COLUMBUS, OH-Glimcher Realty Trust’s planned sale of five malls has not gone as smoothly as executives had anticipated when they put the properties on the market last year. But management says that three of the five should change hands some time in the first half of the year.

Due to the slower-than-expected sale and other factors, Glimcher officials are now forecasting an earnings-per-share loss between $2.55 and $2.57, as well as an FFO-per-share dip from 63 cents to 65 cents.

“We remain committed to our strategy of upgrading the quality of our real estate portfolio and will continue to show patience as we look to dispose of our lower quality assets at appropriate pricing levels,” says Michael Glimcher, president and chief executive officer, in a statement. A recent $170-million expansion of the firm’s credit line will buy the company time, he says.

At its University Mall, in Tampa, FL; there are several interested buyers, while at Almeda Mall, in Houston, a prospective suitor is conducting due diligence on the asset, according to a company statement. The firm expects to retain between $250 million and $260 million from the sale of the two. Montgomery (AL) Mall is also said to have multiple bidders.

The two assets for which Glimcher did not provide sales timeline — and will take a $17 million, fiscal-year charge on as a result — are Northwest Mall, in Houston; and Eastland Mall, in Charlotte, NC. Glimcher is extending its leasing agreement with its Northwest broker and is looking at looking at a new brokerage listing for Eastland.

Glimcher is also taking a $47-million charge on the Great Mall of the Great Plains, in Olathe, KS; due to redevelopment costs. An additional $9.4 million in charges are related to the retirement of mortgage debt on University Mall.

Glimcher’s outlook for this year is brighter. The company anticipates earnings-per-share gains between $1.84 and $1.94 and an FFO increase from $2.25 and $2.35. The locally-based owner of about 30 centers across the country is also planning to spend between $80 million and $90 million during the year on reinvestment in its portfolio.

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