Boston Arm.”
SeekingAlpha  Apr 24  Comment 
Glimcher Realty Trust (GRT) Q1 2014 Results Earnings Conference Call April 24, 2014 10:00 AM ET Executives Lisa Indest - CAO and SVP, Finance Michael Glimcher - Chairman and CEO Marshall Loeb - President and COO Mark Yale - Chief...
MedPage Today  Mar 27  Comment 
(MedPage Today) -- "Frankly, I would never try to persuade someone to pursue a career in medicine." That was how Laurie H. Glimcher, MD, dean of Weill Cornell Medical College in New York City began her answer to one of the 10 questions MedPage...
StreetInsider.com  Mar 12  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Dividends/Glimcher+Realty+Trust+%28GRT%29+Declares+%240.10+Quarterly+Dividend%3B+4.1%25+Yield/9276062.html for the full story.
DailyFinance  Mar 3  Comment 
Glimcher Realty Trust (NYSE: GRT), one of the country’s premier retail REITs, today announced it has completed its acquisition of approximately 290,000 square feet of open-air, mixed-use properties in the Oklahoma City...
DailyFinance  Feb 26  Comment 
Glimcher Realty Trust(NYSE: GRT), one of the country’s premier retail REITs, today announced that Chairman and CEO Michael P. Glimcher and Executive Vice President and CFO Mark E. Yale will present an overview of the company...
SeekingAlpha  Feb 14  Comment 
Glimcher Realty Trust (GRT) Q4 2013 Results Earnings Conference Call February 14, 2014 11:00 AM ET Executives Lisa Indest - Senior Vice President, Finance and CAO Michael Glimcher - Chairman and CEO Marshall Loeb - President and...
StreetInsider.com  Feb 13  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Glimcher+Realty+Trust+%28GRT%29+Reports+In-Line+Q4+FFO/9169112.html for the full story.




 
TOP CONTRIBUTORS

Glimcher Realty Trust is a Real Estate Investment Trust (REIT). The company makes money by owning, leasing, acquiring, developing and operating a portfolio of retail properties consisting of regional and super regional malls, and community shopping centers. The company owns 23 shopping malls (18 wholly-owned and 5 partially owned through joint ventures) containing an aggregate of 20.5 million square feet of gross leasable area (“GLA”).[1] Because rents come from a wide variety of sectors, macroeconomic factors will highly determine the tenant quality and their ability to pay to GRT.

Business Growth

GRT's primary growth strategy is to upgrade the quality of its portfolio of assets. The company therefore focuses on selective acquisitions, redevelopment of core Mall assets, the disposition of non-strategic assets, and ground-up development in markets with high growth potential. The company's development and acquisition strategy is focused on dominant anchored retail properties within the top 100 metropolitan markets by population that have near-term upside potential or offer advantageous opportunities.[2]

Trends and Forces

Online Competitors Steal Customers Away from Traditional Rental Properties

Because GRT owns shopping malls, the majority of th company's revenues come from retail. As retail tenants face increasing competition from online retailers, traditional brick-and-mortar tenants have chosen to either diversify their business line to online access or completely to online. This decrease in demand for rental properties pushes downward pressure to rent prices, which directly negatively influences GRT's top-line,

Volatility and Instability in Credit Markets bring High Barriers to Financing for REITS

Because REITS are obligated to pay out 90% of income to shareholders, which therefore allow it to become a pass-through entity, REITS such as GRT have difficulty simply retaining cash on hand. Without a large surplus of cash at hand to fund growth, GRT must resort to external financing from either credit or equity markets. Equity markets tend to be dilutive to shareholders, and as such stable credit markets are necessary to insure a continuance of refinancing opportunities as REITS are traditionally unable to keep large amounts of cash at hand to pay off balloon payments.

Competition

GRT competes with other REITS and privately owned shopping centers, such as:

  • Equity One (EQY) is a REIT that principally owns, manages, acquires and develops neighborhood and community shopping centers.[3]
  • Cedar Shopping Centers (CDR) is a fully integrated Real Estate Investment Trust (REIT) which owns, operates, develops and redevelops supermarket-anchored shopping centers primarily in the mid-Atlantic and Northeast coastal states.
  • Macerich Company (MAC) is involved in acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers located throughout the United States. [4]




References

  1. GRT FY2010 10-K, Pg 4
  2. GRT FY2010 10-K, Pg 6
  3. EQY Business Description
  4. MAC Business Description
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