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<PAGE> 1
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) June 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 20 pages.
No Exhibits Required
Page 1 of 20
<PAGE> 2
Item 5. Other Events
On July 26, 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 June
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:
<TABLE>
<CAPTION>
Page Number in
Exhibit No. Description This Filing
- ----------- ----------- -----------
<S> <C> <C>
99 Supplemental Information as 3
of June 30, 1996
</TABLE>
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: July 26, 1996 By: /s/ Andrew Batinovich
-------------------------
Andrew Batinovich
Executive Vice President,
Chief Financial Officer and
Chief Operating Officer
(Principal Financial Officer)
Page 2 of 20
<PAGE> 1
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
Table of Contents
PAGE
Real Estate Portfolio.........................................................4
Real Estate Portfolio Controlled by Associated Companies......................5
Debt Summary..................................................................7
Corporate Operating Summary...................................................8
Office Portfolio.............................................................10
Industrial Portfolio .....................................................12
Retail Portfolio.............................................................14
Hotel Portfolio..............................................................16
Multi-family Portfolio.......................................................17
Combined Operating Results...................................................18
Glossary of Terms............................................................19
Page 3 of 20
<PAGE> 2
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
PROPERTY LOCATION SQ. FEET % OCCUPIED
-------- -------- -------- ----------
<S> <C> <C> <C>
OFFICE PORTFOLIO
4500 Plaza Salt Lake City UT 69,975 100%
Regency Westpointe Omaha NB 36,101 100%
--------- ---------
Total Office Square Footage/Average % Occupied 106,076 100%
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%
SeaTacII (1) Seattle WA 41,657 100%
--------- ---------
Total Industrial Square Footage/Average % Occupied 1,491,827 100%
RETAIL PORTFOLIO
Atlanta Auto Center College Park GA 7,920 100%
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 97%
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 93%
Westwood Plaza Tampa FL 61,369 83%
--------- ---------
Total Retail Square Footage/Average % Occupied 285,658 92%
<CAPTION>
# OF ROOMS YTD OCC
---------- -------
<S> <C> <C> <C>
HOTEL PORTFOLIO
Country Suites By Carlson Arlington TX 132 73%
Country Suites By Carlson(1) Irving TX 90 78%
Country Suites By Carlson Ontario CA 120 68%
Country Suites By Carlson Tucson AZ 157 83%
--------- ---------
Total Hotel Rooms/YTD Occupancy 499 76%
<CAPTION>
# OF UNITS % OCCUPIED
---------- ----------
<S> <C> <C> <C>
MULTI-FAMILY PORTFOLIO
Summer Breeze No. Hollywood CA 104 96%
--------- ---------
Total Multi-Family Units/Average % Occupied 104 96%
<CAPTION>
PRINCIPAL
BALANCE
------------
<S> <C> <C>
MORTGAGES RECEIVABLE
Hovpark Eatontown NJ $ 7,563,000
Laurel Cranford Arleta CA 513,000
------------
Total Mortgages Receivable $ 8,076,000
</TABLE>
(1) One of the Managed Partnerships holds a participating first mortgage
interest in the property. In accordance with GAAP, GRTI accounts for the
property as though it holds fee title.
Page 4 of 20
<PAGE> 3
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMPANIES(1)
June 30, 1996
<TABLE>
<CAPTION>
PROPERTY LOCATION SQ. FEET % OCCUPIED
-------- -------- -------- ----------
<S> <C> <C> <C>
OFFICE PORTFOLIO
Rosemead Springs Bus Ctr El Monte CA 129,503 11%
Civic Center II Rancho Cucamonga CA 17,857 58%
Gateway Professional Ctr Sacramento CA 48,578 92%
Park Plaza Sacramento CA 67,688 74%
Carnegie Business Ctr I San Bernardino CA 62,506 88%
Carnegie Business Ctr II San Bernardino CA 50,804 65%
Lakeside Tower San Bernardino CA 112,649 78%
One Carnegie Plaza San Bernardino CA 102,625 84%
Two Carnegie Plaza San Bernardino CA 68,924 86%
One Parkside San Bernardino CA 70,069 92%
One Vanderbilt Way San Bernardino CA 73,943 59%
Two Vanderbilt Way San Bernardino CA 69,128 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 88%
Montrose Office Park Rockville MD 186,385 76%
Bond Street Building Farmington Hills MI 40,545 82%
University Club Tower St. Louis MO 272,443 88%
Director's Plaza I Memphis TN 131,727 74%
Executive Plaza Memphis TN 147,695 49%
Poplar Towers Memphis TN 100,901 98%
Bluemound Commerce Centre Brookfield WI 48,113 80%
--------- ---------
Total Office Square Footage/Average % Occupied 1,971,761 74%
INDUSTRIAL PORTFOLIO
San Sevaine Business Park Mira Loma CA 172,057 91%
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 98%
--------- ---------
Total Industrial Square Footage/Average % Occupied 1,852,212 94%
RETAIL PORTFOLIO
Mountain View Plaza Mojave CA 57,456 89%
Promo Retail Center San Bernardino CA 66,265 97%
Service Retail Center San Bernardino CA 20,780 97%
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 65%
RCC Auto Center Temecula CA 25,761 90%
Town & Country Center Arlington Heights IL 323,591 94%
San Mar Plaza San Marcos TX 96,206 97%
--------- ---------
Total Retail Square Footage/Average % Occupied 709,853 90%
</TABLE>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
Page 5 of 20
<PAGE> 4
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMOPANIES(1)
June 30, 1996
<TABLE>
<CAPTION>
PROPERTY LOCATION # OF ROOMS/UNITS YTD OCC.
-------- -------- ---------------- --------
<S> <C> <C> <C>
HOTEL PORTFOLIO
Country Suites By Carlson Tempe AZ 139 90%
Country Suites By Carlson Memphis TN 121 74%
Condominium Resort Hotel Galveston TX 276 78%
Condominium Resort Hotel Port Aransas TX 86 43%
------ ---------
Total Hotel Rooms/YTD Occupancy 622 72%
<CAPTION>
% OCCUPIED
----------
<S> <C> <C> <C>
MULTI-FAMILY PORTFOLIO
Green Meadows Davis CA 120 95%
Huntington Breakers Huntington Beach CA 342 95%
Villa La Jolla La Jolla CA 385 96%
La Jolla Canyon Apts. San Diego CA 157 94%
Pacific Bay Club San Diego CA 159 99%
Shadowridge Woodbend Vista CA 240 90%
Promontory Point Henderson NV 180 94%
Lake Mead Estates Las Vegas NV 160 92%
------ ---------
Total Multi-Family Units/Average % Occupied 1,743 94%
<CAPTION>
ACRES
------
<S> <C> <C>
LAND PORTFOLIO
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
</TABLE>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
<TABLE>
<CAPTION>
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
PROPERTY LOCATION SALES PRICE COMMENTS
-------- -------- ----------- --------
<S> <C> <C> <C>
GLENBOROUGH REALTY TRUST INCORPORATED
Deletions:
All American Self Storage Eagan MN
All American Self Storage New Hope MN $ 2,900,000 Combined
ASSOCIATED COMPANIES
Additions:
Inland Regional Center San Bernardino CA Build-to-Suit
Development
</TABLE>
Page 6 of 20
<PAGE> 5
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMOPANIES(1)
June 30, 1996
<TABLE>
<CAPTION>
MATURITY
FROM
INTEREST INTEREST MATURITY 6/30/96
LENDER PROPERTY DEBT BALANCE RATE TYPE DATE (YEARS)
------ -------- ------------ ---- ---- ---- -------
<S> <C> <C> <C> <C> <C>
SECURED MORTGAGE LOAN $ 19,885,852 7.57% Fixed 1/1/06 9.51
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 9,210,000 7.88% LIBOR + 12/29/98 2.50
Retail 2.375%
Park Center
Industrial
Atlanta Auto Centers
Park 100 - Bldgs. 42 & 46
SeaTac II
Hotel
Country Suites - Irving
Notes Receivable
Hovpark/Eatontown
OTHER SECURED MORTGAGE 2,635,303 7.75% Fixed 1/1/06 9.51
Multi-Family
Summer Breeze
INSURANCE COMPANY 999,189 8.00% Fixed 9/1/05 9.18
Office
4500 Plaza
------------- ----
TOTAL DEBT/WEIGHTED INTEREST RATE $ 32,730,344 7.68%
</TABLE>
<TABLE>
<CAPTION>
RELATIVE PERCENTAGE OF WEIGHTED AVERAGE
DEBT TYPE ALL DEBT RATE
- --------- -------- ----
<S> <C> <C>
All Debt 100.00% 7.68%
All Floating Rate Debt 28.14% 7.88%
Floating Rate Debt Capped 0.00% 0.00%
Floating Rate Debt Not Capped 28.14% 7.88%
All Fixed Rate Debt 71.86% 7.61%
</TABLE>
Page 7 of 20
<PAGE> 6
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMOPANIES(1)
June 30, 1996
<TABLE>
<CAPTION>
1995(1)
-------------------------------------------------------------------
For the Period: 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 $2,956,600 $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>
1996
---------------------------------------------------------------
For the Period: 1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET INCOME BEFORE MINORITY INTEREST $ 1,354,000 $1,393,000 $ 2,747,000
Plus:
Depreciation and amortization 897,000 862,000 1,759,000
Loss Provisions -- -- --
Adjustment to reflect FFO of
Associated Companies 284,000 311,000 595,000
---------- ---------- ----------
FUNDS FROM OPERATIONS (FFO) 2,535,000 2,566,000 5,101,000
Plus:
Amortization of deferred financing fees 36,000 36,000 72,000
Principal receipts on mortgage loans 14,000 5,000 19,000
LESS:
Capital reserve 185,000 71,000 256,000
Capital expenditures 54,000 168,000 222,000
Principal amortization reserve 86,000 125,000 211,000
---------- ---------- ----------
FUNDS AVAILABLE FOR DISTRIBUTION (FAD) $ 2,260,000 $2,243,000 $ 4,503,000
EBIDA (including G & A expenses)
Same property $ 2,888,000 $2,907,000 $ 5,795,000
Growth from same period prior year 0.6% 3.3% 1.9%
Combined Total $ 2,973,000 $2,954,000 $ 5,927,000
Growth from same period prior year 0.6% 1.9%(2) 1.2%
Net Income excluding consolidation costs $ 1,253,000 $1,572,000 $ 2,825,000
Net Income (loss) including consolidation
costs $(5,984,000) $1,572,000 $(4,412,000)
</TABLE>
(1) Results for 1995 represent pro forma information.
(2) Reflects sale of All American Self-Storage facilities.
Page 8 of 20
<PAGE> 7
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
June 30, 1996
<TABLE>
<CAPTION>
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(3) 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(3) 128,125,862(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)(3) 6,296,042
Price per share on last trading day of the period 15.000(2)
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Weighted average shares outstanding 5,753,709 5,761,209 5,757,995
Fully converted weighted average shares
outstanding(3) 6,296,042 6,303,542 6,300,328
FFO per share 0.40 0.41 0.81
FAD per share 0.36 0.36 0.72
Net Income per share excluding
Consolidation Costs 0.22 0.27 0.49
Net Income (loss) per share including
Consolidation Costs (1.04) 0.27 (0.77)
FFO Multiplier (Price/FFO) 8.75 8.61 8.72
Debt Coverage Ratio 3.85 3.75 3.63
Interest Coverage Ratio 4.33 4.46 4.17
Total Dividends 1,888,813 1,893,313 3,782,125
Dividend per share 0.30 0.30 0.60
Dividend payout ratio (FFO) 75.0% 73.2% 74.1%
Dividend payout ratio (FAD) 83.3% 83.3% 83.3%
Total notes and mortgages payable 33,616,327 32,730,344 32,730,344
Total market capitalization(3) 121,760,915 121,873,812 121,873,812
Increase from same period prior year N/A N/A N/A
Debt/Total Market Capitalization Ratio 27.6% 26.9% 26.9%
Shares outstanding (at end of period) 5,753,709 5,768,709 5,768,709
Fully converted shares outstanding (at end of
period)(3) 6,296,042 6,311,042 6,311,042
Price per share on last trading day of the period 14.000 14.125 14.125
</TABLE>
(1) Results for 1995 represent pro forma information.
(2) NAV per share of $15.00 was used since trading had not commenced as of
12/31/95.
(3) Includes minority interest in UPREIT Partnership.
Page 9 of 20
<PAGE> 8
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
For the Period: 1995
------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
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 0.00 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> <C>
Same Property
Revenue $357,683 $360,891 $718,574
Operating expenses 163,457 138,638 302,095
NOI 194,226 222,253 416,479
Growth from same period prior year 26.6% 41.7% 34.2%
Combined Total
Revenue $357,683 $360,891 $718,574
Operating expenses 163,457 138,638 302,095
NOI 194,226 222,253 416,479
Growth from same period prior year 26.6% 41.7% 34.2%
Capital expenditures -- 2,904 2,904
Weighted average leaseable square feet 106,076 106,076 106,076
Capital expenditures per leaseable sq. ft 0.00 0.03 0.03
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
Physical occupancy 98.0% 100.0% 100.0%
Economic occupancy 96.8% 97.3% 97.3%
Average base rent per occupied sq. ft 13.07 12.95 12.95
Increase from same period prior year 13.0% 15.0% 15.0%
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ----------------------------------------------------------------------------------------------------------------
Square footage leased -- 1,004 1,004
Rental dollars -- 17,042 17,042
Average base rent per square foot -- 16.97 16.97
Concessions -- -- --
Concessions per square foot leased -- -- --
Tenant improvements (TI) committed -- 4,700 4,700
TI committed per square foot leased -- 4.68 4.68
TI spent -- 1,377 1,377
Capitalized leasing commissions (CLC)
committed -- 3,111 3,111
CLC committed per square foot leased -- 3.10 3.10
CLC spent -- -- --
CLC and TI committed per sq. ft. leased -- 7.78 7.78
</TABLE>
Page 10 of 20
<PAGE> 9
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
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 11.6%
Concessions -- -- -- 4,647 4,647
Concessions per square foot leased -- -- -- 0.09 0.08
Tenant improvements (TI) committed 528 -- -- 40,432 40,960
TI committed per square foot leased 0.17 -- -- 0.76 0.73
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 0.17 -- -- 0.76 0.73
</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> <C>
Square footage leased 3,348 3,249 6,597
Rental dollars 45,198 54,397 99,595
Average base rent 13.50 16.74 15.10
Percent increase in effective rents from
renewal 40.6% 11.9% 26.3%
Concessions -- -- --
Concessions per square foot leased -- -- --
Tenant improvements (TI) committed 4,403 21,079 25,482
TI committed per square foot leased 1.32 6.49 3.86
TI spent -- 2,751 --
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 3.86
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1996 1997 1998 1999 2000 2001 2002 2003 2004 & after
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 113,712 185,724 774,432 222,960 -- 24,084 -- -- 300,216
Percent of Total Annual Rent 7.00% 11.50% 47.80% 13.80% -- 1.50% -- -- 18.50%
Square Footage expiring 10,711 13,675 45,922 17,241 -- 1,784 -- -- 15,491
Percent of Square Footage 10.20% 13.00% 43.80% 16.50% -- 1.70% -- -- 14.80%
</TABLE>
Page 11 of 20
<PAGE> 10
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
For the Period: 1995
------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
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 -- -- 759 -- 759
TI committed per square foot leased -- -- -- -- 0.63
TI spent -- -- 759 -- 759
Capitalized leasing commissions (CLC)
committed 396 -- -- -- 396
CLC committed per square foot leased 0.33 -- -- -- 0.33
CLC spent 396 -- -- -- 396
CLC and TI committed per sq. ft. leased 0.33 -- -- -- 0.96
</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> <C>
Same Property
Revenue $ 850,378 $ 875,598 $1,725,976
Operating expenses 132,645 103,605 236,250
NOI 717,733 771,993 1,489,726
Growth from same period prior year -3.3% 1.6% -0.9%
Combined Total
Revenue 1,005,970 979,760 1,985,730
Operating expenses 203,030 160,565 363,595
NOI 802,940 819,195 1,622,135
Growth from same period prior year -3.0% -3.2%(1) -3.1%
Capital expenditures -- -- --
Weighted average leaseable square feet 1,589,027 1,491,827 1,491,827
Capital expenditures per leaseable sq. ft -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -------------------------------------------------------------------------------------------------------------------------------
Physical occupancy 99.5% 100.0% 100.0%
Economic occupancy 96.2% 98.0% 98.0%
Average base rent per occupied sq. ft 2.46 2.37 2.37
Increase from same period prior year -2.1% -5.8% -5.8%
- -------------------------------------------------------------------------------------------------------------------------------
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 6,533 -- 6,533
Capitalized leasing commissions (CLC)
committed 936 936
--
CLC committed per square foot leased 0.78 -- 0.78
CLC spent -- 6,864 6,864
CLC and TI committed per sq. ft. leased 1.28 -- 1.28
</TABLE>
(1) Reflects sale of All American Self-storage facilities
Page 12 of 20
<PAGE> 11
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
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 121,423 2,400 12,000 4,500 140,323
Rental dollars 567,001 14,040 44,640 14,040 639,721
Average base rent 4.67 5.85 3.72 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 12,465 -- -- 27,300 39,765
TI committed per square foot leased 0.10 -- -- 6.07 0.28
TI spent 12,465 -- -- -- 12,465
Capitalized leasing commissions (CLC)
committed 1,320 1,969 333 69,404 73,026
CLC committed per square foot leased 0.01 0.82 0.03 15.42 0.52
CLC spent 1,320 1,969 333 1,404 5,026
CLC and TI committed per sq. ft. leased 0.11 0.82 0.03 21.49 0.80
</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> <C>
Square footage leased 52,800 3,000 55,800
Rental dollars 180,324 20,700 201,024
Average base rent 3.42 6.90 3.60
Percent Increase in effective rates from
renewal 4.5% -0.4% 2.0%
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 0.14
TI spent -- 9,286 9,286
Capitalized leasing commissions (CLC)
committed 1,833 2,804 4,637
CLC committed per square foot leased 0.03 0.93 0.08
CLC spent 1,994 2,804 4,798
CLC and TI committed per sq. ft. leased 0.07 2.93 0.23
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1996 1997 1998 1999 2000 2001 2002 2003 2004 & after
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 54,468 78,672 339,780 86,916 162,840 276,000 -- -- 2,594,388
Percent of Total Annual Rent 1.50% 2.20% 9.50% 2.40% 4.50% 7.70% -- -- 72.20%
Square Footage Expiring 13,800 13,800 99,800 14,400 49,200 44,657 -- -- 1,256,170
Percent of Square Footage 0.90% 0.90% 6.70% 1.00% 3.30% 3.00% -- -- 84.20%
</TABLE>
Page 13 of 20
<PAGE> 12
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
For the Period: 1995
---------------------------------------------------------------------
Year to
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Date
- -----------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
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. 0.00 0.04 0.19 0.00 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 -- 2,000 51,276 -- 53,276
TI committed per square foot leased -- 0.43 19.12 -- 2.91
TI spent -- 2,000 51,276 -- 53,276
Capitalized leasing commissions (CLC)
committed 14,137 8,083 10,900 3,780 36,900
CLC committed per square ft. leased 1.62 1.74 4.06 1.68 2.01
CLC spent 14,137 8,083 10,900 3,780 36,900
CLC and TI committed per sq. ft. leased 1.62 2.17 23.18 1.68 4.92
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
---------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Same Property
Revenue $826,483 $831,779 $1,658,262
Operating expenses 229,194 187,219 416,413
NOI 597,289 644,560 1,241,849
Growth from same period prior year -8.9% -3.0% -5.9%
Combined Total
Revenue 826,483 831,779 1,658,262
Operating expenses 229,194 187,219 416,413
NOI 597,289 644,560 1,241,849
Growth from same period prior year -8.9% -3.0% -5.9%
Capital expenditures (excludes TI and CLC) -- 9,832 9,832
Weighted average leaseable square feet 285,658 285,658 285,658
Capital expenditures per leaseable sq. ft. 0.00 0.03 0.03
- ---------------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------------
Physical occupancy (at end of period) 92.1% 92.1% 92.1%
Economic occupancy (at end of period) 96.2% 94.1% 94.1%
Average base rent per occupied sq. ft. 11.29 11.27 11.27
Increase from same period prior year 5.5% 4.1% 4.1%
- ---------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------------------
Square footage leased 2,520 5,150 7,670
Rental dollars 26,438 58,835 85,273
Average base rent per square foot 10.49 11.42 11.12
Concessions 1,020 5,538 6,558
Concessions per square foot leased 0.40 1.08 0.85
Tenant improvements (TI) committed -- 4,000 4,000
TI committed per square foot leased -- 0.78 0.52
TI spent -- -- --
Capitalized leasing commissions (CLC)
committed -- 7,350 7,350
CLC committed per square ft. leased -- 1.43 0.96
CLC spent 6,228 3,675 9,903
CLC and TI committed per sq. ft. leased -- 2.20 1.48
</TABLE>
Page 14 of 20
<PAGE> 13
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
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 3,088 1,834 14,976
Rental dollars 24,969 84,568 34,037 21,658 165,232
Average base rent per square foot 9.85 11.25 11.02 11.81 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 -- -- -- 0.74 0.09
Tenant improvements (TI) committed -- 7,316 -- -- 7,316
TI committed per square foot leased -- 0.97 -- -- 0.49
TI spent -- 7,316 -- -- 7,316
Capitalized leasing commissions (CLC)
committed -- 1,000 -- -- 1,000
CLC committed per square foot leased -- 0.13 -- -- 0.07
CLC spent -- 1,000 -- -- 1,000
CLC and TI committed per sq. ft. leased -- 1.11 -- -- 0.56
</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 3,300
Rental dollars -- 36,770 36,770
Average base rent per square foot -- 11.14 11.14
Percent increase in effective rents from
renewal 0.0% 11.0% 11.0%
Concessions -- 1,922 1,922
Concessions per square foot leased -- 0.58 0.58
Tenant improvements (TI) committed -- 13,960 13,960
TI committed per square foot leased -- 4.23 4.23
TI spent 3,210 -- 3,210
Capitalized leasing commissions (CLC)
committed -- -- --
CLC committed per square foot leased -- -- --
CLC spent -- -- --
CLC and TI committed per sq. ft. leased -- 4.23 4.23
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------- ------------- ------------- ------------ ----------
LEASE EXPIRATION SCHEDULE 1996 1997 1998 1999
- ---------------------------------------------- ------------- ------------- ------------ ----------
<S> <C> <C> <C> <C>
Annual Base Rent Expiring 246,948 272,424 252,696 297,408
Percent of Total Annual Rent 8.20% 9.00% 8.30% 9.80%
Square Footage expiring 20,798 25,392 23,733 24,972
Percent of Square Footage 7.80% 9.50% 8.90% 9.40%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------- ------------ ------------- ----------- ------------ -------------
LEASE EXPIRATION SCHEDULE 2000 2001 2002 2003 2004 & after
- ---------------------------------------------- ------------ ------------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 312,240 317,952 -- -- 1,327,476
Percent of Total Annual Rent 10.30% 10.50% -- -- 43.90%
Square Footage expiring 27,607 49,080 -- -- 94,856
Percent of Square Footage 10.40% 18.40% -- -- 35.60%
</TABLE>
Page 15 of 20
<PAGE> 14
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
For the Period: 1995
-------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
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 sales 2,137,490 2,083,067 1,852,398 1,841,067 7,914,022
Physical occupancy (YTD) 76.4% 76.4% 74.0% 72.7% 72.7%
Average daily rate per occupied
room (YTD) $ 60.58 $ 60.65 $ 59.88 $ 59.49 $ 59.49
Increase from same period prior year N/A N/A N/A N/A N/A
Revenue per available room
(REVPAR) (YTD) $ 46.71 $ 46.73 $ 44.58 $ 43.45 $ 43.45
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
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Same Property
Revenue (1) $1,205,115 $1,091,190 $2,296,305
Operating expenses(2) 424,675 386,341 811,016
NOI 780,440 704,849 1,485,289
Growth from same period prior year 38.9% 22.8% 30.7%
Combined Total
Revenue $1,205,115 $1,091,190 $2,296,305
Operating expenses 424,675 386,341 811,016
NOI 780,440 704,849 1,485,289
Growth from same period prior year 38.9% 22.8% 30.7%
Capital expenditures 18,558 98,551 117,109
Weighted average rooms owned 499 499 499
Capital expenditures per room 37 197 235
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -----------------------------------------------------------------------------------------------------------
Total sales 2,514,155 2,255,398 4,769,553
Physical occupancy (YTD) 77.9% 75.5% 75.5%
Average daily rate per occupied
room (YTD) $ 67.06 $ 65.88 $ 65.88
Increase from same period prior year 10.7% 8.6% 8.6%
Revenue per available room
(REVPAR) (YTD) $ 52.91 $ 50.13 $ 50.13
Increase from same period prior year 13.3% 7.3% 7.3%
</TABLE>
(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. One of the Managed
Partnerships 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 June 30, 1996 revenue includes $585,630 of lease payments from
three hotels and $505,560 of operating revenue from one hotel.
(2) Operating expenses paid by lessor for the three leased hotels include taxes
and insurance; all other expenses paid by lessee.
Page 16 of 20
<PAGE> 15
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
June 30, 1996
<TABLE>
<CAPTION>
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
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
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Same Property
Revenue $ 193,911 $ 186,164 $ 380,075
Operating expenses 91,312 95,593 186,905
NOI 102,599 90,571 193,170
Growth from same period prior year 13.4% 2.3% 7.9%
Combined Total
Revenue 193,911 186,164 380,075
Operating expenses 91,312 95,593 186,905
NOI 102,599 90,571 193,170
Growth from same period prior year 13.4% 2.3% 7.9%
Capital expenditures 17,500 29,900 47,400
Weighted average apartment units owned 104 104 104
Capital expenditures per apartment unit 168 288 456
- --------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- --------------------------------------------------------------------------------------------------------------
Physical occupancy (at end of period) 89.4% 96.2% 96.2%
Economic occupancy (at end of period) 88.8% 89.2% 89.2%
Average base rent per occupied unit 654 656 656
Increase from same period prior year 2.3% 1.7% 2.0%
Apartment turnover rate 15.0% 8.7% 23.7%
</TABLE>
Page 17 of 20
<PAGE> 16
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
June 30, 1996
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
MULTI- PROPERTY ELIMINATING TOTAL
OFFICE INDUSTRIAL RETAIL HOTEL FAMILY TOTAL ENTRIES(1) REPORTED
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues 360,891 979,760 831,779 1,091,190 186,164 3,449,784 -- 3,449,784
Operating Expenses 138,638 160,565 187,219 386,341 95,593 968,356 (76,586) 891,770
NOI 222,253 819,195 644,560 704,849 90,571 2,481,428 (76,586) 2,558,014
</TABLE>
(1) Eliminating entry represents internal market level property management fees
included in operating expenses to provide comparison to industry
performance.
COMBINED RETAIL, INDUSTRIAL AND OFFICE PORTFOLIOS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1996 1997 1998 1999 2000 2001 2002 2003 2004 & after
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 415,128 536,820 1,366,908 607,284 475,080 618,036 -- -- 4,222,080
Percent of Total Annual Rent 5.00% 6.50% 16.60% 7.40% 5.80% 7.50% -- -- 51.20%
Square Footage expiring 45,309 52,867 169,455 56,613 76,807 95,521 -- -- 1,366,517
Percent of Square Footage 2.40% 2.90% 9.10% 3.00% 4.10% 5.10% -- -- 73.40%
</TABLE>
Page 18 of 20
<PAGE> 17
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- --------------------------------------------------------------------------------
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
Occupied Square Foot (Unit) by occupied square feet or number 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
Commissions (CLC) which have been capitalized and 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 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
Distribution (FAD) represents Funds from Operations plus
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.
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<PAGE> 18
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- --------------------------------------------------------------------------------
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
Capitalization divided by the sum of total notes and
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 rents from renewal as compared to
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
Production) per year during the term of the 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.
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