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Michael Glimcher: Musings of a REIT Maven

David Bogoslaw Business Week
Michael Glimcher, chief executive of Glimcher Realty Trust

Michael Glimcher, chief executive of Glimcher Realty Trust

Investor appetite for income has made commercial real estate investment trusts, many of which own regional shopping malls, among the hottest stocks this year. As of Oct. 29, Glimcher Realty Trust (GRT) racked up the biggest return of the bunch, rising 183.4 percent to top Bloomberg's ranking of commercial REITs.

Glimcher, which started out as a lumber and building-supply company in 1959, has grown into a publicly traded, $741 million company that owns 27 properties, mostly regional malls, across 14 states. On Dec. 2, Bloomberg Businessweek reporter David Bogoslaw spoke with Chief Executive Michael Glimcher about the company's move to develop higher-end malls through partnerships with such investors as Blackstone. This is an edited version of their conversation.

David Bogoslaw: Glimcher Realty has said it prefers to use cash to pay down debt and for growth rather than to increase its dividend to prerecession levels. What's the priority now—paying down debt or buying new properties?


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