WP Glimcher reports fourth-quarter earnings

YOUNGSTOWN — WP Glimcher reported a decrease in net income for the fourth quarter 2014 because of costs associated with the merger between Glimcher Realty Trust and Washington Prime Group.

Net income attributable to common shareholders for the fourth quarter was $33.6 million, or $0.22 per diluted share, compared to $42.8 million, or $0.28 per diluted share, in the prior year period.

The Columbus-based company that operates the Southern Park Mall in Boardman reported funds from operations were $85.9 million, or $.46 per diluted share, compared to $97 million, or $.52 per diluted share in the prior year.

Results for the fourth quarter of 2014 include a total of $11.3 million, or $0.06 per diluted share, comprised of costs related to the merger with Glimcher Realty Trust, transaction and related costs associated with Washington Prime Group — the spin off from Simon Property Group — and general and administrative expenses for the new stand-alone company.

WP Glimcher was established in 2015 through the merger of Washington Prime Group Inc. and Glimcher Realty Trust.

It is a premier retail real-estate investment trust with a portfolio of 120 enclosed regional malls and open-air lifestyle community centers.