SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 31, 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: (650) 343-9300
N/A
- -------------------------------------------------------------------------------
(Former name or former address, if changes since last report)
This form 8-K contains a total of 30 pages.
No Exhibits Required
Page 1 of 30
<PAGE>
Item 5. Other Events
On February 6, 1998, the Registrant made available additional
ownership and operating information concerning the Registrant, Glenborough
Realty Trust Incorporated, and the properties owned or managed by it as of
December 31, 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 December 31, 1987 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: February 6, 1998 By: /s/ Stephen R. Saul
-----------------------
Stephen R. Saul
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Page 2 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
December 31, 1997
Table of Contents
PAGE
Real Estate Portfolio.........................................................4
Additions and Deletions to Portfolios During Period...........................8
Debt Summary.................................................................10
Corporate Operating Summary..................................................12
Office Portfolio.............................................................14
Office/Flex Portfolio........................................................16
Industrial Portfolio.........................................................18
Retail Portfolio.............................................................20
Hotel Portfolio..............................................................22
Multi-family Portfolio.......................................................23
Lease Expiration Schedule....................................................24
Combined Operating Results...................................................26
Glossary of Terms............................................................27
Real Estate Portfolio Managed by Associated Companies........................29
Page 3 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Financial Center Phoenix AZ 17,778 91%
Vintage Pointe Phoenix AZ 56,112 98%
Warner Village Medical Fountain Valley CA 32,272 84%
Hillcrest Office Plaza Fullerton CA 34,623 87%
Centerstone Plaza Irvine CA 157,579 97%
University Tech Center Pomona CA 100,516 95%
Academy Professional Center Rolling Hills CA 29,960 76%
Dallidet Professional Center San Luis Obispo CA 23,051 80%
Buschwood III Tampa FL 76,930 92%
Employers Insurance of Wausau Temple Terrace FL 79,393 100%
Westford Corporate Center Westford MA 163,247 100%
Montgomery Executive Ctr. Gaithersburg MD 124,795 78%
Bond Street Building Farmington Hills MI 40,595 100%
Riverview Office Tower Bloomington MN 227,346 98%
University Club Tower St. Louis MO 272,443 92%
Woodlands Plaza St. Louis MO 72,966 98%
One Professional Square Omaha NE 34,906 85%
Regency Westpointe Omaha NE 35,937 88%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Exec. Quarters Bridgewater NJ 65,000 100%
Frontier Exec. Quarters I Bridgewater NJ 224,314 100%
Frontier Executive Quarters II Bridgewater NJ 41,880 100%
Gatehall Parsippany NJ 113,604 85%
25 Independence Blvd. Warren NJ 106,879 100%
Citibank Park Las Vegas NV 147,983 90%
Thousand Oaks Memphis TN 418,458 92%
Post Oak Place Houston TX 57,411 88%
4500 Plaza Salt Lake City UT 70,001 100%
700 South Washington Alexandria VA 56,348 100%
Globe Building Mercer Island WA 24,779 97%
--------- ----
Total Office Square Footage/Average % Occupied 2,921,361 93%
OFFICE/FLEX PORTFOLIO
Hoover Industrial Mesa AZ 57,441 93%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 89%
Kraemer Industrial Park Anaheim CA 55,246 89%
Dominguez Industrial Carson CA 85,120 98%
Sandhill Industrial Park Carson CA 90,922 100%
Chatsworth Ind. Park Chatsworth CA 29,764 100%
Glassell Industrial Center Orange CA 46,912 77%
Dunn Way Industrial Placentia CA 59,832 90%
Monroe Industrial Placentia CA 38,655 80%
Rancho Bernardo Rancho Bernardo CA 52,865 88%
Scripps Terrace San Diego CA 56,796 90%
Tierrasanta Research Park San Diego CA 104,234 78%
San Dimas Industrial Ctr. San Dimas CA 35,996 77%
</TABLE>
Page 4 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE/FLEX PORTFOLIO (continued)
Upland Industrial Upland CA 27,414 95%
ADS Alliance Data Systems Denver CO 65,000 100%
Valley Bus. Park Denver CO 202,540 90%
Atlantic Tech @ Regency Brandon FL 48,551 100%
Newport Business Center Deerfield Beach FL 61,786 92%
Cypress Creek Business Ctr. Ft. Lauderdale FL 66,371 89%
Lake Point Business Pk. Orlando FL 135,032 94%
Fingerhut Call Center Facility Tampa FL 48,840 100%
PrimeCo Call Center Facility Tampa FL 48,090 100%
The Business Park Norcross GA 157,153 97%
Oakbrook Corners Norcross GA 124,776 100%
Park 100, Bldg. 42 Indianapolis IN 37,200 79%
Fisher-Pierce Weymough MA 79,825 100%
Columbia Warehouse Columbia MD 38,840 88%
Germantown Business Ctr. Germantown MD 60,000 100%
Bryant Lake Business Center Eden Prairie MN 171,789 92%
Riverview Industrial Park St. Paul MN 113,700 100%
Winnetka Industrial Center Crystal MN 188,260 100%
Woodlands Tech Center St. Louis MO 98,037 100%
Fox Hollow Bus. Quarters Branchburg NJ 42,173 86%
Fairfield Business Quarters Farifield NJ 42,792 100%
Palms Business Centre III Las Vegas NV 136,160 93%
Palms Business Centre IV Las Vegas NV 37,414 100%
Palms Business Centre North Las Vegas NV 92,087 94%
Palms Business Centre South Las Vegas NV 132,387 68%
Post Palms Las Vegas NV 139,949 85%
Clark Avenue King of Prussia PA 40,000 100%
Walnut Creek Bus Center Austin TX 100,000 100%
Kent Business Park Kent WA 138,157 93%
--------- ----
Total Office/Flex Square Footage/Average % Occupied 3,523,695 91%
INDUSTRIAL PORTFOLIO
Fifth Street Industrial Phoenix AZ 109,699 100%
Fairmont Commerce Center Tempe AZ 83,200 100%
Coronado Industrial Anaheim CA 95,732 100%
E. Anaheim Anaheim CA 106,232 100%
Benicia Industrial Park Benicia CA 156,800 100%
Belshaw Industrial Carson CA 23,826 100%
SkyPark San Bruno CA 216,780 100%
Springdale Commerce Ctr. Santa Fe Springs CA 144,000 100%
Burnham Industrial Warehouse Boca Raton FL 71,168 100%
Airport Perimeter Bus. Park College Park GA 120,986 81%
Atlantic Industrial Norcross GA 187,849 86%
Bonnie Lane Business Center Elk Grove Village IL 119,590 100%
Navistar International Trans. Corp. West Chicago IL 474,426 100%
Glenn Avenue Business Ctr. Wheeling IL 82,000 100%
Wood Dale Business Center Wood Dale IL 89,718 70%
Park 100 - Building 46 Indianapolis IN 102,400 100%
J.I. Case Equipment Corp. Kansas City KS 199,750 100%
</TABLE>
Page 5 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIAL PORTFOLIO (continued)
Southworth-Milton Milford MA 146,125 100%
Navistar International Trans. Corp. Baltimore MD 274,000 100%
Eatontown Industrial Eatontown NJ 36,800 100%
Jencraft Industrial Totowa NJ 120,943 100%
J.I. Case Equipment Corp. Memphis TN 205,594 100%
Pinewood Industrial Arlington TX 46,060 100%
Mercantile I Dallas TX 236,092 95%
Quaker Industrial Dallas TX 42,083 100%
SeaTac II (2) Seattle WA 41,657 100%
--------- ----
Total Industrial Square Footage/Average % Occupied 3,533,510 97%
RETAIL PORTFOLIO
Park Center (2) Santa Ana CA 73,500 97%
Sonora Plaza Sonora CA 162,126 99%
Piedmont Plaza Apopka FL 151,000 98%
River Run Shopping Center Miramar FL 92,787 93%
Westwood Plaza Tampa FL 99,304 99%
Shannon Crossing Atlanta GA 64,039 96%
Westbrook Commons Westchester IL 132,190 98%
Goshen Plaza Gaithersburg MD 45,546 85%
Auburn North Auburn WA 158,596 96%
------- ---
Total Retail Square Footage/Average % Occupied 979,088 96%
HOTEL PORTFOLIO # of Rooms YTD OCC.
Country Inn & Suites By Carlson Scottsdale AZ 163 58%
Country Suites By Carlson Tucson AZ 157 77%
Country Suites By Carlson Ontario CA 120 76%
Country Suites By Carlson Arlington TX 132 74%
Country Suites By Carlson (2) Irving TX 108 68%
Country Inn By Carlson San Antonio TX 64 64%
---- ----
Total Hotel Rooms/YTD Occupancy 744 70%
</TABLE>
(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.
Page 6 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION # OF UNITS % OCC.
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MULTI-FAMILY PORTFOLIO
Overlook Apartments Scottsdale AZ 224 96%
Summer Breeze No. Hollywood CA 104 96%
Arrowood Crossing I & II Charlotte NC 200 98%
Sharonridge I & II Charlotte NC 75 96%
The Chase (Commonwealth) Charlotte NC 132 97%
The Courtyard Charlotte NC 55 93%
The Landing on Farmhurst Charlotte NC 125 97%
Wendover Glen Charlotte NC 96 96%
The Chase (Monroe) Monroe NC 120 97%
Willow Glen Monroe NC 120 99%
Sabal Point I, II & III Pineville NC 374 90%
The Oaks Raleigh NC 88 92%
Sahara Gardens Las Vegas NV 312 91%
Villas de Mission Las Vegas NV 226 97%
----- ---
Total Multi-Family Units/ Average % Occupied 2,251 95%
</TABLE>
Page 7 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET DATE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ADDITIONS:
OFFICE PORTFOLIO
Employers Insurance of Wausau Temple Terrace FL 79,393 12/22/97
Thousand Oaks Memphis TN 418,458 12/18/97
-------
497,851
OFFICE/FLEX PORTFOLIO
ADS Alliance Data Systems Denver CO 65,000 12/22/97
Atlantic Tech @ Regency Brandon FL 48,551 12/22/97
Fingerhut Call Center Facility Tampa FL 48,840 12/22/97
PrimeCo Call Center Facility Tampa FL 48,090 12/22/97
Columbia Warehouse Columbia MD 38,840 10/24/97
Bryant Lake Business Center Eden Prairie MN 171,789 11/04/97
Palms Business Centre III Las Vegas NV 136,160 10/24/97
Palms Business Centre IV Las Vegas NV 37,414 10/24/97
Palms Business Centre North Las Vegas NV 92,087 10/24/97
Palms Business Centre South Las Vegas NV 132,387 10/24/97
Post Palms Las Vegas NV 139,949 10/24/97
-------
959,107
INDUSTRIAL PORTFOLIO
Fairmont Commerce Center Tempe AZ 83,200 10/24/97
East Anaheim Anaheim CA 106,232 10/24/97
-------
406,212
MULTI-FAMILY PORTFOLIO # OF UNITS
Arrowood Crossing I & II Charlotte NC 200 187,692 12/31/97
Sharonridge I & II Charlotte NC 75 59,850 12/31/97
The Chase (Commonwealth) Charlotte NC 132 105,360 12/31/97
The Courtyard Charlotte NC 55 60,500 12/31/97
The Landing on Farmhurst Charlotte NC 125 98,000 12/31/97
Wendover Glen Charlotte NC 96 75,072 12/31/97
The Chase (Monroe) Monroe NC 120 100,512 12/31/97
Willow Glen Monroe NC 120 104,040 12/31/97
Sabal Point I, II & III Pineville NC 374 381,463 12/31/97
The Oaks Raleigh NC 88 68,256 12/31/97
----- ---------
1,385 1,240,745
DELETIONS:
None
</TABLE>
Page 8 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONA AND DELETIONS TO PORTFOLIOS DURING PERIOD
December 31, 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET DATE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Additions After December 31, 1997
Park Place Clearwater FL 164,538 1/08/98
Ashford Perimeter Atlanta GA 294,183 1/08/98
Powers Ferry Landing East Atlanta GA 393,596 1/08/98
Oak Brook International Oak Brook IL 98,443 1/08/98
Oakbrook Terrace Corp. Center III Oak Brook IL 253,069 1/08/98
Columbia Center II Rosemont IL 150,283 1/08/98
Embassy Plaza Schaumburg IL 141,373 1/08/98
Windsor Corporate Center Marlborough MA 570,304 1/08/98
Rockwall I & II Rockville MD 340,419 1/08/98
Edinburgh Center Cary NC 115,030 1/08/98
Lehigh Valley Executive Campus Allentown PA 161,421 1/08/98
Valley Forge Corporate Center Norristown PA 300,894 1/08/98
Cameron Run Alexandria VA 143,707 1/08/98
Corporate Ridge McLean VA 255,980 1/08/98
---------
3,383,240
QUARTERLY RECAP OF ACQUISITIONS
PORTFOLIO/PROPERTY ACQUISITION COST NUMBER OF SQ.FEET # OF DATE
PROPERTIES UNITS
AEW/Copley $ 63,700,000 8 766,269 10/24/97
Bryant Lake Business Center $ 9,400,000 1 171,789 11/04/97
GRC Airport Associates/Skypark $ 21,700,000 1 216,780 12/12/97
Thousand Oaks $ 51,300,000 1 418,457 12/18/97
Opus $ 27,900,000 5 289,874 12/22/97
Marion Bass $ 58,300,000 10 1,240,745 1,385 12/31/97
---------- -- ---------
$ 232,300,000 26 3,103,914
</TABLE>
Page 9 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
December 31, 1997
<TABLE>
<CAPTION>
Maturity
From
Debt Interest Interest Maturity 12/31/97
Loan Type Balance Rate Type Date (Years)
- ------------------------------- ------------ -------- ---------------- -------- ---------
<S> <C> <C> <C> <C> <C>
Securitized Mortgage Loan $ 19,443,882 7.57% Fixed 1/1/06 8.01
Secured by Nine Properties
Bank Line of Credit
Unsecured 80,159,870 7.07% LIBOR + 1.10% 12/22/00 2.98
Mortgage Loan
Secured by Ten Properties 59,723,846 7.50% Fixed till 10/01/07 10/1/22 24.77
Individually Secured Mortgages
Multi-Family Property 2,578,300 7.75% Fixed 1/1/06 8.01
Multi-Family Property 7,220,407 7.50% Fixed 3/1/21 23.18
Multi-Family Property 6,503,801 7.25% Fixed 11/1/27 29.85
Multi-Family Property 734,990 7.85% Fixed 12/1/30 32.94
Multi-Family Property 1,020,804 7.85% Fixed 12/1/30 32.94
Multi-Family Property 3,189,896 7.60% Fixed 12/1/30 32.94
Multi-Family Property 1,594,948 7.60% Fixed 12/1/30 32.94
Multi-Family Property 3,131,135 7.60% Fixed 12/1/30 32.94
Multi-Family Property 2,340,969 7.60% Fixed 12/1/30 32.94
Multi-Family Property 2,497,304 7.60% Fixed 12/1/30 32.94
Multi-Family Property 2,411,448 7.50% Fixed 5/1/21 23.35
Office Property 875,046 8.00% Fixed 9/1/05 7.67
Office Property 2,087,185 8.18% Lenders Best 10/1/00 2.75
5-yr. Mort.
Office Property 4,487,077 8.87% Fixed 9/1/05 7.67
Hotel Property 4,456,435 8.00% 2% above 5-yr. 1/1/06 8.01
Treasury cap at 11%
Retail Property 4,964,950 8.48% Fixed 11/30/05 7.92
Industrial Property 7,428,214 8.77% Fixed 1/7/07 9.01
Industrial Property 1,407,264 9.25% Fixed 12/1/00 2.92
Industrial Property 530,320 7.46% 11th District +2.5% 5/1/17 19.35
Office/Flex Property 591,115 7.63% Fixed 6/30/98 0.50
Office/Flex Property 1,273,000 7.63% Fixed 6/30/98 0.50
Office/Flex Property 1,425,190 7.63% Fixed 6/30/98 0.50
Office/Flex Property 833,152 8.38% Fixed 10/1/10 12.76
Office/Flex Property 732,486 7.46% 11th District +2.5% 5/1/17 19.35
cap at 14.75%
Office/Flex Property 1,752,426 8.13% Fixed 4/1/12 14.26
2,903,353 8.13% Fixed 6/1/07 9.42
------------ ----- -----
Total Debt/Weighted Interest Rate $228,298,813 7.49% 13.46
</TABLE>
Page 10 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
December 31, 1997
<TABLE>
<CAPTION>
Relative Percentage Weighted
Debt Type Total Amount Of All Debt Average Rate
- ------------------------------- ------------------- -------------------- ---------------
<S> <C> <C> <C>
All Debt 228,298,813 100% 7.49%
All Floating Rate Debt 87,966,296 39% 7.15%
Floating Rate Debt Capped 5,719,241 3% 7.88%
Floating Rate Debt Not Capped 82,247,055 36% 7.10%
All Fixed Rate Debt 140,332,517 61% 7.71%
</TABLE>
Page 11 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
December 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
For the Period: 1996
------------ ----------- ------------- ------------ ------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interest $ 1,353,000 $1,715,000 $ 1,259,000 $ 1,779,000 $ 6,106,000
Plus:
Depreciation and amortization 897,000 862,000 934,000 1,882,000 4,575,000
Adjustment to reflect FFO of
Associated Companies 284,000 311,000 251,000 285,000 1,131,000
Prepayment penalty on mortgage loan
payoff -- -- -- -- --
Less:
Net gain on sales of rental properties -- (321,000) -- -- (321,000)
Gain on collection of note receivable -- -- -- -- --
----------- --------- ----------- ----------- ----------
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 reserves in excess of
expenditures 185,000 256,000 27,000 (54,000) (54,000)
- ---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- ---------------------------------------------------------------------------------------------------------------
EBIDA (including G&A expenses)
Combined Total 2,972,000 2,955,000 3,318,000 5,028,000 14,273,000
Growth from same period prior year 0.5% 1.9% 16.6% 89.0% 25.6%
Net Operating Income - Property Level
Same Property 2,388,149 2,206,729 2,513,522 2,715,523 9,823,923
Growth from same period prior year 8.5% 8.5% 0.2% 13.7% 7.6%
Tenant Retention % (commercial portfolio) 89.6% 69.6% 86.1% 82.2% 86.2%
Net Income excluding consolidation
costs and extraordinary items 1,253,000 1,572,000 1,189,000 1,800,000 5,814,000
Net Income (loss) including consolidation
costs and extraordinary items $(5,984,000) $1,572,000 $ 1,003,000 $ 1,800,000 $(1,609,000)
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
December 31, 1997
<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 $4,958,000 $9,139,000 $21,330,000
Plus:
Depreciation and amortization 1,537,000 2,507,000 4,823,000 6,006,000 14,873,000
Adjustment to reflect FFO of
Associated Companies 623,000 248,000 (776,000) 1,205,000 1,300,000
Prepayment penalty on mortgage loan
payoff -- -- 75,000 -- 75,000
Less:
Net gain on sales of rental properties -- (570,000) 15,000 (284,000) (839,000)
Gain on collection of note receivable (154,000) (498,000) -- -- (652,000)
--------- --------- --------- ---------- ----------
Funds from operations (FFO) 4,600,000 6,326,000 9,095,000 16,066,000 36,087,000
Plus:
Amortization of deferred financing fees 64,000 64,000 46,000 47,000 221,000
Less:
Capital reserve in excess of expenditures 110,000 220,000 204,000 748,000 1,282,000
Capital expenditures (incl. TI & Comm) 421,000 541,000 853,000 876,000 2,691,000
---------- ----------- ---------- ----------- -----------
Cash available for distribution (CAD) $4,133,000 $ 5,629,000 $8,084,000 $14,489,000 $32,335,000
Cumulative capital reserves in excess of
expenditures 56,000 276,000 480,000 1,228,000 1,228,000
- ---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- ---------------------------------------------------------------------------------------------------------------
EBIDA (including G&A expenses)
Combined Total 5,550,000 8,304,000 12,413,000 19,064,000 45,331,000
Growth from same period prior year 86.7% 181.0% 274.1% 279.2% 217.6%
Net Operating Income - Property Level
Same Property 2,555,498 2,325,202 2,591,599 2,960,680(1) 10,432,979
Growth from same period prior year 7.0% 5.4% 3.1% 9.0% 6.2%
Tenant Retention % (commercial portfolio) 80.2% 38.8% 55.6% 58.7% 56.6%
Net Income excluding consolidation
costs and extraordinary items 2,363,000 4,241,000 4,898,000 8,709,000 20,211,000
Net Income (loss) including consolidation
costs and extraordinary items $ 2,363,000 $4,241,000 $ 4,898,000 7,866,000 19,368,000
(1) Reflects the performance of 21 of the 128 properties in the current portfolio.
</TABLE>
Page 12 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
For the Period: 1996
------------ ------------ ------------- ------------ ------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares outstanding 5,753,709 5,761,209 5,778,545 9,513,517 6,632,707
Fully converted weighted average shares
outstanding (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%
Dividend payout ratio (CAD) 81.1% 78.9% 84.0% 91.8% 83.8%
Total notes and mortgages payable 33,616,327 32,730,344 58,544,496 75,890,860 75,890,860
Total market capitalization (1) 121,760,915 121,873,812 147,073,129 257,528,346 257,528,346
Increase from same period prior year N/A N/A N/A N/A N/A
Debt/Total Market Capitalization Ratio 27.6% 26.9% 39.8% 29.5% 29.5%
Basic shares outstanding (at end of
period) 5,753,709 5,768,709 5,788,709 9,661,553 9,661,553
Fully converted shares outstanding
(at end of period) (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
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
December 31, 1997
<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>
Basic weighted average shares outstanding 10,256,129 13,432,442 19,737,153 29,033,945 17,982,817
Fully converted weighted average shares
outstanding (1) 10,935,951 14,466,852 21,194,507 31,512,511 19,688,489
FFO per share 0.42 0.44 0.43 0.51 1.83
CAD per share 0.38 0.39 0.38 0.46 1.64
Net Income per share excluding
consolidation costs and extraordinary 0.23 0.32 0.25 0.30 1.12
items(2)
Net Income (loss) per share including
consolidation costs and extraordinary 0.23 0.32 0.25 0.27 1.08
items(2)
FFO Multiplier (Price/FFO) 11.90 14.35 16.10 14.52 16.19
Debt Coverage Ratio 3.27 3.43 4.40 5.03 4.22
Interest Coverage Ratio 3.68 3.84 4.83 5.95 4.80
Total Dividends 4,541,123 6,862,723 10,690,156 14,243,319 36,337,321
Dividend per share 0.32 0.32 0.32 0.42 1.38
Dividend payout ratio (FFO) 76.2% 72.7% 74.4% 82.4% 75.4%
Dividend payout ratio (CAD) 84.2% 82.1% 84.2% 91.3% 84.1%
Total notes and mortgages payable 59,007,256 152,681,076 257,444,753 228,298,813 228,298,813
Total market capitalization (1) 335,120,716 511,004,053 869,525,089 1,232,961,514 1,232,961,514
Increase from same period prior year 175% 319% 491% 379% 379%
Debt/Total Market Capitalization Ratio 17.6% 29.9% 29.6% 18.5% 18.5%
Basic shares outstanding (at end of
period) 13,161,553 13,194,692 20,174,692 31,547,256 31,547,256
Fully converted shares outstanding
(at end of period) (1) 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
Price per share on last trading day of the 20.000 25.250 27.688 29.625 29.625
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>
Page 13 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
For the Period: 1996
-----------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
Revenue $ 357,683 $ 360,891 $ 1,503,483 $ 1,497,688 $ 3,719,745
Operating expenses 163,457 138,638 756,534 638,773 1,697,402
NOI 194,226 222,253 746,949 858,915 2,022,343
Growth from same period prior year 26.6% 41.7% 1.5% 28.1% 23.2%
Combined Total
Revenue $ 357,683 $ 360,891 $1,196,821 $ 1,989,660 $ 3,905,055
Operating expenses 163,457 138,638 575,865 818,709 1,696,669
NOI 194,226 222,253 620,956 1,170,951 2,208,386
Growth from same period prior year 26.6% 41.7% 217.2%(2) 569.6%(2) 224.4%
Capital expenditures (excludes TI & CLC) -- 2,904 41,595 31,820 76,319
Weighted average leaseable square feet 106,076 106,076 338,346 494,798 261,324
Capital expenditures per leaseable sq. ft. -- 0.03 0.12 0.06 0.29
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 98.0% 100.0% 92.1% 87.2% 87.2%
Economic occupancy 96.8% 97.3% 89.1% 95.5% 95.5%
Average effective rent per occupied sq. 13.07 12.95 13.18 12.63 12.63
foot
Increase from same period prior year 13.0% 12.2% 5.7% 7.0% 7.0%
Revenue per occupied square foot 13.76 13.61 15.58 14.96 14.96
Increase from same period prior year 17.6% 14.3% 6.5% 5.1% 5.1%
Combined Property
Physical occupancy 98.0% 100.0% 91.4% 92.6% 92.6%
Economic occupancy 96.8% 97.3% 88.7% 88.1% 88.1%
Average effective rent per occupied sq. 13.07 12.95 13.19 13.61 13.61
foot
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%
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1997
<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 $ 1,592,836 $1,614,327(1)$ 3,945,348
Operating expenses 157,873 155,933 791,969 674,886 1,780,661
NOI 211,659 212,720 800,867 939,441 2,164,687
Growth from same period prior year 9.0% -4.3% 7.2% 9.4% 7.0%
Combined Total
Revenue $ 2,342,654 $4,268,632 $ 7,597,307 $10,862,358 $25,070,951
Operating expenses 1,082,311 1,939,135 2,960,056 4,004,799 9,986,301
NOI 1,260,343 2,329,497 4,637,251 6,857,559 15,084,650
Growth from same period prior year 548.9%(2) 948.1%(2) 646.8%(2) 485.6%(2) 583.1%
Capital expenditures (excludes TI & CLC) 19,663 51,787 188,196 51,995 311,641
Weighted average leaseable square feet 642,323 1,088,395 1,751,593 2,495,818 1,495,172
Capital expenditures per leaseable sq. ft. 0.03 0.05 0.11 0.02 0.21
- -----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -----------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 98.3% 96.2% 95.3% 93.7% 93.7%
Economic occupancy 97.7% 95.3% 92.2% 89.8% 89.8%
Average effective rent per occupied sq. 13.58 13.97 13.81 13.83 13.83
foot
Increase from same period prior year 3.9% 7.9% 4.8% 9.6% 9.6%
Revenue per occupied square foot 14.19 14.47 15.95 16.45 16.45
Increase from same period prior year 3.1% 6.3% 2.4% 9.9% 9.9%
Combined Property
Physical occupancy 93.4% 93.4% 95.2% 93.1% 93.1%
Economic occupancy 90.0% 92.8% 91.7% 92.9% 92.9%
Average effective rent per occupied sq. 13.68 13.75 15.90 15.81 15.81
foot
Increase from same period prior year 4.6% 6.2% 20.6% 16.1% 16.1%
Revenue per occupied square foot 15.61 16.67 18.49 18.15 18.15
Increase from same period prior year 13.5% 22.5% 22.0% 18.0% 18.0%
<FN>
(1) Reflects performance of 4 of the 30 office properties in the current portfolio.
(2) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 14 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
For the Period: 1996
--------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased -- 1,004 9,173 -- 10,177
Rental dollars -- 17,042 151,354 -- 168,396
Average base rent per square foot -- 16.97 16.50 -- 16.55
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed -- 4,700 86,689 -- 91,389
TI committed per square foot leased -- 4.68 9.45 -- 8.98
TI spent -- 1,377 167,789 164,520 333,686
Capitalized leasing commissions (CLC) committed -- 3,111 11,376 -- 14,487
CLC committed per square foot leased -- 3.10 1.24 -- 1.42
CLC spent -- -- 27,141 37,784 64,925
CLC and TI committed per sq. ft. leased -- 7.78 10.69 -- 10.40
- ---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------------
% Retention 100% 100% 77% 81% 83%
Square footage leased 3,348 3,249 9,085 13,847 29,529
Rental dollars 45,198 54,397 152,363 213,360 465,317
Average base rent 13.50 16.74 16.77 15.41 15.76
Percent increase in effective rents from renewal 40.6% 11.9% 2.9% 20.0% 18.9%
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed 4,403 21,079 41,824 13,323 80,629
TI committed per square foot leased 1.32 6.49 4.60 0.96 2.73
TI spent -- 2,751 10,079 194,617 207,447
Capitalized leasing commissions (CLC) committed -- -- -- 4,951 4,951
CLC committed per square foot leased -- -- -- 0.36 0.17
CLC spent -- -- -- 11,204 11,204
CLC and TI committed per sq. ft. leased 1.32 6.49 4.60 1.32 2.90
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1997
<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 14,786 22,684 58,247
Rental dollars 181,092 226,705 254,294 412,845 1,074,936
Average base rent per square foot 21.29 18.47 17.20 18.20 18.45
Concessions 10,086 -- 1,995 2,710 14,791
Concessions per square foot leased 1.19 -- 0.13 0.12 0.25
Tenant improvements (TI) committed 53,680 75,700 94,316 119,422 343,118
TI committed per square foot leased 6.31 6.17 6.38 5.26 5.89
TI spent 57,688 77,223 47,430 152,172 334,513
Capitalized leasing commissions (CLC) committed 18,499 20,475 48,819 77,204 164,997
CLC committed per square foot leased 2.18 1.67 3.30 3.40 2.83
CLC spent 37,133 26,029 34,423 84,013 181,598
CLC and TI committed per sq. ft. leased 8.49 7.84 9.68 8.67 8.72
- ---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------------
% Retention 71% 36% 78% 65% 65%
Square footage leased 22,570 15,144 32,603 45,790 116,107
Rental dollars 350,087 229,914 547,472 864,156 1,991,629
Average base rent 15.51 15.18 16.79 18.87 17.15
Percent increase in effective rents from renewal 36.2% 12.8% 5.9% 16.5% 17.9%
Concessions -- 217 -- 2,608 2,825
Concessions per square foot leased -- 0.01 -- 0.06 0.02
Tenant improvements (TI) committed 64,036 35,168 126,192 159,169 384,565
TI committed per square foot leased 2.84 2.32 3.87 3.48 3.31
TI spent 40,125 18,759 147,769 105,999 312,652
Capitalized leasing commissions (CLC) committed 9,357 6,661 6,987 58,061 81,066
CLC committed per square foot leased 0.41 0.44 0.21 1.27 0.70
CLC spent 9,230 8,214 6,730 (3,400)(1) 20,774
CLC and TI committed per sq. ft. leased 3.25 2.76 4.08 4.74 4.01
(1) Reflects reversal of prior quarter leasing commission.
</TABLE>
Page 15 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
For the Period: 1996
- -------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -------------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
Revenue $ 58,654 $ 52,022 $ 57,048 $ 60,976 $ 228,700
Operating expenses 25,535 20,141 24,313 18,145 88,134
NOI 33,119 31,881 32,735 42,831 140,566
Growth from same period prior year - 21.0% - 10.3% - 21.8% 67.5% - 3.0%
Combined Total
Revenue $ 214,246 $ 156,184 $ 62,362 $ 336,111 $ 768,903
Operating expenses 95,920 77,128 26,082 81,545 280,675
NOI 118,326 79,056 36,280 254,566 488,228
Growth from same period prior year - 7.1% - 35.0%(2) - 72.2%(2) 205.6%(3) 5.5%
Capital expenditures (excludes TI & CLC) -- -- -- -- --
Weighted average leaseable square feet 134,400 37,200 37,200 248,973 80,731
Capital expenditures per leaseable sq. ft. 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -------------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 96.8% 100.0% 100.0% 100.0% 100.0%
Economic occupancy 95.2% 93.9% 99.5% 97.4% 97.4%
Average base rent per occupied sq. ft. 5.73 5.59 5.91 5.79 5.79
Increase from same period prior year - 5.5% -0.6% 2.6% -3.3% -3.3%
Revenue per occupied square foot 6.52 5.59 6.13 6.56 6.56
Increase from same period prior year 1.4% - 5.4% -1.2% 5.7% 5.7%
Combined Total
Physical occupancy 93.7% 100.0% 100.0% 96.4% 96.4%
Economic occupancy 93.4% 92.5% 99.8% 96.3% 96.3%
Average effective rent per occupied sq. ft. 6.47 5.59 5.91 5.50 5.50
Increase from same period prior year 9.6% - 3.4%(2) 0.8%(2) -10.2%(3) -10.2%
Revenue per occupied square foot 6.81 5.59 6.13 6.60 6.60
Increase from same period prior year 11.2% -7.7%(2) 0.4%(2) 6.7%(3) 6.7%
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1997
<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 $ 60,499 $ 61,148 $ 37,399 $ 50,924(1) $ 209,970
Operating expenses 16,666 18,868 18,188 23,406 77,128
NOI 43,833 42,280 19,211 27,518 132,842
Growth from same period prior year 32.4% 32.6% - 41.3% -35.8%(1) -5.5%
Combined Total
Revenue $ 385,324 $ 1,429,963 $ 2,417,606 $ 6,121,363 $10,354,256
Operating expenses 104,172 398,932 765,416 1,793,850 3,062,370
NOI 281,152 1,031,031 1,652,190 4,327,513 7,291,886
Growth from same period prior year 137.6% 1204.2%(3) 4454.0%(3) 1600.0%(3) 1393.5%
Capital expenditures (excludes TI & CLC) -- 498 16,804 21,713 39,015
Weighted average leaseable square feet 247,506 904,914 1,424,566 3,133,998 1,427,746
Capital expenditures per leaseable sq. ft. 0.00 0.00 0.01 0.01 0.03
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 95.2% 80.6% 79.0% 79.0% 79.0%
Economic occupancy 98.5% 84.0% 68.9% 80.6% 80.6%
Average base rent per occupied sq. ft. 6.26 6.27 5.20 6.35 6.35
Increase from same period prior year 9.3% 12.0% -12.0% 9.7% 9.7%
Revenue per occupied square foot 6.84 8.15 5.09 6.93 6.93
Increase from same period prior year 4.9% 45.8% -17.1% 5.7% 5.7%
Combined Total
Physical occupancy 95.7% 86.5% 95.0% 91.3% 91.3%
Economic occupancy 95.7% 94.9% 92.4% 92.3% 92.3%
Average effective rent per occupied sq. ft. 5.58 6.82 6.30 7.17 7.17
Increase from same period prior year -13.7% 21.8%(3) 6.7%(3) 30.5%(3) 30.5%
Revenue per occupied square foot 6.51 7.47 7.43 8.69 8.69
Increase from same period prior year -4.4% 33.5%(3) 21.2%(3) 31.5%(3) 31.5%
<FN>
(1) Reflects performance of 1 of the 43 office/flex properties in the current portfolio.
(2) Reflects sales of the All American Self-Storage facilities.
(3) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 16 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
For the Period: 1996
- ------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------- ----------- ------------ ------------- ------------ -------------
LEASING PRODUCTION: NEW
- ----------------------------------------------- ----------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Square footage leased 1,200 -- -- -- 1,200
Rental dollars 7,800 -- -- -- 7,800
Average base rent per square foot 6.50 -- -- -- 6.50
Concessions 650 -- -- -- 650
Concessions per square foot leased 0.54 -- -- -- 0.54
Tenant improvements (TI) committed 600 -- -- -- 600
TI committed per square foot leased 0.50 -- -- -- 0.50
TI spent -- -- 2,716 -- 2,716
Capitalized leasing commissions (CLC) committed 936 -- -- -- 936
CLC committed per square foot leased 0.78 -- -- -- 0.78
CLC spent -- 1,649 -- 783 2,432
CLC and TI committed per sq. ft. leased 1.28 -- -- -- 1.28
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------------
% Retention 100% 71% -- -- 83%
Square footage leased 4,800 3,000 -- -- 7,800
Rental dollars 30,564 20,700 -- -- 51,264
Average base rent 6.37 6.90 -- -- 6.57
Percent increase in effective rates from renewal 7.2% - 0.45% -- -- 0.4%
Concessions -- 3,350 -- -- 3,350
Concessions per square foot leased -- 1.12 -- -- 0.43
Tenant improvements (TI) committed 2,085 6,000 -- -- 8,085
TI committed per square foot leased 0.43 2.00 -- -- 1.04
TI spent -- -- 6,000 -- 6,000
Capitalized leasing commissions (CLC) committed 1,833 2,804 -- -- 4,637
CLC committed per square foot leased 0.38 0.43 -- -- 0.59
CLC spent 1,994 8,019 1,464 517 11,994
CLC and TI committed per sq. ft. leased 0.82 2.93 -- -- 1.63
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1997
<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 -- 2,634 5,178 24,551 32,363
Rental dollars -- 25,666 29,152 200,570 255,388
Average base rent per square foot -- 9.74 5.63 8.17 7.89
Concessions -- -- 1,191 967 2,158
Concessions per square foot leased -- -- 0.23 0.04 0.07
Tenant improvements (TI) committed -- 52,000 2,076 39,310 93,386
TI committed per square foot leased -- 19.74 0.40 1.60 2.89
TI spent -- 58,829 95,755 171,051 325,635
Capitalized leasing commissions (CLC) committed -- 6,358 2,076 26,005 34,439
CLC committed per square foot leased -- 2.41 0.40 1.06 1.06
CLC spent 1,515 7,440 11,539 17,401 37,895
CLC and TI committed per sq. ft. leased -- 22.16 0.80 2.66 3.95
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ----------------------------------------------------------------------------------------------------------------
% Retention -- 73% 42% 61% 61%
Square footage leased -- 18,000 8,257 80,038 106,295
Rental dollars -- 119,578 57,403 551,681 728,662
Average base rent -- 6.64 6.95 6.89 6.86
Percent increase in effective rates from renewal 0% 52.2% 23.6% 15.6% 22.9%
Concessions -- -- -- 2,736 2,736
Concessions per square foot leased -- -- -- 0.03 0.03
Tenant improvements (TI) committed -- 8,000 43,004 91,055 142,059
TI committed per square foot leased -- 0.44 5.21 1.14 1.34
TI spent -- -- 1,029 35,352 36,381
Capitalized leasing commissions (CLC) committed -- 5,359 9,174 14,151 28,684
CLC committed per square foot leased -- 0.30 1.11 0.18 0.27
CLC spent -- -- 4,549 13,491 18,040
CLC and TI committed per sq. ft. leased -- 0.74 6.32 1.31 1.61
</TABLE>
Page 17 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
For the Period: 1996
- -----------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
Revenue $ 791,724 $ 823,576 $852,542 $ 845,761 $ 3,313,603
Operating expenses 112,354 83,437 120,462 100,793 417,046
NOI 679,370 740,139 732,080 744,968 2,896,557
Growth from same period prior year -3.0% 2.2% -0.9% 1.9% 0.0%
Combined Total
Revenue $ 791,724 $ 823,576 $852,542 $ 1,023,256 $ 3,491,098
Operating expenses 112,354 83,437 120,462 152,671 468,924
NOI 679,370 740,139 732,080 870,585 3,022,174
Growth from same period prior year -3.0% 2.2% -0.9% 19.1%(2) 4.4%
Capital expenditures (excludes TI & CLC) -- -- 19,046 12,109 31,155
Weighted average leaseable square feet 1,454,627 1,454,627 1,454,627 1,781,142 1,521,744
Capital expenditures per leaseable sq. ft. -- -- 0.01 0.01 0.02
- -----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -----------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 100.0% 100.0% 100.0% 100.0% 100.0%
Economic occupancy 97.0% 98.3% 100.0% 100.0% 100.0%
Average effective rent per occupied sq. ft. 2.11 2.28 2.28 2.33 2.33
Increase from same period prior year - 4.0% 3.7% 3.8% 3.7% 3.7%
Revenue per occupied square foot 2.18 2.26 2.34 2.33 2.33
Increase from same period prior year - 3.8% - 0.6% 3.5% -0.2% -0.2%
Combined Total
Physical occupancy 100.0% 100.0% 100.0% 99.3% 99.3%
Economic occupancy 97.0% 98.3% 99.8% 99.3% 99.3%
Average effective rent per occupied sq. ft. 2.11 2.28 2.28 2.41 2.41
Increase from same period prior year - 4.0% 3.7% 3.8% 9.4%(2) 9.4%
Revenue per occupied square foot 2.18 2.26 2.34 2.40 2.40
Increase from same period prior year - 3.8% -0.6% 3.5% 3.1%(2) 3.1%
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1997
<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 $ 852,330 $ 849,665 $ 822,599 $ 841,103(1) $ 3,365,697
Operating expenses 100,103 105,399 100,805 112,712 419,019
NOI 752,227 744,266 721,794 728,391 2,946,678
Growth from same period prior year 10.7% 0.6% -1.4% -2.2% 1.7%
Combined Total
Revenue $ 1,050,168 $ 1,390,927 $1,797,234 $3,082,351 $ 7,320,680
Operating expenses 175,205 249,393 358,614 676,169 1,459,381
NOI 874,963 1,141,534 1,438,620 2,406,182 5,861,299
Growth from same period prior year 28.8% 54.2%(2) 96.5%(2) 176.4% 93.9%
Capital expenditures (excludes TI & CLC) 54,415 11,334 440 111,761 177,950
Weighted average leaseable square feet 1,778,862 1,950,911 2,329,463 3,269,372 2,332,152
Capital expenditures per leaseable sq. ft. 0.03 0.01 0.0 0.03 0.08
- --------------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- --------------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 100.0% 100.0% 100.0% 100.0% 100.0%
Economic occupancy 100.0% 100.0% 98.9% 100.0% 100.0%
Average effective rent per occupied sq. ft. 2.28 2.31 2.26 2.28 2.28
Increase from same period prior year 8.0% 1.2% - 0.8% -0.1% -0.1%
Revenue per occupied square foot 2.34 2.34 2.26 2.31 2.31
Increase from same period prior year 7.7% 3.2% 3.5% -0.6% -0.6%
Combined Total
Physical occupancy 99.3% 99.4% 98.9% 97.4% 97.4%
Economic occupancy 98.4% 97.2% 96.9% 97.6% 97.6%
Average effective rent per occupied sq. ft. 2.32 2.74 3.29 3.36 3.36
Increase from same period prior year 9.5% 19.9%(2) 44.5%(2) 39.5% 39.5%
Revenue per occupied square foot 2.38 2.98 3.70 3.89 3.89
Increase from same period prior year 9.3% 31.5%(2) 57.8%(2) 62.0% 62.0%
<FN>
(1) Reflects the performance of 7 of the 26 industrial properties in the current portfolio.
(2) Reflects acquisitions during the period.
</FN>
</TABLE>
Page 18 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
For the Period: 1996
- ------------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------- ------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ----------------------------------------------- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased -- -- -- -- --
Rental dollars -- -- -- -- --
Average base rent per square foot -- -- -- -- --
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed -- -- -- -- --
TI committed per square foot leased -- -- -- -- --
TI spent -- -- -- -- --
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------------
% Retention 100% N/A 100% N/A 100%
Square footage leased 48,000 -- 12,000 -- 60,000
Rental dollars 149,760 -- 44,640 -- 194,400
Average base rent 3.12 -- 3.72 -- 3.24
Percent increase in effective rates from renewal 4.0% -- -- -- 4.0%
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed -- -- -- -- --
TI committed per square foot leased -- -- -- -- --
TI spent 6,533 9,286 10,791 22,443 49,053
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- 1,967 1,967
CLC and TI committed per sq. ft. leased -- -- -- -- --
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1997
<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 -- 55,248 -- 12,758 68,006
Rental dollars -- 168,511 -- 39,550 208,061
Average base rent per square foot -- 3.05 -- 3.10 6.15
Concessions -- 3,086 -- -- 3,086
Concessions per square foot leased -- 0.06 -- -- 0.05
Tenant improvements (TI) committed -- 30,551 -- 7,818 38,369
TI committed per square foot leased -- 0.55 -- 0.61 0.56
TI spent 1,534 3,210 31,749 3,799 40,292
Capitalized leasing commissions (CLC) committed -- 50,518 -- 11,864 62,382
CLC committed per square foot leased -- 0.91 -- 0.93 0.92
CLC spent 8,469 26,298 24,813 6,657 66,237
CLC and TI committed per sq. ft. leased -- 1.47 -- 1.54 3.01
- -------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -------------------------------------------------------------------------------------------------------------------
% Retention 100% 31% 39% 48% 48%
Square footage leased 41,372 36,999 14,832 36,846 130,049
Rental dollars 142,971 108,576 45,979 179,560 477,086
Average base rent 3.46 2.93 3.10 4.87 3.67
Percent increase in effective rates from renewal 14.8% 36.4% 45.5% 14.7% 27.9
Concessions -- -- -- -- --
Concessions per square foot leased -- -- -- -- --
Tenant improvements (TI) committed 79,216 3,239 6,680 600 89,735
TI committed per square foot leased 1.91 0.09 0.45 0.02 0.69
TI spent -- 81,874 -- 6,394 88,268
Capitalized leasing commissions (CLC) committed 21,923 14,947 5,518 2,189 44,577
CLC committed per square foot leased 0.53 0.40 0.37 0.06 0.34
CLC spent 2,019 33,368 -- 5,001 40,388
CLC and TI committed per sq. ft. leased 2.44 0.49 0.82 0.08 1.03
</TABLE>
Page 19 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
For the Period: 1996
- ----------------------------------------------------------------------------------------------------------------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- -------------------------------------------- ------------ ------------- ------------ ------------ ------------ -
OPERATING RESULTS
- -------------------------------------------- ------------ ------------- ------------ ------------ ------------ -
<S> <C> <C> <C> <C> <C>
Same Property
Revenue $ 826,483 $ 601,732 $ 436,113 $ 472,347 $ 2,336,675
Operating expenses 228,088 184,696 165,065 203,683 781,532
NOI 598,395 417,036 271,048 268,664 1,555,143
Growth from same period prior year -8.8% -2.9% -8.3% 8.9% -3.2%
Combined Total
Revenue $ 826,483 $ 831,974 $ 853,905 $1,233,853 $ 3,746,215
Operating expenses 228,088 187,309 222,311 352,082 989,790
NOI 598,395 644,665 631,594 881,771 2,756,425
Growth from same period prior year 8.8% 2.9% - 4.4% 54.4%(3) 8.0%
Capital expenditures (excludes TI and CLC) -- 9,832 2,265 8,365 20,462
Weighted average leaseable square feet 285,658 285,658 301,348 516,947 347,403
Capital expenditures per leaseable sq. ft. -- 0.03 0.01 0.02 0.06
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy (at end of period) 92.1% 91.2% 96.9% 97.8% 97.8%
Economic occupancy (at end of period) 92.7% 90.9% 91.0% 92.1% 92.1%
Average effective rent per occupied sq. ft. 10.88 8.29 7.82 6.83 6.83
Increase from same period prior year 1.5% 0.7% 1.2% 0.5% - 0.5%
Revenue per occupied square foot 12.57 10.27 9.22 8.66 8.66
Increase from same period prior year 1.9% -0.2% 1.3% 4.5% 4.5%
Combined Property
Physical occupancy (at end of period) 92.1% 92.1% 95.5% 97.2% 97.2%
Economic occupancy (at end of period) 92.7% 93.4% 92.1% 94.4% 94.4%
Average effective rent per occupied sq. ft. 10.88 11.19 10.33 7.93 7.93
Increase from same period prior year 1.5% 3.0% 4.2%(2) 25.8%(2)(3) -25.8%
Revenue per occupied square foot 12.57 12.65 11.74 9.32 9.32
Increase from same period prior year 1.9% -0.2% -4.8%(2) -23.3%(2)(3) -23.3%
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1997
<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 $ 854,638 $ 607,044 $ 507,865 $ 629,311(1) $ 2,598,858
Operating expenses 210,929 208,901 169,957 173,961 763,748
NOI 643,709 398,143 337,908 455,350 1,835,110
Growth from same period prior year 7.6% -4.5% 24.7% 69.5%(4) 18.0%
Combined Total
Revenue $1,466,612 $1,579,107 $1,637,556 $2,541,057 $ 7,224,332
Operating expenses 373,556 411,934 538,084 859,223 2,182,797
NOI 1,093,056 1,167,173 1,099,472 1,681,834 5,041,535
Growth from same period prior year 82.7% 81.1%(3) 74.1%(3) 90.7 82.9%
Capital expenditures (excludes TI and CLC) 86,970 907 5,139 16,455 109,471
Weighted average leaseable square feet 630,700 734,722 753,804 979,088 774,578
Capital expenditures per leaseable sq. ft. 0.14 0.00 0.01 0.02 0.14
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy (at end of period) 95.8% 96.2% 96.8% 97.4%(1) 97.4%
Economic occupancy (at end of period) 95.3% 94.4% 95.0% 95.6% 95.6%
Average effective rent per occupied sq. ft. 10.84 8.54 9.41 8.22 8.22
Increase from same period prior year - 0.4% 3.0% 20.2% 20.4%(4) 20.4%
Revenue per occupied square foot 12.79 10.10 10.74 10.92 10.92
Increase from same period prior year 1.8% -1.7% 16.6% 26.1%(4) 26.1%
Combined Property
Physical occupancy (at end of period) 96.6% 92.2% 87.8% 96.4% 96.4%
Economic occupancy (at end of period) 94.8% 94.0% 93.1% 94.1% 94.1%
Average effective rent per occupied sq. ft. 8.04 8.10 8.49 7.98 7.98
Increase from same period prior year -26.1%(2) -27.6%(2)(3) 17.8%(2)(3) 0.7%(2) 0.7%
Revenue per occupied square foot 9.63 9.25 12.13 10.77 10.77
Increase from same period prior year -23.4%(2) 26.9%(2)(3) 3.4%(2)(3) 15.5% 15.5%
<FN>
(1) Reflects the performance of 3 of the 9 retail properties in the current portfolio.
(2) Average base rents declined due to the purchase of the grocery store anchor at Westwood Plaza Shopping
Center which has lower rents per square foot.
(3) Reflects acquisitions during the period.
(4) Represents increased rent and expense recoveries from a major tenant and elimination of prior rental
concessions and relocation costs at Westwood Plaza.
</FN>
</TABLE>
Page 20 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
For the Period: 1996
- ---------------------------------------------- ------------- ------------ ------------- ------------ -----------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------- ------------- ------------ ------------- ------------ ------------ --
LEASING PRODUCTION: NEW
- ---------------------------------------------- ------------- ------------ ------------- ------------ ------------ --
<S> <C> <C> <C> <C> <C>
Square footage leased 2,520 5,150 4,068 4,222 15,960
Rental dollars 26,438 58,835 50,596 46,557 182,426
Average base rent per square foot 10.49 11.42 12.44 11.03 11.43
Concessions 1,020 5,538 9,358 2,137 18,053
Concessions per square foot leased 0.40 1.08 2.30 0.51 1.13
Tenant improvements (TI) committed -- 4,000 9,972 4,500 18,472
TI committed per square foot leased -- 0.78 2.45 1.07 1.16
TI spent -- -- 4,213 12,023 16,236
Capitalized leasing commissions (CLC) committed -- 7,350 14,335 3,379 25,064
CLC committed per square ft. leased -- 1.43 3.52 0.80 1.57
CLC spent 6,228 3,675 17,205 2,277 29,385
CLC and TI committed per sq. ft. leased -- 2.20 5.98 1.87 2.73
- --------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- --------------------------------------------------------------------------------------------------------------------
% Retention -- 53% 82% 100% 61%
Square footage leased -- 3,300 12,338 1,400 17,038
Rental dollars -- 36,770 123,699 16,520 176,989
Average base rent per square foot -- 11.14 10.03 11.80 10.39
Percent increase in effective rents from renewal -- 11.0% - 2.7%(1) 8.9% 4.3%
Concessions -- 1,922 10,000 -- 11,922
Concessions per square foot leased -- 0.58 0.81 -- 0.70
Tenant improvements (TI) committed -- 13,960 66,288 -- 80,248
TI committed per square foot leased -- 4.23 5.37 -- 4.71
TI spent 3,210 -- 20,000 14,656 37,866
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased -- 4.23 5.37 -- 4.71
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1997
<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 -- 2,000 -- 5,381
Rental dollars 32,558 -- 25,184 -- 57,742
Average base rent per square foot 9.63 -- 12.59 -- 10.73
Concessions 789 -- 1,107 -- 1,896
Concessions per square foot leased 0.23 -- 0.55 -- 0.35
Tenant improvements (TI) committed 4,110 -- 21,999 -- 26,109
TI committed per square foot leased 1.22 -- 11.00 -- 4.85
TI spent 2,322 3,852 10,670 12,499 29,343
Capitalized leasing commissions (CLC) committed 8,568 -- 4,604 -- 13,172
CLC committed per square ft. leased 2.53 -- 2.30 -- 2.45
CLC spent 2,808 5,760 2,252 2,252 13,072
CLC and TI committed per sq. ft. leased 3.75 -- 13.30 -- 7.30
- -----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------------
% Retention 36% 54% 100% 100% 52%
Square footage leased 2,850 1,100 1,549 1,200 6,699
Rental dollars 28,781 12,100 16,265 17,568 74,714
Average base rent per square foot 10.10 11.00 10.50 14.64 11.15
Percent increase in effective rents from renewal 2.4% 14.1% 0% 6.1% 5.7%
Concessions 2,800 -- -- -- 2,800
Concessions per square foot leased 0.98 -- -- -- 0.42
Tenant improvements (TI) committed 6,000 -- -- -- 6,000
TI committed per square foot leased 2.11 -- -- -- 0.90
TI spent -- -- -- -- --
Capitalized leasing commissions (CLC) committed -- -- -- -- --
CLC committed per square foot leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased 2.11 -- -- -- 0.90
<FN>
(1) Reflects moving expense concessions paid to relocate tenants to accommodate expansion of the grocery
store anchor at Westwood Plaza Shopping Center.
</FN>
</TABLE>
Page 21 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
For the Period: 1996
- ------------------------------------------- ------------ ------------- ------------ ------------ -----------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
Revenue (2) $ 1,205,115 $ 1,091,190 $1,019,501 $ 1,144,654 $ 4,460,460
Operating expenses (3) 424,675 386,341 413,942 465,750 1,690,708
NOI 780,440 704,849 605,559 678,904 2,769,752
Growth from same period prior year 38.9% 22.8% 6.0% 19.9% 21.9%
Combined Total
Revenue $ 1,205,115 $ 1,091,190 $1,071,501 $ 1,144,654 $ 4,512,460
Operating expenses 424,675 386,341 421,371 465,750 1,698,137
NOI 780,440 704,849 650,130 678,904 2,814,323
Growth from same period prior year 38.9% 22.8% 13.9%(4) 33.3% 27.0%
Capital expenditures 18,558 98,551 137,496 21,355 275,960
Weighted average rooms owned 517 517 558 579 513
Capital expenditures per room 37 197 254 38 538
- -------------------------------------------- ------------ ------------- ------------ ------------ --------------
OCCUPANCY STATUS
- -------------------------------------------- ------------ ------------- ------------ ------------ --------------
Same Property
Total room revenue $ 2,402,872 $ 2,149,708 $ 2,023,408 $ 2,262,785 $ 8,838,773
Physical occupancy (5) 77.0% 75.1% 73.3% 71.8% 71.8%
Average daily rate per occupied room (5) $ 66.33 $ 64.43 $ 63.37 $ 63.37 $ 62.76
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 $ 45.04 $ 45.04
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%
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
December 31, 1997
<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 (2) $1,216,199 $1,251,886 $ 1,042,047 $1,086,163(1) $4,596,295
Operating expenses (3) 424,006 432,362 447,838 401,013 1,705,219
NOI 792,193 819,524 594,209 685,150 2,891,076
Growth from same period prior year 1.5% 16.3% -1.9% 0.9% 4.4%
Combined Total
Revenue $ 1,530,826 $1,701,523 $ 1,279,344 $1,468,625 $5,980,318
Operating expenses 455,836 509,422 510,932 418,102 1,894,292
NOI 1,074,990 1,192,101 768,412 1,050,523 4,086,026
Growth from same period prior year 37.7%(4) 69.1% 18.2% 54.7% 45.2%
Capital expenditures 48,125 86,546 156,641 12,956 304,268
Weighted average rooms owned 633 742 742 742 715
Capital expenditures per room 76 117 211 17 426
- ------------------------------------------ ---------- ------------ --------------- ------------- ------------
OCCUPANCY STATUS
- ------------------------------------------ ---------- ------------ --------------- ------------- ------------
Same Property
Total room revenue $2,480,964 $ 2,496,991 $2,088,593 $2,220,108 $9,286,656
Physical occupancy (5) 76.1% 77.3% 75.0% 71.9% 71.9%
Average daily rate per occupied room(5) $ 70.10 $ 68.79 $ 66.80 $ 64.82 $ 64.82
Percent increase from prior period 5.7% 6.8% 5.4% 3.3% 3.3%
Revenue per available room (REVPAR)(5) $ 53.32 $ 53.20 $ 50.07 $ 46.61 $ 46.61
Percent increase from prior period 4.4% 10.0% 7.9% 3.5% 3.5%
Combined Total
Total room revenue $ 3,237,636 $ 3,547,474 $2,700,755 $3,088,719 $12,574,584
Physical occupancy (5) 76.2% 75.2% 71.6% 70.2% 70.2%
Average daily rate per occupied room (5) $ 74.32 $ 72.34 $ 68.68 $ 68.56 $ 68.56
Increase from same period prior year 12.0% 12.3% 8.6% 9.2% 9.2%
Revenue per available room (REVPAR) (5) $ 56.64 $ 54.42 $ 49.16 $ 48.14 $ 48.14
Increase from same period prior year 10.9% 12.5% 6.9% 6.9% 6.9%
<FN>
(1) Reflects the performance of 5 of the 6 hotels in the current portfolio.
(2) For the quarter ended December 31, 1996, same property revenue includes $663,352 of lease payments from
three hotels which GLB owns and leases to GHG. Revenue also includes $481,302 of operating revenue from
one hotel. The Company holds a participating first mortgage interest in this hotel and in accordance with
GAAP, GLB accounts for the property as though it held fee title. For the quarter ended December 31 1997,
same property revenue includes $629,730 of lease payments from three hotels and $456,433 of operating
revenue from one hotel.
(3) Operating expenses paid by lessor for the leased hotels include taxes and property insurance; all other
expenses paid by lessee.
(4) Reflects the purchase of a new property during the quarter.
(5) Numbers represent year-to-date data for the period and include comp rooms.
</FN>
</TABLE>
Page 22 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
December 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
For the Period: 1996
- ---------------------------------------- ------------ ------------- ------------ ------------ -----------
1st 2nd 3rd 4th Year to
Quarter Quarter Quarter Quarter Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property
Revenue $ 193,911 $ 186,164 $ 204,427 $ 195,007 $ 779,509
Operating expenses 91,312 95,593 79,276 73,766 339,947
NOI 102,599 90,571 125,151 121,241 439,562
Growth from same period prior year 13.4% 2.3% 45.3% 76.1% 31.6%
Combined Total
Revenue $ 193,911 $ 186,164 $ 204,427 $ 934,263 $ 1,518,765
Operating expenses 91,312 95,593 79,276 334,519 600,700
NOI 102,599 90,571 125,151 599,744 918,065
Growth from same period prior year 13.4% 2.3% 45.3% 771.4%(2) 174.8%(2)
Capital expenditures 17,500 29,900 9,538 5,936 62,874
Weighted average apartment units owned 104 104 104 549 215
Capital expenditures per apartment unit 168 288 92 11 292
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy (at end of period) 89.4% 96.2% 92.3% 94.2% 94.2%
Economic occupancy (at end of period) 88.8% 89.2% 94.9% 91.0% 91.0%
Average effective rent per occupied unit 654 656 660 663 663
Increase from same period prior year 2.3% 1.7% 1.9% 3.8% 3.8%
Apartment annualized turnover rate 60.0% 34.6% 38.5% 23.1% 39.4%
Combined Total
Physical occupancy (at end of period) 89.4% 96.2% 92.3% 94.7% 94.7%
Economic occupancy (at end of period) 88.8% 89.2% 94.9% 96.7% 96.7%
Average effective rent per occupied unit 654 656 660 576 576
Increase from same period prior year 2.3% 1.7% 1.9% - 9.9%(2) - 9.9%(2)
Apartment annualized turnover rate 60.0% 34.6% 38.5% 51.7% 46.2%
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
December 31, 1997
<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 $ 210,086 $ 208,869(1) $ 823,903
Operating expenses 88,722 96,080 92,476 84,039 361,317
NOI 111,877 108,269 117,610 124,830 462,586
Growth from same period prior year 9.0% 19.5% -6.0%(3) 3.0% 5.2%
Combined Total
Revenue $1,129,909 $1,412,508 $ 1,477,798 $1,515,704 $5,535,919
Operating expenses 447,290 562,250 639,501 659,708 2,308,749
NOI 682,619 850,258 838,297 855,996 3,227,170
Growth from same period prior year 565.3% 838.8%(2) 569.8% 42.7% 251.5%
Capital expenditures 49,279 45,491 65,907 48,700 209,377
Weighted average apartment units owned 642 796 866 866 793
Capital expenditures per apartment unit 77 57 76 56 264
- ---------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy (at end of period) 94.2% 98.1% 99.0% 96.2% 96.2%
Economic occupancy (at end of period) 91.2% 94.1% 90.8% 95.4% 95.4%
Average effective rent per occupied unit 673 687 686 685 685
Increase from same period prior year 2.9% 4.7% 3.9% 3.3% 3.3%
Apartment annualized turnover rate 38.5% 46.2% 38.5% 26.9% 37.5%
Combined Total
Physical occupancy (at end of period) 94.7% 94.2% 93.9% 94.7%(4) 94.7%
Economic occupancy (at end of period) 94.4% 94.4% 90.1% 91.8% 91.8%
Average effective rent per occupied unit 599 609 610 619 619
Increase from same period prior year -8.4% -7.1%(2) -7.5 % 7.4% 7.4%
Apartment annualized turnover rate 49.2% 46.7% 69.3% 54.0% 55.7%
<FN>
(1) Reflects the performance of 1 of the 14 multi-family properties in the current portfolio.
(2) Reflects acquisitions during the period.
(3) NOI is lower because 3rd Quarter expenses in 1996 were understated due to the receipt of a tax refund.
(4) Combined occupancy status for the quarter ended 12/31/97 excludes 10 properties acquired on 12/31/97.
</FN>
</TABLE>
Page 23 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual Base Rent Expiring 6,611,916 6,886,464 8,022,408 7,991,460 3,108,684
Percent of Total Annual Rent 15.0% 15.6% 18.2% 18.1% 7.0%
Square Footage expiring 422,047 503,429 414,760 504,181 204,864
Percent of Square Footage 15.4% 18.3% 15.1% 18.3% 7.5%
Number of Leases 221 103 98 81 47
Percent of Number of Leases 37.8% 17.6% 16.8% 14.0% 8.0%
- -----------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual Base Rent Expiring 7,907,340 4,008,072 3,505,872 2,061,216 1,931,412
Percent of Total Annual Rent 33.5% 17.0% 14.9% 8.7% 8.2%
Square Footage expiring 1,069,040 649,478 511,434 297,668 273,013
Percent of Square Footage 32.8% 20.0% 15.7% 9.1% 8.4%
Number of Leases Expiring 237 125 85 37 27
Percent of Number of Leases 44.8% 23.6% 16.1% 7.0% 5.1%
- -----------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual Base Rent Expiring 1,729,788 1,292,316 1,322,616 1,130,916 958,560
Percent of Total Annual Rent 15.6% 11.6% 11.9% 10.2% 8.6%
Square Footage expiring 480,017 299,068 329,290 255,106 236,250
Percent of Square Footage 14.8% 9.2% 10.1% 7.9% 7.3%
Number of Leases Expiring 28 25 17 14 9
Percent of Number of Leases 28.1% 25.0% 17.0% 14.0% 9.0%
- -----------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual Base Rent Expiring 910,752 944,400 541,668 925,696 175,668
Percent of Total Annual Rent 12.6% 13.1% 7.5% 12.8% 2.4%
Square Footage expiring 90,664 76,059 42,249 101,301 13,560
Percent of Square Footage 10.2% 8.5% 4.7% 11.4% 1.5%
Number of leases Expiring 39 45 24 31 7
Percent of Number of Leases 21.0% 24.2% 12.9% 16.7% 3.8%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
- continued -
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
2007 and
2003 2004 2005 2006 thereafter
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual Base Rent Expiring 1,171,680 896,772 2,219,220 1,278,744 5,979,048
Percent of Total Annual Rent 2.7% 2.0% 5.0% 2.9% 13.5%
Square Footage expiring 58,448 37,660 127,625 42,498 432,535
Percent of Square Footage 2.1% 1.4% 4.6% 1.5% 15.8%
Number of Leases 8 6 8 3 9
Percent of Number of Leases 1.4% 1.0% 1.4% 0.5% 1.5%
- -----------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual Base Rent Expiring 577,560 370,608 402,336 1,499,628 1,331,400
Percent of Total Annual Rent 2.4% 1.6% 1.7% 6.4% 5.6%
Square Footage expiring 71,120 51,711 30,000 160,656 141,623
Percent of Square Footage 2.2% 1.6% 0.9% 4.9% 4.4%
Number of Leases Expiring 2 6 1 6 3
Percent of Number of Leases 0.4% 1.1% 0.2% 1.1% 0.6%
- -----------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual Base Rent Expiring 489,576 3,576,120 - - 611,604
Percent of Total Annual Rent 4.4% 32.2% 0.0% 0.0% 5.5%
Square Footage expiring 122,957 1,402,295 - - 120,943
Percent of Square Footage 3.8% 43.2% 0.0% 0.0% 3.7%
Number of Leases Expiring 2 4 - - 1
Percent of Number of Leases 2.0% 4.0% 0.0% 0.0% 1.0%
- -----------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual Base Rent Expiring 188,148 1,034,580 605,424 135,936 1,754,700
Percent of Total Annual Rent 2.6% 14.3% 8.4% 1.9% 24.4%
Square Footage expiring 28,575 196,659 50,405 10,950 280,942
Percent of Square Footage 3.2% 22.1% 5.7% 1.2% 31.5%
Number of leases Expiring 6 11 7 4 12
Percent of Number of Leases 3.2% 5.9% 3.8% 2.2% 6.5%
- -----------------------------------------------------------------------------------------------------
</TABLE>
Page 24 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1997
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
1998 1999 2000 20001 20002
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual Base Rent Expiring 17,159,796 13,131,252 13,392,564 12,109,288 6,174,324
Percent of Total Annual Rent 19.9% 15.3% 15.6% 14.1% 7.2%
Square Footage Expiring 2,061,768 1,528,034 1,297,733 1,158,256 727,687
Percent of Square Footage 20.3% 15.1% 12.8% 11.4% 7.2%
Number of Leases Expiring 525 298 224 163 90
Percent of Number of Leases 37.5% 21.3% 16.0% 11.7% 6.5%
- ---------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
2007 &
2003 2004 2005 2006 Thereafter
- --------------------------------------------------------------------------------------------------------
TOTAL PORTFOLIO
Annual Base Rent Expiring 2,426,964 5,878,080 3,226,980 2,914,308 9,676,752
Percent of Total Annual Rent 2.8% 6.8% 3.7% 3.4% 11.2%
Square Footage Expiring 281,100 1,688,325 208,030 214,104 976,043
Percent of Square Footage 2.8% 16.6% 2.1% 2.1% 9.6%
Number of Leases Expiring 18 27 16 13 25
Percent of Number of Leases 1.3% 1.9% 1.1% 0.9% 1.8%
- ------------------------------------------------------------------------------------------------------
</TABLE>
Page 25 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
COMBINED OPERATING RESULTS
December 31, 1997
<TABLE>
<CAPTION>
- -------------------------- ---------------- -------------- ------------------ --------------- -------------
OFFICE/
OFFICE FLEX INDUSTRIAL RETAIL HOTEL
- -------------------------- ---------------- -------------- ------------------ --------------- -------------
<S> <C> <C> <C> <C> <C>
Revenue $10,862,358 $6,121,363 $3,082,351 $2,541,057 $1,468625
Operating Expenses 4,004,799 1,793,850 676,169 859,223 418,102
----------- ---------- ---------- ---------- ----------
NOI $6,857,559 $4,327,513 $2,406,182 $1,681,834 $1,050,523
- -------------------------- --------------- ---------------- ------------------ -----------------
MULTI-FAMILY PROPERTY ELIMINATING TOTAL
TOTAL ENTRIES (1) REPORTED
- -------------------------- --------------- ---------------- ------------------ -----------------
Revenue $1,515,704 $25,591,458 ($98,190) $25,493,268
Operating Expenses 659,708 8,411,851 (736,025) 7,675,826
---------- ----------- -------- ------------
NOI $ 855,996 $17,179,607 $637,835 $17,817,442
<FN>
(1) Eliminating entries represent internal market level property management fees included in operating
expenses to provide comparison to industry performance.
CONTRIBUTION TO REVENUE
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to revenue)
CONTRIBUTION TO NOI
[GRAPHIC OMITTED]
(Graphic of pie chart by property type showing percentage contributed to NOI)
</FN>
</TABLE>
Page 26 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
<TABLE>
<CAPTION>
TERM DEFINITION
- ------------------------------------ ----------------------------------------------------------------------------------------------
<S> <C>
Associated Companies The REIT owns 100% of the non-voting preferred stock of two real estate companies:
Glenborough Corporation and Glenborough Hotel Group.
Average Base Rent Base rent charged to tenants.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements and
equipment, including Tenant Improvements and Leasing Commissions unless otherwise noted.
This caption does not include purchases of land, buildings, and equipment that will produce
revenue for the Company, such as property acquisitions and construction of rentable
structures.
Capitalized Leasing Commissions incurred for obtaining a lease which have been capitalized and are to be
Commissions (CLC) amortized over the lease term.
CLC Committed Capitalized leasing commissions which have been committed as a part of entering into a lease
agreement.
CLC Spent The portion of committed, capitalized leasing commissions which have been spent by the
Company.
Combined Total All properties owned in the current year.
Concessions Relief or reduction of rent charges for a specified period, negotiated and committed to as a
part of entering into a lease agreement.
Controlled Partnerships A group of partnerships for which one of the Associated Companies provides some or all of
the following services: asset management, property management, general partner services, and
development services.
Debt Coverage Ratio EBIDA divided by the difference between debt service and amortization of deferred financing
fees.
Debt Service Interest expense plus principal reductions of debt, excluding repayments on lines of credit.
Dividend Payout Ratio The percentage of FFO or CAD that will be paid in dividends to the shareholders of
Glenborough Realty Trust Incorporated.
Dividend Per Share The dividends paid for each share of Glenborough Realty Trust Incorporated. EBIDA Earnings
before interest, depreciation and amortization. Economic Occupancy Base rental revenue
collected divided by gross potential rent.
Effective Rents Annualized rents net of concessions.
FFO Multiplier Stock price per share divided by annualized FFO per share.
FFO Per Share FFO divided by the fully diluted weighted average shares outstanding during the period.
Cash Available For Distribution (CAD) Cash Available for Distribution represents Funds from Operations plus amortization of
deferred financing fees, less reserves for leasing commissions and capital expenditures
(excluding property acquisitions).
</TABLE>
Page 26 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
<TABLE>
<CAPTION>
TERM DEFINITION
- ------------------------------------ ----------------------------------------------------------------------------------------------
<S> <C>
Funds From Operations (FFO) Funds from Operations means income (loss) from operations before minority interests and
non-recurring items plus depreciation and amortization (except amortization of deferred
financing costs) and unrealized loss provisions plus an adjustment to reflect the Company's
share of FFO of the Associated Companies.
Interest Coverage Ratio EBIDA divided by the difference between interest on debt and amortization of deferred
financing fees.
Leasing Production Information related to lease agreements entered into during the period including square
footage leased, rental dollars (specifically defined below), concessions, tenant
improvements, and capitalized leasing commissions.
Net Operating Income (NOI) Revenue less Operating Expenses.
Percent Debt to Total Total notes and mortgages payable divided by the sum of total notes and mortgages payable
MarketCapitalization plus the total market value of all shares and units outstanding at the date of calculation.
Percent Increase in Effective Percentage change in effective base rents from renewal as compared to effective base rents
Rents From Renewel as of the prior lease terms.
PhysicalOccupancy Total square feet (units) rented divided by net rentable square feet (units) as of the end
of the quarter.
Renewal Leases that have been renewed by current tenants.
Rental Dollars Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) concessions, TIs and leasing commissions.
Same Property Properties owned in the current year which were also owned during the same period of the
prior year. If a property is sold during the quarter, data for prior periods and the current
quarter are deleted for comparability.
Tenant Improvements (TI) A capital expense used to improve the physical space occupied by an existing or new tenant.
Tenant improvements are amortized over the term of the lease.
TI Committed Tenant improvements which have been committed as a part of entering into a lease agreement.
TI Spent The portion of committed tenant improvements which have been spent by the Company.
Total Market Capitalization As of the date calculated, the sum of (a) the product obtained by multiplying the total
number of shares and units outstanding by the price per share; plus (b) the Company's Debt
as set forth on the most recent financial statements.
Turnover Rate The percentage of multifamily units that became available for rent during the period
reported.
</TABLE>
Page 28 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO MANAGED BY THE ASSOCIATED COMPANIES (1)
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Grunow Medical Building Phoenix AZ 47,516 68%
One West Madison Phoenix AZ 25,000 100%
Gateway Professional Center Sacramento CA 50,556 96%
Park Plaza Sacramento CA 67,688 89%
Inland Regional Center San Bernardino CA 81,079 100%
Lakeside Tower San Bernardino CA 112,866 86%
One Carnegie Plaza San Bernardino CA 102,637 85%
One Parkside San Bernardino CA 70,069 66%
One Vanderbilt Way San Bernardino CA 73,809 75%
Santa Fe San Bernardino CA 36,288 100%
Two Carnegie Plaza San Bernardino CA 68,925 81%
Two Vanderbilt Way San Bernardino CA 69,050 93%
Bristol Medical Center Santa Ana CA 52,311 79%
Montrose Office Park Rockville MD 186,680 99%
Poplar Towers Memphis TN 100,901 88%
Bluemound Commerce Centre Brookfield WI 48,196 77%
---------- ----
Total Office Square Footage/Average % Occupied 1,193,571 87%
OFFICE/FLEX PORTFOLIO
Carnegie Business Ctr. I San Bernardino CA 62,605 69%
Carnegie Business Ctr. II San Bernardino CA 50,804 74%
Wakefield Engineering Bldg. Temecula CA 44,200 100%
NorthPark I, IV, V, & VII Charlotte NC 319,960 89%
The Commons at Great Valley Malvern PA 200,000 100%
Totem Valley Business Center Kirkland WA 121,645 100%
------- ----
Total Office/Flex Square Footage/Average % Occupied 799,214 92%
INDUSTRIAL PORTFOLIO
San Sevaine Business Park Mira Loma CA 172,057 89%
Rancon Centre Ontario Ontario CA 245,000 100%
Black Satchel Charlotte NC 228,800 100%
------- ----
Total Industrial Square Footage/Average % Occupied 645,857 97%
<FN>
(1) Operating results and leasing statistics for these properties are not included in the preceeding tables.
</FN>
</TABLE>
Page 29 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO MANAGED BY THE ASSOCIATED COMPANIES (1)
December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
Baseline Mercado Mesa AZ 22,960 68%
Mountain View Plaza Mojave CA 57,456 87%
Weist Plaza Riverside CA 145,778 94%
Circuit City San Bernardino CA 39,123 100%
Holiday Spa Health Club San Bernardino CA 25,000 100%
Outback Steak House San Bernardino CA 6,500 100%
Promo Retail Center San Bernardino CA 66,265 97%
Service Retail Center San Bernardino CA 20,780 100%
T.G.I. Friday's San Bernardino CA 9,386 100%
Aztec Village Center San Diego CA 23,789 46%
Town & Country Center Arlington Heights IL 323,591 93%
Glenlake Plaza Indianapolis IN 93,593 84%
Heritage Square San Antonio TX 75,528 97%
-------- ----
Total Retail Square Footage/Average % Occupied 909,749 91%
HOTEL PORTFOLIO # OF ROOMS YTD OCC.
Country Suites By Carlson Tempe AZ 139 88%
Condominium Resort Hotel Galveston TX 276 71%
Condominium Resort Hotel Port Aransas TX 86 58%
--- ---
Total Hotel Rooms/YTD Occupancy 501 73%
MULTI-FAMILY PORTFOLIO # OF UNITS % OCC.
Green Meadows Davis CA 120 82%
Villa La Jolla La Jolla CA 385 99%
La Jolla Canyon Apts. San Diego CA 157 99%
Pacific Bay Club San Diego CA 159 95%
Shadowridge Woodbend Vista CA 240 96%
Georgetowne Apts. Omaha NE 288 94%
Promontory Point Henderson NV 180 86%
------ ----
Total Multi-Family Units/Average % Occupied 1,529 94%
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 Towne Village (Retail) Temecula CA 2.63
Tri-City Corporate Center (Off/Retail) San Bernardino CA 40.46
------
Total Land Acres 219.73
<FN>
(1)Operating results and leasing statistics for these properties are not included in the preceeding tables.
</FN>
</TABLE>
Page 30 of 30
