SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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, 1999
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 28 pages
No Exhibits Required
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 1999
Item 5. Other Events
On July 28, 1999, 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, 1999, 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, 1999 4
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GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: July 28, 1999 By: /s/ Stephen R. Saul
Stephen R. Saul
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 1999
Table of Contents
PAGE
Real Estate Portfolio................................................... 5
Additions and Deletions to Portfolios During Period..................... 9
Geographic and Property Type Contribution to Net Operating Income ...... 10
Debt Summary............................................................ 11
Corporate Operating Summary............................................. 12
Office Portfolio........................................................ 14
Office/Flex Portfolio................................................... 16
Industrial Portfolio.................................................... 18
Retail Portfolio........................................................ 20
Multifamily Portfolio................................................... 22
Reconciliation of Property Income....................................... 23
Lease Expiration Schedule............................................... 24
Glossary of Terms....................................................... 26
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1999
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PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Vintage Pointe Phoenix AZ 56,091 91%
Tradewinds Mesa AZ 17,768 82%
Warner Village Medical Center Fountain Valley CA 32,272 95%
Centerstone Irvine CA 157,579 97%
University Tech Center Pomona CA 100,516 93%
Academy Professional Center Rolling Hills Estate CA 29,960 75%
400 South El Camino Real San Mateo CA 145,192 85%
One Gateway Center Aurora CO 80,049 81%
Park Place Clearwater FL 164,435 93%
Buschwood III Tampa FL 77,044 93%
Temple Terrace Business Center Temple Terrace FL 79,393 100%
Ashford Perimeter Atlanta GA 288,584 98%
Powers Ferry Landing Atlanta GA 393,672 89%
Capitol Center Des Moines IA 158,556 100%
Oak Brook International Center Oak Brook IL 98,443 96%
Oakbrook Terrace Corp Ctr III Oak Brook Terrace IL 254,085 100%
Columbia Center II Rosemont IL 150,133 98%
Embassy Plaza Schaumburg IL 140,744 25%
Meridian Park Carmel IN 86,364 64%
Crosspoint Four Indianapolis IN 41,121 100%
Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 100%
Blue Ridge Office Building Braintree MA 74,795 97%
Hartwood Building Lexington MA 52,721 86%
Bronx Park I Marlborough MA 75,277 100%
Marlborough Corp Place Marlborough MA 570,151 94%
Westford Corporate Center Westford MA 163,264 100%
Montgomery Executive Center Gaithersburg MD 116,348 91%
Riverview Office Tower Bloomington MN 227,129 98%
Woodlands Plaza St Louis MO 72,276 99%
University Club Tower St. Louis MO 272,443 95%
Edinburgh Center Cary NC 115,314 96%
One Pacific Place Omaha NE 128,439 95%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Exec. Quarters I 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%
Executive Place Franklin Township NJ 85,765 100%
Gatehall I Parsipanny NJ 113,604 77%
25 Independence Warren NJ 106,879 87%
Citibank Las Vegas NV 147,765 82%
Thousand Oaks Memphis TN 418,458 83%
Post Oak Place Houston TX 57,411 88%
4500 Plaza Salt Lake City UT 70,001 92%
700 South Washington Alexandria VA 56,348 94%
Cameron Run Alexandria VA 143,707 100%
2000 Corporate Ridge McLean VA 255,980 100%
Globe Office Building Mercer Island WA 24,779 97%
================== ==================
Total Square Footage/Average % Occupied 6,517,011 92%
================== ==================
Number of properties: 49
OFFICE/FLEX PORTFOLIO
Hoover Industrial Center Mesa AZ 57,441 96%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 93%
Rancho Bernardo R&D Center Rancho Bernardo CA 52,865 57%
Scripps Terrace San Diego CA 56,796 100%
Tierrasanta Research Park San Diego CA 104,234 100%
Gateway Eight Aurora CO 79,112 100%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1999
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PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C>
OFFICE/FLEX PORTFOLIO (cont.)
Gateway Four Aurora CO 100,000 100%
Gateway One Aurora CO 72,000 86%
Gateway Six Aurora CO 107,200 100%
Northglenn Business Center Northglenn CO 65,000 100%
Grand Regency Business Center Brandon FL 48,551 100%
Newport Business Center Deerfield Beach FL 62,412 90%
Lake Point Business Park Orlando FL 134,389 92%
Fingerhut Business Center Tampa FL 48,840 100%
PrimeCo Business Center Tampa FL 48,090 100%
Business Park Norcross GA 157,153 97%
Oakbrook Corners Norcross GA 124,776 67%
Covance Business Center Indianapolis IN 263,610 100%
Park 100 - Building 42 Indianapolis IN 37,200 63%
Canton Business Center Canton MA 79,565 100%
Fisher-Pierce Industrial Weymouth MA 79,825 100%
Columbia Warehouse Columbia MD 38,840 77%
Germantown Germantown MD 60,000 100%
Winnetka Industrial Center Crystal MN 188,260 80%
Bryant Lake Eden Prairie MN 171,789 100%
Riverview Industrial Park St. Paul MN 113,700 82%
Woodlands Tech St Louis MO 98,037 100%
Fox Hollow Business Quarters I Branchburg NJ 42,173 100%
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 81%
Palms Business Center South Las Vegas NV 132,387 67%
Post Palms Business Center Las Vegas NV 139,906 53%
Lehigh Valley Allentown PA 161,421 84%
Clark Avenue King of Prussia PA 40,000 100%
Valley Forge Corp Ctr Norristown PA 300,894 87%
Walnut Creek Industrial Center Austin TX 100,000 100%
Kent Business Park Kent WA 138,157 97%
================== ==================
Total Square Footage/Average % Occupied 3,948,665 90%
================== ==================
Number of properties: 40
INDUSTRIAL
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 Anaheim CA 106,232 100%
Bellanca Airport Park Los Angeles CA 84,201 100%
Springdale Commerce Center Santa Fe Springs CA 144,000 88%
Gateway Nine Aurora CO 147,723 100%
Gateway Seven Aurora CO 156,720 100%
Gateway Ten Aurora CO 129,000 100%
Gateway Three Aurora CO 121,189 100%
Gateway Two Aurora CO 135,792 100%
Atlantic Industrial Norcross GA 102,295 88%
Navistar - Chicago Chicago IL 474,426 100%
Bonnie Lane Business Center Elk Grove Village IL 119,590 81%
Glenn Avenue Business Center Wheeling IL 82,000 91%
Wood Dale Business Center Wood Dale IL 89,718 88%
Park 100 - Building 46 Indianapolis IN 102,400 100%
J.I. Case - Kansas City 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 - Baltimore Baltimore MD 274,000 100%
Eatontown Industrial Eatontown NJ 36,800 100%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1999
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PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C>
INDUSTRIAL (cont.)
Cottontail Distribution Center Franklin Township NJ 229,352 100%
One Taft Industrial Totowa NJ 120,943 100%
J.I. Case - Memphis Memphis TN 205,594 100%
Mercantile Industrial 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 3,954,313 98%
================== ==================
Number of properties: 29
RETAIL
Sonora Center West Sonora CA 162,126 82%
Piedmont Plaza Apopka FL 151,000 98%
River Run Shopping Center Miramar FL 92,787 100%
Westwood Plaza Tampa FL 99,304 98%
Westbrook Commons Westchester IL 132,190 93%
Broad Ripple Retail Centre Indianapolis IN 37,540 91%
Cross Creek Retail Centre Indianapolis IN 76,908 96%
Geist Retail Centre Indianapolis IN 72,348 76%
Woodfield Centre Indianapolis IN 58,171 92%
Goshen Plaza Gaithersburg MD 45,623 85%
================== ==================
Total Square Footage/Average % Occupied 927,997 91%
================== ==================
Number of properties: 10
# OF UNITS % OCC
MULTIFAMILY PORTFOLIO
Overlook Scottsdale AZ 224 92%
Stone Ridge At Vinings Atlanta GA 440 86%
Woodmere Trace Duluth GA 220 96%
Crosscreek Indianapolis IN 208 95%
Harcourt Club Indianapolis IN 148 90%
Island Club Indianapolis IN 314 87%
Arrowood Crossing Charlotte NC 200 95%
Chase On Commomwealth Charlotte NC 132 95%
Courtyard Charlotte NC 55 95%
Landing On Farmhurst Charlotte NC 125 97%
Sharonridge I & II Charlotte NC 75 99%
Wendover Glen Charlotte NC 96 94%
Chase (Monroe) Monroe NC 120 95%
Willow Glen Monroe NC 120 95%
Sabal Point I, II, & III Pineville NC 374 96%
Oaks Raleigh NC 88 97%
Sahara Gardens Las Vegas NV 312 94%
Villas De Mission Las Vegas NV 226 89%
Players Club Of Brentwood Nashville TN 258 88%
Hunters Chase Austin TX 424 97%
Hunterwood Austin TX 160 93%
Longspur Austin TX 252 94%
Silvervale Crossing Austin TX 336 95%
Walnut Creek Crossing Austin TX 280 96%
Wind River Crossing Austin TX 352 95%
Springs of Indian Creek Carrollton TX 285 85%
Bear Creek Crossing Houston TX 200 96%
Cypress Creek Houston TX 256 96%
North Park Crossing Houston TX 336 93%
Willow Brook Crossing Houston TX 208 92%
Park At Woodlake Houston TX 564 91%
Jefferson Creek Irving TX 300 95%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 1999
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PROPERTY CITY ST # OF UNITS % OCC
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<S> <C> <C> <C> <C>
MULTIFAMILY (cont.)
Jefferson Place Irving TX 424 92%
La Costa Plano TX 462 91%
Bandera Crossing San Antonio TX 204 94%
Hollows San Antonio TX 432 92%
Vista Crossing San Antonio TX 232 91%
=======================================
Total Units/Average % Occupied: 9,442 93%
=======================================
Number of properties: 37
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
June 30, 1999
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PROPERTY CITY ST SQ. FEET DATE
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<S> <C> <C> <C> <C>
ADDITIONS:
INDUSTRIAL PORTFOLIO
Bellanca Airport Park Los Angeles CA 49,701 6/15/99
Total Number of properties: 0 (1)
DELETIONS:
OFFICE PORTFOLIO
Dallidet San Luis Obispo CA 23,511 4/29/99
Bond Street Building Farmington Hills MI 40,658 6/3/99
One Professional Square Omaha NE 34,836 6/25/99
Regency Westpointe Omaha NE 35,937 6/25/99
Rockwall Rockwall MD 340,252 6/30/99
-----------------
TOTALS 475,194
Number of Properties: 5
OFFICE/FLEX PORTFOLIO
Dominguez Industrial Carson CA 85,120 4/30/99
Glassell Industrial Center Orange CA 46,912 6/29/99
Valley Business Park Denver CO 202,540 5/19/99
Cypress Creek Business Center Ft. Lauderdale FL 66,371 6/18/99
-----------------
TOTALS 400,943
Number of Properties: 4
INDUSTRIAL PORTFOLIO
Benicia Industrial Benicia CA 156,800 6/10/99
Burnham Industrial Warehouse Boca Raton FL 71,168 6/15/99
-----------------
TOTALS 227,968
Number of Properties: 2
RETAIL PORTFOLIO
Park Center Santa Ana CA 73,500 5/13/99
MULTIFAMILY PORTFOLIO # of units
Aspen Ridge Colorado Springs CO 196 6/25/99
Total Number of properties: 13
(1) Additional phase to an existing property
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GEOGRAPHIC AND PROPERTY TYPE CONTRIBUTION TO NET OPERATING INCOME
June 30, 1999
----------------------------------------------------------------
NOI as a % of the Total Portfolio
----------------------------------------------------------------
City/Market State % of Total NOI % Office % Flex % Industrial % Retail % Multifam.
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<S> <C> <C> <C> <C> <C> <C> <C>
New Jersey NJ 8.9% 6.8% 0.5% 1.6% - -
Boston MA 7.5% 5.5% 0.7% 1.2% - -
Atlanta GA 7.3% 4.4% 0.9% 0.2% - 1.8%
Chicago IL 6.1% 4.2% - 1.3% 0.6% -
Indianapolis IN 5.5% 0.8% 1.1% 0.2% 1.4% 1.9%
Suburban Washington, DC MD/VA 5.4% 4.5% 0.4% - 0.5% -
Austin TX 5.2% - 0.4% - - 4.8%
Dallas TX 4.9% - - 0.4% - 4.5%
Las Vegas NV 4.4% 1.1% 1.9% - - 1.4%
Los Angeles/Orange County CA 4.3% 3.2% 1.1% - - -
Charlotte NC 4.0% - - - - 4.0%
Minneapolis MN 3.8% 2.5% 1.4% - - -
Denver CO 3.7% 0.5% 1.5% 1.7% - -
Houston TX 3.6% 0.3% - - - 3.4%
Tampa FL 3.1% 1.6% 1.0% - 0.5% -
Philadelphia PA 2.6% - 2.6% - - -
St. Louis MO 2.5% 2.1% 0.5% - - -
Phoenix AZ 2.2% 0.4% 0.8% 0.4% - 0.7%
Memphis TN 2.0% 1.8% - 0.2% - -
San Antonio TX 1.9% - - - - 1.9%
Orlando FL 1.5% - 0.7% - 0.8% -
Omaha NE 1.2% 1.2% - - - -
Des Moines IA 1.1% 1.1% - - - -
Raleigh - Durham NC 1.1% 0.9% - - - 0.2%
Fort Lauderdale FL 1.0% - 0.4% - 0.6% -
Kansas City KS 1.0% 0.7% - 0.2% - -
San Diego CA 1.0% - 1.0% - - -
San Francisco CA 0.7% 0.7% - - - -
Seattle WA 0.7% 0.2% 0.4% 0.1% - -
Sacramento CA 0.6% - - - 0.6% -
Nashville TN 0.6% - - - - 0.6%
Baltimore MD 0.4% - 0.1% 0.3% - -
Salt Lake City UT 0.4% 0.4% - - - -
----------------- ----------------------------------------------------------------
TOTAL 100.0% 44.7% 17.3% 7.8% 5.0% 25.2%
----------------------------------------------------------------
Number of Markets 33 22 19 12 7 11
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
June 30, 1999
(in thousands)
Maturity
From
Debt Interest Interest Maturity 6/30/99
Loan Type Balance Rate Type Date (Years)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
UNSECURED DEBT
Line of Credit $ 21,247 6.685% LIBOR +1.625% 12/22/00 1.48
Senior Unsecured Notes 132,890 7.625% Fixed 3/15/05 5.71
--------------- ------------ -----------
Total Unsecured Debt 154,137 7.531% 5.13
SECURED DEBT
Cross Collateralized Loans
Secured by Fifteen Properties 114,458 6.750% Variable 12/20/99 0.47
Secured by Three Properties 53,042 6.750% Fixed 9/1/00 1.17
Secured by Four Properties 14,195 7.570% Fixed 5/10/07 7.86
Secured by Three Properties 15,521 6.950% Fixed 7/1/08 9.00
Secured by Eight Properties 60,340 6.125% Fixed 11/10/08 9.36
Secured by Seven Properties 46,878 6.125% Fixed 11/10/08 9.36
Secured by Nine Properties 54,242 6.125% Fixed 11/10/08 9.36
Secured by Eleven Properties 72,399 6.125% Fixed 11/10/08 9.36
Secured by Ten Properties 58,561 7.500% Fixed 10/1/22 23.25
--------------- ------------ -----------
Total Secured Cross Collateralized 489,636 6.571% 8.00
Individually Secured Mortgages
Total Office 106,350 7.648% 10/1/00-12/1/05 4.98
Total Office/Flex 9,789 8.568% 6/30/99-6/1/07 4.82
Total Industrial 17,777 7.801% 4/10/04-7/1/08 6.46
Total Retail 14,205 8.581% 11/30/05-2/1/07 7.16
Total Multifamily 50,481 7.666% 2/4/00-12/1/30 11.79
Total Other 4,146 8.000% 1/1/06 6.50
=============== ============ ===========
Total Debt/Weighted Interest Rate & Maturity $ 846,521 7.036% 7.23
=============== ============ ===========
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Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
- ---------------------------------------------------- --------------- ------------ ------------------
All Debt $ 846,521 100.00% 7.04%
Debt Summarized by Rate:
All Floating Rate Debt 151,860 17.94% 6.86%
Floating Rate Debt Capped 114,458 13.52% 6.75%
Floating Rate Debt Not Capped 37,402 4.42% 7.20%
All Fixed Rate Debt 694,661 82.06% 7.07%
Debt Summarized by Loan Type:
Total Unsecured Debt 154,137 18.21% 7.53%
Total Secured Debt 692,384 81.79% 6.93%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
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OPERATING RESULTS (in thousands, except per share data)
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<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 12,891 $ 14,517 $ 11,145 $ 9,999 $ 48,552
and extraordinary item
Plus:
Depreciation and amortization 10,009 10,934 14,309 14,782 50,034
Adjustment to reflect FFO of 210 174 1,163 633 2,180
Associated Companies
Loss on interest rate protection - - - 4,323 4,323
agreement
Costs of terminated stock offering - - - 247 247
Less:
(Net gain) or loss on sales of real (1,446) (693) 250 (2,907) (4,796)
estate assets
Preferred stock dividend (3,910) (5,570) (5,570) (5,570) (20,620)
Funds from operations (FFO) (1) 17,754 19,362 21,297 21,507 79,920
Plus:
Amortization of deferred financing fees 418 174 406 565 1,563
Less:
Capital reserve in excess of 1,088 330 69 (2,440) (953)
expenditures
Capital expenditures (incl. T.I.'s & 1,122 2,870 3,789 6,298 14,079
commissions)
Cash available for distribution (CAD)(1) $ 15,962 $ 16,336 $ 17,845 $ 18,214 $ 68,357
Cash flows from
Operating Activities 15,327 17,327 34,023 9,744 76,421
Investing Activities (2) (383,526) (185,908) (64,432) 20,026 (613,840)
Financing Activities (3) 369,795 195,000 4,705 (32,794) 536,706
Ratio of earnings to fixed charges 2.41 2.46 1.60 1.54 1.87
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.69 1.57 1.21 1.17 1.36
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 3.24 3.26 2.28 2.25 2.60
Interest coverage ratio 3.51 3.62 2.56 2.55 2.91
Cumulative capital reserves in excess 2,316 2,646 2,715 275 275
of expenditures
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OTHER INFORMATION (in thousands, except per share data)
- ------------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 30,599 $ 34,465 $ 42,617 $ 42,880 $ 150,561
Compounded growth from same period 451.3% 315.0% 243.3% 136.7% 239.2%
prior year
Net Operating Income (NOI)-Property Level (5)
Same property $ 18,198 $ 28,337 $ 27,795 $ 28,877 $ 103,207
Growth from same period prior year 4.6% 7.7% 5.3% 6.3% 6.0%
Tenant retention % (commercial 64.1% 63.6% 46.1% 59.0% 59.1%
portfolio)
Increase in effective rents from 22.4% 21.7% 27.7% 21.9% 23.4%
renewals (commercial portfolio)
Net Income excluding extraordinary $ 12,213 $ 13,921 $ 10,510 $ 9,358 $ 46,002
items
Net Income including extraordinary $ 12,213 $ 13,921 $ 10,510 $ 7,958 $ 44,602
items
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(1) Please see the Glossary of Terms for a definition and other related disclosure.
(2) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(3) Includes proceeds from issuance of stock and debt, debt repayments, stock repurchases and distributions.
(4) Earnings INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 126 of the 165 properties in the current portfolio.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------- ----------------------------------------------------------------
OPERATING RESULTS (in thousands, except per share data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 13,236 $ 16,892 $ 30,128
and extraordinary item
Plus:
Depreciation and amortization 14,947 14,075 29,022
Adjustment to reflect FFO of 253 2,170 2,423
Associated Companies
Loss on interest rate protection - - -
agreement
Costs of terminated stock offering - - -
Less:
(Net gain) or loss on sales of real (1,351) (5,742) (7,093)
estate assets
Preferred stock dividend (5,570) (5,570) (11,140)
Funds from operations (FFO) (1) 21,515 21,825 43,340
Plus:
Amortization of deferred financing 485 508 993
fees
Less:
Capital reserve in excess of 1,269 (994) 275
expenditures
Capital expenditures (incl. T.I.'s & 2,769 5,392 8,161
commissions)
Cash available for distribution (CAD)(1)$ 17,962 $ 17,935 $ 35,897
Cash flows from
Operating Activities 21,987 29,437 51,424
Investing Activities (2) (1,211) 81,187 79,976
Financing Activities (3) (21,325) (112,431) (133,756)
Ratio of earnings to fixed charges 1.73 1.95 1.84
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.31 1.47 1.39
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 2.38 2.27 2.33
Interest coverage ratio 2.71 2.63 2.67
Cumulative capital reserves in excess 1,544 550 550
of expenditures
- -----------------------------------------------------------------------------------------------------------
OTHER INFORMATION (in thousands, except per share data)
- -----------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 43,517 $ 41,788 $ 85,305
Compounded growth from same period 42.2% 21.2% 21.2%
prior year
Net Operating Income (NOI)-Property Level(5)
Same property $ 18,495 $ 28,041 $ 46,537
Growth from same period prior year 1.6% -1.0% 0.3%
Tenant retention % (commercial 60.4% 77.5% 68.1%
portfolio)
Increase in effective rents from 29.1% 21.6% 25.4%
renewals (commercial portfolio)
Net Income excluding extraordinary $ 12,569 15,363 27,932
items
Net Income including extraordinary $ 10,578 17,051 27,629
items
- ------------------------------------------------------------------------------------------------------------
(1) Please see the Glossary of Terms for a definition and other related disclosure.
(2) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(3) Includes proceeds from issuance of stock and debt, debt repayments, stock repurchases and distributions.
(4) Earnings INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 126 of the 165 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (in thousands, except per share data)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares $ 31,549 $ 31,648 $ 31,704 $ 31,744 $ 31,662
outstanding for EPS
Diluted wtd avg shares outstanding for $ 34,372 $ 34,869 $ 36,261 $ 36,191 $ 35,576
EPS
Diluted wtd avg shares for calculation $ 34,372 $ 34,869 $ 36,261 $ 36,191 $ 35,576
of FFO and CAD
Diluted CAD per share $ 0.46 $ 0.47 $ 0.49 $ 0.50 $ 1.92
Basic net income per share before $ 0.26 $ 0.26 $ 0.16 $ 0.12 $ 0.80
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.26 $ 0.26 $ 0.15 $ 0.12 $ 0.79
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 14,246 $ 14,587 $ 15,108 $ 15,110 $ 59,051
units)
Dividend per share $ 0.42 $ 0.42 $ 0.42 $ 0.42 $ 1.68
Dividend payout ratio (CAD) 91.3% 89.4% 85.7% 84.0% 87.5%
Total Preferred Dividends 3,910 5,570 5,570 5,570 20,620
Preferred Dividends per share 0.34 (4) 0.48 0.48 0.48 1.78
Total notes and mortgages payable 442,415 868,406 935,244 922,097 922,097
Preferred Stock at Par Value 287,500 287,500 287,500 287,500 287,500
Total market capitalization (2) 1,717,807 2,092,991 1,987,128 1,942,624 1,942,624
Debt/Total market capitalization 25.8% 41.5% 47.1% 47.5% 47.5%
Preferred shares outstanding (at end 11,500 11,500 11,500 11,500 11,500
of period)
Price per share on last trading day $ 26.13 $ 24.38 $ 20.38 $ 18.25 $ 18.25
Common shares outstanding (at end of 31,550 31,685 31,737 31,759 31,759
period)
Common shares and OP Units outstanding 33,919 35,529 35,971 35,977 35,977
(at end of period)
Fully converted common shares and OP 42,676 44,286 44,728 44,734 44,734
units (at end of period) (3)
Price per share on last trading day $ 29.13 $ 26.38 $ 21.25 $ 20.38 $ 20.38
- -------------------------------------------------------------------------------------------------------------
(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>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (in thousands, except per share data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 31,765 31,664 31,714
outstanding for EPS
Diluted wtd avg shares outstanding for 36,098 35,984 36,041
EPS
Diluted wtd avg shares for calculation 36,098 35,984 36,041
of FFO and CAD
Diluted CAD per share $ 0.50 $ 0.50 $ 1.00
Basic net income per share before $ 0.22 $ 0.31 $ 0.53
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.21 $ 0.31 $ 0.53
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 15,081 $ 15,027 $ 30,108
units)
Dividend per share $ 0.42 $ 0.42 $ 0.84
Dividend payout ratio (CAD) 84.0% 84.0% 84.0%
Total Preferred Dividends 5,570 5,570 11,141
Preferred Dividends per share 0.48 0.48 0.96
Total notes and mortgages payable 934,683 846,521 846,521
Preferred Stock at Par Value 287,500 287,500 287,500
Total market capitalization (2) 1,832,614 1,760,127 1,760,127
Debt/Total market capitalization 51.0% 48.1% 48.1%
Preferred shares outstanding (at end 11,500 11,500 11,500
of period)
Price per share on last trading day $ 16.75 $ 19.00 $ 19.00
Common shares outstanding (at end of 31,690 31,593 31,593
period)
Common shares and OP Units outstanding 35,908 35,778 35,778
(at end of period)
Fully converted common shares and OP 44,665 44,535 44,535
units (at end of period) (3)
Price per share on last trading day $ 17.00 $ 17.50 $ 17.50
- -----------------------------------------------------------------------------------------------------------
(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>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1) (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (2)
Revenue $ 12,718 $ 26,057 $ 26,297 $ 25,949 $ 91,021
Operating expenses 4,830 10,001 10,855 9,791 35,477
NOI 7,888 16,056 15,442 16,158 55,544
Growth from same period prior year 15.4% 10.1% 7.0% 8.8% 10.3%
Combined Total
Revenue $ 25,819 $ 29,636 $ 30,713 $ 29,530 $ 115,698
Operating expenses 9,483 10,890 12,122 10,928 43,423
NOI 16,336 18,746 18,591 18,602 72,275
Capital expenditures (excludes TI & $ 199 $ 259 $ 584 $ 646 $ 1,687
CLC)
Weighted average leaseable sq ft 5,687 6,483 6,881 6,855 6,476
Capital expenditures per leaseable sq 0.03 0.04 0.08 0.09 0.26
ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period): (1)
- ------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 94.6% 95.4% 94.1% 92.2% 92.2%
Average effective rent per occupied 15.87 15.60 15.93 16.13 16.13
sq ft
Increase from same period prior year 6.8% 2.0% 0.1% 2.7% 2.7%
Revenue per occupied sq ft 18.69 18.45 18.77 18.91 18.91
Increase from same period prior year 10.7% 5.5% 8.9% 5.0% 5.0%
Combined Total
Occupancy 95.7% 94.9% 93.8% 92.1% 92.1%
Average effective rent per occupied 14.77 15.68 15.68 16.04 16.04
sq ft
Increase from same period prior year 8.0% 14.0% -1.2% 1.4% 1.4%
Revenue per occupied sq ft 18.69 19.27 19.03 18.71 18.71
Increase from same period prior year 19.7% 15.6% 3.0% 3.1% 3.1%
- ------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 44 of the 49 properties in the current portfolio.
(3) Decrease in NOI due to prior year expense reconciliation credits given to tenants, and lower occupancy
of 92% compared to 95%.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1) (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (2)
Revenue $ 12,994 $ 25,765 $ 38,758
Operating expenses 5,012 10,257 15,268
NOI 7,982 15,508 23,490
Growth from same period prior year 1.2% -3.4% (3) -1.1%
Combined Total
Revenue $ 29,235 $ 29,498 $ 58,733
Operating expenses 11,171 11,383 22,554
NOI 18,064 18,115 36,179
Capital expenditures (excludes TI & $ 362 $ 524 $ 886
CLC)
Weighted average leaseable sq ft 6,856 6,369 6,375
Capital expenditures per leaseable sq 0.05 0.08 0.14
ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period): (1)
- -----------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 92.1% 92.1% 92.1%
Average effective rent per occupied 16.28 16.46 16.46
sq ft
Increase from same period prior year 2.6% 5.5% 5.5%
Revenue per occupied sq ft 19.63 19.07 19.07
Increase from same period prior year 5.0% 3.3% 3.3%
Combined Total
Occupancy 92.1% 92.3% 92.3%
Average effective rent per occupied 15.85 16.16 16.16
sq ft
Increase from same period prior year 7.3% 3.1% 3.1%
Revenue per occupied sq ft 18.52 18.76 18.76
Increase from same period prior year -0.9% -2.7% -2.7%
- -----------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 44 of the 49 properties in the current portfolio.
(3) Decrease in NOI due to prior year expense reconciliation credits given to tenants, and lower occupancy
of 92% compared to 95%.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1999
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 34,380 58,242 72,716 197,177
Average rent per sq ft 19.01 18.89 19.48 18.60 18.97
Concessions - 17,195 - 5,727 22,922
Concessions per sq ft leased - 0.50 - 0.08 0.12
Tenant improvements (TI) committed 283,512 219,172 467,621 787,288 1,757,593
TI committed per sq ft leased 8.90 6.37 8.03 10.83 8.91
Capitalized leasing commissions (CLC) 108,223 94,647 262,254 291,275 756,399
committed
CLC committed per sq ft leased 3.40 2.75 4.50 4.01 3.84
CLC and TI committed per sq ft leased 12.30 9.13 12.53 14.83 12.75
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 67% 80% 57% 58% 66.0%
Square footage leased 47,942 141,359 84,451 108,975 382,727
Average rent per sq ft 17.28 17.39 18.84 21.30 18.81
Increase in effective rents from 9.7% 24.3% 33.3% 18.5% 21.5%
renewals
Concessions 4,686 - 5,394 558 10,638
Concessions per sq ft leased 0.10 - 0.06 0.01 0.03
Tenant improvements (TI) committed 123,290 617,865 302,318 454,606 1,498,079
TI committed per sq ft leased 2.57 4.37 3.58 4.17 3.91
Capitalized leasing commissions (CLC) 35,179 230,093 61,732 69,789 396,793
committed
CLC committed per sq ft leased 0.73 1.63 0.73 0.64 1.04
CLC and TI committed per sq ft leased 3.30 6.00 4.31 4.81 4.95
- ------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 158,089 73,503 231,592
Average rent per sq ft 17.29 22.04 18.80
Concessions 30,306 39,738 70,044
Concessions per sq ft leased 0.19 0.54 0.30
Tenant improvements (TI) committed 415,862 888,725 1,304,587
TI committed per sq ft leased 2.63 12.09 5.63
Capitalized leasing commissions (CLC) 689,930 517,467 1,207,397
committed
CLC committed per sq ft leased 4.36 7.04 5.21
CLC and TI committed per sq ft leased 6.99 19.13 10.85
- ----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- ----------------------------------------------------------------------------------------------------------
Tenant Retention 64% 86% 77%
Square footage leased 209,442 533,342 742,784
Average rent per sq ft 18.04 18.67 18.49
Increase in effective rents from 36.7% 28.0% 32.4%
renewals
Concessions 12,695 82,460 95,155
Concessions per sq ft leased 0.06 0.15 0.13
Tenant improvements (TI) committed 840,571 4,236,531 5,077,102
TI committed per sq ft leased 4.01 7.94 6.84
Capitalized leasing commissions (CLC) 434,836 2,758,519 3,193,355
committed
CLC committed per sq ft leased 2.08 5.17 4.30
CLC and TI committed per sq ft leased 6.09 13.11 11.14
- ---------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 6,695 $ 7,664 $ 7,803 $ 7,762 $ 29,924
Operating expenses 2,127 2,340 2,395 2,209 9,071
NOI 4,568 5,324 5,408 5,553 20,853
Growth from same period prior year -4.2% -3.5% -4.7% 3.6% -2.2%
Combined Total
Revenue $ 8,579 $ 9,015 $ 9,469 $ 9,924 $ 36,987
Operating expenses 2,569 2,681 2,915 2,733 10,898
NOI 6,009 6,334 6,554 7,192 26,089
Capital expenditure (excludes TI & $ 39 $ 118 $ 344 $ 263 $ 765
CLC)
Weighted average leaseable sq ft 3,962 3,979 4,537 4,561 4,260
Capital expenditures per leaseable 0.01 0.03 0.08 0.06 0.18
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period):
- -------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 92.9% 92.0% 92.1% 89.4% 89.4%
Average effective rent per occupied 7.31 7.92 7.98 8.29 8.29
sq ft
Increase from same period prior year 11.0% 5.7% 1.5% 5.0% 5.0%
Revenue per occupied sq ft 9.37 10.16 10.05 10.44 10.44
Increase from same period prior year 5.8% 14.5% 4.1% 9.9% 9.9%
Combined Total
Occupancy 93.2% 91.9% 92.0% 90.2% 90.2%
Average effective rent per occupied 7.43 7.48 7.40 7.61 7.61
sq ft
Increase from same period prior year 33.2% 9.7% 17.5% 6.2% 6.2%
Revenue per occupied sq ft 9.37 9.70 9.06 9.65 9.65
Increase from same period prior year 43.9% 29.8% 22.0% 11.1% 11.1%
- -------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 35 of the 40 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 6,796 $ 7,653 $ 14,449
Operating expenses 2,190 2,291 4,480
NOI 4,606 5,362 9,968
Growth from same period prior year 0.8% 0.7% 0.8%
Combined Total
Revenue $ 9,532 $ 9,183 $ 18,716
Operating expenses 2,849 2,630 5,479
NOI 6,684 6,553 13,237
Capital expenditure (excludes TI & $ 142 $ 98 $ 239
CLC)
Weighted average leaseable sq ft 4,350 3,949 3,949
Capital expenditures per leaseable 0.03 0.02 0.06
sq ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period):
- -----------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 87.1% 88.1% 88.1%
Average effective rent per occupied 7.80 8.19 8.19
sq ft
Increase from same period prior year 6.7% 3.3% 3.3%
Revenue per occupied sq ft 9.80 10.44 10.44
Increase from same period prior year 4.6% 2.8% 2.8%
Combined Total
Occupancy 89.1% 89.7% 89.7%
Average effective rent per occupied 7.75 7.75 7.75
sq ft
Increase from same period prior year 4.3% 3.5% 3.5%
Revenue per occupied sq ft 9.71 9.81 9.81
Increase from same period prior year 3.7% 1.2% 1.2%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects performance of 35 of the 40 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 1999
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 33,216 115,635 65,275 95,677 309,803
Average rent per sq ft 9.66 10.17 12.89 10.20 10.70
Concessions 15,618 4,432 18,217 5,103 43,370
Concessions per sq ft leased 0.47 0.04 0.28 0.05 0.14
Tenant improvements (TI) committed 140,072 869,942 250,319 697,389 1,957,722
TI committed per sq ft leased 4.22 7.52 3.83 7.29 6.32
Capitalized leasing commissions (CLC) 70,168 292,089 125,560 242,586 730,403
committed
CLC committed per sq ft leased 2.11 2.53 1.92 2.54 2.36
CLC and TI committed per sq ft leased 6.33 10.05 5.75 9.83 8.68
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 58% 60% 38% 51% 53%
Square footage leased 120,102 228,825 80,316 137,444 566,687
Average rent per sq ft 6.44 7.32 9.13 9.06 7.81
Increase in effective rents from 47.1% 21.1% 21.5% 27.5% 29.3%
renewals
Concessions 1,047 23,784 - - 24,831
Concessions per sq ft leased 0.01 0.10 - - 0.04
Tenant improvements (TI) committed 38,171 494,154 80,010 98,476 710,811
TI committed per sq ft leased 0.32 2.16 1.00 0.72 1.25
Capitalized leasing commissions (CLC) 31,559 145,150 37,699 14,807 229,215
committed
CLC committed per sq ft leased 0.26 0.63 0.47 0.11 0.40
CLC and TI committed per sq ft leased 0.58 2.79 1.47 0.83 1.65
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
June 30, 1999
For the Period: 1999
------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 59,337 117,189 176,526
Average rent per sq ft 9.86 10.39 10.21
Concessions 18,517 82,593 101,110
Concessions per sq ft leased 0.31 0.70 0.57
Tenant improvements (TI) committed 188,564 867,332 1,055,896
TI committed per sq ft leased 3.18 7.40 5.98
Capitalized leasing commissions (CLC) 165,251 352,309 517,560
committed
CLC committed per sq ft leased 2.78 3.01 2.93
CLC and TI committed per sq ft leased 5.96 10.41 8.91
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 60% 64% 63%
Square footage leased 155,054 202,872 357,926
Average rent per sq ft 9.14 7.99 8.48
Increase in effective rents from 25.4% 18.3% 21.9%
renewals
Concessions 81,232 901 82,133
Concessions per sq ft leased 0.52 - 0.23
Tenant improvements (TI) committed 118,972 325,727 444,699
TI committed per sq ft leased 0.77 1.61 1.24
Capitalized leasing commissions (CLC) 20,766 57,533 78,299
committed
CLC committed per sq ft leased 0.13 0.28 0.22
CLC and TI committed per sq ft leased 0.90 1.89 1.46
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 2,828 $ 2,842 $ 2,862 $ 2,856 $ 11,387
Operating expenses 663 693 698 609 2,662
NOI 2,166 2,149 2,164 2,246 8,725
Growth from same period prior year 4.3% 2.1% 4.8% 3.5% 3.7%
Combined Total
Revenue $ 3,293 $ 3,479 $ 4,666 $ 4,666 $ 16,104
Operating expenses 800 851 1,119 839 3,608
NOI 2,494 2,628 3,547 3,827 12,495
Capital expenditure (excludes TI & $ 10 $ 34 $ 60 $ 40 $ 144
CLC)
Weighted average leaseable sq ft 3,316 3,431 4,265 4,098 3,777
Capital expenditures per leaseable - 0.01 0.01 0.01 0.04
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 97.1% 98.1% 98.1% 98.1% 98.1%
Average effective rent per occupied 3.36 3.44 3.46 3.55 3.55
sq ft
Increase from same period prior year 5.4% 4.0% 6.5% 4.4% 4.4%
Revenue per occupied sq ft 4.08 4.07 4.10 4.09 4.09
Increase from same period prior year 6.5% 4.6% 10.2% 2.0% 2.0%
Combined Total
Occupancy 96.1% 97.0% 96.0% 98.0% 98.0%
Average effective rent per occupied 3.35 3.46 3.92 3.91 3.91
sq ft
Increase from same period prior year 44.7% 26.3% 19.0% 16.5% 16.5%
Revenue per occupied sq ft 4.08 4.14 4.56 4.56 4.56
Increase from same period prior year 71.5% 38.9% 23.2% 17.1% 17.1%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 21 of the 29 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of common area reimbursement income.
(3) The decrease in NOI is due to a reserve for bad debt resulting from a tenant bankruptcy.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 2,816 $ 2,868 $ 5,684
Operating expenses 666 754 1,420
NOI 2,150 2,114 4,264
Growth from same period prior year -0.7% (2) -1.6% (3) -1.2%
Combined Total
Revenue $ 4,764 $ 4,755 $ 9,519
Operating expenses 1,115 1,142 2,257
NOI 3,650 3,612 7,262
Capital expenditure (excludes TI & $ 21 $ 23 $ 44
CLC)
Weighted average leaseable sq ft 4,118 3,913 3,902
Capital expenditures per leaseable 0.01 0.01 0.01
sq ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period):
- -----------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 97.2% 98.0% 98.0%
Average effective rent per occupied 3.48 3.59 3.59
sq ft
Increase from same period prior year 3.5% 4.6% 4.6%
Revenue per occupied sq ft 3.94 4.11 4.11
Increase from same period prior year -3.3% (2) 1.0% (3) 1.0%
Combined Total
Occupancy 97.4% 98.2% 98.2%
Average effective rent per occupied 4.01 4.10 4.10
sq ft
Increase from same period prior year 19.8% 18.5% 18.5%
Revenue per occupied sq ft 4.77 4.84 4.84
Increase from same period prior year 16.9% 16.9% 16.9%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 21 of the 29 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of common area reimbursement income.
(3) The decrease in NOI is due to a reserve for bad debt resulting from a tenant bankruptcy.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1999
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 48,000 - 46,849 106,054
Average rent per sq ft 3.50 3.84 - 5.26 4.43
Concessions - - - 29,142 29,142
Concessions per sq ft leased - - - 0.62 0.27
Tenant improvements (TI) committed 41,648 - - 225,255 266,903
TI committed per sq ft leased 3.72 - - 4.81 2.52
Capitalized leasing commissions (CLC) 4,706 47,635 - 64,441 116,782
committed
CLC committed per sq ft leased 0.42 0.99 - 1.38 1.10
CLC and TI committed per sq ft leased 4.14 0.99 - 6.19 3.62
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 100% 66% 67% 78% 78%
Square footage leased 30,084 55,510 9,075 107,173 201,842
Average rent per sq ft 3.50 4.69 4.20 4.74 4.52
Increase in effective rents from 9.9% 10.9% 13.5% 30.2% 10.4%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed - 12,163 - 3,000 15,163
TI committed per sq ft leased - 0.22 - 0.03 0.08
Capitalized leasing commissions (CLC) 2,361 - - - 2,361
committed
CLC committed per sq ft leased 0.08 - - - 0.01
CLC and TI committed per sq ft leased 0.08 0.22 - 0.03 0.09
- ------------------------------------------------------------------------------------------------------------
(1) Decrease in effective rents is a result one tenant renewing and
expanding in a suite, with a lower allocation of office versus warehouse square
feet, resulting in a lower blended rate.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 77,951 - 77,951
Average rent per sq ft 3.97 - 3.97
Concessions 12,849 - 12,849
Concessions per sq ft leased 0.16 - 0.16
Tenant improvements (TI) committed 31,775 - 31,775
TI committed per sq ft leased 0.41 - 0.41
Capitalized leasing commissions (CLC) 61,618 - 61,618
committed
CLC committed per sq ft leased 0.79 - 0.79
CLC and TI committed per sq ft leased 1.20 - 1.20
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 48% 56% 48%
Square footage leased 63,270 39,787 103,057
Average rent per sq ft 5.82 4.52 5.32
Increase in effective rents from 2.9% -5.0% (1) -1.1%
renewals
Concessions - - -
Concessions per sq ft leased - - -
Tenant improvements (TI) committed 52,855 36,557 89,412
TI committed per sq ft leased 0.84 0.92 0.87
Capitalized leasing commissions (CLC) 48,090 - 48,090
committed
CLC committed per sq ft leased 0.76 - 0.47
CLC and TI committed per sq ft leased 1.60 0.92 1.34
- ---------------------------------------------------------------------------------------------------------
(1) Decrease in effective rents is a result one tenant renewing and
expanding in a suite, with a lower allocation of office versus warehouse square
feet, resulting in a lower blended rate.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,999 $ 2,717 $ 2,651 $ 2,664 $ 10,032
Operating expenses 725 901 856 819 3,301
NOI 1,274 1,816 1,795 1,845 6,731
Growth from same period prior year 2.1% 18.4% 7.0% 1.0% 7.1%
Combined Total
Revenue $ 2,388 $ 3,043 $ 3,208 $ 3,433 $ 12,072
Operating expenses 865 1,072 948 955 3,840
NOI 1,523 1,971 2,260 2,478 8,231
Capital expenditures (excludes TI $ 17 $ 49 $ 113 $ 145 $ 325
and CLC)
Weighted average leaseable sq ft 979 1,168 1,235 1,239 1,155
Capital expenditures per leaseable 0.02 0.04 0.09 0.12 0.28
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period):
- ------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 96.7% 92.7% 93.0% 93.0% 93.0%
Average effective rent per occupied 8.30 9.27 9.42 9.42 9.42
sq ft
Increase from same period prior year 4.6% 1.5% -2.9% 1.9% 1.9%
Revenue per occupied sq ft
10.11 12.63 12.29 12.29 12.29
Increase from same period prior year -0.9% 6.3% 1.7% 5.2% 5.2%
Combined Total
Occupancy 96.5% 93.6% 93.3% 93.8% 93.8%
Average effective rent per occupied 7.80 8.46 8.60 8.75 8.75
sq ft
Increase from same period prior year -3.0% -6.4% 1.3% 9.6% 9.6%
Revenue per occupied sq ft 10.11 11.20 11.14 11.81 11.81
Increase from same period prior year 5.0% 10.0% -8.2% (2) 9.7% 9.7%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 10 of the 10 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of common area reimbursement income.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 2,156 $ 2,739 $ 4,895
Operating expenses 765 806 1,570
NOI 1,391 1,934 3,325
Growth from same period prior year 9.2% 6.5% 7.8%
Combined Total
Revenue $ 3,241 $ 2,816 $ 6,056
Operating expenses 1,176 854 2,031
NOI 2,064 1,962 4,026
Capital expenditures (excludes TI $ 14 $ 30 $ 44
and CLC)
Weighted average leaseable sq ft 1,001 928 928
Capital expenditures per leaseable 0.01 0.03 0.05
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (at end of period):
- ------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 92.2% 91.5% 91.5%
Average effective rent per occupied 8.71 9.39 9.39
sq ft
Increase from same period prior year 4.9% 1.4% 1.4%
Revenue per occupied sq ft 12.36 12.91
12.91
Increase from same period prior year 22.2% 2.2% 2.2%
Combined Total
Occupancy 92.2% 91.5% 91.5%
Average effective rent per occupied 9.26 9.39 9.39
sq ft
Increase from same period prior year 18.7% 11.0% 11.0%
Revenue per occupied sq ft 12.74 12.91 12.91
Increase from same period prior year 26.0% 15.2% 15.2%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 10 of the 10 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of common area reimbursement income.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1999
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 2,500 6,010 13,625 24,535
Average rent per sq ft 13.74 13.40 14.27 12.10 12.92
Concessions 5,280 5,400 - 15,031 25,711
Concessions per sq ft leased 2.20 2.16 - 1.10 1.05
Tenant improvements (TI) committed - 810 - 46,250 47,060
TI committed per sq ft leased - 0.32 - 3.39 1.92
Capitalized leasing commissions (CLC) - 7,038 13,715 80,516 101,269
committed
CLC committed per sq ft leased - 2.82 2.28 5.91 4.13
CLC and TI committed per sq ft leased - 3.14 2.28 9.30 6.05
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 46% 5% 42% 54% 30%
Square footage leased 2,450 1,400 5,125 12,384 21,359
Average rent per sq ft 12.51 18.17 16.26 15.85 15.72
Increase in effective rents from 21.2% 5.6% 10.7% 20.7% 14.6%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed - - 1,100 50,578 51,678
TI committed per sq ft leased - - 0.21 4.08 2.42
Capitalized leasing commissions (CLC) - 7,632 - - 7,632
committed
CLC committed per sq ft leased - 5.45 - - 0.36
CLC and TI committed per sq ft leased - 5.45 0.21 4.08 2.78
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 11,017 7,750 18,767
Average rent per sq ft 15.18 12.09 13.91
Concessions 3,600 7,919 11,519
Concessions per sq ft leased 0.33 1.02 0.61
Tenant improvements (TI) committed 19,400 18,500 37,900
TI committed per sq ft leased 1.76 2.39 2.02
Capitalized leasing commissions (CLC) 32,656 19,262 51,918
committed
CLC committed per sq ft leased 2.96 2.49 2.77
CLC and TI committed per sq ft leased 4.73 4.87 4.79
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 74% 57% 63%
Square footage leased 33,585 9,630 43,215
Average rent per sq ft 13.11 14.90 13.51
Increase in effective rents from 18.5% 12.4% 15.5%
renewals
Concessions - - -
Concessions per sq ft leased - - -
Tenant improvements (TI) committed 3,200 19,776 22,976
TI committed per sq ft leased 0.10 2.05
0.53
Capitalized leasing commissions (CLC) - - -
committed
CLC committed per sq ft leased - - -
CLC and TI committed per sq ft leased 0.10 2.05 0.53
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
June 30, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per unit data)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 3,733 $ 4,942 $ 4,982 $ 4,967 $ 18,624
Operating expenses 1,432 1,950 1,995 1,893 7,269
NOI 2,302 2,992 2,987 3,074 11,354
Growth from same period prior year -6.3% 4.2% 10.7% 14.6% 5.8%
Combined Total
Revenue $ 3,762 $ 4,942 $ 16,257 $ 16,169 $ 41,131
Operating expenses 1,466 1,952 7,003 6,929 17,350
NOI 2,296 2,990 9,254 9,241 23,781
Capital expenditures $ 120 $ 145 $ 852 $ 1,033 $ 2,151
Weighted average apartment units 2,147 2,662 9,353 9,353 5,879
owned
Capital expenditures per apartment 56 55 91 110 366
unit
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS: (at end of period)
- ------------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 95.6% 92.4% 94.3% 92.9% 92.9%
Average effective base rent per 602 623 626 627 627
occupied unit
Increase from same period prior year 3.1% 2.3% 2.4% 1.1% 1.1%
Apartment annualized turnover rate 43.2% 44.7% 66.2% 39.6% 35.7%
Combined Total
Occupancy 95.6% 92.4% 94.1% 93.4% 93.4%
Average effective base rent per 602 623 614 618 618
occupied unit
Increase from prior year 0.5% 2.2% 0.7% -0.2% (2) -0.2%
Apartment annualized turnover rate 43.2% 44.7% 78.0% 60.9% 67.7%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 16 of the 37 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
June 30, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per unit data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 3,819 $ 5,144 $ 8,963
Operating expenses 1,453 2,022 3,475
NOI 2,365 3,122 5,488
Growth from same period prior year 2.8% 4.4% 4.4%
Combined Total
Revenue $ 16,670 $ 17,299 $ 33,970
Operating expenses 7,255 7,400 14,654
NOI 9,416 9,899 19,315
Capital expenditures $ 594 $ 675 $ 1,269
Weighted average apartment units 9,530 9,612 9,571
owned
Capital expenditures per apartment 62 70 132
unit
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS: (at end of period)
- -----------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 93.9% 93.3% 93.3%
Average effective base rent per 627 635 635
occupied unit
Increase from same period prior year 4.2% 1.9% 1.9%
Apartment annualized turnover rate 63.9% 71.2% 75.9%
Combined Total
Occupancy 94.2% 92.8% 92.8%
Average effective base rent per 630 634 634
occupied unit
Increase from prior year 4.7% 1.8% 1.8%
Apartment annualized turnover rate 63.3% 74.9% 68.1%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects performance of 16 of the 37 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
June 30, 1999
(in thousands)
Office Office/Flex Industrial Retail Multifamily
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
REVENUES 29,498 9,183 4,755 2,816 17,299
OPERATING EXPENSES 11,383 2,630 1,142 854 7,400
--------------- --------------- --------------- --------------- ---------------
NOI 18,115 6,553 3,613 1,962 9,899
(1) Other represents 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
and hotel portfolio which are not included in the property total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
June 30, 1999
(in thousands)
Property Total
Total Other (1) Reported
--------------- ----------------- ------------------
<S> <C> <C> <C>
REVENUES 63,551 1,000 64,551
OPERATING EXPENSES 23,409 (1,549) 21,860
--------------- ----------------- ------------------
NOI 40,142 2,549 42,691
(1) Other represents 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
and hotel portfolio which are not included in the property total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of June 30, 1999
1999 2000 2001 2002 2003 2004
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 10,519,901 16,894,238 15,801,927 19,913,004 8,139,629 9,872,957
Percent of total annual rent 9.5% 15.2% 14.2% 18.0% 7.3% 8.9%
Square footage expiring 642,362 997,181 916,566 1,060,143 425,065 522,632
Percentage of square footage 10.4% 16.2% 14.9% 17.2% 6.9% 8.5%
Number of leases 157 150 155 122 78 50
Percentage of number of leases 19.4% 18.6% 19.2% 15.1% 9.7% 6.2%
- -----------------------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 3,202,282 5,259,815 3,849,894 4,271,801 4,394,338 2,381,258
Percent of total annual rent 10.6% 17.4% 12.7% 14.1% 14.5% 7.9%
Square footage expiring 434,411 647,774 528,464 515,675 455,875 261,564
Percentage of square footage 12.2% 18.2% 14.9% 14.5% 12.8% 7.4%
Number of leases 89 93 75 50 39 24
Percentage of number of leases 22.8% 23.8% 19.2% 12.8% 10.0% 6.1%
- -----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 1,339,094 1,175,647 1,772,508 3,042,309 6,915,628 901,985
Percent of total annual rent 7.4% 6.5% 9.7% 16.7% 5.0% 38.0%
Square footage expiring 296,875 249,106 410,714 680,085 191,662 1,658,911
Percentage of square footage 7.6% 6.4% 10.5% 17.4% 4.9% 42.6%
Number of leases 16 17 20 22 5 9
Percentage of number of leases 16.8% 17.9% 21.1% 23.2% 5.3% 9.5%
- -----------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 930,062 753,324 1,147,164 350,069 757,729 1,282,975
Percent of total annual rent 10.8% 8.8% 13.4% 4.1% 8.8% 14.9%
Square footage expiring 75,514 59,374 95,377 25,225 61,258 137,893
Percentage of square footage 8.9% 7.0% 11.2% 3.0% 7.2% 16.2%
Number of leases 37 29 45 15 22 25
Percentage of number of leases 18.0% 14.1% 21.8% 7.3% 10.7% 12.1%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of June 30, 1999
2008 and
2005 2006 2007 thereafter
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 9,642,153 5,765,619 7,085,066 7,257,422
Percent of total annual rent 8.7% 5.2% 6.4% 6.5%
Square footage expiring 518,787 321,542 352,562 399,986
Percentage of square footage 8.4% 5.2% 5.7% 6.5%
Number of leases 16 10 12 58
Percentage of number of leases 2.0% 1.2% 1.5% 7.2%
- ----------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 618,282 2,137,852 1,749,482 2,378,289
Percent of total annual rent 2.0% 7.1% 5.8% 7.9%
Square footage expiring 39,503 213,799 140,911 313,409
Percentage of square footage 1.1% 6.0% 4.0% 8.8%
Number of leases 2 7 3 9
Percentage of number of leases 0.5% 1.8% 0.8% 2.3%
- ----------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring - 227,500 72,506 2,737,470
Percent of total annual rent - 1.3% 0.4% 15.1%
Square footage expiring - 32,500 15,660 362,864
Percentage of square footage - 0.8% 0.4% 9.3%
Number of leases - 1 1 4
Percentage of number of leases - 1.1% 1.1% 4.2%
- ----------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 632,380 155,604 89,332 2,485,449
Percent of total annual rent 7.4% 1.8% 1.0% 29.0%
Square footage expiring 42,658 10,950 8,444 334,153
Percentage of square footage 5.0% 1.3% 1.0% 39.3%
Number of leases 10 4 4 15
Percentage of number of leases 4.9% 1.9% 1.9% 7.3%
- ----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of June 30, 1999
1999 2000 2001 2002 2003 2004
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO (1)
Annual base rent expiring 15,991,339 24,083,024 22,571,493 27,577,183 14,193,681 20,452,818
Percent of total annual rent 9.5% 14.3% 13.4% 16.4% 8.5% 12.2%
Square footage expiring 1,449,162 1,953,435 1,951,121 2,281,128 1,133,860 2,581,000
Percentage of square footage 10.0% 13.5% 13.5% 15.8% 7.8% 17.9%
Number of leases 299 289 295 209 144 108
Percentage of number of leases 19.9% 19.3% 19.7% 13.9% 9.6% 7.2%
- ----------------------------------------------------------------------------------------------------------------------------
(1) Numbers exclude the corporate headquarters building and multifamily properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of June 30, 1999
2008 and
2005 2006 2007 thereafter
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL PORTFOLIO (1)
Annual base rent expiring 10,892,815 8,286,575 8,996,386 14,858,630
Percent of total annual rent 6.5% 4.9% 5.4% 8.8%
Square footage expiring 600,948 578,791 517,577 1,410,412
Percentage of square footage 4.2% 4.0% 3.6% 9.8%
Number of leases 28 22 20 86
Percentage of number of leases 1.9% 1.5% 1.3% 5.7%
- ------------------------------------------------------------------------------------------------
(1) Numbers exclude the corporate headquarters building and multifamily properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<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.
Average Rent per Square Foot Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) concessions, TI's and leasing commissions.
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.
Combined Total All properties owned in the current period.
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.
Debt to Total Market Capitalization Total notes and mortgages payable divided by the sum of total notes and mortgages
payable plus the total market value of all shares and units outstanding at the date
of calculation.
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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C>
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 cash flows, EBITDA 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. 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 evaluating 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.
Effective Rents Annualized rents net of concessions.
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.
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GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
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Occupancy Total square feet (units) rented divided by net rentable square feet (units) as of
the end of the quarter.
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.
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.
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.
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 preferred stock at par value; plus (c) the Company's debt as set forth on
the most recent financial statements.
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