<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, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File No. 001-12482
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 16
<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> <C>
Report of Independent Accountants.......................................................................... 5
Statements of Net Assets Available for Benefits as of December 31, 1998 and 1997........................... 6
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 1998 and 1997 7
Notes to Financial Statements.............................................................................. 8
Schedule of Assets Held for Investment Purposes as of December 31, 1998.................................... 14
Schedule of Reportable Transactions for the year ended December 31, 1998................................... 15
The following exhibit is being filed herewith:
EXHIBIT NO. DESCRIPTION
- ----------- -----------
1 Consent of Independent Accountants......................................................... 17
</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 1999.
GLIMCHER REALTY TRUST
By: /s/ William G. Cornely
--------------------------------------
William G. Cornely
Executive Vice President, Chief Operating
Officer and Chief Financial Officer
3
<PAGE> 4
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
INDEX OF FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
Report of Independent Accountants.......................................................................... 5
FINANCIAL STATEMENTS
- --------------------
Statements of Net Assets Available for Benefits as of December 31, 1998 and 1997........................... 6
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 1998 and 1997 7
Notes to Financial Statements.............................................................................. 8
SUPPLEMENTAL SCHEDULES
- ----------------------
Item 27a - Part I - Schedule of Assets Held for Investment Purposes as of December 31, 1998................ 14
Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1998........................ 15
</TABLE>
4
<PAGE> 5
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of
Glimcher Realty Trust Retirement Savings Plan
In our opinion, the accompanying statements of net assets available for
benefits and the related statements of changes in net assets available for
benefits present fairly, in all material respects, the net assets available for
benefits of Glimcher Realty Trust Retirement Savings Plan (the "Plan" ) at
December 31, 1998 and 1997, and the changes in net assets available for benefits
for the years ended December 31, 1998 and 1997 in conformity with generally
accepted accounting principles. 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 of these statements in accordance with generally accepted auditing
standards which 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, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audits were conducted 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 and reportable 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 Income Security Act of 1974. These supplemental schedules are the
responsibility of the Plan's management. 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.
PRICEWATERHOUSECOOPERS LLP
Columbus, Ohio
June 22, 1999
5
<PAGE> 6
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Assets:
Cash and cash equivalents........................................... $ 66,730 $ 493
----------- -----------
Investments:
Money market fund................................................... 76,854 72,823
Fixed income fund................................................... 65,630 33,832
Common trust fund................................................... 130,423 86,055
Mutual funds........................................................ 828,149 482,810
Common stock........................................................ 196,486 204,168
------------ ---------
Total investments................................................ 1,297,542 879,688
----------- ---------
Receivables:
Employer contribution............................................... 7,525 8,458
Participants' contributions......................................... 30,253 19,859
Participant loans................................................... 35,347 7,686
Interest and dividends.............................................. 6,614 4,506
-------------- -----------
Total receivables................................................ 79,739 40,509
-------------- -----------
Net assets available for benefits................................ $ 1,444,011 $ 920,690
============== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE> 7
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Additions to net assets attributed to:
Contributions:
Employer.......................................................... $ 152,208 $ 109,075
Participants...................................................... 542,711 399,510
------------- -----------
694,919 508,585
------------- -----------
Investment income:
Interest.......................................................... 20,886 17,332
Dividends......................................................... 10,893 24,568
Net appreciation in fair value of investment...................... 52,934 70,100
------------- -----------
84,713 112,000
------------- -----------
Total additions................................................ 779,632 620,585
Deductions from net assets attributed to:
Withdrawals by participants......................................... 256,311 102,730
------------- -----------
Net increase................................................... 523,321 517,855
Net assets available for benefits:
Beginning of year................................................... 920,690 402,835
------------- -----------
End of year......................................................... $ 1,444,011 $ 920,690
============= ===========
</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 generally
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.
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.
8
<PAGE> 9
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
Total number of units and the approximate net asset value per unit by
fund at December 31, 1998, are as follows:
<TABLE>
<CAPTION>
VALUE
UNITS UNITS
----- -----
<S> <C> <C>
Monitor Money Market Fund 76,854 $ 1.00
Monitor Fixed Income Fund 3,013 21.78
Balanced Advantage Asset Allocation Fund 7,341 17.76
Fidelity Advisors Growth Opportunity Fund 8,920 50.24
AIM Constellation Fund 12,451 30.52
Glimcher Realty Trust Common Stock 12,525 15.69
</TABLE>
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 the 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
15.0% of their compensation on a pretax basis within certain dollar limitations
imposed by the Internal Revenue Service ("IRS"). 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 50.0% of the
first 4.0% of the pretax employee contribution to the funds. During the 1998
Plan year, a total of 324 active employees were eligible to participate in the
Plan.
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.
9
<PAGE> 10
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The Plan has adopted a loan provision to assist participants in raising
funds to meet certain financial needs. All loans will be limited to 50.0% 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 (The
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.
Effective January 1, 1999, the Company engaged the firm of Salomon
Smith Barney to be the Plan's investment advisor, Manulife Financial Services to
be the Plan's broker and Dean, Von Schoeler, McBride to be the Plan's third
party administrator. The Company continues to be the Plan sponsor and
administrator and has appointed William G. Cornely, George M. Harmanis and
Janelle R. Mikusa as the Plan's trustees effective January 1, 1999.
2. 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 IRS. The Plan administrator believes that the Plan
continues to be designed and operated in compliance with applicable requirements
of the IRC.
3. 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, 1998 and 1997:
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Net assets available for benefits per the financial statements...... $1,444,011 $ 920,690
Receivables not included in the Form 5500........................... (79,739) (40,509)
Amounts allocated to withdrawing participants....................... (18,185) (10,690)
---------- ---------
Net assets available for benefits per the Form 5500................. $1,346,087 $ 869,491
========== =========
</TABLE>
4. INVESTMENTS
Investments which account for more than 5.0% of the Plan's net assets
as of December 31, 1998 and 1997 were as follows:
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Monitor Money Market Fund.......................................... $ 76,854 $ 72,823
Monitor Treasury Market Fund....................................... 76,292
Balanced Advantage Asset Allocation Fund........................... 130,423 86,055
Fidelity Advisors Growth Opportunity Fund.......................... 448,145 258,424
AIM Constellation Fund............................................. 380,004 224,386
Glimcher Realty Trust Common Stock................................. 196,486 204,168
</TABLE>
10
<PAGE> 11
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
The allocation of net assets at December 31, 1998, and the changes in net assets
since January 1, 1998, for each fund is as follows:
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
----------------------------------------------------------------------------------------
MONITOR MONITOR BALANCED FIDELITY AIM
MONEY MARKET FIXED INCOME ADVANTAGE ASSET ADVISORS GROWTH CONSTELLATION
FUND FUND ALLOCATION FUND OPPORTUNITY FUND FUND
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Employer.............................
Participants......................... $ 30,469 $ 33,272 $ 59,395 $213,958 $195,213
--------- -------- -------- -------- --------
30,469 33,272 59,395 213,958 195,213
--------- -------- -------- -------- --------
Investment Income:
Interest............................. 4,128
Dividends............................ 3,763 7,130
Net appreciation (depreciation) in
fair value of investments 830 11,080 60,672 47,769
--------- -------- -------- -------- --------
4,128 4,593 11,080 60,672 54,899
--------- -------- -------- -------- --------
Total additions........................... 34,597 37,865 70,475 274,630 250,112
Deductions from net assets attributed to:
Withdrawals by participants............ 32,180 9,683 21,999 65,729 76,175
--------- -------- -------- -------- --------
Net increase (decrease) prior to interfund
transfers and other.................... 2,417 28,182 48,476 208,901 173,937
Interfund transfers....................... 1,614 3,616 (4,108) (19,180) (18,319)
--------- -------- -------- -------- --------
Net increase (decrease)................... 4,031 31,798 44,368 189,721 155,618
Net assets available for benefits:
Beginning of year...................... 72,823 33,832 86,055 258,424 224,386
--------- -------- -------- -------- --------
End of year............................ $ 76,854 $ 65,630 $130,423 $448,145 $380,004
========= ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
GLIMCHER
REALTY TRUST
COMMON STOCK OTHER TOTAL
---------------------------------------
<S> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Employer............................. $ 97,591 $ 54,617 $ 152,208
Participants......................... 10,404 542,711
-------- -------- ----------
97,591 65,021 694,919
-------- -------- ----------
Investment Income:
Interest............................. 16,758 20,886
Dividends............................ 10,893
Net appreciation (depreciation) in
fair value of investments (67,417) 52,934
-------- -------- ----------
(67,417) 16,758 84,713
-------- -------- ----------
Total additions........................... 30,174 81,779 779,632
Deductions from net assets attributed to:
Withdrawals by participants............ 37,856 12,689 256,311
-------- -------- ----------
Net increase (decrease) prior to interfund
transfers and other.................... (7,682) 69,090 523,321
Interfund transfers....................... 36,377
-------- -------- ----------
Net increase (decrease)................... (7,682) 105,467 523,321
Net assets available for benefits:
Beginning of year...................... 204,168 41,002 920,690
-------- -------- ----------
End of year............................ $196,486 $146,469 $1,444,011
======== ======== ==========
</TABLE>
11
<PAGE> 12
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
MONEY MARKET FIXED INCOME ADVANTAGE ASSET ADVISORS GROWTH CONSTELLATION
FUND FUND ALLOCATION FUND OPPORTUNITY FUND FUND
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Employer..........................
Participants...................... $ 62,385 $ 23,049 $ 52,168 $ 139,581 $ 130,365
---------- ---------- ---------- ---------- ---------
62,385 23,049 52,168 139,581 130,365
---------- ---------- ---------- ---------- ---------
Investment Income:
Interest........................... 2,562
Dividends.......................... 1,317 7,231 16,020
Net appreciation in fair value of
investments...................... 1,234 11,119 39,965 5,155
---------- ---------- --------- ---------- ---------
2,562 2,551 11,119 47,196 21,175
---------- ---------- --------- ---------- ---------
Total additions...................... 64,947 25,600 63,287 186,777 151,540
Deductions from net assets attributed to:
Withdrawals by participants.......... 1,871 1,478 13,289 39,801 19,779
---------- ---------- ---------- ---------- ---------
Net increase prior to interfund
transfers and other.................. 63,076 24,122 49,998 146,976 131,761
Interfund transfers...................... (5,953) (1,114) (748) 8,718 (9,862)
---------- ---------- ---------- ---------- ---------
Net Increase............................. 57,123 23,008 49,250 155,694 121,899
Net assets available for benefits:
Beginning of year.................... 15,700 10,824 36,805 102,730 102,487
---------- ---------- ---------- ---------- ---------
End of year.......................... $ 72,823 $ 33,832 $ 86,055 $ 258,424 $ 224,386
========== ========== ========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
GLIMCHER
REALTY TRUST
COMMON STOCK OTHER TOTAL
------------------------------------------
<S> <C> <C> <C>
Additions to net assets attributed to:
Contributions:
Employer.......................... $ 131,501 $ (22,426) $ 109,075
Participants...................... (8,038) 399,510
--------- ---------- ---------
131,501 (30,464) 508,585
--------- ---------- ---------
Investment Income:
Interest........................... 14,770 17,332
Dividends.......................... 24,568
Net appreciation in fair value of
investments...................... 12,627 70,100
--------- ---------- ---------
12,627 14,770 112,000
--------- ---------- ---------
Total additions...................... 144,128 (15,694) 620,585
Deductions from net assets attributed to:
Withdrawals by participants.......... 24,019 2,493 102,730
--------- ---------- ---------
Net increase prior to interfund
transfers and other.................. 120,109 (18,187) 517,855
Interfund transfers...................... (2) 8,961
--------- ---------- ---------
Net Increase............................. 120,107 (9,226) 517,855
Net assets available for benefits:
Beginning of year.................... 84,061 50,228 402,835
--------- ---------- ---------
End of year.......................... $ 204,168 $ 41,002 $ 920,690
========= ========== =========
</TABLE>
12
<PAGE> 13
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan held, at fair value, $196,486 and $204,168 of Company common
shares at December 31, 1998 and 1997, respectively. The Plan purchased 3,476 and
5,228 Company common shares at a cost of $63,275 and $107,481 in 1998 and 1997,
respectively. There were no sales of Company common shares in 1998 and 1997.
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
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1998
<TABLE>
<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 $ 76,854 $ 76,854
Huntington Trust Company * Monitor Treasury Market Fund 77,972 76,292
Huntington Trust Company * Monitor Fixed Income Fund 64,688 65,630
Huntington Trust Company * Balanced Advantage Asset Allocation Fund 112,074 130,423
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund 384,790 448,145
AIM AIM Constellation Fund 340,831 380,004
Glimcher Realty Trust * 12,525 Common Shares 237,206 196,486
</TABLE>
*Indicates transaction is with a party in interest.
14
<PAGE> 15
GLIMCHER REALTY TRUST RETIREMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
IDENTITY OF PARTY PURCHASE SELLING EXPENSES COST OF
INVOLVED DESCRIPTION OF ASSET PRICE PRICE INCURRED ASSET
- ------------------------- --------------------------------------------- -------------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Huntington Trust Company Monitor Fixed Income Fund - $46,631 $ 46,631
31 separate transactions
Huntington Trust Company Monitor Fixed Income Fund - $16,118 15,255
11 separate transactions
Huntington Trust Company Asset Allocation Fund - Balanced - 53,038 53,038
18 separate transactions
Huntington Trust Company Asset Allocation Fund - Balanced - 26,583 21,139
23 separate transactions
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund - 217,511 217,511
19 separate transactions
Fidelity Advisors Fidelity Advisors Growth Opportunity Fund - 88,983 65,592
41 separate transactions
AIM AIM Constellation Fund - 206,531 206,531
20 separate transactions
AIM AIM Constellation Fund - 97,735 88,138
41 separate transactions
Glimcher Realty Trust Common Stock - 62,953 323 63,275
2 separate transactions
</TABLE>
<TABLE>
<CAPTION>
CURRENT VALUE OF
IDENTITY OF PARTY ASSET ON TRANSACTION NET GAIN OR
INVOLVED DATE (LOSS)
- ------------------------- ---------------------- --------------
<S> <C> <C>
Huntington Trust Company $ 46,629
Huntington Trust Company 16,118 $ 862
Huntington Trust Company 53,038
Huntington Trust Company 26,983 5,445
Fidelity Advisors 217,428
Fidelity Advisors 89,043 23,391
AIM 207,229
AIM 97,869 9,597
Glimcher Realty Trust 61,386
</TABLE>
15
<PAGE> 16
INDEX TO EXHIBIT
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
<S> <C> <C>
1 Consent of Independent Accountants.......................... 17
</TABLE>
16
<PAGE> 1
EXHIBIT 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the registration
statement of Glimcher Realty Trust on Form S-8 (File No. 333-10221) of our
report dated June 22, 1999, relating to the financial statements and schedules
of Glimcher Realty Trust Retirement Savings Plan, which appear in this Form
11-K.
PRICEWATERHOUSECOOPERS LLP
Columbus, Ohio
June 29, 1999
