FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number: 33-3657
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
California 94-3199021
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 South El Camino Real, Suite 1100
San Mateo, California 94402-1708
(Address of principal executive offices) (Zip Code)
(415) 343-9300
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No __
Total number of units outstanding as of March 31, 1997: 2,910,899
Page 1 of 18
<PAGE>
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Consolidated Balance Sheets
(in thousands, except units outstanding)
(Unaudited)
March 31, December 31,
1997 1996
Assets
Real estate held for sale, net $ 3,225 $ 3,225
Cash and cash equivalents 184 403
Notes receivable and other assets 428 368
Deferred financing costs and other fees, net of
accumulated amortization of $235 and $234
at March 31, 1997 and December 31, 1996,
respectively 49 33
Investment in affiliated partnerships 1,793 2,004
Investment in unaffiliated partnerships 1,536 ---
-------- --------
Total assets $ 7,215 $ 6,033
======== ========
Liabilities and Partners' Equity
Liabilities:
Notes payable $ 3,680 $ 2,200
Accounts payable and accrued expenses 39 70
-------- --------
Total liabilities 3,719 2,270
-------- --------
Partners' equity:
General partner 401 404
Limited Partners, 2,910,899 units outstanding at
March 31, 1997 and December 31, 1996 3,095 3,359
-------- --------
Total partners' equity 3,496 3,763
-------- --------
Total liabilities and partners' equity $ 7,215 $ 6,033
======== ========
See accompanying notes to consolidated financial statements.
Page 2 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Consolidated Statements of Operations
(in thousands, except per unit amounts)
(Unaudited)
Three months ended
March 31,
1997 1996
Revenue:
Rental income $ 27 $ 193
Income from investment in affiliated partnership 185 ---
Equity in earnings of affiliated partnership 30 31
Interest and other income 2 5
-------- --------
Total revenue 244 229
-------- --------
Expenses:
Operating, including $4 and $15 paid to
affiliates during the three months ended
March 31, 1997 and 1996, respectively 62 134
General and administrative, including $43 and
$55 paid to affiliates during the three months
ended March 31, 1997 and 1996, respectively 88 70
Depreciation and amortization 1 24
Interest expense 65 121
-------- --------
Total expenses 216 349
-------- --------
Net income (loss) $ 28 $ (120)
======== ========
Net income (loss) per limited partnership unit $ 0.01 $ (0.04)
======== ========
Distributions per limited partnership unit $ 0.10 $ ---
======== ========
Weighted average number of limited partnership units
outstanding during the period used to compute net
income (loss) and distribution per limited
partnership unit 2,910,899 2,961,853
========= =========
See accompanying notes to consolidated financial statements.
Page 3 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Statements of Partners' Equity
For the three months ended March 31, 1997 and 1996
(in thousands)
(Unaudited)
Total
General Limited Partners'
Partner Partners Equity
Balance at December 31, 1996 $ 404 $ 3,359 $ 3,763
Cash distributions (4) (291) (295)
Net income 1 27 28
------- ------- -------
Balance at March 31, 1997 $ 401 $ 3,095 $ 3,496
======= ======= =======
Balance at December 31, 1995 $ 420 $ 4,188 $ 4,608
Net loss (3) (117) (120)
------- ------- -------
Balance at March 31, 1996 $ 417 $ 4,071 $ 4,488
======= ======= =======
See accompanying notes to consolidated financial statements.
Page 4 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
Three months ended
March 31,
1997 1996
Cash flows from operating activities:
Net income (loss) $ 28 $ (120)
Adjustments to reconcile net income (loss) to
net cash used for operating activities:
Depreciation and amortization 1 24
Amortization of loan fees, included in interest expense --- 3
Equity income from investment in affiliated partnership (30) (31)
Changes in certain assets and liabilities:
Deferred financing costs and other fees (17) (1)
Notes receivable and other assets (10) (30)
Accounts payable and accrued expenses (31) (8)
------- -------
Net cash used for operating activities (59) (163)
------- -------
Cash flows from investing activities:
Distribution from investment in affiliated partnership 526 23
Investment in affiliated partnership (285) ---
Investment in unaffiliated partnerships (1,536) ---
Additions to real estate investments --- (11)
Increase in notes receivable and other assets (50) (173)
------- -------
Net cash used for investing activities (1,345) (161)
------- -------
Net cash flows from financing activities:
Proceeds from notes payable 2,180 ---
Principal payments on notes payable (700) ---
Distributions to partners (295) ---
------- -------
Net cash provided by financing activities 1,185 ---
------- -------
Net decrease in cash and cash equivalents (219) (324)
Cash and cash equivalents at beginning of period 403 812
------- -------
Cash and cash equivalents at end of period $ 184 $ 488
======= =======
Supplemental disclosure of cash flow information:
Cash paid for interest $ 54 $ 119
======= =======
See accompanying notes to consolidated financial statements.
Page 5 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Note 1. SUMMARY OF PARTNERSHIP AND SIGNIFICANT ACCOUNTING POLICIES
In the opinion of Glenborough Corporation, the managing general partner, the
accompanying unaudited consolidated financial statements contain all adjustments
(consisting of only normal accruals) necessary to present fairly the financial
position of Glenborough Partners, A California Limited Partnership, at March 31,
1997 and December 31, 1996, the related statements of operations, statements of
partners' equity and statements of cash flow for the three months ended March
31, 1997 and 1996.
Consolidation - The accompanying consolidated financial statements of
Glenborough Partners, A California Limited Partnership include the accounts of
its majority-owned partnerships GPA Ltd., GPA West, and GPA Bond (through
September 24, 1996). All significant intercompany balances and transactions have
been eliminated in the consolidation.
Allocation of net income (loss) - Pursuant to the partnership agreements of
Partners and GPA Ltd., the general partners held a 2.27% share of the
Partnership's net income or loss and distributions during the period ended March
31, 1996. This percentage is derived from the general partners' 1% direct
interest in GPA Ltd. and a 1.27% indirect interest through their 1.28% general
partner interest in Glenborough Partners' 99% interest in GPA Ltd.
As a result of an offer made to all of the Partnership's investors in April,
1996, the Partnership paid $127,000, a substantial discount from the estimated
value of the units, to repurchase 50,954 limited partnership units from
investors. These units were canceled with an effective date of June 30, 1996,
resulting in 2,910,899 limited partnership units outstanding as of June 30,
1996. The reduction in outstanding limited partnership units resulted in revised
ownership interests of 2.29% and 97.71% by the general partners and limited
partners, respectively.
Reclassifications - Certain items in the 1996 financial statements have been
reclassified to conform to the 1997 financial statement presentation.
Note 2. REFERENCE TO 1996 AUDITED FINANCIAL STATEMENTS
These unaudited financial statements should be read in conjunction with the
Notes to Consolidated Financial Statements included in the 1996 audited
financial statements.
Page 6 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Note 3. RELATED PARTY TRANSACTIONS
In accordance with the Limited Partnership and Property Management Agreements,
the Partnership shall pay Glenborough compensation for services provided to the
Partnership and management of the Partnership's assets. All fees and
reimbursable expenses paid to Glenborough and included in the Partnership's
operating expenses for the three months ended March 31, 1997 and 1996 are as
follows (in thousands):
Three months ended
March 31,
1997 1996
Property management fees $ 1 $ 10
Property management salaries (reimbursed) 3 5
------- -------
Total property management fees and salaries $ 4 $ 15
======= =======
The Partnership also reimburses Glenborough for expenses incurred for services
provided to the Partnership such as accounting, investor services, data
processing, legal and administrative services, and the actual costs of goods and
materials used for or by the Partnership. Glenborough was reimbursed $43,000 and
$55,000 for such expenses during the three months ended March 31, 1997 and 1996,
respectively.
Note 4. INVESTMENT IN AFFILIATED PARTNERSHIPS
GLENBOROUGH PROPERTIES L.P.:
The Partnership received $185,000 in the first quarter of 1997 which represented
the fourth quarter 1996 distributions from its investment in Glenborough
Properties L.P. This has been recognized as income on the accompanying March 31,
1997 consolidated statement of operations.
OUTLOOK INCOME/GROWTH FUND VIII:
On February 14, 1997, the Partnership purchased 1,022 limited partnership units
in Outlook Income/Growth Fund VIII, a California Limited Partnership ("Outlook
VIII") (a partnership with the same general partner as the Partnership), from an
unaffiliated limited partner for $179,000. This provided the Partnership a total
of 1,953 limited partnership units (a 5.6% interest) in Outlook VIII as of March
31, 1997. The Partnership accounts for this investment in Outlook VIII using the
cost method.
Page 7 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
At March 31, 1997, Outlook VIII owned interests in three properties: (i) a
shopping center in San Jose, California, consisting of 83,000 square feet of
ground leases and 71,000 square feet of leasable retail space, which is
currently held for sale; (ii) a 96,206 square foot retail shopping center in San
Marcos, Texas; and (iii) a 50% interest in a 342-unit apartment complex in
Huntington Beach, California.
In April 1997, the Partnership purchased an additional 813 limited partnership
units (equal to a 2.3% interest) from another unaffiliated limited partner in
Outlook VIII for $138,000, resulting in a 7.9% interest in Outlook VIII.
OUTLOOK INCOME FUND 9:
On February 14, 1997, the Partnership purchased 1,386,746 limited partnership
units (equal to a 3.9% interest) in Outlook Income Fund 9, a California Limited
Partnership ("Outlook 9") (a partnership with the same general partner as the
Partnership), from an unaffiliated limited partner for $106,000. The Partnership
accounts for the investment in Outlook 9 using the cost method.
At March 31, 1997, Outlook 9 owned interests in: (i) a 160-unit apartment
complex in Las Vegas, Nevada; (ii) a 171,743 square foot business center in Eden
Prairie, Minnesota; (iii) a 121-suite hotel in Memphis, Tennessee; and (iv) a
139-suite hotel in Tempe, Arizona.
In April 1997, the Partnership purchased an additional 256,000 limited
partnership units (equal to a 0.7% interest) from another unaffiliated limited
partner in Outlook 9 for $18,000, resulting in a 4.6% interest in Outlook 9.
GRC AIRPORT ASSOCIATES:
The Partnership owns a 25% interest in GRC Airport Associates, a California
Limited Partnership. The sole real estate asset of GRC Airport Associates is a
216,000 square foot industrial warehouse in San Bruno, California. The
Partnership accounts for its investment in GRC Airport using the equity method.
In January, 1997, the Partnership received a fourth quarter 1996 distribution of
$26,500 plus a return of capital distribution of $500,000 from GRC Airport.
Page 8 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
GRC Airport has been determined to be a significant subsidiary of the
Partnership. As such, summary condensed balance sheet information as of March
31, 1997, and the condensed statement of operations for the three months ended
March 31, 1997 are as follows (in thousands):
GRC Airport
Balance Sheet as of March 31, 1997
Investment in real estate, net $ 9,254
Cash and cash equivalents 244
Other assets 292
-----------
Total assets $ 9,790
===========
Note payable $ 7,493
Other liabilities 88
-----------
Total liabilities 7,581
Partners' equity 2,209
-----------
Total liabilities and partners' equity $ 9,790
===========
GRC Airport
Statement of Operations
For the three months ended March 31, 1997
Revenue $ 430
Expenses 312
-----------
Net income $ 118
===========
The Partnership's share of GRC Airport's net income was $30,000 during the three
months ended March 31, 1997.
Note 5. INVESTMENT IN UNAFFILIATED PARTNERSHIPS
On February 14, 1997, the Partnership purchased limited partnership units in the
following unaffiliated real estate partnerships:
Page 9 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Ownership
Partnership Units % Amount
-------------------- ------ -------- --------
Rancon Pacific Realty, LP 40,093 1.9% $120,279
Rancon Income Fund I 715 4.9% $214,500
Rancon Realty Fund IV 2,537 3.2% $587,747
Rancon Realty Fund V 2,491 2.5% $613,334
Note 6. NOTES PAYABLE
In January 1997, the Partnership paid down $700,000 on the Mid-Peninsula Bank
line of credit. The funds used to pay down the line of credit came from the
January 1997 distributions from GRC Airport and Partnership cash reserves. In
February 1997, the Partnership drew $1,900,000 on the line of credit to fund the
purchase of partnership units in various affiliated and non-affiliated real
estate partnerships. On March 6, 1997, the Partnership obtained an increase on
its line of credit from $3,400,000 to $5,000,000 and subsequently drew an
additional $280,000 to fund a special distribution to its partners (see below).
Note 7. DISTRIBUTIONS
On March 26, 1997, the Partnership made a special $295,000 cash distribution to
help alleviate its partners' tax burden arising from their portion of the
undistributed 1996 taxable income of the Partnership.
Note 8. SUBSEQUENT EVENTS
On April 18, 1997, the Partnership sold its Rosemead Springs property, a 129,500
square foot multi-tenant office building located in El Monte, California, to an
unaffiliated entity. Total consideration of $2,675,000 was paid in cash and used
by the Partnership to pay down its line of credit with Mid-Peninsula Bank. The
Partnership still owns 1.16 acres of land which is held for sale.
In May 1997, the Partnership purchased a total of 6,000 shares of Glenborough
Realty Trust Incorporated ("GLB"), a real estate investment trust managed by
affiliates of the Partnership, for $120,000. GLB is publicly traded on the New
York Stock Exchange.
The following pro forma consolidated financial statements represent the
Partnership's consolidated balance sheet and consolidated statement of
operations as of and for the three months ended March 31, 1997, and for the year
ended December 31, 1996, as if the Rosemead Springs property was sold on January
1, 1996.
Page 10 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Pro forma Consolidated Balance Sheet
As of March 31, 1997
(in thousands, except units outstanding)
(Unaudited)
Pro forma
Historical Adjustments Pro forma
Assets
Real estate held for sale, net $ 3,225 $ (2,675) $ 550
Cash and cash equivalents 184 --- 184
Notes receivable and other assets 428 (21) 407
Deferred financing costs and other fees, net 49 --- 49
Investment in affiliated partnerships 1,793 --- 1,793
Investment in unaffiliated partnerships 1,536 --- 1,536
-------- -------- -------
Total assets $ 7,215 $ (2,696) $ 4,519
======== ======== =======
Liabilities and Partners' Equity
Liabilities:
Notes payable $ 3,680 $ (2,682) $ 998
Accounts payable and accrued expenses 39 (10) 29
-------- -------- -------
Total liabilities 3,719 (2,692) 1,027
-------- -------- -------
Partners' equity:
General partner 401 --- 401
Limited partners, 2,910,899 units
outstanding 3,095 (4) 3,091
-------- -------- -------
Total partners' equity 3,496 (4) 3,492
-------- -------- -------
Total liabilities and partners' equity $ 7,215 $ (2,696) $ 4,519
======== ======== =======
Page 11 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Pro forma Consolidated Statement of Operations
For the three months ended March 31, 1997
(in thousands, except units outstanding and per unit amounts)
(Unaudited)
Pro forma
Historical Adjustments Pro forma
Revenue:
Rental income $ 27 $ (27) $ ---
Income from investment in affiliated
partnership 185 --- 185
Equity in earnings of affiliated partnership 30 --- 30
Interest and other income 2 --- 2
-------- -------- -------
Total revenue 244 (27) 217
-------- -------- -------
Expenses:
Operating 62 (62) ---
General and administrative 88 (2) 86
Depreciation and amortization 1 (1) ---
Interest expense 65 (47) 18
-------- -------- -------
Total expenses 216 (112) 104
-------- -------- -------
Net income $ 28 $ 85 $ 113
======== ======== =======
Net income per limited partnership unit $ 0.01 $ 0.03 $ 0.04
======== ======== =======
Weighted average number of limited
partnership units outstanding during
the period used to compute net income
per limited partnership unit 2,910,899 2,910,899 2,910,899
========= ========= =========
Page 12 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Pro forma Consolidated Statement of Operations
For the year ended December 31, 1996
(in thousands, except units outstanding and per unit amounts)
(Unaudited)
Pro forma
Historical Adjustments Pro forma
Revenue:
Rental income $ 563 $ (168) $ 395
Income from investment in affiliated
partnership 502 --- 502
Equity in earnings of affiliated partnership 86 --- 86
Interest and other income 430 (276) 154
-------- -------- -------
Total revenue 1,581 (444) 1,137
-------- -------- -------
Expenses:
Operating 517 (329) 188
General and administrative 316 (6) 310
Depreciation and amortization 74 (4) 70
Interest expense 427 (237) 190
Provision for impairment of real estate
held for sale 1,090 (1,090) ---
-------- -------- -------
Total expenses 2,424 (1,666) 758
-------- -------- -------
Loss before extraordinary items (843) 1,222 379
Extraordinary item:
Gain on forgiveness of debt 125 --- 125
-------- -------- -------
Net income (loss) $ (718) $ 1,222 $ 504
======== ======== =======
- continued -
Page 13 of 18
<PAGE>
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
Notes to Consolidated Financial Statements
March 31, 1997
(Unaudited)
Pro forma Consolidated Statement of Operations - continued
For the year ended December 31, 1996
(in thousands, except units outstanding and per unit amounts)
(Unaudited)
Pro forma
Historical Adjustments Pro forma
Loss before extraordinary items per
limited partnership unit $ (.28) $ .41 $ .13
Extraordinary item per limited
partnership unit .04 --- .04
-------- -------- -------
Net income per limited partnership unit $ (.24) $ .41 $ .17
======== ======== =======
Weighted average number of limited
partnership units outstanding during
the period used to compute net income
per limited partnership unit 2,936,376 2,936,376 2,936,376
========= ========= =========
Page 14 of 18
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
INTRODUCTION
The following discussion addresses the Partnership's financial condition at
March 31, 1997 and its results of operations for the three months ended March
31, 1997 and 1996. This information should be read in conjunction with the
Partnership's audited December 31, 1996 Consolidated Financial Statements, notes
thereto and other information contained elsewhere in this report.
LIQUIDITY AND CAPITAL RESOURCES
In January 1997, the Partnership received a fourth quarter 1996 distribution
from operations of $26,500 plus a return of capital distribution of $500,000
from GRC Airport. These funds, plus the Partnership's cash reserves, were used
to pay down $700,000 on its Mid-Peninsula Bank ("Mid-Pen") revolving line of
credit.
On February 14, 1997, the Partnership drew the remaining $1,900,000 available on
the Mid-Pen revolving line of credit to fund the $1,821,000 purchase of limited
partnership units in various affiliated and unaffiliated real estate
partnerships.
On March 6, 1997, Mid-Pen increased the Partnership's revolving line of credit
from $3,400,000 to $5,000,000 and subsequently drew an additional $280,000 to
fund a special $295,000 distribution to its partners on March 26, 1997. This
distribution was to help alleviate its partners' tax burden arising from their
portion of the undistributed taxable income of the Partnership in 1996.
The Partnership also received $185,000 in the first quarter of 1997 which
represented the fourth quarter 1996 distribution from its investment in
Glenborough Properties L.P. Management believes that the quarterly distributions
will continue throughout 1997.
As of March 31, 1997, the Partnership's cash balance was $184,000. The remainder
of the Partnership's assets consisted primarily of its investment in the real
estate held for sale (referred to as the Rosemead Springs property) of
$3,225,000 and investments in various partnerships of $3,329,000.
On April 18, 1997, the Partnership sold its Rosemead Springs property, a 129,500
square foot multi-tenant office building located in El Monte, California, to an
unaffiliated third party. Total consideration of $2,675,000 was paid in cash.
Net proceeds from the sale of $2,682,000 were used to pay down the Partnership's
revolving line of credit with Mid-Pen. The Partnership still owns a parcel of
land which is held for sale.
Also in April 1997, the Partnership drew an additional $460,000 on the Mid-Pen
line of credit to fund the purchases of additional limited partnership units in
Outlook Income/Growth Fund VIII and Outlook Income Fund 9.
Page 15 of 18
<PAGE>
In May 1997, the Partnership purchased a total of 6,000 shares of Glenborough
Realty Trust Incorporated ("GLB"), a real estate investment trust managed by
affiliates of the Partnership, for $120,000. GLB is publicly traded on the New
York Stock Exchange.
Based on the program financial information, hereby incorporated by reference to
the Notes to the Consolidated Financial Statement included in Item 1 of this
Form 10-Q, the Partnership's liquidity and capital resources at March 31, 1997
should be sufficient to meet near term operating requirements. As of May 9,
1997, approximately $3,500,000 of the $5,000,000 Mid-Pen line of credit remains
available for future investments if suitable real estate investments are
identified.
RESULTS OF OPERATIONS
Rental revenues decreased $166,000 or 86% during the three months ended March
31, 1997 compared to the three months ended March 31, 1996 due to the sale of
the Bond Street property, a 40,600 square foot multi-tenant office complex in
Farmington Hills, Michigan on September 24, 1996.
Income from investment in affiliated partnership during the three months ended
March 31, 1997 of $185,000 represent dividends received from the Partnership's
investment in Glenborough Properties L.P..
Operating expenses and depreciation and amortization have decreased $72,000 or
54% and $23,000 or 96%, respectively, due to the sale of the Bond Street
property discussed above.
General and administrative expenses increased $18,000 or 26% in the three months
ended March 31, 1997 compared to the three months ended March 31, 1996 due
primarily to one-time professional tax services to provide a 1996 year-end
analysis to its partners of the impact of the Partnership's 1996 activities.
Interest expense decreased $56,000 or 46% during the three months ended March
31, 1997 compared to the three months ended March 31, 1996 as a result of the
debt eliminated in connection with the sale of the Bond Street property in 1996.
Page 16 of 18
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Partnership is not a party to, nor any of its assets the subject of
any material pending legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
#27 - Financial Data Schedule
(b) Reports on Form 8-K.
Registrant filed a Current Report on Form 8-K, dated May 5, 1997,
reporting that Glenborough Partners, A California Limited Partnership
(the Registrant) sold on April 18, 1997, the Rosemead Springs property
to an unaffiliated third party for $2,675,000.
Page 17 of 18
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized:
GLENBOROUGH PARTNERS,
A CALIFORNIA LIMITED PARTNERSHIP
By: /s/ Robert Batinovich By: Glenborough Corporation,
Robert Batinovich a California corporation,
General Partner its Managing General Partner
By:/s/ Andrew Batinovich
Andrew Batinovich
Chief Executive Officer and
Chairman of the Board
By:/s/ Terri Garnick
Terri Garnick
Chief Financial Officer
Date: May 15, 1997
Page 18 of 18
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000790129
<NAME> GLENBOROUGH PARTNERS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 184
<SECURITIES> 0
<RECEIVABLES> 428
<ALLOWANCES> 0
<INVENTORY> 3,225
<CURRENT-ASSETS> 184
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 7,215
<CURRENT-LIABILITIES> 39
<BONDS> 3,680
0
0
<COMMON> 0
<OTHER-SE> 3,496
<TOTAL-LIABILITY-AND-EQUITY> 7,215
<SALES> 0
<TOTAL-REVENUES> 244
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 151
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 65
<INCOME-PRETAX> 28
<INCOME-TAX> 0
<INCOME-CONTINUING> 28
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
