3/13/2013 | By Allen Kenney
Michael Glimcher, chairman and CEO of Glimcher Realty Trust (NYSE: GRT), joined REIT.com for a CEO Spotlight video interview at NAREIT’s Washington Leadership Forum.
Glimcher Realty owns, manages, acquires and develops regional malls and open-air and community shopping centers. The firm was founded in 1994 and has its headquarters in Columbus, Ohio.
Glimcher discussed his company’s recent operating performance. The retail REIT is enjoying a 95 percent occupancy rate across its portfolio and reached an all-time high in portfolio sales at $435 per square foot.
Also, the firm had net operating income (NOI) growth on the order of 3 percent to 5 percent in 2012, versus NOI growth of 1 percent a year earlier.
“Metrics are really moving in the right direction,” Glimcher said.
Glimcher Realty currently has a number of projects in its pipeline. The CEO analyzed those prospects. Glimcher said he’s “really excited” about the company’s mall in Scottsdale, Ariz., Scottsdale Quarter.
“It really was a transformational deal for the company,” he noted. “It turned us in a direction thinking more about open-air, thinking more about mixed-use. It’s finally at a point now where it’s really going to contribute in a meaningful way.”
Glimcher offered an update on the status of his company’s foray into the outlet mall business. Glimcher Realty has made enhancements to its outlet property in Elizabeth, N.J., and is preparing to launch a new property in the Seattle area.
“The Outlet Collection is really off to a good start,” he said. “We’re excited about the leasing momentum. The physical plants are very modern. They look more like a fashion mall than they do an outlet mall, so we’re doing something a little bit different in the outlet segment. We think it has been well-received so far.”