<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996]
For the fiscal year ended December 31, 1997
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED)
Commission File No. 1-12482
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
GLIMCHER REALTY TRUST
20 SOUTH THIRD STREET
COLUMBUS, OHIO 43215
Exhibit Index on Page 17
<PAGE> 2
REQUIRED INFORMATION
The following financial statements and schedules for the Glimcher Realty Trust
Retirement Savings Plan are being filed herewith:
<TABLE>
<CAPTION>
DESCRIPTION PAGE
- ----------- ----
<S> <C>
Report of Independent Accountants ........................................................... 5
Statement of Net Assets Available for Benefits as of December 31, 1997 and 1996.............. 6
Statement of Changes in Net Assets Available for Benefits for the years ended
December 31, 1997 and 1996................................................................... 7
Notes to Financial Statements................................................................ 8
Schedule of Assets Held for Investment Purposes as of December 31, 1997...................... 14
Schedule of Reportable Transactions for the year ended December 31, 1997..................... 15
Schedule of Non-exempt Transactions for the year ended December 31, 1997..................... 16
The following exhibit is being filed herewith:
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
1 Consent of Independent Accountants.......................................... 18
</TABLE>
2
<PAGE> 3
SIGNATURES
The Plan Pursuant to the requirements of the Securities Exchange Act of
1934, the persons administering the Plan have caused this annual report to be
signed on their behalf by the undersigned, thereunto duly authorized, in the
City of Columbus, State of Ohio, on the 29th day of June 1997.
GLIMCHER REALTY TRUST
By: /s/ William G. Cornely
--------------------------------------------
William G. Cornely
Senior Executive Vice President, Chief Operating
Officer and Chief Financial Officer
3
<PAGE> 4
<TABLE>
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
INDEX OF FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
<CAPTION>
PAGE
----
<S> <C>
Report of Independent Accountants....................................................... 5
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Benefits as of December 31, 1997 and 1996......... 6
Statement of Changes in Net Assets Available for Benefits for the years ended
December 31, 1997 and 1996.............................................................. 7
Notes to Financial Statements........................................................... 8
SUPPLEMENTAL SCHEDULES:
Item 27a - Part I - Schedule of Assets Held for Investment Purposes as of
December 31, 1997....................................................................... 14
Item 27d - Schedule of Reportable Transactions for the year ended
December 31, 1997....................................................................... 15
Item 27e - Schedule of Non-exempt Transactions for the year ended
December 31, 1997....................................................................... 16
</TABLE>
4
<PAGE> 5
REPORT OF INDEPENDENT ACCOUNTANTS
To the Executive Compensation Committee
of Glimcher Realty Trust
We have audited the accompanying statements of net assets available for
benefits of Glimcher Realty Trust Retirement Savings Plan (the "Plan") as of
December 31, 1997 and 1996 and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of the
Plan as of December 31, 1997 and 1996, and changes in net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes, reportable transactions, and non-exempt
transactions are presented for the purpose of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
COOPERS & LYBRAND L.L.P.
Columbus, Ohio
June 19, 1998
5
<PAGE> 6
<TABLE>
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1997 AND 1996
<CAPTION>
1997 1996
-------- --------
<S> <C> <C>
Assets:
Cash and cash equivalents ................... $ 493 $ 7,491
Investments:
Money fund .................................. 72,823 15,700
Fixed income fund ........................... 33,832 10,824
Employee benefits fund ...................... 86,055 36,805
Mutual funds equity ......................... 482,810 205,217
Common stocks ............................... 204,168 84,061
-------- --------
Total investments ...................... 879,688 352,607
-------- --------
Receivables:
Employer contribution ....................... 8,458 12,958
Participants contributions .................. 19,859 27,905
Notes ....................................... 7,686
Interest and dividends ...................... 4,506 1,874
-------- --------
Total receivables ...................... 40,509 42,737
-------- --------
Net assets available for benefits....... $920,690 $402,835
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE> 7
<TABLE>
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
<CAPTION>
1997 1996
-------- --------
<S> <C> <C>
Additions to net assets attributed to:
Contributions:
Employer ....................................... $109,075 $ 88,987
Participants ................................... 399,510 292,143
-------- --------
508,585 381,130
-------- --------
Investment income:
Interest ....................................... 17,332 3,926
Dividends ...................................... 24,568 10,261
Net appreciation in fair value of investment.... 70,100 26,698
-------- --------
112,000 40,885
-------- --------
Total additions .................................. 620,585 422,015
Deductions from net assets attributed to:
Benefits paid to participants .................... 102,730 19,180
-------- --------
Net increase ........................................ 517,855 402,835
Net assets available for benefits:
Beginning of year ................................ 402,835
-------- --------
End of year ...................................... $920,690 $402,835
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE> 8
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the Glimcher Realty Trust Retirement
Savings Plan (the Plan) have been prepared in accordance with general accepted
accounting principles.
Contributions to the Plan
Contributions from participating employees are accrued on a monthly
basis as the employer makes payroll deductions from Plan participants.
Contributions from the employer are determined monthly based on the employer
matching formula as defined in the Plan Description.
Payment of Benefits
Benefits are recorded when paid.
Investment Valuation
The Plan's investments are stated at fair value. Quoted market prices
are used to value investments. Purchases and sales of investments are recorded
on a trade date basis, with sales of investments based on the specific
identification method.
The net appreciation (depreciation) in the fair value of the Plan's
investments consists of the realized gains or losses and the unrealized
appreciation (depreciation) on those investments.
Cash and cash equivalents include short-term, highly liquid investments
with an original maturity of three months or less. Cost approximates market
value.
Investment Options and Provisions
Upon enrollment in the Plan, participants may direct the investment of
their accounts in any one or more of the following five investments:
Monitor Money Market Fund - Fund which invests in high quality money
market instruments.
Monitor Fixed Income Fund - Fund which invests in fixed income
securities where the average maturity of the fund will not exceed 10 years.
Balanced Advantage Asset Allocation Fund - Fund which invests in equity
and fixed income securities to provide long-term growth of capital and moderate
levels of current income.
Fidelity Advisors Growth Opportunity Fund - Fund which invests in
common stocks and securities convertible into common stocks to provide capital
growth.
AIM Constellation Fund - Fund which invests in common stocks with
emphasis on medium-sized and small emerging growth companies.
Participants are given the opportunity on a daily basis to change the
allocation percentages of future contributions within the investment funds and
the allocation of existing balances.
8
<PAGE> 9
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
A participant's account is allocated a portion of earnings and
appreciation or depreciation in the fair value of investments of the fund or
funds in which the participant's account is invested. The allocation is based on
the number of units assigned to participants. New units are assigned to
participants based on the dollar amount of their addition to the fund in
relation to the unit value on that day.
Total number of units and the approximate net asset value per unit by
fund at December 31, 1997, are as follows:
UNITS UNIT VALUE
------ ----------
Monitor Money Market Fund.................... 72,823 $ 1
Monitor Fixed Income Fund.................... 1,611 21
Balanced Advantage Asset Allocation Fund..... 5,378 16
Fidelity Advisors Growth Opportunity Fund.... 6,153 42
AIM Constellation Fund....................... 8,630 26
Glimcher Realty Trust Common Stock........... 8,877 23
The employer matching contributions can only be invested in its common
stock.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the plan administrator to make estimates
and assumptions. These estimates affect the reported amounts of net assets
available for benefits and disclosure of contingent items affecting the net
assets available for benefits at the date of the financial statements and the
reported amounts of changes in net assets available for benefits during the
reporting period. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options in any combination of
stocks, bonds, fixed income securities and other investment securities.
Investment securities are exposed to various risks, such as interest rate,
market and credit risks. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that changes in the
values of investment securities will occur in the near term and that such
changes could materially affect participants' account balances and the amounts
reported in the statement of net assets available for benefits.
Plan Description
The Plan was adopted by Glimcher Realty Trust (the "Company") effective
January 1, 1996, to provide an opportunity for employees to increase their
savings and provide additional income upon retirement.
The Plan is a defined contribution plan. Employees may contribute up to
15% of their compensation on a pretax basis within certain dollar limitations
imposed by the Internal Revenue Service. The allocation of contributions to one
or more of the investment funds is designated by each participant.
Employer matching contributions are made at the rate of 50% of the
first 4% of the pretax employee contribution to the funds. During the 1997 Plan
year, a total of 344 active employees were eligible to participate in the Plan.
9
<PAGE> 10
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
Employees become fully vested in employer contributions after
completing five years of continuous employment. Nonvested employer contributions
for terminated participants are forfeited by the participant and are used to
reduce future employer contributions to the Plan. Participants should refer to
the Plan document for a more complete description of the Plan's provisions.
The Plan has adopted a loan provision to assist participants in raising
funds to meet certain financial needs. All loans will be limited to 50% of the
participant's vested account balance, provided such loan does not exceed
$50,000. The Plan also includes a minimum loan amount of $1,000. No participant
may have more than one loan outstanding at one time.
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and has the
right to terminate the Plan subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA). In the event of a termination of the Plan,
participants will become fully vested in their accounts. The net assets of the
Plan as of the date of termination would be distributed to the participants
based on their adjusted balances as of that date.
The Plan is administered by the Company. The expenses of the investment
managers and any expenses incurred with regard to the purchase or sale of
securities are borne by the Plan. The expenses of the Plan's trustee (Huntington
Trust Company) are paid by the Company. Other accounting, legal, and
administrative services are not reflected in the financial statements as these
services are provided by the Company without charge to the Plan.
3. TAX STATUS
The Plan is designed to constitute a qualified trust under Section
401(a) of the Internal Revenue Code ("IRC") and is, therefore, exempt from
federal income taxes under Section 501(a). A favorable determination letter has
been obtained from the Internal Revenue Service. The Plan administrator believes
that the Plan continues to be designed and operated in compliance with
applicable requirements of the IRC.
4. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits
per the financial statements to Form 5500 as of December 31, 1997 and 1996:
1997 1996
-------- --------
Net assets available for benefits per the
financial statements........................... $920,690 $402,835
Receivables not included in the
Form 5500...................................... (40,509) (42,737)
Amounts allocated to withdrawing
participants................................... (10,690)
-------- --------
Net assets available for benefits per the
Form 5500...................................... $869,491 $360,098
======== ========
5. INVESTMENTS
Investments which account for more than 5% of the Plan's net assets as
of December 31, 1997 and 1996 were as follows:
1997 1996
-------- --------
Monitor Money Market Fund...................... $ 72,823
Balanced Advantage Asset Allocation Fund....... 86,055 $ 36,805
Fidelity Advisors Growth Opportunity Fund...... 258,424 102,730
AIM Constellation Fund......................... 224,386 102,487
Glimcher Realty Trust Common Stock............. 204,168 84,061
10
<PAGE> 11
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The allocation of net assets at December 31, 1997, and the changes in net assets
since January 1, 1997, for each fund is as follows:
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------------------------------------
MONITOR MONITOR BALANCED FIDELITY AIM GLIMCHER
MONEY MARKET FIXED INCOME ADVANTAGE ASSET ADVISORS GROWTH CONSTELLATION REALTY TRUST
FUND FUND ALLOCATION FUND OPPORTUNITY FUND FUND COMMON STOCK OTHER TOTAL
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Employer............. $131,501 $(22,426) $109,075
Participants......... $62,385 $23,049 $52,168 $139,581 $130,365 (8,038) 399,510
------- ------- ------- -------- -------- -------- -------- --------
62,385 23,049 52,168 139,581 130,365 131,501 (30,464) 508,585
------- ------- ------- -------- -------- -------- -------- --------
Investment income:
Interest............. 2,562 14,770 17,332
Dividends............ 1,317 7,231 16,020 24,568
Net appreciation in
fair value of
investments......... 1,234 11,119 39,965 5,155 12,627 70,100
------- ------- ------- -------- -------- -------- -------- --------
2,562 2,551 11,119 47,196 21,175 12,627 14,770 112,000
Total additions........ 64,947 25,600 63,287 186,777 151,540 144,128 (15,694) 620,585
Deductions from net
assets attributed to:
Benefits paid to
participants......... 1,871 1,478 13,289 39,801 19,779 24,019 2,493 102,730
------- ------- ------- -------- -------- -------- -------- --------
Net increase prior to
interfund transfers
and other................ 63,076 24,122 49,998 146,976 131,761 120,109 (18,187) 517,855
Interfund transfers........ (5,953) (1,114) (748) 8,718 (9,862) (2) 8,961
------- ------- ------- -------- -------- -------- -------- --------
Net Increase............... 57,123 23,008 49,250 155,694 121,899 120,107 (9,226) 517,855
Net assets available
for benefits:
Beginning of year...... 15,700 10,824 36,805 102,730 102,487 84,061 50,228 402,835
------- ------- ------- -------- -------- -------- -------- --------
End of year............ $72,823 $33,832 $86,055 $258,424 $224,386 $204,168 $ 41,002 $920,690
======= ======= ======= ======== ======== ======== =-====== ========
</TABLE>
11
<PAGE> 12
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The allocation of net assets at December 31, 1996, and the changes in net assets
since January 1, 1996, for each fund is as follows:
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------------------------------------
MONITOR MONITOR BALANCED FIDELITY AIM GLIMCHER
MONEY MARKET FIXED INCOME ADVANTAGE ASSET ADVISORS GROWTH CONSTELLATION REALTY TRUST
FUND FUND ALLOCATION FUND OPPORTUNITY FUND FUND COMMON STOCK OTHER TOTAL
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Employer............. $70,256 $18,731 $ 88,987
Participants......... $12,681 $10,647 $36,597 $100,444 $103,888 27,886 292,143
------- ------- ------- -------- -------- ------- ------- --------
12,681 10,647 36,597 100,444 103,888 70,256 46,617 381,130
------- ------- ------- -------- -------- ------- ------- --------
Investment income:
Interest ............ 250 3,477 3,676 3,926
Dividends............ 323 5,084 1,064 313 10,261
Net appreciation in
fair value of
investments........ 68 2,202 6,050 2,291 16,087 26,698
------- ------- ------- -------- -------- ------- ------- --------
250 391 2,202 11,134 5,768 17,151 3,989 40,885
Total additions........ 12,931 11,038 38,799 111,578 109,656 87,407 50,606 422,015
Deductions from net
assets attributed to:
Benefits paid to
participants......... 210 177 1,811 8,221 6,251 2,327 183 19,180
------- ------- ------- -------- -------- ------- ------- --------
Net increase prior to
interfund transfers
and other................ 12,721 10,861 36,988 103,357 103,405 85,080 50,423 402,835
Interfund transfers
and other................ 2,979 (37) (183) (627) (918) (1,019) (195)
------- ------- ------- -------- -------- ------- ------- --------
Net Increase............... 15,700 10,824 36,805 102,730 102,487 84,061 50,228 402,835
Net assets available
for benefits:
Beginning of year....
------- ------- ------- -------- -------- ------- ------- --------
End of year.......... $15,700 $10,824 $36,805 $102,730 $102,487 $84,061 $50,228 $402,835
======= ======= ======= ======== ======== ======= ======= ========
</TABLE>
12
<PAGE> 13
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
6. TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan held, at fair value, $204,168 and $84,061 of Glimcher Realty
Trust common shares (Employer securities) at December 31, 1997 and 1996,
respectively. The Plan purchased 5,228 and 3,821 Glimcher Realty Trust common
shares at a cost of $107,481 and $68,211 in 1997 and 1996, respectively.
There were no sales of Glimcher Realty Trust common shares in 1997 and 1996.
Certain Plan investments are units of common/collective trusts managed
by the Huntington National Bank, an affiliate of The Huntington Trust Company.
The Huntington Trust Company is the trustee as defined by the Plan, and
therefore, these transactions qualify as party-in-interest.
13
<PAGE> 14
<TABLE>
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1997
<CAPTION>
IDENTITY OF ISSUE, BORROWER, CURRENT
LESSOR, OR SIMILAR PARTY DESCRIPTION OF INVESTMENT COST VALUE
- ---------------------------- ----------------------------------------- -------- --------
<S> <C> <C> <C>
Huntington Trust Company Monitor Money Market Fund $ 72,823 $ 72,823
Huntington Trust Company Monitor Treasury Market Fund 493 493
Huntington Trust Company Monitor Fixed Income Fund 32,763 33,832
Huntington Trust Company Balanced Advantage Asset Allocation Fund 76,204 86,055
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund 231,876 258,424
AIM AIM Constellation Fund 221,150 224,386
Glimcher Realty Trust 9,049 Common Shares 175,692 204,168
</TABLE>
14
<PAGE> 15
<TABLE>
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<CAPTION>
CURRENT VALUE
OF ASSET ON
PURCHASE SELLING EXPENSES COST OF TRANSACTION NET GAIN
IDENTITY OF PARTY INVOLVED DESCRIPTION OF ASSET PRICE PRICE INCURRED ASSET DATE OR (LOSS)
- -------------------------- ---------------------------------------- -------- ------- -------- ------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Huntington Trust Company Monitor Fixed Income Fund $ 24,997 $ 24,997 $ 24,997
29 separate transactions
Huntington Trust Company Monitor Fixed Income Fund $ 2,962 $ 2,978 2,962 $ (16)
14 separate transactions
Huntington Trust Company Balanced Advantage Asset Allocation Fund 55,249 55,249 55,249
19 separate transactions
Huntington Trust Company Balanced Advantage Asset Allocation Fund 17,005 15,648 17,005 1,357
22 separate transactions
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund 169,311 169,311 168,386
30 separate transactions
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund 44,740 34,967 44,630 9,773
29 separate transactions
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund 21,345 21,345 21,345
1 transaction
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund 21,232 21,232 21,232
1 transaction
AIM AIM Constellation Fund 151,173 151,173 150,967
22 separate transactions
AIM AIM Constellation Fund 34,828 30,833 34,853 3,995
28 separate transactions
AIM AIM Constellation Fund 27,028 27,028 27,028
1 transaction
Glimcher Realty Trust Common Stock 107,167 $314 107,481 106,957
8 separate transactions
</TABLE>
The single transactions within this schedule are also included as components of
the series of transactions under the same description.
15
<PAGE> 16
<TABLE>
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
ITEM 27e - SCHEDULE OF NON-EXEMPT TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
<CAPTION>
RELATIONSHIP DESCRIPTION OF EXPENSES
TO PLAN, TRANSACTIONS INCLUDING INCURRED IN
EMPLOYER, OR MATURITY DATE, RATE OF CONNECTION CURRENT NET GAIN OR
OTHER PARTY-IN INTEREST, COLLATERAL, PURCHASE SELLING WITH COST OF VALUE OF (LOSS) ON EACH
IDENTITY OF PARTY INVOLVED INTEREST PAR OR MATURITY VALUE PRICE PRICE TRANSACTION ASSET ASSET TRANSACTION
- -------------------------- -------------- ----------------------- -------- ------- ----------- ------- -------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Huntington Trust Company Trustee Monitor Fixed Income Fund $ 24,997 $ 24,997 $24,997
Huntington Trust Company Trustee Monitor Fixed Income Fund $ 2,962 2,978 2,962 $ (16)
Huntington Trust Company Trustee Balanced Advantage Asset
Allocation Fund 55,249 55,249 55,249
Huntington Trust Company Trustee Balanced Advantage Asset
Allocation Fund 17,005 15,648 17,005 1,357
Glimcher Realty Trust Employer Common stock 107,167 $314 107,481 106,957
</TABLE>
16
<PAGE> 17
INDEX TO EXHIBIT
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
1 Consent of Independent Accountants..................... 18
17
<PAGE> 1
EXHIBIT 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference the in Registration Statements of
Glimcher Realty Trust on Forms S-8 (file nos. 333-10221 and 33-94542) of our
report dated June 19, 1998, on our audits of the statements of net assets
available for benefits of Glimcher Realty Trust Retirement Savings Plan as of
December 31, 1997 and 1996 and the related statement of changes in net assets
available for benefits for the years then ended, which report is included in
this Form 11-K.
COOPERS & LYBRAND L.L.P.
Columbus, Ohio
June 29, 1998
