"Recent steps to upgrade portfolio quality should continue to pay dividends for Glimcher -- we believe pro forma tenant sales fall in the $370-$380/square foot range, versus $354/sf currently, with the recent acquisition of its partner's share of Scottsdale Quarter (potentially $600/sf center upon stabilization), joint venture acquisition of Pearlridge Center (roughly $500/sf) and addition of unusually high sales productivity tenants" such as Apple ( AAPL ) stores. "We believe Glimcher is well on its way to further distancing itself from the 'low quality, higher-leverage' peer group," the firm added. "Westfield recently announced plans to spin off 50% interests in nearly all of its Australia and New Zealand centers into a separate company.