BNET Industries

Market Cap:$202.7M
Last Fiscal Year Sales:$319.1M
  • Public
  • US
Dow Jones Description

GRT is a fully integrated, self-administered and self-managed REIT which commenced business operations in January 1994 at the time of its initial public offering. The "Company," "we," "us" and "our" are references to GRT, Glimcher Properties Limited Partnership ("GPLP" or "Operating Partnership"), as well as entities in which the Company has an interest. We own, lease, manage and develop a portfolio of retail properties ("Properties") consisting of enclosed regional malls and open-air lifestyle centers ("Malls"), and community shopping centers ("Community Centers"). As of June 30, 2009, we owned interests in and managed 27 Properties located in 14 states, consisting of 23 Malls (three of which are partially owned through a joint venture) and four Community Centers (one of which is partially owned through a joint venture). The Properties contain an aggregate of approximately 20.9 million square feet of gross leasable area ("GLA") of which approximately 92.1% was occupied at June 30, 2009. Our primary business objective is to achieve growth in net income and Funds From Operations ("FFO") by developing and acquiring retail properties, by improving the operating performance and value of our existing portfolio through selective expansion and renovation of our Properties, and by maintaining high occupancy rates, increasing minimum rents per square-foot of GLA, and aggressively controlling costs.

Chairman & CEO
Michael P. Glimcher
Number of Employees 569
Contact Information

180 E Broad St

Columbus, Ohio 43215

glimcher.com

(614) 621-9000

NAICS Code : 525930

Recent Events

  • Glimcher Hires Ward Kampf as VP of Leasing

    11/12/09 - Mgmt. Change Entering - Vice President - View Story

  • Kampf Joins Glimcher as VP of Leasing

    11/12/09 - Mgmt. Change Entering - Vice President - View Story

  • BRIEF-The Blackstone Group and Glimcher to form joint venture

    11/05/09 - Joint Venture / Alliance - View Story

  • Glimcher confirms Blackstone deal

    11/06/09 - Financial Announcement - View Story

  • RBC Capital Markets Corp maintains Glimcher Realty Trust at 'underperform'

    10/05/09 - Bond / Stock Rating - View Story

  • Buyer for Glimcher Realty mall backs out

    10/02/09 - Financial Announcement - View Story

  • Glimcher Realty Trust raises $115 million through public offering of common stock

    9/23/09 - New Investment - View Story

  • Moody's lowers Glimcher Realty rating

    9/18/09 - Bond / Stock Rating - View Story

  • Glimcher Realty Trust GRT Declares Quarterly Dividend of 10c, Yielding 10%

    9/17/09 - Stock Split / Dividend - View Story

  • Glimcher Schedules Third Quarter 2009 Conference Call

    9/24/09 - Financial Announcement - View Story

  • Glimcher Reports Second Quarter 2009 Results

    7/22/09 - Financial Announcement - View Story

News & Analysis

glimcher realty trust - All News and Analysis

Decision Makers

Name (plus bio) Position
David Stec President, Leasing
George A. Schmidt CIO & Executive Vice President
Mark E. Yale Cfo, Treasurer & Executive Vice President
Armand Mastropietro Senior Vice President, Property Mgmt
Ken Cannon Senior Vice President, Dev
Kim A. Rieck General Counsel, Secretary & Senior Vice President
ROBERT A BEFFA Senior Vice President of Development
Carrie Dworek Vice President, Leasing
Christopher Lavender Vice President, Dev
Grace E. Schmitt Vice President, HR
Jed Reichard Vice President, Regional Property Management
Linda S. Wardell Vice President, Marketing
Melissa A. Indest Vice President
R. Antonio Marshall Vice President, Design & Construction
Steven Gerber Vice President, Reg Property Mgmt
Thomas Drought Senior Vice President & Director, Leasing
Carolee Oertel Manager, Investor Relations
Alan R. Weiler Member, Bd
Buck Sappenfield
DOUGLAS CAMPBELL
Herbert Glimcher *
Howard Gross Trustee
Niles C. Overly Member, Bd
Philip G. Barach Member, Bd
Roberta Troike
Wayne S. Doran Member, Bd
William S. Williams Member, Bd

Board of Directors

Name (plus bio) Position
Michael P. Glimcher Chairman & CEO

Organization Position Status
Glimcher Properties Limited Partnership President & CEO Current
Glimcher Realty Trust Chairman & CEO Current
Glimcher Properties Limited Partnership Board of Directors Current
National Association of Real Estate Investment Trusts, Inc. Former

David Stec joined Glimcher as Vice President - Leasing in 2004. He is responsible for directing and overseeing leasing of several malls in the Company's portfolio. Stec's professional background includes experience in both retail and shopping center leasing. He began his career with J.B. Robinson Jewelers as Assistant Director of Administrative Services and then Assistant Buyer. Following that, he joined The Richard E. Jacobs Group where he held the positions of leasing representative and then Assistant Vice President, Regional Director of Leasing. Most recently, Stec was Vice President - Real Estate for Jo-Ann Stores. Here, he was responsible for all corporate real estate activities including site selection, lease negotiation, disposition and coordination of external and internal resources to ensure timely store openings.

Organization Position Status
Glimcher Realty Trust President, Leasing Current
Jo-Ann Stores, Inc. President, Real Estate Former
Jo-Ann Stores, Inc. Vice President Former
Glimcher Realty Trust Vice President & Reg Director, Leasing Former
J.B. Robinson Jewelers, Inc. Assistant Director of Administrative Services Former
J.B. Robinson Jewelers, Inc. Assistant Buyer Former

Organization Position Status
Glimcher Realty Trust CIO & Executive Vice President Current
Glimcher Properties Limited Partnership Chief Investment Officer & Executive Vice President Current
Glimcher Properties Limited Partnership Board of Directors Current

Organization Position Status
Glimcher Properties Limited Partnership Cfo, Treasurer & Executive Vice President Current
Glimcher Realty Trust Cfo, Treasurer & Executive Vice President Current
Glimcher Realty Trust Treasurer Current
Financial Reporting, Inc Senior Vice President Former
PricewaterhouseCoopers senior manager Former

Armand Mastropietro is Senior Vice President, Property Management, and has been part of the Glimcher team since 1998. His responsibilities include directing the operations and management of the Company's regional and super-regional malls. Prior to being named to this position, he was Vice President, Regional Director of Properties. Mastropietro also served as Regional Director for the Company. He was General Manager of SuperMall, in Auburn (Seattle), Washington and held several positions as general manager prior to joining the Company, including eight years with General Growth Properties.

Organization Position Status
Glimcher Realty Trust Senior Vice President, Property Mgmt Current
Supermall General Manager Former

Ken Cannon joined the Company in January 2004 as Vice President - Development, and was named Senior Vice President - Development in April 2005. His responsibilities include the development and redevelopment programs for the Company's portfolio of regional and super-region malls. Prior to joining Glimcher, Cannon was most recently a partner with The Pyramid Companies where his responsibilities included obtaining new department store commitments. From 1996 to 1999, he was the owner and founder of KLM Developers, LLC, a comprehensive development and construction services firm operating primarily in the mid-Atlantic area. From 1993 to 1996, he held the position of Senior Vice President Development with Hydra-Co Enterprise, Inc., a subsidiary of Niagara Mohawk Power Corporation of Syracuse, New York. From 1986 to 1993, he was a partner with The Pyramid Companies with responsibilities for new project development. Prior to that, Cannon held positions with Tidewater, Inc. and with Texaco, Inc. Mr. Cannon holds a Bachelor of Science degree in Business from the University of Kansas and a Juris Doctor from the University of Kansas School of Law.

Organization Position Status
Glimcher Realty Trust Senior Vice President, Dev Current
The Pyramid Companies Partner Former
Texaco Former
University of Kansas Bachelor of Science degree in Business Former

KIM A. RIECK, Esq. is the Senior Vice President, General Counsel and Secretary. Prior to joining Glimcher, he served as outside counsel for the company during his tenure with Squire, Sanders, and Dempsey, L.L.P., a local firm providing legal services worldwide. Mr. Rieck also has an extensive background in the field of corporate real estate. He was Senior Vice President, General Counsel and Secretary to DeBartolo Realty Corporation and spent 15 years in legal positions with DeBartolo including senior project lawyer and deputy general counsel. Mr. Rieck received his J.D. in 1977 from The Ohio State University College of Law and his B.A. in 1974 from Case Western Reserve University.

Organization Position Status
Glimcher Realty Trust General Counsel, Secretary & Senior Vice President Current

Organization Position Status
Glimcher Realty Trust Senior Vice President of Development Current
Glimcher Realty Trust Construction Current
May Department Stores Co. Senior Vice President of Real Estate Former
May Department Stores Senior Vice President of Real Estate Former

Carrie Dworek was promoted to Vice President, Leasing in 2006. Prior to this, she was Vice President, Specialty Leasing. In her current position, she is responsible for the direction and management of short-term and permanent leasing in the Company's properties across the country. Before becoming Director of Specialty Leasing, Dworek was Specialty Leasing Manager for Glimcher's Polaris Fashion Place, which opened in Columbus, OH in 2001. Previous to joining Glimcher, Dworek held specialty leasing management positions at Simon Property Group & WellsPark Group and has retail store management experience.

Organization Position Status
Glimcher Realty Trust Vice President, Leasing Current
Glimcher Realty Trust Specialty Leasing Manager Former

Organization Position Status
Glimcher Realty Trust Vice President, Dev Current
Polaris Fashion Place general manager Former

Organization Position Status
Glimcher Realty Trust Vice President, HR Current
The Ohio State University College of Law J.D. Former
University of North Texas B.A. Former

Jed Reichard - Reichard began his career with Glimcher in 2000 as General Manager at River Valley Mall in Lancaster, OH. When the Company acquired WestShore Plaza in Tampa, FL in 2003, Reichard was named General Manager. In 2006 he was promoted to Regional Director of Properties.

Organization Position Status
Glimcher Realty Trust Vice President, Regional Property Management Current

Organization Position Status
Glimcher Realty Trust Vice President, Marketing Current
Dayton Mall Assistant General Manager Former
Polaris Fashion Place General Manager Former

MELISSA INDEST joined Glimcher in 2003 as Vice President and Controller, and in 2007, she was promoted to Vice President, Finance and Accounting. Lisa, as she prefers to be called, is responsible for the day-to-day operations of the accounting department, including external financial reporting, tax reporting, lease accounting and investor relations. She is a certified public accountant. Prior to joining Glimcher, Lisa served in various accounting and operational roles with Corporate Express of Cincinnati, Ohio, where most recently she held the title of Divisional General Manager. In addition to prior experience as a controller, Lisa has extensive background in finance, audit, budget and operational processes and procedures. Indest began her career with PricewaterhouseCoopers LLP.

Organization Position Status
Glimcher Realty Trust Vice President Current
Glimcher Realty Trust Controller Current
PricewaterhouseCoopers Former

Organization Position Status
Glimcher Realty Trust Vice President, Design & Construction Current

Steven Gerber - Gerber began his career with Glimcher in 2001 as General Manager of New Towne Mall in New Philadelphia, OH. He then transferred to Stockton CA where, in 2003, he assumed the role of General Manager of Weberstown Mall. In 2006 Steve was promoted to Regional Director of Properties.

Organization Position Status
Glimcher Realty Trust Vice President, Reg Property Mgmt Current

THOMAS J. DROUGHT, JR. serves as Senior Vice President, Director of Leasing, a position he has held since 2001. As such, he is responsible for directing and overseeing leasing of the entire Glimcher portfolio of malls and community centers. Drought has more than 16 years of extensive retail real estate leasing experience. He joined Glimcher Realty Trust in 1997 and held the positions of Regional Leasing Director and then Vice President of Leasing. Prior to joining Glimcher, Drought worked for Landau & Heyman Ltd. in Chicago for nine years. T.J holds the designation of Certified Leasing Specialist (CLS) by the International Council of Shopping Centers (ICSC). In addition, he holds a real estate broker’s license from the state of Ohio.

Organization Position Status
Glimcher Realty Trust Senior Vice President & Director, Leasing Current
Landau & Heyman Inc. Former

Organization Position Status
Glimcher Realty Trust Manager, Investor Relations Current

ALAN R. WEILER has been a trustee of the Company since January 1994. Mr. Weiler served as President of Archer-Meek-Weiler Agency, Inc., an insurance agency in Columbus, Ohio, from 1970 until 2002. He served as Chairman of Archer-Meek-Weiler from 2006 until Sky Insurance (a subsidiary of Huntington Bancshares Corporation and now known as Huntington Insurance, Inc.) acquired the agency in October 2007. Mr. Weiler is currently Senior Vice President of Sky Insurance. Mr. Weiler is active in several charitable and cultural organizations. Mr. Weiler is a member of the Strategic Planning Committee of the GLIMCHER Board of Trustees.

Organization Position Status
Glimcher Realty Trust Member, Bd Current
Glimcher Realty Trust Board of Directors Current

Organization Position Status
Glimcher Realty Trust Current
Organized Living Executive Vice President of Real Estate Former
Austin College Economics degree Former

Organization Position Status
Glimcher Realty Trust Current
Global Construction, Inc. Former

HERBERT GLIMCHER has been a trustee of the Company since its inception in September 1993 and served as Chief Executive Officer of the Company from 1997 to 2005. He served as Chairman of the Board of Trustees from September 1993 until September 2007. Mr. Glimcher is currently Chairman Emeritus of the Board of Trustees. He served as President of the Company from March 1998 until the appointment of Michael P. Glimcher as President in December 1999. Mr. Glimcher served as Senior Advisor to the Company from February 2005 until May 2007. He has served as Chairman of the Board of The Glimcher Company ("TGC") since its inception in 1959. Mr. Glimcher is a nationally recognized innovator in the field of shopping center development, having been instrumental in the management, acquisition and development of over 100 shopping centers during a real estate career spanning more than 40 years. Mr. Glimcher is active in several charitable and community organizations. He is also a member of ICSC and NAREIT. Mr. Glimcher serves on the Strategic Planning Committee of the GLIMCHER Board of Trustees.

Organization Position Status
Glimcher Realty Trust * Current
Advanced Connections Current
Glimcher Properties Limited Partnership Chairman Current
Glimcher Realty Trust Chief Executive Officer Former
Glimcher Realty Trust Board of Directors Current

Organization Position Status
Eddie Bauer Holdings, Inc. Interim CEO Current
Glimcher Realty Trust Trustee Current
Eddie Bauer Holdings, Inc. Director Current
Sharper Image Corporation Director Current
Sharper Image for Ionic Breeze Board of Directors Current
Glimcher Realty Trust Trustee Current
Victoriassecret.Com Chief Executive Officer Former
The Limited Stores Chief Executive Officer Former
American Retail Group, Inc. CEO Former
American Retail Group, Inc. President Former
Limited Brands, Inc. President Former
Victoriassecret.Com President Former
The Limited Stores President Former
Eddie Bauer Holdings, Inc. Chair of the Nominating and Corporate Governance Committee Former
The Wet Seal, Inc. Board of Directors Former
The University of Akron Bachelor of Arts Degree In Speech and Public Address Former

NILES C. OVERLY currently serves as Chairman and Chief Executive Officer of BrightCastle Ventures LLC, a private equity and consulting company. He served as Chairman of The Frank Gates Companies/Avizent ("Frank Gates"), which specializes in employee benefit and risk management services, from 2003 to August 2008. Mr. Overly became Chairman of Frank Gates in 2003 and served as Chief Executive Officer from 1983 until March 2007. He also served as General Counsel for Frank Gates from 1979 until 1983. Prior to joining Frank Gates, Mr. Overly served as an international tax consultant with Arthur Andersen and Company. He was also a partner in the law firm of Overly, Spiker, Chappano, and Wood for five years. Mr. Overly is a graduate of the University of Virginia McIntire School of Commerce and received his juris doctorate from the University of Virginia School of Law. His professional society memberships include the American, Columbus, Ohio and Virginia Bar Associations, as well as the Ohio State and American Institute of Certified Public Accountants. He currently serves as a member of the Columbus, Ohio and Dublin, Ohio Chambers of Commerce, a member of the Board of Directors and Executive Committee of the Ohio Chamber of Commerce and is a former Chairman of the Ohio Chamber of Commerce. He has also been active in the Young Presidents Organization, having served as the Chairman and Education Chair of the Columbus Chapter. Mr. Overly is Chairman of the Audit Committee, a member of the Executive Committee and the Executive Compensation Committee of the GLIMCHER Board of Trustees. He is the Audit Committee Financial Expert as determined by the Board of Trustees.

Organization Position Status
Glimcher Realty Trust Member, Bd Current
The Frank Gates Companies, Inc. Chairman Current
The Frank Gates Companies, Inc. Chief Executive Officer Former
Arthur Andersen LLP international tax consultant Former
Glimcher Realty Trust Board of Directors Current

Organization Position Status
Glimcher Realty Trust Member, Bd Current
Glimcher Realty Trust Board of Directors Former

Organization Position Status
Education Management Corporation Senior Vice President, Human Resources Current
Glimcher Realty Trust Current
Bath & Body Works Human Resource Director Former
Cornell University Master of Industrial Relations Former
Texas Christian University undergraduate business degree Former

WAYNE S. DORAN has been a trustee of the Company since October 1999. He retired in the Fall of 2000 as a Vice President of Ford Motor Company and Chairman of the Board of Ford Motor Land Services Corporation ("Ford Land"), a wholly owned real estate subsidiary of Ford Motor Company. Mr. Doran joined Ford Motor Company in 1969 and became Chief Executive of Ford Land when it was formed in 1970. Before joining Ford Motor Company, Mr. Doran served as Vice President and General Manager of the land development division of Del E. Webb Corporation, Chicago, from 1963 to 1969. He is a trustee of the Urban Land Institute. He is a director of the Detroit Metropolitan Wayne County Airport Commission, Arizona State University Foundation, Arizona State University Research Park, Barrow Neurological Foundation, and the PGA Tour Golf Course Properties. He is a member of the Board of Governors of Berry College, Rome, Georgia and is a member of the Board for the Henry Ford Health System. Mr. Doran is the Chairman of the Strategic Planning Committee and a member of the Executive Committee of the GLIMCHER Board of Trustees. Mr. Doran also serves as the lead trustee among the independent members of the Board of Trustees.

Organization Position Status
Glimcher Realty Trust Member, Bd Current
Metropolitan Realty Chairman Current
Glimcher Realty Trust Board of Directors Current

WILLIAM S. WILLIAMS is Chairman (since 1999) and Chief Executive Officer of The W. W. Williams Company, headquartered in Columbus, OH (since 1992). Mr. Williams joined the company in April of 1978. The W. W. Williams Company sells and services diesel engines, transmissions and generator sets throughout the Midwest, Southeast and Southwest. Mr. Williams served on the Board of Directors of The Huntington National Bank from 1997 to 2004. He currently serves on the Executive Committee of the North America Distributor Council and is active in other community organizations. He is also an inactive Certified Public Accountant and holds a B.A. in Economics from Duke University and an M.B.A in Finance from The Ohio State University. Mr. Williams is Chairman of the Executive Compensation Committee, a member of the Audit Committee as well as the Nominating & Corporate Governance Committee of the GLIMCHER Board of Trustees.

Organization Position Status
Glimcher Realty Trust Member, Bd Current
Detroit Diesel Corp. Former
The Ohio State University M.B.A in Finance Former
Duke University B.A. in Economics Former
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     GRT $2.97 -0.05 (-1.66% )
Average Volume 1,081,950
Shares Outstanding 68.72M
Market Cap 204.1M
Year High 4.5499
Year Low 0.93
Earnings Per Share -0.10
P/E Ratio -29.70
Dividend 0.40
Yield 13.47