COLUMBUS, OH-Glimcher Realty Trust announced good news of getting close to $400 per square foot sales in its 27 properties during its second quarter results call Friday, but had to also admit to a $22.4 million net loss to shareholders during Q2. The company reports that occupancies are high and all its malls had increased sales during the quarter, but the trust had to report about $17 million of impairment costs.

Michael Glimcher, chairman and CEO of the locally based trust, said during the call that the properties delivered solid financial results for the quarter. Total revenue for Q2 was at $66.7 million, he said, compared to $63.9 million in the second quarter of 2010. Comparable store sales increased 6.8% during Q2 2011 when matched against the year before.

Glimcher said the firm has been looking to acquire new properties, likely with another venture partner. Properties were investigated in Carlsbad, CA and St. Louis, but those two sites are being taken by another buyer. The company is also interested in purchasing the Summit lifestyle center in Birmingham, AL, Glimcher said. However, he said the firm is being very cautious about where it spends capital.

He also said the company is continuing a redevelopment program on several properties, such as adding high-end luxury tenants at Jersey Gardens with a major interior and exterior renovation at the 1.3-million-square-foot property in Elizabeth, NJ. The trust is also finalizing phase three planning for Scottsdale Quarter, which will include about 85,000 square feet of additional retail and a hotel at the 600,000-square-foot luxury center in Scottsdale, AZ. Glimcher said the trust will likely sell a portion of the land to multifamily or hotel developers while retaining a condominium interest.

Mark Yale, CFO, said during the call that $9 million of the impairment charges are related to development land in Mason, OH because of a lack of meaningful leasing prospects or activity through 2011. “We determined that it was unlikely that we would move forward with the retail development as originally planned, bringing into question our ability to recover our basis,” Yale said.

He said $7 million of the impairments involved a pro rate share of charges taken by the firm’s joint venture relating to the 926,000-square-foot Tulsa Promenade property in Tulsa, OK. The company bought the mall in 2006 in a JV with Oxford Properties Group for $58 million. The $29 million loan recently matured and was extended, but the venture will likely sell the property, reducing its carrying value.