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, 1997
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, Suite 1100, San Mateo, California 94402
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Address of principal executive offices
Registrant's Telephone number, including area code: (650) 343-9300
N/A
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(Former name or former address, if changes since last report)
This form 8-K contains a total of 28 pages.
No Exhibits Required
<PAGE>
Item 5. Other Events
On November 7, 1997, 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,
1997, 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 of September 30, 1997 4
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: November 7, 1997 By: /s/ Stephen R. Saul
-----------------------
Stephen R. Saul
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Page 2 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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SUPPLEMENTAL INFORMATION
September 30, 1997
Table of Contents
PAGE
Real Estate Portfolio.........................................................4
Real Estate Portfolio Managed by Associated Companies.........................7
Additions and Deletions to Portfolios During Period...........................9
Debt Summary.................................................................11
Corporate Operating Summary..................................................12
Office Portfolio.............................................................14
Office/Flex Portfolio........................................................16
Industrial Portfolio.........................................................18
Retail Portfolio.............................................................20
Hotel Portfolio..............................................................22
Multi-family Portfolio.......................................................23
Lease Expiration Schedule....................................................24
Combined Operating Results...................................................26
Glossary of Terms............................................................27
Page 3 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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REAL ESTATE PORTFOLIO
September 30, 1997
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PROPERTY LOCATION SQ. FEET % OCC.
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OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Tradewinds Financial Center Phoenix AZ 17,778 90%
Vintage Pointe Phoenix AZ 56,112 86%
Warner Village Medical Fountain Valley CA 32,272 89%
Hillcrest Office Plaza Fullerton CA 34,623 91%
Centerstone Plaza Irvine CA 157,579 97%
University Tech Center Pomona CA 100,516 96%
Academy Professional Center Rolling Hills CA 29,185 81%
Dallidet Professional Center San Luis Obispo CA 23,051 76%
Buschwood III Tampa FL 76,930 92%
Montgomery Executive Ctr. Gaithersburg MD 118,348 90%
Westford Corporate Center Westford MA 163,247 100%
Bond Street Building Farmington Hills MI 40,595 93%
Riverview Office Tower Bloomington MN 227,129 97%
University Club Tower St. Louis MO 272,443 94%
Woodlands Plaza St. Louis MO 71,209 98%
One Professional Square Omaha NE 34,906 85%
Regency Westpointe Omaha NE 35,937 99%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Exec. Quarters Bridgewater NJ 65,000 100%
Frontier Exec. Quarters I Bridgewater NJ 224,314 100%
Frontier Executive Quarters II Bridgewater NJ 41,880 100%
Gatehall Parsippany NJ 113,604 85%
25 Independence Blvd. Warren NJ 106,879 100%
Citibank Park (1) Las Vegas NV 147,978 90%
Post Oak Place Houston TX 56,021 94%
4500 Plaza Salt Lake City UT 70,001 100%
700 South Washington Alexandria VA 56,348 100%
Globe Building Mercer Island WA 24,779 97%
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Total Office Square Footage/Average % Occupied 2,410,361 95%
OFFICE/FLEX PORTFOLIO
Hoover Industrial Mesa AZ 57,441 97%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 95%
Kraemer Industrial Park Anaheim CA 55,246 89%
Dominguez Industrial Carson CA 85,120 98%
Chatsworth Ind. Park Chatsworth CA 29,764 100%
Glassell Industrial Center Orange CA 46,912 89%
Dunn Way Industrial Placentia CA 59,832 85%
Monroe Industrial Placentia CA 38,655 92%
Rancho Bernardo Rancho Bernardo CA 52,865 88%
Scripps Terrace San Diego CA 56,796 90%
Tierrasanta Research Park San Diego CA 104,234 78%
San Dimas Industrial Ctr. San Dimas CA 35,996 77%
Sandhill Industrial Park San Dimas CA 90,922 100%
<FN>
(1) Acquisition closed on September 30, 1997; therefore data for this
property is not included in the following tables for the third quarter.
</FN>
</TABLE>
Page 4 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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REAL ESTATE PORTFOLIO
September 30, 1997
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PROPERTY LOCATION SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
OFFICE/FLEX PORTFOLIO (continued)
Upland Industrial Upland CA 27,414 100%
Valley Bus. Park Denver CO 202,540 93%
Newport Business Center Deerfield Beach FL 60,661 97%
Cypress Creek Business Ctr. Ft. Lauderdale FL 66,372 98%
Lake Point Business Pk. Orlando FL 135,032 91%
The Business Park Norcross GA 155,125 98%
Oakbrook Corners Norcross GA 123,948 90%
Park 100, Bldg. 42 Indianapolis IN 37,200 79%
Fisher-Pierce Weymough MA 79,825 100%
Germantown Business Ctr. Germantown MD 60,000 100%
Winnetka Industrial Center Crystal MN 188,260 100%
Riverview Industrial Park St. Paul MN 120,510 100%
Woodlands Tech Center St. Louis MO 98,037 100%
Fox Hollow Bus. Quarters Branchburg NJ 42,173 100%
Fairfield Business Quarters Farifield NJ 42,762 100%
Clark Avenue King of Prussia PA 40,000 100%
Walnut Creek Bus Center Austin TX 100,000 100%
Kent Business Park Kent WA 138,157 100%
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Total Office/Flex Square Footage/Average % Occupied 2,567,388 95%
INDUSTRIAL PORTFOLIO
Fifth Street Industrial Phoenix AZ 109,699 100%
Coronado Industrial Anaheim CA 95,732 100%
Benicia Industrial Park Benicia CA 156,800 100%
Belshaw Industrial Carson CA 23,826 100%
Springdale Commerce Ctr. Santa Fe Springs CA 144,000 100%
Burnham Industrial Warehouse Boca Raton FL 71,168 100%
Airport Perimeter Bus. Park College Park GA 119,797 90%
Atlantic Industrial Norcross GA 187,843 100%
Bonnie Lane Business Center Elk Grove Village IL 119,590 100%
Navistar International Trans. Corp. West Chicago IL 474,426 100%
Glenn Avenue Business Ctr. Wheeling IL 82,000 100%
Wood Dale Business Center Wood Dale IL 89,718 88%
Park 100 - Building 46 Indianapolis IN 102,400 100%
J.I. Case Equipment Corp. Kansas City KS 199,750 100%
Southworth-Milton Milford MA 146,125 100%
Navistar International Trans. Corp. Baltimore MD 274,000 100%
Eatontown Industrial Eatontown NJ 36,800 100%
Jencraft Industrial Totowa NJ 120,943 100%
J.I. Case Equipment Corp. Memphis TN 205,594 100%
Pinewood Industrial Arlington TX 46,060 100%
Mercantile I Dallas TX 236,092 95%
Quaker Industrial Dallas TX 42,083 100%
SeaTac II (2) Seattle WA 41,657 100%
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Total Industrial Square Footage/Average % Occupied 3,126,103 99%
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Page 5 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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REAL ESTATE PORTFOLIO
September 30, 1997
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PROPERTY LOCATION SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
Park Center (2) Santa Ana CA 73,500 97%
Sonora Plaza Sonora CA 162,126 99%
Piedmont Plaza Apopka FL 151,000 98%
River Run Shopping Center Miramar FL 85,887 98%
Westwood Plaza Tampa FL 99,304 99%
Shannon Crossing Atlanta GA 64,039 96%
Westbrook Commons Westchester IL 132,190 96%
Goshen Plaza Gaithersburg MD 45,546 88%
Auburn North Auburn WA 158,596 71%
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Total Retail Square Footage/Average % Occupied 972,188 93%
HOTEL PORTFOLIO # of Rooms YTD OCC.
Country Inn & Suites By Carlson Scottsdale AZ 163 58%
77%Country Suites By Carlson Tucson AZ 157 77%
Country Suites By Carlson Ontario CA 120 76%
Country Suites By Carlson Arlington TX 132 74%
Country Suites By Carlson (2) Irving TX 90 68%
Country Inn By Carlson San Antonio TX 64 64%
--- ---
Total Hotel Rooms/YTD Occupancy 726 70%
MULTI-FAMILY PORTFOLIO # of Units % OCC.
Overlook Apartments Scottsdale AZ 224 92%
Summer Breeze No. Hollywood CA 104 99%
Sahara Gardens Las Vegas NV 312 91%
Villas de Mission Las Vegas NV 226 96%
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Total Multi-Family Units/ Average % Occupied 866 94%
<FN>
(2) The Company holds a participating first mortgage interest in the property.
In accordance with GAAP, GLB accounts for the property as though it holds
fee title.
</FN>
</TABLE>
Page 6 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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PORTFOLIO MANAGED BY THE ASSOCIATED COMPANIES (1)
September 30, 1997
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PROPERTY LOCATION # ROOMS/UNITS % OCC.
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<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Grunow Medical Building Phoenix AZ 47,516 68%
GSK Corporate Plaza Phoenix AZ 31,530 84%
One West Madison Phoenix AZ 25,000 100%
Civic Center II Rancho Cucamonga CA 17,857 58%
Gateway Professional Center Sacramento CA 50,556 96%
Park Plaza Sacramento CA 67,688 75%
Inland Regional Center San Bernardino CA 81,079 100%
Lakeside Tower San Bernardino CA 112,866 84%
One Carnegie Plaza San Bernardino CA 102,637 86%
One Parkside San Bernardino CA 70,069 66%
One Vanderbilt Way San Bernardino CA 73,809 75%
Santa Fe San Bernardino CA 36,288 100%
Two Carnegie Plaza San Bernardino CA 68,925 81%
Two Vanderbilt Way San Bernardino CA 69,050 93%
Bristol Medical Center Santa Ana CA 52,311 83%
26th Street Office Santa Monica CA 14,573 100%
Montrose Office Park Rockville MD 186,680 99%
Director's Plaza I Memphis TN 131,727 78%
Poplar Towers Memphis TN 100,901 88%
Bluemound Commerce Centre Brookfield WI 47,928 75%
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Total Office Square Footage/Average % Occupied 1,388,990 85%
OFFICE/FLEX PORTFOLIO
Carnegie Business Ctr. I San Bernardino CA 62,605 69%
Carnegie Business Ctr. II San Bernardino CA 50,804 74%
Wakefield Engineering Bldg. Temecula CA 44,200 100%
Bryant Lake Phase I & II Eden Prairie MN 80,057 91%
Bryant Lake Phase III Eden Prairie MN 91,732 86%
NorthPark I, IV, V, & VII Charlotte NC 319,960 89%
The Commons at Great Valley Malvern PA 200,000 100%
Totem Valley Business Center Kirkland WA 121,645 100%
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Total Office/Flex Square Footage/Average % Occupied 971,003 91%
INDUSTRIAL PORTFOLIO
San Sevaine Business Park Mira Loma CA 172,057 88%
Rancon Centre Ontario Ontario CA 245,000 100%
SkyPark Airport Parking San Bruno CA 216,780 100%
Black Satchel Charlotte NC 228,800 100%
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Total Industrial Square Footage/Average % Occupied 862,637 91%
<FN>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
</FN>
</TABLE>
Page 7 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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PORTFOLIO MANAGED BY THE ASSOCIATED COMPANIES (1)
September 30, 1997
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PROPERTY LOCATION # ROOMS/UNITS % OCC.
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<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
Baseline Mercado Mesa AZ 22,960 75%
Mountain View Plaza Mojave CA 57,456 87%
Weist Plaza Riverside CA 145,778 94%
Circuit City San Bernardino CA 39,123 100%
Holiday Spa Health Club San Bernardino CA 25,000 100%
Outback Steak House San Bernardino CA 6,500 100%
Promo Retail Center San Bernardino CA 66,265 97%
Service Retail Center San Bernardino CA 20,780 100%
T.G.I. Friday's San Bernardino CA 9,386 100%
Aztec Village Center San Diego CA 23,789 46%
Town & Country Center Arlington Heights IL 323,591 94%
Glenlake Plaza Indianapolis IN 93,593 88%
Heritage Square San Antonio TX 75,528 81%
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Total Retail Square Footage/Average % Occupied 909,749 90%
HOTEL PORTFOLIO YTD OCC.
Country Suites By Carlson Tempe AZ 139 87%
Condominium Resort Hotel Galveston TX 276 74%
Condominium Resort Hotel Port Aransas TX 86 65%
--- ---
Total Hotel Rooms/YTD Occupancy 501 68%
MULTI-FAMILY PORTFOLIO % OCC.
Green Meadows Davis CA 120 81%
Villa La Jolla La Jolla CA 385 99%
La Jolla Canyon Apts. San Diego CA 157 99%
Pacific Bay Club San Diego CA 159 97%
Shadowridge Woodbend Vista CA 240 96%
Georgetowne Apts. Omaha NE 288 95%
Promontory Point Henderson NV 180 89%
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Total Multi-Family Units/Average % Occupied 1,529 95%
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 41.02
Rancon Center (Retail) Rancho Cucamonga CA 4.98
Rancon Commerce Center (Industrial) Temecula CA 15.52
Rancon Towne Village (Retail) Temecula CA 5.63
Tippecanoe (Commercial) San Bernardino CA 8.79
Tri-City Corporate Center (Off/Retail) San Bernardino CA 40.46
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Total Land Acres 252.02
<FN>
(1) Operating results and leasing statistics for these properties are not included in the following tables.
</FN>
</TABLE>
Page 8 of 28
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<TABLE>
<CAPTION>
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GLENBOROUGH REALTY TRUST INCORPORATED
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ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
September 30, 1997
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PROPERTY LOCATION SQ. FEET DATE
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<S> <C> <C> <C> <C>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS:
Office Portfolio
Buschwood III Tampa FL 76,930 9/12/97
Montgomery Executive Center Gaithersburg MD 118,348 9/12/97
Morristown Medical Offices Bedminster NJ 14,255 9/12/97
Bridgewater Executive Quarters Bridgewater NJ 65,000 9/12/97
Frontier Executive Quarters I Bridgewater NJ 224,314 9/12/97
Frontier Executive Quarters II Bridgewater NJ 41,880 9/12/97
Gatehall I Parsippany NJ 113,604 9/12/97
25 Independence Blvd. Warren NJ 106,879 9/12/97
Citibank Park Las Vegas NV 147,978 9/30/97
Post Oak Place Houston TX 56,021 9/12/97
Office/Flex Portfolio
Baseline Business Park Tempe AZ 100,204 9/12/97
Scripps Terrace San Diego CA 56,796 9/12/97
Tierrasanta Research Park San Diego CA 104,234 9/12/97
Valley Business Park Denver CO 202,540 9/12/97
Newport Business Center Deerfield Beach FL 60,661 9/12/97
Cypress Creek Business Center Ft. Lauderdale FL 66,372 9/12/97
The Business Park Norcross GA 155,125 9/12/97
Oakbrook Corners Norcross GA 123,948 9/12/97
Germantown Business Center Germantown MD 60,000 9/12/97
Winnetka Industrial Center Crystal MN 188,260 9/12/97
Riverview Industrial Park St. Paul MN 120,510 9/12/97
Fox Hollow Business Quarters Branchburg NJ 42,173 9/12/97
Fairfield Business Quarters Fairfield NJ 42,762 9/12/97
Clark Avenue King of Prussia PA 40,000 9/12/97
Kent Business Park Kent WA 138,157 9/12/97
Industrial Portfolio
Coronado Industrial Anaheim CA 95,732 9/12/97
Springdale Commerce Center Santa Fe Springs CA 144,000 9/12/97
Burnham Industrial Warehouse Boca Raton FL 71,168 9/12/97
Airport Perimeter Business Park College Park GA 119,797 9/12/97
Atlantic Industrial Norcross GA 187,843 9/12/97
Bonnie Lane Business Center Elk Grove Village IL 119,590 9/12/97
Glenn Avenue Business Center Wheeling IL 82,000 9/12/97
Wood Dale Business Center Wood Dale IL 89,718 9/12/97
Eatontown Industrial Eatontown NJ 36,800 9/12/97
Jencraft Industrial Totowa NJ 120,943 9/12/97
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Page 9 of 28
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<TABLE>
<CAPTION>
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GLENBOROUGH REALTY TRUST INCORPORATED
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ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
September 30, 1997
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PROPERTY LOCATION SQ. FEET DATE
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<S> <C> <C> <C> <C>
Retail Portfolio
River Run Shopping Center Miramar FL 85,887 9/12/97
Westbrook Commons Westchester IL 132,190 9/12/97
Goshen Plaza Gaithersburg MD 45,546 9/12/97
DELETIONS:
None
QUARTERLY RECAP OF ACQUISITIONS
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PORTFOLIO/PROPERTY ACQUISITION NUMBER OF
COST PROPERTIES SQ. FEET DATE
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<S> <C> <C> <C> <C>
Centerstone Plaza $ 30,400,000 1 157,579 7/1/97
T. Rowe Price $ 146,800,000 27 2,888,037 9/12/97
Advance Group $ 103,000,000 10 755,006 9/12/97
Citibank Park $ 23,300,000 1 147,978 9/30/97
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Page 10 of 28
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GLENBOROUGH REALTY TRUST INCORPORATED
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DEBT SUMMARY
September 30, 1997
<S> <C> <C> <C> <C> <C>
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Maturity
from
Debt Interest Interest Maturity 9/30/96
Loan Type Balance Rate Type Date (Years)
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Securitized Mortgage Loan $ 19,521,061 7.57% Fixed 1/1/06 8.26
Secured by Nine Properties
Bank Line of Credit
Secured by Nineteen Properties 28,864,994 7.44% LIBOR + 1.75% 7/14/98 0.79
Mortgage Loan
Secured by Ten Properties 60,000,000 7.50% Fixed 9/11/07 10.17
Unsecured Bridge Loan 114,000,000 7.50% Fixed 12/11/97 0.20
Individually Secured Mortgages
Multi-Family Property 2,588,265 7.75% Fixed 1/1/06 8.26
Multi-Family Property 7,248,929 7.50% Fixed 3/1/21 23.43
Office Property 902,535 8.00% Fixed 9/1/05 7.93
Office Property 2,092,198 8.18% Lenders Best 10/1/00 3.01
5-yr. Mort.
Office Property 4,500,000 8.87% Fixed 10/1/00 3.01
Hotel Property 4,504,280 8.00% 2% above 5-yr. 1/1/06 8.26
Treasury cap at 11%
Retail Property 4,988,187 8.48% Fixed 11/30/05 8.17
Industrial Property 1,415,803 9.25% Fixed 12/1/00 3.17
Industrial Property 533,267 7.39% 11th District +2.5% 5/1/17 19.60
cap at 14.75%
Office/Flex Property 842,120 8.38% Fixed 10/1/10 13.01
Office/Flex Property 736,557 7.39% 11th District +2.5% 5/1/17 19.60
cap at 14.75%
Office/Flex Property 1,768,606 8.13% Fixed 4/1/12 14.51
Office/Flex Property 2,937,950 8.13% Fixed 6/1/07 9.67
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Total Debt/Weighted Interest Rate $257,444,752 7.58% 8.27 (1)
</TABLE>
<TABLE>
<S> <C> <C> <C>
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Relative Percentage Weighted
Debt Type Total Amount Of All Debt Average Rate
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All Debt $ 257,444,752
All Floating Rate Debt 36,731,296 14% 7.55%
Floating Rate Debt Capped 5,774,104 2% 7.87%
Floating Rate Debt Not Capped 30,957,192 12% 7.49%
All Fixed Rate Debt 220,713,456 86% 7.59%
<FN>
(1) Weighted average maturity excludes the $114,000,000 unsecured bridge loan which will be repaid by December 1997.
</FN>
</TABLE>
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GLENBOROUGH REALTY TRUST INCORPORATED
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CORPORATE OPERATING SUMMARY
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
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1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
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OPERATING RESULTS
Net Income before Minority Interest $ 1,353,000 $ 1,715,000 $ 1,259,000 $ 1,779,000 $ 6,106,000
Plus:
Depreciation and amortization 897,000 862,000 934,000 1,882,000 4,575,000
Adjustment to reflect FFO of
Associated Companies 284,000 311,000 251,000 285,000 1,131,000
Prepayment penalty on mortgage loan
payoff -- -- -- -- --
Less:
Net gain on sales of rental properties -- (321,000) -- -- (321,000)
Gain on collection of note receivable -- -- -- -- --
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Funds from operations (FFO) 2,534,000 2,567,000 2,444,000 3,946,000 11,491,000
Plus:
Amortization of deferred financing fees 36,000 36,000 69,000 52,000 193,000
Less:
Capital reserve in excess of expenditures 185,000 71,000 (229,000) (81,000) (54,000)
Capital expenditures (incl. TI & Comm) 54,000 168,000 477,000 542,000 1,241,000
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Cash available for distribution (CAD) $ 2,331,000 $ 2,364,000 $ 2,265,000 $ 3,537,000 $10,497,000
Cumulative capital reserves in excess of
expenditures 185,000 256,000 27,000 (54,000) (54,000)
OTHER INFORMATION
EBIDA (including G&A expenses)
Combined Total 2,972,000 2,955,000 3,318,000 5,028,000 14,273,000
Growth from same period prior year 0.5% 1.9% 16.6% 89.0% 25.6%
Net Operating Income - Property Level
Same Property 2,388,149 2,206,729 2,513,522 2,647,150 9,755,550
Growth from same period prior year 8.5% 8.5% 0.2% 13.7% 7.6%
Tenant Retention % (commercial portfolio) 89.6% 69.6% 86.1% 82.2% 86.2%
Net Income excluding consolidation
costs and extraordinary items 1,253,000 1,572,000 1,189,000 1,799,000 5,813,000
Net Income (loss) including consolidation
costs and extraordinary items $(5,984,000) 1,572,000 $ 1,003,000 $ 1,799,000 $(1,610,000)
For the Period: 1997
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1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
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OPERATING RESULTS
Net Income before Minority Interest $2,594,000 $4,639,000 $ 4,958,000 $ 12,191,000
Plus:
Depreciation and amortization 1,537,000 2,507,000 4,823,000 8,867,000
Adjustment to reflect FFO of
Associated Companies 623,000 248,000 (776,000) 95,000
Prepayment penalty on mortgage loan
payoff -- -- 75,000 75,000
Less:
Net gain on sales of rental properties -- (570,000) 15,000 (555,000)
Gain on collection of note receivable (154,000) (498,000) -- (652,000)
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Funds from operations (FFO) 4,600,000 6,326,000 9,095,000 20,021,000
Plus:
Amortization of deferred financing fees 64,000 64,000 46,000 174,000
Less:
Capital reserve in excess of expenditures 110,000 220,000 204,000 534,000
Capital expenditures (incl. TI & Comm) 421,000 541,000 853,000 1,815,000
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Cash available for distribution (CAD) 4,133,000 $ 5,629,000 $ 8,084,000 $ 17,846,000
Cumulative capital reserves in excess of
expenditures 56,000 276,000 480,000 276,000
OTHER INFORMATION
EBIDA (including G&A expenses)
Combined Total 5,550,000 8,305,000 12,413,000 26,268,000
Growth from same period prior year 86.7% 181.0% 274.1% 184.1%
Net Operating Income - Property Level
Same Property 2,555,498 2,325,202 2,591,599(1) 7,472,299
Growth from same period prior year 7.0% 5.4% 3.1% 5.1%
Tenant Retention % (commercial portfolio) 80.2% 38.8% 55.6 54.4%
Net Income excluding consolidation
costs and extraordinary items 2,363,000 4,241,000 4,898,000 11,502,000
Net Income (loss) including consolidation
costs and extraordinary items $ 2,363,000 $ 4,241,000 $ 4,898,000 11,502,000
<FN>
(1) Reflects the performance of 21 of the 102 properties in the current portfolio.
</FN>
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Page 12 of 28
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<CAPTION>
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GLENBOROUGH REALTY TRUST INCORPORATED
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CORPORATE OPERATING SUMMARY
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
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1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
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FINANCIAL HIGHLIGHTS
Primary weighted average shares outstanding 5,753,709 5,761,209 5,778,545 9,513,517 6,632,707
Fully diluted weighted average shares
outstanding (1) 6,296,042 6,303,542 6,342,206 10,148,526 7,203,071
FFO per share 0.40 0.41 0.39 0.39 1.59
CAD per share 0.37 0.38 0.36 0.35 1.46
Net Income per share excluding
consolidation costs and extraordinary items(2) 0.22 0.27 0.21 0.19 0.88
Net Income (loss) per share including
consolidation costs and extraordinary items(2) (1.04) 0.27 0.17 0.19 (0.24)
FFO Multiplier (Price/FFO) 8.75 8.61 8.89 11.30 11.08
Debt Coverage Ratio 3.85 3.75 2.62 3.34 3.29
Interest Coverage Ratio 4.33 4.46 3.14 3.82 3.84
Total Dividends 1,888,813 1,906,313 3,084,249 3,297,815 10,177,190
Dividend per share 0.30 0.30 0.30 0.32 1.22
Dividend payout ratio (FFO) 75.0% 73.2% 76.9% 82.1% 76.7%
Dividend payout ratio (CAD) 81.1% 78.9% 84.0% 91.8% 83.8%
Total notes and mortgages payable 33,616,327 32,730,344 58,544,496 75,890,860 75,890,860
Total market capitalization (1) 121,760,915 121,873,812 147,073,129 257,528,346 257,528,346
Increase from same period prior year N/A N/A N/A N/A N/A
Debt/Total Market Capitalization Ratio 27.6% 26.9% 39.8% 29.5% 29.5%
Primary shares outstanding (at end of
period) 5,753,709 5,768,709 5,788,709 9,661,553 9,661,553
Fully diluted shares outstanding
(at end of period) (1) 6,296,042 6,311,042 6,380,442 10,305,673 10,305,673
Price per share on last trading day of the 14.000 14.125 13.875 17.625 17.625
period
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Primary weighted average shares outstanding 10,256,129 13,432,442 19,737,153 14,512,987
Fully diluted weighted average shares
outstanding (1) 10,935,951 14,466,852 21,194,507 15,654,461
FFO per share 0.42 0.44 0.43 1.28
CAD per share 0.38 0.39 0.38 1.14
Net Income per share excluding
consolidation costs and extraordinary items(2) 0.23 0.32 0.25 0.79
Net Income (loss) per share including
consolidation costs and extraordinary items(2) 0.23 0.32 0.25 0.79
FFO Multiplier (Price/FFO) 11.90 14.35 16.10 16.22
Debt Coverage Ratio 3.27 3.43 4.40 3.78
Interest Coverage Ratio 3.68 3.84 4.83 4.21
Total Dividends 4,541,123 6,862,723 10,690,156 22,094,002
Dividend per share 0.32 0.32 0.32 0.96
Dividend payout ratio (FFO) 76.2% 72.7% 74.4% 75.0%
Dividend payout ratio (CAD) 84.2% 82.1% 84.2% 84.2%
Total notes and mortgages payable 59,007,256 152,681,076 257,444,753 257,444,753
Total market capitalization (1) 335,120,716 511,004,053 869,525,089 869,525,089
Increase from same period prior year 175% 319% 491% 491%
Debt/Total Market Capitalization Ratio 17.6% 29.9% 29.6% 29.6%
Primary shares outstanding (at end of
period) 13,161,553 13,194,692 20,174,692 20,174,692
Fully diluted shares outstanding
(at end of period) (1) 13,805,673 14,191,009 22,106,739 22,106,739
Price per share on last trading day of the 20.000 25.250 27.688 27.688
period
<FN>
(1) Includes minority interest in UPREIT Partnership.
(2) Net income per share is computed independently for each quarter and the full year based on the respective weighted average
number of common shares outstanding; therefore, the sum of the quarterly net income per share data may not equal the net
income per share for the year.
</FN>
</TABLE>
Page 13 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 357,683 $ 360,891 $ 1,503,483 $ 1,497,688 $ 3,719,745
Operating expenses 163,457 138,638 756,534 638,773 1,697,402
NOI 194,226 222,253 746,949 858,915 2,022,343
Growth from same period prior year 26.6% 41.7% 1.5% 28.1% 23.2%
Combined Total
Revenue $ 357,683 $ 360,891 $ 1,196,821 $ 1,989,660 $ 3,905,055
Operating expenses 163,457 138,638 575,865 818,709 1,696,669
NOI 194,226 222,253 620,956 1,170,951 2,208,386
Growth from same period prior year 26.6% 41.7% 217.2%(2) 569.6%(2) 224.4%
Capital expenditures (excludes TI & CLC) -- 2,904 41,595 31,820 76,319
Weighted average leaseable square feet 106,076 106,076 338,346 494,798 261,324
Capital expenditures per leaseable sq. ft. -- 0.03 0.12 0.06 0.29
OCCUPANCY STATUS
Same Property
Physical occupancy 98.0% 100.0% 92.1% 95.5% 95.5%
Economic occupancy 96.8% 97.3% 89.1% 87.2% 87.2%
Average effective rent per occupied sq. foot 13.07 12.95 13.18 12.63 12.63
Increase from same period prior year 13.0% 12.2% 5.7% 7.0% 7.0%
Revenue per occupied square foot 13.76 13.61 15.58 14.96 14.96
Increase from same period prior year 17.6% 14.3% 6.5% 5.1% 5.1%
Combined Property
Physical occupancy 98.0% 100.0% 91.4% 92.6% 92.6%
Economic occupancy 96.8% 97.3% 88.7% 88.1% 88.1%
Average effective rent per occupied sq. foot 13.07 12.95 13.19 13.61 13.61
Increase from same period prior year 13.0% 12.2% 5.8% 7.5% 7.5%
Revenue per occupied square foot 13.76 13.61 15.17 15.38 15.38
Increase from same period prior year 17.6% 14.3% 16.2% 13.3% 13.3%
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 369,532 $ 368,653 $ 1,592,836(1) $ 2,331,021
Operating expenses 157,873 155,933 791,969 1,105,775
NOI 211,659 212,720 800,867 1,225,246
Growth from same period prior year 9.0% -4.3% 7.2% 5.3%
Combined Total
Revenue $ 2,342,654 $ 4,268,632 $ 7,597,307 $14,208,593
Operating expenses 1,082,311 1,939,135 2,960,056 5,981,502
NOI 1,260,343 2,329,497 4,637,251 8,227,091
Growth from same period prior year 548.9%(2) 948.1%(2) 646.8%(2) 693.0%
Capital expenditures (excludes TI & CLC) 19,663 51,787 188,196 259,646
Weighted average leaseable square feet 642,323 1,088,395 1,751,593 1,160,770
Capital expenditures per leaseable sq. ft. 0.03 0.05 0.11 0.22
OCCUPANCY STATUS
Same Property
Physical occupancy 98.3% 96.2% 95.3% 95.3%
Economic occupancy 97.7% 95.3% 92.2% 92.2%
Average effective rent per occupied sq. foot 13.58 13.97 13.81 13.81
Increase from same period prior year 3.9% 7.9% 4.8% 4.8%
Revenue per occupied square foot 14.19 14.47 15.95 15.95
Increase from same period prior year 3.1% 6.3% 2.4% 2.4%
Combined Property
Physical occupancy 93.4% 93.4% 95.2% 95.2%
Economic occupancy 90.0% 92.8% 91.7% 91.7%
Average effective rent per occupied sq. foot 13.68 13.75 15.90 15.90
Increase from same period prior year 4.6% 6.2% 20.6% 20.6%
Revenue per occupied square foot 15.61 16.67 18.49 18.49
Increase from same period prior year 13.5% 22.5% 22.0% 22.0%
<FN>
(1) Reflects performance of 4 of the 28 office properties in the current portfolio.
(2) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 14 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to 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 -- 1,377 167,789 164,520 333,686
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 37,784 64,925
CLC and TI committed per sq. ft. leased -- 7.78 10.69 -- 10.40
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention 100% 100% 77% 81% 83%
Square footage leased 3,348 3,249 9,085 13,847 29,529
Rental dollars 45,198 54,397 152,363 213,360 465,317
Average base rent 13.50 16.74 16.77 15.41 15.76
Percent increase in effective rents from renewal 40.6% 11.9% 2.9% 20.0% 18.9%
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed 4,403 21,079 41,824 13,323 80,629
TI committed per square foot leased 1.32 6.49 4.60 0.96 2.73
TI spent -- 2,751 10,079 194,617 207,447
Capitalized leasing commissions (CLC) committed -- -- -- 4,951 4,951
CLC committed per square foot leased -- -- -- 0.36 0.17
CLC spent -- -- -- 11,204 11,204
CLC and TI committed per sq. ft. leased 1.32 6.49 4.60 1.32 2.90
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
Square footage leased 8,505 12,272 14,786 35,563
Rental dollars 181,092 226,705 254,294 662,091
Average base rent per square foot 21.29 18.47 17.20 18.62
Concessions 10,086 -- 1,995 12,081
Concessions per square foot leased 1.19 -- 0.13 0.34
Tenant improvements (TI) committed 53,680 75,700 94,316 223,696
TI committed per square foot leased 6.31 6.17 6.38 6.29
TI spent 57,688 77,223 47,430 182,341
Capitalized leasing commissions (CLC) committed 18,499 20,475 48,819 87,793
CLC committed per square foot leased 2.18 1.67 3.30 2.47
CLC spent 37,133 26,029 34,423 97,586
CLC and TI committed per sq. ft. leased 8.49 7.84 9.68 8.76
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention 71% 36% 78% 64%
Square footage leased 22,570 15,144 32,603 70,317
Rental dollars 350,087 229,914 547,472 1,127,473
Average base rent 15.51 15.18 16.79 16.03
Percent increase in effective rents from renewal 36.2% 12.8% 5.9% 18.3%
Concessions -- 217 -- 217
Concessions per square foot leased -- 0.01 -- 0.00
Tenant improvements (TI) committed 64,036 35,168 126,192 225,396
TI committed per square foot leased 2.84 2.32 3.87 3.21
TI spent 40,125 18,759 147,769 206,653
Capitalized leasing commissions (CLC) committed 9,357 6,661 6,987 23,005
CLC committed per square foot leased 0.41 0.44 0.21 0.33
CLC spent 9,230 8,214 7,630 25,074
CLC and TI committed per sq. ft. leased 3.25 2.76 4.08 3.53
</TABLE>
Page 15 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 58,654 $ 52,022 $ 57,048 $ 60,976 $ 228,700
Operating expenses 25,535 20,141 24,313 18,145 88,134
NOI 33,119 31,881 32,735 42,831 140,566
Growth from same period prior year - 21.0% - 10.3% - 21.8% 67.5% - 3.0%
Combined Total
Revenue $ 214,246 $ 156,184 $ 62,362 $ 336,111 $ 768,903
Operating expenses 95,920 77,128 26,082 81,545 280,675
NOI 118,326 79,056 36,280 254,566 488,228
Compounded growth from same period prior year - 7.1% - 35.0%(2) - 72.2%(2) 205.6%(3) 5.5%
Capital expenditures -- -- -- -- --
Weighted average leaseable square feet 134,400 37,200 37,200 248,973 80,731
Capital expenditures per leaseable sq. ft. 0.00 0.00 0.00 0.00 0.00
OCCUPANCY STATUS
Same Property
Physical occupancy 96.8% 100.0% 100.0% 100.0% 100.0%
Economic occupancy 95.2% 93.9% 99.5% 97.4% 97.4%
Average base rent per occupied sq. ft. 5.73 5.59 5.91 5.79 5.79
Increase from same period prior year - 5.5% -0.6% 2.6% -3.3% -3.3%
Revenue per occupied square foot 6.52 5.59 6.13 6.56 6.56
Increase from same period prior year 1.4% - 5.4% -1.2% 5.7% 5.7%
Combined Total
Physical occupancy 93.7% 100.0% 100.0% 96.4% 96.4%
Economic occupancy 93.4% 92.5% 99.8% 96.3% 96.3%
Average effective rent per occupied sq. ft. 6.47 5.59 5.91 5.50 5.50
Increase from same period prior year 9.6% - 3.4%(2) - 0.8%(2) -10.2%(3) -10.2%
Revenue per occupied square foot 6.81 5.59 6.13 6.60 6.60
Increase from same period prior year 11.2% -7.7%(2) - 0.4%(2) 6.7%(3) 6.7%
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 60,499 $ 61,148 $ 37,399(1) $ 159,046
Operating expenses 16,666 18,868 18,188 53,722
NOI 43,833 42,280 19,211 105,324
Growth from same period prior year 32.4% 32.6% - 41.3% 7.8%
Combined Total
Revenue $ 385,324 $1,429,963 $ 2,417,606 $ 4,232,893
Operating expenses 104,172 398,932 765,416 1,268,520
NOI 281,152 1,031,031 1,652,190 2,964,373
Compounded growth from same period prior year 137.6% 1204.2%(3) 4454.0%(3) 1168.7%
Capital expenditures -- 498 16,804 17,302
Weighted average leaseable square feet 247,506 904,914 1,424,566 858,995
Capital expenditures per leaseable sq. ft. 0.00 0.00 0.01 0.02
OCCUPANCY STATUS
Same Property
Physical occupancy 95.2% 80.6% 79.0% 79.0%
Economic occupancy 98.5% 84.0% 68.9% 68.9%
Average base rent per occupied sq. ft. 6.26 6.27 5.20 5.20
Increase from same period prior year 9.3% 12.0% -12.0% -12.0%
Revenue per occupied square foot 6.84 8.15 5.09 5.09
Increase from same period prior year 4.9% 45.8% -17.1% -17.1%
Combined Total
Physical occupancy 95.7% 86.5% 95.0% 95.0%
Economic occupancy 95.7% 94.9% 92.4% 92.4%
Average effective rent per occupied sq. ft. 5.58 6.82 6.30 6.30
Increase from same period prior year -13.7% 21.8%(3) 6.7%(3) 6.7%
Revenue per occupied square foot 6.51 7.47 7.43 7.43
Increase from same period prior year -4.4% 33.5%(3) 21.2%(3) 21.2%
<FN>
(1) Reflects performance of 1 of the 32 office/flex properties in the current portfolio.
(2) Reflects sales of the All American Self-Storage facilities.
(3) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 16 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to 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 -- 783 2,432
CLC and TI committed per sq. ft. leased 1.28 -- -- -- 1.28
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention 100% 71% -- -- 83%
Square footage leased 4,800 3,000 -- -- 7,800
Rental dollars 30,564 20,700 -- -- 51,264
Average base rent 6.37 6.90 -- -- 6.57
Percent increase in effective rates from renewal 7.2% - 0.45% -- -- 0.4%
Concessions -- 3,350 -- -- 3,350
Concessions per square foot leased -- 1.12 -- -- 0.43
Tenant improvements (TI) committed 2,085 6,000 -- -- 8,085
TI committed per square foot leased 0.43 2.00 -- -- 1.04
TI spent -- -- 6,000 -- 6,000
Capitalized leasing commissions (CLC) committed 1,833 2,804 -- -- 4,637
CLC committed per square foot leased 0.38 0.43 -- -- 0.59
CLC spent 1,994 8,019 1,464 517 11,994
CLC and TI committed per sq. ft. leased 0.82 2.93 -- -- 1.63
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
Square footage leased -- 2,634 5,178 7,812
Rental dollars -- 25,666 29,152 54,818
Average base rent per square foot -- 9.74 5.63 7.02
Concessions -- -- 1,191 1,191
Concessions per square foot leased -- -- 0.23 0.15
Tenant improvements (TI) committed -- 52,000 2,076 54,076
TI committed per square foot leased -- 19.74 0.40 6.92
TI spent -- 58,829 95,755 154,584
Capitalized leasing commissions (CLC) committed -- 6,358 2,076 8,434
CLC committed per square foot leased -- 2.41 0.40 1.08
CLC spent 1,515 7,440 11,539 20,494
CLC and TI committed per sq. ft. leased -- 22.16 0.80 8.00
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention -- 73% 42% 62%
Square footage leased -- 18,000 8,257 26,257
Rental dollars -- 119,578 57,403 176,981
Average base rent -- 6.64 6.95 6.74
Percent increase in effective rates from renewal 0% 52.2% 23.6% 23.6%
Concessions -- -- -- --
Concessions per square foot leased -- -- -- --
Tenant improvements (TI) committed -- 8,000 43,004 51,004
TI committed per square foot leased -- 0.44 5.21 1.94
TI spent -- -- -- --
Capitalized leasing commissions (CLC) committed -- 5,359 9,174 14,533
CLC committed per square foot leased -- 0.30 1.11 0.55
CLC spent -- -- 4,549 4,549
CLC and TI committed per sq. ft. leased -- 0.74 6.32 2.50
</TABLE>
Page 17 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 791,724 $ 823,576 $ 852,542 $ 845,761 $3,313,603
Operating expenses 112,354 83,437 120,462 100,793 417,046
NOI 679,370 740,139 732,080 744,968 2,896,557
Growth from same period prior year -3.0% 2.2% -0.9% 1.9% 0.0%
Combined Total
Revenue $ 791,724 $ 823,576 $ 852,542 $1,023,256 $3,491,098
Operating expenses 112,354 83,437 120,462 152,671 468,924
NOI 679,370 740,139 732,080 870,585 3,022,174
Growth from same period prior year -3.0% 2.2% -0.9% 19.1%(2) 4.4%
Capital expenditures (excludes TI & CLC) -- -- 19,046 12,109 31,155
Weighted average leaseable square feet 1,454,627 1,454,627 1,454,627 1,781,142 1,521,744
Capital expenditures per leaseable sq. ft. -- -- 0.01 0.01 0.02
OCCUPANCY STATUS
Same Property
Physical occupancy 100.0% 100.0% 100.0% 100.0% 100.0%
Economic occupancy 97.0% 98.3% 100.0% 100.0% 100.0%
Average effective rent per occupied sq. ft. 2.11 2.28 2.28 2.33 2.33
Increase from same period prior year - 4.0% 3.7% 3.8% 3.7% 3.7%
Revenue per occupied square foot 2.18 2.26 2.34 2.33 2.33
Increase from same period prior year - 3.8% - 0.6% 3.5% -0.2% -0.2%
Combined Total
Physical occupancy 100.0% 100.0% 100.0% 99.3% 99.3%
Economic occupancy 97.0% 98.3% 99.8% 99.3% 99.3%
Average effective rent per occupied sq. ft. 2.11 2.28 2.28 2.41 2.41
Increase from same period prior year - 4.0% 3.7% 3.8% 9.4%(2) 9.4%
Revenue per occupied square foot 2.18 2.26 2.34 2.40 2.40
Increase from same period prior year - 3.8% -0.6% 3.5% 3.1%(2) 3.1%
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 852,330 $ 849,665 $ 822,599(1) $ 2,524,594
Operating expenses 100,103 105,399 100,805 306,307
NOI 752,227 744,266 721,794 2,218,287
Growth from same period prior year 10.7% 0.6% -1.4% 3.1%
Combined Total
Revenue $ 1,050,168 $ 1,390,927 $ 1,797,234 $ 4,238,329
Operating expenses 175,205 249,393 358,614 783,212
NOI 874,963 1,141,534 1,438,620 3,455,117
Growth from same period prior year 28.8% 54.2%(2) 96.5%(2) 60.6%
Capital expenditures (excludes TI & CLC) 54,415 11,334 440 66,190
Weighted average leaseable square feet 1,778,862 1,950,911 2,329,463 2,019,745
Capital expenditures per leaseable sq. ft. 0.03 0.01 0.0 0.03
OCCUPANCY STATUS
Same Property
Physical occupancy 100.0% 100.0% 100.0% 100.0%
Economic occupancy 100.0% 100.0% 98.9% 98.9%
Average effective rent per occupied sq. ft. 2.28 2.31 2.26 2.26
Increase from same period prior year 8.0% 1.2% - 0.8% - 0.8%
Revenue per occupied square foot 2.34 2.34 2.26 2.26
Increase from same period prior year 7.7% 3.2% - 3.5% - 3.5%
Combined Total
Physical occupancy 99.3% 99.4% 98.9% 98.9%
Economic occupancy 98.4% 97.2% 96.9% 96.9%
Average effective rent per occupied sq. ft. 2.32 2.74 3.29 3.29
Increase from same period prior year 9.5% 19.9%(2) 44.5%(2) 44.5%
Revenue per occupied square foot 2.38 2.98 3.70 3.70
Increase from same period prior year 9.3% 31.5%(2) 57.8%(2) 57.8%
<FN>
(1) Reflects the performance of 7 of the 23 industrial properties in the current portfolio.
(2) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 18 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
Square footage leased -- -- -- -- --
Rental dollars -- -- -- -- --
Average base rent per square foot -- -- -- -- --
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed -- -- -- -- --
TI committed per square foot leased -- -- -- -- --
TI spent -- -- -- -- --
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased -- -- -- -- --
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention 100% -- 100% -- 100%
Square footage leased 48,000 -- 12,000 -- 60,000
Rental dollars 149,760 -- 44,640 -- 194,400
Average base rent 3.12 -- 3.72 -- 3.24
Percent increase in effective rates from renewal 4.0% -- -- -- 4.0%
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed -- -- -- -- --
TI committed per square foot leased -- -- -- -- --
TI spent 6,533 9,286 10,791 22,443 49,053
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- 1,967 1,967
CLC and TI committed per sq. ft. leased -- -- -- -- --
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
Square footage leased -- 55,248 -- 55,248
Rental dollars -- 168,511 -- 168,511
Average base rent per square foot -- 3.05 -- 3.05
Concessions -- 3,086 -- 3,086
Concessions per square foot leased -- 0.06 -- 0.06
Tenant improvements (TI) committed -- 30,551 -- 30,551
TI committed per square foot leased -- 0.55 -- 0.55
TI spent 1,534 3,210 31,749 36,493
Capitalized leasing commissions (CLC) committed -- 50,518 -- 50,518
CLC committed per square foot leased -- 0.91 -- 0.91
CLC spent 8,469 26,298 24,813 59,580
CLC and TI committed per sq. ft. leased -- 1.47 -- 1.47
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention 100% 31% 39% 48%
Square footage leased 41,372 36,999 14,832 93,203
Rental dollars 142,971 108,576 45,979 297,526
Average base rent 3.46 2.93 3.10 3.19
Percent increase in effective rates from renewal 14.8% 36.4% 45.5% 45.5%
Concessions -- -- -- --
Concessions per square foot leased -- -- -- --
Tenant improvements (TI) committed 79,216 3,239 6,680 89,135
TI committed per square foot leased 1.91 0.09 0.45 0.96
TI spent -- 81,874 -- 81,874
Capitalized leasing commissions (CLC) committed 21,923 14,947 5,518 42,388
CLC committed per square foot leased 0.53 0.40 0.37 0.45
CLC spent 2,019 33,368 -- 35,387
CLC and TI committed per sq. ft. leased 2.44 0.49 0.82 1.41
</TABLE>
Page 19 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 826,483 $ 601,732 $ 436,113 $ 472,347 $ 2,336,675
Operating expenses 228,088 184,696 165,065 203,683 781,532
NOI 598,395 417,036 271,048 268,664 1,555,143
Growth from same period prior year -8.8% -2.9% -8.3% 8.9% -3.2%
Combined Total
Revenue $ 826,483 $ 831,974 $ 853,905 $ 1,233,853 $ 3,746,215
Operating expenses 228,088 187,309 222,311 352,082 989,790
NOI 598,395 644,665 631,594 881,771 2,756,425
Growth from same period prior year -8.8% -2.9% -4.4% 54.4% 8.0%
Capital expenditures (excludes TI and CLC) -- 9,832 2,265 8,365 20,462
Weighted average leaseable square feet 285,658 285,658 301,348 516,947 347,403
Capital expenditures per leaseable sq. ft. -- 0.03 0.01 0.02 0.06
OCCUPANCY STATUS
Same Property
Physical occupancy (at end of period) 92.1% 91.2% 96.9% 97.8% 97.8%
Economic occupancy (at end of period) 92.7% 90.9% 91.0% 92.1% 92.1%
Average effective rent per occupied sq. 10.88 8.29 7.82 6.83 6.83
ft.
Increase from same period prior year 1.5% 0.7% 1.2% - 0.5% - 0.5%
Revenue per occupied square foot 12.57 10.27 9.22 8.66 8.66
Increase from same period prior year 1.9% -0.2% 1.3% 4.5% 4.5%
Combined Property
Physical occupancy (at end of period) 92.1% 92.1% 95.5% 97.2% 97.2%
Economic occupancy (at end of period) 92.7% 93.4% 92.1% 94.4% 94.4%
Average effective rent per occupied sq. 10.88 11.19 10.33 7.93 7.93
ft.
Increase from same period prior year 1.5% 3.0% -4.2%(2) -25.8%(2)(3) -25.8%
Revenue per occupied square foot 12.57 12.65 11.74 9.32 9.32
Increase from same period prior year 1.9% -0.2% -4.8%(2) -23.3%(2)(3) -23.3%
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 854,638 $ 607,044 $ 507,865(1) $ 1,969,547
Operating expenses 210,929 208,901 169,957 589,786
NOI 643,709 398,143 337,908 1,379,761
Growth from same period prior year 7.6% -4.5% 24.7% 7.3%
Combined Total
Revenue $ 1,466,612 $ 1,579,107 $1,637,556 $ 4,683,275
Operating expenses 373,556 411,934 538,084 1,323,574
NOI 1,093,056 1,167,173 1,099,472 3,359,701
Growth from same period prior year 82.7% 81.1%(3) 74.1% 79.2%
Capital expenditures (excludes TI and CLC) 86,970 907 5,139 93,016
Weighted average leaseable square feet 630,700 734,722 808,554 724,659
Capital expenditures per leaseable sq. ft. 0.14 0.00 0.01 0.13
OCCUPANCY STATUS
Same Property
Physical occupancy (at end of period) 95.8% 96.2% 96.8% 96.8%
Economic occupancy (at end of period) 95.3% 94.4% 95.0% 95.0%
Average effective rent per occupied sq. 10.84 8.54 9.41 9.41
ft.
Increase from same period prior year -0.4% 3.0% 20.2% 20.2%
Revenue per occupied square foot 12.79 10.10 10.74 10.74
Increase from same period prior year 1.8% -1.7% 16.6% 16.6%
Combined Property
Physical occupancy (at end of period) 96.6% 92.2% 87.8% 87.8%
Economic occupancy (at end of period) 94.8% 94.0% 93.1% 93.1%
Average effective rent per occupied sq. 8.04 8.10 8.49 8.49
ft.
Increase from same period prior year -26.1%(2) -27.6%(2)(3) -17.8%(2)(3) -17.8%
Revenue per occupied square foot 9.63 9.25 12.13 12.13
Increase from same period prior year -23.4%(2) -26.9%(2) 3.4%(2)(3) 3.4%
<FN>
(1) Reflects the performance of 4 of the 9 retail properties in the current portfolio.
(2) 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.
(3) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 20 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
Square footage leased 2,520 5,150 4,068 4,222 15,960
Rental dollars 26,438 58,835 50,596 46,557 182,426
Average base rent per square foot 10.49 11.42 12.44 11.03 11.43
Concessions 1,020 5,538 9,358 2,137 18,053
Concessions per square foot leased 0.40 1.08 2.30 0.51 1.13
Tenant improvements (TI) committed -- 4,000 9,972 4,500 18,472
TI committed per square foot leased -- 0.78 2.45 1.07 1.16
TI spent -- -- 4,213 12,023 16,236
Capitalized leasing commissions (CLC) committed -- 7,350 14,335 3,379 25,064
CLC committed per square ft. leased -- 1.43 3.52 0.80 1.57
CLC spent 6,228 3,675 17,205 2,277 29,385
CLC and TI committed per sq. ft. leased -- 2.20 5.98 1.87 2.73
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention -- 53% 82% 100% 61%
Square footage leased -- 3,300 12,338 1,400 17,038
Rental dollars -- 36,770 123,699 16,520 176,989
Average base rent per square foot -- 11.14 10.03 11.80 10.39
Percent increase in effective rents from renewal -- 11.0% - 2.7%(1) 8.9% 4.3%
Concessions -- 1,922 10,000 -- 11,922
Concessions per square foot leased -- 0.58 0.81 -- 0.70
Tenant improvements (TI) committed -- 13,960 66,288 -- 80,248
TI committed per square foot leased -- 4.23 5.37 -- 4.71
TI spent 3,210 -- 20,000 14,656 37,866
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 -- 4.71
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
Square footage leased 3,381 -- 2,000 5,381
Rental dollars 32,558 -- 25,184 57,742
Average base rent per square foot 9.63 -- 12.59 10.73
Concessions 789 -- 1,107 1,896
Concessions per square foot leased 0.23 -- 0.55 0.35
Tenant improvements (TI) committed 4,110 -- 21,999 26,109
TI committed per square foot leased 1.22 -- 11.00 4.85
TI spent 2,322 3,852 10,670 16,844
Capitalized leasing commissions (CLC) committed 8,568 -- 4,604 13,172
CLC committed per square ft. leased 2.53 -- 2.30 2.45
CLC spent 2,808 5,760 2,252 10,820
CLC and TI committed per sq. ft. leased 3.75 -- 13.30 7.30
LEASING PRODUCTION: RENEWAL/EXPANSION
% Retention 36% 54% 100% 47%
Square footage leased 2,850 1,100 1,549 5,499
Rental dollars 28,781 12,100 16,265 57,146
Average base rent per square foot 10.10 11.00 10.50 10.39
Percent increase in effective rents from renewal 2.4% 14.1% 0% 5.5%
Concessions 2,800 -- -- 2,800
Concessions per square foot leased 0.98 -- -- 0.51
Tenant improvements (TI) committed 6,000 -- -- 6,000
TI committed per square foot leased 2.11 -- -- 1.09
TI spent -- -- -- --
Capitalized leasing commissions (CLC) committed -- -- -- --
CLC committed per square foot leased -- -- -- --
CLC spent -- -- -- --
CLC and TI committed per sq. ft. leased 2.11 -- -- 1.09
<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>
Page 21 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
HOTEL PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue (2) $ 1,205,115 $ 1,091,190 $ 1,019,501 $ 1,066,654 $ 4,382,460
Operating expenses (3) 424,675 386,341 413,942 456,123 1,681,081
NOI 780,440 704,849 605,559 610,531 2,701,379
Growth from same period prior year 38.9% 22.8% 6.0% 19.9% 21.9%
Combined Total
Revenue $ 1,205,115 $ 1,091,190 $ 1,071,501 $ 1,144,654 $ 4,512,460
Operating expenses 424,675 386,341 421,371 465,750 1,698,137
NOI 780,440 704,849 650,130 678,904 2,814,323
Growth from same period prior year 38.9% 22.8% 13.9%(4) 33.3% 27.0%
Capital expenditures 18,558 98,551 137,496 21,355 275,960
Weighted average rooms owned 517 517 558 579 513
Capital expenditures per room 37 197 254 38 538
OCCUPANCY STATUS
Same Property
Total room revenue $ 2,402,872 $ 2,149,708 $ 2,023,408 $ 2,129,175 $ 8,705,163
Physical occupancy (5) 77.0% 75.1% 73.3% 72.9% 72.9%
Average daily rate per occupied room (5) $ 66.33 $ 64.43 $ 63.37 $ 63.06 $ 63.06
Percent increase from prior period 10.5% 7.5% 7.5% 8.1% 8.1%
Revenue per available room (REVPAR) (5) $ 51.07 $ 48.38 $ 46.42 $ 46.01 $ 46.01
Percent increase from prior period 9.4% 3.6% 4.2% 6.0% 6.0%
Combined Total
Total room revenue $ 2,402,872 $ 2,149,709 $ 2,128,553 $ 2,262,785 $ 8,943,919
Physical occupancy (5) 77.0% 75.1% 72.7% 71.8% 71.8%
Average daily rate per occupied room (5) $ 66.33 $ 64.43 $ 63.24 $ 62.76 $ 62.76
Increase from same period prior year 10.5% 7.5% 7.3% 7.5% 7.5%
Revenue per available room (REVPAR) (5) $ 51.07 $ 48.38 $ 45.98 $ 45.04 $ 45.04
Increase from same period prior year 9.4% 3.6% 3.2% 3.8% 3.8%
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue (2) $ 1,216,199 $ 1,251,886 $ 1,042,047(1) $ 3,510,132
Operating expenses (3) 424,006 432,362 447,838 1,304,206
NOI 792,193 819,524 594,209 2,205,926
Growth from same period prior year 1.5% 16.3% -1.9% 5.5%
Combined Total
Revenue $ 1,530,826 $ 1,701,523 $ 1,279,344 $ 4,511,693
Operating expenses 455,836 509,422 510,932 1,476,190
NOI 1,074,990 1,192,101 768,412 3,035,503
Growth from same period prior year 37.7%(4) 69.1% 18.2% 42.2%
Capital expenditures 48,125 86,546 156,641 291,312
Weighted average rooms owned 633 742 742 706
Capital expenditures per room 76 117 211 413
OCCUPANCY STATUS
Same Property
Total room revenue $ 2,480,964 $ 2,496,991 $ 2,088,593 $ 7,066,548
Physical occupancy (5) 76.1% 77.3% 75.0% 75.0%
Average daily rate per occupied room (5) $70.10 $ 68.79 $ 66.80 $ 66.80
Percent increase from prior period 5.7% 6.8% 5.4% 5.4%
Revenue per available room (REVPAR) (5) $ 53.32 $ 53.20 $ 50.07 $ 50.07
Percent increase from prior period 4.4% 10.0% 7.9% 7.9%
Combined Total
Total room revenue $ 3,237,636 $ 3,547,474 $ 2,700,755 $ 9,485,865
Physical occupancy (5) 76.2% 75.2% 71.6% 71.6%
Average daily rate per occupied room (5) $ 74.32 $ 72.34 $ 68.68 $ 68.68
Increase from same period prior year 12.0% 12.3% 8.6% 8.6%
Revenue per available room (REVPAR) (5) $ 56.64 $ 54.42 $ 49.16 $ 49.16
Increase from same period prior year 10.9% 12.5% 6.9% 6.9%
<FN>
(1) Reflects the performance of 4 of the 6 hotels in the current portfolio.
(2) For the quarter ended September 30, 1996, same property revenue includes $523,111 of lease payments from three hotels
which GLB owns and leases to GHG. Revenue also includes $496,390 of operating revenue from one hotel. The Company
holds a participating first mortgage interest in this hotel and in accordance with GAAP, GLB accounts for the property
as though it held fee title. For the quarter ended September 30, 1997, same property revenue includes $544,839 of lease
payments from three hotels and $497,208 of operating revenue from one hotel.
(3) Operating expenses paid by lessor for the leased hotels include taxes and property insurance; all other expenses paid by
lessee.
(4) Reflects the purchase of a new property during the quarter.
(5) Numbers represent year-to-date data for the period and include comp rooms.
</FN>
</TABLE>
Page 22 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
MULTI-FAMILY PORTFOLIO
September 30, 1997
<S> <C> <C> <C> <C> <C>
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 193,911 $ 186,164 $ 204,427 $ 195,007 $ 779,509
Operating expenses 91,312 95,593 79,276 73,766 339,947
NOI 102,599 90,571 125,151 121,241 439,562
Growth from same period prior year 13.4% 2.3% 45.3% 76.1% 31.6%
Combined Total
Revenue $ 193,911 $ 186,164 $ 204,427 $ 934,263 $ 1,518,765
Operating expenses 91,312 95,593 79,276 334,519 600,700
NOI 102,599 90,571 125,151 599,744 918,065
Growth from same period prior year 13.4% 2.3% 45.3% 771.4%(2) 174.8%(2)
Capital expenditures 17,500 29,900 9,538 5,936 62,874
Weighted average apartment units owned 104 104 104 549 215
Capital expenditures per apartment unit 168 288 92 11 292
OCCUPANCY STATUS
Same Property
Physical occupancy (at end of period) 89.4% 96.2% 92.3% 94.2% 94.2%
Economic occupancy (at end of period) 88.8% 89.2% 94.9% 91.0% 91.0%
Average effective rent per occupied unit 654 656 660 663 663
Increase from same period prior year 2.3% 1.7% 1.9% 3.8% 3.8%
Apartment annualized turnover rate 60.0% 34.6% 38.5% 23.1% 39.4%
Combined Total
Physical occupancy (at end of period) 89.4% 96.2% 92.3% 94.7% 94.7%
Economic occupancy (at end of period) 88.8% 89.2% 94.9% 96.7% 96.7%
Average effective rent per occupied unit 654 656 660 576 576
Increase from same period prior year 2.3% 1.7% 1.9% -9.9%(2) -9.9%(2)
Apartment annualized turnover rate 60.0% 34.6% 38.5% 51.7% 46.2%
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year to Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
Same Property
Revenue $ 200,599 $ 204,349 $ 210,086(1) $ 615,034
Operating expenses 88,722 96,080 92,476 277,278
NOI 111,877 108,269 117,610 337,756
Growth from same period prior year 9.0% 19.5% -6.0%(3) 6.1%
Combined Total
Revenue $ 1,129,909 $ 1,412,508 $ 1,477,798 $ 4,020,215
Operating expenses 447,290 562,250 639,501 1,649,041
NOI 682,619 850,258 838,297 2,371,174
Growth from same period prior year 565.3% 838.8%(2) 569.8% 644.9%
Capital expenditures 49,279 45,491 65,907 160,677
Weighted average apartment units owned 642 796 866 768
Capital expenditures per apartment unit 77 57 76 209
OCCUPANCY STATUS
Same Property
Physical occupancy (at end of period) 94.2% 98.1% 99.0% 99.0%
Economic occupancy (at end of period) 91.2% 94.1% 90.8% 90.8%
Average effective rent per occupied unit 673 687 686 686
Increase from same period prior year 2.9% 4.7% 3.9% 3.9%
Apartment annualized turnover rate 38.5% 46.2% 38.5% 41.0%
Combined Total
Physical occupancy (at end of period) 94.7% 94.2% 93.9% 93.9%
Economic occupancy (at end of period) 94.4% 94.4% 90.1% 90.1%
Average effective rent per occupied unit 599 609 610 610
Increase from same period prior year -8.4% -7.1%(2) -7.5% -7.5%
Apartment annualized turnover rate 49.2% 46.7% 69.3% 50.8%
<FN>
(1) Reflects the performance of 1 of the 4 multi-family properties in the current portfolio.
(2) Reflects acquisitions during the period.
(3) NOI is lower because 3rd Quarter expenses in 1996 were understated due to the receipt of a tax refund.
</FN>
</TABLE>
Page 23 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE
September 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1997 1998 1999 2000 2001
---------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual Base Rent Expiring 249,336 681,192 926,400 643,068 824,134
Percent of Total Annual Rent 3.40% 9.30% 12.60% 8.80% 11.20%
Square Footage expiring 16,623 357,211 74,859 60,049 83,501
Percent of Square Footage 1.40% 30.10% 6.30% 5.10% 7.00%
Number of leases Expiring 11 30 43 28 27
Percent of Number of Leases 5.90% 16.00% 23.00% 15.00% 14.40%
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual Base Rent Expiring 483,420 1,357,620 1,292,312 1,315,032 750,012
Percent of Total Annual Rent 4.60% 13.00% 12.40% 12.60% 7.20%
Square Footage expiring 119,752 375,033 299,068 330,604 170,830
Percent of Square Footage 3.90% 12.30% 9.80% 10.90% 5.60%
Number of Leases Expiring 7 22 25 17 11
Percent of Number of Leases 7.10% 22.40% 25.50% 17.30% 11.20%
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual Base Rent Expiring 2,111,144 3,964,668 3,245,594 2,269,704 1,112,091
Percent of Total Annual Rent 12.70% 23.90% 19.50% 13.70% 6.70%
Square Footage expiring 290,081 605,391 548,761 342,041 149,501
Percent of Square Footage 12.20% 25.50% 23.10% 14.40% 6.30%
Number of Leases Expiring 84 107 89 56 27
Percent of Number of Leases 21.50% 27.40% 22.80% 14.30% 6.90%
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
Annual Base Rent Expiring 2,384,088 4,692,712 5,232,588 5,489,676 4,860,540
Percent of Total Annual Rent 7.00% 13.70% 15.30% 16.10% 14.20%
Square Footage expiring 146,274 241,246 399,563 307,883 330,809
Percent of Square Footage 7.00% 11.50% 19.00% 14.70% 15.80%
Number of Leases 133 89 80 71 70
Percent of Number of Leases 26.10% 17.50% 15.70% 13.90% 13.80%
- -----------------------------------------------------------------------------------------------------------------------------------
2006 &
2002 2003 2004 2005 Thereafter
-------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual Base Rent Expiring 175,068 166,692 1,034,580 605,424 2,039,136
Percent of Total Annual Rent 2.40% 2.30% 14.10% 8.20% 27.80%
Square Footage expiring 13,560 27,275 196,659 50,405 305,392
Percent of Square Footage 1.10% 2.30% 16.60% 4.30% 25.80%
Number of leases Expiring 7 5 11 7 18
Percent of Number of Leases 3.70% 2.70% 5.90% 3.70% 9.70%
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual Base Rent Expiring 555,984 489,576 3,579,720 -- 611,600
Percent of Total Annual Rent 5.30% 4.70% 34.30% 0.00% 5.90%
Square Footage expiring 156,264 122,957 1,342,295 -- 120,943
Percent of Square Footage 5.10% 4.00% 44.20% 0.00% 4.20%
Number of Leases Expiring 7 2 6 -- 1
Percent of Number of Leases 7.10% 2.00% 6.10% 0.00% 1.30%
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual Base Rent Expiring 1,632,758 570,588 344,844 -- 1,356,964
Percent of Total Annual Rent 9.80% 3.40% 2.10% 0.00% 8.20%
Square Footage expiring 211,552 71,121 34,256 -- 119,661
Percent of Square Footage 8.90% 3.00% 1.40% 0.00% 5.20%
Number of Leases Expiring 16 2 4 -- 6
Percent of Number of Leases 4.10% 0.50% 1.00% 0.00% 1.50%
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
Annual Base Rent Expiring 1,623,048 897,612 1,155,312 972,468 6,871,963
Percent of Total Annual Rent 4.70% 2.60% 3.40% 2.80% 20.30%
Square Footage expiring 105,723 42,629 52,578 55,831 417,227
Percent of Square Footage 5.00% 2.00% 2.50% 2.70% 19.80%
Number of Leases 28 6 7 7 18
Percent of Number of Leases 5.50% 1.20% 1.40% 1.40% 3.50%
</TABLE>
Page 24 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE
September 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1997 1998 1999 2000 2001
---------------------------------------------------------------------------------------------
TOTAL PORTFOLIO
Annual Base Rent Expiring 5,227,988 10,696,192 10,696,894 9,717,480 7,546,777
Percent of Total Annual Rent 7.60% 15.60% 15.60% 14.20% 11.00%
Square Footage Expiring 572,730 1,578,881 1,322,251 1,040,577 734,641
Percent of Square Footage 6.60% 18.30% 15.20% 12.00% 8.40%
Number of Leases Expiring 235 248 237 172 135
Percent of Number of Leases 19.80% 20.90% 20.00% 14.50% 11.40%
- -----------------------------------------------------------------------------------------------------------------------------------
2006 &
2002 2003 2004 2005 Thereafter
---------------------------------------------------------------------------------------------
TOTAL PORTFOLIO
Annual Base Rent Expiring 3,986,858 2,124,468 6,114,456 1,577,892 10,879,663
Percent of Total Annual Rent 5.80% 3.10% 8.90% 2.30% 15.90%
Square Footage Expiring 487,099 263,982 1,625,788 106,236 963,223
Percent of Square Footage 5.60% 3.00% 18.70% 1.20% 11.10%
Number of Leases Expiring 58 15 28 14 43
Percent of Number of Leases 4.90% 1.30% 2.40% 1.20% 3.60%
</TABLE>
Page 25 of 28
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
COMBINED OPERATING RESULTS
September 30, 1997
<S> <C> <C> <C> <C> <C>
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OFFICE/
OFFICE FLEX INDUSTRIAL RETAIL HOTEL
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Revenue $ 7,597,307 $ 2,417,606 $ 1,797,234 $ 1,637,556 $ 1,279,344
Operating Expenses 2,960,056 765,416 358,614 538,084 510,932
----------- ----------- ----------- ----------- ------------
NOI $ 4,637,251 $ 1,652,190 $ 1,438,620 $ 1,099,472 $ 768,412
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MULTI- PROPERTY ELIMINATING TOTAL
FAMILY TOTAL ENTRIES(1) REPORTED
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Revenue $ 1,477,798 $ 16,206,845 $ 1,694 $ 16,208,539
Operating Expenses 639,501 5,772,603 (535,478) 5,237,125
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NOI $ 838,297 $ 10,434,242 $ 537,172 $ 10,971,414
<FN>
(1) Eliminating entries represent internal market level property management fees
included in operating expenses to provide comparison to industry performance.
</FN>
CONTRIBUTION TO REVENUE
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to revenue)
CONTRIBUTION TO NOI
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to NOI)
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<TABLE>
<CAPTION>
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GLENBOROUGH REALTY TRUST INCORPORATED
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GLOSSARY OF TERMS
<S> <C>
TERM DEFINITION
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Associated Companies The REIT owns 100% of the non-voting preferred stock of two real estate companies:
Glenborough Corporation and Glenborough Hotel Group.
Average Base Rent Base rent charged to tenants.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements and equipment,
including Tenant Improvements and Leasing Commissions unless otherwise noted. 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 Commissions incurred for obtaining a lease which have been capitalized and are to be
(CLC) 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, and development services.
Debt Coverage Ratio EBIDA divided by the difference between debt service and
amortization of deferred financing fees.
Debt Service Interest expense plus principal reductions of debt, excluding repayments on lines of
credit.
Dividend Payout Ratio The percentage of FFO or CAD that will be paid in dividends to the shareholders of
Glenborough Realty Trust Incorporated.
Dividend Per Share The dividends paid for each share of Glenborough Realty Trust Incorporated. EBIDA Earnings
before interest, depreciation and amortization.
Economic Occupancy Base rental revenue collected divided by gross potential rent.
Effective Rents Annualized rents net of concessions.
FFO Multiplier Stock price per share divided by annualized FFO per share.
FFO Per Share FFO divided by the fully diluted weighted average shares outstanding during the period.
Cash Available For Distribution Cash Available for Distribution represents Funds from Operations plus amortization of
(CAD) deferred financing fees, less reserves for leasing commissions and capital
expenditures (excluding property acquisitions).
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<TABLE>
<CAPTION>
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GLENBOROUGH REALTY TRUST INCORPORATED
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GLOSSARY OF TERMS
<S> <C>
TERM DEFINITION
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Funds From Operations (FFO) Funds from Operations means income (loss) from operations before minority interests
and extraordinary items plus depreciation and amortization (except amortization of
deferred financing costs) 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 the difference between interest on debt and amortization of deferred
financing fees.
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 Operating Income (NOI) Revenue less Operating Expenses.
Percent Debt to Total Market Total notes and mortgages payable divided by the sum of total notes and mortgages payable
Capitalization 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 effective base rents
Rents From Renewal as of the prior lease terms. Physical Occupancy Total square feet (units) rented divided by
net rentable square feet (units) as of the end of the quarter.
Renewal Leases that have been renewed by current tenants.
Rental Dollars Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) 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 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 number of shares and units 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 period
reported.
</TABLE>
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