SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 30, 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 26 pages.
No Exhibits Required
Page 1 of 26
<PAGE>
Item 5. Other Events
On July 28, 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 June 30, 1997, in
the form of a Supplemental Information package, a copy of which is included as
an exhibit to this filing.
Item 7. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Page Number in
Exhibit No. Description This Filing
- ---------- ----------- --------------
99 Supplemental Information as of June 30, 1997 4
Page 2 of 26
<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: July 28, 1997 By: /s/ Andrew Batinovich
-------------------------
Andrew Batinovich
Executive Vice President,
Chief Financial Officer and
Chief Operating Officer
(Principal Financial Officer)
Page 3 of 26
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 1997
Table of Contents
PAGE
Real Estate Portfolio..................................................5
Real Estate Portfolio Controlled by Associated Companies...............7
Additions and Deletions to Portfolios During Period....................9
Debt Summary..........................................................11
Corporate Operating Summary...........................................12
Office Portfolio......................................................14
Industrial Portfolio ..............................................16
Retail Portfolio......................................................18
Hotel Portfolio.......................................................20
Multi-family Portfolio................................................21
Lease Expiration Schedule.............................................22
Combined Operating Results............................................23
Glossary of Terms.....................................................24
Page 4 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Financial Center Phoenix AZ 17,778 91%
Vintage Pointe Phoenix AZ 55,948 81%
Warner Village Medical Fountain Valley CA 32,272 92%
Hillcrest Office Plaza Fullerton CA 34,623 88%
Centerstone Plaza (1) Irvine CA 157,579 98%
University Tech Center Pomona CA 100,516 85%
Academy Center Rolling Hills CA 29,185 83%
Dallidet Professional Center San Luis Obispo CA 23,051 85%
Westford Corporate Center Westford MA 163,247 100%
Bond Street Building Farmington Hills MI 40,595 93%
Riverview Office Tower Bloomington MN 227,129 96%
University Club Tower St. Louis MO 272,443 94%
Woodlands Plaza St. Louis MO 71,309 95%
One Professional Square Omaha NE 34,836 88%
Regency Westpointe Omaha NE 35,937 94%
4500 Plaza Salt Lake City UT 70,001 97%
700 South Washington Alexandria VA 56,348 100%
Globe Building Mercer Island WA 24,779 94%
---------- ----
Total Office Square Footage/Average % Occupied 1,447,576 94%
INDUSTRIAL PORTFOLIO
Hoover Industrial Mesa AZ 57,441 100%
Fifth Street Industrial Phoenix AZ 109,699 100%
Magnolia Industrial Phoenix AZ 35,385 100%
Kraemer Industrial Park Anaheim CA 55,246 69%
Benicia Industrial Park Benicia CA 156,800 100%
Belshaw Industrial Carson CA 23,826 100%
Dominguez Industrial Carson CA 85,120 52%
Sandhill Industrial Park Carson CA 90,922 100%
Chatsworth Industrial Park Chatsworth CA 29,764 100%
Glassell Industrial Center Orange CA 46,912 70%
Dunn Way Industrial Placentia CA 59,832 71%
Monroe Industrial Placentia CA 38,655 92%
Rancho Bernardo R & D Center Rancho Bernardo CA 52,865 83%
San Dimas Industrial Center San Dimas CA 35,996 41%
Upland Industrial Upland CA 27,414 90%
Lake Point Orlando FL 135,032 92%
Navistar International Trans. Corp. West Chicago IL 474,426 100%
Park 100 - Building 42 Indianapolis IN 37,200 81%
Park 100 - Building 46 Indianapolis IN 102,400 100%
Case Equipment Corp. Kansas City KS 199,750 100%
Southworth-Milton Milford MA 146,125 100%
Fisher-Pierce Weymouth MA 79,825 100%
Navistar International Trans. Corp. Baltimore MD 274,000 100%
Woodlands Tech Center St. Louis MO 91,138 100%
<FN>
(1) Acquisition closed on July 1, 1997. Data for this property is not included in the following tables for the second quarter.
</FN>
</TABLE>
Page 5 of 26
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIAL PORTFOLIO (continued)
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 (2) Seattle WA 41,657 100%
--------- ----
Total Industrial Square Footage/Average % Occupied 3,117,259 95%
RETAIL PORTFOLIO
Park Center (2) Santa Ana CA 73,500 97%
Sonora Plaza Sonora CA 162,126 99%
Piedmont Plaza Apopka FL 151,000 98%
Westwood Plaza Tampa FL 99,304 99%
Shannon Crossing Atlanta GA 64,039 96%
Auburn North Auburn WA 158,596 71%
------- ----
Total Retail Square Footage/Average % Occupied 708,565 92%
HOTEL PORTFOLIO # of Rooms YTD OCC.
Country Inn & Suites By Carlson Scottsdale AZ 163 71%
Country Suites By Carlson Tucson AZ 157 85%
Country Suites By Carlson Ontario CA 120 79%
Country Suites By Carlson Arlington TX 132 71%
Country Suites By Carlson (2) Irving TX 90 69%
Country Inn By Carlson San Antonio TX 64 61%
--- ---
Total Hotel Rooms/YTD Occupancy 726 75%
MULTI-FAMILY PORTFOLIO # of Units % OCC.
Overlook Apartments Scottsdale AZ 224 91%
Summer Breeze No. Hollywood CA 104 98%
Sahara Gardens Las Vegas NV 312 94%
Villas de Mission Las Vegas NV 226 97%
--- ---
Total Multi-Family Units/ Average % Occupied 866 94%
<FN>
(2) The Company holds a participating first mortgage interest in the property. In accordance with GAAP, GLB accounts for the
property as though it holds fee title.
</FN>
</TABLE>
Page 6 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMPANIES (1)
June 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION # ROOMS/UNITS % OCC.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Grunow Medical Building Phoenix AZ 47,479 65%
GSK Corporate Plaza Phoenix AZ 31,530 46%
One West Madison Phoenix AZ 25,000 100%
Civic Center II Rancho Cucamonga CA 17,857 58%
Gateway Professional Center Sacramento CA 50,556 96%
Park Plaza Sacramento CA 67,688 75%
Carnegie Business Center I San Bernardino CA 62,605 81%
Carnegie Business Center II San Bernardino CA 50,804 74%
Lakeside Tower San Bernardino CA 112,866 83%
One Carnegie Plaza San Bernardino CA 102,637 92%
Two Carnegie Plaza San Bernardino CA 68,925 81%
One Parkside San Bernardino CA 70,069 66%
One Vanderbilt Way San Bernardino CA 73,809 90%
Two Vanderbilt Way San Bernardino CA 69,050 90%
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 83%
26th Street Office Santa Monica CA 14,573 100%
Montrose Office Park Rockville MD 189,079 89%
Director's Plaza I Memphis TN 131,727 78%
Poplar Towers Memphis TN 100,901 86%
Bluemound Commerce Centre Brookfield WI 48,113 70%
--------- ----
Total Office Square Footage/Average % Occupied 1,504,946 84%
INDUSTRIAL PORTFOLIO
San Sevaine Business Park Mira Loma CA 172,057 88%
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 Phases I & II Eden Prairie MN 80,057 91%
Bryant Lake Phase III Eden Prairie MN 91,732 94%
Black Satchel Charlotte NC 228,800 100%
NorthPark Business Park Charlotte NC 319,960 89%
The Commons at Great Valley Malvern PA 200,000 100%
Totem Valley Business Center Kirkland WA 121,645 99%
--------- ----
Total Industrial Square Footage/Average % Occupied 1,861,931 93%
<FN>
(1) Operating results and leasing statistics for these properties are not included in the following tables.
</FN>
</TABLE>
Page 7 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO CONTROLLED BY THE ASSOCIATED COMPANIES (1)
June 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION # ROOMS/UNITS % OCC.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
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 39,123 100%
Holiday Spa Health Club San Bernardino CA 25,000 100%
Outback Steak House San Bernardino CA 6,500 100%
Promo Retail Center San Bernardino CA 66,265 97%
Service Retail Center San Bernardino CA 20,780 100%
T.G.I. Friday's San Bernardino CA 9,386 100%
Aztec Village Center San Diego CA 23,789 42%
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%
------- ----
Total Retail Square Footage/Average % Occupied 935,436 92%
HOTEL PORTFOLIO YTD OCC.
Country Suites By Carlson Tempe AZ 139 91%
Condominium Resort Hotel Galveston TX 276 72%
Condominium Resort Hotel Port Aransas TX 86 67%
--- ---
Total Hotel Rooms/YTD Occupancy 501 79%
MULTI-FAMILY PORTFOLIO % OCC.
Green Meadows Davis CA 120 89%
Huntington Breakers Huntington Beach CA 342 98%
Villa La Jolla La Jolla CA 385 99%
La Jolla Canyon San Diego CA 157 98%
Pacific Bay Club San Diego CA 159 95%
Shadowridge Woodbend Vista CA 240 97%
Georgetowne Omaha NE 288 94%
Promontory Point Henderson NV 180 94%
----- ---
Total Multi-Family Units/Average % Occupied 1,871 96%
LAND PORTFOLIO Acres
Lake Elsinore Square (Retail) Lake Elsinore CA 24.79
Mountain View Plaza (Retail) Mojave CA 8.99
Perris - 4th Avenue (Comm/Retail) Perris CA 17.67
Perris - Ethanac Road (Comm/Retail) Perris CA 23.76
Perris - Nuevo Road (Comm/Retail) Perris CA 60.41
Rancon Center Ontario (Industrial) Ontario CA 41.02
Rancon Center (Office) Rancho Cucamonga CA 1.83
Rancon Center (Retail) Rancho Cucamonga CA 4.98
Rancon Commerce Center (Industrial) Temecula CA 15.52
Rancon Towne Village (Retail) Temecula CA 8.79
Tippecanoe (Commercial) San Bernardino CA 8.79
Tri-City Corporate Center (Off/Retail) San Bernardino CA 40.46
------
Total Land Acres 257.01
<FN>
(1) Operating results and leasing statistics for these properties are not included in the following tables.
</FN>
</TABLE>
Page 8 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
June 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS:
Office Portfolio
Centerstone Plaza Irvine CA 157,579 7/1/97
University Tech Center Pomona CA 100,516 6/18/97
Academy Center Rolling Hills CA 29,185 4/18/97
Westford Corporate Center Westford MA 163,247 4/29/97
Riverview Office Tower Bloomington MN 227,129 4/14/97
Woodlands Plaza St. Louis MO 71,309 4/29/97
700 South Washington Alexandria VA 56,348 4/8/97
Industrial Portfolio
Fifth Street Industrial Phoenix AZ 109,699 6/18/97
Magnolia Industrial Phoenix AZ 35,385 6/18/97
Kraemer Industrial Park Anaheim CA 55,246 4/18/97
Belshaw Industrial Carson CA 23,826 4/18/97
Dominguez Industrial Carson CA 85,120 4/18/97
Sandhill Industrial Park Carson CA 90,922 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
Lake Point Orlando FL 135,032 4/29/97
Southworth-Milton Milford MA 146,125 4/8/97
Fisher-Pierce Weymouth MA 79,825 4/8/97
Woodlands Tech Center St. Louis MO 91,138 4/29/97
Retail Portfolio
Piedmont Plaza Apopka FL 151,000 4/29/97
Multi-Family Portfolio
Overlook Apartments Scottsdale AZ 181,376 4/29/97
DELETIONS:
Retail Portfolio
Auto Care Centers Atlanta GA 6/97
QuikTrip Stores GA, IL, MO, OK 6/97
</TABLE>
Page 9 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
June 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSOCIATED COMPANY PORTFOLIOS
DELETIONS:
Retail Portfolio
San Mar Plaza San Marcos TX 96,206 7/97
Silver Creek Plaza San Jose CA 71,005 5/97
Office Portfolio
Rosemead Springs Business Center El Monte CA 129,503 5/97
University Tech Center Pomona CA 100,516 6/97
Hotel Portfolio
Country Suites By Carlson Memphis TN 121 4/97
Multi-Family Portfolio
Lake Mead Estates Las Vegas NV 160 6/97
Industrial
Fifth Street Industrial Phoenix AZ 109,699 6/97
Magnolia Industrial Phoenix AZ 35,385 6/97
</TABLE>
Page 10 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
June 30, 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 $ 19,596,798 7.57% Fixed 1/1/06 8.51
Secured by Nine Properties
Bank Line of Credit 13,918,313 7.44% LIBOR + 1.75% 7/15/98 1.04
Secured by Nineteen Properties 22,200,000 8.50% PRIME 7/15/98 1.04
Unsecured Bridge Loan 60,000,000 7.44% Fixed 7/31/97 0.08
Individually Secured Mortgages
Multi-Family Property 7,500,740 9.00% Fixed 8/1/98 1.09
Multi-Family Property 2,598,039 7.75% Fixed 1/1/06 8.51
Multi-Family Property 7,276,924 7.50% Fixed 3/1/21 23.68
Office Property 1,680,771 7.87% 11th District +3% 8/15/15 18.14
cap at 17.87%
Office Property 922,644 8.00% Fixed 9/1/05 8.18
Office Property 2,096,650 8.18% Lenders Best 10/1/00 3.26
5-yr. Mort.
Hotel Property 4,551,182 8.00% 2% above 5-yr. 1/1/06 8.51
Treasury cap at 11%
Retail Property 5,005,190 8.48% Fixed 11/30/05 8.42
Industrial Property 1,424,148 9.25% Fixed 12/1/00 3.42
Industrial Property 535,152 7.32% 11th District +2.5% 5/1/17 19.85
cap at 14.75%
Industrial Property 850,903 8.38% Fixed 10/1/10 13.26
Industrial Property 739,160 7.32% 11th District +2.5% 5/1/17 19.85
cap at 14.75%
Industrial Property 1,784,462 8.13% Fixed 4/1/12 14.76
------------ ----- -----
Total Debt/Weighted Interest Rate $152,681,076 7.79% 6.48 (1)
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Relative Percentage Weighted
Debt Type Total Amount Of All Debt Average Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
All Debt 152,681,076 100.00% 7.79%
All Floating Rate Debt 45,721,228 29.95% 8.06%
Floating Rate Debt Capped 7,506,265 4.92% 7.86%
Floating Rate Debt Not Capped 38,214,963 25.03% 8.10%
All Fixed Rate Debt (2) 106,959,848 70.05% 7.68%
<FN>
(1) Weighted average maturity excludes the $60,000,000 unsecured bridge loan
which was repaid in July 1997.
(2) $ 60,000,000 of the fixed rate debt represents an unsecured bridge loan
that has a fixed interest rate for 30 days.
</FN>
</TABLE>
Page 11 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
June 30, 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:
Net gain on sales of rental properties -- (321,000) -- -- (321,000)
Gain on collection 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 in excess of expenditures 185,000 71,000 (229,000) (81,000) (54,000)
Capital expenditures (incl. TI & Comm) 54,000 168,000 477,000 542,000 1,241,000
----------- --------- ----------- ----------- -----------
Cash available for distribution (CAD) $ 2,331,000 $2,364,000 $ 2,265,000 $ 3,537,000 $10,497,000
Cumulative capital res. in excess of 185,000 256,000 27,000 (54,000) (54,000)
expenditures
OTHER INFORMATION
EBIDA (including G&A expenses)
Combined Total 2,972,000 2,955,000 3,318,000 5,028,000 14,273,000
Growth from same period prior year 0.5% 1.9% 16.6% 89.0% 25.6%
Net Operating Income - Property Level
Same Property 2,163,199 2,206,729 2,071,927 2,137,476 8,579,331
Growth from same period prior year 9.2% 9.2% 0.0% 15.2% 8.2%
Net Income excluding consolidation
costs and extraordinary items 1,253,000 1,572,000 1,189,000 1,799,000 5,813,000
Net Income (loss) including consolidation
costs and extraordinary items $(5,984,000) $ 1,572,000 $ 1,003,000 $ 1,799,000 $(1,610,000)
</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 $4,639,000 $ 7,233,000
Plus:
Depreciation and amortization 1,537,000 2,507,000 4,044,000
Loss Provisions -- -- --
Adjustment to reflect FFO of
Associated Companies 623,000 248,000 871,000
Less:
Gain on sale of rental property -- (570,000) (570,000)
Gain on payoff of note receivable (154,000) (498,000) (652,000)
--------- --------- ----------
Funds from operations (FFO) 4,600,000 6,326,000 10,926,000
Plus:
Amortization of deferred financing fees 64,000 64,000 128,000
Less:
Capital reserve in excess of expenditures 110,000 220,000 330,000
Capital expenditures (incl. TI & Comm) 421,000 541,000 962,000
---------- ----------- -----------
Cash available for distribution (CAD) $4,133,000 $ 5,629,000 $ 9,762,000
Cumulative capital res. in excess of 56,000 276,000 276,000
expenditures
OTHER INFORMATION
EBIDA (including G&A expenses)
Combined Total 5,550,000 8,304,000 13,854,000
Growth from same period prior year 86.7% 181.0% 133.7%
Net Operating Income - Property Level
Same Property 2,337,230 2,325,202 4,662,432
Growth from same period prior year 7.8% 5.4% 6.7%
Net Income excluding consolidation
costs and extraordinary items 2,363,000 4,241,000 6,604,000
Net Income (loss) including consolidation
costs and extraordinary items $2,363,000 $4,241,000 $ 6,604,000
</TABLE>
Page 12 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
June 30, 1997
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C>
Primary weighted average shares outstanding 5,753,709 5,761,209 5,778,545 9,513,517 6,632,707
Fully diluted weighted average shares
outstanding (1) 6,296,042 6,303,542 6,342,206 10,148,526 7,203,071
FFO per share 0.40 0.41 0.39 0.39 1.59
CAD per share 0.37 0.38 0.36 0.35 1.46
Net Income per share excluding
consolidation costs and extraordinary 0.22 0.27 0.21 0.19 0.88
items(2)
Net Income (loss) per share including
consolidation costs and extraordinary (1.04) 0.27 0.17 0.19 (0.24)
items(2)
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%
Total notes and mortgages payable 33,616,327 32,730,344 58,544,496 75,890,860 75,890,860
Total market capitalization (1) 121,760,915 121,873,812 147,073,129 257,528,346 257,528,346
Increase from same period prior year N/A N/A N/A N/A N/A
Debt/Total Market Capitalization Ratio 27.6% 26.9% 39.8% 29.5% 29.5%
Primary shares outstanding (at end of period) 5,753,709 5,768,709 5,788,709 9,661,553 9,661,553
Fully diluted shares outstanding
(at end of period)(1) 6,296,042 6,311,042 6,380,442 10,305,673 10,305,673
Price per share on last trading day of the 14.000 14.125 13.875 17.625 17.625
period
<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>
<TABLE>
<CAPTION>
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C> <C>
Primary weighted average shares outstanding 10,256,129 13,432,442 11,852,810
Fully diluted weighted average shares
outstanding (1) 10,935,951 14,466,852 12,783,418
FFO per share 0.42 0.44 0.86
CAD per share 0.38 0.39 0.77
Net Income per share excluding
consolidation costs and extraordinary items(2) 0.23 0.32 0.55
Net Income (loss) per share including
consolidation costs and extraordinary items(2) 0.23 0.32 0.55
FFO Multiplier (Price/FFO) 11.90 14.35 14.68
Debt Coverage Ratio 3.27 3.43 3.36
Interest Coverage Ratio 3.68 3.84 3.77
Total Dividends 4,541,123 6,862,723 11,403,846
Dividend per share 0.32 0.32 0.64
Dividend payout ratio (FFO) 76.2% 72.7% 74.4%
Total notes and mortgages payable 59,007,256 152,681,076 152,681,076
Total market capitalization (1) 335,120,716 511,004,053 511,004,053
Increase from same period prior year 175% 319% 319%
Debt/Total Market Capitalization Ratio 17.6% 29.9% 29.9%
Primary shares outstanding (at end of
period) 13,161,553 13,194,692 13,194,692
Fully diluted shares outstanding
(at end of period) (1) 13,805,673 14,191,009 14,191,009
Price per share on last trading day of the 20.000 25.250 25.250
period
<FN>
(1) Includes minority interest in UPREIT Partnership.
(2) Net income per share is computed independently for each quarter and the full year based on the respective weighted
average number of common shares outstanding; therefore, the sum of the quarterly net income per share data may not
equal the net income per share for the year.
</FN>
</TABLE>
Page 13 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1997
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
<S> <C> <C> <C> <C> <C>
Same Property
Revenue $ 357,683 $ 360,891 $ 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%(1)
Capital expenditures (excludes TI & CLC) -- 2,904 41,595 31,820 76,319
Weighted average leaseable square feet 106,076 106,076 338,346 494,798 261,324
Capital expenditures per leaseable sq. ft. -- 0.03 0.12 0.06 0.29
OCCUPANCY STATUS (2)
Same Property
Physical occupancy 98.0% 100.0% 100.0% 98.3% 98.3%
Economic occupancy 96.8% 97.3% 98.4% 98.7% 98.7%
Average base rent per occupied square foot 13.07 12.95 13.17 13.56 13.56
Increase from same period prior year 13.0% 12.2% 5.7% 7.0% 7.0%
Revenue per occupied square foot 13.76 13.61 13.91 14.26 14.26
Increase from same period prior year 17.6% 14.3% 6.5% 5.1% 5.1%
Combined Property
Physical occupancy 98.0% 100.0% 91.4% 92.6% 92.6%
Economic occupancy 96.8% 97.3% 88.7% 88.1% 88.1%
Average base rent per occupied square foot 13.07 12.95 13.19 13.61 13.61
Increase from same period prior year 13.0% 12.2% 5.8% 7.5% 7.5%
Revenue per occupied square foot 13.76 13.61 15.17 15.38 15.38
Increase from same period prior year 17.6% 14.3% 16.2% 13.3% 13.3%
<FN>
(1) Reflects acquisitions during the period.
(2) Some 1996 information was restated to reflect current methodology
</FN>
</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>
Same Property
Revenue $ 369,532 $ 368,653 $ 738,185
Operating expenses 157,873 155,933 313,806
NOI 211,659 212,720 424,379
Growth from same period prior year 9.0% -4.3% 1.9%
Combined Total
Revenue $ 2,342,654 $ 4,268,632 $ 6,611,286
Operating expenses 1,082,311 1,939,135 3,021,446
NOI 1,260,343 2,329,497 3,589,840
Growth from same period prior year 548.9%(1) 948.1%(1) 761.9%(1)
Capital expenditures (excludes TI & CLC) 19,663 51,787 71,449
Weighted average leaseable square feet 642,323 1,088,395 865,359
Capital expenditures per leaseable sq. ft. 0.03 0.05 0.08
OCCUPANCY STATUS (2)
Same Property
Physical occupancy 98.3% 96.2% 96.2%
Economic occupancy 97.7% 95.3% 95.3%
Average base rent per occupied square foot 13.58 13.97 13.97
Increase from same period prior year 3.9% 7.9% 7.9%
Revenue per occupied square foot 14.19 14.47 14.47
Increase from same period prior year 3.1% 6.3% 6.3%
Combined Property
Physical occupancy 93.4% 93.4% 93.4%
Economic occupancy 90.0% 92.8% 92.8%
Average base rent per occupied square foot 13.68 13.75 13.75
Increase from same period prior year 4.6% 6.2% 6.2%
Revenue per occupied square foot 15.61 16.67 16.67
Increase from same period prior year 13.5% 22.5% 22.5%
<FN>
(1) Reflects acquisitions during the period.
(2) Some 1996 information was restated to reflect current methodology
</FN>
</TABLE>
Page 14 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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
LEASING PRODUCTION: RENEWAL/EXPANSION
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>
<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 8,505 12,272 20,777
Rental dollars 181,092 226,705 407,797
Average base rent per square foot 21.29 18.47 19.63
Concessions 10,086 -- 10,086
Concessions per square foot leased 1.19 -- 1.19
Tenant improvements (TI) committed 53,680 75,700 129,380
TI committed per square foot leased 6.31 6.17 6.23
TI spent 57,688 77,223 134,911
Capitalized leasing commissions (CLC) committed 18,499 20,475 38,974
CLC committed per square foot leased 2.18 1.67 1.88
CLC spent 37,133 26,029 63,162
CLC and TI committed per sq. ft. leased 8.49 7.84 8.10
LEASING PRODUCTION: RENEWAL/EXPANSION
Square footage leased 22,570 15,144 37,714
Rental dollars 350,087 229,914 580,001
Average base rent 15.51 15.18 15.38
Percent increase in effective rents from renewal 36.2% 12.8% 24.5%
Concessions -- 217 217
Concessions per square foot leased -- 0.01 0.01
Tenant improvements (TI) committed 64,036 35,168 99,204
TI committed per square foot leased 2.84 2.32 2.63
TI spent 40,125 18,759 58,884
Capitalized leasing commissions (CLC) committed 9,357 6,661 16,018
CLC committed per square foot leased 0.41 0.44 0.42
CLC spent 9,230 8,214 17,444
CLC and TI committed per sq. ft. leased 3.25 2.76 3.06
</TABLE>
Page 15 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1997
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 137,889 103,578 144,775 118,938 505,180
NOI 712,489 772,020 764,815 787,799 3,037,123
Growth from same period prior year - 4.0% 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 - 3.7% 3.2%(1) -11.6%(1) 38.2%(2) 4.5%
Capital expenditures (excludes TI & CLC) -- -- 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
OCCUPANCY STATUS (3)
Same Property
Physical occupancy 99.9% 100.0% 100.0% 100.0% 100.0%
Economic occupancy 96.9% 98.0% 100.0% 99.8% 99.8%
Average base rent per occupied sq. ft. 2.20 2.37 2.37 2.37 2.37
Increase from same period prior year - 4.2% 3.5% 3.7% 3.6% 3.6%
Revenue per occupied square foot 2.28 2.35 2.44 2.43 2.43
Increase from same period prior year - 3.6% - 0.8% 3.2% 0.5% 0.5%
Combined Total
Physical occupancy 99.5% 100.0% 100.0% 98.9% 98.9%
Economic occupancy 96.2% 97.3% 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) - 5.8%(1) 10.2%(2) 10.2%
Revenue per occupied square foot 2.55 2.35 2.44 2.90 2.90
Increase from same period prior year - 1.6% -9.8%(1) - 6.1%(1) 9.8%(2) 9.8%
<FN>
(1) Reflects sales of the All American Self-Storage facilities on June 4, 1996.
(2) Reflects acquisitions during the period.
(3) Some 1996 information was restated to reflect current methodology.
</FN>
</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>
Same Property
Revenue $ 912,829 $ 910,813 $1,823,642
Operating expenses 116,769 124,267 241,036
NOI 796,060 786,546 1,582,606
Growth from same period prior year 11.7% 1.9% 6.6%
Combined Total
Revenue $ 1,435,492 2,820,890 $4,256,382
Operating expenses 279,377 648,325 927,702
NOI 1,156,115 2,172,565 3,328,680
Growth from same period prior year 44.9%(2) 165.2%(2) 105.9%
Capital expenditures (excludes TI & CLC) 54,415 11,832 66,247
Weighted average leaseable square feet 2,026,368 2,855,825 2,441,096
Capital expenditures per leaseable sq. ft. 0.03 0.00 0.03
OCCUPANCY STATUS (3)
Same Property
Physical occupancy 99.9% 99.5% 99.5%
Economic occupancy 99.9% 99.0% 99.0%
Average base rent per occupied sq. ft. 2.38 2.39 2.39
Increase from same period prior year 8.0% 1.0 1.0%
Revenue per occupied square foot 2.45 2.45 2.45
Increase from same period prior year 7.4% 4.5 4.5%
Combined Total
Physical occupancy 98.8% 95.0% 95.0%
Economic occupancy 97.7% 96.1% 96.1%
Average base rent per occupied sq. ft. 2.70 4.00 4.00
Increase from same period prior year 9.8% 69.0%(2) 69.0%(2)
Revenue per occupied square foot 2.87 4.37 4.37
Increase from same period prior year 12.6%(2) 85.9%(2) 85.9%(2)
<FN>
(1) Reflects sales of the All American Self-Storage facilities on June 4, 1996.
(2) Reflects acquisitions during the period.
(3) Some 1996 information was restated to reflect current methodology.
</FN>
</TABLE>
Page 16 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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
LEASING PRODUCTION: RENEWAL/EXPANSION
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: NEW
<S> <C> <C> <C> <C> <C>
Square footage leased -- 57,882 -- -- 57,882
Rental dollars -- 194,177 -- -- 194,177
Average base rent per square foot -- 3.35 -- -- 3.35
Concessions -- 3,086 -- -- 3,086
Concessions per square foot leased -- 0.05 -- -- 0.05
Tenant improvements (TI) committed -- 82,551 -- -- 82,551
TI committed per square foot leased -- 1.43 -- -- 1.43
TI spent 1,534 62,039 -- -- 63,573
Capitalized leasing commissions (CLC) committed -- 56,876 -- -- 56,876
CLC committed per square foot leased -- 0.98 -- -- 0.98
CLC spent 9,984 33,738 -- -- 43,722
CLC and TI committed per sq. ft. leased -- 2.41 -- -- 2.41
LEASING PRODUCTION: RENEWAL/EXPANSION
Square footage leased 35,072 43,499 -- -- 78,571
Rental dollars 122,571 154,512 -- -- 277,083
Average base rent 3.49 3.55 -- -- 3.53
Percent increase in effective rates from renewal 16.3% 43.4% -- -- 16.3%
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed 79,216 11,239 -- -- 90,455
TI committed per square foot leased 2.26 0.26 -- -- 1.15
TI spent -- 81,874 -- -- 81,874
Capitalized leasing commissions (CLC) committed 21,923 20,306 -- -- 42,229
CLC committed per square foot leased 0.63 0.47 -- -- 0.54
CLC spent 2,019 33,368 -- -- 35,387
CLC and TI committed per sq. ft. leased 2.88 0.73 -- -- 1.69
</TABLE>
Page 17 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1997
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 598,471 601,732 595,805 621,793 2,417,747
Operating expenses 224,972 184,696 218,082 227,836 855,586
NOI 373,445 417,036 377,723 393,957 1,562,161
Growth from same period prior year - 13.7% - 3.0% - 13.9% 13.8% - 5.8%
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
OCCUPANCY STATUS (3)
Same Property
Physical occupancy (at end of period) 91.2% 91.2% 94.4% 95.9% 95.9%
Economic occupancy (at end of period) 89.6% 90.9% 90.0% 91.2% 91.2%
Average base rent per occupied sq. ft. 8.33 8.00 8.34 7.59 7.59
Increase from same period prior year 0.7% -5.5% - 0.2% - 7.6% - 7.6%
Revenue per occupied square foot 10.22 10.27 10.09 10.37 10.37
Increase from same period prior year 1.5% -2.2% 0.2% 5.2% 5.2%
Combined Property
Physical occupancy (at end of period) 92.1% 92.1% 95.5% 97.2% 97.2%
Economic occupancy (at end of period) 92.7% 93.4% 92.1% 94.4% 94.4%
Average base rent per occupied sq. ft. 10.88 11.19 10.33 7.93 7.93
Increase from same period prior year 1.5% 3.0% - 4.2%(1) -25.8%(1)(2) -25.8%
Revenue per occupied square foot 12.57 12.65 11.74 9.32 9.32
Increase from same period prior year 1.9% - 0.2% - 4.8%(1) -23.3%(1)(2) -23.3%
<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 acquisitions during the period.
(3) Some 1996 information was restated to reflect current methodology.
</FN>
</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>
Same Property
Revenue 623,662 607,044 1,230,706
Operating expenses 208,009 208,901 416,910
NOI 415,653 398,143 813,796
Growth from same period prior year 11.3% - 4.5% 2.9%
Combined Total
Revenue 1,466,612 1,579,107 3,045,719
Operating expenses 373,556 411,934 785,490
NOI 1,093,056 1,167,173 2,260,229
Growth from same period prior year 82.7%(2) 81.1%(2) 81.8%
Capital expenditures (excludes TI and CLC) 86,970 907 87,877
Weighted average leaseable square feet 716,389 734,722 682,711
Capital expenditures per leaseable sq. ft. 0.12 0.00 0.13
OCCUPANCY STATUS (3)
Same Property
Physical occupancy (at end of period) 95.4% 96.3% 96.2%
Economic occupancy (at end of period) 93.3% 94.4% 94.4%
Average base rent per occupied sq. ft. 8.28 8.54 8.54
Increase from same period prior year - 0.6% 6.6% 6.6%
Revenue per occupied square foot 10.46 10.10 10.10
Increase from same period prior year 2.3% -1.7% -1.7%
Combined Property
Physical occupancy (at end of period) 96.6% 92.2% 92.2%
Economic occupancy (at end of period) 94.8% 94.0% 94.0%
Average base rent per occupied sq. ft. 8.04 8.10 8.10
Increase from same period prior year -26.1%(1)(2) -27.6%(1)(2) -27.6%(1)(2)
Revenue per occupied square foot 9.63 9.25 9.25
Increase from same period prior year -23.4%(1)(2) -26.9%(1)(2) -26.9%(1)(2)
<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 acquisitions during the period.
(3) Some 1996 information was restated to reflect current methodology.
</FN>
</TABLE>
Page 18 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 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
LEASING PRODUCTION: RENEWAL/EXPANSION
Square footage leased -- 3,300 12,338 1,400 17,038
Rental dollars -- 36,770 123,699 16,520 176,989
Average base rent per square foot -- 11.14 10.03 11.80 10.39
Percent increase in effective rents from renewal -- 11.0% - 2.7%(1) 8.9% 4.3%
Concessions -- 1,922 10,000 -- 11,922
Concessions per square foot leased -- 0.58 0.81 -- 0.70
Tenant improvements (TI) committed -- 13,960 66,288 -- 80,248
TI committed per square foot leased -- 4.23 5.37 -- 4.71
TI spent 3,210 -- 20,000 14,656 37,866
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased -- 4.23 5.37 -- 4.71
<FN>
(1) Reflects moving expense concessions paid to relocate tenants to accommodate expansion of the grocery store anchor at
Westwood Plaza Shopping Center.
</FN>
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LEASING PRODUCTION: NEW
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 3,852 6,174
Capitalized leasing commissions (CLC) committed 8,568 -- - 8,568
CLC committed per square ft. leased 2.53 -- 2.53
CLC spent 2,808 5,760 8,568
CLC and TI committed per sq. ft. leased 3.75 -- 3.75
LEASING PRODUCTION: RENEWAL/EXPANSION
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 1.6% -- 1.6%
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 19 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
June 30, 1997
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATING RESULTS
Same Property
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 (4) 517 517 558 579 513
Capital expenditures per room (4) 37 197 254 38 538
OCCUPANCY STATUS (6)
Same Property
Total room revenue 2,402,872 2,149,708 2,023,408 2,129,175 8,705,163
Physical occupancy (5) 77.0% 75.1% 73.3% 72.9% 72.9%
Average daily rate per occupied room (5) $ 66.33 $ 64.43 $ 63.37 $ 63.06 $ 63.06
Percent increase from prior period 10.5% 7.5% 7.5% 8.1% 8.1%
Revenue per available room (REVPAR) (5) $ 51.07 $ 48.38 $ 46.42 $ 46.01 $ 46.01
Percent increase from prior period 9.4% 3.6% 4.2% 6.0% 6.0%
Combined Total
Total room revenue 2,402,872 2,149,709 2,128,553 2,262,785 8,943,919
Physical occupancy (5) 77.0% 75.1% 72.7% 71.8% 71.8%
Average daily rate per occupied room (5) $ 66.33 $ 64.43 $ 63.24 $ 62.76 $ 62.76
Increase from same period prior year 10.5% 7.5% 7.3% 7.5% 7.5%
Revenue per available room (REVPAR) (5) $ 51.07 $ 48.38 $ 45.98 $ 45.04 $ 45.04
Increase from same period prior year 9.4% 3.6% 3.2% 3.8% 3.8%
<FN>
(1) At June 30, 1996 same property revenue includes $585,630 of lease payments from three hotels which GLB owns and leases to GHG.
Revenue also includes $505,560 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 June 30, 1997 same
property revenue includes $709,487 of lease payments from three hotels and $542,399 of operating revenue from one hotel.
(2) Operating expenses paid by lessor for the leased hotels include taxes and property insurance; all other expenses paid by
lessee.
(3) Reflects the purchase of a new property during the quarter.
(4) 1996 Numbers were restated for consistency of methodology and to reflect an increase in available rooms at Country Suites-
Irving (DFW).
(5) Numbers represent year-to-date data for the period and include comp rooms.
(6) Some 1996 information was restated to reflect current methodology.
</FN>
</TABLE>
<TABLE>
<CAPTION>
For the Period: 1997
- -----------------------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATING RESULTS
Same Property
Revenue (1) $ 1,216,199 $ 1,251,886 $ 2,468,085
Operating expenses (2) 414,218 432,362 846,580
NOI 801,981 819,524 1,621,505
Growth from same period prior year 2.8% 16.3% 2.8%
Combined Total
Revenue $ 1,530,826 $ 1,701,523 $ 3,232,349
Operating expenses 455,836 509,422 965,258
NOI 1,074,990 1,192,101 2,267,091
Growth from same period prior year 37.7%(3) 69.1% 37.7%
Capital expenditures 48,125 86,546 134,671
Weighted average rooms owned (4) 633 742 688
Capital expenditures per room (4) 76 117 196
OCCUPANCY STATUS (6)
Same Property
Total room revenue 2,480,964 2,496,991 4,977,955
Physical occupancy (5) 76.1% 77.3% 77.3%
Average daily rate per occupied room (5) $ 70.10 $ 68.79 $ 68.79
Percent increase from prior period 5.7% 6.8% 6.8%
Revenue per available room (REVPAR) (5) $ 53.32 $ 53.20 $ 53.20
Percent increase from prior period 4.4% 10.0 10.0%
Combined Total
Total room revenue 3,237,636 3,547,474 6,785,110
Physical occupancy (5) 76.2% 75.2% 75.2%
Average daily rate per occupied room (5) $ 74.32 $ 72.34 $ 72.34
Increase from same period prior year 12.0% 12.3% 12.3%
Revenue per available room (REVPAR) (5) $ 56.64 $ 54.42 $ 54.42
Increase from same period prior year 10.9% 12.5% 12.5%
<FN>
(1) At June 30, 1996 same property revenue includes $585,630 of lease payments from three hotels which GLB owns and leases to GHG.
Revenue also includes $505,560 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 June 30, 1997 same
property revenue includes $709,487 of lease payments from three hotels and $542,399 of operating revenue from one hotel.
Page 20 of 26
<PAGE>
(2) Operating expenses paid by lessor for the leased hotels include taxes and property insurance; all other expenses paid by
lessee.
(3) Reflects the purchase of a new property during the quarter.
(4) 1996 Numbers were restated for consistency of methodology and to reflect an increase in available rooms at Country Suites-
Irving (DFW).
(5) Numbers represent year-to-date data for the period and include comp rooms.
(6) Some 1996 information was restated to reflect current methodology.
</FN>
</TABLE>
Page 21 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
June 30, 1997
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 $ 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%(1)
Capital expenditures 17,500 29,900 9,538 5,936 62,874
Weighted average apartment units owned 104 104 104 549 215
Capital expenditures per apartment unit 168 288 92 11 292
OCCUPANCY STATUS (2)
Same Property
Physical occupancy (at end of period) 89.4% 96.2% 92.3% 94.2% 94.2%
Economic occupancy (at end of period) 88.8% 89.2% 94.9% 91.0% 91.0%
Average base rent per occupied unit 654 656 660 663 663
Increase from same period prior year 2.3% 1.7% 1.9% 3.8% 3.8%
Apartment annualized turnover rate 60.0% 34.6% 38.5% 23.1% 39.4%
Combined Total
Physical occupancy (at end of period) 89.4% 96.2% 92.3% 94.7% 94.7%
Economic occupancy (at end of period) 88.8% 89.2% 94.9% 96.7% 96.7%
Average base rent per occupied unit 654 656 660 576 576
Increase from same period prior year 2.3% 1.7% 1.9% - 9.9%(1) - 9.9%(1)
Apartment annualized turnover rate 60.0% 34.6% 38.5% 51.7% 46.2%
<FN>
(1) Reflects acquisitions during the period
(2) Some 1996 information was restated to reflect current methodology.
</FN>
</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>
Same Property
Revenue $ 200,599 $ 204,349 $ 404,948
Operating expenses 88,722 96,080 184,802
NOI 111,877 108,269 220,146
Growth from same period prior year 9.0% 19.5% 14.0%
Combined Total
Revenue $ 1,129,909 $ 1,412,508 $ 2,542,417
Operating expenses 447,290 562,250 1,009,540
NOI 682,619 850,258 1,532,877
Growth from same period prior year 565.3%(1) 838.8%(1) 693.5%(1)
Capital expenditures 49,279 45,491 94,770
Weighted average apartment units owned 642 796 719
Capital expenditures per apartment unit 77 57 132
OCCUPANCY STATUS (2)
Same Property
Physical occupancy (at end of period) 94.2% 98.1% 98.1%
Economic occupancy (at end of period) 91.2% 94.1% 94.1%
Average base rent per occupied unit 673 687 687
Increase from same period prior year 2.9% 4.7% 4.7%
Apartment annualized turnover rate 38.5% 46.2% 42.3%
Combined Total
Physical occupancy (at end of period) 94.7% 94.2% 94.2%
Economic occupancy (at end of period) 94.4% 94.4% 94.4%
Average base rent per occupied unit 599 609 609
Increase from same period prior year -8.4%(1) -7.1%(1) -7.1%(1)
Apartment annualized turnover rate 49.2% 46.7% 47.1%
<FN>
(1) Reflects acquisitions during the period
(2) Some 1996 information was restated to reflect current methodology.
</FN>
</TABLE>
Page 22 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
June 30, 1997
LEASE EXPIRATION SCHEDULE
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual Base Rent Expiring 156,132 294,720 572,004 338,028 645,540
Percent of Total Annual Rent 3.40% 6.40% 12.40% 7.30% 14.00%
Square Footage expiring 13,799 44,168 52,975 28,766 84,523
Percent of Square Footage 2.10% 6.80% 8.10% 4.40% 13.00%
Number of leases Expiring 9 15 27 15 20
Percent of Number of Leases 8.00% 13.40% 24.10% 13.40% 17.90%
INDUSTRIAL PORTFOLIO
Annual Base Rent Expiring 1,729,230 2,319,843 979,104 1,002,063 867,828
Percent of Total Annual Rent 14.00% 18.80% 7.90% 8.10% 7.00%
Square Footage expiring 347,184 447,134 211,230 221,766 159,125
Percent of Square Footage 11.30% 14.60% 6.90% 7.20% 5.20%
Number of Leases Expiring 74 56 33 20 14
Percent of Number of Leases 34.30% 25.90% 15.30% 9.30% 6.50%
OFFICE PORTFOLIO
Annual Base Rent Expiring 2,090,753 2,787,787 3,327,606 2,714,496 3,695,472
Percent of Total Annual Rent 12.20% 16.30% 19.40% 15.80% 21.60%
Square Footage expiring 128,294 227,609 236,639 161,508 264,290
Percent of Square Footage 10.70% 19.00% 19.70% 13.50% 22.00%
Number of Leases 133 61 60 46 49
Percent of Number of Leases 35.60% 16.30% 16.00% 12.30% 13.10%
TOTAL PORTFOLIO
Annual Base Rent Expiring 3,976,115 5,402,350 4,878,714 4,054,587 5,208,840
Percent of Total Annual Rent 11.70% 15.80% 14.30% 11.90% 15.30%
Square Footage Expiring 489,277 718,911 500,844 412,040 507,938
Percent of Square Footage 9.90% 14.60% 10.20% 8.40% 10.30%
Number of Leases Expiring 216 132 120 81 83
Percent of Number of Leases 30.80% 18.80% 17.10% 11.50% 11.80%
</TABLE>
<TABLE>
<CAPTION>
LEASE EXPIRATION SCHEDULE
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
2006 &
2002 2003 2004 2005 Thereafter
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual Base Rent Expiring 79,380 110,832 620,448 406,572 1,389,840
Percent of Total Annual Rent 1.70% 2.40% 13.40% 8.80% 30.20%
Square Footage expiring 8,000 23,875 142,144 37,933 216,487
Percent of Square Footage 1.20% 3.70% 21.80% 5.80% 33.10%
Number of leases Expiring 4 3 8 4 7
Percent of Number of Leases 3.60% 2.70% 7.10% 3.60% 6.20%
INDUSTRIAL PORTFOLIO
Annual Base Rent Expiring 1,219,728 - 3,576,121 - 641,400
Percent of Total Annual Rent 9.90% 0.00% 29.00% 0.00% 5.30%
Square Footage expiring 229,010 - 1,402,295 - 54,973
Percent of Square Footage 7.50% 0.00% 45.60% 0.00% 1.70%
Number of Leases Expiring 10 - 6 - 3
Percent of Number of Leases 4.60% 0.00% 2.80% 0.00% 1.30%
OFFICE PORTFOLIO
Annual Base Rent Expiring 922,272 144,000 664,956 448,584 349,152
Percent of Total Annual Rent 5.40% 0.80% 3.90% 2.60% 2.00%
Square Footage expiring 68,008 8,348 26,180 24,483 55,132
Percent of Square Footage 5.70% 0.70% 2.20% 2.00% 4.50%
Number of Leases 17 2 3 2 1
Percent of Number of Leases 4.50% 0.50% 0.80% 0.50% 0.40%
TOTAL PORTFOLIO
Annual Base Rent Expiring 2,221,380 254,832 4,861,525 855,156 2,380,392
Percent of Total Annual Rent 6.50% 0.70% 14.30% 2.50% 7.00%
Square Footage Expiring 305,018 32,223 1,570,619 62,416 326,592
Percent of Square Footage 6.20% 0.70% 31.90% 1.30% 6.50%
Number of Leases Expiring 31 5 17 6 11
Percent of Number of Leases 4.40% 0.70% 2.40% 0.90% 1.60%
</TABLE>
Page 23 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
June 30, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICE INDUSTRIAL RETAIL HOTEL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenue 4,268,632 2,820,890 1,579,107 1,701,523
Operating Expenses 1,939,135 648,325 411,934 509,422
---------- ---------- --------- ---------
NOI 2,329,497 2,172,565 1,167,173 1,192,101
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MULTI- PROPERTY ELIMINATING TOTAL
FAMILY TOTAL ENTRIES(1) REPORTED
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenue 1,412,508 11,782,660 1,474 11,784,134
Operating Expenses 562,250 4,071,066 (407,848) 3,663,218
---------- ---------- --------- ----------
NOI 850,258 7,711,594 409,322 8,120,916
<FN>
(1) Eliminating entries represent internal market level property management fees included in operating expenses to provide
comparison to industry performance.
</FN>
</TABLE>
Page 24 of 26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
June 30, 1997
TERM DEFINITION
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <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 two real
estate companies: Glenborough 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.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements
and equipment, including Tenant Improvements and Leasing
Commissions unless otherwise noted. This caption does not include purchases of
land, buildings, and equipment that will produce revenue for the Company, such as
property acquisitions and construction of rentable structures.
Capitalized Leasing Commissions 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 FFO or CAD that will be paid in dividends
to the shareholders of Glenborough Realty Trust Incorporated.
Dividend Per Share The dividends paid for each share of Glenborough Realty Trust Incorporated.
EBIDA Earnings before interest, depreciation and amortization.
Economic Occupancy 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 FFO per share.
FFO Per Share FFO divided by the fully diluted weighted average shares outstanding during the
period.
</TABLE>
Page 25 of 26
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Cash Available For Cash Available for Distribution represents Funds from Operations plus
Distribution (CAD) amortization of deferred financing fees, less reserves for leasing commissions and
capital expenditures (excluding property acquisitions).
Funds From Operations (FFO) Funds from Operations means income (loss) from operations before
minority interests and extraordinary items plus depreciation and
amortization (except amortization of deferred financing costs) and unrealized loss
provisions plus an adjustment to reflect the Company's share of FFO of the
Associated Companies.
Interest Coverage Ratio EBIDA divided by 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 Operating Income (NOI) Revenues less Operating Expenses (as defined herein).
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>
Page 26 of 26
<PAGE>
