Glimcher Realty Trust Earnings: Here’s Why Shares are Up Now
Glimcher Realty Trust (NYSE:GRT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.30%.
Glimcher Realty Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 91.67% to $0.23 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Rose 25.37% to $96.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Glimcher Realty Trust reported adjusted EPS income of $0.23 per share. By that measure, the company beat the mean analyst estimate of $0.16. It beat the average revenue estimate of $89.54 million.
Quoting Management: “We are pleased to report strong operating fundamentals for the quarter with NOI growth at nearly 6%, as well as double digit releasing spreads and portfolio sales per square foot above $470,” said Michael P. Glimcher, Chairman of the Board and CEO. “During the quarter, we also continued the transformation of our retail property portfolio by divesting two moderately performing centers, gaining full control of WestShore Plaza and experiencing ongoing growth within the core portfolio.”
Key Stats (on next page)…