SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

DROUGHT THOMAS J JR

(Last)

(First)

(Middle)

C/O GLIMCHER REALTY TRUST

150 E. GAY STREET

(Street)

COLUMBUS

43215

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GLIMCHER REALTY TRUST [ GRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President, Leasing

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares of Beneficial Interest, $.01 par value/share	03/12/2004		M		1,000	A	$20.125	2,800	D
Common Shares of Beneficial Interest, $.01 par value/share	03/12/2004		S		1,000	D	$26.6	1,800	D
Common Shares of Beneficial Interest, $.01 par value/share	03/12/2004		M		3,000	A	$20.125	4,800	D
Common Shares of Beneficial Interest, $.01 par value/share	03/12/2004		S		3,000	D	$26.59	1,800	D
Common Shares of Beneficial Interest, $.01 par value/share	03/12/2004		M		3,000	A	$20.5	4,800	D
Common Shares of Beneficial Interest, $.01 par value/share	03/12/2004		S		3,000	D	$26.59	1,800	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Share Options (Right to Buy)	$20.125	03/12/2004		M			4,000	⁽¹⁾	03/06/2007	Common Shares of Beneficial Interest	4,000	$0	0	D
Share Options (Right to Buy)	$20.5	03/12/2004		M			3,000	⁽²⁾	05/28/2008	Common Shares of Beneficial Interest	3,000	$0	0	D

Explanation of Responses:

1. Mr. Drought was granted options to purchase 4,000 common shares on March 7, 1997. These options are exercisable in three equal annual installments commencing on the first anniversary of the grant date and will remain exercisable for a period of ten years from the date of grant.

2. Mr. Drought was granted options to purchase 3,000 common shares on May 29, 1998. These options are exercisable in three equal annual installments commencing on the first anniversary of the grant date and and will remain exercisable for a period of ten years from the date of grant.

	/s/ Thomas J. Drought, Jr.	03/15/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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