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^*

GLIMCHER HERBERT

(Last)

(First)

(Middle)

C/O GLIMCHER REALTY TRUST

180 EAST BROAD 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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/25/2011

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, par value $0.01	05/25/2011		C		96,909	A	$9.596⁽¹⁾	96,909	I	See footnotes⁽²⁾⁽⁴⁾

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)
OP Units⁽⁵⁾	⁽¹⁾	05/25/2011	05/23/2011	J		96,909⁽²⁾		⁽¹⁾	⁽¹⁾	Common Shares of Beneficial Interest, par value $0.01	96,909	$9.596⁽¹⁾	217,313⁽³⁾	I	See footnotes⁽²⁾⁽⁴⁾
OP Units	⁽¹⁾	05/25/2011	05/23/2011	C			96,909⁽²⁾	⁽¹⁾	⁽¹⁾	Common Shares of Beneficial Interest, par value $0.01	96,909	$9.596⁽¹⁾	120,404	I	See footnote⁽³⁾

Explanation of Responses:

1. 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.

2. 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.

3. Includes 120,404 OP Units held directly by Mr. Glimcher's spouse.

4. Mr. Glimcher is TGC's Chairman and sole shareholder.

5. Operating Partnership Unit of Glimcher Properties Limited Partnership ("OP Units")

	/s/ Mark E. Yale	05/26/2011
	** 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).
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