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COPYRIGHT 2003 Adams Business Media
March 3, 2003
Earnings Review Estimate Revision
* FFO/SHARE RESULTS SHOW STABILIZATION
* BALANCE SHEET IS MUCH IMPROVED AS 2003 DEBT MATURITIES ARE LIGHT
* COMPANY SHARPENS ITS MALL FOCUS AS COMMUNITY CENTER DISPOSITIONS CONTINUE
* WE LOOK FOR EXTERNAL GROWTH FROM ACQUISITIONS IN 2003 AND 2004
* WE HAVE TRIMMED OUR FY03 ESTIMATE BY $0.07 TO $2.56 TO REFLECT ADDED DILUTION FROM DISPOSITIONS IN 2002
* INTRODUCING OUR 2004 FFO/SHARE ESTIMATES
* WE MAINTAIN OUR AGGRESSIVE BUY RATING WITH A $23 PRICE TARGET
GLIMCHER REALTY TRUST AT A GLANCE
Glimcher Realty Trust is a fully integrated, self-administered, self-managed real estate investment trust (REIT) engaged in the development, acquisition, operation and management of retail shopping centers. GRT has ownership interest in and operates 73 properties in 22 states with a total of 25.7 million square feet (SF) of gross leasable area (GLA). The retail properties include enclosed regional malls, community centers and single-tenant properties. GRT's properties are located primarily in major metropolitan areas or communities in which...
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