"We continue to execute according to our business plan in spite of the difficult economic environment," says Michael Glimcher, chairman of the board and CEO. "Renewals are currently ahead of last year's pace and we are making tangible progress addressing anchor opportunities throughout the portfolio."
Funds from operation declined 6% to $18.7 million, compared to $19.9 million from Q4 2008. However, revenue for the quarter increased slightly from $78.1 million from Q4 to $78.3 million by the end of March. Company executives pointed to a $1.9 million decrease in minimum rents, due mostly to tenant bankruptcy. For example, due to Steve & Barry's bankruptcy at the end of 2008, 11 stores under within Ramco properties shuttered.
Glimcher's portfolio consists of shopping malls and community centers. It owns 27 properties throughout the country, totaling roughly 21 million square feet, the majority of which are located in Ohio.
To read the Business First of Columbus report click here.
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