X0303 4 2011-05-25 0000912898 GLIMCHER REALTY TRUST GRT 0001007385 GLIMCHER HERBERT C/O GLIMCHER REALTY TRUST 180 EAST BROAD STREET COLUMBUS OH 43215 1 Common Shares of Beneficial Interest, par value $0.01 2011-05-25 4 C 0 96909 9.5960 A 96909 I See footnotes OP Units 2011-05-25 2011-05-23 4 J 0 96909 9.5960 A Common Shares of Beneficial Interest, par value $0.01 96909 217313 I See footnotes OP Units 2011-05-25 2011-05-23 4 C 0 96909 9.5960 D Common Shares of Beneficial Interest, par value $0.01 96909 120404 I See footnote These OP Units may be redeemed at any time for, in the sole discretion of Glimcher Properties Limited Partnership (GPLP), cash or, on a one-for-one basis, the Registrant's Common Shares of Beneficial Interest. The price of an OP Unit is equal to its fair market value which, for purposes of redemption, is the average closing price on the New York Stock Exchange of Registrant's Common Shares of Beneficial Interest as determined over a five trading day period commencing on the date the OP Unit holder submits an exercise notice to GPLP for redemption of the units. The Glimcher Company (TGC), an Ohio corporation unaffiliated with the Registrant, acquired 96,909 OP Units by assignment from a third-party in satisfaction of a defaulted loan made by TGC to such third-party. TGC submitted an exercise notice to GPLP on May 23, 2011 requesting redemption of the OP Units. On May 25, 2011, GPLP informed TGC through an election notice that TGC's OP Unit holdings would be redeemed for 96,909 of the Registrant's Common Shares of Beneficial Interest. Includes 120,404 OP Units held directly by Mr. Glimcher's spouse. Mr. Glimcher is TGC's Chairman and sole shareholder. Operating Partnership Unit of Glimcher Properties Limited Partnership ("OP Units") /s/ Mark E. Yale 2011-05-26