SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- ------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 1998
GLENBOROUGH REALTY TRUST INCORPORATED
(Exact name of registrant as specified in its charter)
Maryland 33-83506 94-3211970
(State or other (Commission (IRS Employer
Jurisdiction of File Number I.D. Number)
Incorporation)
400 South El Camino Real, Suite 1100, San Mateo, California 94402
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(Address of principal executive offices)
Registrant's Telephone number, including area code: (650) 343-9300
N/A
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(Former name, or fomer address, if changes since last report)
This form 8-K contains a total of 30 pages
No Exhibits Required
Page 1 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
March 31, 1998
Item 5. Other Events
On April 29, 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 March 31, 1998, in
the form of a Supplemental Information package, a copy of which is included as
an exhibit to this filing.
Item 7. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Page Number in
Exhibit No. Description This Filing
99 Supplemental Information as of March 31, 1998 4
Page 2 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
March 31, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: April 29, 1998 By: /s/ Stephen R. Saul
-------------------------
Stephen R. Saul
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Page 3 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
March 31, 1998
Table of Contents
PAGE
Real Estate Portfolio 5
Additions and Deletions to Portfolios During Period 9
Debt Summary 11
Corporate Operating Summary 12
Office Portfolio 14
Office/Flex Portfolio 16
Industrial Portfolio 18
Retail Portfolio 20
Hotel Portfolio 22
Multi-Family Portfolio 23
Lease Expiration Schedule 24
Reconciliation of Property Income 26
Glossary of Terms 27
Portfolio Managed by the Associated Companies 29
Page 4 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Financial Phoenix AZ 17,778 92%
Vintage Pointe Phoenix AZ 56,112 98%
Warner Village Medical Fountain Valley CA 32,272 84%
Hillcrest Office Plaza Fullerton CA 34,623 94%
Centerstone Plaza Irvine CA 157,579 98%
University Tech Center Pomona CA 100,516 94%
Academy Professional Center Rolling Hills CA 29,960 74%
Dallidet Professional Center San Luis Obispo CA 23,051 87%
400 South El Camino Real San Mateo CA 139,109 98%
Park Place Clearwater FL 162,604 97%
Buschwood III Tampa FL 76,930 92%
Temple Terrace Business Center Temple Terrace FL 79,393 100%
Ashford Perimeter Atlanta GA 288,278 99%
Powers Ferry Landing East Atlanta GA 393,672 100%
Capitol Center I, II & III Des Moines IA 161,468 100%
Oak Brook International Oak Brook IL 98,443 100%
Oakbrook Terrace Corporate Center III Oakbrook Terrace IL 253,069 98%
Columbia Centre II Rosemont IL 150,133 94%
Embassy Plaza Schaumburg IL 141,829 88%
Leawood Office Building Leawood KS 93,667 100%
Blue Ridge Office Building Braintree MA 74,727 98%
Hartwood Building Lexington MA 52,721 100%
Bronx Park I Marlborough MA 86,935 80%
Marlborough Corporate Place Marlborough MA 514,789 100%
Westford Corporate Center Westford MA 163,247 100%
Montgomery Executive Center Gaithersburg MD 116,348 87%
Rockwall I & II Rockville MD 340,220 88%
Bond Street Building Farmington Hills MI 40,595 95%
Riverview Office Tower Bloomington MN 227,149 100%
University Club Tower St. Louis MO 272,443 91%
Woodlands Plaza St. Louis MO 72,966 99%
Edinburgh Center Cary NC 115,030 96%
One Professional Square Omaha NE 34,836 86%
Regency Westpointe Omaha NE 35,937 97%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Exec. Quarters Bridgewater NJ 65,000 100%
Frontier Executive Quarters I Bridgewater NJ 224,314 100%
Frontier Executive Quarters II Bridgewater NJ 40,565 100%
Gatehall Parsippany NJ 113,604 87%
25 Independence Boulevard Warren NJ 106,879 100%
Citibank Park Las Vegas NV 147,841 86%
Thousand Oaks Memphis TN 418,458 92%
Post Oak Place Houston TX 57,411 90%
</TABLE>
Page 5 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO (continued)
4500 Plaza Salt Lake City UT 70,001 100%
700 South Washington Alexandria VA 56,348 100%
Cameron Run Alexandria VA 143,707 100%
2000 Corporate Ridge McLean VA 255,980 98%
Globe Building Mercer Island WA 24,779 100%
---------------- ---------
Total Office Square Footage/Average % Occupied 6,377,571 96%
OFFICE/FLEX PORTFOLIO
Hoover Industrial Mesa AZ 57,441 89%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 97%
Kraemer Industrial Park Anaheim CA 55,246 86%
Dominguez Industrial Carson CA 85,120 96%
Sandhill Industrial Park Carson CA 90,922 100%
Chatsworth Industrial Park Chatsworth CA 29,764 100%
Glassell Industrial Center Orange CA 46,912 74%
Dunn Way Industrial Placentia CA 59,832 100%
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%
Upland Industrial Upland CA 27,414 100%
Northglenn Business Center Denver CO 65,000 100%
Valley Business Park Denver CO 202,540 90%
Grand Regency Business Center Brandon FL 48,551 100%
Newport Business Center Deerfield Beach FL 61,786 92%
Cypress Creek Business Center Ft. Lauderdale FL 66,371 91%
Lake Point Business Park Orlando FL 135,032 92%
Fingerhut Business Center Tampa FL 48,840 100%
PrimeCo Business Center Tampa FL 48,090 100%
Oakbrook Corners Norcross GA 124,776 100%
The Business Park Norcross GA 157,153 94%
Park 100 - Building 42 Indianapolis IN 37,200 79%
Canton Business Center Canton MA 79,565 100%
Fisher-Pierce Weymouth MA 79,825 100%
Columbia Warehouse Columbia MD 38,840 88%
Germantown Business Center I & II Germantown MD 60,000 100%
Winnetka Industrial Center Crystal MN 188,260 100%
Bryant Lake Business Center Eden Prairie MN 171,789 96%
Riverview Industrial Park St. Paul MN 113,700 100%
Woodlands Tech Center St. Louis MO 98,037 96%
Fox Hollow Business Quarters Branchburg NJ 42,173 86%
Fairfield Business Quarters Fairfield NJ 42,792 100%
Palms Business Center III Las Vegas NV 136,160 93%
</TABLE>
Page 6 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE/FLEXFOLIO (continued)
Palms Business Center IV Las Vegas NV 37,414 74%
Palms Business Center North Las Vegas NV 92,087 100%
Palms Business Center South Las Vegas NV 132,387 69%
Post Palms Business Center Las Vegas NV 139,949 82%
Lehigh Valley Executive Campus Allentown PA 161,421 95%
Clark Avenue King of Prussia PA 40,000 100%
Valley Forge Corporate Center Norristown PA 300,894 94%
Walnut Creek Business Center Austin TX 100,000 100%
Kent Business Park Kent WA 138,157 100%
---------------- ---------
Total Office Square Footage/Average % Occupied 4,029,579 93%
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%
East Anaheim Industrial Anaheim CA 106,232 100%
Benicia Industrial Park Benicia CA 156,800 69%
Springdale Commerce Center Santa Fe Springs CA 144,000 100%
Burnham Industrial Warehouse Boca Raton FL 71,168 100%
Airport Perimeter Business Park College Park GA 120,986 81%
Atlantic Industrial Norcross GA 187,843 86%
Bonnie Lane Business Center Elk Grove Village IL 119,590 100%
Navistar International Transportation Corp. W. Chicago IL 474,426 100%
Glenn Avenue Business Center 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%
Forest Street Business Center Marlborough MA 32,500 100%
Southworth-Milton Milford MA 146,125 100%
Flanders Industrial Park Westborough MA 105,500 100%
Navistar International Transportation 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%
Sea Tac II (1) Seattle WA 41,657 100%
---------------- ---------
Total Office Square Footage/Average % Occupied 3,430,898 92%
(1)The Company holds a participating first mortgage interest in the property.
In accordance with GAAP, GLB accounts for the property as though it holds fee
title.
</TABLE>
Page 7 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
Park Center (1) Santa Ana CA 73,500 98%
Sonora Plaza Sonora CA 162,126 99%
Piedmont Plaza Apopka FL 151,000 98%
River Run Shopping Center Miramar FL 92,787 94%
Westwood Plaza Tampa FL 99,304 99%
Shannon Crossing Atlanta GA 64,039 96%
Westbrook Commons Westchester IL 132,190 97%
Goshen Plaza Gaithersburg MD 45,546 85%
Auburn North Shopping Center Auburn WA 158,596 96%
---------------- ---------
Total Office Square Footage/Average % Occupied 979,088 97%
HOTEL PORTFOLIO # of Rooms YTD % OCC.
Country Inn & Suites By Carlson Scottsdale AZ 163 80%
Country Suites By Carlson Tucson AZ 157 79%
Country Suites By Carlson Ontario CA 120 73%
Country Suites By Carlson Arlington TX 132 56%
Country Suites By Carlson (1) Irving TX 108 61%
Country Inn By Carlson San Antonio TX 64 55%
---------------- ---------
Total Hotel Rooms/YTD Occupancy 744 71%
MULTI-FAMILY PORTFOLIO # of Units % OCC.
Overlook Apartments Scottsdale AZ 224 96%
Arrowood Crossing I & II Charlotte NC 200 99%
Sharonridge I & II Charlotte NC 75 98%
The Chase (Commonwealth) Charlotte NC 132 95%
The Courtyard Charlotte NC 55 91%
The Landing on Farmhurst Charlotte NC 125 95%
Wendover Glen Charlotte NC 96 96%
The Chase (Monroe) Monroe NC 120 90%
Willow Glen Monroe NC 120 100%
Sabal Point I, II & III Pineville NC 374 96%
The Oaks Raleigh NC 88 98%
Sahara Gardens Las Vegas NV 312 93%
Villas de Mission Las Vegas NV 226 95%
---------------- ---------
Total Multi-Family Units/Average % Occupied 2,147 96%
</TABLE>
(1)The Company holds a participating first mortgage interest in the property.
In accordance with GAAP, GLB accounts for the property as though it holds fee
title.
Page 8 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
March 31, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET DATE
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<S> <C> <C> <C> <C>
ADDITIONS:
OFFICE PORTFOLIO
400 South El Camino Real San Mateo CA 139,109 3/6/98
Park Place Clearwater FL 162,604 1/8/98
Ashford Perimeter Atlanta GA 288,278 1/8/98
Powers Ferry Landing East Atlanta GA 393,672 1/8/98
Capitol Center I, II & III Des Moines IA 161,468 2/27/98
Oak Brook International Oak Brook IL 98,443 1/8/98
Oakbrook Terrace Corporate Center III Oakbrook Terrace IL 253,069 1/8/98
Columbia Centre II Rosemont IL 150,133 1/8/98
Embassy Plaza Schaumburg IL 141,829 1/8/98
Leawood Office Building Leawood KS 93,667 3/27/98
Blue Ridge Office Building Braintree MA 74,727 3/27/98
Hartwood Building Lexington MA 52,721 3/27/98
Bronx Park I Marlborough MA 86,935 3/27/98
Marlborough Corporate Place Marlborough MA 514,789 1/8/98
Rockwall I & II Rockville MD 340,220 1/8/98
Edinburgh Center Cary NC 115,030 1/8/98
Cameron Run Alexandria VA 143,707 1/8/98
2000 Corporate Ridge McLean VA 255,980 1/8/98
----------
3,466,381
OFFICE/FLEX PORTFOLIO
Canton Business Center Canton MA 3/27/98
79,565
Lehigh Valley Executive Campus Allentown PA 161,421 1/8/98
Valley Forge Corporate Center Norristown PA 300,894 1/8/98
----------
541,880
INDUSTRIAL PORTFOLIO
Forest Street Business Center Marlborough MA 32,500 3/27/98
Flanders Industrial Park Westborough MA 105,500 3/27/98
----------
138,000
DELETIONS:
Sq. Ft. Sold
----------- --------
OFFICE/FLEX
San Dimas Industrial Center San Dimas CA 35,996 3/26/98
INDUSTRIAL
Belshaw Industrial Carson CA 23,826 2/27/98
MULTI-FAMILY
Summer Breeze N. Hollywood CA 73,284 1/14/98
</TABLE>
Page 9 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
QUARTERLY RECAP OF ACQUISITIONS
March 31, 1998
<TABLE>
<CAPTION>
ACQUISITION NUMBER OF
PORTFOLIO/PROPERTY COST PROPERTIES SQ FEET DATE
- ------------------------------------ ---------------------- -------------------- ------------------ ------------
<S> <C> <C> <C> <C>
Windsor Fund II $ 423,000,000 14 3,320,069 1/8/98
Capitol Center I, II and III 12,300,000 1 161,468 2/27/98
400 South El Camino 34,700,000 1 139,109 3/6/98
BGK Equities 50,200,000 7 525,615 3/27/98
---------------------- -------------------- ------------------
$ 520,200,000 23 4,146,261
</TABLE>
Page 10 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
MARCH 31, 1998
<TABLE>
<CAPTION>
MATURITY
FROM
DEBT INTEREST INTEREST MATURITY 3/31/98
LOAN TYPE BALANCE RATE TYPE DATE (YEARS)
- ------------------------------------------------- ---------------- -------------- ------------------ -------------- --------------
<S> <C> <C> <C> <C> <C>
UNSECURED DEBT
Senior Unsecured Notes $ 150,000,000 7.625% Fixed 3/15/05 6.96
Line of credit 50,332,212 6.790% LIBOR +1.10% 12/22/00 2.73
SECURED DEBT
Cross-Collateralized Loans
Secured by Ten Properties $ 7.500% Fixed 10/1/22 24.52
59,583,166
Secured by Nine Properties 19,365,233 7.570% Fixed 1/1/06 7.76
Individually Secured Loans
Office 861,048 8.000% Fixed 9/1/05 7.42
Office 2,081,609 8.180% Variable 10/1/00 2.50
Office 4,475,722 8.870% Fixed 9/1/05 7.42
Office 4,352,109 7.875% Fixed 11/1/02 4.59
Office 3,089,118 8.560% Fixed 10/1/01 3.51
Office 2,585,232 7.600% Fixed 10/1/04 6.51
Office 21,296,502 7.520% Fixed 12/1/05 7.68
Office 10,318,259 8.140% Fixed 10/1/03 5.51
Office 19,672,139 7.590% Fixed 12/31/03 5.76
Office 21,716,593 7.250% Fixed 1/31/05 6.84
Office 19,140,752 7.500% Fixed 1/1/04 5.76
Office/Flex 3,335,281 9.250% Fixed 7/1/01 3.25
Office/Flex 1,278,000 7.630% Fixed 6/30/98 0.25
Office/Flex 1,442,000 7.630% Fixed 6/30/98 0.25
Office/Flex 823,994 8.375% Fixed 10/1/10 12.51
Office/Flex 727,071 7.487% Variable 5/1/17 19.10
Office/Flex 1,735,914 8.125% Fixed 4/1/12 14.01
Office/Flex 2,876,792 8.125% Fixed 6/1/07 9.17
Industrial 1,398,526 9.250% Fixed 12/1/00 2.67
Retail 4,953,084 8.480% Fixed 11/30/05 7.67
Hotel 4,407,626 8.000% Fixed 1/1/06 7.76
Multi-Family 7,191,347 7.500% Fixed 3/1/21 22.93
Multi-Family 6,488,382 7.250% Fixed 11/1/27 29.60
Multi-Family 733,803 7.850% Fixed 12/1/30 32.69
Multi-Family 1,019,154 7.850% Fixed 12/1/30 32.69
Multi-Family 3,184,443 7.600% Fixed 12/1/30 32.69
Multi-Family 1,592,221 7.600% Fixed 12/1/30 32.69
Multi-Family 3,125,782 7.600% Fixed 12/1/30 32.69
Multi-Family 2,336,967 7.600% Fixed 12/1/30 32.69
Multi-Family 2,493,035 7.600% Fixed 12/1/30 32.69
Multi-Family 2,401,888 7.500% Fixed 5/1/21 23.10
---------------- -------------- --------------
TOTAL DEBT/
WEIGHTED INTEREST RATE $442,415,005 7.546% 10.23
RELATIVE
PERCENTAGE WEIGHTED
BENEFIT TYPE TOTAL AMOUNT OF ALL DEBT AVERAGE RATE
- ----------------------------------------------- ------------------------ ---------------------------- -----------------------
All Debt $442,415,005 100.00% 7.55%
All Floating Rate Debt 53,140,892 12.01% 6.85%
Floating Rate Debt Capped 727,071 0.16% 7.49%
Floating Rate Debt Not Capped 52,413,821 11.84% 6.85%
All Fixed Rate Debt 389,274,113 87.99% 7.64%
</TABLE>
Page 11 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
----------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net income before minority interests $ 2,594,000 $ 4,639,000 $ 4,958,000 $ 9,139,000 $ 21,330,000
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:
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)
Preferred stock dividend -- -- -- -- --
---------- ----------- ---------- ------------ -----------
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. T.I.'s &
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
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OTHER INFORMATION
- -------------------------------------------------------------------------------------------------------------
EBIDA (including G & A expenses)
Combined total 5,550,000 8,304,000 12,413,000 18,114,000 44,381,000
Growth from same period prior year 86.7% 181.0% 274.1% 260.3% 210.9%
Net operating income (NOI) property level (1)
Same property 4,564,728 4,518,198 4,080,862 4,508,058 17,671,846
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% 50.7% 52.9%
Net Income excluding extraordinary
items 2,363,000 4,241,000 4,898,000 8,709,000 20,211,000
Net Income including extraordinary
items 2,363,000 4,241,000 4,898,000 7,866,000 19,368,000
- ------------------------------------------------------------------
(1) Reflects the performance of 39 of the 147 properties in the current portfolio.
</TABLE>
Page 12 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------- ------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net income before minority interests $ 12,891,000 $ 12,891,000
Plus:
Depreciation and amortization 10,009,000 10,009,000
Adjustment to reflect FFO of
Associated Companies 210,000 210,000
Prepayment penalty on mortgage loan
payoff -- --
Less net:
Net gain on sales of rental
properties (1,446,000) (1,446,000)
Gain on collection of note
receivable -- --
Preferred stock dividend (3,910,000) (3,910,000)
------------ ------------
Funds from operations (FFO) 17,754,000 17,754,000
Plus:
Amortization of deferred financing 418,000 418,000
fees
Less:
Capital reserve in excess of 1,088,000 1,088,000
expenditures
Capital expenditures (incl. T.I.'s & 1,122,000 1,122,000
comm.) ------------ ------------
Cash available for distribution (CAD) $ 15,962,000 $ 15,962,000
Cumulative capital reserves in excess
of expenditures 2,316,000 2,316,000
- ---------------------------------------- ------------------------------------------------------------------
OTHER INFORMATION
- ---------------------------------------- ------------------------------------------------------------------
EBIDA (including G & A expenses)
Combined total 30,599,000 30,599,000
Growth from same period prior year 451.3% 451.3%
Net operating income (NOI) property level (1)
Same property 4,779,000 4,779,000
Growth from same period prior year 4.7% 4.7%
Tenant retention % (commercial
portfolio) 64.2% 64.2%
Net Income excluding extraordinary
items 12,213,000 12,213,000
Net Income including extraordinary
items 12,213,000 12,213,000
- ------------------------------------------------------------------
(1) Reflects the performance of 39 of the 147 properties in the current portfolio.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
------------------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------------------
Financial Highlights
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 10,089,331 13,188,504 19,395,779 29,033,945 17,982,817
outstanding
Diluted wtd avg shares outstanding 10,256,129 13,432,442 19,726,383 29,424,567 18,264,182
Diluted FFO per share $ 0.42 $ 0.44 $ 0.43 $ 0.51 $ 1.83
Diluted CAD per share 0.38 0.39 0.38 0.46 1.64
Basic net income per share including
extraordinary items available to
common shareholders (1) $ 0.23 $ 0.32 $ 0.25 $ 0.27 $ 1.08
Diluted net income per share including
extraordinary items available to
common shareholders (1) 0.23 0.32 0.25 0.27 1.06
FFO multiplier (Price/FFO) 11.90 14.35 16.10 14.52 16.19
Debt coverage ratio 3.27 3.43 4.40 4.78 4.14
Interest coverage ratio 3.68 3.84 4.83 5.65 4.70
Total dividends (common shares and OP
units) $ 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 Preferred Dividends $ -- $ -- $ -- $ -- $ --
Preferred Dividends per share $ -- $ -- $ -- $ -- $ --
Total notes and mortgages payable $ 59,007,256 $ 152,681,076 $ 257,444,753 $ 228,298,813 $ 228,298,813
Market value of preferred stock -- -- -- -- --
Total market capitalization (2) 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 17.6% 29.9% 29.6% 18.5% 18.5%
Preferred shares outstanding (at end
of period) -- -- -- -- --
Price per share on last trading day -- -- -- -- --
Common shares outstanding (at end of
period) 13,161,553 13,194,692 20,174,692 31,547,256 31,547,256
Common shares and OP units
outstanding (at end of period) 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
Fully converted common shares and OP
units (at end of period) (3) 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
Price per share on last trading day $ 20.000 $ 25.250 $ 27.688 $ 29.625 $ 29.625
- --------------------------------------------------------------------------------------------------------------------
(1)Net income per share is computed independently for each quarter and the full
year, based on the respective number of weighted average shares outstanding.
Therefore, the sum of the quarterly income per share data may not equal the
net income per share for the year to date.
(2)Includes minority interest in UPREIT partnership.
(3)Includes outstanding preferred shares converted to 8,757,234 shares of common
stock.
(4)Prorated for the portion of the quarter the Preferred Stock was outstanding.
</TABLE>
Page 13 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE OPERATING SUMMARY
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
---------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- --------------------------------------- ---------------------------------------------------------------
Financial Highlights
- --------------------------------------- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 31,548,706 31,548,706
outstanding
Diluted wtd avg shares outstanding 34,372,364 34,372,364
Diluted FFO per share $ 0.52 $ 0.52
Diluted CAD per share 0.46 0.46
Basic net income per share including
extraordinary items available to
common shareholders (1) $ 0.26 $ 0.26
Diluted net income per share including
extraordinary items available to
common shareholders (1) 0.26 0.26
FFO multiplier (Price/FFO) 14.00 14.00
Debt coverage ratio 3.24 3.24
Interest coverage ratio 3.51 3.51
Total dividends (common shares and OP
units) $ 14,245,996 $ 14,245,996
Dividend per share $ 0.42 $ 0.42
Dividend payout ratio (FFO) 80.8% 80.8%
Dividend payout ratio (CAD) 91.3% 91.3%
Total Preferred Dividends $ 3,910,000 $ 3,910,000
Preferred Dividends per share $ 0.34 (4) $ 0.34
Total notes and mortgages payable $ 442,415,005 $ 442,415,005
Market value of preferred stock 300,437,500 300,437,500
Total market capitalization (2) 1,730,744,516 1,730,744,516
Increase from same period prior year 416% 416%
Debt/total market capitalization 25.6% 25.6%
Preferred shares outstanding (at end
of period) 11,500,000 11,500,000
Price per share on last trading day 26.125 26.125
Common shares outstanding (at end of
period) 31,549,756 31,549,756
Common shares and OP units
outstanding (at end of period) 33,919,039 33,919,039
Fully converted common shares and OP
units (at end of period) (3) 42,676,273 42,676,273
Price per share on last trading day $ 29.125 $ 29.125
- ----------------------------------------------------------------------------------------------------------------------------------
(1)Net income per share is computed independently for each quarter and the full
year, based on the respective number of weighted average shares outstanding.
Therefore, the sum of the quarterly income per share data may not equal the
net income per share for the year to date.
(2)Includes minority interest in UPREIT partnership.
(3)Includes outstanding preferred shares converted to 8,757,234 shares of common
stock.
(4)Prorated for the portion of the quarter the Preferred Stock was outstanding.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (2)
Revenue $ 2,342,654 $ 2,371,488 $ 2,328,817 $ 2,435,036 $ 9,477,995
Operating expenses 1,082,311 1,111,476 1,237,459 1,122,092 4,553,338
NOI 1,260,343 1,260,012 1,091,358 1,312,944 4,924,657
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% 948.1% 646.8% 485.6% 583.1%
Capital expenditures (excludes TI &
CLC) $ 19,663 $ 51,787 $ 188,196 $ 51,995 $ 311,641
Weighted average leaseable sq. ft. 642,323 1,088,395 1,754,151 2,495,818 1,495,172
Capital expenditures per leaseable sq.
ft. 0.03 0.05 0.11 0.02 0.21
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (1)
- -----------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 93.4% 92.0% 92.7% 92.3% 92.3%
Economic occupancy 90.0% 89.5% 90.4% 90.0% 90.0%
Average effective rent per occupied
sq. ft. 13.68 14.28 14.32 14.42 14.42
Increase from same period prior year 3.9% 7.9% 4.8% 9.6% 9.6%
Revenue per occupied square foot 15.61 16.05 15.65 16.43 16.43
Increase from same period prior year 3.1% 6.3% 2.4% 9.9% 9.9%
Combined Total
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. ft. 13.68 13.75 15.88 15.81 15.81
Increase from same period prior year 4.6% 6.2% 20.5% 16.1% 16.1%
Revenue per occupied square foot 15.61 16.67 18.47 18.15 18.15
Increase from same period prior year 13.5% 22.5% 21.8% 18.0% 18.0%
- ---------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 11 of the 48 properties in the current portfolio.
(3) Reflects acquisitions during the period.
</TABLE>
Page 14 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
OPERATING RESULTS (1)
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (2)
Revenue $ 2,584,425 $ 2,584,425
Operating expenses 1,130,202 1,130,202
NOI 1,454,223 1,454,223
Growth from same period prior year 15.4% 15.4%
Combined Total
Revenue $ 25,818,923 $25,818,923
Operating expenses 9,482,761 9,482,761
NOI 16,336,162 16,336,162
Growth from same period prior year 1196.2% (3) 1196.2%
Capital expenditures (excludes TI &
CLC) $ 198,608 $ 198,608
Weighted average leaseable sq. ft. 7,224,989 7,224,989
Capital expenditures per leaseable sq.
ft. 0.03 0.03
- ---------------------------------------- ----------------------------------------------------------------
OCCUPANCY STATUS (1)
- ---------------------------------------- ----------------------------------------------------------------
Same Property
Physical occupancy 93.1% 93.1%
Economic occupancy 89.9% 89.9%
Average effective rent per occupied
sq. ft. 14.60 14.60
Increase from same period prior year 6.8% 6.8%
Revenue per occupied square foot 17.28 17.28
Increase from same period prior year 10.7% 10.7%
Combined Total
Physical occupancy 95.7% 95.7%
Economic occupancy 93.3% 93.3%
Average effective rent per occupied
sq. ft. 14.77 14.77
Increase from same period prior year 8.0% 8.0%
Revenue per occupied square foot 18.69 18.69
Increase from same period prior year 19.7% 19.7%
- ---------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 11 of the 48 properties in the current portfolio.
(3) Reflects acquisitions during the period.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- -----------------------------------------------------------------------------------------------------------
<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 sq. ft. leased 2.18 1.67 3.30 3.40 2.83
CLC spent 37,133 26,029 34,423 84,013 181,599
CLC and TI committed per sq. ft. leased 8.49 7.84 9.68 8.67 8.72
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- ------------------------------------------------------------------------------------------------------------
Tenant 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
Increase in effective rents from 36.2% 12.8% 5.9% 16.5% 17.9%
renewals
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 sq. ft. leased 0.41 0.44 0.21 1.27 0.70
CLC spent 9,230 8,214 6,730 (3,400)(2) 20,774
CLC and TI committed per sq. ft. leased 3.25 2.76 4.08 4.74 4.01
- -------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects reversal of prior quarter leasing commission.
</TABLE>
Page 15 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 31,839 31,839
Rental dollars $ 605,370 $ 605,370
Average base rent per square foot
19.01 19.01
Concessions -- --
Concessions per square foot leased -- --
Tenant improvements (TI) committed 283,512 283,512
TI committed per square foot leased 8.90 8.90
TI spent 169,226 169,226
Capitalized leasing commissions (CLC)
committed 108,223 108,223
CLC committed per sq. ft. leased 3.40 3.40
CLC spent 73,867 73,867
CLC and TI committed per sq. ft. leased 12.30 12.30
- ---------------------------------------- -----------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- ---------------------------------------- -----------------------------------------------------------------
Tenant Retention 67% 67%
Square footage leased 47,942 47,942
Rental dollars $ 828,478 $ 828,478
Average base rent 17.28 17.28
Increase in effective rents from
renewals 9.7% 9.7%
Concessions 1,845 1,845
Concessions per square foot leased 0.04 0.04
Tenant improvements (TI) committed 123,290 123,290
TI committed per square foot leased 2.57 2.57
TI spent 90,454 90,454
Capitalized leasing commissions (CLC)
committed 35,179 35,179
CLC committed per sq. ft. leased 0.73 0.73
CLC spent 18,659 18,659
CLC and TI committed per sq. ft. leased 3.30 3.30
- -------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects reversal of prior quarter leasing commission.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 385,324 $ 381,422 $ 359,898 $ 392,565 $ 1,519,209
Operating expenses 104,172 107,620 120,258 142,316 474,366
NOI 281,152 273,802 239,640 250,249 1,044,843
Growth from same period prior year 32.4% 32.6% -41.3% -35.8% -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% 4454.0% 1600.0% 1393.5%
Capital expenditures (excludes TI &
CLC) $ -- $ 498 $ 16,804 $ 21,713 $ 39,015
Weighted average leaseable sq. ft. 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 95.7% 93.5% 93.5% 92.8% 92.8%
Economic occupancy 95.7% 93.5% 88.1% 93.5% 93.5%
Average effective rent per occupied
sq. ft. 5.58 5.63 5.44 5.87 5.87
Increase from same period prior year 9.3% 12.0% -12.0% 9.7% 9.7%
Revenue per occupied square foot 6.59 6.22 6.84 6.84
6.51
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% 6.7% 30.5% 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% 21.2% 31.5% 31.5%
- ----------------------------------------
(1) Reflects performance of 6 of the 45 properties.
(2) Reflects acquisitions during the period.
(3) Reflects acquisitions with higher rental rates.
</TABLE>
Page 16 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
- ----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------- ----------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 391,142 $ 391,142
Operating expenses 121,748 121,748
NOI 269,394 269,394
Growth from same period prior year -4.2% -4.2%
Combined Total
Revenue $ 8,578,557 $ 8,578,557
Operating expenses 2,569,126 2,569,126
NOI 6,009,431 6,009,431
Growth from same period prior year 2037.4% (2) 2037.4%
Capital expenditures (excludes TI &
CLC) $ 39,005 $ 39,005
Weighted average leaseable sq. ft. 3,962,346 3,962,346
Capital expenditures per leaseable sq.
ft. 0.01 0.01
- ----------------------------------------- ----------------------------------------------------------------
OCCUPANCY STATUS
- ----------------------------------------- ----------------------------------------------------------------
Same Property
Physical occupancy 91.8% 91.8%
Economic occupancy 92.2% 92.2%
Average effective rent per occupied
sq. ft. 6.20 6.20
Increase from same period prior year 11.0% 11.0%
Revenue per occupied square foot 6.88 6.88
Increase from same period prior year 5.8% 5.8%
Combined Total
Physical occupancy 93.2% 93.2%
Economic occupancy 91.1% 91.1%
Average effective rent per occupied
sq. ft. 7.43 7.43
Increase from same period prior year 33.2% (3) 33.2%
Revenue per occupied square foot 9.37 9.37
Increase from same period prior year 43.9% (3) 43.9%
- ----------------------------------------
(1) Reflects performance of 6 of the 45 properties.
(2) Reflects acquisitions during the period.
(3) Reflects acquisitions with higher rental rates.
-continued-
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To 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 sq. ft. -- 9.74 5.63 8.17 7.89
Concessions -- -- 1,191 967 2,158
Concessions per sq. ft. leased -- -- 0.23 0.04 0.07
Tenant improvements (TI) committed -- 52,000 2,076 39,310 93,386
TI committed per sq. ft. 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 sq. ft. 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
- -----------------------------------------------------------------------------------------------------------
Tenant Retention -- 73% 42% 45% 49%
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
Increase in effective rents from
renewals -- 52.2% 23.6% 15.6% 22.9%
Concessions -- -- -- 2,736 2,736
Concessions per sq. ft. leased -- -- -- 0.03 0.03
Tenant improvements (TI) committed -- 8,000 43,004 91,055 142,059
TI committed per sq. ft. 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 sq. ft. 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
OFFICE/FLEX PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: NEW
- ----------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 33,216 33,216
Rental dollars $ 320,823 $ 320,823
Average base rent per sq. ft. 9.66 9.66
Concessions 3,303 3,303
Concessions per sq. ft. leased 0.10 0.10
Tenant improvements (TI) committed 140,072 140,072
TI committed per sq. ft. leased 4.22 4.22
TI spent 61,216 61,216
Capitalized leasing commissions (CLC)
committed 70,168 70,168
CLC committed per sq. ft. leased 2.11 2.11
CLC spent 46,414 46,414
CLC and TI committed per sq. ft.
leased 6.33 6.33
- ----------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ----------------------------------------- ----------------------------------------------------------------
Tenant Retention 58% 58%
Square footage leased 120,102 120,102
Rental dollars $ 773,215 $ 773,215
Average base rent 6.44 6.44
Increase in effective rents from
renewals 47.1% 47.1%
Concessions 349 349
Concessions per sq. ft. leased 0.00 0.00
Tenant improvements (TI) committed 38,171 38,171
TI committed per sq. ft. leased 0.32 0.32
TI spent 57,687 57,687
Capitalized leasing commissions (CLC)
committed 31,559 31,559
CLC committed per sq. ft. leased 0.26 0.26
CLC spent 25,036 25,036
CLC and TI committed per sq. ft. leased 0.58 0.58
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,050,168 $ 1,077,035 $ 1,028,497 $ 1,044,023 $ 4,199,723
Operating expenses 175,205 174,781 163,330 192,868 706,184
NOI 874,963 902,254 865,167 851,155 3,493,539
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% 96.5% 176.4% 93.9%
Capital expenditures (excludes TI &
CLC) 54,415 11,334 440 111,761 177,951
Weighted average leaseable sq. ft. 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 0.00 0.03 0.08
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS
- -----------------------------------------------------------------------------------------------------------
Same Property
Physical occupancy 99.3% 99.3% 99.3% 99.4% 99.4%
Economic occupancy 98.4% 96.5% 95.5% 98.3% 98.3%
Average effective rent per occupied
sq. ft. 2.32 2.34 2.31 2.36 2.36
Increase from same period prior year 8.0% 1.2% -0.8% -0.1% -0.1%
Revenue per occupied square foot 2.38 2.44 2.33 2.36 2.36
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% 44.5% 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% 57.8% 62.0% 62.0%
- -------------------------------------------------------------------
(1) Reflects the performance of 10 of the 26 industrial properties in the current portfolio.
(2) Reflects new acquisitions during the period.
(3) Reflects acquisitions with higher rental rates.
</TABLE>
Page 18 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,088,532 $ 1,088,532
Operating expenses 174,295 174,295
NOI 914,237 914,237
Growth from same period prior year 4.5% 4.5%
Combined Total
Revenue $ 3,293,416 $ 3,293,416
Operating expenses 799,898 799,898
NOI 2,493,518 2,493,518
Growth from same period prior year 185.0% (2) 185.0%
Capital expenditures (excludes TI &
CLC) 10,239 10,239
Weighted average leaseable sq. ft. 3,962,346 3,962,346
Capital expenditures per leaseable sq
ft. 0.00 0.00
- ---------------------------------------- ----------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------- ----------------------------------------------------------------
Same Property
Physical occupancy 96.7% 96.7%
Economic occupancy 97.5% 97.5%
Average effective rent per occupied
sq. ft. 2.44 2.44
Increase from same period prior year 5.4% 5.4%
Revenue per occupied square foot 2.53 2.53
Increase from same period prior year 6.5% 6.5%
Combined Total
Physical occupancy 96.1% 96.1%
Economic occupancy 96.3% 96.3%
Average effective rent per occupied
sq. ft. 3.35 3.35
Increase from same period prior year 44.7% (3) 44.7%
Revenue per occupied square foot 4.08 4.08
Increase from same period prior year 71.5% (3) 71.5%
- -------------------------------------------------------------------
(1) Reflects the performance of 10 of the 26 industrial properties in the current portfolio.
(2) Reflects new acquisitions during the period.
(3) Reflects acquisitions with higher rental rates.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To 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 sq. ft. -- 3.05 -- 3.10 6.15
Concessions -- 3,086 -- -- 3,086
Concessions per sq. ft. leased -- 0.06 -- -- 0.05
Tenant improvements (TI) committed -- 30,551 -- 7,818 38,369
TI committed per sq. ft. 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 sq. ft. 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
- -----------------------------------------------------------------------------------------------------------
Tenant 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
Increase in effective rents from renewals 14.8% 36.4% 45.5% 14.7% 27.9%
Concessions -- -- -- -- --
Concessions per sq. ft. leased -- -- -- -- --
Tenant improvements (TI) committed 79,216 3,239 6,680 600 89,735
TI committed per sq. ft. 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 sq. ft. 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
- -----------------------------------------------------------------------------------
(1) Tenant improvements were unusually high due to the creation of a new tenant
suite at one of the properties.
</TABLE>
Page 19 of 30
<PAGE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 11,205 11,205
Rental dollars $ 39,218 $ 39,218
Average base rent per sq. ft. 3.50 3.50
Concessions -- --
Concessions per sq. ft. leased -- --
Tenant improvements (TI) committed 41,648 41,648
TI committed per sq. ft. leased 3.72 3.72
TI spent 13,204 (1) 13,204
Capitalized leasing commissions (CLC)
committed 4,706 4,706
CLC committed per sq. ft. leased 0.42 0.42
CLC spent 9,466 9,466
CLC and TI committed per sq. ft. leased 4.14 4.14
- ---------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------- ----------------------------------------------------------------
Tenant Retention 100% 100%
Square footage leased 30,084 30,084
Rental dollars $ 105,232 $ 105,232
Average base rent 3.50 3.50
Increase in effective rents from renewal 9.9% 9.9%
Concessions -- --
Concessions per sq. ft. leased -- --
Tenant improvements (TI) committed -- --
TI committed per sq. ft. leased -- --
TI spent -- --
Capitalized leasing commissions (CLC)
committed 2,361 2,361
CLC committed per sq. ft. leased 0.08 0.08
CLC spent 1,489 1,489
CLC and TI committed per sq. ft. leased 0.08 0.08
- ----------------------------------------------------------------------------------
(1) Tenant improvements were unusually high due to the creation of a new tenant
suite at one of the properties.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
----------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- --------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,042,561 $ 967,040 $ 1,035,896 $ 1,230,108 (2) $ 4,275,605
Operating expenses 322,459 321,223 319,519 349,022 1,312,223
NOI 720,103 645,817 716,377 881,086 2,963,383
Growth from same period prior year 7.6% -4.5% 24.7% 69.5% 18.0%
Combined Total
Revenue $ 1,466,612 $ 1,579,107 $ 1,637,556 $ 2,541,057 (2) $ 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% 74.1% 90.7% 82.9%
Capital expenditure (excludes TI & CLC) 86,970 907 5,139 16,455 109,471
Weighted average leaseable sq. ft. 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 97.0% 90.1% 90.1% 97.3% 97.3%
Economic occupancy 94.0% 91.4% 90.7% 94.9% 94.9%
Average effective rent per occupied
sq. ft. 6.35 6.75 7.25 6.95 6.95
Increase from same period prior year -0.4% 3.0% 20.2% 20.4% 20.4%
Revenue per occupied square foot 7.97 7.89 8.46 9.07 9.07
Increase from same period prior year 1.8% -1.7% 16.6% 26.1% (2) 26.1%
Combined Total
Physical occupancy 96.6% 92.2% 92.8% 96.4% 96.4%
Economic occupancy 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% -27.6% -17.8% 0.7% 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% -26.9% 3.4% 15.5% 15.5%
- -----------------------------------------------------------------------------------------------
(1) Reflects the performance of 5 of the 9 retail properties in the current portfolio.
(2) Higher 4th quarter revenue attributable to tax billings and prior rent
accrual for a major tenant at Westwood Plaza. (3) Decrease attributable to sale
of QuikTrip properties which had higher rents.
</TABLE>
Page 20 of 30
<PAGE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,072,191 $ 1,072,191
Operating expenses 335,829 335,829
NOI 736,362 736,362
Growth from same period prior year 2.3% 2.3%
Combined Total
Revenue $ 2,387,998 $ 2,387,998
Operating expenses 864,791 864,791
NOI 1,523,207 1,523,207
Growth from same period prior year 39.4% 39.4%
Capital expenditure (excludes TI &
CLC) 16,945 16,945
Weighted average leaseable sq. ft. 979,088 979,088
Capital expenditures per leaseable sq
ft. 0.02 0.02
- ---------------------------------------- ----------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------- ----------------------------------------------------------------
Same Property
Physical occupancy 97.4% 97.4%
Economic occupancy 94.9% 94.9%
Average effective rent per occupied
sq. ft. 6.65 6.65
Increase from same period prior year 4.6% 4.6%
Revenue per occupied square foot 7.90 7.90
Increase from same period prior year -0.9% -0.9%
Combined Total
Physical occupancy 96.5% 96.5%
Economic occupancy 94.1% 94.1%
Average effective rent per occupied
sq. ft. 7.80 7.80
Increase from same period prior year -3.0% (3) -3.0%
Revenue per occupied square foot 10.11 10.11
Increase from same period prior year 5.0% 5.0%
- -----------------------------------------------------------------------------------------------
(1) Reflects the performance of 5 of the 9 retail properties in the current portfolio.
(2) Higher 4th quarter revenue attributable to tax billings and prior rent
accrual for a major tenant at Westwood Plaza. (3) Decrease attributable to sale
of QuikTrip properties which had higher rents.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To 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 sq. ft. 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 sq. ft. 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 foot 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
- -----------------------------------------------------------------------------------------------------------
Tenant 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 sq. ft. 10.10 11.00 10.50 14.64
11.15
Increase in effective rents from renewals 2.4% 14.1% 0% 6.1% 5.7%
Concessions 2,800 -- -- -- 2,800
Concessions per sq. ft. 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 sq. ft. leased -- -- -- -- --
CLC spent -- -- -- -- --
CLC and TI committed per sq. ft. leased 2.11 -- -- -- 0.90
- ------------------------------------------------------
</TABLE>
Page 21 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 2,400 2,400
Rental dollars $ 32,964 $ 32,964
Average base rent per sq. ft. 13.74 13.74
Concessions 1,760 1,760
Concessions per square foot leased 0.73 0.73
Tenant improvements (TI) committed -- --
TI committed per sq. ft. leased -- --
TI spent 71,627 71,627
Capitalized leasing commissions (CLC)
committed -- --
CLC committed per square foot leased -- --
CLC spent 9,519 9,519
CLC and TI committed per sq. ft. leased -- --
- ---------------------------------------- ----------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------- ----------------------------------------------------------------
Tenant Retention 57% 57%
Square footage leased 2,450 2,450
Rental dollars $ 30,660 $ 30,660
Average base rent per sq. ft. 12.51 12.51
Increase in effective rents from renewal 21.2% 21.2%
Concessions -- --
Concessions per sq. ft. leased -- --
Tenant improvements (TI) committed -- --
TI committed per square foot leased -- --
TI spent -- --
Capitalized leasing commissions (CLC)
committed -- --
CLC committed per sq. ft. leased -- --
CLC spent -- --
CLC and TI committed per sq. ft. leased -- --
- ------------------------------------------------------
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue (2) $ 1,294,199 $ 1,331,231 $ 1,120,903 $ 1,086,163 $ 4,832,496
Operating expenses (3) 436,774 445,131 461,755 401,013 1,744,673
NOI 857,425 886,100 659,148 685,150 3,087,823
Growth from same period prior year 1.5% 16.3% -1.9% 0.9% 4.4%
Combined Total
Lease 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% 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 $ 2,662,312 2,675,869 2,293,069 2,220,108 $ 9,851,358
Physical occupancy (4) 74.0% 75.0% 73.0% 71.0% 71.0%
Average daily rate per occupied
room (4) $ 69.01 $ 67.92 $ 66.09 $ 65.62 $ 65.62
Increase from prior period 5.7% 6.8% 5.4% 3.3% 3.3%
Revenue per available room (REVPAR (4)$ 51.09 $ 50.94 $ 48.28 $ 46.61 $ 46.61
Increase from prior period 4.4% 10.0% 7.9% 3.5% 3.5%
Combined Total
Total room revenues $ 3,237,636 $ 3,547,474 $ 2,700,755 $ 3,088,719 $ 12,574,58
Physical occupancy (4) 76.2% 75.2% 71.6% 70.2% 70.2%
Average daily rate per occupied
room (4) $ 74.32 $ 72.34 $ 68.68 $ 68.56 $ 68.56
Increase from prior period 12.0% 12.3% 8.6% 9.2% 9.2%
Revenue per available room (REVPAR(4) $ 56.64 $ 54.42 $ 49.16 $ 48.14 $ 48.14
Increase from prior period 10.9% 12.5% 6.9% 6.9% 6.9%
- ----------------------------------------------------------------------------------------------------------------------------------
(1)Same Property reflects performance of 5 of the 6 hotels in the current portfolio.
(2)For the quarter ended March 31, 1997, same property revenue included
$811,575 of lease payments from four hotels which GLB owns and leases back to
GHG. Revenue also includes $482,624 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 March 31, 1998, same property revenue includes
$813,070 of lease payments from four hotels and $483,862 of operating revenue
from one hotel.
(3)Operating expenses paid by lessor for the leased hotels include taxes and insurance;
all other expenses paid by lessee.
(4)Numbers represent year-to-date data for the period and include comp rooms.
</TABLE>
Page 22 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
HOTEL PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------ ----------------------------------------------------------------
OPERATING RESULTS
- ------------------------------------------ ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue (2) $ 1,296,932 $ 1,296,932
Operating expenses (3) 426,797 426,797
NOI 870,135 870,135
Growth from same period prior year 1.5% 1.5%
Combined Total
Lease Revenue $ 1,883,351 $ 1,883,351
Operating expenses 488,759 488,759
NOI 1,394,592 1,394,592
Growth from same period prior year 29.7% 29.7%
Capital expenditures $ 88,357 $ 88,357
Weighted average rooms owned 742 742
Capital expenditures per room 119 119
- ------------------------------------------ ----------------------------------------------------------------
OCCUPANCY STATUS
- ------------------------------------------ ----------------------------------------------------------------
Same Property
Total room revenue $ 2,679,538 $ 2,679,538
Physical occupancy (4) 68.7% 68.7%
Average daily rate per occupied
room (4) $ 74.83 $ 74.83
Increase from prior period 8.4% 8.4%
Revenue per available room (REVPAR)(4)$ 51.42 $ 51.42
Increase from prior period 0.6% 0.6%
Combined Total
Total room revenues $ 4,068,396 $ 4,068,396
Physical occupancy (4) 71.0% 71.0%
Average daily rate per occupied
room (4) $ 90.30 $ 90.30
Increase from prior period 21.5% 21.5%
Revenue per available room (REVPAR)(4)$ 64.16 $ 64.16
Increase from prior period 13.3% 13.3%
- ----------------------------------------------------------------------------------------------------------------------------------
(1)Same Property reflects performance of 5 of the 6 hotels in the current portfolio.
(2)For the quarter ended March 31, 1997, same property revenue included
$811,575 of lease payments from four hotels which GLB owns and leases back to
GHG. Revenue also includes $482,624 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 March 31, 1998, same property revenue includes
$813,070 of lease payments from four hotels and $483,862 of operating revenue
from one hotel.
(3)Operating expenses paid by lessor for the leased hotels include taxes and insurance;
all other expenses paid by lessee.
(4)Numbers represent year-to-date data for the period and include comp rooms.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 929,310 $ 930,126 $ 901,115 $ 914,792 $ 3,675,343
Operating expenses 358,568 379,913 391,943 387,318 1,517,742
NOI 570,742 550,213 509,172 527,474 2,157,601
Growth from same period prior year 9.0% 19.5% -6.0% 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% 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) 94.8% 95.0% 93.5% 93.7% 93.7%
Economic occupancy (at end of period) 95.1% 95.5% 93.2% 93.3% 93.3%
Average effective base rent per
occ. unit $ 585 $ 587 $ 591 $ 599 $ 599
Increase from same period prior year 2.9% 4.7% 3.9% 3.3% 3.3%
Apartment annualized turnover rate 51.3% 48.3% 81.0% 43.1% 55.9%
Combined Total
Physical occupancy (at end of period) 94.7% 94.2% 93.9% 94.7% 94.7%
Economic occupancy (at end of period) 94.4% 94.4% 90.1% 91.8% 91.8%
Average effective base rent per
occ. unit $ 599 $ 609 $ 610 $ 619 $ 619
Increase from same period prior year -8.4% -7.1% -7.5% 7.4% 7.4%
Apartment annualized turnover rate 49.2% 46.7% 69.3% 54.0% 55.7%
- -----------------------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 2 of the 13 properties in the current portfolio
which experienced higher vacancies and water expense, and a one-time management
transition expense at one of the properties.
(2) Reflects acquisitions during the period.
</TABLE>
Page 23 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
March 31, 1998
<TABLE>
<CAPTION>
For the Period: 1998
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- ----------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 920,804 $ 920,804
Operating expenses 386,173 386,173
NOI 534,631 534,631
Growth from same period prior year -6.3% -6.3% (1)
Combined Total
Revenue $ 3,762,174 $ 3,762,174
Operating expenses 1,466,031 1,466,031
NOI 2,296,143 2,296,143
Growth from same period prior year 236.4% (2) 236.4%
Capital expenditures 120,362 $ 120,362
Weighted average apartment units
owned 2,147 2,147
Capital expenditures per apartment
unit 56 56
- ---------------------------------------- ----------------------------------------------------------------
OCCUPANCY STATUS
- ---------------------------------------- ----------------------------------------------------------------
Same Property
Physical occupancy (at end of period) 93.7% 93.7%
Economic occupancy (at end of period) 92.0% 92.0%
Average effective base rent per
occ. unit $ 603 $ 603
Increase from same period prior year 3.1% 3.1%
Apartment annualized turnover rate 37.2% 37.2%
Combined Total
Physical occupancy (at end of period) 95.6% 95.6%
Economic occupancy (at end of period) 95.4% 95.4%
Average effective base rent per
occ. unit $ 602 $ 602
Increase from same period prior year 0.5% 0.5%
Apartment annualized turnover rate 43.2% 43.2%
- -----------------------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 2 of the 13 properties in the current portfolio
which experienced higher vacancies and water expense, and a one-time management
transition expense at one of the properties.
(2) Reflects acquisitions during the period.
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 9,090,780 15,517,848 16,328,316 15,684,804 17,829,792 6,201,600
Percent of total annual rent 8.8% 15.1% 15.8% 15.2% 17.3% 6.0%
Square footage expiring 305,194 1,129,728 989,114 915,680 1,063,234 403,047
Percent of square footage 5.0% 18.4% 16.1% 14.9% 17.3% 6.6%
Number of leases 270 176 144 144 96 35
Percent of number of leases 29.4% 19.2% 15.7% 15.8% 10.5% 3.8%
- ------------------------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 7,521,732 4,545,972 3,844,392 2,338,956 2,015,784 751,584
Percent of total annual rent 29.4% 17.8% 15.0% 9.2% 7.9% 2.9%
Square footage expiring 988,730 709,296 553,438 330,665 280,359 99,735
Percent of square footage 28.7% 20.6% 16.1% 9.6% 8.1% 2.9%
Number of leases 207 132 92 47 28 8
Percent of number of leases 38.8% 24.8% 17.3% 8.8% 5.3% 1.5%
- ------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 1,633,092 1,617,660 1,618,896 1,069,836 899,352 489,576
Percent of total annual rent 13.9% 13.8% 13.8% 9.1% 7.7% 4.2%
Square footage expiring 449,933 366,307 372,646 231,939 223,785 122,957
Percent of square footage 13.5% 11.0% 11.2% 7.0% 6.7% 3.7%
Number of leases 26 27 21 15 8 2
Percent of number of leases 24.4% 25.2% 19.6% 14.0% 7.5% 1.9%
- ------------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 873,216 922,944 556,440 971,856 175,668 188,148
Percent of total annual rent 11.6% 12.3% 7.4% 12.9% 2.3% 2.5%
Square footage expiring 87,611 74,675 43,799 104,676 13,560 28,575
Percent of square footage 9.3% 7.9% 4.6% 11.1% 1.4% 3.0%
Number of leases 37 44 25 33 7 6
Percent of number of leases 19.6% 23.3% 13.2% 17.5% 3.7% 3.2%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 24 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
2007 and
2004 2005 2006 thereafter
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 3,267,636 9,257,760 2,603,472 7,256,340
Percent of total annual rent 3.2% 9.0% 2.5% 7.1%
Square footage expiring 168,263 546,190 107,009 506,296
Percent of square footage 2.7% 8.9% 1.7% 8.4%
Number of leases 12 15 9 16
Percent of number of leases 1.3% 1.6% 1.0% 1.7%
- -------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 1,297,416 402,336 1,499,628 1,331,400
Percent of total annual rent 5.1% 1.6% 5.9% 5.2%
Square footage expiring 155,719 30,000 159,231 140,911
Percent of square footage 4.5% 0.9% 4.6% 4.0%
Number of leases 9 1 6 3
Percent of number of leases 1.7% 0.2% 1.1% 0.5%
- -------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 3,576,120 -- 227,496 611,604
Percent of total annual rent 30.5% 0.0% 1.9% 5.2%
Square footage expiring 1,402,295 -- 32,500 120,943
Percent of square footage 42.2% 0.0% 1.0% 3.7%
Number of leases 6 0 1 1
Percent of number of leases 5.6% 0.0% 0.9% 0.9%
- -------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 1,034,580 605,424 135,936 2,047,128
Percent of total annual rent 13.8% 8.1% 1.8% 27.3%
Square footage expiring 196,659 50,405 10,950 331,957
Percent of square footage 20.9% 5.3% 1.2% 35.3%
Number of leases 11 7 4 15
Percent of number of leases 5.8% 3.7% 2.1% 7.9%
- -------------------------------------------------------------------------------------------------
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual base rent expiring 19,118,820 22,604,424 22,348,044 20,065,452 20,920,596 7,630,908
Percent of total annual rent 12.9% 15.3% 15.1% 13.6% 14.2% 5.2%
Square footage expiring 1,831,468 2,280,006 1,958,997 1,582,960 1,580,938 654,314
Percent of square footage 13.2% 16.5% 14.1% 11.4% 11.4% 4.7%
Number of leases 540 379 282 239 139 51
Percent of number of leases 30.9% 21.7% 16.2% 13.7% 8.0% 2.9%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 25 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
2007 and
2004 2005 2006 thereafter
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual base rent expiring 9,175,752 10,265,520 4,466,532 11,246,472
Percent of total annual rent 6.2% 6.9% 3.0% 7.6%
Square footage expiring 1,922,936 626,595 309,690 1,100,107
Percent of square footage 13.9% 4.5% 2.2% 7.8%
Number of leases 38 23 20 35
Percent of number of leases 2.2% 1.3% 1.1% 2.0%
- -----------------------------------------------------------------------------------------------
</TABLE>
-continued-
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONSILIATION OF PROPERTY INCOME
March 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
OFFICE OFFICE/FLEX INDUSTRIAL RETAIL HOTEL
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Revenue $25,818,923 $8,578,557 $3,293,416 $2,387,998 $1,883,351
Operating Expenses 9,482,761 2,569,126 799,898 864,791 488,759
NOI $16,336,162 $6,009,431 $2,493,518 $1,526,207 $1,394,592
</TABLE>
Page 26 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONSILIATION OF PROPERTY INCOME
March 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
PROPERTY CONSOLIDATING TOTAL
MULTI-FAMILY TOTAL ENTRIES (1) REPORTED
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenue $3,762,174 $45,724,419 $ 238,636 $45,963,055
Operating Expenses 1,466,031 15,674,366 (1,347,247) 14,324,119
NOI $2,296,143 $30,053,053 $1,585,883 $31,638,936
(1) Consolidating entries represent internal market level property management fees included
in operating expenses to provide market comparison to industry performance, and operating
revenue and expenses from the corporate headquarters which are not included in the combined
property total.
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)
</TABLE>
-continued-
<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 quipment, 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. Relief or reduction of rent charges for a
specified period, negotiated and committed to as a part of entering into a
lease agreement.
Controlled Partnerships A group of partnerships for which one of the Associated Companies
provides some or all of the following services: asset management, property
management, general partner services, and development services.
Debt Coverage Ratio EBIDA divided by the difference between debt service and
amortization of deferred financing fees.
Debt Service Interest expense plus principal reductions of debt, excluding repayments on lines of
credit.
Dividend Payout Ratio The percentage of FFO or CAD that will be paid in dividends to the
shareholders of Glenborough Realty Trust Incorporated.
Dividend Per Share The dividends paid for each share of Glenborough Realty Trust Incorporated.
EBIDA Earnings before interest, depreciation and amortization.
Economic Occupancy Base rental revenue collected divided by gross potential rent.
Effective Rents Annualized rents net of concessions.
FFO Multiplier Stock price per share divided by annualized FFO per share.
FFO Per Share FFO divided by the fully diluted weighted average shares outstanding during the
period.
Cash Available For Distribution Cash Available for Distribution represents Funds from Operations plus amortization of
(CAD) deferred financing fees, less reserves for leasing commissions and capital
expenditures (excluding property acquisitions).
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.
</TABLE>
Page 27 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
<TABLE>
<CAPTION>
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C>
Leasing Production Information related to lease agreements entered into during the period
including square footage leased, rental dollars (specifically defined below),
concessions, tenant improvements, and capitalized leasing commissions.
Net Operating Income (NOI) Revenue less Operating Expenses.
Percent Debt to Total Market Total notes and mortgages payable divided by the sum of total notes and mortgages
Capitalization payable plus the total market value of all shares and units outstanding at the date
of calculation.
Percent Increase in Effective Percentage change in effective base rents from renewal as compared to effective base
Rents From Renewal rents as of the prior lease terms.
Physical Occupancy Total square feet (units) rented divided by net rentable square feet (units) as of
the end of the quarter.
Renewal Leases that have been renewed by current tenants.
Rental Dollars Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) concessions, TI's 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)
March 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Grunow Medical Building Phoenix AZ 47,516 68%
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 85%
One Carnegie Plaza San Bernardino CA 102,637 59%
One Parkside San Bernardino CA 70,069 66%
One Vanderbilt Way San Bernardino CA 73,809 85%
Sante Fe San Bernardino CA 36,288 100%
Two Carnegie Plaza San Bernardino CA 68,925 82%
Two Vanderbilt Way San Bernardino CA 69,050 93%
Bristol Medical Center Santa Ana CA 52,311 75%
Montrose Office Park Rockville MD 186,680 99%
Poplar Towers Memphis TN 100,901 89%
Bluemound Commerce Centre Brookfield WI 48,196 99%
---------------- ---------
Total Office Square Footage/Average % Occupied 1,168,571 87%
OFFICE/FLEX PORTFOLIO
Carnegie Business Center I San Bernardino CA 62,605 69%
Carnegie Business Center II San Bernardino CA 50,804 78%
Wakefield Engineering Building Temecula CA 44,200 100%
NorthPark I, IV, V, & VII Charlotte NC 319,960 92%
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 93%
INDUSTRIAL PORTFOLIO
San Sevaine Business Park Mira Loma CA 172,057 93%
Rancon Centre Ontario Ontario CA 245,000 100%
Black Satchel Charlotte NC 228,800 100%
---------------- ---------
Total Industrial Square Footage/Average % Occupied 645,857 98%
(1) Operating results and leasing statistics for these properties are not
included in the preceding tables.
</TABLE>
Page 29 of 30
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
PORTFOLIO MANAGED BY THE ASSOCIATED COMPANIES (1)
March 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
PROPERTY LOCATION SQ. FEET % OCC.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RETAIL PORTFOLIO
Baseline Mercado Mesa AZ 22,960 71%
Mountain View Plaza Mojave CA 57,456 87%
Weist Plaza Riverside CA 145,778 99%
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 66,265 100%
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 92%
Glenlake Plaza Indianapolis IN 93,593 84%
Heritage Square San Antonio TX 76,200 97%
---------------- ---------
Total Retail Square Footage/Average % Occupied 910,421 92%
HOTEL PORTFOLIO # OF ROOMS YTD OCC.
Country Suites by Carlson Tempe AZ 139 88%
Condominium Resort Hotel Galveston TX 276 84%
Condominium Resort Hotel Port Aransas TX 86 77%
---------------- ---------
Total Hotel Rooms/YTD Occupancy 501 84%
MULTI-FAMILY PORTFOLIO # OF UNITS % OCC.
Green Meadows Davis CA 120 90%
Villa La Jolla La Jolla CA 385 99%
La Jolla Canyon Apts. San Diego CA 157 100%
Pacific Bay Club San Diego CA 159 98%
Shadowridge Woodbend Vista CA 240 99%
Georgetowne Apts. Omaha NE 288 95%
---------------- ---------
Total Multi-Family Units/Average % Occupied 1,349 97%
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 1.79
Tri-City Corporate Center (Off/Retail) San Bernardino CA 40.46
----------------
Total Land Acres 218.89
(1) Operating results and leasing statistics for these properties are not
included in the preceding tables.
</TABLE>
Page 30 of 30
<PAGE>
