Unfortunately, a detailed fundamental analysis of Glimcher Realty Trust (GRT) in the present day is not possible because the company no longer exists as an independent, publicly traded entity. Glimcher Realty Trust, a real estate investment trust (REIT) focused on shopping malls, was acquired by Washington Prime Group Inc. (WPG) in a cash and stock transaction valued at approximately $4.3 billion (including assumed debt). This merger closed in early 2015, and the combined entity was renamed WP Glimcher.

Therefore, any fundamental analysis must be presented as a historical case study, examining the company's financial health and market position prior to the acquisition announcement in September 2014.

Historical Fundamental Analysis of Glimcher Realty Trust (Pre-2015 Acquisition)

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Historical Fundamental Analysis of Glimcher Realty Trust (Pre-2015 Acquisition)

Company Overview and Business Model

Glimcher Realty Trust was an established Real Estate Investment Trust (REIT) that specialized in the ownership, management, and development of retail properties, primarily enclosed regional and super-regional malls. As a REIT, the company's core business model was to generate revenue through rents from its diverse portfolio of retail tenants and distribute a significant portion of its taxable income to shareholders as dividends.

• Focus: Retail real estate, with a strategic shift over the years to focus on premium mall properties and away from community centers.

• Strategy: The company emphasized evolving its tenant mix to feature more experiential retail (dining, entertainment, services) to drive foot traffic and maintain relevance in a changing retail landscape, often referred to by the CEO as "the mix."

Key Financial Data Highlights (Prior to Acquisition)

While comprehensive, recent financial data is unavailable, publicly reported figures from the period immediately preceding the acquisition offer some insights:

Metric	Value (Approx. 2013)	Notes
Total Assets	$\approx \$2.659$ Billion	Demonstrates a substantial real estate portfolio.
Total Revenue	$\approx \$381$ Million	The top-line rental income and property-related revenue.
Net Income	$\approx -\$37$ Million	Negative net income could indicate challenges in operations, depreciation effects, or one-time charges, though Funds from Operations (FFO) is the key metric for REITs.
Total Equity	$\approx \$651$ Million	Shareholder's equity, a measure of the residual claim on assets.
Occupancy Rate	Typically in the high 80s to low 90s for mall stores.	A critical operating metric indicating the demand for the property space.

The REIT-Specific Metric: Funds From Operations (FFO)

For a REIT like Glimcher, the Funds from Operations (FFO) metric is the primary benchmark for financial performance, as it adjusts Net Income by adding back non-cash expenses like depreciation and amortization. A fundamental analysis would typically focus on:

• FFO per Share Trend: To evaluate the company's operational efficiency and ability to generate distributable cash flow.

• Dividend Coverage: Assessing if the FFO is sufficient to cover the dividend payout to shareholders, a key attraction of REITs.

Acquisition Rationale and Shareholder Value

The most crucial element of Glimcher's final chapter was the acquisition by Washington Prime Group (WPG), a spin-off from Simon Property Group (SPG). The deal provided a significant premium to Glimcher shareholders and was positioned as a strategic move to create a more diversified and financially stronger retail REIT.

• Transaction Value: Valued at approximately $4.3 billion, including the assumption of about $1.3 billion in debt.

• Shareholder Compensation: Glimcher shareholders received $\$10.40$ in cash and $0.1989$ of a share of WPG stock for each Glimcher share, representing a significant premium (about $14.20$ per share compared to the prior closing price of $10.59).

• Strategic Fit: The merger was touted to create a company with a strong investment-grade balance sheet (WPG's main appeal) and a combined portfolio of approximately 119 properties and 68 million square feet, offering superior diversification across different mall classes (high-end to community centers).

• Debt Management: The deal included the immediate sale of two high-value Glimcher properties (Jersey Gardens and University Park Village) to Simon Property Group for $1.09 billion in cash, specifically designed to reduce the debt burden of the newly formed WP Glimcher.

Conclusion

From a fundamental analysis perspective, Glimcher Realty Trust was a mid-sized mall REIT operating in a dynamic and challenging retail environment. While it maintained a significant asset base and focused on strategic portfolio upgrades, the acquisition suggests that its management and board determined that combining with Washington Prime Group offered the best immediate and long-term value proposition for its shareholders. The transaction provided Glimcher shareholders with a high premium, immediate cash, and stock in a larger, better-capitalized company, effectively maximizing the value of the company's assets and operating platform.

The video below features Glimcher Realty Trust's CEO discussing the merger and its benefits for shareholders.

Glimcher Realty CEO Says Washington Prime Merger Maximizes Value for Shareholders

This YouTube video is relevant because it features the CEO of Glimcher Realty Trust discussing the strategic rationale behind the acquisition by Washington Prime Group, which is the key event concluding the company's operational history.