Glimcher swings to profit in 2Q (at bizjournals.com)

signed off its second quarter in the black as the mall operator logged gains on a property sale and recorded a 9 percent boost in revenue. The Columbus real estate investment trust said after the markets closed Wednesday that its second-quarter earnings totaled $1.31 million, or 3 cents a share, compared with a loss of $5.28 million, or 14 cents a share, in the same period last year. Glimcher in last year's second quarter had taken a $2.5 million non-cash charge related to the Northwest Mall in Houston. In this year's second quarter, the company recorded a $2.3 million gain on the May sale of Knox Village Square in Mount Vernon. Funds from operations, a measure for REITs that excludes one-time gains and losses from the sale of depreciable properties and other factors, in the second quarter totaled $20.5 million, up 28 percent... [read full story]