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PHILADELPHIA-Standard & Poor’s Ratings Services recently downgraded its outlook on Columbus, OH-based Glimcher Realty Trust, which focuses on retail properties, from stable to negative. S&P says “near-term vacancy issues in its non-corecommunity center portfolio,” as well as high debt levels has offset Glimcher’s “relatively well-occupied and profitable (but comparatively smaller) portfolio.”

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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