Glimcher Realty Trust
Real estate investment trust
From Wikipedia, the free encyclopedia
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.
| Industry | Real estate investment trust |
|---|---|
| Founded | 1959 (as The Glimcher Company) |
| Founder | Herbert Glimcher |
| Fate | Acquired by Washington Prime Group |
| Successors | |
| Headquarters | |
| 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 [1] | |
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]
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]