Mall owner’s profits fall

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Mall owner’s profits fall

The owner of two Dayton area mall properties saw a wider net loss in 2012 even though revenues and occupancies are up.

Columbus-based Glimcher Realty Trust reported Thursday a full-year 2012 net loss to shareholders of $30.5 million. In the year prior, Glimcher had a $5 million net loss.

Glimcher Realty owns The Mall at Fairfield Commons in Beavercreek and the Dayton Mall.

Last year’s results were lower in part because of a $27.8 million gain in 2011 from the sale of Polaris Towne Center in Columbus, and a $12.7 million increase in non-cash impairment charges incurred in 2012.

However, fiscal 2012 funds from operations totaled $80.1 million, or 58 cents per share, compared to $56.4 million, or 52 cents per share, for fiscal year 2011.

The mall owners also said total revenues grew from $267.4 million in 2011 to $326 million in 2012. Occupancy rates of core malls rose from 94.8 percent at the end of the year 2011 to 95.3 percent at the end of last year, Glimcher said. Average store sales of core malls grew from $404 per square foot in 2011 to $435 per square foot in 2012.

Glimcher owns interests in and manages 28 properties.

“With portfolio occupancy over 95 percent, mall store sales per square foot at a record level, and tenant occupancy cost ratios remaining at historic lows, we believe the company is well positioned to deliver meaningful growth in 2013 and beyond,” said Michael Glimcher, chairman of the board and chief executive officer, in a statement.

Glimcher shares (NYSE: GRT) closed Friday at $11.12, down 7 cents.

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