SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 30, 1996
GLENBOROUGH REALTY TRUST INCORPORATED
(Exact name of registrant as specified in its charter)
Maryland 33-83506 94-3211970
(State or other (Commission (IRS Employer
Jurisdiction of File Number) I.D. Number)
incorporation)
400 South El Camino Real, Ste. 1100, San Mateo, California 94402
Address of principal executive offices
Registrant's Telephone number, including area code: (415) 343-9300
N/A
(Former name or former address, if changes since last report)
This form 8-K contains a total of 24 pages.
No Exhibits Required
Page 1 of 24
<PAGE>
Item 5. Other Events
On October 25, 1996, the Registrant made available additional
ownership and operating information concerning the Registrant, Glenborough
Realty Trust Incorporated, and the properties owned or managed by it as of
September 30, 1996, in the form of a Supplemental Information package, a copy of
which is included as an exhibit to this filing.
Item 7. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Page Number in
Exhibit No. Description This Filing
99 Supplemental Information as 3
of September 30, 1996
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 REALTY TRUST INCORPORATED
Date: October 25, 1996 By: /s/ Andrew Batinovich
-------------------------
Andrew Batinovich
Executive Vice President,
Chief Financial Officer and
Chief Operating Officer
(Principal Financial Officer)
Page 2 of 24
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
Table of Contents
PAGE
Real Estate Portfolio......................................................4
Real Estate Portfolio Controlled by Associated Companies...................5
Additions and Deletions to Portfolios During Period........................7
Debt Summary...............................................................9
Corporate Operating Summary...............................................10
Office Portfolio..........................................................12
Industrial Portfolio ..................................................15
Retail Portfolio..........................................................18
Hotel Portfolio...........................................................21
Multi-family Portfolio....................................................22
Combined Operating Results................................................23
Glossary of Terms.........................................................24
Page 3 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
September 30, 1996
- - --------------------------------------------------------------------------------
- - -----------------------------------------
PROPERTY LOCATION
SQ. FEET % OCCUPIED
- - --------------------------------------------------------------------------------
- - -----------------------------------------
OFFICE PORTFOLIO
<S> <C> <C>
<C> <C>
4500 Plaza Salt Lake City UT
69,975 100%
Regency Westpointe Omaha NB
36,107 100%
Bond Street Farmington Hill MI
40,595 95%
University Club Tower St. Louis MO
275,469 88%
------- ----
Total Office Square Footage/Average % Occupied
422,146 91%
INDUSTRIAL PORTFOLIO
Benicia Industrial Park Benicia CA
156,800 100%
Case Equipment Corp. Kansas City KS
199,750 100%
Case Equipment Corp. Memphis TN
205,594 100%
Navistar International Trans. Corp. W. Chicago IL
474,426 100%
Navistar International Trans. Corp. Baltimore MD
274,000 100%
Park 100 - Building 42 Indianapolis IN
37,200 100%
Park 100 - Building 46 Indianapolis IN
102,400 100%
SeaTac II (1) Seattle WA
41,657 100%
------- ----
Total Industrial Square Footage/Average % Occupied
1,491,827 100%
RETAIL PORTFOLIO
Atlanta Auto Center College Park GA
7,920 66%
Atlanta Auto Center Marietta GA
10,670 100%
Atlanta Auto Center Norcross GA
10,920 100%
Atlanta Auto Center Roswell GA
5,720 76%
Atlanta Auto Center Smyrna GA
9,440 59%
Atlanta Auto Center Snellville GA
10,080 100%
Park Center (1) Santa Ana CA
73,500 100%
QuikTrip #688 Granite City IL
3,200 100%
QuikTrip #722 Lithonia GA
3,200 100%
QuikTrip #718 Norcross GA
3,200 100%
QuikTrip #711 Fulton GA
3,200 100%
QuikTrip #75R Tulsa OK
3,200 100%
QuikTrip #738 Mableton GA
3,200 100%
QuikTrip #712 Atlanta GA
3,200 100%
QuikTrip #698 Godfrey IL
3,200 100%
QuikTrip #691 Madison IL
3,200 100%
QuikTrip #609 St. Louis MO
3,200 100%
Shannon Crossing Atlanta GA
64,039 96%
Westwood Plaza Tampa FL
92,464 90%
------- ----
Total Retail Square Footage/Average % Occupied
316,753 93%
HOTEL PORTFOLIO
# of Rooms YTD Occ
Country Suites By Carlson Arlington TX
132 71%
Country Suites By Carlson (1) Irving TX
90 77%
Country Suites By Carlson Ontario CA
120 69%
Country Suites By Carlson Tucson AZ
157 78%
Country Inn by Carlson San Antonio TX
64 48%
------- ----
Total Hotel Rooms/YTD Occupancy
563 73%
MULTI-FAMILY PORTFOLIO
# of Units % Occupied
Summer Breeze No. Hollywood CA
104 92%
------- ----
Total Multi-Family Units/ Average % Occupied
104 92%
Principal
MORTGAGES RECEIVABLE
Balance
Hovpark Eatontown NJ
$ 7,563,000
Laurel Cranford Arleta CA
512,000
---------
Total Mortgages Receivable
$ 8,075,000
<FN>
(1) The company holds a participating first mortgage interest in the property.
In accordance with GAAP, GRTI accounts for the property as though it holds
fee title.
</FN>
</TABLE>
Page 4 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED
COMPANIES (1)
September 30, 1996
- - --------------------------------------------------------------------------------
- - ------------------------------------------
PROPERTY LOCATION
# OF ROOMS/UNITS YTD OCC.
- - --------------------------------------------------------------------------------
- - ------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C>
<C> <C>
Rosemead Springs Bus Ctr El Monte CA
129,503 11%
Civic Center II Rancho Cucamonga CA
17,857 58%
Gateway Professional Ctr Sacramento CA
50,556 96%
Park Plaza Sacramento CA
67,688 74%
Carnegie Business Ctr I San Bernardino CA
62,506 87%
Carnegie Business Ctr II San Bernardino CA
50,804 65%
Lakeside Tower San Bernardino CA
112,649 77%
One Carnegie Plaza San Bernardino CA
102,693 87%
Two Carnegie Plaza San Bernardino CA
68,925 83%
One Parkside San Bernardino CA
70,069 92%
One Vanderbilt Way San Bernardino CA
73,809 64%
Two Vanderbilt Way San Bernardino CA
69,094 25%
Santa Fe San Bernardino CA
36,288 100%
Inland Regional Center San Bernardino CA
81,079 100%
Bristol Medical Center Santa Ana CA
52,311 85%
Montrose Office Park Rockville MD
186,385 75%
Director's Plaza I Memphis TN
128,610 77%
Poplar Towers Memphis TN
100,901 93%
Bluemound Commerce Centre Brookfield WI
48,113 70%
--------- ----
Total Office Square Footage/Average % Occupied
1,509,840 73%
INDUSTRIAL PORTFOLIO
San Sevaine Business Park Mira Loma CA
172,057 43%
Rancon Centre Ontario Ontario CA
245,000 100%
SkyPark Airport Parking San Bruno CA
216,780 100%
Carroll Vista San Diego CA
107,579 100%
Wakefield Engineering Bldg. Temecula CA
44,200 100%
28720 Via Montezuma Temecula CA
24,402 0%
Bryant Lake Phase I & II Eden Prairie MN
80,057 100%
Bryant Lake Phase III Eden Prairie MN
91,732 100%
Black Satchel Charlotte NC
228,800 90%
NorthPark Business Park Charlotte NC
319,960 86%
The Commons at Great Valley Malvern PA
200,000 100%
Totem Valley Business Center Kirkland WA
121,645 97%
--------- ----
Total Industrial Square Footage/Average % Occupied
1,852,212 90%
RETAIL PORTFOLIO
Mountain View Plaza Mojave CA
57,456 79%
Promo Retail Center San Bernardino CA
66,265 97%
Service Retail Center San Bernardino CA
20,780 100%
Holiday Spa Health Club San Bernardino CA
25,000 100%
Aztec Village Center San Diego CA
23,789 38%
Silver Creek Plaza San Jose CA
71,005 79%
RCC Auto Center Temecula CA
25,761 91%
Town & Country Center Arlington Heights IL
323,591 94%
San Mar Plaza San Marcos TX
96,206 86%
--------- ----
Total Retail Square Footage/Average % Occupied
709,853 89%
<FN>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
</FN>
</TABLE>
Page 5 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED
COMPANIES (1)
September 30, 1996
- - --------------------------------------------------------------------------------
- - ------------------------------------------
PROPERTY LOCATION
# OF ROOMS/UNITS YTD OCC.
- - --------------------------------------------------------------------------------
- - ------------------------------------------
HOTEL PORTFOLIO
<S> <C> <C>
<C> <C>
Country Suites By Carlson Tempe AZ
139 84%
Country Suites By Carlson Memphis TN
121 73%
Condominium Resort Hotel Galveston TX
276 74%
Condominium Resort Hotel Port Aransas TX
86 42%
----- ----
Total Hotel Rooms/YTD Occupancy
622 72%
MULTI-FAMILY PORTFOLIO
% Occupied
Green Meadows Davis CA
120 87%
Huntington Breakers Huntington Beach CA
342 94%
Villa La Jolla La Jolla CA
385 98%
La Jolla Canyon Apts. San Diego CA
157 99%
Pacific Bay Club San Diego CA
159 97%
Shadowridge Woodbend Vista CA
240 94%
Promontory Point Henderson NV
180 96%
Lake Mead Estates Las Vegas NV
160 83%
----- ----
Total Multi-Family Units/Average % Occupied
1,743 94%
LAND PORTFOLIO
Acres
Lake Elsinore Square (Retail) Lake Elsinore CA
24.79
Mountain View Plaza (Retail) Mojave CA
8.99
Perris - 4th Avenue (Comm./Retail) Perris CA
17.67
Perris - Ethanac Road (Comm./Retail) Perris CA
23.76
Perris - Nuevo Road (Comm./Retail) Perris CA
60.41
Rancon Center Ontario (Industrial) Ontario CA
33.76
Rancon Center (Office) Rancho Cucamonga CA
1.80
Rancon Center (Retail) Rancho Cucamonga CA
5.98
Rancon Commerce Center (Industrial) Temecula CA
15.52
Rancon Towne Village (Retail) Temecula CA
11.97
Tippecanoe (Commercial) San Bernardino CA
8.79
Tri-City Corporate Center (Office/Retail) San Bernardino CA
70.33
------
Total Land Acres
283.77
<FN>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
</FN>
</TABLE>
Page 6 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING
PERIOD
September 30, 1996
- - --------------------------------------------------------------------------------
- - ------------------------------------------
PROPERTY LOCATION
TYPE SIZE
- - --------------------------------------------------------------------------------
- - ------------------------------------------
Glenborough Realty Trust Incorporated
Additions:
<S> <C> <C>
<C> <C>
Kash n' Karry (Westwood Plaza) Tampa FL
Retail 31,095 sq. ft.
University Club Tower St. Louis MO
Office 275,469 sq. ft.
Bond Street Building Farmington Hill MI
Office 40,595 sq. ft.
Country Inn by Carlson San Antonio TX
Hotel 64 rooms
Associated Companies
Deletions:
University Club Tower St. Louis MO
See above
Bond Street Building Farmington Hills MI
See above
Executive Plaza Memphis TN
Office 147,695 sq. ft.
</TABLE>
Page 7 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO ACQUISITION COMPLETED AFTER
QUARTER END
- - --------------------------------------------------------------------------------
- - -------------------------------------------
PROPERTY LOCATION
SQ. FEET
- - --------------------------------------------------------------------------------
- - -------------------------------------------
OFFICE PORTFOLIO
<S> <C>
<C> <C>
Warner Village Medical Center Fountain Valley
CA 32,272
One Professional Square Omaha
NE 34,162
Globe Building Mercer Island
WA 24,779
-------
Total Office Square Footage
91,213
INDUSTRIAL PORTFOLIO
Hoover Industrial Mesa
AZ 57,441
Rancho Bernardo R & D Center Rancho Bernardo
CA 52,865
Pinewood Industrial (formerly Mercantile III) Arlington
TX 46,060
Walnut Creek Business Center Austin
TX 100,000
Mercantile I Dallas
TX 236,110
Quaker Industrial (formerly Mercantile II) Dallas
TX 42,083
-------
Total Industrial Square Footage
534,559
RETAIL PORTFOLIO
Auburn North Auburn
WA 158,596
-------
Total Retail Square Footage
158,596
MULTI-FAMILY PORTFOLIO
Sahara Gardens Las Vegas
NV 277,056
Villas de Mission Las Vegas
NV 192,370
-------
Total Multi-Family Square Footage
469,426
This portfolio was acquired from a diversified partnership subsequent to quarter
end. Therefore, operating results and leasing statistics are not included in the
following tables. They will be included in the fourth quarter report.
</TABLE>
Page 8 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
As of September 30, 1996
Maturity
From
Debt Interest
Interest Maturity 9/30/96
Loan Type Property Balance Rate
Type Date (Years)
- - ---------- --------------------------- ------------- ---------
---------- ----------- -----------
<S> <C> <C> <C>
<C> <C> <C>
Secured Mortgage Loan $ 19,815,620 7.57%
Fixed 1/1/06 9.26
Retail Shannon Crossing
Westwood Plaza
Industrial Benicia
Navistar
Office Regency Westpointe
Hotels Country Suites- Arlington
Country Suites- Ontario
Country Suites- Tucson
Bank Line of Credit 22,280,000 7.94%
LIBOR + 2.375% 7/15/98 1.78
6,722,000 8.75%
PRIME + 0.50% 7/15/98 1.78
Retail Park Center
Industrial Atlanta Auto Centers
Park 100 - Bldgs. 42 & 46
SeaTac II
J.I. Case - Memphis
J.I. Case - Kansas City
Office University Club Tower
Hotel Country Suites - Irving
Notes Receivable
Hovpark/Eatontown
Term Loan 6,120,000 7.94%
LIBOR + 2.375% 7/15/98 1.78
Retail 10 Quick Trip properties
Other Secured Mortgage 2,626,255 7.75%
Fixed 1/1/06 9.26
Multi-Family
Summer Breeze
Insurance Company 980,621 8.00%
Fixed 9/1/05 8.93
Office 4500 Plaza
------------- ------
Total Debt/Weighted Interest Rate $ 58,544,496 7.90%
</TABLE>
<TABLE>
<CAPTION>
Relative
Percentage Of Weighted Average Rate
Debt Type All Debt
- - -------------------------------
- - ---------------------- --------------------
<S> <C>
<C>
All Debt 100.00%
7.90%
All Floating Rate Debt 59.99%
(1) 8.10%
Floating Rate Debt Capped 0.00%
0.00%
Floating Rate Debt Not Capped 59.99%
(1) 8.10%
All Fixed Rate Debt 40.01%
7.61%
<FN>
(1) Floating Rate Debt was reduced by 6,722,000 on October 8, 1996 with
proceeds from the offering
</FN>
</TABLE>
Page 9 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
September 30, 1996
For the Period:
1995(1)
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ---------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ---------------------------------
<S> <C> <C> <C>
<C> <C>
Net Income before Minority Interest $ 1,361,000 $ 1,241,000 $
1,200,000 $ 276,000 $ 4,078,000
Plus:
Depreciation and amortization 903,000 968,000
954,000 829,000 3,654,000
Loss Provisions -- --
-- 863,000 863,000
Adjustment to reflect FFO of
Associated Companies 191,000 247,000
369,000 237,000 1,044,000
----------- -----------
- - ---------- ----------- -----------
Funds from operations (FFO) 2,455,000 2,456,000
2,523,000 2,205,000 9,639,000
Plus:
Amortization of deferred financing fees 43,000 43,000
43,000 43,000 172,000
Principal receipts on mortgage loans 25,000 25,000
25,000 25,000 100,000
Less:
Capital reserve 239,000 239,000
239,000 239,000 956,000
Capital expenditures -- --
-- -- --
Principal amortization reserve 94,000 94,000
94,000 94,000 376,000
----------- -----------
- - ---------- ----------- -----------
Funds available for distribution (FAD) $ 2,190,000 $ 2,191,000 $
2,258,000 $ 1,940,000 $ 8,579,000
EBIDA (including G & A expenses)
Same property $ 2,871,000 $ 2,814,000 $
2,758,000 $ 2,602,000 $ 11,045,000
Growth from same period prior year N/A N/A
N/A N/A N/A
Combined Total $ 2,956,000 $ 2,900,000 $
2,846,000 $ 2,660,000 $ 11,362,000
Growth from same period prior year N/A N/A
N/A N/A N/A
Net Income excluding consolidation costs 1,267,000 1,156,000
1,103,000 271,000 3,796,000
Net Income (loss) including consolidation
costs 1,267,000 1,156,000
1,103,000 271,000 3,796,000
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ---------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ---------------------------------
<S> <C> <C> <C>
<C>
Net Income before Minority Interest $ 1,354,000 $ 1,393,000 $
1,259,000 $ 4,006,000
Plus:
Depreciation and amortization 897,000 862,000
934,000 2,693,000
Loss Provisions -- --
-- --
Adjustment to reflect FFO of
Associated Companies 284,000 311,000
251,000 846,000
----------- -----------
- - ---------- ----------- -----------
Funds from operations (FFO) 2,535,000 2,566,000
2,444,000 7,545,000
Plus:
Amortization of deferred financing fees 36,000 36,000
69,000 141,000
Principal receipts on mortgage loans 14,000 5,000
3,000 22,000
Less:
Capital reserve 185,000 71,000
(229,000) 27,000
Capital expenditures 54,000 168,000
477,000 699,000
Principal amortization reserve 86,000 125,000
210,000 421,000
----------- -----------
- - ---------- ----------- -----------
Funds available for distribution (FAD) $ 2,260,000 $ 2,243,000 $
2,058,000 $ 6,561,000
EBIDA (including G & A expenses)
Same property $ 2,888,000 $ 2,907,000 $
2,824,000 $ 8,619,000
Growth from same period prior year 0.6% 3.3%
2.4% 2.1%
Combined Total $ 2,973,000 $ 2,954,000 $
3,318,000 $ 9,245,000
Growth from same period prior year 0.6% 1.9%(2)
16.6% 6.2%
Net Income excluding consolidation costs 1,253,000 1,572,000
1,003,000 3,828,000
Net Income (loss) including consolidation
costs (5,984,000) 1,572,000
1,003,000 (3,409,000)
<FN>
(1) Results for 1995 represent pro forma information
(2) Reflects sale of All American Self Storage facilities
</FN>
</TABLE>
Page 10 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
September 30, 1996
For the Period:
1995(1)
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - -------------------- ------------
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
- - -------------------- ------------
<S> <C> <C> <C>
<C> <C>
Weighted average shares outstanding 5,753,709 5,753,709
5,753,709 5,753,709 5,753,709
Fully converted weighted average shares
outstanding(2) 6,296,042 6,296,042
6,296,042 6,296,042 6,296,042
FFO per share 0.39 0.39
0.40 0.35 1.53
FAD per share 0.35 0.35
0.36 0.31 1.36
Net Income per share excluding
Consolidation Costs 0.22 0.20
0.19 0.05 0.66
Net Income (loss) per share including
Consolidation Costs 0.22 0.20
0.19 0.05 0.66
FFO Multiplier (Price/FFO) N/A N/A
N/A N/A 9.80
Debt Coverage Ratio 3.76 3.69
3.62 3.39 3.62
Interest Coverage Ratio 4.27 4.20
4.11 3.84 4.11
Total Dividends 1,888,813 1,888,813
1,888,813 1,888,813 7,555,250
Dividend per share 0.30 0.30
0.30 0.30 1.20
Dividend payout ratio (FFO) 76.9% 76.9%
74.9% 85.7% 78.4%
Dividend payout ratio (FAD) 86.2% 86.2%
83.6% 97.4% 88.1%
Total notes and mortgages payable
33,685,232
Total market capitalization(2)
Increase from same period prior year
N/A
Debt/Total Market Capitalization Ratio
26.3%
Shares outstanding (at end of period)
5,753,709
Fully converted shares outstanding (at end of period)(2)
6,296,042
Price per share on last trading day of the period
N/A
</TABLE>
<TABLE>
<CAPTION>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - --------------------------------
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------
- - --------------------------------
<S> <C> <C> <C>
<C>
Weighted average shares outstanding 5,753,709 5,761,209
5,778,545 5,763,742
Fully converted weighted average shares
outstanding(2) 6,296,042 6,303,542
6,342,206 6,314,606
FFO per share 0.40 0.41
0.39 1.20
FAD per share 0.36 0.36
0.32 1.04
Net Income per share excluding
Consolidation Costs 0.22 0.27
0.17 0.66
Net Income (loss) per share including
Consolidation Costs (1.04) 0.27
0.17 (0.60)
FFO Multiplier (Price/FFO) 8.75 8.61
8.89 8.67
Debt Coverage Ratio 3.85 3.75
2.48 3.19
Interest Coverage Ratio 4.33 4.46
2.95 3.74
Total Dividends 1,888,813 1,893,313
1,906,313 5,683,939
Dividend per share 0.30 0.30
0.30 0.90
Dividend payout ratio (FFO) 75.0% 73.2%
76.9% 75.0%
Dividend payout ratio (FAD) 83.3% 83.3%
93.8% 86.5%
Total notes and mortgages payable 33,616,327 32,730,344
58,544,496 58,544,496
Total market capitalization(2) 21,760,915 121,873,812
147,073,129 147,073,129
Increase from same period prior year N/A N/A
N/A N/A
Debt/Total Market Capitalization Ratio 27.6% 26.9%
39.8% 39.8%
Shares outstanding (at end of period) 5,753,709 5,768,709
5,788,709 5,788,709
Fully converted shares outstanding
(at end of period)(2) 6,296,042 6,311,042
6,380,442 6,380,442
Price per share on last trading day
of the period 14.000 14.125
13.875 13.875
<FN>
(1) Results for 1995 represent pro forma information.
(2) Includes minority interest in UPREIT Partnership.
</FN>
</TABLE>
Page 11 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ---------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ---------------------------------
Same Property
<S> <C> <C> <C>
<C> <C>
Revenue $ 286,448 $ 306,825 $
336,796 $ 350,071 $ 1,280,140
Operating expenses 133,081 149,959
141,053 175,202 599,295
NOI 153,367 156,866
195,743 174,869 680,845
Growth from same period prior year N/A N/A
N/A N/A N/A
Combined Total
Revenue $ 286,448 $ 306,825 $
336,796 $ 350,071 $ 1,280,140
Operating expenses 133,081 149,959
141,053 175,202 599,295
NOI 153,367 156,866
195,743 174,869 680,845
Growth from same period prior year N/A N/A
N/A N/A N/A
Capital expenditures -- 39,949
33,220 8,800 81,969
Weighted average leaseable square feet 106,076 106,076
106,076 106,076 106,076
Capital expenditures per leaseable sq. ft. -- 0.38
0.31 0.08 0.77
- - --------------------------------------------------------------------------------
- - --------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - --------------------------------
Physical occupancy 92.3% 98.7%
97.3% 97.3% 97.3%
Economic occupancy 87.6% 89.6%
92.0% 92.9% 92.9%
Average base rent per occupied sq. ft. 11.57 11.26
11.65 11.91 11.91
Increase from same period prior year N/A N/A
N/A N/A N/A
- - --------------------------------------------------------------------------------
- - --------------------------------
LEASING PRODUCTION: NEW
- - --------------------------------------------------------------------------------
- - --------------------------------
Square footage leased -- 5,154
2,858 -- 8,012
Rental dollars -- 79,887
38,269 -- 118,156
Average base rent per square foot -- 15.50
13.39 -- 14.75
Concessions -- --
-- -- --
Concessions per square foot leased -- --
-- -- --
Tenant improvements (TI) committed -- 33,079
1,037 -- 34,116
TI committed per square foot leased -- 6.42
0.36 -- 4.26
TI spent 128 33,320
39 -- 33,487
Capitalized leasing commissions (CLC)
committed -- 4,793
5,218 -- 10,011
CLC committed per square foot leased -- 0.93
1.83 -- 1.25
CLC spent -- 5,592
10,810 -- 16,402
CLC and TI committed per sq. ft. leased -- 7.35
2.19 -- 5.51
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
- - ----------------------------------------------------------------
1st 2nd 3rd
4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ------------------------------
<S> <C> <C> <C>
<C>
Revenue $ 357,683 $ 360,891 $
368,776 $ 1,087,350
Operating expenses 163,457 138,638
170,097 472,192
NOI 194,226 222,253
198,679 615,158
Growth from same period prior year 26.6% 41.7%
1.5% 21.6%
Combined Total
Revenue $ 357,683 $ 360,891 $
1,196,821 $ 1,915,395
Operating expenses 163,457 138,638
575,865 877,960
NOI 194,226 222,253
620,956 1,037,435
Growth from same period prior year 26.6% 41.7%
217.2%(1) 105.0%
Capital expenditures -- 2,904
39,047 41,951
Weighted average leaseable square feet 106,076 106,076
338,346 183,499
Capital expenditures per leaseable sq. ft. -- 0.03
0.12 0.23
- - --------------------------------------------------------- ------------
- - ------------ ------------- ------------
OCCUPANCY STATUS
- - --------------------------------------------------------- ------------
- - ------------ ------------- ------------
Physical occupancy 98.0% 100.0%
91.4% 91.4%
Economic occupancy 96.8% 97.3%
89.1% 89.1%
Average base rent per occupied sq. ft. 13.07 12.95
13.19 13.19
Increase from same period prior year 13.0% 15.0%
13.2% 13.2%
Page 12 of 24
<PAGE>
For the Period: 1996
- - ----------------------------------------------------------------
1st 2nd 3rd
4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------- ------------
- - ------------ ------------- ------------
LEASING PRODUCTION: NEW
- - --------------------------------------------------------- ------------
- - ------------ ------------- ------------
Square footage leased -- 1,004
9,173 10,177
Rental dollars -- 17,042
151,354 168,396
Average base rent per square foot -- 16.97
16.50 16.55
Concessions -- --
- - -- --
Concessions per square foot leased -- --
- - -- --
Tenant improvements (TI) committed -- 4,700
86,689 91,389
TI committed per square foot leased -- 4.68
9.45 8.98
TI spent -- 1,377
167,789 169,166
Capitalized leasing commissions (CLC)
committed -- 3,111
11,376 14,487
CLC committed per square foot leased -- 3.10
1.24 1.42
CLC spent -- --
27,141 27,141
CLC and TI committed per sq. ft. leased -- 7.78
10.69 10.40
<FN>
(1) Reflects acquisition of University Club Tower and The Bond Street Building
</FN>
</TABLE>
Page 13 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
September 30, 1996
For the Period: 1995
- - ----------------------------------------------------------------
1st 2nd 3rd
4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - -----------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- - --------------------------------------------------------------------------------
- - -----------------------------------
<S> <C> <C>
<C> <C> <C>
Square footage leased 3,105 --
-- 53,349 56,454
Rental dollars 37,415 --
-- 765,044 802,459
Average base rent 12.05 --
-- 14.34 14.21
Percent increase in effective rents from
renewal N/A N/A
N/A N/A 11.6%
Concessions -- --
-- 4,647 4,647
Concessions per square foot leased -- --
-- 0.09 0.08
Tenant improvements (TI) committed -- --
-- 404,750 404,750
TI committed per square foot leased -- --
-- 7.59 7.17
TI spent -- 12,593
-- 260,467 273,060
Capitalized leasing commissions (CLC)
committed -- --
-- -- --
CLC committed per square foot leased -- --
-- -- --
CLC spent -- --
-- -- --
CLC and TI committed per sq. ft. leased -- --
-- 7.59 7.17
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ---------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- - --------------------------------------------------------------------------------
- - ---------------------------------
<S> <C> <C>
<C> <C>
Square footage leased 3,348 3,249
9,085 15,682
Rental dollars 45,198 54,397
152,363(1) 251,958
Average base rent 13.50 16.74
16.77 16.07
Percent increase in effective rents from
renewal 40.6% 11.9%
2.9% 18.5%
Concessions -- --
-- --
Concessions per square foot leased -- --
-- --
Tenant improvements (TI) committed 4,403 21,079
41,824 67,306
TI committed per square foot leased 1.32 6.49
4.60 4.29
TI spent -- 2,751
10,079 12,830
Capitalized leasing commissions (CLC)
committed -- --
-- --
CLC committed per square foot leased -- --
-- --
CLC spent -- --
-- --
CLC and TI committed per sq. ft. leased 1.32 6.49
4.60 4.29
<FN>
(1) Reflects acquisition of University Club Tower and The Bond Street Building
</FN>
</TABLE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
- - -----------
LEASE EXPIRATION SCHEDULE 1996 1997 1998 1999
2000
- - --------------------------------------------------------------------------------
- - -----------
<S> <C> <C> <C> <C>
<C>
Annual Base Rent Expiring 496,152 976,728 1,251,588 1,125,852
467,244
Percent of Total Annual Rent 8.7% 17.2% 22.0% 19.8%
8.2%
Square Footage Expiring 35,079 65,152 76,027 70,381
26,817
Percent of Square Footage 8.8% 16.4% 19.2% 17.8%
6.8%
</TABLE>
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------- ------------
- - ------------
LEASE EXPIRATION SCHEDULE 2001 2002 2003 2004
2005 &
Thereafter
- - ----------------------------------------------------------------- ------------
- - ------------
<S> <C> <C> <C> <C>
<C>
Annual Base Rent Expiring 587,760 -- 124,272 --
649,368
Percent of Total Annual Rent 10.3% -- 2.2% --
11.6%
Square Footage Expiring 33,970 -- 7,204 --
81,800
Percent of Square Footage 8.6% -- 1.8% --
20.6%
</TABLE>
Page 14 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - -----------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - -----------------------------------
Same Property
<S> <C> <C> <C>
<C> <C>
Revenue $ 880,083 $ 879,394 $
878,821 $ 900,295 $ 3,538,592
Operating expenses 137,525 119,301
97,884 143,590 498,300
NOI 742,558 760,092
780,937 756,705 3,040,292
Growth from same period prior year N/A N/A
NA N/A N/A
Combined Total
Revenue $ 1,024,641 $ 1,032,671 $
1,029,510 $ 1,045,911 $ 4,132,733
Operating expenses 196,687 186,522
160,019 231,478 774,706
NOI 827,954 846,149
869,491 814,433 3,358,027
Growth from same period prior year N/A N/A
N/A N/A N/A
Capital expenditures 14,994 3,780
152,715 71,620 232,234
Weighted average leaseable square feet 1,595,827 1,595,827
1,595,827 1,595,827 1,595,827
Capital expenditures per leaseable sq. ft. 0.01 0.00
0.10 0.04 0.15
- - --------------------------------------------------------------------------------
- - ---------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - ---------------------------------
Physical occupancy 99.2% 97.2%
99.4% 99.3% 99.3%
Economic occupancy 97.9% 97.9%
98.1% 98.2% 98.2%
Average base rent per occupied sq. ft. 2.51 2.51
2.51 2.52 2.52
Increase from same period prior year N/A N/A
N/A N/A N/A
- - --------------------------------------------------------------------------------
- - ---------------------------------
LEASING PRODUCTION: NEW
- - --------------------------------------------------------------------------------
- - ---------------------------------
Square footage leased 1,200 --
-- -- 1,200
Rental dollars 6,600 --
-- -- 6,600
Average base rent per square foot 5.50 --
-- -- 5.50
Concessions -- --
-- -- --
Concessions per square foot leased -- --
-- -- --
Tenant improvements (TI) committed -- --
-- -- --
TI committed per square foot leased -- --
-- -- --
TI spent -- --
759 -- 759
Capitalized leasing commissions (CLC)
committed 792 --
-- -- 792
CLC committed per square foot leased 0.66 --
-- -- 0.66
CLC spent 396 --
-- -- 396
CLC and TI committed per sq. ft. leased 0.66 --
-- -- 0.66
</TABLE>
<TABLE>
<CAPTION>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ----------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ----------------------------------
Same Property
<S> <C> <C> <C>
<C>
Revenue $ 850,378 $ 875,598 $
909,590 $ 2,635,566
Operating expenses 132,645 103,605
144,775 381,025
NOI 717,733 771,993
764,815 2,254,541
Growth from same period prior year -3.3% 1.6%
- - -2.1% -1.3%
Combined Total
Revenue $ 1,005,970 $ 979,760 $
914,904 $ 2,900,634
Operating expenses 203,030 160,565
146,544 510,139
NOI 802,940 819,195
768,360 2,390,495
Growth from same period prior year -3.0% -3.2%
- - -11.6%(1) -6.0%
Capital expenditures -- --
19,046 19,046
Weighted average leaseable square feet 1,589,027 1,491,827
1,491,827 1,524,227
Capital expenditures per leaseable sq. ft. -- --
0.01 0.01
- - --------------------------------------------------------------------------------
- - ----------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - ----------------------------------
Physical occupancy 99.5% 100.0%
100.0% 100.0%
Economic occupancy 96.2% 98.0%
99.8% 99.8%
Average base rent per occupied sq. ft. 2.46 2.37
2.37 2.37
Increase from same period prior year -2.1% -5.8%
-5.7% -5.7%
Page 15 of 24
<PAGE>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ----------------------------------
LEASING PRODUCTION: NEW
- - --------------------------------------------------------------------------------
- - ----------------------------------
Square footage leased 1,200 --
-- 1,200
Rental dollars 7,800 --
-- 7,800
Average base rent per square foot 6.50 --
-- 6.50
Concessions 650 --
-- 650
Concessions per square foot leased 0.54 --
-- 0.54
Tenant improvements (TI) committed 600 --
-- 600
TI committed per square foot leased 0.50 --
-- 0.50
TI spent -- --
2,716 2,716
Capitalized leasing commissions (CLC)
committed 936 --
-- 936
CLC committed per square foot leased 0.78 --
-- 0.78
CLC spent -- 1,649
-- 1,649
CLC and TI committed per sq. ft. leased 1.28 --
-- 1.28
<FN>
(1) Reflects sale of the All American Self Storage facilities
</FN>
</TABLE>
Page 16 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - -----------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- - --------------------------------------------------------------------------------
- - -----------------------------------
<S> <C> <C>
<C> <C> <C>
Square footage leased 85,023 2,400
48,400 4,500 140,323
Rental dollars 567,001 14,040
44,640 14,040 639,721
Average base rent 6.67 5.85
0.92 3.12 4.56
Percent Increase in effective rates from
renewal N/A N/A
N/A N/A 11.4%
Concessions -- --
-- -- --
Concessions per square foot leased -- --
-- -- --
Tenant improvements (TI) committed 900 --
-- 24,000 24,900
TI committed per square foot leased 0.01 --
-- 5.33 0.18
TI spent 12,465 --
-- -- 12,465
Capitalized leasing commissions (CLC)
committed 540 1,404
-- -- 1,944
CLC committed per square foot leased 0.01 0.59
-- -- 0.01
CLC spent 1,320 1,969
333 1,404 5,026
CLC and TI committed per sq. ft. leased 0.02 0.59
-- 5.33 0.19
</TABLE>
<TABLE>
<CAPTION>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd 3rd
4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - -------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- - --------------------------------------------------------------------------------
- - -------------------------------
<S> <C> <C>
<C> <C>
Square footage leased 52,800 3,000
12,000 67,800
Rental dollars 180,324 20,700
44,640 245,664
Average base rent 3.42 6.90
3.72 3.62
Percent Increase in effective rates from
renewal 4.5% -0.4%
0.0% 1.4%
Concessions -- 3,350
-- 3,350
Concessions per square foot leased -- 0.06
-- 0.06
Tenant improvements (TI) committed 2,085 6,000
-- 8,085
TI committed per square foot leased 0.04 2.00
-- 0.12
TI spent 6,533 9,286
16,791 32,610
Capitalized leasing commissions (CLC)
committed 1,833 2,804
-- 4,637
CLC committed per square foot leased 0.03 0.93
-- 0.07
CLC spent 1,994 8,019
1,464 11,477
CLC and TI committed per sq. ft. leased 0.07 2.93
-- 0.19
</TABLE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
- - -----------------
LEASE EXPIRATION SCHEDULE 1996 1997 1998 1999
2000
- - ---------------------------------------------------------
- - ---------------------------------------
<S> <C> <C> <C> <C>
<C>
Annual Base Rent Expiring 168,036 78,672 221,844
86,916 162,840
Percent of Total Annual Rent 4.7% 2.2% 6.2%
2.4% 4.5%
Square Footage Expiring 50,200 13,800 63,400
14,400 49,200
Percent of Square Footage 3.4% 0.9% 4.2%
1.0% 3.3%
</TABLE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
- - ----------------
LEASE EXPIRATION SCHEDULE 2001 2002 2003 2004
2005 &
Thereafter
- - ---------------------------------------------------------
- - --------------------------------------
<S> <C> <C> <C> <C>
<C>
Annual Base Rent Expiring 276,000 -- --
2,594,388 --
Percent of Total Annual Rent 7.7% -- --
72.3% --
Square Footage Expiring 44,657 -- --
1,256,170 --
Percent of Square Footage 3.0% -- --
84.2% --
</TABLE>
Page 17 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ----------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ----------------------------------
Same Property
<S> <C> <C> <C>
<C> <C>
Revenue $ 835,454 $ 869,420 $
834,013 $ 826,905 $ 3,365,792
Operating expenses 179,589 205,261
173,178 255,638 813,666
NOI 655,865 664,159
660,835 571,267 2,552,126
Growth from same period prior year N/A N/A
N/A N/A N/A
Combined Total
Revenue $ 835,454 $ 869,420 $
834,013 $ 826,905 $ 3,365,792
Operating expenses 179,589 205,261
173,178 255,638 813,666
NOI 655,865 664,159
660,835 571,267 2,552,126
Growth from same period prior year N/A N/A
N/A N/A N/A
Capital expenditures (excludes TI and CLC) -- 12,117
54,908 -- 67,025
Weighted average leaseable square feet 284,638 284,638
284,638 284,638 284,638
Capital expenditures per leaseable sq. ft. -- 0.04
0.19 -- 0.24
- - --------------------------------------------------------------------------------
- - ---------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - ---------------------------------
Physical occupancy (at end of period) 94.5% 95.6%
94.7% 95.3% 95.3%
Economic occupancy (at end of period) 93.8% 94.7%
94.4% 94.3% 94.3%
Average base rent per occupied sq. ft. 10.70 10.82
10.90 10.80 10.80
Increase from same period prior year N/A N/A
N/A N/A N/A
- - --------------------------------------------------------------------------------
- - ---------------------------------
LEASING PRODUCTION: NEW
- - --------------------------------------------------------------------------------
- - ---------------------------------
Square footage leased 8,736 4,650
2,682 2,250 18,318
Rental dollars 84,269 50,562
32,921 27,090 194,842
Average base rent per square foot 9.65 10.87
12.27 12.04 10.64
Concessions 1,575 5,442
11,460 5,950 24,427
Concessions per square foot leased 0.18 1.17
4.27 2.64 1.33
Tenant improvements (TI) committed 8,721 8,800
16,738 -- 34,259
TI committed per square foot leased 1.00 1.89
6.24 -- 1.87
TI spent -- 2,000
51,276 -- 53,276
Capitalized leasing commissions (CLC)
committed 1,900 12,930
6,864 6,750 28,444
CLC committed per square ft. leased 0.22 2.78
2.56 3.00 1.55
CLC spent 14,137 8,083
10,900 3,780 36,900
CLC and TI committed per sq. ft. leased 1.22 4.67
8.80 3.00 3.42
</TABLE>
<TABLE>
<CAPTION>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ----------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ----------------------------------
Same Property
<S> <C> <C> <C>
<C>
Revenue $ 826,483 $ 831,779 $
826,781 $ 2,485,043
Operating expenses 229,194 187,219
222,311 638,724
NOI 597,289 644,560
604,470 1,846,320
Growth from same period prior year -8.9% -3.0%
-8.5% -6.8%
Combined Total
Revenue $ 826,483 $ 831,779 $
853,905 $ 2,512,167
Operating expenses 229,194 187,219
222,311 638,724
NOI 597,289 644,560
631,594 1,873,443
Growth from same period prior year -8.9% -3.0%
-4.4% -5.4%
Capital expenditures (excludes TI and CLC) -- 9,832
2,265 12,097
Weighted average leaseable square feet 285,658 285,658
305,719 292,345
Capital expenditures per leaseable sq. ft. -- 0.03
0.01 0.04
- - --------------------------------------------------------------------------------
- - ----------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - ----------------------------------
Physical occupancy (at end of period) 92.1% 92.1%
93.4% 93.4%
Economic occupancy (at end of period) 96.2% 94.1%
92.1% 92.1%
Average base rent per occupied sq. ft. 11.29 11.27
10.14 10.14
Increase from same period prior year 5.5% 4.1%
-7.0%(1) -7.0%
Page 18 of 24
<PAGE>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - ----------------------------------------------- ------------- ------------
- - ------------ ------------ -------------
LEASING PRODUCTION: NEW
- - ----------------------------------------------- ------------- ------------
- - ------------ ------------ -------------
Square footage leased 2,520 5,150
4,068 11,738
Rental dollars 26,438 58,835
50,596 135,869
Average base rent per square foot 10.49 11.42
12.44 11.58
Concessions 1,020 5,538
9,358 15,916
Concessions per square foot leased 0.40 1.08
2.30 1.36
Tenant improvements (TI) committed -- 4,000
9,972 13,972
TI committed per square foot leased -- 0.78
2.45 1.19
TI spent -- --
4,213 4,213
Capitalized leasing commissions (CLC)
committed -- 7,350
14,335 21,685
CLC committed per square ft. leased -- 1.43
3.52 1.85
CLC spent 6,228 3,675
17,205 27,108
CLC and TI committed per sq. ft. leased -- 2.20
5.98 3.04
<FN>
(1) Average base rents declined due to the purchase of the grocery store anchor
at Westwood Plaza Shopping Center which has lower rents per square foot.
</FN>
</TABLE>
Page 19 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - -----------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- - --------------------------------------------------------------------------------
- - -----------------------------------
<S> <C> <C>
<C> <C> <C>
Square footage leased 2,534 7,520
2,663 2,259 14,976
Rental dollars 24,969 84,568
34,037 21,658 165,232
Average base rent per square foot 9.85 11.25
12.78 9.59 11.03
Percent increase in effective rents from
renewal N/A N/A
N/A N/A 3.7%
Concessions -- --
-- 1,360 1,360
Concessions per square foot leased -- --
-- 0.60 0.09
Tenant improvements (TI) committed -- --
7,000 3,210 10,210
TI committed per square foot leased -- --
2.63 1.42 0.68
TI spent -- 7,316
-- -- 7,316
Capitalized leasing commissions (CLC)
committed -- --
-- -- --
CLC committed per square foot leased -- --
-- -- --
CLC spent -- 1,000
-- -- 1,000
CLC and TI committed per sq. ft. leased -- --
2.63 1.42 0.68
</TABLE>
<TABLE>
<CAPTION>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- - --------------------------------------------------------------------------------
- - ------------------------------
<S> <C> <C>
<C>
Square footage leased -- 3,300
12,338 15,638
Rental dollars -- 36,770
123,699 160,469
Average base rent per square foot -- 11.14
10.03 10.26
Percent increase in effective rents from
renewal -- 11.0%
- - -2.7%(1) 2.8%
Concessions -- 1,922
10,000 11,922
Concessions per square foot leased -- 0.58
0.81 0.76
Tenant improvements (TI) committed -- 13,960
66,288 80,248
TI committed per square foot leased -- 4.23
5.37 5.13
TI spent 3,210 --
20,000 23,210
Capitalized leasing commissions (CLC)
committed -- --
- - -- --
CLC committed per square foot leased -- --
- - -- --
CLC spent -- --
- - -- --
CLC and TI committed per sq. ft. leased -- 4.23
5.37 5.13
<FN>
(1) Reflects moving expense concessions paid to relocate tenants to accommodate
expansion of the grocery store anchor at Westwood Plaza Shopping Center.
</FN>
</TABLE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
- - -------------------
LEASE EXPIRATION SCHEDULE 1996 1997 1998
1999 2000
- - --------------------------------------------------------------------------------
- - -------------------
<S> <C> <C> <C> <C>
<C>
Annual Base Rent Expiring 120,924 200,496 252,696
350,988 329,604
Percent of Total Annual Rent 3.5% 5.7% 7.2%
10.1% 9.4%
Square Footage Expiring 9,873 18,329 23,733
30,872 29,125
Percent of Square Footage 3.2% 5.9% 7.6%
9.9% 9.3%
</TABLE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------
- - ------------------
LEASE EXPIRATION SCHEDULE 2001 2002 2003
2004 2005 &
Thereafter
- - --------------------------------------------------------------------------------
- - ------------------
<S> <C> <C>
<C>
Annual Base Rent Expiring 439,944 -- --
253,824 1,543,855
Percent of Total Annual Rent 12.6% -- --
7.3% 44.2%
Square Footage Expiring 53,368 -- --
62,856 79,095
Percent of Square Footage 18.7% -- --
20.1% 25.3%
</TABLE>
Page 20 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - --------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - --------------------------------
Same Property
<S> <C> <C> <C>
<C> <C>
Revenue (1) $ 953,426 $ 1,025,352 $
983,562 $ 971,932 $ 3,934,272
Operating expenses(2) 391,425 451,269
412,546 462,807 1,718,047
NOI 562,001 574,083
571,016 509,125 2,216,225
Growth from same period prior year N/A N/A
N/A N/A N/A
Combined Total
Revenue $ 953,426 $ 1,025,352 $
983,562 $ 971,932 $ 3,934,272
Operating expenses 391,425 451,269
412,546 462,807 1,718,047
NOI 562,001 574,083
571,016 509,125 2,216,225
Growth from same period prior year N/A N/A
N/A N/A N/A
Capital expenditures 160,561 168,218
106,013 210,783 645,575
Weighted average rooms owned 499 499
499 499 499
Capital expenditures per room 322 337
212 422 1,294
- - ---------------------------------------------- ------------- ------------
- - ------------ ------------ ------------
OCCUPANCY STATUS
- - ---------------------------------------------- ------------- ------------
- - ------------ ------------ ------------
Total room revenue 2,095,890 2,122,385
1,848,661 1,837,410 7,904,346
Physical occupancy 76.4% 76.4%
69.4% 69.4% 72.9%
Average daily rate per occupied room $61.12 $61.17
$58.03 $57.63 $59.56
Increase from same period prior year N/A N/A
N/A N/A N/A
Revenue per available room (REVPAR) $46.67 $46.74
$40.27 $40.02 $43.40
Increase from same period prior year N/A N/A
N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
For the Period:
1996
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - --------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - --------------------------------
Same Property
<S> <C> <C> <C>
<C>
Revenue (1) $ 1,205,115 $ 1,091,190 $
1,019,501 $ 3,315,806
Operating expenses(2) 424,675 386,341
413,942 1,224,958
NOI 780,440 704,849
605,559 2,090,848
Growth from same period prior year 38.9% 22.8%
6.0% 22.5%
Combined Total
Revenue $ 1,205,115 $ 1,091,190 $
1,071,501 $ 3,367,806
Operating expenses 424,675 386,341
421,371 1,232,387
NOI 780,440 704,849
650,130 2,135,419
Growth from same period prior year 38.9% 22.8%
13.9% 25.1%
Capital expenditures 18,558 98,551
137,496 254,605
Weighted average rooms owned 499 499
540 513
Capital expenditures per room 37 197
254 497
- - --------------------------------------------- ------------- ------------
- - ------------ ------------ -------------
OCCUPANCY STATUS
- - --------------------------------------------- ------------- ------------
- - ------------ ------------ -------------
Total room revenue 2,402,872 2,149,709
2,128,553 6,681,134
Physical occupancy 77.9% 73.2%
68.2% 73.0%
Average daily rate per occupied room $67.90 $64.68
$62.96 $65.22
Increase from same period prior year 11.1% 5.7%
8.5% 9.5%
Revenue per available room (REVPAR) $52.92 $47.34
$42.94 $47.59
Increase from same period prior year 13.4% 1.3%
6.6% 9.7%
<FN>
(1) At December 31, 1995 revenue includes $2,184,734 of lease payments from
three hotels which GRTI owns and leases to GHG. Revenue also includes
$1,749,538 of operating revenue from one hotel. The company holds a
participating first mortgage interest in this hotel and in accordance with
GAAP, GRTI accounts for the property as though it held fee title. At
September 30, 1996 revenue includes $575,111 of lease payments from four
hotels and $496,390 of operating revenues from one hotel.
(2) Operating expenses paid by lessor for the four leased hotels include taxes
and property insurance; all other expenses paid by lessee.
</FN>
</TABLE>
Page 21 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
September 30, 1996
For the Period:
1995
- - ----------------------------------------------------------------
1st 2nd
3rd 4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - --------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - --------------------------------
Same Property
<S> <C> <C> <C>
<C> <C>
Revenue $ 193,031 $ 200,732 $
197,120 $ 191,181 $ 782,064
Operating expenses 102,542 112,177
110,967 122,352 448,038
NOI 90,489 88,555
86,153 68,829 334,026
Growth from same period prior year N/A N/A
N/A N/A N/A
Combined Total
Revenue $ 193,031 $ 200,732 $
197,120 $ 191,181 $ 782,064
Operating expenses 102,542 112,177
110,967 122,352 448,038
NOI 90,489 88,555
86,153 68,829 334,026
Growth from same period prior year N/A N/A
N/A N/A N/A
Capital expenditures 19,650 2,559
-- 2,006 24,215
Weighted average apartment units owned 104 104
104 104 104
Capital expenditures per apartment unit 189 25
-- 19 233
- - --------------------------------------------------------------------------------
- - --------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - --------------------------------
Physical occupancy (at end of period) 96.0% 94.0%
93.0% 93.0% 93.0%
Economic occupancy (at end of period) 91.7% 91.7%
91.4% 91.2% 91.2%
Average base rent per occupied unit 639 645
648 639 639
Increase from same period prior year N/A N/A
N/A N/A N/A
Apartment turnover rate 8.7% 19.2%
13.5% 12.5% 53.8%
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
- - ----------------------------------------------------------------
1st 2nd 3rd
4th Year to
Quarter Quarter
Quarter Quarter Date
- - --------------------------------------------------------------------------------
- - ------------------------------
OPERATING RESULTS
- - --------------------------------------------------------------------------------
- - ------------------------------
Same Property
<S> <C> <C> <C>
<C>
Revenue $ 193,911 $ 186,164 $
204,427 $ 584,502
Operating expenses 91,312 95,593
79,276 266,181
NOI 102,599 90,571
125,151 318,321
Growth from same period prior year 13.4% 2.3%
45.3% 20.0%
Combined Total
Revenue $ 193,911 $ 186,164 $
204,427 $ 584,502
Operating expenses 91,312 95,593
79,276 266,181
NOI 102,599 90,571
125,151 318,321
Growth from same period prior year 13.4% 2.3%
45.3% 20.0%
Capital expenditures 17,500 29,900
9,538 56,938
Weighted average apartment units owned 104 104
104 104
Capital expenditures per apartment unit 168 288
92 547
- - --------------------------------------------------------------------------------
- - ------------------------------
OCCUPANCY STATUS
- - --------------------------------------------------------------------------------
- - ------------------------------
Physical occupancy (at end of period) 89.4% 96.2%
92.3% 92.3%
Economic occupancy (at end of period) 88.8% 89.2%
94.9% 94.9%
Average base rent per occupied unit 654 656
660 660
Increase from same period prior year 2.3% 1.7%
1.9% 1.9%
Apartment turnover rate 15.0% 8.7%
9.6% 33.3%
</TABLE>
Page 22 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
September 30, 1996
- - --------------------------------------------------------------------------------
- - ----------------------------------------------------
OFFICE INDUSTRIAL RETAIL HOTEL
MULTI- PROPERTY ELIMINATING TOTAL
FAMILY TOTAL ENTRIES(1) REPORTED
- - --------------------------------------------------------------------------------
- - ----------------------------------------------------
<S> <C> <C> <C> <C>
<C> <C> <C>
Revenue 1,196,821 914,904 853,905 1,071,501
204,427 4,241,558 -- 4,241,558
Operating Expenses 575,865 146,544 222,311 421,371
79,276 1,445,367 (110,693) 1,334,674
NOI 620,956 768,360 631,594 650,130
125,151 2,796,191 (110,693) 2,906,884
<FN>
(1) Eliminating entry represents internal market level property management
fees included in operating expenses to provide
comparison to industry performance.
</FN>
</TABLE>
<TABLE>
<CAPTION>
COMBINED RETAIL, INDUSTRIAL AND OFFICE PORTFOLIOS
- - --------------------------------------------- ------------- ------------
- - ------------ ------------
LEASE EXPIRATION SCHEDULE 1996 1997 1998
1999 2000
- - --------------------------------------------- ------------- ------------
- - ------------ ------------
<S> <C> <C> <C> <C>
<C>
Annual Base Rent Expiring 785,112 1,255,896 1,726,128
1,563,756 959,688
Percent of Total Annual Rent 6.20% 9.80% 13.50%
12.30% 7.50%
Square Footage expiring 95,152 97,281 163,160
115,653 105,142
Percent of Square Footage 4.30% 4.50% 7.40%
5.30% 4.80%
</TABLE>
<TABLE>
<CAPTION>
COMBINED RETAIL, INDUSTRIAL AND OFFICE PORTFOLIOS
- - --------------------------------------------- ------------ -------------
- - ------------ ------------
LEASE EXPIRATION SCHEDULE 2001 2002 2003
2004 2005 &
Thereafter
- - --------------------------------------------- ------------ -------------
- - ------------ ------------
<S> <C> <C> <C>
<C>
Annual Base Rent Expiring 1,303,704 -- 124,272
2,848,212 2,193,223
Percent of Total Annual Rent 10.20% -- 1.00%
22.30% 17.20%
Square Footage expiring 136,995 -- 7,204
1,319,026 160,895
Percent of Square Footage 6.20% -- 0.30%
59.90% 7.30%
</TABLE>
CONTRIBUTION TO NOI
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to NOI)
CONTRIBUTION TO REVENUE
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to
revenue)
Page 23 of 24
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH
REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM
DEFINITION
- - ---------------------------------------
- - --------------------------------------------------------------------------------
- - ------
<C> <C>
Acquisitions The capitalized cost of properties
acquired during the period indicated.
Associated Companies The REIT owns 100% of the non-voting
preferred stock of three real
estate companies: Glenborough
Corporation, Glenborough Inland
Realty Corporation and Glenborough
Hotel Group.
Average Base Rent Per Base rent charged to tenants divided
by occupied square feet or number
Occupied Square Foot (Unit) of units. Rental revenue used is on
an annual basis.
Capital Expenditures Recurring, non-revenue producing
purchases of building improvements
and equipment, excluding Tenant
Improvements and Leasing
Commissions. This caption does not
include purchases of land,
buildings, and equipment that will
produce revenue for the Company,
such as property acquisitions and
construction of rentable structures.
Capitalized Leasing Commissions paid for obtaining a
lease which have been capitalized and
Commissions (CLC) are to be amortized over the lease
term.
CLC Committed Capitalized leasing commissions which
have been committed as a part
of entering into a lease agreement.
CLC Spent The portion of committed, capitalized
leasing commissions which have
been spent by the Company.
Combined Total All properties owned in the current
year.
Concessions Relief or reduction of rent charges
for a specified period, negotiated and
committed to as a part of entering
into a lease agreement.
Controlled Partnerships A group of partnerships for which one
of the Associated Companies
provides some or all of the following
services: asset management,
property management, general partner
services, development services.
Debt Coverage Ratio EBIDA divided by debt service.
Debt Service Interest expense plus principal
reductions of debt, excluding repayments
on lines of credit.
Dividend Payout Ratio The percentage of pro forma FFO or
FAD that will be paid in dividends
to the shareholders of Glenborough
Realty Trust Incorporated.
Dividend Per Share The dividends to be paid to each
shareholder of Glenborough Realty
Trust Incorporated.
EBIDA Earnings before interest,
depreciation and amortization.
Economic Occupancy Gross potential rent divided by base
rental revenue collected.
Effective Rents Annualized rents net of concessions.
FFO Multiplier Stock price per share divided by
annualized year-to-date FFO per share.
FFO Per Share FFO divided by the weighted average
shares outstanding during the
period.
Funds Available For Funds Available for Distribution
represents Funds from Operations plus
Distribution (FAD) amortization of deferred financing
fees and recurring principal receipts
from mortgage loans, less reserves
for leasing commissions, capital
expenditures (excluding property
acquisitions) and debt principal
amortization.
Funds From Operations (FFO) Funds from Operations means income
(loss) from operations before
minority interests and extraordinary
items plus depreciation and
amortization and unrealized loss
provisions plus an adjustment to reflect
the Company's share of FFO of the
Associated Companies.
Interest Coverage Ratio EBIDA divided by interest on debt.
Leasing Production Information related to lease
agreements entered into during the period
including square footage leased,
rental dollars (specifically defined
below), concessions, tenant
improvements, and capitalized leasing
commissions.
Net Asset Value The net total of the Appraised Values
of the properties plus the net value
of the non-real estate assets and
liabilities as of the date of the
Consolidation.
Net Operating Income (NOI) Revenues less Operating Expenses (as
defined herein).
Operating Expenses Total operating expenses (as reported
by the Company to the SEC in its
periodic filings) less depreciation
and amortization. This amount does
not include other income and expenses
such as interest and gains or
losses on sales of assets.
Percent Debt to Total Market Total notes and mortgages payable
divided by the sum of total notes and
Capitalization mortgages payable plus the total
market value of all shares and units
outstanding at the date of
calculation.
Percent Increase in Effective Percentage change in effective base
rents from renewal as compared to
Rents From Renewal effective base rents as of the date
indicated.
Physical Occupancy Total square feet (units) rented
divided by net rentable square feet
(units) on the date indicated.
Renewal or Re-Lease Leases that have been renewed by
current tenants or leased space that
has been re-leased by new tenants.
Rental Dollars (Leasing Total annualized revenues to be
earned per year during the term of the
Production) lease from renewed or re-leased space
before concessions, TIs and
leasing commissions.
Same Property Properties owned in the current year
which were also owned during the
same period of the prior year. If a
property is sold during the quarter,
data for prior periods and the
current quarter are deleted for
comparability.
Tenant Improvements (TI) A capital expense used to improve the
physical space occupied by an
existing or new (re-leasing) tenant.
Tenant improvements are amortized
over the term of the lease.
TI Committed Tenant improvements which have been
committed as a part of entering
into a lease agreement.
TI Spent The portion of committed tenant
improvements which have been spent
by the Company.
Total Market Capitalization As of the date calculated, the sum of
(a) the product obtained by
multiplying the total fully converted
number of shares of the Common
Stock of the Company then
outstanding, by the price per share; plus (b)
the Company's Debt as set forth on
the most recent financial statements.
Turnover Rate The percentage of multifamily units
that became available for rent
during the 12-month period ending on
the date of this report.
Page 24 of 24
<PAGE>
</TABLE>
