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) December 31, 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 28 pages.
No Exhibits Required
<PAGE>
Item 5. Other Events
On February 5, 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
December 31, 1996, in the form of a Supplemental Information package, a copy of
which is included as an exhibit to this filing.
Item 7. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Page Number in
Exhibit No. Description This Filing
99 Supplemental Information as 3
of December 31, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: February 5, 1997 By: /s/ Andrew Batinovich
-------------------------
Andrew Batinovich
Executive Vice President,
Chief Financial Officer and
Chief Operating Officer
(Principal Financial Officer)
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
Table of Contents
PAGE
Real Estate Portfolio........................................................4
Real Estate Portfolio Controlled by Associated Companies.....................5
Additions and Deletions to Portfolios During Period..........................7
Debt Summary.................................................................9
Corporate Operating Summary.................................................10
Office Portfolio............................................................12
Industrial Portfolio ....................................................14
Retail Portfolio............................................................16
Hotel Portfolio.............................................................18
Multi-family Portfolio......................................................19
Combined Operating Results..................................................20
Glossary of Terms...........................................................21
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1996
- --------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET %OCC.
- --------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Vintage Pointe Phoenix AZ 55,948 83%
Tradewinds Financial Phoenix AZ 17,778 92%
Warner Village Medical Fountain Valley CA 32,272 97%
Hillcrest Office Plaza Fullerton CA 34,623 85%
Dallidet Center San Luis Obispo CA 23,051 82%
Bond Street Farmington Hills MI 40,595 95%
University Club Tower St. Louis MO 272,443 94%
Regency Westpointe Omaha NE 36,107 100%
One Professional Square Omaha NE 34,352 88%
4500 Plaza Salt Lake City UT 69,975 97%
Globe Building Mercer Island WA 24,779 88%
Total Office Square Footage/Average % Occupied 641,923 93%
INDUSTRIAL PORTFOLIO
Hoover Industrial Mesa AZ 57,441 100%
Benicia Industrial Park Benicia CA 156,800 100%
Rancho Bernardo R & D Center Rancho Bernardo CA 52,865 83%
Navistar International West Chicago IL 474,426 100%
Park 100 - Building 42 Indianapolis IN 37,200 100%
Park 100 - Building 46 Indianapolis IN 102,400 100%
Case Equipment Corp. Kansas City KS 199,750 100%
Navistar International Baltimore MD 274,000 100%
Case Equipment Corp. Memphis TN 205,594 100%
Pinewood Industrial Arlington TX 46,060 100%
Walnut Creek Business Center Austin TX 100,000 100%
Mercantile I Dallas TX 236,092 95%
Quaker Industrial Dallas TX 42,083 100%
SeaTac II (1) Seattle WA 41,657 100%
Total Industrial Square Footage/Average % Occupied 2,026,368 99%
RETAIL PORTFOLIO
Park Center (1) Santa Ana CA 73,500 100%
Sonora Plaza Sonora CA 162,126 99%
Westwood Plaza Tampa FL 85,689 97%
Shannon Crossing Atlanta GA 64,039 96%
Atlanta Auto Centers (6 Props) Atlanta Area GA 54,750 90%
QuikTrips (10 Properties) GA, IL, MO, OK 32,000 100%
Auburn North Auburn WA 158,596 97%
Total Retail Square Footage/Average % Occupied 630,700 97%
HOTEL PORTFOLIO # of Rooms YTD OCC.
Country Suites By Carlson Tucson AZ 157 79%
Country Suites By Carlson Ontario CA 120 70%
Country Suites By Carlson Arlington TX 132 68%
Country Suites By Carlson (1) Irving TX 90 75%
Country Inn By Carlson San Antonio TX 64 46%
Total Hotel Rooms/YTD Occupancy 563 72%
MULTI-FAMILY PORTFOLIO # of Units % OCC.
Summer Breeze No. Hollywood CA 104 94%
Sahara Gardens Las Vegas NV 312 92%
Villas de Mission Las Vegas NV 226 98%
Total Multi-Family Units/ Average % Occupied 642 95%
Principal
MORTGAGES RECEIVABLE Balance
Grunow Medical Building Phoenix AZ $ 2,694,000
Laurel Cranford Arleta CA 511,000
Hovpark Eatontown NJ 7,563,000
Total Mortgages Receivable $ 10,768,000
<FN>
(1) 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>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMPANIES (1)
December 31, 1996
- --------------------------------------------------------------------------------
PROPERTY LOCATION # OF RMS/UNITS %OCC.
- --------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Grunow Medical Building Phoenix AZ 47,479 57%
GSK Corporate Plaza Phoenix AZ 31,234 52%
One West Madison Phoenix AZ 25,000 100%
Rosemead Springs Business Center El Monte CA 129,503 11%
University Tech Center Pomona CA 101,177 83%
Civic Center II Rancho Cucamonga CA 17,857 58%
Gateway Professional Center Sacramento CA 50,556 96%
Park Plaza Sacramento CA 67,688 74%
Carnegie Business Center I San Bernardino CA 62,605 90%
Carnegie Business Center II San Bernardino CA 50,804 65%
Lakeside Tower San Bernardino CA 112,814 82%
One Carnegie Plaza San Bernardino CA 102,693 87%
Two Carnegie Plaza San Bernardino CA 68,925 83%
One Parkside San Bernardino CA 70,069 92%
One Vanderbilt Way San Bernardino CA 73,809 88%
Two Vanderbilt Way San Bernardino CA 69,094 25%
Santa Fe San Bernardino CA 36,288 100%
Inland Regional Center San Bernardino CA 81,079 100%
Bristol Medical Center Santa Ana CA 52,311 85%
26th Street Office Santa Monica CA 14,573 100%
Montrose Office Park Rockville MD 187,161 81%
Director's Plaza I Memphis TN 131,727 80%
Poplar Towers Memphis TN 100,901 93%
Bluemound Commerce Centre Brookfield WI 48,113 70%
Total Office Square Footage/Average % Occupied 1,733,460 76%
INDUSTRIAL PORTFOLIO
Fifth Street Industrial Phoenix AZ 109,699 87%
Magnolia Industrial Phoenix AZ 35,385 100%
San Sevaine Business Park Mira Loma CA 172,057 50%
Rancon Centre Ontario Ontario CA 245,000 100%
SkyPark Airport Parking San Bruno CA 216,780 100%
Wakefield Engineering Bldg. Temecula CA 44,200 100%
Esplanade Tustin CA 141,700 84%
Bryant Lake Phase I & II Eden Prairie MN 80,057 91%
Bryant Lake Phase III Eden Prairie MN 91,732 100%
Black Satchel Charlotte NC 228,800 90%
NorthPark Business Park Charlotte NC 319,960 85%
The Commons at Great Valley Malvern PA 200,000 100%
Totem Valley Business Center Kirkland WA 121,645 97%
Total Industrial Square Footage/Average % Occupied 2,007,015 90%
<FN>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMPANIES (1)
December 31, 1996
- --------------------------------------------------------------------------------
PROPERTY LOCATION # OF RMS/UNITS % OCC.
- --------------------------------------------------------------------------------
RETAIL PORTFOLIO
<S> <C> <C> <C> <C>
Baseline Mercado Mesa AZ 22,886 75%
Mountain View Plaza Mojave CA 57,456 79%
Weist Plaza Riverside CA 145,778 94%
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 104,865 98%
Service Retail Center San Bernardino CA 20,780 100%
Aztec Village Center San Diego CA 23,789 38%
Silver Creek Plaza San Jose CA 71,005 79%
RCC Auto Center Temecula CA 25,761 91%
Town & Country Center Arlington Heights IL 323,591 95%
Glenlake Plaza Indianapolis IN 93,593 86%
Heritage Square San Antonio TX 75,528 100%
San Mar Plaza San Marcos TX 96,206 100%
Vashon East Seattle WA 53,143 100%
Total Retail Square Footage/Average % Occupied 1,145,881 91%
HOTEL PORTFOLIO YTD OCC.
Country Suites By Carlson Tempe AZ 139 83%
Country Suites By Carlson Memphis TN 121 69%
Condominium Resort Hotel Galveston TX 276 77%
Condominium Resort Hotel Port Aransas TX 86 47%
Total Hotel Rooms/YTD Occupancy 622 73%
MULTI-FAMILY PORTFOLIO % OCC.
Green Meadows Davis CA 120 97%
Huntington Breakers Huntington Beach CA 342 90%
Villa La Jolla La Jolla CA 385 94%
La Jolla Canyon Apartments San Diego CA 157 97%
Pacific Bay Club San Diego CA 159 97%
Shadowridge Woodbend Vista CA 240 97%
Georgetowne Apartments Omaha NE 288 95%
Promontory Point Henderson NV 180 95%
Lake Mead Estates Las Vegas NV 160 86%
Total Multi-Family Units/Average %Occupied 2,031 94%
</TABLE>
<TABLE>
LAND PORTFOLIO Acres
<S> <C> <C> <C>
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 (Off/Retail) San Bernardino CA 70.33
Total Land Acres 283.77
<FN>
(1) Operating results and leasing statistics for these properties are not
included in the following tables.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
December 31, 1996
- --------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET DATE
- --------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED ADDITIONS:
Office Portfolio
<S> <C> <C> <C> <C>
Tradewinds Financial Phoenix AZ 17,778 11/19/96
Vintage Pointe Phoenix AZ 55,948 11/19/96
Warner Village Medical Center Fountain Valley CA 32,272 10/17/96
Hillcrest Office Plaza Fullerton CA 34,623 11/19/96
Dallidet Center San Luis Obispo CA 23,051 11/19/96
One Professional Square Omaha NE 34,352 10/17/96
Globe Building Mercer Island WA 24,779 10/17/96
Total Office Square Footage 222,803
Industrial Portfolio
Hoover Industrial Mesa AZ 57,441 10/17/96
Rancho Bernardo R & D Center Rancho Bernardo CA 52,865 10/17/96
Pinewood Industrial Arlington TX 46,060 10/17/96
Walnut Creek Business Center Austin TX 100,000 10/17/96
Mercantile I Dallas TX 236,092 10/17/96
Quaker Industrial Dallas TX 42,083 10/17/96
Total Industrial Square Footage 534,541
Retail Portfolio
Sonora Plaza Sonora CA 162,126 11/19/96
Auburn North Auburn WA 158,596 10/17/96
Total Retail Square Footage 320,722
Multi-Family Portfolio
Sahara Gardens Las Vegas NV 277,056 10/17/96
Villas de Mission Las Vegas NV 192,370 10/17/96
Total Multi-Family Sq. Footage 469,426
CONTROLLED PORTFOLIOS ADDITIONS:
Office Portfolio
Grunow Medical Building Phoenix AZ 47,479 11/19/96
GSK Corporate Plaza Phoenix AZ 31,234 11/19/96
One West Madison Phoenix AZ 25,000 11/19/96
University Tech Center Pomona CA 101,177 11/19/96
26th Street Office Santa Monica CA 14,573 11/19/96
Total Office Square Footage 219,463
Industrial Portfolio
Fifth Street Industrial Phoenix AZ 109,699 11/19/96
Magnolia Industrial Phoenix AZ 35,385 11/19/96
Esplanade Tustin CA 141,700 11/19/96
Total Industrial Square Footage 286,784
Retail Portfolio
Baseline Mercado Mesa AZ 22,886 11/19/96
Weist Plaza Riverside CA 145,778 11/19/96
Glenlake Plaza Indianapolis IN 93,593 11/19/96
Heritage Square San Antonio TX 75,528 11/19/96
Vashon East Seattle WA 53,143 11/19/96
Total Retail Square Footage 390,928
Multi-Family Portfolio
Georgetowne Apartments Omaha NE 240,000 11/19/96
Total Multi-Family Square Footage 240,000
CONTROLLED PORTFOLIOS DELETIONS:
Industrial Portfolio
Carroll Vista San Diego CA 107,579 12/96
28720 Via Montezuma Temecula CA 24,402 12/96
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
As of December 31, 1996
Maturity
From
Debt Interest Interest Maturity 12/31/96
Loan Type Balance Rate Type Date (Years)
<S> <C> <C> <C> <C> <C>
Secured Mortgage Loan $ 19,744,051 7.57% Fixed 1/1/06 9.01
Secured by Eight Properties
Bank Line of Credit 21,307,125 7.94% LIBOR + 2.375% 7/15/98 1.53
Secured by Twenty-five Properties
Term Loan 6,120,000 7.94% LIBOR + 2.375% 7/15/98 1.53
10 QuikTrip Retail Properties
Individually Secured Mortgages
Multi-Family Property 7,535,553 9.00% Fixed 8/1/98 1.58
Multi-Family Property 2,617,031 7.75% Fixed 1/1/06 9.01
Multi-Family Property 7,331,366 7.50% Fixed 3/1/21 24.18
Office Property 1,701,241 7.87% 11th DIST+3% 8/15/15 18.63
Cap at 17.87%
Office Property 955,281 8.00% Fixed 9/1/05 8.67
Office Property 2,106,198 8.18% Lenders Best 10/1/00 3.75
5-yr. Mort.
Retail Property 5,032,743 8.48% Fixed 11/30/05 8.92
Industrial Property 1,440,271 9.25% Fixed 12/1/00 3.92
Total Debt/Weighted Interest Rate $ 75,890,860 7.97% 7.00
</TABLE>
<TABLE>
<CAPTION>
Relative Percentage Of Weighted Average Rate
Debt Type All Debt
<S> <C> <C>
All Debt 100.00% 7.97%
All Floating Rate Debt 41.16% 7.95%
Floating Rate Debt Capped 2.24% 7.87%
Floating Rate Debt Not Capped 38.92% 7.96%
All Fixed Rate Debt 58.84% 7.98%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
As of December 31, 1996
For the Period: 1995(1)
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interest $ 1,360,000 $ 1,240,000 $ 1,199,000 $ 278,000 $ 4,077,000
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 191,000 247,000 370,000 236,000 1,044,000
Less:
Gain on sale of rental property -- -- -- -- --
Funds from operations (FFO) 2,454,000 2,455,000 2,523,000 2,206,000 9,638,000
Plus:
Amortization of deferred financing fees 43,000 43,000 43,000 44,000 173,000
Less:
Capital reserve 239,000 239,000 239,000 238,000 955,000
Capital expenditures -- -- -- -- --
Funds available for distribution (FAD) 2,258,000 2,259,000 2,327,000 2,012,000 8,856,000
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
Loss Provisions -- -- -- -- --
Adjustment to reflect FFO of
Associated Companies 284,000 311,000 251,000 285,000 1,131,000
Less:
Gain on sale of rental property -- (321,000) -- -- (321,000)
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 185,000 71,000 (229,000) (81,000) (54,000)
Capital expenditures 54,000 168,000 477,000 542,000 1,241,000
Funds available for distribution (FAD) 2,331,000 2,364,000 2,265,000 3,537,000 10,497,000
<FN>
(1) Results for 1995 represent pro forma information.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
As of December 31, 1996
For the Period: 1995(1)
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- -----------------------------------------------------------------------------------------------------------------
EBIDA (including G & A expenses)
<S> <C> <C> <C> <C> <C>
Same property $ 2,871,000 $ 2,814,000 $ 2,758,000 $ 2,602,000 $ 11,045,000
Growth from same period prior year N/A N/A N/A N/A N/A
Combined Total 2,956,000 2,900,000 2,846,000 2,660,000 11,362,000
Growth from same period prior year N/A N/A N/A N/A N/A
Net Operating income - Property Level
Same Property 2,204,280 2,243,755 2,294,683 2,080,795 8,823,513
Growth from same period prior year N/A N/A N/A N/A N/A
Net Income excluding consolidation
costs and extraordinary items 1,267,000 1,156,000 1,103,000 271,000 3,796,000
Net Income (loss) including consolidation
costs and extraordinary items 1,267,000 1,156,000 1,103,000 271,000 3,796,000
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- -----------------------------------------------------------------------------------------------------------------
EBIDA (including G & A expenses)
<S> <C> <C> <C> <C> <C>
Same property $ 2,887,000 $ 2,908,000 $ 2,824,000 $ 2,937,000 $ 11,556,000
Growth from same period prior year 0.6% 3.3% 2.4% 12.9% 4.6%
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 2,392,287 2,434,227 2,300,301 2,365,754 9,492,273
Growth from same period prior year 8.5% 8.5% 0.2% 13.7% 7.6%
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 1,189,000 1,799,000 (1,610,000)
<FN>
(1) Results for 1995 represent pro forma information.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
December 31, 1996
For the Period: 1995(1)
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Weighted average shares outstanding 5,753,709 5,753,709 5,753,709 5,753,709 5,753,709
Fully converted weighted average shares
outstanding(2) 6,296,042 6,296,042 6,296,042 6,296,042 6,296,042
FFO per share 0.39 0.39 0.40 0.35 1.53
FAD per share 0.36 0.36 0.37 0.32 1.41
Net Income per share excluding
Consolidation Costs(3) 0.22 0.20 0.19 0.05 0.66
Net Income (loss) per share including
Consolidation Costs(3) 0.22 0.20 0.19 0.05 0.66
FFO Multiplier (Price/FFO) N/A N/A N/A N/A N/A
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) 83.6% 83.6% 81.2% 94.0% 85.3%
Total notes and mortgages payable 33,685,232
Total market capitalization(2)
Increase from same period prior year N/A
Debt/Total Market Capitalization Ratio 26.3%
Shares outstanding (at end of period) 5,753,709
Fully converted shares outstanding (at end of period)(2) 6,296,042
Price per share on last trading day of the period N/A
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Weighted average shares outstanding 5,753,709 5,761,209 5,778,545 9,513,517 6,632,707
Fully converted weighted average shares
outstanding(2) 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
FAD per share 0.37 0.38 0.36 0.35 1.46
Net Income per share excluding
Consolidation Costs(2) 0.22 0.27 0.21 0.19 0.88
Net Income (loss) per share including
Consolidation Costs(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 (FAD) 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(2) 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%
Shares outstanding (at end of period) 5,753,709 5,768,709 5,788,709 9,661,553 9,661,553
Fully converted shares outstanding
(at end of period)(3) 6,296,042 6,311,042 6,380,442 10,305,673 10,305,673
Price per share on last trading day of
the period 14.000 14.125 13.875 17.625 17.625
<FN>
(1) Results for 1995 represent pro forma information.
(2) Includes minority interest in UPREIT Partnership.
(3) 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>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 286,448 $ 306,825 $ 336,796 $ 350,071 $ 1,280,140
Operating expenses 133,081 149,959 141,053 175,202 599,295
NOI 153,367 156,866 195,743 174,869 680,845
Growth from same period prior year N/A N/A N/A N/A N/A
Combined Total
Revenue 286,448 306,825 336,796 350,071 1,280,140
Operating expenses 133,081 149,959 141,053 175,202 599,295
NOI 153,367 156,866 195,743 174,869 680,845
Growth from same period prior year N/A N/A N/A N/A N/A
Capital expenditures -- 39,949 33,220 8,800 81,969
Weighted average leaseable square feet 106,076 106,076 106,076 106,076 106,076
Capital expenditures per leaseable sq. ft. -- 0.38 0.31 0.08 0.77
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 357,683 $ 360,891 $ 368,776 $ 371,723 $ 1,459,073
Operating expenses 163,457 138,638 170,097 147,775 619,967
NOI 194,226 222,253 198,679 223,948 839,106
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%(1) 569.6%(2) 224.4%
Capital expenditures -- 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
<FN>
(1) Reflects acquisition of University Club Tower and The Bond Street Building on July 15 and September 24, 1996.
(2) Reflects acquisition of Globe, One Professional and Warner Village on October 17, 1996 and Dallidet, Hillcrest,
Tradewinds and Vintage Pointe on November 19, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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 square foot 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
Revenue per occupied square foot 11.70 11.91 13.05 13.57 13.57
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
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Physical occupancy 98.0% 100.0% 91.4% 92.6% 92.6%
Economic occupancy 96.8% 97.3% 89.1% 88.1% 88.1%
Average base rent per occupied square foot 13.07 12.95 13.19 13.61 13.61
Increase from same period prior year 13.0% 15.0% 13.2%(1) 14.3%(2) 14.3%
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%(1) 13.3%(2) 13.3%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 2,304,852 2,052,264 1,452,960 966,960 1,093,740
Percent of Total Annual Rent 25.7% 22.9% 16.2% 10.8% 12.2%
Square Footage Expiring 143,834 132,455 90,026 57,532 63,800
Percent of Square Footage 24.2% 22.2% 15.1% 9.7% 10.7%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 2002 2003 2004 2005 2006 &
Thereafter
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 72,060 144,000 68,040 448,584 349,152
Percent of Total Annual Rent 0.8% 1.6% 0.8% 5.0% 4.0%
Square Footage Expiring 4,395 8,348 3,544 25,250 66,309
Percent of Square Footage 0.7% 1.4% 0.6% 4.2% 11.2%
<FN>
(1) Reflects acquisition of University Club Tower and The Bond Street Building on July 15 and September 24, 1996.
(2) Reflects acquisition of Globe, One Professional and Warner Village on October 17, 1996 and Dallidet, Hillcrest,
Tradewinds and Vintage Pointe on November 19, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
- ---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 3,105 -- -- 53,349 56,454
Rental dollars 37,415 -- -- 765,044 802,459
Average base rent 12.05 -- -- 14.34 14.21
Percent increase in effective rents from
renewal N/A N/A N/A N/A 11.6%
Concessions -- -- -- 4,647 4,647
Concessions per square foot leased -- -- -- 0.09 0.08
Tenant improvements (TI) committed -- -- -- 404,750 404,750
TI committed per square foot leased -- -- -- 7.59 7.17
TI spent -- 12,593 -- 260,467 273,060
Capitalized leasing commissions (CLC)
committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased -- -- -- 7.59 7.17
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- --------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 880,083 $ 879,394 $ 878,821 $ 900,295 $ 3,538,592
Operating expenses 137,525 119,301 97,884 143,590 498,300
NOI 742,558 760,092 780,937 756,705 3,040,292
Growth from same period prior year N/A N/A NA N/A N/A
Combined Total
Revenue 1,024,641 1,032,671 1,029,510 1,045,911 4,132,733
Operating expenses 196,687 186,522 160,019 231,478 774,706
NOI 827,954 846,149 869,491 814,433 3,358,027
Growth from same period prior year N/A N/A N/A N/A N/A
Capital expenditures 14,994 3,780 152,715 71,620 232,234
Weighted average leaseable square feet 1,595,827 1,595,827 1,595,827 1,595,827 1,595,827
Capital expenditures per leaseable sq. ft. 0.01 0.00 0.10 0.04 0.15
</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 $ 909,590 $ 906,737 $ 3,542,303
Operating expenses 132,645 103,605 144,775 118,938 499,963
NOI 717,733 771,993 764,815 787,799 3,042,340
Growth from same period prior year - 3.3% 1.6% - 2.1% 4.1% 0.1%
Combined Total
Revenue 1,005,970 979,760 914,904 1,359,367 4,260,001
Operating expenses 203,030 160,565 146,544 234,216 744,355
NOI 802,940 819,195 768,360 1,125,151 3,515,646
Growth from same period prior year - 3.0% - 3.2%(1)(2) -11.6%(1) 38.2%(2) 4.7%
Capital expenditures -- -- 19,046 12,109 31,155
Weighted average leaseable square feet 1,589,027 1,491,827 1,491,827 2,030,114 1,602,475
Capital expenditures per leaseable sq. ft. -- -- 0.01 0.01 0.02
<FN>
(1) Reflects sales of the All American Self Storage facilities on June 4, 1996.
(2) Reflects the acquisition of the Hoover, Rancho Bernardo, Walnut Creek, Mercantile I, Quaker and Pinewood
Industrial Building on October 17, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
Revenue per occupied square foot 2.59 2.60 2.60 2.64 2.64
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
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Physical occupancy 99.5% 100.0% 100.0% 98.9% 98.9%
Economic occupancy 96.2% 98.0% 99.8% 98.7% 98.7%
Average base rent per occupied sq. ft. 2.46 2.37 2.37 2.78 2.78
Increase from same period prior year - 2.1% - 5.8%(1) - 5.7%(1) 10.2%(2) 10.2%
Revenue per occupied square foot 2.55 2.63 2.45 2.90 2.90
Increase from same period prior year - 1.6% 0.9%(1) - 5.6%(1) 9.8%(2) 9.8%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 1,229,352 563,664 535,536 323,796 323,520
Percent of Total Annual Rent 22.1% 10.1% 9.6% 5.8% 5.8%
Square Footage Expiring 336,867 130,461 143,265 78,206 59,757
Percent of Square Footage 16.8% 6.5% 7.1% 3.9% 3.0%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 2002 2003 2004 2005 2006 &
Thereafter
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring -- -- 2,594,388 -- --
Percent of Total Annual Rent -- -- 46.6% -- --
Square Footage Expiring -- -- 1,256,170 -- --
Percent of Square Footage -- -- 62.7% -- --
<FN>
(1) Reflects sales of the All American Self Storage facilities on June 4, 1996.
(2) Reflects the acquisition of the Hoover, Rancho Bernardo, Walnut Creek, Mercantile I, Quaker and Pinewood
Industrial Building on October 17, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 1,200 -- -- -- 1,200
Rental dollars 6,600 -- -- -- 6,600
Average base rent per square foot 5.50 -- -- -- 5.50
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed -- -- -- -- --
TI committed per square foot leased -- -- -- -- --
TI spent -- -- 759 -- 759
Capitalized leasing commissions (CLC)
committed 792 -- -- -- 792
CLC committed per square foot leased 0.66 -- -- -- 0.66
CLC spent 396 -- -- -- 396
CLC and TI committed per sq. ft. leased 0.66 -- -- -- 0.66
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 85,023 2,400 48,400 4,500 140,323
Rental dollars 567,001 14,040 44,640 14,040 639,721
Average base rent 6.67 5.85 0.92 3.12 4.56
Percent Increase in effective rates from
renewal N/A N/A N/A N/A 11.4%
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed 900 -- -- 24,000 24,900
TI committed per square foot leased 0.01 -- -- 5.33 0.18
TI spent 12,465 -- -- -- 12,465
Capitalized leasing commissions (CLC)
committed 540 1,404 -- -- 1,944
CLC committed per square foot leased 0.01 0.59 -- -- 0.01
CLC spent 1,320 1,969 333 1,404 5,026
CLC and TI committed per sq. ft. leased 0.02 0.59 -- 5.33 0.19
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 52,800 3,000 12,000 -- 67,800
Rental dollars 180,324 20,700 44,640 -- 245,664
Average base rent 3.42 6.90 3.72 -- 3.62
Percent Increase in effective rates from
renewal 4.5% - 0.4% 0.0% -- 1.4%
Concessions -- 3,350 -- -- 3,350
Concessions per square foot leased -- 0.06 -- -- 0.06
Tenant improvements (TI) committed 2,085 6,000 -- -- 8,085
TI committed per square foot leased 0.04 2.00 -- -- 0.12
TI spent 6,533 9,286 16,791 22,443 55,053
Capitalized leasing commissions (CLC)
committed 1,833 2,804 -- -- 4,637
CLC committed per square foot leased 0.03 0.93 -- -- 0.07
CLC spent 1,994 8,019 1,464 2,484 13,961
CLC and TI committed per sq. ft. leased 0.07 2.93 -- -- 0.19
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 835,454 $ 869,420 $ 834,013 $ 826,905 $ 3,365,792
Operating expenses 179,589 205,261 173,178 255,638 813,666
NOI 655,865 664,159 660,835 571,267 2,552,126
Growth from same period prior year N/A N/A N/A N/A N/A
Combined Total
Revenue 835,454 869,420 834,013 826,905 3,365,792
Operating expenses 179,589 205,261 173,178 255,638 813,666
NOI 655,865 664,159 660,835 571,267 2,552,126
Growth from same period prior year N/A N/A N/A N/A N/A
Capital expenditures (excludes TI and CLC) -- 12,117 54,908 -- 67,025
Weighted average leaseable square feet 284,638 284,638 284,638 284,638 284,638
Capital expenditures per leaseable sq. ft. -- 0.04 0.19 -- 0.24
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 826,483 $ 831,779 $ 826,781 $ 852,769 $ 3,337,812
Operating expenses 229,194 187,219 220,684 230,535 867,631
NOI 597,289 644,560 606,097 622,235 2,470,181
Growth from same period prior year - 8.9% - 3.0% - 8.3% 8.9% - 3.2%
Combined Total
Revenue 826,483 831,779 853,905 1,233,853 $ 3,746,020
Operating expenses 229,194 187,219 222,311 352,082 990,806
NOI 597,289 644,560 631,594 881,771 2,755,214
Growth from same period prior year - 8.9% - 3.0% - 4.4% 54.4%(2) 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
<FN>
(1) Average base rents declined due to the purchase of the grocery store anchor at Westwood Plaza Shopping Center
which has lower rents per square foot.
(2) Reflects the purchase of the Auburn and Sonora Plaza Shopping Centers on October 17 and November 19, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
Revenue per occupied square foot 11.89 12.34 11.99 12.15 12.15
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
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Physical occupancy (at end of period) 92.1% 92.1% 95.5% 97.2% 97.2%
Economic occupancy (at end of period) 96.2% 94.1% 92.1% 94.4% 94.4%
Average base rent per occupied sq. ft. 11.29 11.27 10.14 7.93 7.93
Increase from same period prior year 5.5% 4.1% - 7.0%(1) - 26.6%(1)(2) - 26.6%
Revenue per occupied square foot 12.56 12.65 11.54 9.32 9.32
Increase from same period prior year 5.7% 2.5% - 3.8%(1) - 23.3%(1)(2) - 23.3%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 302,316 418,368 632,940 456,336 594,540
Percent of Total Annual Rent 5.7% 7.8% 11.8% 8.5% 11.1%
Square Footage Expiring 25,889 55,488 59,201 40,175 70,423
Percent of Square Footage 4.2% 9.1% 9.7% 6.6% 11.5%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 2002 2003 2004 2005 2006 &
Thereafter
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 58,920 221,880 620,448 330,432 1,711,968
Percent of Total Annual Rent 1.1% 4.1% 11.6% 6.2% 32.1%
Square Footage Expiring 6,100 59,390 142,144 32,233 121,177
Percent of Square Footage 1.0% 9.7% 23.2% 5.3% 19.7%
<FN>
(1) Average base rents declined due to the purchase of the grocery store anchor at Westwood Plaza Shopping Center
which has lower rents per square foot.
(2) Reflects the purchase of the Auburn and Sonora Plaza Shopping Centers on October 17 and November 19, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 8,736 4,650 2,682 2,250 18,318
Rental dollars 84,269 50,562 32,921 27,090 194,842
Average base rent per square foot 9.65 10.87 12.27 12.04 10.64
Concessions 1,575 5,442 11,460 5,950 24,427
Concessions per square foot leased 0.18 1.17 4.27 2.64 1.33
Tenant improvements (TI) committed 8,721 8,800 16,738 -- 34,259
TI committed per square foot leased 1.00 1.89 6.24 -- 1.87
TI spent -- 2,000 51,276 -- 53,276
Capitalized leasing commissions (CLC)
committed 1,900 12,930 6,864 6,750 28,444
CLC committed per square ft. leased 0.22 2.78 2.56 3.00 1.55
CLC spent 14,137 8,083 10,900 3,780 36,900
CLC and TI committed per sq. ft. leased 1.22 4.67 8.80 3.00 3.42
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 2,534 7,520 2,663 2,259 14,976
Rental dollars 24,969 84,568 34,037 21,658 165,232
Average base rent per square foot 9.85 11.25 12.78 9.59 11.03
Percent increase in effective rents from
renewal N/A N/A N/A N/A 3.7%
Concessions -- -- -- 1,360 1,360
Concessions per square foot leased -- -- -- 0.60 0.09
Tenant improvements (TI) committed -- -- 7,000 3,210 10,210
TI committed per square foot leased -- -- 2.63 1.42 0.68
TI spent -- 7,316 -- -- 7,316
Capitalized leasing commissions (CLC)
committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- 1,000 -- -- 1,000
CLC and TI committed per sq. ft. leased -- -- 2.63 1.42 0.68
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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% - 0.03%(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
<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>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
December 31, 1996
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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue (1) $ 1,205,115 $ 1,091,190 $ 1,019,501 $ 1,066,654 $ 4,382,460
Operating expenses(2) 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%(3) 33.3% 27.0%
Capital expenditures 18,558 98,551 137,496 21,355 275,960
Weighted average rooms owned 499 499 540 561 513
Capital expenditures per room 37 197 254 38 538
<FN>
(1) At December 31, 1995 revenue includes $2,184,734 of lease payments from three hotels which GLB owns and
leases to GHG. Revenue also includes $1,749,538 of operating revenue from one hotel. The Company holds a
participating first mortgage interest in this hotel and in accordance with GAAP, GLB accounts for the property
as though it held fee title. At December 31, 1996 revenue includes $2,506,689 of lease payments from four
hotels and $2,005,771 of operating revenue from one hotel.
(2) Operating expenses paid by lessor for the four leased hotels Include taxes and property insurance; all other
expenses paid by lessee.
(3) Reflects the purchase of the Country Inn, San Antonio on August 1, 1996.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total room revenue 2,095,890 2,122,385 1,848,661 1,837,410 7,904,346
Physical occupancy 76.4% 76.4% 69.4% 69.4% 72.9%
Average daily rate per occupied room $61.12 $61.17 $58.03 $57.63 $59.56
Increase from same period prior year N/A N/A N/A N/A N/A
Revenue per available room (REVPAR) $46.67 $46.74 $40.27 $40.02 $43.40
Increase from same period prior year N/A N/A N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total room revenue 2,402,872 2,149,709 2,128,553 2,262,785 8,943,919
Physical occupancy 77.9% 73.2% 68.2% 69.2% 72.0%
Average daily rate per occupied room $67.90 $64.68 $62.96 $63.35 $64.74
Increase from same period prior year 11.1% 5.7% 8.5% 9.9% 8.7%
Revenue per available room (REVPAR) $52.92 $47.34 $42.94 $43.84 $46.58
Increase from same period prior year 13.4% 1.3% 6.6% 9.5% 7.3%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
December 31, 1996
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 193,031 $ 200,732 $ 197,120 $ 191,181 $ 782,064
Operating expenses 102,542 112,177 110,967 122,352 448,038
NOI 90,489 88,555 86,153 68,829 334,026
Growth from same period prior year N/A N/A N/A N/A N/A
Combined Total
Revenue 193,031 200,732 197,120 191,181 782,064
Operating expenses 102,542 112,177 110,967 122,352 448,038
NOI 90,489 88,555 86,153 68,829 334,026
Growth from same period prior year N/A N/A N/A N/A N/A
Capital expenditures 19,650 2,559 -- 2,006 24,215
Weighted average apartment units owned 104 104 104 104 104
Capital expenditures per apartment unit 189 25 -- 19 233
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
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%(1) 174.8%
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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1995
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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 base rent per occupied unit 654 656 660 576 576
Increase from same period prior year 2.3% 1.7% 1.9% - 9.8%(1) - 9.8%(1)
Apartment turnover rate 15.0% 8.7% 9.6% 12.9% 46.2%
<FN>
(1) NOI for the same period increased and Average Effective Base Rent per occupied unit declined due to the
acquisition of two Las Vegas apartment complexes.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
December 31, 1996
- ------------------------------------------------------------------------------------------------------------------------
OFFICE INDUSTRIAL RETAIL HOTEL MULTI- PROPERTY ELIMINATING TOTAL
FAMILY TOTAL ENTRIES(1) REPORTED
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue 1,989,660 1,359,367 1,233,853 1,144,654 934,263 6,661,797 -- 6,661,797
Operating Expenses 818,709 234,216 352,082 465,750 334,519 2,205,276 (183,494) 2,021,782
NOI 1,170,951 1,125,151 881,771 678,904 599,744 4,456,521 (183,494) 4,640,015
<FN>
(1) Eliminating entry represents internal market level property management fees included in operating expenses to provide
comparison to industry performance.
</FN>
</TABLE>
<TABLE>
<CAPTION>
COMBINED RETAIL, INDUSTRIAL AND OFFICE PORTFOLIOS
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 &
Thereafter
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 3,836,520 3,034,296 2,621,436 1,747,092 2,011,800 130,980 365,880 3,282,876 779,016 2,061,120
Percent of Total Annual Rent 19.3% 15.3% 13.2% 8.8% 10.1% 0.7% 1.8% 16.5% 3.9% 10.4%
Square Footage expiring 506,590 318,404 292,492 175,913 193,980 10,495 67,738 1,401,858 57,483 187,486
Percent of Square Footage 15.8% 10.0% 9.1% 5.5% 6.0% 0.3% 2.1% 43.6% 1.8% 5.8%
</TABLE>
CONTRIBUTION TO NOI
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to NOI)
CONTRIBUTION TO REVENUE
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to NOI)
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- --------------------------------------- --------------------------------------------------------------------------------------
<C> <C>
Acquisitions The capitalized cost of properties acquired during the period indicated.
Associated Companies The REIT owns 100% of the non-voting preferred stock of three real
estate companies: Glenborough Corporation, Glenborough Inland
Realty Corporation and Glenborough Hotel Group.
Average Base Rent Per Base rent charged to tenants divided by occupied square feet or number
Occupied Square Foot (Unit) of units. Rental revenue used is on an annual basis.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements
and equipment, excluding Tenant Improvements and Leasing
Commissions. This caption does not include purchases of land,
buildings, and equipment that will produce revenue for the Company,
such as property acquisitions and construction of rentable structures.
Capitalized Leasing Commissions paid for obtaining a lease which have been capitalized and
Commissions (CLC) are to be amortized over the lease term.
CLC Committed Capitalized leasing commissions which have been committed as a part
of entering into a lease agreement.
CLC Spent The portion of committed, capitalized leasing commissions which have
been spent by the Company.
Combined Total All properties owned in the current year.
Concessions Relief or reduction of rent charges for a specified period, negotiated and
committed to as a part of entering into a lease agreement.
Controlled Partnerships A group of partnerships for which one of the Associated Companies
provides some or all of the following services: asset management,
property management, general partner services, development services.
Debt Coverage Ratio EBIDA divided by debt service.
Debt Service Interest expense plus principal reductions of debt, excluding repayments
on lines of credit.
Dividend Payout Ratio The percentage of pro forma FFO or FAD that will be paid in dividends
to the shareholders of Glenborough Realty Trust Incorporated.
Dividend Per Share The dividends to be paid to each shareholder of Glenborough Realty
Trust Incorporated.
EBIDA Earnings before interest, depreciation and amortization.
Economic Occupancy Gross potential rent divided by base rental revenue collected.
Effective Rents Annualized rents net of concessions.
FFO Multiplier Stock price per share divided by annualized year-to-date FFO per share.
FFO Per Share FFO divided by the weighted average shares outstanding during the
period.
Funds Available For Funds Available for Distribution represents Funds from Operations plus
Distribution (FAD) amortization of deferred financing fees and recurring principal receipts
from mortgage loans, less reserves for leasing commissions, capital
expenditures (excluding property acquisitions) and debt principal
amortization.
Funds From Operations (FFO) Funds from Operations means income (loss) from operations before
minority interests and extraordinary items plus depreciation and
amortization and unrealized loss provisions plus an adjustment to reflect
the Company's share of FFO of the Associated Companies.
Interest Coverage Ratio EBIDA divided by interest on debt.
Leasing Production Information related to lease agreements entered into during the period
including square footage leased, rental dollars (specifically defined
below), concessions, tenant improvements, and capitalized leasing
commissions.
Net Asset Value The net total of the Appraised Values of the properties plus the net value
of the non-real estate assets and liabilities as of the date of the
Consolidation.
Net Operating Income (NOI) Revenues less Operating Expenses (as defined herein).
Operating Expenses Total operating expenses (as reported by the Company to the SEC in its
periodic filings) less depreciation and amortization. This amount does
not include other income and expenses such as interest and gains or
losses on sales of assets.
Percent Debt to Total Market Total notes and mortgages payable divided by the sum of total notes and
Capitalization mortgages payable plus the total market value of all shares and units
outstanding at the date of calculation.
Percent Increase in Effective Percentage change in effective base rents from renewal as compared to
Rents From Renewal effective base rents as of the date indicated.
Physical Occupancy Total square feet (units) rented divided by net rentable square feet
(units) on the date indicated.
Renewal or Re-Lease Leases that have been renewed by current tenants or leased space that
has been re-leased by new tenants.
Rental Dollars (Leasing Total annualized revenues to be earned per year during the term of the
Production) lease from renewed or re-leased space before concessions, TIs and
leasing commissions.
Same Property Properties owned in the current year which were also owned during the
same period of the prior year. If a property is sold during the quarter,
data for prior periods and the current quarter are deleted for
comparability.
Tenant Improvements (TI) A capital expense used to improve the physical space occupied by an
existing or new (re-leasing) tenant. Tenant improvements are amortized
over the term of the lease.
TI Committed Tenant improvements which have been committed as a part of entering
into a lease agreement.
TI Spent The portion of committed tenant improvements which have been spent
by the Company.
Total Market Capitalization As of the date calculated, the sum of (a) the product obtained by
multiplying the total fully converted number of shares of the Common
Stock of the Company then outstanding, by the price per share; plus (b)
the Company's Debt as set forth on the most recent financial statements.
Turnover Rate The percentage of multifamily units that became available for rent
during the 12-month period ending on the date of this report.
</TABLE>
