WP Glimcher posts net loss

columbus

Southern Park Mall’s management company, WP Glimcher, posted first quarter 2015 net loss of $12.3 million or 7 cents per share compared with first quarter 2014 net income of $34.4 million or 22 cents per share.

Funds from operations were $77.0 million, or 36 cents per share for the first quarter of 2015 compared with $88.4 million, or 47 cents per share, in the prior year period. Results for the first quarter of 2015 include a total of $24.9 million of costs related to the merger with Glimcher.

In January, Washington Prime Group Inc., a spin-off company of Simon Property Group, acquired Glimcher.

When adjusted for costs, WP Glimcher’s funds from operations were $102.0 million, or 47 cents per share for the quarter ending March 31, 2015.

Results for the first quarter of 2015 also included about $9.7 million of general and administrative expenses for the company operating as a separate, publicly traded company following its May 2014 separation from Simon. No such costs were incurred in the first quarter 2014.