Glimcher Realty Trust
180 East Broad Street
Columbus, Ohio 43215
Lisa A. Indest
CAO, SVP - Finance
Director, Corporate Communications
FOR IMMEDIATE RELEASE
Thursday, February 13, 2014
GLIMCHER REPORTS FOURTH QUARTER
AND FISCAL YEAR 2013 RESULTS
Net operating income for comparable properties up 4.5% during fiscal year 2013
Mall store sales improved 7.6% to $468 per square foot at December 31, 2013
15% re-leasing spreads for the mall store leases signed during fiscal year 2013
COLUMBUS, OH - February 13, 2014 - Glimcher Realty Trust (NYSE: GRT) today announced financial results for the fourth quarter and fiscal year ended December 31, 2013. A description and reconciliation of non-GAAP financial measures to GAAP financial measures is contained in a later section of this press release. References to per share amounts are based on diluted common shares.
“We made significant progress in our transformation strategy during 2013 by consistently delivering financial and operating results in line with the top of the public mall REIT sector,” said Michael P. Glimcher, Chairman of the Board and CEO. “A significant factor in our performance has been from contributions of our core mall portfolio, where we are seeing double digit releasing spreads, positive net operating income growth, and historically high occupancy.”
Net loss to common shareholders during the fourth quarter of 2013 was $49.0 million, or $0.34 per share, as compared to a net loss to common shareholders of $24.3 million, or $0.17 per share, in the fourth quarter of 2012. Funds From Operations (“FFO”) during the fourth quarter of 2013 was $27.3 million, or $0.18 per share, compared to $28.5 million, or $0.20 per share, in the fourth quarter of 2012. Adjusted FFO for the fourth quarter of 2013 was $29.7 million, or $0.20 per share. Adjusted FFO for the fourth quarter of 2013 excludes the $2.4 million defeasance charge associated with the Company’s refinancing of the mortgage loan on The Outlet CollectionTM | Jersey Gardens in November 2013.
For fiscal year 2013, net loss to common shareholders was $38.0 million, or $0.26 per share, compared to a net loss of $30.5 million, or $0.23 per share, for fiscal year 2012. FFO was $99.7 million, or $0.68 per share, for fiscal year 2013, compared to $80.1 million, or $0.58 per share, for fiscal year 2012. Adjusted FFO was $104.6 million or $0.71 per share, for the fiscal year of 2013 compared to $90.0 million, or $0.65 per share, for fiscal year 2012.
The following information was filed by Glimcher Realty Trust (GRT) on Friday, February 14, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.