Glimcher Realty Trust reports first quarter 1996 increases in net income and funds from operations.

COLUMBUS, Ohio--(BUSINESS WIRE)--April 29, 1996--Glimcher Realty Trust (NYSE:GRT) today announced that net income for the three months ended March 31, 1996, increased $989,000 or 18.2%. The improved operating results were due primarily to reduced interest expense and increased minimum and percentage rents from acquisitions and developments opened in 1995 and the first quarter of 1996. On a per share basis (excluding partnership units) net income was $0.29 based on 21,886,000 weighted average shares at March 31, 1996, and $0.30 based on 18,359,000 weighted average shares at March 31, 1995.

The company's funds from operations (prior definition) for the three months ended March 31, 1996, increased 12.6% or $1,410,000 to $12,631,000 or $0.52 per share based on 24,490,000 weighted average FFO shares/units. At March 31, 1995, FFO was $11,221,000 or $0.54 per share based on 20,962,000 weighted average FFO shares/units. The $0.02 FFO per share decline was due to a $0.03 per share dilution that was partially offset by a $0.01 per share improvement in operating results. The dilution relates to the 3,500,000 common shares issued in June 1995. The net proceeds raised ($68,810,000) were used to retire debt. The $0.03 per share dilution will be counter balanced as dollars invested in development projects transition to operating cash flows.

The company's funds from operations (new definition) for the three months ended March 31, 1996, increased 12.8% or $1,346,000 to $11,887,000 or $0.49 per share. At March 31, 1995, FFO under the new definition would have been $10,541,000 or $0.50 per share. The new FFO definition is applicable beginning 1996. It differs from the prior definition in that depreciation of non-real estate assets and amortization of financing costs are not added back to net income.

"We are pleased to announce the first quarter increase in net income and funds from operations," stated Glimcher Realty Trust chairman, Herbert Glimcher. "The company continues to review acquisition and development opportunities in conjunction with its fundamental strategy to growing the net cash flow of the Trust. In January, the acquisition of Delaware Community Plaza in Delaware, Ohio was completed. In March, we announced the potential acquisition of 22 community shopping centers, each anchored with a Wal-Mart facility. The portfolio totals approximately 4.4 million square feet. Due diligence is currently underway with the closing targeted for the fourth quarter of this year."

"In January, we also announced a new development, The Great Mall of the Great Plains, a one million square foot value-oriented super-regional mall located in Olathe, Kansas, a suburb of Kansas City. This project is targeted to open in mid 1997. Additionally, in March, we began construction of Meadowview Square and Georgesville Square, community shopping centers located in Kent and Columbus, Ohio, respectively. Phase I for each center is expected to open by the end of the year," he continued.

Glimcher Realty Trust is a fully integrated, self-administered, and self-managed real estate investment trust. The company owns and manages a total of 92 properties located in 22 states. These properties aggregate in excess of 14.7 million square feet of gross leasable area including properties under construction. Glimcher Realty Trust's focus is to own, lease, manage, acquire and develop enclosed regional malls, community shopping centers and single tenant retail properties, a business they have operated as the Trust since 1994 and as The Glimcher Company since 1959. -0-

Glimcher Realty Trust
Operating Results (unaudited)
(in thousands, except per share amounts)

                                 Three months ended
                                     March 31,           NI/FFO
                                 1996           1995      + (-)

Revenue:
Minimum rents                   $20,433        $19,495      938
Percentage rents                    867            806       61
Tenant recoveries                 5,569          4,711      858
Other                               379            441      (62)
                                _______        _______   _______
   Total revenues                27,248         25,453     1,795

Expenses:
Real estate taxes                 2,431          2,181      (250)
Common area maintenance           3,245          2,664      (581)
Insurance                           313            316         3
                                _______        _______   _______
                                  5,989          5,161      (828)
Bad debt                            506            463       (43)
Other operating                     158            131       (27)
General and administrative        1,898          1,745      (153)
                                _______        _______   _______
   Total expenses                 8,551          7,500     1,051

Net operating income             18,697         17,953       744

Depreciation and amortization     5,274          4,827      (447)
Interest income                     113            147       (34)
Interest expense                  6,373          7,073       700
Minority interest expense           751            777        26
                                _______        _______   _______
Net income                      $ 6,412        $ 5,423   $   989
                                _______        _______   _______
                                _______        _______   _______
Weighted average number of
 shares outstanding              21,886         18,359     3,527
Net income per share              $0.29          $0.30   $ (0.01)

___________________________________________________________________
Funds from Operations:

Net income                      $ 6,412        $ 5,423   $   989
Real estate depr./amort.          4,724          4,341       383
Non real estate depr./amort.        550            486        64
Interest rate buydown               194            194
Minority interest in partnership    751            777       (26)
                                _______        _______   _______
FFO - prior definition           12,631         11,221     1,410

Non real estate depr./amort.       (550)          (486)      (64)
Interest rate buydown              (194)          (194)
                                _______        _______   _______
FFO - new definition            $11,887        $10,541   $ 1,346
                                _______        _______   _______
                                _______        _______   _______
Funds from operations shares/
 units outstanding               24,490         20,962     3,528
FFO per share/unit (prior
 definition)                    $  0.52        $  0.54   $ (0.02)
FFO per share/unit (new
 definition)                    $  0.49        $  0.50   $ (0.01)
                                _______        _______   _______

Glimcher Realty Trust
Balance Sheet Data (March 31, 1996 unaudited)
(in thousands)

                                March 31,     Dec. 31,
                                  1996          1995      + (-)

Assets:
 Land                            $ 80,806     $ 61,840    $ 18,966
 Building, improvements and
  equipment                       646,178      623,471      22,707
 Developments in progress          10,739       11,361        (622)
                                 ________     ________    ________
                                  737,723      696,672      41,051
 Less accumulated depreciation     71,005       66,699       4,306
                                 ________     ________    ________
  Net investment in real estate   666,718      629,973      36,745

 Cash and cash equivalents          5,679        5,832        (153)
 Cash in escrow                     4,539        4,722        (183)
 Tenant accounts receivable, net   15,690       15,507         183
 Deferred expenses, net            10,814       11,542        (728)
 Prepaid and other assets           1,955        1,427         528
                                 ________     ________    ________
                                 $705,395     $669,003    $ 36,392
                                 ________     ________    ________
                                 ________     ________    ________

Liabilities and Shareholders' Equity

 Mortgage notes payable          $298,752     $291,579    $  7,173
 Notes payable                     57,347       33,200      24,147
 Accounts payable and accrued
  expenses                         12,863       14,011      (1,148)
 Distributions payable             11,776       11,773           3
                                 ________     ________    ________
                                  380,738      350,563      30,175

 Minority interest in
  partnerships                     43,980       33,749      10,231

 Shareholders' equity             280,677      284,691      (4,014)
                                 ________     ________    ________
                                 $705,395     $669,003    $ 36,392
                                 ________     ________    ________
                                 ________     ________    ________

CONTACT: Glimcher Realty Trust, Columbus

David J. Glimcher, Timothy C. Getz or

Terry A. Schreiner, 614/621-9000