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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) March 31, 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
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 23 pages.
No Exhibits Required
<PAGE>
Item 5. Other Events
On April 25, 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 March
31, 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 March 31, 1997 4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: April 25, 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
March 31, 1997
Table of Contents
PAGE
Real Estate Portfolio.........................................................5
Real Estate Portfolio Controlled by Associated Companies......................6
Additions and Deletions to Portfolios During Period...........................8
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
March 31, 1997
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- --------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Vintage Pointe Phoenix AZ 55,948 89%
Tradewinds Financial Center Phoenix AZ 17,778 94%
Warner Village Medical Fountain Valley CA 32,272 92%
Hillcrest Office Plaza Fullerton CA 34,623 90%
Dallidet Professional Center San Luis Obispo CA 23,051 100%
Bond Street Building Farmington Hills MI 40,595 87%
University Club Tower St. Louis MO 272,443 93%
Regency Westpointe Omaha NE 35,937 100%
One Professional Square Omaha NE 34,836 91%
4500 Plaza Salt Lake City UT 69,975 97%
Globe Building Mercer Island WA 24,779 100%
Total Office Square Footage/Average % Occupied 642,237 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 Trans. Corp. West Chicago IL 474,426 100%
Park 100 - Building 42 Indianapolis IN 37,200 95%
Park 100 - Building 46 Indianapolis IN 102,400 100%
Case Equipment Corp. Kansas City KS 199,750 100%
Navistar International Trans. Corp. 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 97%
Sonora Plaza Sonora CA 162,126 99%
Westwood Plaza Tampa FL 85,689 97%
Shannon Crossing Atlanta GA 64,039 98%
Atlanta Auto Centers (Six Properties) Atlanta Area GA 54,750 90%
QuikTrips (Ten Properties) GA, IL, MO, OK 32,000 100%
Auburn North Auburn WA 158,596 95%
Total Retail Square Footage/Average % Occupied 630,700 97%
HOTEL PORTFOLIO # of Rooms YTD OCC.
Country Inn & Suites By Carlson Scottsdale AZ 163 90%
Country Suites By Carlson Tucson AZ 157 89%
Country Suites By Carlson Ontario CA 120 78%
Country Suites By Carlson Arlington TX 132 65%
Country Suites By Carlson (1) Irving TX 90 65%
Country Inn By Carlson San Antonio TX 64 63%
Total Hotel Rooms/YTD Occupancy 726 76%
MULTI-FAMILY PORTFOLIO # of Units % OCC.
Summer Breeze No. Hollywood CA 104 94%
Sahara Gardens Las Vegas NV 312 96%
Villas de Mission Las Vegas NV 226 99%
Total Multi-Family Units/ Average % Occupied 642 95%
<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)
March 31, 1997
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION # ROOMS/UNITS % OCC.
- --------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Grunow Medical Building Phoenix AZ 47,479 65%
GSK Corporate Plaza Phoenix AZ 31,234 35%
One West Madison Phoenix AZ 25,000 100%
Rosemead Springs Business Center El Monte CA 129,503 3%
University Tech Center Pomona CA 100,516 85%
Civic Center II Rancho Cucamonga CA 17,857 58%
Gateway Professional Center Sacramento CA 50,556 96%
Park Plaza Sacramento CA 67,688 75%
Carnegie Business Center I San Bernardino CA 62,605 90%
Carnegie Business Center II San Bernardino CA 50,804 74%
Lakeside Tower San Bernardino CA 112,814 83%
One Carnegie Plaza San Bernardino CA 102,511 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 69,050 63%
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 84%
Director's Plaza I Memphis TN 131,727 78%
Poplar Towers Memphis TN 100,901 87%
Bluemound Commerce Centre Brookfield WI 48,113 70%
Total Office Square Footage/Average % Occupied 1,732,770 77%
INDUSTRIAL PORTFOLIO
Fifth Street Industrial Phoenix AZ 109,699 100%
Magnolia Industrial Phoenix AZ 35,385 100%
San Sevaine Business Park Mira Loma CA 172,057 63%
Rancon Centre Ontario Ontario CA 245,000 80%
SkyPark Airport Parking San Bruno CA 216,780 100%
Wakefield Engineering Bldg. Temecula CA 44,200 100%
Esplanade Tustin CA 141,700 86%
Bryant Lake Phase I & II Eden Prairie MN 80,057 83%
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 121,645 100%
Total Industrial Square Footage/Average % Occupied 2,007,015 89%
<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)
March 31, 1997
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION # ROOMS/UNITS % OCC.
- --------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
<S> <C> <C> <C> <C>
Baseline Mercado Mesa AZ 22,886 68%
Mountain View Plaza Mojave CA 57,456 85%
Weist Plaza Riverside CA 145,778 94%
Circuit City San Bernardino CA 38,600 100%
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 42%
Silver Creek Plaza San Jose CA 71,005 86%
RCC Auto Center Temecula CA 25,761 91%
Town & Country Center Arlington Heights IL 323,591 94%
Glenlake Plaza Indianapolis IN 93,593 88%
Heritage Square San Antonio TX 75,528 96%
San Mar Plaza San Marcos TX 96,206 87%
Total Retail Square Footage/Average % Occupied 1,102,124 91%
HOTEL PORTFOLIO YTD OCC.
Country Suites By Carlson Tempe AZ 139 92%
Country Suites By Carlson Memphis TN 121 51%
Condominium Resort Hotel Galveston TX 276 80%
Condominium Resort Hotel Port Aransas TX 86 84%
Total Hotel Rooms/YTD Occupancy 622 77%
MULTI-FAMILY PORTFOLIO % OCC.
Green Meadows Davis CA 120 97%
Huntington Breakers Huntington Beach CA 342 94%
Villa La Jolla La Jolla CA 385 98%
La Jolla Canyon San Diego CA 157 99%
Pacific Bay Club San Diego CA 159 97%
Shadowridge Woodbend Vista CA 240 98%
Georgetowne Omaha NE 288 98%
Promontory Point Henderson NV 180 91%
Lake Mead Estates Las Vegas NV 160 98%
Total Multi-Family Units/Average % Occupied 2,031 97%
</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 68.18
Total Land Acres 281.18
<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
March 31, 1997
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET DATE
- --------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS:
Hotel Portfolio
<S> <C> <C> <C> <C>
Country Inn & Suites By Carlson Scottsdale AZ 80,568 2/28/97
PROPERTIES ADDED AFTER MARCH 31, 1997
Office Portfolio
Academy Center Rolling Hills CA 29,960 4/18/97
Westford Corporate Center Westford MA 163,247 4/29/97 (1)
Riverview Office Tower Bloomington MN 227,129 4/14/97
Woodlands Plaza II St. Louis MO 72,465 4/29/97 (1)
South Washington Alexandria VA 56,000 4/8/97
Industrial Portfolio
Kraemer Industrial Park Anaheim CA 55,246 4/18/97
Sandhill Industrial Park Carson CA 90,922 4/18/97
Belshaw Industrial Carson CA 23,826 4/18/97
Dominguez Industrial Carson CA 83,392 4/18/97
Chatsworth Industrial Park Chatsworth CA 29,764 4/18/97
Glassell Industrial Center Orange CA 46,912 4/18/97
Dunn Way Industrial Placentia CA 59,832 4/18/97
Monroe Industrial Placentia CA 38,655 4/18/97
San Dimas Industrial Center San Dimas CA 35,996 4/18/97
Upland Industrial Upland CA 27,414 4/29/97 (1)
Lake Point Orlando FL 135,008 4/29/97 (1)
Southworth-Milton Milford MA 146,125 4/8/97
Fisher-Pierce Weymouth MA 79,825 4/8/97
Woodlands Tech Center St. Louis MO 97,098
Retail Portfolio
Piedmont Plaza Apopka FL 147,750 4/29/97 (1)
Multi-Family Portfolio
Overlook Apartments Scottsdale AZ 181,376 4/29/97 (1)
CONTROLLED PORTFOLIOS
DELETIONS:
Retail Portfolio
Vashon East Seattle WA 53,143 2/97
<FN>
(1) Anticipated closing date.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
March 31, 1997
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 $19,671,119 7.57% Fixed 1/1/06 8.76
Secured by Eight Properties
Bank Line of Credit (1) LIBOR + 1.75% 7/15/98 1.29
Secured by Twenty-five Properties
Term Loan 6,120,000 7.875% LIBOR + 2.375% 7/15/98 1.29
10 QuikTrip Retail Properties
Individually Secured Mortgages
Multi-Family Property 7,518,342 9.00% Fixed 8/1/98 1.34
Multi-Family Property 2,607,627 7.75% Fixed 1/1/06 8.76
Multi-Family Property 7,304,399 7.50% Fixed 3/1/21 23.93
Office Property 1,691,107 7.87% 11th DIST+3% 8/15/15 18.39
Cap at 17.87%
Office Property 942,356 8.00% Fixed 9/1/05 8.43
Office Property 2,101,008 8.18% Lenders Best 10/1/00 3.51
5-yr. Mort.
Hotel Property 4,597,158 8.00% 2% above 5-yr. 1/1/06 8.76
Treasury Cap at 11%
Retail Property 5,021,838 8.48% Fixed 11/30/05 8.67
Industrial Property 1,432,302 9.25% Fixed 12/1/00 3.67
Total Debt/Weighted Interest Rate $ 59,007,256 7.97% 8.87
</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 24.59% 7.96%
Floating Rate Debt Capped 10.66% 7.97%
Floating Rate Debt Not Capped 13.93% 7.95%
All Fixed Rate Debt 75.41% 7.98%
<FN>
(1) The bank line of credit had a zero balance on March 31, 1997, therefore, no contract rate is listed.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1997
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)
Gain on payoff of note receivable -- -- -- -- --
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
Cash available for distribution (CAD) $ 2,331,000 $ 2,364,000 $ 2,265,000 $ 3,537,000 $10,497,000
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interest $2,594,000 $2,594,000
Plus:
Depreciation and amortization 1,537,000 1,537,000
Loss Provisions -- --
Adjustment to reflect FFO of
Associated Companies 623,000 623,000
Less:
Gain on sale of rental property -- --
Gain on payoff of note receivable (154,000) (154,000)
Funds from operations (FFO) 4,600,000 4,600,000
Plus:
Amortization of deferred financing fees 64,000 64,000
Less:
Capital reserve 110,000 110,000
Capital expenditures 421,000 421,000
Cash available for distribution (CAD) $ 4,133,000 $ 4,133,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1997
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>
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 2,393,393 2,434,358 2,300,301 2,365,754 9,492,569
Growth from same period prior year 8.6% 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 $ 1,003,000 $ 1,799,000 $(1,610,000)
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- ---------------------------------------------------------------------------------------------------------------
EBIDA (including G&A expenses)
<S> <C> <C>
Combined Total 5,550,000 5,550,000
Growth from same period prior year 86.7% 86.7%
Net Operating Income - Property Level
Same Property 2,553,015 2,553,015
Growth from same period prior year 6.7% 6.7%
Net Income excluding consolidation
costs and extraordinary items 2,363,000 2,363,000
Net Income (loss) including consolidation
costs and extraordinary items $ 2,363,000 $ 2,36,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1997
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 diluted shares outstanding 5,753,709 5,761,209 5,778,545 9,513,517 6,632,707
Fully converted weighted average diluted 6,296,042 6,303,542 6,342,206 10,148,526 7,203,071
shares outstanding(1)
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 (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(1) 121,760,915 121,873,812 147,073,129 257,528,346 257,528,346(1)
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 6,296,042 6,311,042 6,380,442 10,305,673 10,305,673
(at end of period)(1)
Price per share on last trading day of the 14.000 14.125 13.875 17.625 17.625
period
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Weighted average diluted shares outstanding 10,256,129 10,256,129
Fully converted weighted average diluted 10,935,951 10,935,951
shares outstanding(1)
FFO per share 0.42 0.42
CAD per share 0.38 0.38
Net Income per share excluding
consolidation costs and extraordinary 0.23 0.23
items(2)
Net Income (loss) per share including
consolidation costs and extraordinary 0.23 0.23
items(2)
FFO Multiplier (Price/FFO) 11.90 11.90
Debt Coverage Ratio 3.36 3.36
Interest Coverage Ratio 3.78 3.78
Total Dividends 4,541,326 4,541,326
Dividend per share 0.32 0.32
Dividend payout ratio (FFO) 76.2% 76.2%
Dividend payout ratio (FAD) 84.2% 84.2%
Total notes and mortgages payable 59,007,256 59,007,256
Total market capitalization(1) 335,120,716 335,120,716
Increase from same period prior year 175% 175%
Debt/Total Market Capitalization Ratio 17.6% 17.6%
Shares outstanding (at end of period) 13,161,553 13,161,553
Fully converted shares outstanding 13,805,673 13,805,673
(at end of period)(1)
Price per share on last trading day of the 20.00 20.00
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>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1997
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%(1) 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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C>
Revenue $ 369,532 $ 369,532
Operating expenses 157,873 157,873
NOI 211,659 211,659
Growth from same period prior year 9.0% 9.0%
Combined Total
Revenue 2,342,654 2,342,654
Operating expenses 1,082,311 1,082,311
NOI 1,260,343 1,260,343
Growth from same period prior year 548.9%(1) 548.9% (1)
Capital expenditures 19,663 19,663
Weighted average leaseable square feet 642,323 642,323
Capital expenditures per leaseable sq. ft. 0.03 0.03
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1997
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%(1) 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%(1) 13.3%
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
<S> <C> <C> <C> <C> <C>
Physical occupancy 93.4% 93.4%
Economic occupancy 90.0% 90.0%
Average base rent per occupied square foot 13.68 13.68
Increase from same period prior year 4.6% 4.6%
Revenue per occupied square foot 15.61 15.61
Increase from same period prior year 13.5% 13.5%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------- ------------ ------------- ------------ ------------- ------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001
- --------------------------------------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 1,912,320 2,050,524 1,568,496 1,174,488 1,102,968
Percent of Total Annual Rent 21.28% 22.82% 17.45% 13.07% 12.27%
Square Footage Expiring 119,043 130,628 100,258 70,689 64,774
Percent of Square Footage 19.88% 21.82% 16.74% 11.81% 10.82%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------- ------------- ------------ ------------- ------------- ------------
LEASE EXPIRATION SCHEDULE 2002 2003 2004 2005 2006 &
Thereafter
- --------------------------------------------- ------------- ------------ ------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 141,660 144,000 94,560 448,584 349,152
Percent of Total Annual Rent 1.58% 1.60% 1.05% 4.99% 3.89%
Square Footage Expiring 8,499 8,348 4,958 25,250 66,309
Percent of Square Footage 1.42% 1.39% 0.83% 4.22% 11.07%
<FN>
(1) Reflects acquisitions during the period.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1997
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>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Square footage leased 7,529 7,529
Rental dollars 168,390 168,390
Average base rent per square foot 22.37 22.37
Concessions 7,011 7,011
Concessions per square foot leased 0.93 0.93
Tenant improvements (TI) committed 49,777 49,777
TI committed per square foot leased 6.61 6.61
TI spent 57,688 57,688
Capitalized leasing commissions (CLC) committed 15,882 15,882
CLC committed per square foot leased 2.11 2.11
CLC spent 37,133 37,133
CLC and TI committed per sq. ft. leased 8.72 8.72
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1997
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 40.6% 11.9% 2.9% 20.0% 18.9%
renewal
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>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 22,570 22,570
Rental dollars 350,086 350,086
Average base rent 15.51 15.51
Percent increase in effective rents from 19.3% 19.3%
renewal
Concessions -- --
Concessions per square foot leased -- --
Tenant improvements (TI) committed 64,036 64,036
TI committed per square foot leased 2.84 2.84
TI spent 40,125 40,125
Capitalized leasing commissions (CLC) committed 9,357 9,357
CLC committed per square foot leased 0.41 0.41
CLC spent 9,230 9,230
CLC and TI committed per sq. ft. leased 3.25 3.25
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1997
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 $ 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 208,274 160,565 146,544 234,216 749,599
NOI 797,696 819,195 768,360 1,125,151 3,510,402
Growth from same period prior year - 3.6% - 3.2%(1) - 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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 912,829 $ 912,829
Operating expenses 116,769 116,769
NOI 796,060 796,060
Growth from same period prior year 10.9% 10.9%
Combined Total
Revenue $1,435,492 $1,435,492
Operating expenses 279,377 279,377
NOI 1,156,115 1,156,115
Growth from same period prior year 44.0% 44.0%
Capital expenditures 54,415 54,415
Weighted average leaseable square feet 2,026,368 2,026,368
Capital expenditures per leaseable sq. ft. 0.03 0.03
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1997
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>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Physical occupancy 98.8% 98.8%
Economic occupancy 97.7% 97.7%
Average base rent per occupied sq. ft. 2.70 2.70
Increase from same period prior year 9.8% 9.8%
Revenue per occupied square foot 2.87 2.87
Increase from same period prior year 12.6%(2) 12.6%(2)
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------- ------------ ------------ ------------- ------------ ------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001
- ----------------------------------------------- ------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 874,668 809,064 535,536 358,644 323,520
Percent of Total Annual Rent 15.67% 14.49% 9.59% 6.42% 5.80%
Square Footage Expiring 275,257 156,761 143,265 90,223 59,757
Percent of Square Footage 13.74% 7.82% 7.15% 4.50% 2.98%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------- ------------- ------------ ------------ ------------- -----------
LEASE EXPIRATION SCHEDULE 2002 2003 2004 2005 2006 &
Thereafter
- ----------------------------------------------- ------------ ------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 86,844 -- 2,594,388 -- --
Percent of Total Annual Rent 1.56% 0.00% 46.47% 0.00% 0.00%
Square Footage Expiring 22,305 -- 1,256,170 -- --
Percent of Square Footage 1.11% 0.00% 62.69% 0.00% 0.00%
<FN>
(1) Reflects sales of the All American Self-Storage facilities on June 4, 1996.
(2) Reflects acquisitions during the period.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1997
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>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------- ------------ ------------ ------------ ------------ -------------
LEASING PRODUCTION: NEW
- ----------------------------------------------- ------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
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 1,534 -- -- -- 1,534
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent 9,984 -- -- -- 9,984
CLC and TI committed per sq. ft. leased -- -- -- -- --
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1997
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- --------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Square footage leased 52,800 3,000 12,000 -- 67,800
Rental dollars 180,324 20,700 44,640 -- 245,664
Average base rent 3.42 6.90 3.72 -- 3.62
Percent increase in effective rates from
renewal 4.5% - 0.4% 0.0% -- 1.4%
Concessions -- 3,350 -- -- 3,350
Concessions per square foot leased -- 0.06 -- -- 0.06
Tenant improvements (TI) committed 2,085 6,000 -- -- 8,085
TI committed per square foot leased 0.04 2.00 -- -- 0.12
TI spent 6,533 9,286 16,791 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>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- --------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Square footage leased 35,072 -- -- -- 35,072
Rental dollars 122,571 -- -- -- 122,571
Average base rent 3.49 -- -- -- 3.49
Percent increase in effective rates from
renewal 19.2%(1) -- -- -- 19.2%(1)
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed 79,216 -- -- -- 79,216
TI committed per square foot leased 2.26 -- -- -- 2.26
TI spent -- -- -- -- --
Capitalized leasing commissions (CLC) committed 21,923 -- -- -- 21,923
CLC committed per square foot leased 0.63 -- -- -- 0.63
CLC spent 2,019 -- -- -- 2,019
CLC and TI committed per sq. ft. leased 2.88 -- -- -- 2.88
<FN>
(1) Information on previous tenants not available due to newly acquired properties.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1997
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 826,483 831,974 826,781 852,769 3,337,812
Operating expenses 228,088 187,309 220,684 230,535 867,631
NOI 598,395 644,665 606,097 622,235 2,470,181
Growth from same period prior year - 8.8% - 3.0% - 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%(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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------- ------------- ------------ ------------ ------------ -------------
OPERATING RESULTS
- ---------------------------------------------- ------------- ------------ ------------ ------------ -------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue 854,638 854,638
Operating expenses 213,412 213,412
NOI 641,226 641,226
Growth from same period prior year 7.4% 7.4%
Combined Total
Revenue 1,466,612 1,466.612
Operating expenses 373,556 373,556
NOI 1,093,056 1,093,056
Growth from same period prior year 83.0% 83.0%
Capital expenditures (excludes TI and CLC) 86,970 86,970
Weighted average leaseable square feet 630,700 630,700
Capital expenditures per leaseable sq. ft. 0.14 0.14
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1997
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>
For the Period: 1997
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) 96.9% 96.9%
Economic occupancy (at end of period) 94.8% 94.8%
Average base rent per occupied sq. ft. 8.01 8.01
Increase from same period prior year - 29.1%(1)(2) - 29.1%(1)(2)
Revenue per occupied square foot 9.60 9.60
Increase from same period prior year - 23.6%(1)(2) - 23.6%(1)(2)
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------- ------------- ------------ ------------- ------------ ------------
LEASE EXPIRATION SCHEDULE 1997 1998 1999 2000 2001
- ---------------------------------------------- ------------- ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 253,764 418,368 622,884 514,380 594,540
Percent of Total Annual Rent 5.08% 8.37% 12.46% 10.29% 11.89%
Square Footage Expiring 22,041 55,488 58,265 43,556 70,423
Percent of Square Footage 3.80% 9.56% 10.04% 7.51% 12.14%
</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 1,363,296
Percent of Total Annual Rent 1.18% 4.44% 12.41% 6.61% 27.27%
Square Footage Expiring 6,100 59,390 143,044 32,233 89,777
Percent of Square Footage 1.05% 10.23% 24.65% 5.55% 15.47%
<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
March 31, 1997
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>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------- ------------- ------------ ------------ ------------ -------------
LEASING PRODUCTION: NEW
- ---------------------------------------------- ------------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Square footage leased 3,381 3,381
Rental dollars 32,558 32,558
Average base rent per square foot 9.63 9.63
Concessions 789 789
Concessions per square foot leased 0.23 0.23
Tenant improvements (TI) committed 4,110 4,110
TI committed per square foot leased 1.22 1.22
TI spent 2,322 2,322
Capitalized leasing commissions (CLC) committed 8,568 8,568
CLC committed per square ft. leased 2.53 2.53
CLC spent 2,808 2,808
CLC and TI committed per sq. ft. leased 3.75 3.75
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1997
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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 4,162 4,162
Rental dollars 41,909 41,909
Average base rent per square foot 10.07 10.07
Percent increase in effective rents from renewal 0.2% 0.2%
Concessions 2,800 2,800
Concessions per square foot leased 0.67 0.67
Tenant improvements (TI) committed 6,000 6,000
TI committed per square foot leased 1.44 1.44
TI spent -- --
Capitalized leasing commissions (CLC) committed -- --
CLC committed per square foot leased -- --
CLC spent -- --
CLC and TI committed per sq. ft. leased 1.44 1.44
<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
March 31, 1997
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
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue (1) $ 1,216,199 $ 1,216,199
Operating expenses(2) 424,006 424,006
NOI 792,193 792,193
Growth from same period prior year 1.5% 1.5%
Combined Total
Revenue $ 1,530,826 $ 1,530,826
Operating expenses 455,836 455,836
NOI 1,074,990 1,074,990
Growth from same period prior year 37.7%(3) 37.7%(3)
Capital expenditures 48,125 48,125
Weighted average rooms owned 615 615
Capital expenditures per room 78 78
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
March 31, 1997
For the Period: 1996
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -------------------------------------------- ------------ ------------- ------------ ------------- -------------
OCCUPANCY STATUS
- -------------------------------------------- ------------ ------------- ------------ ------------- -------------
Same Property
<S> <C> <C> <C> <C> <C>
Total room revenue 2,402,872 2,149,708 2,023,408 2,129,175 8,705,163
Physical occupancy 75.9% 73.2% 69.8% 72.4% 72.8%
Average daily rate per occupied room $ 67.30 $ 64.68 $ 63.16 $ 64.10 $ 64.87
Percent increase from prior period 11.1% 6.6% 5.5% 7.7% 9.0%
Revenue per available room (REVPAR) $ 51.07 $ 47.34 $ 44.08 $ 46.38 $ 47.24
Percent increase from prior period 9.3% 1.3% - 1.1% 6.7% 8.7%
Combined Total
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>
<TABLE>
<CAPTION>
For the Period: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -------------------------------------------- ------------ ------------- ------------ ------------- -------------
OCCUPANCY STATUS
- -------------------------------------------- ------------ ------------- ------------ ------------- -------------
Same Property
<S> <C> <C> <C> <C> <C>
Total room revenue 2,480,964 2,480,964
Physical occupancy 75.4% 75.4%
Average daily rate per occupied room $ 70.72 $ 70.72
Percent increase from prior period 5.1% 5.1%
Revenue per available room (REVPAR) $ 53.32 $ 53.32
Percent increase from prior period 4.4% 4.4%
Combined Total
Total room revenue 3,237,636 3,237,636
Physical occupancy 75.5% 75.5%
Average daily rate per occupied room $ 75.01 $ 75.01
Increase from same period prior year 10.5% 10.5%
Revenue per available room (REVPAR) $ 56.64 $ 56.64
Increase from same period prior year 7.0% 7.0%
<FN>
(1) At March 31, 1997 revenue includes $682,596 of lease payments from three hotels which GLB owns and leases to
GHG. Revenue also includes $522,519 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 March 31, 1997 revenue includes $1,048,202 of lease payments from five hotels and $482,624
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 a new property during the quarter.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
March 31, 1997
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: 1997
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ------------------------------------------------------------------------------------------------------------------
Same Property
<S> <C> <C> <C> <C> <C>
Revenue $ 200,599 $ 200,599
Operating expenses 88,722 88,722
NOI 111,877 111,877
Growth from same period prior year 9.0% 9.0%
Combined Total
Revenue $1,129,909 $ 1,129,909
Operating expenses 447,290 447,290
NOI 682,619 682,619
Growth from same period prior year 565.3%(1) 565.3%(1)
Capital expenditures 49,279 49,279
Weighted average apartment units owned 642 642
Capital expenditures per apartment unit 77 77
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
March 31, 1997
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 annualized turnover rate 60.0% 34.6% 38.5% 51.7% 46.2%
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
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) 94.7% 94.7%
Economic occupancy (at end of period) 94.4% 94.4%
Average base rent per occupied unit 599 599
Increase from same period prior year -8.4%(1) -8.4%(1)
Apartment annualized turnover rate 49.2% 49.2%
<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
March 31, 1997
- -------------------- ----------- ------------- ----------- ----------- ------------ -------------- -------------- ------------------
OFFICE INDUSTRIAL RETAIL HOTEL MULTI- PROPERTY ELIMINATING TOTAL
FAMILY TOTAL ENTRIES(1) REPORTED
- -------------------- ----------- ------------- ----------- ----------- ------------ -------------- -------------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue 2,342,654 1,435,492 1,466,612 1,530,826 1,129,909 7,905,493 1,475 7,906,968
Operating Expenses 1,082,311 279,377 373,556 455,836 447,290 2,638,370 (256,904) 2,381,466
NOI 1,260,343 1,156,115 1,093,056 1,074,990 682,619 5,267,123 258,379 5,525,502
<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
- ----------------------------------------------- ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 3,040,752 3,277,956 2,726,916 2,047,512 2,021,028
Percent of Total Annual Rent 18.70% 20.16% 16.77% 12.59% 12.43%
Square Footage expiring 416,341 342,877 301,788 204,468 194,954
Percent of Square Footage 23.41% 19.28% 16.97% 11.50% 10.96%
</TABLE>
<TABLE>
<CAPTION>
COMBINED RETAIL, INDUSTRIAL AND OFFICE PORTFOLIOS
- ----------------------------------------------- ------------ ------------- ------------ ------------ ----------
LEASE EXPIRATION SCHEDULE 2002 2003 2004 2005 2006 &
Thereafter
- ----------------------------------------------- ------------ ------------- ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
Annual Base Rent Expiring 287,424 365,880 3,309,396 779,016 1,712,448
Percent of Total Annual Rent 1.77% 2.25% 16.91% 4.79% 10.53%
Square Footage expiring 36,904 67,738 1,404,172 57,483 156,086
Percent of Square Footage 2.07% 3.81% 44.12% 3.23% 8.78%
</TABLE>
CONTRIBUTION TO REVENUE
[GRAPHIC OMITTED]
CONTRIBUTION TO NOI
[GRAPHIC OMITTED]
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ----------------------------- -------------------------------------------------
Acquisitions The capitalized cost of properties acquired
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
Occupied Square Foot (Unit) Base rent charged to tenants divided by occupied
square feet or number Occupied Square Foot (Unit)
of units.
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 (CLC) Commissions paid for obtaining a lease which have
been capitalized and are to be amortized over the
lease term.
CLC Committed Capitalized leasing commissions which have been
committed as a part of entering into a lease
agreement.
CLC Spent The portion of committed, capitalized leasing
commissions which have been spent by the Company.
Combined Total All properties owned in the current year.
Concessions Relief or reduction of rent charges for a
specified period, negotiated 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 out-
standing during the period.
<PAGE>
Funds Available For
Distribution (FAD) 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 extra-
ordinary items plus depreciation and amortization
and unrealized loss provision plus an adjustment
to reflect the Company's share of FFO of the Asso-
ciated 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 pro-
perties plus the net value of the non-real estate
and liabilities as of the date of the Consolida-
tion.
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 Capitalization Total notes and mortgages payable divided by the
sum of total notes and mortgages payable plus the
total market value of all shares and units
outstanding at the date of calculation.
Percent Increase in
Effective Rents From Renewal Percentage change in effective base rents from
renewal as compared to effective base rents as of
the date indicated.
Physical Occupancy Total square feet (units) rented divided by net
rentable square feet (units) on the date indicated
Renewal or Re-Lease Leases that have been renewed by current tenants
or leased space that has been re-leased by new
tenants.
Rental Dollars
(Leasing Production) Total annualized revenues to be earned per year
during the term of the lease from renewed or
re-leased space before concessions, TIs and
leasing commissions.
Same Property Properties owned in the current year which were
also owned during the same period of the prior
year. If a property is sold during the quarter,
data for prior periods and the current quarter are
deleted for comparability.
Tenant Improvements (TI) A capital expense used to improve the physical
space occupied by an existing or new (re-leasing)
tenant. Tenant improvements are amortized over the
term of the lease.
TI Committed Tenant improvements which have been committed as a
part of entering into a lease agreement.
TI Spent The portion of committed tenant improvements which
have been spent by the Company.
<PAGE>
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 multi-family units that became
available for rent during the 12-month period
ending on the date of this report.
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