Glimcher Realty Trust

Glimcher Realty Trust was a real estate investment trust based in Columbus, Ohio that invested in shopping malls. In 2015, the company was acquired by Washington Prime Group.

Glimcher Realty Trust
IndustryReal estate investment trust
FateAcquired by Washington Prime Group
Founded1959 (1959) (as The Glimcher Company)
FounderHerbert Glimcher
Headquarters
Columbus, Ohio
Key people
Michael P. Glimcher, Chairman & CEO
Mark E. Yale, CFO
Revenue $381 million (2013)
-$37 million (2013)
Total assets $2.659 billion (2013)
Total equity $651 million (2013)
Number of employees
981 (2013)
Footnotes / references
[1]

Investments

As of December 31, 2013, the company owned interests in 28 shopping centers in 15 states in the United States containing 19.3 million square feet of gross leasable area.[1]

Notable properties wholly owned by the company included the following:[1]

Property Name Location
Puente Hills Mall City of Industry, California
WestShore Plaza Tampa, Florida
Ashland Town Center Ashland, Kentucky
Northtown Mall Blaine, Minnesota
Jersey Gardens Elizabeth, New Jersey
Dayton Mall Miami Township, Montgomery County, Ohio
Indian Mound Mall Newark, Ohio
Polaris Fashion Place Columbus, Ohio
The Mall at Fairfield Commons Beavercreek, Ohio
Lloyd Center Portland, Oregon
Colonial Park Mall Harrisburg, Pennsylvania
Mall at Johnson City Johnson City, Tennessee
Grand Central Mall Vienna, West Virginia
The Outlet Collection Seattle Auburn, Washington
Weberstown Mall Stockton, California
Merritt Square Mall Merritt Island, Florida
Eastland Mall Columbus, Ohio
Pearlridge Center Aiea, Hawaii
Town Center Plaza Leawood, Kansas

History

The company was founded as The Glimcher Company by Herbert Glimcher in 1959, who started in the lumber business.[2] Throughout much of its history, the company's largest tenant was Kmart.[2]

In 1998, the company acquired 5 shopping malls for $375 million.[3]

In 1999, the company received a $1 billion investment from Nomura Holdings to build 4 shopping centers.[4]

On January 26, 1994, the company became a public company via an initial public offering.[1]

In 2004, the company sold 25 properties for $103.1 million.[5][6]

In 2007, the company sold University Mall in Tampa, Florida for $149 million.[7]

In 2010, the company closed a $320 million joint venture with The Blackstone Group, which included the sale of a 60% interest in 2 malls.[8]

In 2011, the company completed an asset swap with DDR Corp. in which the company sold Polaris Towne Center and purchased Town Center Plaza for $139 million.[9][10]

In 2013, the company acquired University Park Village in Fort Worth, Texas for $105 million.[11] The company also acquired Blackstone's 60% interest in WestShore Plaza.[12]

In 2015, the company was acquired by Washington Prime Group for $4.3 billion in stock and cash.[13] As part of the transaction, Jersey Gardens and University Park Village were sold to Simon Property Group for $1.09 billion.[13]

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References
  1. "Glimcher Realty Trust 2013 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Edelstein, Ken (April 1, 1998). "Glimpse On Glimcher". National Real Estate Investor.
  3. "GLIMCHER REALTY TRUST BUYING 5 MALLS FOR $375 MILLION". The New York Times. Bloomberg News. May 14, 1998.
  4. "GLIMCHER REALTY TRUST GETS $1 BILLION INVESTMENT". The New York Times. Dow Jones & Company. September 19, 1996.
  5. "GLIMCHER REALTY TRUST TO SELL 25 SHOPPING CENTERS". The New York Times. Bloomberg News. August 7, 2004.
  6. "Glimcher selling 25 malls". American City Business Journals. August 8, 2004.
  7. "Glimcher puts University Mall on the block". American City Business Journals. May 18, 2006.
  8. "Blackstone and Glimcher Close $320M Joint Venture". Informa. March 30, 2010.
  9. "Closing of Town Center's $139M sale brings new owner Glimcher". Kansas City Business Journal. Dec 8, 2011. Retrieved 2020-01-06.
  10. "DDR and Glimcher Realty Trust Announce Closing of Strategic Asset Swap" (Press release). PR Newswire. December 8, 2011.
  11. Weese, Evan (January 8, 2013). "Glimcher expands to Texas with acquisition of Dallas-area shopping center". American City Business Journals.
  12. "Glimcher to buy remaining interest in WestShore Plaza". American City Business Journals. June 7, 2013.
  13. "Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire. September 16, 2014.
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