The properties generate a stable cash flow from a "diverse and moderately credit-worthy" tenant base, according to S&P.
Glimcher made a strategic decision about three years ago to sell most of its communitycenters and all of its stand-alone assets and use the proceeds to pay down debt. Progress, however, has been slower than anticipated, according to S&P.
The REIT's portfolio has been pared down to 85 properties representing about 27.9 million sf of mall, community shopping center, and stand-alone retail space. The company has sold 46 properties and 15 outlots to date, generating $275 million of proceeds and has an additional nine properties representing about $100 million in assets in pending sales.
S&P also affirmed Glimcher's double-'B' corporate credit rating and preferred stock rating at single-'B.'
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