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) March 31, 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
March 31, 1999
Item 5. Other Events
On April 22, 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 March 31, 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 March 31, 1999 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
March 31, 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: April 22, 1999 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
March 31, 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
March 31, 1999
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PROPERTY CITY ST SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Mesa AZ 17,768 78%
Vintage Pointe Phoenix AZ 56,112 95%
Warner Village Medical Center Fountain Valley CA 32,272 84%
Centerstone Irvine CA 157,579 97%
University Tech Center Pomona CA 100,516 93%
Academy Professional Center Rolling Hills Estate CA 29,960 70%
Dallidet San Luis Obisbo CA 23,511 90%
400 South El Camino Real San Mateo CA 145,394 81%
One Gateway Center Aurora CO 80,049 68%
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 88%
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 86,332 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 93%
Hartwood Building Lexington MA 52,721 100%
Bronx Park I Marlborough MA 86,935 100%
Marlborough Corp Place Marlborough MA 570,151 96%
Westford Westford MA 163,247 100%
Montgomery Executive Center Gaithersburg MD 116,348 90%
Rockwall Rockville MD 340,252 89%
Bond Street Building Farmington Hills MI 40,658 98%
Riverview Office Tower Bloomington MN 227,129 99%
Woodlands Plaza St Louis MO 72,276 99%
University Club Tower St. Louis MO 272,443 94%
Edinburgh Center Cary NC 115,314 90%
One Pacific Place Omaha NE 125,956 94%
One Professional Square Omaha NE 34,836 63%
Regency Westpointe Omaha NE 35,937 100%
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 147,916 85%
Thousand Oaks Memphis TN 418,458 84%
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 7,001,705 92%
================== ==================
Number of properties: 54
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1999
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PROPERTY CITY ST SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
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 88%
Dominguez Industrial Carson CA 85,120 92%
Glassell Industrial Center Orange CA 46,912 74%
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%
Gateway Four Aurora CO 100,000 100%
Gateway One Aurora CO 72,000 86%
Gateway Six Aurora CO 107,200 100%
Valley Business Park Denver CO 202,540 81%
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 97%
Cypress Creek Business Center Ft. Lauderdale FL 66,371 100%
Lake Point Business Park Orlando FL 134,389 91%
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 71%
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 77%
Bryant Lake Eden Prairie MN 171,789 100%
Riverview Industrial Park St. Paul MN 113,700 73%
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 79%
Palms Business Center South Las Vegas NV 132,387 62%
Post Palms Business Center Las Vegas NV 139,906 55%
Lehigh Valley Allentown PA 161,421 86%
Clark Avenue King of Prussia PA 40,000 92%
Valley Forge Corp Ctr Norristown PA 300,894 90%
Walnut Creek Industrial Center Austin TX 100,000 100%
Kent Business Park Kent WA 138,157 97%
================== ==================
Total Square Footage/Average % Occupied 4,349,608 89%
================== ==================
Number of properties: 44
INDUSTRIAL PORTFOLIO
Fifth Street Industrial Phoenix AZ 109,699 100%
Fairmont Commerce Center Tempe AZ 83,200 70%
Coronado Industrial Anaheim CA 95,732 100%
East Anaheim Anaheim CA 106,232 100%
Benicia Industrial Benicia CA 156,800 100%
Bellanca Airport Park Los Angeles CA 34,500 100%
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%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1999
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PROPERTY CITY ST SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
INDUSTRIAL PORTFOLIO (continued)
Gateway Two Aurora CO 135,792 100%
Burnham Industrial Warehouse Boca Raton FL 71,168 100%
Atlantic Industrial Norcross GA 102,295 75%
Navistar - Chicago Chicago IL 474,426 100%
Bonnie Lane Business Center Elk Grove Village IL 119,590 89%
Glenn Avenue Business Center Wheeling IL 82,000 100%
Wood Dale Business Center Wood Dale IL 89,718 70%
Park 100 - Building 46 Indianapolis IN 102,400 100%
J.I. Case - 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%
Cottontail Distribution Center Franklin Township NJ 229,352 100%
Jencraft 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 4,132,580 97%
================== ==================
Number of properties: 31
RETAIL PORTFOLIO
Park Center Santa Ana CA 73,500 94%
Sonora Center West Sonora CA 162,126 82%
Piedmont Plaza Apopka FL 151,000 97%
River Run Shopping Center Miramar FL 92,787 98%
Westwood Plaza Tampa FL 99,304 99%
Westbrook Commons Westchester IL 132,190 92%
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 90%
Woodfield Centre Indianapolis IN 58,171 90%
Goshen Plaza Gaithersburg MD 45,623 88%
================== ==================
Total Square Footage/Average % Occupied 1,001,497 92%
================== ==================
Number of properties: 11
--------------------------------------
# OF UNITS % OCC
--------------------------------------
MULTIFAMILY PORTFOLIO
Overlook Scottsdale AZ 224 96%
Aspen Ridge Colorado Springs CO 196 92%
Stone Ridge At Vinings Atlanta GA 440 91%
Woodmere Trace Duluth GA 220 97%
Crosscreek Indianapolis IN 208 98%
Harcourt Club Indianapolis IN 148 93%
Island Club Indianapolis IN 314 85%
Arrowood Crossing Charlotte NC 200 99%
Chase On Commomwealth Charlotte NC 132 97%
Courtyard Charlotte NC 55 91%
Landing On Farmhurst Charlotte NC 125 99%
Sharonridge I & II Charlotte NC 75 96%
Wendover Glen Charlotte NC 96 96%
Chase (Monroe) Monroe NC 120 98%
Willow Glen Monroe NC 120 95%
Sabal Point I, Ii, & Iii Pineville NC 374 89%
Oaks Raleigh NC 88 92%
Sahara Gardens Las Vegas NV 312 93%
Villas De Mission Las Vegas NV 226 89%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 1999
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PROPERTY CITY ST # OF UNITS % OCC
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<S> <C> <C> <C> <C>
MULTIFAMILY (continued)
Players Club Of Brentwood Nashville TN 258 94%
Hunters Chase Austin TX 424 98%
Hunterwood Austin TX 160 96%
Longspur Austin TX 252 98%
Silvervale Crossing Austin TX 336 96%
Walnut Creek Crossing Austin TX 280 97%
Wind River Crossing Austin TX 352 96%
Springs of Indian Creek Carrollton TX 285 86%
Bear Creek Crossing Houston TX 200 96%
Cypress Creek Houston TX 256 95%
North Park Crossing Houston TX 336 94%
Willow Brook Crossing Houston TX 208 96%
Park At Woodlake Houston TX 564 94%
Jefferson Creek Irving TX 300 95%
Jefferson Place Irving TX 424 94%
La Costa Plano TX 462 94%
Bandera Crossing San Antonio TX 204 98%
Hollows San Antonio TX 432 92%
Vista Crossing San Antonio TX 232 94%
================= ==================
Total Units/Average % Occupied: 9,638 93%
================= ==================
Number of properties: 38
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORFOLIOS DURING PERIOD
March 31, 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 34,500 2/8/99
MULTIFAMILY PORTFOLIO # OF UNITS
Springs of Indian Creek Carrollton TX 285 2/4/99
Total Number of properties: 2
DELETIONS:
OFFICE/FLEX PORTFOLIO
Kraemer Industrial Park Anaheim CA 55,246 2/8/99
Chatsworth Industrial Park Chatsworth CA 29,764 2/16/99
Dunn Way Industrial Placentia CA 59,832 2/5/99
Monroe Industrial Placentia CA 38,655 2/8/99
Upland Industrial Upland CA 27,414 2/8/99
------------------
TOTALS 210,911
Number of properties: 5
RETAIL PORTFOLIO
Shannon Crossing Atlanta GA 79,149 1/14/99
Auburn North Shopping Center Auburn WA 158,596 3/30/99
------------------
TOTALS 237,745
Number of properties: 2
Total Number of Properties: 7
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GEOGRAPHIC AND PROPERTY TYPE CONTRIBUTION TO NET OPERATING INCOME
March 31, 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 8.7% 6.3% 0.5% 1.9% - -
Suburban Washington, DC MD/VA 7.9% 7.1% 0.5% - 0.4% -
Atlanta GA 7.2% 4.6% 0.9% 0.1% - 1.7%
Boston MA 6.4% 4.6% 0.8% 1.1% - -
Chicago IL 6.0% 4.4% - 1.2% 0.4% -
Indianapolis IN 4.9% 0.7% 1.1% 0.1% 1.2% 1.8%
Denver CO 4.6% 0.4% 1.9% 1.7% - 0.6%
Austin TX 4.6% - 0.3% - - 4.4%
Los Angeles/Orange County CA 4.4% 2.9% 0.4% 0.9% 0.2% -
Dallas TX 4.3% - - 0.4% - 4.0%
Las Vegas NV 4.3% 1.2% 1.9% - - 1.3%
Charlotte NC 3.7% - - - - 3.7%
Tampa FL 3.3% 1.9% 1.0% - 0.5% -
Houston TX 3.2% 0.2% - - - 3.0%
Minneapolis MN 2.9% 1.7% 1.3% - - -
Philadelphia PA 2.7% - 2.7% - - -
St. Louis MO 2.6% 2.2% 0.4% - - -
Memphis TN 2.4% 2.2% - 0.2% - -
Phoenix AZ 2.3% 0.4% 0.6% 0.5% - 0.7%
San Antonio TX 1.7% - - - - 1.7%
Omaha NE 1.6% 1.6% - - - -
Orlando FL 1.2% - 0.5% - 0.7% -
Fort Lauderdale FL 1.2% - 0.6% 0.1% 0.4% -
Raleigh - Durham NC 1.1% 0.9% - - - 0.2%
San Francisco CA 1.0% 0.8% - 0.3% - -
Kansas City KS 1.0% 0.8% - 0.2% - -
San Diego CA 1.0% - 1.0% - - -
Des Moines IA 0.8% 0.8% - - - -
Seattle WA 0.7% 0.2% 0.4% 0.2% - -
Nashville TN 0.6% - - - - 0.6%
Sacramento CA 0.6% - - - 0.6% -
Salt Lake City UT 0.4% 0.4% - - - -
Baltimore MD 0.4% - 0.1% 0.3% - -
Detroit MI 0.2% 0.2% - - - -
----------------- ----------------------------------------------------------------
TOTAL 100.0%
46.1% 16.7% 9.2% 4.3% 23.7%
----------------------------------------------------------------
Number of Markets 34
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
March 31, 1999
(in thousands)
Maturity
From
Debt Interest Interest Maturity 3/31/99
Loan Type Balance Rate Type Date (Years)
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<S> <C> <C> <C> <C> <C>
UNSECURED DEBT
Line of Credit $ 54,307 6.630% LIBOR +1.625% 12/22/00 1.73
Senior Unsecured Notes 150,000 7.625% Fixed 3/15/05 5.96
-------------- ------------- -----------
Total Unsecured Debt 204,307 7.361% 4.83
SECURED DEBT
Cross Collateralized Loans
Secured by Fifteen Properties 114,692 6.750% Variable 12/20/99 0.72
Secured by Seven Properties 26,000 7.250% Variable 12/22/99 0.73
Secured by Three Properties 53,257 6.750% Fixed 9/1/00 1.42
Secured by Four Properties 14,252 7.570% Fixed 5/10/07 8.11
Secured by Three Properties 15,599 6.950% Fixed 7/1/08 9.25
Secured by Eight Properties 60,472 6.125% Fixed 11/10/08 9.61
Secured by Seven Properties 46,984 6.125% Fixed 11/10/08 9.61
Secured by Nine Properties 54,364 6.125% Fixed 11/10/08 9.61
Secured by Eleven Properties 72,562 6.125% Fixed 11/10/08 9.61
Secured by Ten Properties 58,767 7.500% Fixed 10/1/22 23.50
-------------- ------------- -----------
Total Secured Cross Collateralized 516,949 6.606% 7.88
Individually Secured Mortgages
Total Office 107,617 7.650% 10/1/00-12/1/05 5.24
Total Office/Flex 11,122 8.431% 6/30/99-6/1/07 4.52
Total Industrial 18,188 7.805% 4/10/04-7/1/08 6.68
Total Retail 14,248 8.580% 11/30/05-2/1/07 7.41
Total Multifamily 58,051 7.613% 2/4/00-12/1/30 10.71
Total Other 4,201 8.000% 1/1/06 6.75
============== ============= ===========
Total Debt/Weighted Interest Rate & Maturity $ 934,683 7.035% 7.01
============== ============= ===========
- ---------------------------------------------------------------------------------------------------------------------------------
Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
-------------- ------------- ----------------
All Debt $ 934,683 100.00% 7.03%
Debt Summarized by Rate:
All Floating Rate Debt 218,640 23.39% 6.85%
Floating Rate Debt Capped 114,692 12.27% 6.75%
Floating Rate Debt Not Capped 103,948 11.12% 6.97%
All Fixed Rate Debt 716,043 76.61% 7.09%
Debt Summarized by Loan Type:
Total Unsecured Debt 204,307 21.86% 7.36%
Total Secured Debt 730,376 78.14% 6.94%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 1999
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 items
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
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)
- ----------------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 30,599 $ 34,465 $ 42,617 $ 42,880 $ 150,561
Growth from same period prior year 451.3% 315.0% 243.3% 136.7% 239.2%
Net Operating Income (NOI)-Property Level (5)
Same property $ 18,198 $ 17,123 $ 15,679 $ 16,848 $ 67,848
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
- ----------------------------------------------------------------------------------------------------------------
(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 and distributions.
(4) Fixed charges INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 106 of the 178 properties in the current portfolio and excludes hotels from the same store
calculation.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 1999
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 $ 13,236
and extraordinary items
Plus:
Depreciation and amortization 14,947 14,947
Adjustment to reflect FFO of 253 253
Associated Companies
Loss on interest rate protection - -
agreement
Costs of terminated stock offering - -
Less:
(Net gain) or loss on sales of real (1,351) (1,351)
estate assets
Preferred stock dividend (5,570) (5,570)
Funds from operations (FFO) (1) 21,515 21,515
Plus:
Amortization of deferred financing 485 485
fees
Less:
Capital reserve in excess of 1,465 1,465
expenditures
Capital expenditures (incl. T.I.'s & 2,573 2,573
commissions)
Cash available for distribution (CAD)(1)$ 17,962 $ 17,962
Cash flows from
Operating Activities 21,987 21,987
Investing Activities (2) (1,211) (1,211)
Financing Activities (3) (21,325) (21,325)
Ratio of earnings to fixed charges 1.73 1.73
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.31 1.31
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 2.38 2.38
Interest coverage ratio 2.71 2.71
Cumulative capital reserves in excess 1,740 1,740
of expenditures
- -----------------------------------------------------------------------------------------------------------
OTHER INFORMATION (in thousands)
- -----------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 43,517 $ 43,517
Growth from same period prior year 42.2% 42.2%
Net Operating Income (NOI)-Property Level (5)
Same property $ 18,495 $ 18,495
Growth from same period prior year 1.6% 1.6%
Tenant retention % (commercial 60.6% 60.6%
portfolio)
Increase in effective rents from 29.1% 29.1%
renewals (commercial portfolio)
Net Income excluding extraordinary $ 12,569 12,569
items
Net Income including extraordinary $ 10,578 10,578
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 and distributions.
(4) Fixed charges INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 106 of the 178 properties in the current portfolio and excludes hotels from the same store
calculation.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 1999
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
March 31, 1999
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 31,765
outstanding for EPS
Diluted wtd avg shares outstanding for 36,098 36,098
EPS
Diluted wtd avg shares for calculation 36,098 36,098
of FFO and CAD
Diluted CAD per share $ 0.50 $ 0.50
Basic net income per share before $ 0.22 $ 0.22
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.21 $ 0.21
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP 15,081 15,081
units)
Dividend per share $ 0.42 $ 0.42
Dividend payout ratio (CAD) 84.0% 84.0%
Total Preferred Dividends 5,570 5,570
Preferred Dividends per share $ 0.48 $ 0.48
Total notes and mortgages payable 934,683 934,683
Preferred Stock at Par Value 287,500 287,500
Total market capitalization (2) 1,832,614 1,832,614
Debt/Total market capitalization 51.0% 51.0%
Preferred shares outstanding (at end 11,500 11,500
of period)
Price per share on last trading day $ 16.75 $ 16.75
Common shares outstanding (at end of 31,690 31,690
period)
Common shares and OP Units outstanding 35,908 35,908
(at end of period)
Fully converted common shares and OP 44,665 44,665
units (at end of period) (3)
Price per share on last trading day $ 17.00 $ 17.00
- ------------------------------------------------------------------------------------------------------------
(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
March 31, 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 $ 13,187 $ 13,137 $ 13,012 $ 52,054
Operating expenses 4,830 4,937 5,496 4,585 19,847
NOI 7,888 8,250 7,641 8,427 32,206
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 0.03 0.04 0.08 0.09 0.26
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- ------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 94.6% 93.7% 94.2% 92.9% 92.9%
Average effective rent per occupied 15.87 16.07 15.99 16.30 16.30
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 19.66 19.39 19.47 19.47
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 29 of the 54 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 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 $ 12,994
Operating expenses 5,012 5,012
NOI 7,982 7,982
Growth from same period prior year 1.2% 1.2%
Combined Total
Revenue $ 29,235 $ 29,235
Operating expenses 11,171 11,171
NOI 18,064 18,064
Capital expenditures (excludes TI & $ 362 $ 362
CLC)
Weighted average leaseable sq ft 6,856 6,856
Capital expenditures per leaseable 0.05 0.05
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- ------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 92.1% 92.1%
Average effective rent per occupied 16.28 16.28
sq ft
Increase from same period prior year 2.6% 2.6%
Revenue per occupied sq ft 19.63 19.63
Increase from same period prior year 5.0% 5.0%
Combined Total
Occupancy 92.1% 92.1%
Average effective rent per occupied 15.85 15.85
sq ft
Increase from same period prior year 7.3% 7.3%
Revenue per occupied sq ft 18.52 18.52
Increase from same period prior year -0.9% -0.9%
- ------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 29 of the 54 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 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 rental dollars 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 rental dollars 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
March 31, 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 158,089 158,089
Average rental dollars per sq ft 17.29 17.29
Concessions 30,306 30,306
Concessions per sq ft leased 0.19 0.19
Tenant improvements (TI) committed 415,862 415,862
TI committed per sq ft leased 2.63 2.63
Capitalized leasing commissions (CLC) 689,930 689,930
committed
CLC committed per sq ft leased 4.36 4.36
CLC and TI committed per sq ft leased 6.99 6.99
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 65% 65%
Square footage leased 209,442 209,442
Average rental dollars per sq ft 18.04 18.04
Increase in effective rents from 36.7% 36.7%
renewals
Concessions 12,695 12,695
Concessions per sq ft leased 0.06 0.06
Tenant improvements (TI) committed 840,571 840,571
TI committed per sq ft leased 4.01 4.01
Capitalized leasing commissions (CLC) 434,836 434,836
committed
CLC committed per sq ft leased 2.08 2.08
CLC and TI committed per sq ft leased 6.09 6.09
- ------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
March 31, 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 $ 7,424 $ 6,771 $ 6,811 $ 27,701
Operating expenses 2,127 2,194 2,257 1,998 8,576
NOI 4,568 5,230 4,514 4,813 19,125
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% 90.8% 90.6% 88.7% 88.7%
Average effective rent per occupied 7.31 7.46 7.53 7.72 7.72
sq ft
Increase from same period prior year 11.0% 5.7% 1.5% 5.0% 5.0%
Revenue per occupied square foot 9.37 10.27 9.38 9.70 9.70
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 36 of the 44 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
March 31, 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 $ 6,796
Operating expenses 2,190 2,190
NOI 4,606 4,606
Growth from same period prior year 0.8% 0.8%
Combined Total
Revenue $ 9,532 $ 9,532
Operating expenses 2,849 2,849
NOI 6,684 6,684
Capital expenditure (excludes TI & $ 142 $ 142
CLC)
Weighted average leaseable sq ft 4,350 4,350
Capital expenditures per leaseable 0.03 0.03
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 87.1% 87.1%
Average effective rent per occupied 7.80 7.80
sq ft
Increase from same period prior year 6.7% 6.7%
Revenue per occupied square foot 9.80 9.80
Increase from same period prior year 4.6% 4.6%
Combined Total
Occupancy 89.1% 89.1%
Average effective rent per occupied 7.75 7.75
sq ft
Increase from same period prior year 4.3% 4.3%
Revenue per occupied sq ft 9.71 9.71
Increase from same period prior year 3.7% 3.7%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 36 of the 44 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
March 31, 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 rental dollars 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 square foot 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 square foot 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 rental dollars per square foot 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 square foot leased 0.01 0.10 - - 0.04
Tenant improvements (TI) committed 38,171 494,154 80,010 98,476 710,811
TI committed per square foot 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
March 31, 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 59,337
Average rental dollars per sq ft 9.86 9.86
Concessions 18,517 18,517
Concessions per square foot leased 0.31 0.31
Tenant improvements (TI) committed 188,564 188,564
TI committed per square foot leased 3.18 3.18
Capitalized leasing commissions (CLC) 165,251 165,251
committed
CLC committed per sq ft leased 2.78 2.78
CLC and TI committed per sq ft leased 5.96 5.96
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 60% 60%
Square footage leased 155,054 155,054
Average rental dollars per square foot 9.14 9.14
Increase in effective rents from 25.4% 25.4%
renewals
Concessions 81,232 81,232
Concessions per square foot leased 0.52 0.52
Tenant improvements (TI) committed 118,972 118,972
TI committed per square foot leased 0.77 0.77
Capitalized leasing commissions (CLC) 20,766 20,766
committed
CLC committed per sq ft leased 0.13 0.13
CLC and TI committed per Sq ft leased 0.90 0.90
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 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 $ 2,884 $ 2,821 $ 2,852 $ 11,385
Operating expenses 663 680 686 585 2,613
NOI 2,166 2,204 2,135 2,267 8,771
Growth from same period prior year 144.8% 141.7% 87.0% 12.1% 96.4%
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 0.00 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 3.34 3.37 3.44 3.44
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 4.00 3.91 3.96 3.96
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 31 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of CAM reimbursements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 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 $ 2,816
Operating expenses 666 666
NOI 2,150 2,150
Growth from same period prior year -0.7% (2) -0.7%
Combined Total
Revenue $ 4,764 $ 4,764
Operating expenses 1,115 1,115
NOI 3,650 3,650
Capital expenditure (excludes TI & $ 21 $ 21
CLC)
Weighted average leaseable sq ft 4,118 4,118
Capital expenditures per leaseable 0.01 0.01
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 97.2% 97.2%
Average effective rent per occupied 3.48 3.48
sq ft
Increase from same period prior year 3.5% 3.5%
Revenue per occupied sq ft 3.94 3.94
Increase from same period prior year -3.3% (2) -3.3%
Combined Total
Occupancy 97.4% 97.4%
Average effective rent per occupied 4.01 4.01
sq ft
Increase from same period prior year 19.8% 19.8%
Revenue per occupied sq ft 4.77 4.77
Increase from same period prior year 16.9% 16.9%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 21 of the 31 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of CAM reimbursements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 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 rental dollars 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 (1) - - 4.81 (1) 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 rental dollars 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) Tenant improvements were unusually high due to the creation of a new tenant suite at one of the properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 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 rental dollars 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% 48%
Square footage leased 63,270 63,270
Average rental dollars per sq ft 5.82 5.82
Increase in effective rents from 2.9% 2.9%
renewals
Concessions - 0
Concessions per sq ft leased - 0.00
Tenant improvements (TI) committed 52,855 52,855
TI committed per sq ft leased 0.84 0.84
Capitalized leasing commissions (CLC) 48,090 48,090
committed
CLC committed per sq ft leased 0.76 0.76
CLC and TI committed per sq ft leased 1.60 1.60
- --------------------------------------------------------------------------------------------------------------
(1) Tenant improvements were unusually high due to the creation of a new tenant suite at one of the properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 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 $ 2,127 $ 2,090 $ 2,011 $ 8,228
Operating expenses 725 688 702 670 2,785
NOI 1,274 1,439 1,388 1,341 5,442
Growth from same period prior year 2.1% 18.4% 7.0% 1.0%
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% 93.3% 93.5% 93.5% 93.5%
Average effective rent per occupied 8.30 8.43 8.59 8.59 8.59
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 12.06 11.83 11.83 11.83
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 7.59 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 square foot 10.11 10.18 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 7 of the 11 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of CAM reimbursements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 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 $ 2,156
Operating expenses 765 765
NOI 1,391 1,391
Growth from same period prior year 9.2% 9.2%
Combined Total
Revenue $ 3,241 $ 3,241
Operating expenses 1,176 1,176
NOI 2,064 2,064
Capital expenditures (excludes TI $ 14 $ 14
and CLC)
Weighted average leaseable sq ft 1,001 1,001
Capital expenditures per leaseable 0.01 0.01
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 92.2% 92.2%
Average effective rent per occupied 8.71 8.71
sq ft
Increase from same period prior year 4.9% 4.9%
Revenue per occupied sq ft 12.36 12.36
Increase from same period prior year 22.2% 22.2%
Combined Total
Occupancy 92.2% 92.2%
Average effective rent per occupied 9.26 9.26
sq ft
Increase from same period prior year 18.7% 18.7%
Revenue per occupied square foot 12.74 12.74
Increase from same period prior year 26.0% 26.0%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 7 of the 11 properties in the current portfolio.
(2) The decrease in Revenue is due to the timing of the billing of CAM reimbursements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 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 rental dollars 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 sq ft foot 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 rental dollars per sq ft 12.51 18.17 16.26 15.85 15.72
Percent increase in effective rents 21.2% 5.6% 10.7% 20.7% 14.6%
from renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed - - 1,100 50,578 51,678
TI committed per square foot 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
March 31, 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 11,017
Average rental dollars per sq ft 15.18 15.18
Concessions 3,600 3,600
Concessions per sq ft leased 0.33 0.33
Tenant improvements (TI) committed 19,400 19,400
TI committed per sq ft leased 1.76 1.76
Capitalized leasing commissions (CLC) 32,656 32,656
committed
CLC committed per sq ft leased 2.96 2.96
CLC and TI committed sq ft foot leased 4.73 4.73
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------
Tenant Retention 74% 74%
Square footage leased 33,585 33,585
Average rental dollars per sq ft 13.11 13.11
Percent increase in effective rents 18.5% 18.5%
from renewals
Concessions - -
Concessions per sq ft leased - -
Tenant improvements (TI) committed 3,200 3,200
TI committed per square foot leased 0.10 0.10
Capitalized leasing commissions (CLC) - -
committed
CLC committed per sq ft leased - -
CLC and TI committed per sq ft leased 0.10 0.10
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
March 31, 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 $ 3,790 $ 16,256 $ 16,169 $ 39,949
Operating expenses 1,432 1,451 7,001 6,929 16,813
NOI 2,302 2,339 9,255 9,240 23,136
Growth from same period prior year 303.3% 325.2% 1184.2% 1192.4% 751.2%
Combined Total
Revenue $ 3,762 $ 4,676 $ 16,257 $ 16,169 $ 40,865
Operating expenses 1,466 1,836 7,003 6,929 17,235
NOI 2,296 2,840 9,254 9,241 23,630
Capital expenditures $ 120 $ 145 $ 852 $ 1,033 $ 2,151
Weighted average units owned 2,147 2,662 9,353 9,353 5,879
Capital expenditures per unit 56 55 91 110 366
- --------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
- --------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 95.6% 93.3% 94.1% 93.4% 93.4%
Average effective base rent per 602 617 614 618 618
occupied unit
Increase from same period prior year -0.2% 2.8% - 0.3% 3.3%
Annualized turnover rate 43.2% 45.1% 78.0% 60.9% 67.7%
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%
Annualized turnover rate 43.2% 44.7% 78.0% 60.9% 67.7%
- --------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 13 of the 38 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
March 31, 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 $ 3,819
Operating expenses 1,453 1,453
NOI 2,365 2,365
Growth from same period prior year 2.8% 2.8%
Combined Total
Revenue $ 16,670 $ 16,670
Operating expenses 7,255 7,255
NOI 9,416 9,416
Capital expenditures $ 594 $ 594
Weighted average units owned 9,530 9,530
Capital expenditures per unit 62 62
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
- ------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 93.9% 93.9%
Average effective base rent per 627 627
occupied unit
Increase from same period prior year 4.2% 4.2%
Annualized turnover rate 51.2% 51.2%
Combined Total
Occupancy 94.2% 94.2%
Average effective base rent per 630 630
occupied unit
Increase from prior year 4.7% 4.7%
Annualized turnover rate 49.0% 49.0%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 13 of the 38 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
March 31, 1999
(in thousands)
Office Office/Flex Industrial Retail Multi-Family
--------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
REVENUES 29,235 9,532 4,764 3,241 16,670
OPERATING EXPENSES 11,171 2,849 1,115 1,176 7,255
--------------- --------------- --------------- --------------- ---------------
NOI 18,064 6,683 3,649 2,065 9,415
(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
March 31, 1999
(in thousands)
Property Total
Total Other (1) Reported
--------------- ------------------ -------------------
<S> <C> <C> <C>
REVENUES 63,422 1,199 64,641
OPERATING EXPENSES 23,566 (1,565) 22,001
--------------- ------------------ -------------------
NOI 39,876 2,764 42,640
(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
March 31, 1999
1999 2000 2001 2002 2003
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 14,612,794 17,727,268 16,578,154 19,263,839 7,908,987
Percent of total annual rent 13.3% 16.2% 15.1% 17.6% 7.2%
Square footage expiring 962,950 1,041,212 963,729 1,032,792 405,844
Percentage of square footage 15.3% 16.6% 15.3% 16.4% 6.5%
Number of leases 218 145 173 110 83
Percentage of number of leases 25.4% 16.9% 20.2% 12.8% 9.7%
- ---------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 5,980,442 5,206,134 4,534,690 3,853,317 4,464,318
Percent of total annual rent 18.5% 16.1% 14.0% 11.9% 13.8%
Square footage expiring 795,634 668,694 616,987 451,257 470,806
Percentage of square footage 20.4% 17.2% 15.8% 11.6% 12.1%
Number of leases 151 102 90 38 46
Percentage of number of leases 32.5% 22.0% 19.4% 8.2% 9.9%
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 1,463,052 1,700,347 1,772,508 3,019,612 1,005,227
Percent of total annual rent 8.1% 9.5% 9.9% 16.8% 5.6%
Square footage expiring 345,617 402,674 410,714 670,496 214,275
Percentage of square footage 8.5% 9.9% 10.1% 16.5% 5.3%
Number of leases 21 20 20 22 5
Percentage of number of leases 20.6% 19.6% 19.6% 21.6% 4.9%
- ---------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 1,312,966 745,516 1,273,500 352,449 725,756
Percent of total annual rent 14.4% 8.2% 14.0% 3.9% 8.0%
Square footage expiring
101,686 58,774 104,107 25,725 59,308
Percentage of square footage 11.0% 6.4% 11.2% 2.8% 6.4%
Number of leases 50 29 50 15 20
Percentage of number of leases 23.0% 13.4% 23.0% 6.9% 9.2%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1999
2008 and
2004 2005 2006 2007 thereafter
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 7,400,547 11,666,662 3,658,281 7,080,510 3,769,903
Percent of total annual rent 6.7% 10.6% 3.3% 6.5% 3.4%
Square footage expiring 403,696 638,432 224,262 257,323
352,562
Percentage of square footage 6.4% 10.2% 3.6% 5.6% 4.1%
Number of leases 32 17 10 12 57
Percentage of number of leases 3.7% 2.0% 1.2% 1.4% 6.7%
- -----------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 1,958,508 455,211 2,041,478 1,749,482 2,051,376
Percent of total annual rent 6.1% 1.4% 6.3% 5.4% 6.4%
Square footage expiring 221,773 30,000 209,231 140,911 291,896
Percentage of square footage 5.7% 0.8% 5.4% 3.6% 7.5%
Number of leases 19 1 7 3 7
Percentage of number of leases 4.1% 0.2% 1.5% 0.6% 1.5%
- -----------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 6,877,244 - 227,500 72,506 1,842,534
Percent of total annual rent 38.2% 0.0% 1.3% 0.4% 10.2%
Square footage expiring 1,658,911 - 32,500 15,660 313,163
Percentage of square footage 40.8% 0.0% 0.8% 0.4% 7.7%
Number of leases 9 0 1 1 3
Percentage of number of leases 8.8% 0.0% 1.0% 1.0% 2.9%
- -----------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 1,381,671 578,194 155,604 89,332 2,485,449
Percent of total annual rent 15.2% 6.4% 1.7% 1.0% 27.3%
Square footage expiring
182,888 39,378 10,950 8,444 334,153
Percentage of square footage 19.8% 4.3% 1.2% 0.9% 36.1%
Number of leases 21 9 4 4 15
Percentage of number of leases 9.7% 4.1% 1.8% 1.8% 6.9%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1999
1999 2000 2001 2002 2003
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual base rent expiring 23,369,254 25,379,265 24,158,852 26,489,217 14,104,288
Percent of total annual rent 13.8% 15.0% 14.3% 15.7% 8.3%
Square footage expiring 2,205,887 2,171,354 2,095,537 2,180,270 1,150,233
Percentage of square footage 14.5% 14.3% 13.8% 14.4% 7.6%
Number of leases 440 296 333 185 154
Percentage of number of leases 26.8% 18.0% 20.3% 11.3% 9.4%
- -------------------------------------------------------------------------------------------------------------
(1) Numbers exclude the corporate headquarters building and multifamily properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
March 31, 1999
2008 and
2004 2005 2006 2007 thereafter
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual base rent expiring 17,617,970 12,700,067 6,082,863 10,149,262
8,991,830
Percent of total annual rent 10.4% 7.5% 3.6% 5.3% 6.0%
Square footage expiring 2,467,268 707,810 476,943 1,196,535
517,577
Percentage of square footage 16.3% 4.7% 3.1% 3.4% 7.9%
Number of leases 81 27 22 20 82
Percentage of number of leases 4.9% 1.6% 1.3% 1.2% 5.0%
- -------------------------------------------------------------------------------------------------------------
(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 Rental Dollars per Square Total annualized revenues to be earned per year during the term of the lease before
Foot (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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C>
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 Companys debt as set forth on
the most recent financial statements.
</TABLE>
