COLUMBUS, OH-Glimcher Realty Trust announced Tuesday morning it has completed a $150 million public offering of preferred shares that will pay off a previous preferred offering and pay down debt. The locally based retail REIT also said today that on Friday it sold off a struggling community center in Cambridge, OH.

The completed public offering was for six million shares of 8-1/8% Series G Cumulative Redeemable Shares at $25 apiece. About $128 million of the $145 million in net proceeds will be used to fund the redemption of all of the Company’s outstanding 9.25% Series B Cumulative Redeemable Preferred Shares. The remaining $17 million will be used to pay down the company’s credit facility, which was recently drawn upon to pay off $17 million in subordinated mortgage debt relating to is Great Mall of the Great Plains property in Olathe, KS.

Also announced today was the sale of Cambridge Plaza, a 95,019-sf community center in Cambridge, OH that is only 15% occupied. The sale price was $14.47 per sf, or slightly less than $1.4 million. The vacancy is comprised of a 79,949-sf vacant anchor location that was formerly occupied by Ames. The cash proceeds were used to pay down the Company’s outstanding variable rate debt.

The sale is part of Glimcher’s ongoing plan to sell off its community center assets and focus on regional malls. As of Monday, the company’s portfolio included 27 million sf of gross leasable area, 80% of which is housed in 25 regional malls. The remaining 5.1 million sf is housed in 43 community center properties. Last year at this time, the company’s portfolio had 25.5 million sf of gross leasable area, including 23 regional malls totaling 19.8 million sf and 49 community center properties totaling 5.7 million sf.

The company’s share price Tuesday morning was trading at $25.34, up $0.11 on the day. The stock’s 52-week high is $26.06.

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