SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- ------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 30, 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 former address, if changes since last report)
This form 8-K contains a total of 30 pages
No Exhibits Required
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 1998
Item 5. Other Events
On July 17, 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
June 30, 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 June 30, 1998 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 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: July 17, 1998 By: /s/ Stephen R. Saul
-------------------------
Stephen R. Saul
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 1998
Table of Contents
PAGE
Real Estate Portfolio........................................................5
Additions and Deletions to Portfolios During Period..........................9
Debt Summary................................. .............................11
Corporate Operating Summary............................ ....................14
Office Portfolio............................................................16
Office/Flex Portfolio.......................................................18
Industrial Portfolio........................................................20
Retail Portfolio............................................................22
Multi-Family Portfolio......................................................24
Reconciliation of Property Income...........................................25
Lease Expiration Schedule...................................................26
Glossary of Terms...........................................................28
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Financial Phoenix AZ 17,778 93%
Vintage Pointe Phoenix AZ 56,112 98%
Warner Village Medical Fountain Valley CA 32,272 84%
Hillcrest Office Plaza Fullerton CA 34,623 91%
Centerstone Plaza Irvine CA 157,579 98%
University Tech Center Pomona CA 100,516 96%
Academy Professional Center Rolling Hills CA 29,960 71%
Dallidet Professional Center San Luis Obispo CA 23,511 90%
400 South El Camino Real San Mateo CA 139,109 97%
Park Place Clearwater FL 164,435 91%
Buschwood III Tampa FL 76,930 92%
Temple Terrace Business Center Temple Terrace FL 79,393 100%
Ashford Perimeter Atlanta GA 288,278 98%
Powers Ferry Landing East Atlanta GA 393,672 99%
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 99%
Columbia Centre II Rosemont IL 150,133 97%
Embassy Plaza Schaumburg IL 141,373 89%
Meridian Park Carmel IN 86,332 100%
Crosspoint Four Fishers IN 41,121 100%
The Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 95%
Blue Ridge Office Building Braintree MA 74,727 98%
The Hartwood Building Lexington MA 52,721 100%
Bronx Park I Marlborough MA 86,935 100%
Marlborough Corporate Place Marlborough MA 569,027 94%
Westford Corporate Center Westford MA 163,247 100%
Montgomery Executive Center Gaithersburg MD 116,348 85%
Rockwall I & II Rockville MD 340,220 88%
Bond Street Building Farmington Hills MI 40,595 97%
Riverview Office Tower Bloomington MN 227,129 100%
University Club Tower St. Louis MO 272,443 92%
Woodlands Plaza St. Louis MO 72,276 93%
Edinburgh Center Cary NC 115,030 92%
One Pacific Place Omaha NE 125,492 94%
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%
Vreeland Business Center Florham Park NJ 133,090 100%
Gatehall Parsippany NJ 113,604 84%
25 Independence Boulevard Warren NJ 106,879 100%
Citibank Park Las Vegas NV 147,841 75%
Thousand Oaks Memphis TN 418,226 91%
Post Oak Place Houston TX 57,411 85%
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
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<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 Square Footage/Average % Occupied 6,864,002 95%
OFFICE/FLEX PORTFOLIO
Hoover Industrial Mesa AZ 57,441 92%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 96%
Kraemer Industrial Park Anaheim CA 55,246 72%
Dominguez Industrial Carson CA 85,120 96%
Chatsworth Industrial Park Chatsworth CA 29,764 100%
Glassell Industrial Center Orange CA 46,912 74%
Dunn Way Industrial Placentia CA 59,832 97%
Monroe Industrial Placentia CA 38,655 74%
Rancho Bernardo Rancho Bernardo CA 52,865 88%
Scripps Terrace San Diego CA 56,796 84%
Tierrasanta Research Park San Diego CA 104,234 78%
Upland Industrial Upland CA 27,414 72%
Northglenn Business Center Denver CO 65,000 100%
Valley Business Park Denver CO 202,540 91%
Grand Regency Business Center Brandon FL 48,551 100%
Newport Business Center Deerfield Beach FL 61,786 77%
Cypress Creek Business Center Ft. Lauderdale FL 66,371 84%
Lake Point Business Park Orlando FL 135,032 87%
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%
Covance Business Center Indianapolis IN 263,610 100%
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 98,037 100%
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 90%
Palms Business Center IV Las Vegas NV 37,414 74%
Palms Business Center North Las Vegas NV 92,087 86%
Palms Business Center South Las Vegas NV 132,387 70%
Post Palms Business Center Las Vegas NV 139,906 74%
Lehigh Valley Executive Campus Allentown PA 161,421 95%
Clark Avenue King of Prussia PA 40,000 92%
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
OFFICE/FLEX PORTFOLIO (continued)
Valley Forge Corporate Center Norristown PA 300,894 96%
Walnut Creek Business Center Austin TX 100,000 80%
Kent Business Park Kent WA 138,157 100%
------------------ ------------------
Total Square Footage/Average % Occupied 4,202,224 92%
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 156,800 100%
Springdale Commerce Center Santa Fe Springs CA 144,000 88%
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 59%
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%
Cottontail Distribution Center Franklin Township NJ 229,352 100%
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 236,092 100%
Quaker Industrial Dallas TX 42,083 100%
Sea Tac II Seattle WA 41,657 100%
------------------ ------------------
Total Square Footage/Average % Occupied 3,660,250 97%
RETAIL PORTFOLIO
Park Center Santa Ana CA 73,500 98%
Sonora Plaza Sonora CA 162,126 85%
Piedmont Plaza Apopka FL 151,000 96%
River Run Shopping Center Miramar FL 92,787 94%
Westwood Plaza Tampa FL 99,304 96%
Shannon Crossing Atlanta GA 64,039 96%
Westbrook Commons Westchester IL 132,190 97%
Broad Ripple Retail Centre Indianapolis IN 37,540 100%
Cross Creek Retail Centre Indianapolis IN 76,908 91%
Geist Retail Centre Indianapolis IN 72,348 97%
Woodfield Centre Indianapolis IN 58,171 93%
Goshen Plaza Gaithersburg MD 45,546 88%
Auburn North Shopping Center Auburn WA 158,596 96%
------------------ ------------------
Total Square Footage/Average % Occupied 1,224,055 94%
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
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PROPERTY LOCATION SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
HOTEL PORTFOLIO # of Rooms YTD % OCC.
Country Inn & Suites By Carlson Scottsdale AZ 163 67%
Country Suites By Carlson Tucson AZ 157 82%
Country Suites By Carlson Ontario CA 120 72%
Country Suites By Carlson Arlington TX 132 60%
------------------ ------------------
Total Hotel Rooms/YTD Occupancy 572 69%
MULTI-FAMILY PORTFOLIO # of Units % OCC.
Overlook Apartments Scottsdale AZ 224 90%
Aspen Ridge Colorado Springs CO 196 95%
Stone Ridge at Vinings Atlanta GA 440 86%
Woodmere Trace Duluth GA 220 93%
Cross Creek Apartments Indianapolis IN 208 87%
Harcourt Club Apartments Indianapolis IN 148 87%
Island Club Apartments Indianapolis IN 314 92%
Arrowood Crossing I & II Charlotte NC 200 96%
Sharonridge I & II Charlotte NC 75 96%
The Chase (Commonwealth) Charlotte NC 132 75%
The Courtyard Charlotte NC 55 89%
The Landing on Farmhurst Charlotte NC 125 98%
Wendover Glen Charlotte NC 96 78%
The Chase (Monroe) Monroe NC 120 98%
Willow Glen Monroe NC 120 98%
Sabal Point I, II & III Pineville NC 374 96%
The Oaks Raleigh NC 88 92%
Sahara Gardens Las Vegas NV 312 96%
Villas de Mission Las Vegas NV 226 95%
Players Club of Brentwood Nashville TN 258 88%
Hunter's Chase Austin TX 424 96%
Hunterwood Austin TX 160 93%
Longspur Austin TX 252 93%
Silver Vale Crossing Austin TX 336 92%
Walnut Creek Crossing Apartments Austin TX 280 94%
Wind River Crossing Austin TX 352 91%
Bear Creek Crossing Houston TX 200 93%
Cypress Creek Apartments Houston TX 256 93%
North Park Crossing Houston TX 336 97%
Park at Woodlake Houston TX 564 90%
Willow Brook Crossing Houston TX 208 92%
Jefferson Creek Irving TX 300 94%
Jefferson Place Irving TX 424 92%
La Costa Plano TX 462 93%
Bandera Crossing San Antonio TX 204 93%
The Hollows San Antonio TX 432 91%
Vista Crossing San Antonio TX 232 91%
------------------ ------------------
Total Units/Average % Occupied 9,353 94%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORFOLIOS DURING PERIOD
June 30, 1998
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PROPERTY LOCATION SQ. FEET DATE
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<S> <C> <C> <C> <C>
ADDITIONS:
OFFICE PORTFOLIO
Meridian Park Carmel IN 86,332 4/22/98
Crosspoint Four Fishers IN 41,121 4/22/98
The Osram Building Westfield IN 45,265 4/22/98
One Pacific Place Omaha NE 125,492 5/21//98
Vreeland Business Center Florham Park NJ 133,090 6/30/98
-----------------
431,300
OFFICE/FLEX PORTFOLIO
Covance Business Center Indianapolis IN 263,610 6/23/98
INDUSTRIAL PORTFOLIO
Cottontail Distribution Center Franklin Township NJ 229,352 6/30/98
RETAIL PORTFOLIO
Broad Ripple Retail Centre Indianapolis IN 37,540 4/22/98
Cross Creek Retail Centre Indianapolis IN 76,908 4/22/98
Geist Retail Centre Indianapolis IN 72,348 4/22/98
Woodfield Centre Indianapolis IN 58,171 4/22/98
-----------------
244,967
MULTI-FAMILY PORTFOLIO # of Units
Aspen Ridge Colorado Springs CO 196 6/30/98
Stone Ridge at Vinings Atlanta GA 440 6/30/98
Woodmere Trace Duluth GA 220 6/30/98
Crosscreek Apartments Indianapolis IN 208 4/22/98
Harcourt Club Apartments Indianapolis IN 148 4/22/98
Island Club Apartments Indianapolis IN 314 4/22/98
Players Club of Brentwood Nashville TN 258 6/30/98
Hunter's Chase Austin TX 424 6/30/98
Hunterwood Austin TX 160 6/30/98
Longspur Austin TX 252 6/30/98
Silver Vale Crossing Austin TX 336 6/30/98
Walnut Creek Crossing Apartments Austin TX 280 6/30/98
Wind River Crossing Austin TX 352 6/30/98
Bear Creek Crossing Houston TX 200 6/30/98
Cypress Creek Apartments Houston TX 256 6/30/98
North Park Crossing Houston TX 336 6/30/98
Park at Woodlake Houston TX 564 6/30/98
Willow Brook Crossing Houston TX 208 6/30/98
Jefferson Creek Irving TX 300 6/30/98
Jefferson Place Irving TX 424 6/30/98
La Costa Plano TX 462 6/30/98
Bandera Crossing San Antonio TX 204 6/30/98
The Hollows San Antonio TX 432 6/30/98
Vista Crossing San Antonio TX 232 6/30/98
----------------
7,206
DELETIONS:
OFFICE/FLEX
Sandhill Industrial Park Carson CA 90,922 4/30/98
HOTEL # of Rooms
Country Suites - Irving Irving TX 108 6/17/98
Country Suites - San Antonio San Antonio TX 64 6/23/98
----------------
172
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
QUARTERLY RECAP OF ACQUISITIONS
June 30, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ACQUISITION NUMBER OF # OF
PORTFOLIO/PROPERTY COST PROPERTIES SQ FEET (1) UNITS DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Lauth $ 68,700,000 10 417,745 670 4/22/98
One Pacific 20,100,000 1 125,507 5/21/98
Covance Business Center 16,500,000 1 263,610 6/23/98
Donau 28,550,000 2 362,442 6/30/98
Galesi 275,820,000 21 6,536 6/30/98
---------------------- ------------------ ------------------ -----------------
Total $ 409,670,000 35 1,169,304 7,206
(1) Commercial properties only.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
JUNE 30, 1998
<TABLE>
<CAPTION>
Maturity
From
Debt Interest Interest Maturity 6/30/98
Loan Type Balance Rate Type Date (Years)
- ------------------------------------------------- ---------------- -------------- ----------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
UNSECURED DEBT
Bridge Loan 142,169,798 6.99% LIBOR +1.30% 12/31/98 0.50
Senior Unsecured Notes 150,000,000 7.63% Fixed 3/15/05 6.71
Line of Credit 125,151,533 6.89% LIBOR +1.20% 12/22/00 2.48
SECURED DEBT
Cross Collateralized Loans
Secured by Fifteen Properties 115,589,325 6.75% Variable 12/20/99 1.47
Secured by Three Properties 53,856,141 6.75% Fixed 9/1/00 2.17
Secured by Nine Properties 19,285,086 7.57% Fixed 1/1/06 7.50
Secured by Ten Properties 59,394,062 7.50% Fixed 10/1/22 24.25
Secured by Two Properties 6,472,764 7.25% Fixed 11/1/27 29.34
Individually Secured Mortgages
Office Property 2,076,848 8.18% Variable 10/1/00 2.25
Office Property 3,058,653 8.56% Fixed 10/1/01 3.25
Office Property 4,334,597 7.88% Fixed 11/1/02 4.34
Office Property 10,281,939 8.14% Fixed 10/1/03 5.25
Office Property 19,598,038 7.59% Fixed 12/31/03 5.50
Office Property 19,060,737 7.50% Fixed 1/1/04 5.50
Office Property 2,576,144 7.60% Fixed 10/1/04 6.25
Office Property 21,614,408 7.25% Fixed 1/31/05 6.58
Office Property 4,462,245 8.87% Fixed 9/1/05 7.17
Office Property 839,746 8.00% Fixed 9/1/05 7.17
Office Property 7.52% Fixed 12/1/05 7.42
21,207,729
Office/Flex Property 1,442,000 7.50% Fixed 12/31/98 0.50
Office/Flex Property 1,278,000 7.50% Fixed 12/31/98 0.50
Office/Flex Property 1,389,584 9.25% Fixed 12/1/00 2.42
Office/Flex Property 3,331,154 9.25% Fixed 7/1/01 3.00
Office/Flex Property 2,849,687 8.13% Fixed 6/1/07 8.92
Office/Flex Property 814,644 8.38% Fixed 10/1/10 12.25
Office/Flex Property 722,745 7.40% Variable 5/1/17 18.84
Industrial Property 10,531,926 8.05% Fixed 4/10/04 5.78
Retail Property 4,934,968 8.48% Fixed 11/30/05 7.42
Retail Property 5,044,060 8.47% Fixed 1/1/07 8.50
Retail Property 4,393,124 8.82% Fixed 2/1/07 8.59
Hotel Property 4,357,834 8.00% Fixed 1/1/06 7.50
Multi-Family Property 3,820,212 7.84% Fixed 9/1/05 7.17
Multi-Family Property 12,162,307 7.84% Fixed 9/1/05 7.17
Multi-Family Property 6,320,581 7.84% Fixed 10/1/05 7.25
Multi-Family Property 7,161,738 7.50% Fixed 3/1/21 22.67
Multi-Family Property 3,178,885 7.60% Fixed 12/1/30 32.42
Multi-Family Property 3,120,327 7.60% Fixed 12/1/30 32.42
Multi-Family Property 2,488,683 7.60% Fixed 12/1/30 32.42
Multi-Family Property 2,392,148 7.50% Fixed 5/1/21 22.84
Multi-Family Property 2,302,121 7.60% Fixed 12/1/30 32.42
Multi-Family Property 1,589,442 7.60% Fixed 12/1/30 32.42
Multi-Family Property 1,017,472 7.85% Fixed 12/1/30 32.42
Multi-Family Property 732,591 7.85% Fixed 12/1/30 32.42
---------------- -------------- ---------------
Total Debt/Weighted Interest Rate & Maturity $ 868,406,026 7.27% 6.01
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
JUNE 30, 1998
Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
<S> <C> <C> <C>
All Debt $ 868,406,026 100.00% 7.27%
All Floating Rate Debt 385,710,249 44.42% 6.89%
Floating Rate Debt Capped 116,312,070 13.39% 6.75%
Floating Rate Debt Not Capped 269,398,179 31.02% 6.95%
All Fixed Rate Debt 482,695,777 55.58% 7.58%
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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
Plus:
Depreciation and amortization 1,537,000 2,507,000 4,823,000 6,006,000 14,873,000
Adjustment to reflect FFO of 623,000 248,000 (776,000) 1,205,000 1,300,000
Associated Companies
Prepayment penalty on mortgage loan -- -- 75,000 -- 75,000
payoff
Less net:
Net gain on sales of rental (570,000) 15,000 (284,000) (839,000)
properties
Gain on collection of note receivable (154,000) (498,000) -- -- (652,000)
Preferred stock dividend -- -- -- -- --
------------ ------------- ------------- -------------- -------------
Funds from operations (FFO) (1) 4,600,000 6,326,000 9,095,000 16,066,000 36,087,000
Plus:
Amortization of deferred financing 64,000 64,000 46,000 47,000 221,000
fees
Less:
Capital reserve in excess of 110,000 220,000 204,000 748,000 1,282,000
expenditures
Capital expenditures (incl. T.I.'s & 421,000 541,000 853,000 876,000 2,691,000
comm.)
------------ ---------------------------- -------------- --------------
Cash available for distribution (CAD) $ 4,133,000 $ 5,629,000$ 8,084,000 $ 14,489,000 $ 32,335,000
(1)
Cash flows from
Operating Activities 724,000 7,849,000 8,739,000 6,766,000 24,078,000
Investing Activities (990,000) (123,090,000) (248,921,000)
(196,241,000) (569,242,000)
Financing Activities 41,514,000 75,990,000 239,600,000 191,775,000 548,879,000
Ratio of earnings to fixed charges (1) 2.65 3.08 2.89 3.81 3.21
Ratio of earnings to fixed charges and 2.64 3.08 2.89 3.81 3.21
preferred dividends (1)
Cumulative capital reserves in excess 56,000 276,000 480,000 1,228,000 1,228,000
of expenditures
- ----------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- ----------------------------------------------------------------------------------------------------------------
EBITDA (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 (2)
Same property 4,564,728 4,295,053 3,760,496 4,515,253 17,135,530
Growth from same period prior year 7.0% 5.4% 3.1% 9.0% 6.2%
Tenant retention % (commercial 80.2% 38.8% 55.6% 50.7% 52.9%
portfolio)
Net Income excluding extraordinary 2,363,000 4,241,000 4,898,000 7,866,000 19,368,000
items
Net Income including extraordinary 2,363,000 4,241,000 4,898,000 7,866,000 19,368,000
items
- -------------------------------------------------------------------------------------------------------------------
(1) Please see the Glossary of Terms for a definition and other related
disclosure.
(2) For the second quarter, reflects the performance of 32 of the 179 properties in the current portfolio and excludes hotels
from the same store calculation.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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 $ 14,517,000 $ 27,408,000
Plus:
Depreciation and amortization 10,009,000 10,934,000 20,943,000
Adjustment to reflect FFO of 210,000 173,000 383,000
Associated Companies
Prepayment penalty on mortgage loan -- -- --
payoff
Less net:
Net gain on sales of rental (1,446,000) (693,000) (2,139,000)
properties
Gain on collection of note receivable -- --
Preferred stock dividend (3,910,000) (5,570,000) (9,480,000)
-------------- -------------- --------------
Funds from operations (FFO) (1) 17,754,000 19,361,000 37,115,000
Plus:
Amortization of deferred financing 418,000 174,000 592,000
fees
Less:
Capital reserve in excess of 1,088,000 -- 1,088,000
expenditures
Capital expenditures (incl. T.I.'s & 1,122,000 3,200,000 4,322,000
comm.)
-------------- -------------- --------------
Cash available for distribution (CAD) 15,962,000 $ 16,335,000 $ 32,297,000
(1)
Cash flows from
Operating Activities 15,327,000 17,327,000 32,654,000
Investing Activities
(383,526,000) (185,908,000) (569,434,000)
Financing Activities 369,795,000 195,000,000 564,795,000
Ratio of earnings to fixed charges (1) 2.41 2.50 2.45
Ratio of earnings to fixed charges and 1.69 1.57 1.63
preferred dividends (1)
Cumulative capital reserves in excess 2,316,000 2,316,000 2,316,000
of expenditures
- --------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total 30,599,000 34,465,000 65,064,000
Growth from same period prior year 451.3% 315.0% 369.6%
Net Operating Income (NOI)-property
level (2)
Same property 4,779,000 3,933,000 8,712,000
Growth from same period prior year 4.7% 8.3% 6.3%
Tenant retention % (commercial 64.1% 64.5% 64.6%
portfolio)
Net Income excluding extraordinary 12,213,000 13,921,000 26,134,000
items
Net Income including extraordinary 12,213,000 13,921,000 26,134,000
items
- --------------------------------------------------------------------------------------------------------
(1) Please see the Glossary of Terms for a definition and other related
disclosure.
(2) For the second quarter, reflects the performance of 32 of the 179 properties in the current portfolio and excludes hotels
from the same store calculation.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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 for EPS
Diluted wtd avg shares outstanding 10,256,129 13,432,442 21,132,947 31,450,823 19,517,543
for EPS
Diluted wtd avg shares for 10,935,951 14,466,852 21,194,507 31,512,511 19,688,489
calculation of FFO and CAD
Diluted CAD per share $ 0.38 $ 0.39 $ 0.38 $ 0.46 $ 1.64
Basic net income per share before $ 0.23 $ 0.32 $ 0.25 $ 0.30 $ 1.12
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.23 $ 0.32 $ 0.24 $ 0.29 $ 1.09
extraordinary items available to
common shareholders (1)
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 $ 4,541,123 $ 6,862,723 $ 10,690,156 $ 14,243,319 $ 36,337,321
units)
Dividend per share $ 0.32 $ 0.32 $ 0.32 $ 0.42 $ 1.38
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 $ $152,681,076 $ 257,444,753 $ 228,298,813 $ 228,298,813
59,007,256
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
Percent increase from prior period 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 13,161,553 13,194,692 20,174,692 31,547,256 31,547,256
period)
Common shares and OP Units 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
outstanding (at end of period)
Fully converted common shares and OP 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
units (at end of period) (3)
Price per share on last trading day $ 20.00 $ 25.25 $ 27.69 $ 29.63 $ 29.63
- ------------------------------------------------------------------------------------------------------------------
(1) 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 income per share data may not equal the net income
per share for the year.
(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>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 1998
<TABLE>
<CAPTION>
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------- -------------------------------------------------------------------
Financial Highlights
- -------------------------------------- -------------------------------------------------------------------
<S> <C> <C> <C>
Basic weighted average shares 31,548,706 31,648,041 31,598,648
outstanding for EPS
Diluted wtd avg shares outstanding 34,372,364 34,868,905 34,612,985
for EPS
Diluted wtd avg shares for 34,372,364 34,868,905 34,612,985
calculation of FFO and CAD
Diluted CAD per share $ 0.46 $ 0.47 $ 0.93
Basic net income per share before $ 0.26 $ 0.26 $ 0.53
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.26 $ 0.26 $ 0.52
extraordinary items available to
common shareholders (1)
FFO multiplier (Price/FFO) 14.00 11.77 11.77
Debt coverage ratio 3.24 3.26 3.25
Interest coverage ratio 3.51 3.62 3.56
Total dividends (common shares and OP $ 14,245,996 $ 14,587,375 $ 28,833,371
units)
Dividend per share $ 0.42 $ 0.42 $ 0.84
Dividend payout ratio (CAD) 91.3% 89.4% 90.3%
Total Preferred Dividends $ 3,910,000 $ 5,570,000 $ 9,480,000
Preferred Dividends per share $ 0.34(4)$ 0.48 $ 0.82
Total notes and mortgages payable $ 442,415,005 $ 868,406,026 $ 868,406,026
Market Value of Preferred Stock 300,437,500 280,312,500 280,312,500
Total market capitalization (2) 1,730,744,516 2,085,803,233 2,085,803,233
Percent increase from prior period 416% 308% 308%
Debt/Total market capitalization 25.6% 41.6% 41.6%
Preferred shares outstanding (at end 11,500,000 11,500,000 11,500,000
of period)
Price per share on last trading day $ 26.12 $ 24.38 $ 24.38
Common shares outstanding (at end of 31,549,756 31,685,322 31,685,322
period)
Common shares and OP Units 33,919,039 35,529,278 35,529,278
outstanding (at end of period)
Fully converted common shares and OP 42,676,273 44,286,512 44,286,512
units (at end of period) (3)
Price per share on last trading day $ 29.13 $ 26.38 $ 26.38
- ----------------------------------------------------------------------------------------------------------
(1) 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 income per share data may not equal the net income
per share for the year.
(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>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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 (3)
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 & 19,663 51,787 188,196 51,995 311,641
CLC)
Weighted average leaseable sq ft 642,323 1,088,395 1,754,151 2,495,818 1,495,172
Capital expenditures per leaseable 0.03 0.05 0.11 0.02 0.21
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- ------------------------------------------------------------------------------------------------------------
Same-Property (2)
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 13.68 14.28 14.32 14.42 14.42
occupied sq ft
Increase from same period prior 3.9% 7.9% 4.8% 9.6% 9.6%
year
Revenue per occupied square foot 15.61 16.05 15.65 16.43 16.43
Increase from same period prior 3.1% 6.3% 2.4% 9.9% 9.9%
year
Combined Total (3)
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 13.68 13.75 15.88 15.81 15.81
occupied sq ft
Increase from same period prior 4.6% 6.2% 20.5% 16.1% 16.1%
year
Revenue per occupied square foot 15.61 16.67 18.47 18.15 18.15
Increase from same period prior 13.5% 22.5% 21.8% 18.0% 18.0%
year
- --------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarter building.
(2) Reflects performance of 11 of the 53 properties in the current portfolio.
(3) Second Quarter 1998 numbers exclude the property purchased on June 30, 1998.
(4) Reflects acquisitions during the period.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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>
Same-Property (2)
Revenue $ 2,584,425 $ 2,541,816 $ 5,126,241
Operating expenses 1,130,202 1,154,046 2,284,248
NOI 1,454,223 1,387,770 2,841,993
Growth from same period prior year 15.4% 10.1% 12.8%
Combined Total (3)
Revenue $ 25,818,923 $ 29,635,839 $ 55,454,762
Operating expenses 9,482,761 10,889,688 20,372,449
NOI 16,336,162 18,746,151 35,082,313
Growth from same period prior year 1196.2% 704.7%(4) 877.3%
Capital expenditures (excludes TI & 198,608 255,313 453,921
CLC)
Weighted average leaseable sq ft 7,224,989 8,076,368 7,650,679
Capital expenditures per leaseable 0.03 0.03 0.06
sq ft
- --------------------------------------- -----------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1
- --------------------------------------- -----------------------------------------------------------------
Same-Property (2)
Physical occupancy 93.1% 93.4% 93.4%
Economic occupancy 89.9% 89.5% 89.5%
Average effective rent per 14.60 14.56 14.56
occupied sq ft
Increase from same period prior 6.8% 2.0% 2.0%
year
Revenue per occupied square foot 17.28 16.93 16.93
Increase from same period prior 10.7% 5.5% 5.5%
year
Combined Total (3)
Physical occupancy 95.7% 94.9% 94.9%
Economic occupancy 93.3% 93.5% 93.5%
Average effective rent per 14.77 15.68 15.68
occupied sq ft
Increase from same period prior 8.0% 14.0% 14.0%
year
Revenue per occupied square foot 18.69 19.27 19.27
Increase from same period prior 19.7% 15.6% 15.6%
year
- ----------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarter building.
(2) Reflects performance of 11 of the 53 properties in the current portfolio.
(3) Second Quarter 1998 numbers exclude the property purchased on June 30, 1998.
(4) Reflects acquisitions during the period.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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 (2) 10,086 -- 6,982 8,128 25,196
Concessions per square foot leased 1.19 -- 0.47 0.36 0.43
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) 18,499 20,475 48,819 77,204 164,997
committed
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 (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 (2) -- 650 -- 9,295 9,945
Concessions per square foot leased -- 0.04 -- 0.20 0.09
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) 9,357 6,661 6,987 58,061 81,066
committed
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)(3) 20,774
CLC and TI committed per sq ft leased 3.25 2.76 4.08 4.74 4.01
- ------------------------------------------------------------------------------------------------------------------
(1) Numbers exclude Corporate headquarter building.
(2) Quarterly Concessions restated to reflect consistent methodology.
(3) Reflects reversal of prior quarter leasing commission.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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>
Square footage leased 31,839 34,380 66,219
Rental dollars 605,370 649,340 1,254,710
Average base rent per square foot 19.01 18.89 18.95
Concessions (2) -- 17,195 17,195
Concessions per square foot leased -- 0.50 0.26
Tenant improvements (TI) committed 283,512 219,172 502,684
TI committed per square foot leased 8.90 6.37 7.59
TI spent 169,226 939,954 1,109,180
Capitalized leasing commissions (CLC) 108,223 94,647 202,870
committed
CLC committed per square foot leased 3.40 2.75 3.06
CLC spent 73,867 192,606 266,473
CLC and TI committed per sq ft leased 12.30 9.13 10.65
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 67% 80% 77%
Square footage leased 47,942 141,359 189,301
Rental dollars 828,478 2,458,601 3,287,079
Average base rent 17.28 17.39 17.36
Increase in effective rents from 9.7% 24.3% 17.0%
renewals
Concessions (2) 4,686 -- 4,686
Concessions per square foot leased 0.10 -- 0.02
Tenant improvements (TI) committed 123,290 617,865 741,155
TI committed per square foot leased 2.57 4.37 3.92
TI spent 90,454 388,081 478,535
Capitalized leasing commissions (CLC) 35,179 230,093 265,272
committed
CLC committed per square foot leased 0.73 1.63 1.40
CLC spent 18,659 144,300 162,959
CLC and TI committed per sq ft leased 3.30 6.00 5.32
- ---------------------------------------------------------------------------------------------------------
(1) Numbers exclude Corporate headquarter building.
(2) Quarterly Concessions restated to reflect consistent methodology.
(3) Reflects reversal of prior quarter leasing commission.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
<TABLE>
<CAPTION>
June 30, 1998
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 expenditure (excludes TI & -- 498 16,804 21,713 39,015
CLC)
Weighted average leaseable square 247,506 904,914 1,424,566 3,133,998 1,427,746
feet
Capital expenditures per leaseable -- -- 0.01 0.01 0.03
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
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 5.58 5.63 5.44 5.87 5.87
occupied sq ft
Increase from same period prior 9.3% 12.0% -12.0% 9.7% 9.7%
year
Revenue per occupied square foot 6.51 6.59 6.22 6.84 6.84
Increase from same period prior 4.9% 45.8% -17.1% 5.7% 5.7%
year
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 5.58 6.82 6.30 7.17 7.17
occupied sq ft
Increase from same period prior -13.7% 21.8% 6.7% 30.5% 30.5%
year
Revenue per occupied square foot 6.51 7.47 7.43 8.69 8.69
Increase from same period prior -4.4% 33.5% 21.2% 31.5% 31.5%
year
- ----------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 4 of the 44 properties.
(2) Reflects acquisitions during the period.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
For the Period: 1998
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Same-Property (1)
Revenue $ 391,142 $ 394,584 $ 785,726
Operating expenses 121,748 130,429 252,177
NOI 269,394 264,155 533,549
Growth from same period prior year -4.2% -3.5% -3.9%
Combined Total
Revenue $ 8,578,557 $ 9,015,232 $ 17,593,789
Operating expenses 2,569,126 2,681,086 5,250,212
NOI 6,009,431 6,334,146 12,343,577
Growth from same period prior year 2037.4% 514.4% (2) 840.7%
Capital expenditure (excludes TI & 39,005 118,497 157,502
CLC)
Weighted average leaseable square 3,962,346 3,978,774 3,970,560
feet
Capital expenditures per leaseable 0.01 0.03 0.04
sq ft.
- ---------------------------------------- -----------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ---------------------------------------- -----------------------------------------------------------------
Same-Property (1)
Physical occupancy 91.8% 84.5% 84.5%
Economic occupancy 92.2% 81.6% 81.6%
Average effective rent per 6.20 5.96 5.96
occupied sq ft
Increase from same period prior 11.0% 5.7% 5.7%
year
Revenue per occupied square foot 6.88 7.55 7.55
Increase from same period prior 5.8% 14.5% 14.5%
year
Combined Total
Physical occupancy 93.2% 91.9% 91.9%
Economic occupancy 91.1% 89.6% 89.6%
Average effective rent per 7.43 7.48 7.48
occupied sq ft
Increase from same period prior 33.2% 9.7% 9.7%
year
Revenue per occupied square foot 9.37 9.70
9.70
Increase from same period prior 43.9% 29.8% 29.8%
year
- -----------------------------------------------------------------------------------------------------------
(1) Reflects performance of 4 of the 44 properties.
(2) Reflects acquisitions during the period.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 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 square foot -- 9.74 5.63 8.17 7.89
Concessions (1) -- -- 2,382 4,027 6,409
Concessions per square foot leased -- -- 0.46 0.16 0.20
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) -- 6,358 2,076 26,005 34,439
committed
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 fleased -- 22.16 0.80 2.66 3.95
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 0% 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 0% 52.2% 23.6% 15.6% 22.9%
renewals
Concessions (1) -- -- -- 11,677 11,677
Concessions per square foot leased -- -- -- 0.09 0.07
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) -- 5,359 9,174 14,151 28,684
committed
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
- ------------------------------------------------------------------------------------------------------------------
(1) Quarterly Concessions restated to reflect consistent methodology.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 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>
Square footage leased 33,216 115,635 148,851
Rental dollars 320,823 1,175,744 1,496,567
Average base rent per square foot 9.66 10.17 10.05
Concessions (1) 15,618 4,432 20,050
Concessions per square foot leased 0.47 0.04 0.13
Tenant improvements (TI) committed 140,072 869,942 1,010,014
TI committed per square foot leased 4.22 7.52 6.79
TI spent 61,216 289,840 351,056
Capitalized leasing commissions (CLC) 70,168 292,089 362,257
committed
CLC committed per square foot leased 2.11 2.53 2.43
CLC spent 46,414 236,114 282,528
CLC and TI committed per sq fleased 6.33 10.05 9.22
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 58% 61% 60%
Square footage leased 120,102 228,825 348,927
Rental dollars 773,215 1,674,685 2,447,900
Average base rent 6.44 7.32 7.02
Increase in effective rents from 47.1% 21.1% 34.1%
renewals
Concessions (1) 1,047 23,784 24,831
Concessions per square foot leased 0.01 0.10 0.07
Tenant improvements (TI) committed 38,171 494,154 532,325
TI committed per square foot leased 0.32 2.16 1.53
TI spent 57,687 115,201 172,888
Capitalized leasing commissions (CLC) 31,559 145,150 176,709
committed
CLC committed per square foot leased 0.26 0.63 0.51
CLC spent 25,036 143,707 168,743
CLC and TI committed per sq ft leased 0.58 2.79 2.04
- ---------------------------------------------------------------------------------------------------------
(1) Quarterly Concessions restated to reflect consistent methodology.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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 (2)
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 expenditure (excludes TI & 54,415 11,334 440 111,761 177,951
CLC)
Weighted average leaseable square 1,778,862 1,950,911 2,329,463 3,269,372 2,332,152
feet
Capital expenditures per leaseable 0.03 0.01 0.01 0.03 0.08
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
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 2.32 2.34 2.31 2.36 2.36
occupied sq ft
Increase from same period prior 8.0% 1.2% -0.8% -0.1% -0.1%
year
Revenue per occupied square foot 2.38 2.44 2.33 2.36 2.36
Increase from same period prior 7.7% 3.2% -3.5% -0.6% -0.6%
year
Combined Total (2)
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 2.32 2.74 3.29 3.36 3.36
occupied sq ft
Increase from same period prior 9.5% 19.9% 44.5% 39.5% 39.5%
year
Revenue per occupied square foot 2.38 2.98 3.70 3.89 3.89
Increase from same period prior 9.3% 31.5% 57.8% 62.0% 62.0%
year
- ----------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 10 of the 27 industrial properties in the current portfolio.
(2) Second Quarter 1998 numbers exclude a property purchased on June 30, 1998.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
For the Period: 1998
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- -----------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------- -----------------------------------------------------------------
<S> <C> <C> <C>
Same-Property (1)
Revenue $ 1,088,532 $ 1,134,429 $ 2,222,961
Operating expenses 174,295 203,122 377,417
NOI 914,237 931,307 1,845,544
Growth from same period prior year 4.5% 3.2% 3.8%
Combined Total (2)
Revenue $ 3,293,416 $ 3,478,946 $ 6,772,362
Operating expenses 799,898 850,802 1,650,700
NOI 2,493,518 2,628,144 5,121,662
Growth from same period prior year 185.0% 130.2% 154.0%
Capital expenditure (excludes TI & 10,239 34,349 44,588
CLC)
Weighted average leaseable square 4,225,480 4,340,724 4,283,102
feet
Capital expenditures per leaseable 0.00 0.01 0.01
sq ft
- ---------------------------------------- -----------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ---------------------------------------- -----------------------------------------------------------------
Same-Property (1)
Physical occupancy 96.7% 100.0% 100.0%
Economic Occupancy 97.5% 97.5% 97.5%
Average effective rent per 2.44 2.43 2.43
occupied sq ft
Increase from same period prior 5.4% 4.0% 4.0%
year
Revenue per occupied square foot 2.53 2.55 2.55
Increase from same period prior 6.5% 4.6% 4.6%
year
Combined Total (2)
Physical occupancy 96.1% 97.0% 97.0%
Economic Occupancy 96.3% 95.5% 95.5%
Average effective rent per 3.35 3.46 3.46
occupied sq ft
Increase from same period prior 44.7% 26.3% 26.3%
year
Revenue per occupied square foot 4.08 4.14 4.14
Increase from same period prior 71.5% 38.9% 38.9%
year
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 10 of the 27 industrial properties in the current portfolio.
(2) Second Quarter 1998 numbers exclude a property purchased on June 30, 1998.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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 square foot -- 3.05 -- 3.10 3.06
Concessions (1) -- 15,429 -- -- 15,429
Concessions per square foot leased -- 0.28 -- -- 0.23
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) -- 50,518 -- 11,864 62,382
committed
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
- ------------------------------------------------------------------------------------------------------------
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 14.8% 36.4% 45.5% 14.7% 27.9%
renewals
Concessions (1) -- -- -- -- --
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) 21,923 14,947 5,518 2,189 44,577
committed
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
- -----------------------------------------------------------------------------------------------------------------
(1) Quarterly Concessions restated to reflect consistent methodology.
(2) Tenant improvements per square foot were unusually high due to the creation of a new tenant suite at one of the properties.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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>
Square footage leased 11,205 48,000 59,205
Rental dollars 39,218 184,320 223,538
Average base rent per square foot 3.50 3.84 3.78
Concessions (1) -- -- --
Concessions per square foot leased -- -- --
Tenant improvements (TI) committed 41,648 -- 41,648
TI committed per square foot leased 3.72 (2) -- 0.70
TI spent 13,204 36,971 50,175
Capitalized leasing commissions (CLC) 4,706 47,635 52,341
committed
CLC committed per square foot leased 0.42 0.99 0.88
CLC spent 9,466 25,220 34,686
CLC and TI committed per sq ft leased 4.14 0.99 1.58
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 100% 66% 75%
Square footage leased 30,084 55,510 85,594
Rental dollars 105,232 260,202 365,434
Average base rent 3.50 4.69 4.27
Increase in effective rents from 9.9% 10.9% 10.4%
renewals
Concessions (1) -- -- --
Concessions per square foot leased -- -- --
Tenant improvements (TI) committed -- 12,163 12,163
TI committed per square foot leased -- 0.22 0.14
TI spent -- 1,417 1,417
Capitalized leasing commissions (CLC) 2,361 -- 2,361
committed
CLC committed per square foot leased 0.08 --
0.03
CLC spent 1,489 506 1,995
CLC and TI committed per sq ft leased 0.08 0.22 0.17
- ---------------------------------------------------------------------------------------------------------
(1) Quarterly Concessions restated to reflect consistent methodology.
(2) Tenant improvements per square foot were unusually high due to the creation of a new tenant suite at one of the properties.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 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 $ 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 $ 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 expenditures (excludes TI & 86,970 907 5,139 16,455 109,471
CLC)
Weighted average leaseable square 630,700 734,722 753,804 979,088 774,578
feet
Capital expenditures per leaseable 0.14 0.00 0.01 0.02 0.14
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
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 6.35 6.75 7.25 6.95 6.95
occupied sq ft
Increase from same period prior -0.4% 3.0% 20.2% 20.4% 20.4%
year
Revenue per occupied square foot 7.97 7.89 8.46 9.07 9.07
Increase from same period prior 1.8% -1.7% 16.6% 26.1% 26.1%
year
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 8.04 8.10 8.49 7.98 7.98
occupied sq ft
Increase from same period prior -26.1% -27.6% -17.8% 0.7% 0.7%
year
Revenue per occupied square foot 9.63 9.25 12.13 10.77 10.77
Increase from same period prior -23.4% -26.9% 3.4% 15.5% 15.5%
year
- ----------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 5 of the 13 retail properties in the current portfolio.
(2) Decrease attributable to sale of QuickTrip properties which had higher rents.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
For the Period: 1998
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------- -----------------------------------------------------------------
OPERATING RESULTS:
- ----------------------------------------- -----------------------------------------------------------------
<S> <C> <C> <C>
Same Property (1)
Revenue $ 1,072,191 $ 1,089,454 $ 2,161,645
Operating expenses 335,829 313,662 649,491
NOI 736,362 775,792 1,512,154
Growth from same period prior year 2.3% 20.1% 10.7%
Combined Total
Revenue $ 2,387,998 $ 3,042,567 $ 5,430,565
Operating expenses 864,791 1,071,850 1,936,641
NOI 1,523,207 3,493,924
1,970,717
Growth from same period prior year 39.4% 68.8% 54.6%
Capital expenditures (excludes TI & 16,945 49,482 66,427
CLC)
Weighted average leaseable square 979,088 1,167,524 1,073,306
feet
Capital expenditures per leaseable 0.02 0.04 0.06
sq ft
- ----------------------------------------- -----------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ----------------------------------------- -----------------------------------------------------------------
Same Property
Physical occupancy 97.4% 93.1% 93.1%
Economic Occupancy 94.9% 93.3% 93.3%
Average effective rent per 6.65 6.85 6.85
occupied sq ft
Increase from same period prior 4.6% 1.5% 1.5%
year
Revenue per occupied square foot 7.90 8.39 8.39
Increase from same period prior -0.9% 6.3% 6.3%
year
Combined Total
Physical occupancy 96.5% 94.0% 94.0%
Economic Occupancy 94.1% 92.3% 92.3%
Average effective rent per 7.80 7.55 7.55
occupied sq ft
Increase from same period prior -3.0% -6.7% (2) -6.7%
year
Revenue per occupied square foot 10.11 10.13 10.13
Increase from same period prior 5.0% 9.5% 9.5%
year
- --------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 5 of the 13 retail properties in the current portfolio.
(2) Decrease attributable to sale of QuickTrip properties which had higher rents.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 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 square foot 9.63 -- 12.59 -- 10.73
Concessions (1) 789 -- 5,533 -- 6,322
Concessions per square foot leased 0.23 -- 2.77 -- 1.17
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) 8,568 -- 4,604 -- 13,172
committed
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 square foot 10.10 11.00 10.50 14.64 11.15
Percent increase in effective rents from 2.4% 14.1% 0% 6.1% 5.7%
renewals
Concessions (1) 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
- -----------------------------------------------------------------------------------------------------------------
(1) Quarterly Concessions restated to reflect consistent methodology.
(2) Retention decreased due to vacancy of an anchor tenant due to Rite Aid Acquisition.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 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>
Square footage leased 2,400 2,500 4,900
Rental dollars 32,964 33,494 66,458
Average base rent per square foot 13.74 13.40 13.56
Concessions (1) 5,280 5,400 10,680
Concessions per square foot leased 2.20 2.16 2.18
Tenant improvements (TI) committed -- 810 810
TI committed per square foot leased -- 0.32 0.17
TI spent 71,627 41,515 113,142
Capitalized leasing commissions (CLC) -- 7,038 7,038
committed
CLC committed per square foot leased -- 2.82 1.44
CLC spent 9,519 4,035 13,554
CLC and TI committed per SQ FT leased -- 3.14 1.60
- ---------------------------------------- -----------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------- -----------------------------------------------------------------
Tenant Retention 46% 5% (2) 12%
Square footage leased 2,450 1,400 3,850
Rental dollars 30,660 25,438 56,098
Average base rent per square foot 12.51 18.17 14.57
Percent increase in effective rents from 21.2% 5.6% 13.4%
renewals
Concessions (1) -- -- --
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 -- -- --
- -------------------------------------------------------------------------------------------------------------
(1) Quarterly Concessions restated to reflect consistent methodology.
(2) Retention decreased due to vacancy of an anchor tenant due to Rite Aid Acquisition.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
June 30, 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 (2)
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 642 796 866 866 793
owned
Capital expenditures per apartment 77 57 76 56 264
unit
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -------------------------------------------------------------------------------------------------------------
Same Property (1)
Physical occupancy 94.8% 95.0% 93.5% 93.7% 93.7%
Economic occupancy 95.1% 95.5% 93.2% 93.3% 93.3%
Average Effective Base Rent per 585 587 591 599 599
occupied unit
Increase from 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 (2)
Physical occupancy 94.7% 94.2% 93.9% 94.7% 94.7%
Economic occupancy 94.4% 94.4% 90.1% 91.8% 91.8%
Average Effective Base Rent per 599 609 610 619 619
occupied unit
Increase from 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 37 properties in the current portfolio.
(2) Second Quarter 1998 numbers exclude 21 properties purchased on June 30, 1998.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTI-FAMILY PORTFOLIO
June 30, 1998
<TABLE>
<CAPTION>
For the Period: 1998
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------- -------------------------------------------------------------------
OPERATING RESULTS:
- ---------------------------------------- -------------------------------------------------------------------
<S> <C> <C> <C>
Same Property (1)
Revenue $ 920,804 $ 935,609 $ 1,856,413
Operating expenses 386,173 362,105 748,278
NOI 534,631 573,504 1,108,135
Growth from same period prior year -6.3% 4.2% -1.1%
Combined Total (2)
Revenue $ 3,762,174 $ 4,676,157 $ 8,438,331
Operating expenses 1,466,031 1,836,409 3,302,440
NOI 2,296,143 2,839,748 5,135,891
Growth from same period prior year 236.4% 234.0% 235.0%
Capital expenditures 120,362 145,384 265,746
Weighted average apartment units 2,147 2,662 2,405
owned
Capital expenditures per apartment 56 55 111
unit
- ---------------------------------------- -------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ---------------------------------------- -------------------------------------------------------------------
Same Property (1)
Physical occupancy 93.7% 95.9% 95.9%
Economic occupancy 92.0% 93.2% 93.2%
Average Effective Base Rent per 603 600 600
occupied unit
Increase from prior year 3.1% 2.3% 2.3%
Apartment annualized turnover rate 37.2% 37.2% 37.2%
Combined Total (2)
Physical occupancy 95.6% 92.4% 92.4%
Economic occupancy 95.4% 90.7% 90.7%
Average Effective Base Rent per 602 623 623
occupied unit
Increase from prior year 0.5% 2.2% 2.2%
Apartment annualized turnover rate 43.2% 44.7% 44.0%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 2 of the 37 properties in the current portfolio.
(2) Second Quarter 1998 numbers exclude 21 properties purchased on June 30, 1998.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
June 30, 1998
<TABLE>
<CAPTION>
Office Office/Flex Industrial Retail Hotel Multi-Family
--------------- --------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Revenue $29,635,839 $9,015,232 $3,478,946 $3,042,567 $1,121,667 $4,676,157
Operating Expenses 10,889,688 2,681,086 850,802 1,071,850 224,435 1,836,409
--------------- --------------- --------------- --------------- --------------- ---------------
NOI $18,746,151 $6,334,146 $2,628,144 $1,970,717 $897,232 $2,839,748
(1) Consolidating entries represent internal market level property management fees included in operating expenses to provide market
comparison to industry performance, and operating revenue an expenses from the corporate headquarters which are not included
in the combined property total.
</TABLE>
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
June 30, 1998
<TABLE>
<CAPTION>
Property Consolidating Total
Multi-Family Total Entries Reported
--------------- --------------- ------------------- ------------------
<S> <C> <C> <C> <C>
Revenue $4,676,157 $50,970,408 $648,931 $51,619,339
Operating Expenses 1,836,409 17,554,270 (1,289,045) 16,265,225
--------------- --------------- ------------------- ------------------
NOI $2,839,748 $33,416,138 $1,937,976 $35,354,114
(1) Consolidating entries represent internal market level property management fees included in operating expenses to provide market
comparison to industry performance, and operating revenue an expenses from the corporate headquarters which are not included
in the combined property total.
CONTRIBUTION TO REVENUE
(GRAPHIC OMITTTED)
(Graphic of pie chart by property type showing percentage contributed to revenue)
CONTRIBUTION TO NO
(GRAPHIC OMITTTED)
(Graphic of pie chart by property type showing percentage contributed to NOI)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
JUNE 30, 1998
- ----------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 6,949,716 14,059,002 17,579,751 16,193,906 17,542,251
Percent of total annual rent 6.6% 13.4% 16.7% 15.4% 16.7%
Square footage expiring 466,481 1,007,134 1,028,025 950,572 966,804
Percentage of square footage 7.5% 16.1% 16.5% 15.2% 15.5%
Number of leases 206 173 154 154 93
Percentage of number of leases 22.1% 18.5% 16.5% 16.5% 10.0%
- ----------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 5,606,301 5,172,146 4,710,001 3,098,649 3,019,313
Percent of total annual rent 18.8% 17.4% 15.8% 10.4% 10.1%
Square footage expiring 681,406 759,088 652,440 410,452 348,442
Percentage of square footage 18.8% 20.9% 18.0% 11.3% 9.6%
Number of leases 140 142 103 67 29
Percentage of number of leases 26.6% 27.0% 19.6% 12.7% 5.5%
- ----------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO (1)
Annual base rent expiring 1,310,345 1,473,867 1,689,556 1,239,212 1,067,600
Percent of total annual rent 10.9% 12.2% 14.0% 10.3% 8.9%
Square footage expiring 369,008 333,756 386,411 268,255 242,838
Percentage of square footage 11.1% 10.0% 11.6% 8.1% 7.3%
Number of leases 18 27 21 17 10
Percentage of number of leases 17.3% 26.0% 20.2% 16.3% 9.6%
- ----------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 1,146,595 1,300,746 790,638 1,669,031 324,336
Percent of total annual rent 11.9% 13.5% 8.2% 17.4% 3.4%
Square footage expiring 102,787 107,400 62,029 157,542 23,961
Percentage of square footage 9.8% 10.2% 5.9% 15.0% 2.3%
Number of leases 39 53 33 55 13
Percentage of number of leases 16.2% 22.0% 13.7% 22.8% 5.4%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
JUNE 30, 1998
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2007 and
2003 2004 2005 2006 thereafter
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<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 7,016,608 4,657,552 10,120,976 2,721,205 8,412,905
Percent of total annual rent 6.7% 4.4% 9.6% 2.6% 8.0%
Square footage expiring
405,526 263,637 538,181 84,949 534,406
Percentage of square footage 6.5% 4.2% 8.6% 1.4% 8.6%
Number of leases 51 16 16 7 64
Percentage of number of leases 5.5% 1.7% 1.7% 0.7% 6.9%
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OFFICE/FLEX PORTFOLIO
Annual base rent expiring 2,440,289 1,332,095 455,211 1,916,478 2,055,830
Percent of total annual rent 8.2% 4.5% 1.5% 6.4% 6.9%
Square footage expiring 229,849 155,719 30,000 189,231 168,284
Percentage of square footage 6.3% 4.3% 0.8% 5.2% 4.6%
Number of leases 21 9 1 7 7
Percentage of number of leases 4.0% 1.7% 0.2% 1.3% 1.3%
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INDUSTRIAL PORTFOLIO (1)
Annual base rent expiring 696,853 3,600,068 -- 227,500 729,000
Percent of total annual rent 5.8% 29.9% 0.0% 1.9% 6.1%
Square footage expiring 170,957 1,402,295 -- 32,500 120,943
Percentage of square footage 5.1% 42.1% 0.0% 1.0% 3.6%
Number of leases 3 6 0 1 1
Percentage of number of leases 2.9% 5.8% 0.0% 1.0% 1.0%
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RETAIL PORTFOLIO
Annual base rent expiring 244,421 1,082,656 648,106 145,830 2,253,746
Percent of total annual rent 2.5% 11.3% 6.7% 1.5% 23.5%
Square footage expiring
33,355 198,115 50,405 10,950 302,864
Percentage of square footage 3.2% 18.9% 4.8% 1.0% 28.9%
Number of leases 9 12 7 4 16
Percentage of number of leases 3.7% 5.0% 2.9% 1.7% 6.6%
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</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
JUNE 30, 1998
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1998 1999 2000 2001 2002
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<S> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO (1)
Annual base rent expiring 15,012,957 22,005,761 24,769,946 22,200,798 21,953,500
Percent of total annual rent 9.6% 14.0% 15.8% 14.2% 14.0%
Square footage expiring 1,619,682 2,207,378 2,128,905 1,786,821 1,582,045
Percentage of square footage 11.4% 15.5% 14.9% 12.5% 11.1%
Number of leases 403 395 311 293 145
Percentage of number of leases 22.3% 21.9% 17.2% 16.2% 8.0%
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(1) Numbers exclude the Corporate headquarters building and properties purchased on June 30, 1998.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
JUNE 30, 1998
- ---------------------------------------------------------------------------------------------------------------
2007 and
2003 2004 2005 20061 thereafter
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO (1)
Annual base rent expiring 10,398,171 10,672,371 11,224,293 5,011,013 13,451,481
Percent of total annual rent 6.6% 6.8% 7.2% 3.2% 8.6%
Square footage expiring 839,687 2,019,766 618,586 317,630 1,126,497
Percentage of square footage 5.9% 14.2% 4.3% 2.2% 7.9%
Number of leases 84 43 24 19 88
Percentage of number of leases 4.7% 2.4% 1.3% 1.1% 4.9%
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(1) Numbers exclude the Corporate headquarters building and properties purchased on June 30, 1998.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
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<S> <C>
Annualized Turnover Rate The percentage of multi-family units that became available
for rent during the period reported on an annualized basis.
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.
Cash Available For Distribution Cash available for distribution ("CAD") represents income (loss) before minority
(CAD) interests and extraordinary items, adjusted for depreciation and amortization
including amortization of deferred financing costs and gains (losses) from
the disposal of properties, less lease commissions and recurring capital
expenditures. CAD should not be considered an alternative to net income
(computed in accordance with GAAP) as a measure of the Company's financial
performance or as an alternative to cash flow from operating activities (computed
in accordance with GAAP) as a measure of the Company's liquidity, nor is it
necessarily indicative of sufficient cash flow to fund all of the Company's cash
needs.
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 EBITDA 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.
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<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C>
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.
EBITDA EBITDA is computed as income (loss) before minority interests and extraordinary items
plus interest expense, income taxes, depreciation and amortization and gains
(losses) on disposal of properties. The Company believes that in addition to net
income and cash flows, EBITDA is a useful measure of the financial performance of
an equity REIT because, together with net income and cas flows, EBITDA provides
investors with an additional basi to evaluate the ability of a REIT to incur
and service debt and to fund acquisitions, developments and other
capital expenditures. To evaluate EBITDA and the trends it depicts, the components
of EBITDA, such as rental revenues, rental expenses, real estate taxes and
general and administrative expenses, should be considered. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
Excluded from EBITDA are financing costs such as interest as well as depreciation
and amortization, each of which can significantly affect a REIT's results of
operations and liquidity and should be considered in evaluatin a REIT's
operating performance. Further, EBITDA does not represent net income or cash
flows from operating, financing and investing activities as defined by
generally accepted accounting principles and does not necessarily indicate
that cash flows will be sufficient to fund all of the Company's cash needs.
It should not be considered as an alternative to net income as an indicator of
the Company's operating performance or as an alternative to cash flows as a measure
of liquidity.
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.
Funds From Operations (FFO) Funds from Operations, as defined by NAREIT, represents income (loss) before minority
interests and extraordinary items, adjusted for real estate related depreciation and
amortization and gains (losses) from the disposal of properties. In 1996,
consolidation and litigation costs were also added back to net income to determine
FFO. The Company believes that FFO is an important and widely used measure of the
financial performance of equity REITs which provides a relevant basis for comparison
among other REITs. Together with net income and cash flows, FFO provides investors
with an additional basis to evaluate the ability of a REIT to incur and service debt
and to fund acquisitions, developments and other capital expenditures. FFO does not
represent net income or cash flows from operations as defined by GAAP, and should not
be considered as an alternative to net income (determined in accordance with GAAP) as
an indicator of the Company's operating performance or as an alternative to cash
flows from operating, investing and financing activities (determined in accordance
with GAAP) as a measure of liquidity. FFO does not necessarily indicate that cash
flows will be sufficient to fund all of the Company's cash needs including principal
amortization, capital improvements and distributions to stockholders. Further, FFO as
disclosed by other REITs may not be comparable to the Company's calculation of FFO.
The Company calculates FFO in accordance with the White Paper on FFO approved by the
Board of Governors of NAREIT in March 1995.
Interest Coverage Ratio EBITDA 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.
</TABLE>
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<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C>
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.
Ratio of Earnings to Fixed Charges Computed as income (loss) from operations, before minority interest and extraordinary
items, plus fixed charges (excluding capitalized interest) divided by fixed charges.
Fixed charges consist of interest costs including amortization of deferred financing costs.
Ratio of Earnings to Fixed Charges Computed as income (loss) from operations, before minority interest and extraordinary and
Preferred Dividends items, plus fixed charges (excluding capitalized interest) divided by
fixed charges plus preferred dividends. Fixed charges consist of interest costs including
amortization of deferred financing costs.
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.
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