Leading mall owner/developer grows by quantum leap;
      Prime acquisitions expand portfolio 20% to 30 million square feet

    COLUMBUS, Ohio, May 13 /PRNewswire/ -- Glimcher Realty Trust (NYSE: GRT),
a premier real estate investment trust (REIT), announced today it has signed
agreements totaling approximately $375 million to acquire five malls in major
metropolitan markets in Alabama, California, Minnesota, North Carolina and
Oregon.  This group of acquisitions will expand the REIT's total gross
leasable area by more than 5 million square feet, geographically diversify the
Company's portfolio into three additional states and strengthen its presence
in several of the top trade areas in the U.S. as one of the country's leading
mall owners and developers.
    The aggregate cap rate for this group of acquisitions, based on estimated
1998 net operating income, is 9.4%, before management fees or structural
reserves.  These five acquisitions will increase the total gross leasable area
of the Company's combined portfolio by 20% to over 30 million square feet.
    Year to date, the Company's acquisitions include eight malls with
aggregate costs of $515 million, surpassing management's stated goal of
$500 million in acquisitions by year-end 1998.  These latest acquisitions are
subject to completion of due diligence and Board approval and are expected to
close by July 15, 1998.
    This growth is in addition to the Company's record $260 million in
acquisitions executed in 1997, when the gross leasable area of properties
owned or under management in Glimcher's combined portfolio increased 37.2%.
Since adopting an aggressive acquisition strategy in late 1996, Glimcher
Realty Trust has become one of the country's fastest-growing shopping mall
REITs and has also built an extensive portfolio of 103 community shopping
centers.

    Chairman Herb Glimcher Comments on Acquisition and Growth Strategy
    Herb Glimcher, Chairman, President and Chief Executive Officer of Glimcher
Realty Trust, highlighted:  "Each of these malls is an outstanding property
with an excellent location and a favorable investment profile.  Utilizing a
strategy of identifying acquisition prospects before they reach the market, we
were able to contract for these properties at very attractive cap rates,
making them prime additions to our portfolio which already includes some of
the best malls in the country.  Furthermore, we believe that as the commercial
real estate market consolidates it will become increasingly important for
REITs, especially those focused on the retail sector, to aggressively pursue
acquisitions on the most favorable terms possible in order to accommodate
continued rapid growth.  As is evident from these latest acquisitions, we add
to our portfolio only those properties which represent an attractive value for
the Company and our shareholders.
    "Moreover, we have a growing number of major mall development initiatives
underway.  These include the exciting redevelopment of established properties
as well as spectacular new projects such as The Mall at Polaris, where we are
partnering with entertainment executive Michael Ovitz.  Such efforts will
position the Company as a major player in the development of extraordinary new
mall entertainment concepts and complement our very strong position in the
area of acquisitions.  The quality of these five properties exemplifies the
selective acquisition criteria which has allowed us to build a portfolio of
exceptional growth opportunities.  Transactions of this magnitude are also
milestones in our growth toward market capitalization in the multi-billion
dollar range," Herb Glimcher added.

    Acquisition Overviews
    These five pending acquisitions will be discussed at the Company's Annual
Meeting of Shareholders to be held Friday, May 15 at 11 a.m. (EST) at The
Hyatt on Capitol Square, 75 East State Street, Columbus, Ohio.  Glimcher also
plans to explore additional leasing arrangements for the properties at the
International Council of Shopping Centers' annual convention in Las Vegas,
May 18-21, 1998.

    Lloyd Center -- Portland, Oregon
    Glimcher has signed a purchase agreement to acquire Lloyd Center in a
transaction valued at approximately $167 million.  This mall is ideally
located in the Lloyd Center District of Portland, a rapidly growing trade area
in a metropolitan region which is ranked as having one of the country's
highest qualities of life.  Lloyd Center is an upscale regional mall with
1.5 million square-foot gross leasable area and exceptional architectural
character.  The mall is extremely productive with reported 1997 sales per
square foot for in-line stores exceeding $325.
    Lloyd Center is anchored by Nordstrom, Meier & Frank (May Co.) and
JCPenney, which occupy approximately 571,000 square feet of the mall's total
gross leasable area.  The mall also features 130 in-line tenants plus a
skating rink, a 6-screen movie theater and a food court.  With three shopping
levels and a fourth underground parking level, the mall shops at Lloyd Center
are approximately 90% leased.  The Company expects the transaction will be
completed in July 1998.

    Montgomery Mall -- Montgomery, Alabama
    Glimcher's agreement for the acquisition of Montgomery Mall in Montgomery,
Alabama is valued at approximately $70 million.  This mall is the dominant
mall in the Montgomery area, with the region's most diverse tenant mix and
largest array of upscale small shop tenants including many of the country's
most popular specialty retail concepts.  The mall's anchors include Gayfer's,
JCPenney and Parisian.  Each of these stores is the respective chain's largest
in the market and combined they occupy 460,000 square feet of the mall's
nearly 730,000 square feet of gross leasable area.  The mall is currently
about 96% leased.
    Montgomery Mall dominates its rapidly growing trade area by a much wider
margin than the average mall.  The area significantly exceeds the national
average in both average household income and customer loyalty toward
traditional department stores versus discount chains.  The mall is ideally
located on the region's ring road which makes it easily accessible from
anywhere in the metropolitan area.  The mall is situated at the intersection
of the main arteries which serve all of Montgomery and is in close proximity
to the higher income residential neighborhoods.  Montgomery Mall is also
equidistant from two major government military installations.

    Weberstown Mall -- Stockton, California
    Glimcher's agreement to acquire Weberstown Mall in Stockton is valued at
approximately $24 million and represents the Company's initial operating
presence in California.  Weberstown Mall, one of two San Joaquin Valley malls,
has three department stores, over 60 specialty retailers, entertainment courts
and ample parking.  The mall is located on the corner of Stockton's busiest
business and shopping intersection less than one mile from University of the
Pacific and Delta College which have a combined total of over 20,000 students
and faculty.
    Weberstown Mall is strategically located along major highways linking the
cities of Sacramento and San Francisco and provides Glimcher with exceptional
lease-up potential.  Anchors include the first Dillard's store located in
California, which opened within the last year, as well as JCPenney and Sears.
The mall has approximately 860,000 square feet of gross leasable area.

    Eastland Mall -- Charlotte, North Carolina
    Glimcher, in a joint venture with Nomura Asset Capital Corp., has entered
into a letter of intent to acquire Eastland Mall for approximately
$60 million.  Nomura will have an 80% ownership stake and Glimcher will have a
20% equity position.  Glimcher will manage and lease the property.
    Eastland Mall is a well-established shopping destination ideally located
four miles from downtown Charlotte, North Carolina.  The greater metropolitan
Charlotte region ranks as the fifth largest in the nation and the country's
third largest banking and financial center.
    A unique bi-level regional mall with nearly 1.1 million square feet of
gross leasable area, Eastland Mall features an ice rink at the center court
that is visible from both levels via an open atrium.  The mall has four
anchors: JCPenney, Sears, Dillard's and Belk, which comprise almost 700,000
square feet of total gross leasable area, plus 111 in-line retail, restaurant
and other popular specialty stores.  Extensively renovated over the last
several years, the mall is in excellent condition and is currently nearly 94%
leased.

    Northtown Mall -- Minneapolis, Minnesota
    Glimcher's acquisition of Northtown Mall in Minneapolis is valued at
approximately $54 million and is located adjacent to the one of the fastest-
growing residential and commercial areas of the Twin Cities region.  The mall
is located between the more affluent communities of Coon Rapids and Blaine as
well as Fridley and Spring Lake Park, situated in what is considered the hub
of the most sought-after retail location in the Twin Cities.
    With approximately 850,000 square feet of gross leasable area, Northtown
Mall's anchors currently include Kohl's, Mervyn's and Montgomery Ward, as well
as about 90 in-line tenants.

    About the Company
    Glimcher Realty Trust, a real estate investment trust, is a recognized
leader in the ownership, management, acquisition and development of enclosed
regional and super-regional malls, community shopping centers and value-
oriented fashion and entertainment megamalls.  As of the closing of these
properties, Glimcher Realty Trust will own, manage and lease a total of 124
properties located in 27 states, aggregating 30.3 million square feet of gross
leasable area.

    Forward-Looking Statements
    This news release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and section
21E of the Securities Exchange Act of 1934, as amended.  Such statements are
based on assumptions and expectations which may not be realized and are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy.  Future events and actual results, financial and
otherwise, may differ from the results discussed in the forward-looking
statements.  Risks and other factors that might cause differences, some of
which could be material, include, but are not limited to, economic and market
conditions, financing and development risks, construction and lease-up delays,
cost overruns, the level and volatility of interest rates, the rate of revenue
increases versus expense increases and financial stability of tenants within
the retail industry, as well as other risks listed from time to time in the
Company's reports filed with the Securities and Exchange Commission or
otherwise publicly disseminated by the Company.

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