U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Hunt, Patrick R.
953 Romona Road
Wilmette, IL USA 60091
2. Issuer Name and Ticker or Trading Symbol
Great Lakes REIT, Inc. GL
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
03/31/98
If Amendment, Date of Original (Month/Year)
Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (x) Officer (give title below)
( ) Other (specify below)
President/Chief Operating Off.
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common stock |3/19/9|M | |50000 |A |16.31 |100000 |D | |
|8 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock option (buy) |16.31 |3/19/|M | | |500| [1] | |Common stock| | |100000 |D | |
| |98 | | | |00 | | | | | | | |
e |
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Explanation of Responses:
1. 150,000 options were granted August 25, 1997 subject to the approval of the
Company's 1997 Equity and Performance Incentive Plan by the Company's
shareholders. At the Company's 1997 Annual Shareholders Meeting held September
11, the 1997 Plan was approved. The options have a ten year term. 75,000
options vested and were exercisable September 11, 1997 and 75,000 of such
options vest and are exercisable on February 25, 1999.
SIGNATURE OR REPORTING PERSON
DATE
