Glimcher Updates Asset Sales/Joint Venture Initiative
01 Octobre 2009 - 10:16PM
PR Newswire (US)
COLUMBUS, Ohio, Oct. 1 /PRNewswire-FirstCall/ -- Glimcher Realty
Trust, (NYSE:GRT), today announced that the agreement for the sale
of its Lloyd Center ("Lloyd") property, a fully enclosed regional
mall located in Portland, Oregon, to Merlone Geier Partners IX,
L.P. ("Merlone Geier Partners") has been terminated. Merlone Geier
Partners had the option to terminate the agreement in its sole
discretion on or before September 30, 2009. "Although we are
disappointed that this transaction will not proceed, Lloyd Center
is a high-quality asset, and we have been encouraged by discussions
with other parties regarding a potential sale. We remain committed
to our asset sales/joint venture program and will continue to seek
to raise additional capital through a combination of sales or
partial sales of Lloyd, Polaris Towne Center in Columbus, Ohio, and
WestShore Plaza in Tampa, Florida," stated Michael P. Glimcher,
Chairman and Chief Executive Officer. Glimcher added, "Overall, we
are pleased with the recent progress we have made addressing our
current liquidity situation. The gross proceeds of $115 million
from our recent equity offering are $35 million above the original
targeted level and will allow the Company to meet the anticipated
debt reduction targets in its pending credit facility modification
into 2011." About Glimcher Realty Trust Glimcher Realty Trust, a
real estate investment trust, is a recognized leader in the
ownership, management, acquisition and development of enclosed
regional and super-regional malls. Glimcher Realty Trust's common
shares are listed on the New York Stock Exchange under the symbol
"GRT." Glimcher Realty Trust's Series F and Series G preferred
shares are listed on the New York Stock Exchange under the symbols
"GRT-F" and "GRT-G," respectively. Glimcher Realty Trust is a
component of the Russell 2000 Index, representing small cap stocks,
and the Russell 3000 Index, representing the broader market.
Forward Looking Statements This news release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements are
based on assumptions and expectations that may not be realized and
are inherently subject to risks and uncertainties, many of which
cannot be predicted with accuracy. Future events and actual
results, financial and otherwise, may differ from the results
discussed in the forward-looking statements. Risks and other
factors that might cause differences, some of which could be
material, include, but are not limited to, economic and market
conditions, tenant bankruptcies, bankruptcies of joint venture (JV)
partners, rejection of leases by tenants in bankruptcy, financing
and development risks, construction and lease-up delays, cost
overruns, the level and volatility of interest rates, the rate of
revenue increases versus expense increases, the financial stability
of tenants within the retail industry, impact of competition,
impact of future acquisitions and divestitures, the failure of the
Company to make additional investments in regional mall properties
and redevelopment of properties, the failure to acquire properties
as and when anticipated, the failure to fully recover tenant
obligations for CAM, taxes and other property expenses, material
changes in our dividend rates on our securities or the ability to
pay our divided on our common shares or other securities, failure
of the Company to qualify as real estate investment trust, the
impact of changes in tax legislation and, generally our tax
position, termination of existing JV arrangements, conflicts of
interest with our existing JV partners, the failure to sell mall
and community centers and the failure to sell such properties when
anticipated (including the failure to complete the sale of our
Lloyd Center property described herein), our failure to comply or
remain compliant with the covenants in our debt instruments,
including, but not limited to, the covenants under our credit
facility, failure to complete proposed amendments to our corporate
credit facility, bankruptcies of and other failures to perform by
lending institutions within our construction loans and corporate
credit facility, the failure to achieve estimated sales prices and
proceeds from the sale of malls, the failure to achieve
earnings/funds from operations targets or estimates, increases in
impairment charges, additional impairment charges, as well as other
risks listed from time to time in the Company's reports filed with
the Securities and Exchange Commission or otherwise publicly
disseminated by the Company. http://www.glimcher.com/ DATASOURCE:
Glimcher Realty Trust CONTACT: Mark E. Yale, Exec. V.P., CFO,
+1-614-887-5610, , or Lisa A. Indest, Vice President of Finance and
Accounting, +1-614-887-5844, , both of Glimcher Realty Trust Web
Site: http://www.glimcher.com/
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