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) December 31, 1998
GLENBOROUGH REALTY TRUST INCORPORATED
(Exact name of registrant as specified in its charter)
Maryland 33-83506 94-3211970
(State or other (Commission (IRS Employer
Jurisdiction of File Number) I.D. Number)
Incorporation)
400 South El Camino Real, Suite 1100, San Mateo, California 94402
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(Address of principal executive offices)
Registrant's Telephone number, including area code: (650) 343-9300
N/A
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(Former name, or former address, if changes since last report)
This form 8-K contains a total of 30 pages
No Exhibits Required
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
December 31, 1998
Item 5. Other Events
On January 27, 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 December 31, 1998,
in the form of a Supplemental Information package, a copy of which is included
as an exhibit to this filing.
Item 7. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Page Number in
Exhibit No. Description This Filing
99 Supplemental Information as of December 31, 1998 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
December 31, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: January 27, 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
December 31, 1998
Table of Contents
PAGE
Real Estate Portfolio..................................................6
Additions and Deletions to Portfolios During Period...................10
Debt Summary..........................................................12
Corporate Operating Summary...........................................14
Office Portfolio......................................................16
Office/Flex Portfolio.................................................18
Industrial Portfolio..................................................20
Retail Portfolio......................................................22
Multifamily Portfolio.................................................24
Reconciliation of Property Income.....................................25
Lease Expiration Schedule.............................................26
Glossary of Terms.....................................................28
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<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1998
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PROPERTY CITY ST SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Financial Phoenix AZ 17,768 78%
Vintage Pointe Phoenix AZ 56,112 95%
Warner Village Medical Fountain Valley CA 32,272 95%
Centerstone Plaza Irvine CA 157,579 98%
University Tech Center Pomona CA 100,516 96%
Academy Professional Center Rolling Hills CA 29,960 68%
Dallidet Professional Center San Luis Obispo CA 23,511 90%
400 South El Camino Real San Mateo CA 145,394 94%
One Gateway Center Denver CO 80,049 68%
Park Place Clearwater FL 164,435 96%
Buschwood III Tampa FL 76,930 92%
Temple Terrace Business Center Temple Terrace FL 79,393 100%
Ashford Perimeter Atlanta GA 288,584 97%
Powers Ferry Landing East Atlanta GA 393,672 98%
Capitol Center I, II & III Des Moines IA 158,556 100%
Oak Brook International Oak Brook IL 98,443 96%
Oakbrook Terrace Corporate Center III Oakbrook Terrace IL 254,085 95%
Columbia Center II Rosemont IL 150,133 98%
Embassy Plaza Schaumburg IL 140,744 18%
Meridian Park Carmel IN 86,332 52%
Crosspoint Four Fishers IN 41,121 100%
The Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 100%
Blue Ridge Office Building Braintree MA 74,795 82%
The Hartwood Building Lexington MA 52,721 100%
Bronx Park I Malborough MA 86,935 91%
Marlborough Corporate Place Malborough MA 570,151 94%
Westford Corporate Center Westford MA 163,247 100%
Montgomery Executive Center Gaithersburg MD 116,348 90%
Rockwall I & II Rockville MD 340,252 90%
Bond Street Building Farmington Hills MI 40,658 100%
Riverview Office Tower Bloomington MN 227,129 99%
University Club Tower St. Louis MO 272,425 93%
Woodlands Plaza St. Louis MO 72,276 98%
Edinburgh Center Cary NC 115,314 87%
One Pacific Place Omaha NE 125,492 94%
One Professional Square Omaha NE 34,836 86%
Regency Westpointe Omaha NE 35,937 98%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Exec. Quarters Bridgewater NJ 65,000 100%
Frontier Executive Quarters I Bridgewater NJ 224,314 100%
Frontier Executive Quarters II Bridgewater NJ 40,565 100%
Executive Place Franklin Township NJ 85,765 100%
Vreeland Business Ctr Florham Park NJ 133,090 100%
Gatehall Parsippany NJ 113,604 77%
25 Independence Blvd. Warren NJ 106,879 93%
Citibank Park Las Vegas NV 147,916 85%
Thousand Oaks Memphis TN 418,458 85%
Post Oak Place Houston TX 57,411 84%
4500 Plaza Salt Lake City UT 70,001 96%
700 South Washington Alexandria VA 56,348 100%
Cameron Run Alexandria VA 143,707 100%
2000 Corporate Ridge McLean VA 255,980 100%
Globe Building Mercer Island WA 24,779 96%
================= =================
Total Square Footage/Average % Occupied 7,001,109 92%
================= =================
Number of properties: 54
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1998
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PROPERTY CITY ST SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
OFFICE/FLEX PORTFOLIO
Hoover Industrial Mesa AZ 57,441 93%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 86%
Kraemer Industrial Park Anaheim CA 55,246 94%
Dominguez Industrial Carson CA 85,120 94%
Chatsworth Industrial Park Chatsworth CA 29,764 100%
Glassell Industrial Center Orange CA 46,912 74%
Dunn Way Industrial Placentia CA 59,832 97%
Monroe Industrial Placentia CA 38,655 57%
Rancho Bernardo Rancho Bernardo CA 52,865 88%
Scripps Terrace San Diego CA 56,796 100%
Tierrasanta Research Park San Diego CA 104,234 100%
Upland Industrial Upland CA 27,414 85%
Gateway One Denver CO 72,000 100%
Gateway Four Denver CO 100,000 100%
Gateway Six Denver CO 107,200 85%
Gateway Eight Denver CO 79,112 100%
Northglenn Business Center Denver CO 65,000 100%
Valley Business Park Denver CO 202,540 84%
Grand Regency Business Center Brandon FL 48,551 100%
Newport Business Center Deerfield Beach FL 62,412 94%
Cypress Creek Business Center Ft. Lauderdale FL 66,371 95%
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%
Oakbrook Corners Norcross GA 124,776 67%
The Business Park Norcross GA 157,153 98%
Covance Business Center Indianapolis IN 263,610 100%
Park 100 - Building 42 Indianapolis IN 37,200 79%
Canton Business Center Canton MA 79,565 100%
Fisher-Pierce Weymouth MA 79,825 100%
Columbia Warehouse Columbia MD 38,840 77%
Germantown Business Center I & II Germantown MD 60,000 100%
Winnetka Industrial Center Crystal MN 188,260 95%
Bryant Lake Business Center Eden Prairie MN 171,789 100%
Riverview Industrial Park St. Paul MN 113,700 90%
Woodlands Tech Center St. Louis MO 98,037 100%
Fox Hollow Business Quarters Branchburg NJ 42,173 100%
Fairfield Business Quarters Fairfield NJ 42,792 100%
Palms Business Center III Las Vegas NV 136,160 80%
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 52%
Post Palms Business Center Las Vegas NV 139,906 59%
Lehigh Valley Executive Campus Allentown PA 161,421 86%
Clark Avenue King of Prussia PA 40,000 92%
Valley Forge Corporate Center Norristown PA 300,894 91%
Walnut Creek Business Center Austin TX 100,000 100%
Kent Business Park Kent WA 138,157 97%
================= =================
Total Square Footage/Average % Occupied 4,560,519 90%
================= =================
Number of properties: 49
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 Industrial Anaheim CA 106,232 100%
Benicia Industrial Park Benicia CA 156,800 100%
Springdale Commerce Center Santa Fe Springs CA 144,000 88%
Burnham Industrial Warehouse Boca Raton FL 71,168 100%
Gateway Two Denver CO 135,792 100%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1998
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PROPERTY CITY ST SQ. FEET % OCC.
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<S> <C> <C> <C> <C>
Industrial (continued)
Gateway Three Denver CO 121,189 100%
Gateway Seven Denver CO 156,720 100%
Gateway Nine Denver CO 147,723 100%
Gateway Ten Denver CO 129,000 100%
Atlantic Industrial Norcross GA 102,295 75%
Bonnie Lane Business Center Elk Grove Village IL 119,590 100%
Navistar International Transportation Corp. W. Chicago IL 474,426 100%
Glenn Avenue Business Center Wheeling IL 82,000 100%
Wood Dale Business Center Wood Dale IL 89,718 59%
Park 100 - Building 46 Indianapolis IN 102,400 100%
J.I. Case Equipment Corp. Kansas City KS 199,750 100%
Forest Street Business Center Malborough MA 32,500 100%
Southworth-Milton Milford MA 146,125 100%
Flanders Industrial Park Westborough MA 105,500 100%
Navistar International Transportation Corp. Baltimore MD 274,000 100%
Eatontown Industrial Eatontown NJ 36,800 100%
Cottontail Distr Ctr Franklin Township NJ 229,352 100%
Jencraft Industrial Totowa NJ 120,943 100%
J.I. Case Equipment Corp. Memphis TN 205,594 100%
Mercantile I Dallas TX 236,092 100%
Quaker Industrial Dallas TX 42,083 100%
Sea Tac II Seattle WA 41,657 100%
================= =================
Total Square Footage/Average % Occupied 4,098,080 98%
================= =================
Number of properties: 30
RETAIL
Park Center Santa Ana CA 73,500 98%
Sonora Plaza Sonora CA 162,126 85%
Piedmont Plaza Apopka FL 151,000 97%
River Run Center Miramar FL 92,787 94%
Westwood Plaza Tampa FL 99,304 97%
Shannon Crossing Atlanta GA 79,149 93%
Westbrook Commons Westchester IL 132,190 97%
Broad Ripple Retail Center Indianapolis IN 37,540 96%
Cross Creek Retail Center Indianapolis IN 76,908 93%
Geist Retail Centre Indianapolis IN 72,348 100%
Woodfield Centre Indianapolis IN 58,171 92%
Goshen Plaza Gaithersburg MD 45,546 85%
Auburn North Shopping Center Auburn WA 158,596 94%
================= =================
Total Square Footage/Average % Occupied 1,239,165 94%
================= =================
Number of properties: 16
# OF UNITS % OCC.
MULTIFAMILY PORTFOLIO
Overlook Apartments Scottsdale AZ 224 95%
Aspen Ridge Colorado Springs CO 196 91%
Stone Ridge At Vinings Atlanta GA 440 89%
Woodmere Trace Duluth GA 220 92%
Crosscreek Apartments Indianapolis IN 208 95%
Harcourt Club Apartments Indianapolis IN 148 93%
Island Club Apartments Indianapolis IN 314 83%
Arrowood Crossing I & II Charlotte NC 200 93%
The Chase (Commonwealth) Charlotte NC 132 89%
The Courtyard Charlotte NC 55 89%
The Landing On Farmhurst Charlotte NC 125 97%
Sharonridge I & II Charlotte NC 75 97%
Wendover Glen Charlotte NC 96 98%
The Chase (Monroe) Monroe NC 120 98%
Willow Glen Monroe NC 120 97%
Sabal Point I, II, & III Pineville NC 374 92%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1998
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PROPERTY CITY ST # OF UNITS % OCC.
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<S> <C> <C> <C> <C>
MULTIFAMILY (continued)
The Oaks Raleigh NC 88 93%
Sahara Gardens Las Vegas NV 312 94%
Villas De Mission Las Vegas NV 226 96%
Players Club Of Brentwood Nashville TN 258 97%
Hunter's Chase Austin TX 424 96%
Hunterwood Austin TX 160 96%
Longspur Austin TX 252 98%
Silver Vale Crossing Austin TX 336 97%
Walnut Creek Crossing Apartments Austin TX 280 96%
Wind River Crossing Austin TX 352 91%
Bear Creek Crossing Houston TX 200 95%
Cypress Creek Apartments Houston TX 256 98%
North Park Crossing Houston TX 336 96%
Willow Brook Crossing Houston TX 208 97%
Park At Woodlake Houston TX 564 93%
Jefferson Creek Irving TX 300 89%
Jefferson Place Irving TX 424 91%
La Costa Plano TX 462 93%
Bandera Crossing San Antonio TX 204 97%
The Hollows San Antonio TX 432 88%
Vista Crossing San Antonio TX 232 95%
======================================
Total Units/Average % Occupied 9,353 93%
======================================
Number of properties: 37
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORFOLIOS DURING PERIOD
December 31, 1998
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PROPERTY CITY ST SQ. FEET DATE
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<S> <C> <C> <C> <C>
ADDITIONS:
NONE
DELETIONS:
OFFICE PORTFOLIO
Hillcrest Office Fullerton CA 34,623 12/23/98
Number of properties: 1
INDUSTRIAL PORTFOLIO
Airport Perimeter College Park GA 120,986 11/3/98
Pinewood Arlington TX 46,060 11/18/98
-----------------
TOTALS 167,046
Number of properties: 2
Total Number of Properties: 3
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
QUARTERLY RECAP OF ACQUISITIONS AND DISPOSITIONS
December 31, 1998
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ACQUISITION NUMBER OF
PORTFOLIO/PROPERTY COST PROPERTIES SQ. FEET DATE
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<S> <C> <C> <C> <C>
None
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SALES NUMBER OF SQ. FEET/
PORTFOLIO/PROPERTY PRICE PROPERTIES ROOMS DATE
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Airport Perimeter $ 4,700,000 1 11/3/98
120,986
Pinewood $ 1,185,000 1 11/18/98
46,060
Hillcrest Office Plaza $ 2,562,000 1 12/23/98
34,623
Country Suites - Tucson $ 8,200,000 1 12/30/98
157
------------------------ ------------------- -------------------
$ 8,447,000 4 201,669 Square Feet
157 Rooms
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
DECEMBER 31, 1998
Maturity
From
Debt Interest Interest Maturity 12/31/98
Loan Type Balance Rate Type Date (Years)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
UNSECURED DEBT
Line of Credit $ 63,519,000 7.401% LIBOR +1.625% 12/22/00 1.98
Senior Unsecured Notes 150,000,000 7.625% Fixed 3/15/05 6.21
SECURED DEBT
Cross Collateralized Loans
Secured by Fifteen Properties 114,950,000 6.750% Variable 12/20/99 0.97
Secured by Three Properties 53,469,000 6.750% Fixed 9/1/00 1.67
Secured by Eight Properties 13,220,000 7.570% Fixed 1/1/06 7.00
Secured by Four Properties 14,309,000 7.570% Fixed 5/10/07 8.36
Secured by Three Properties 15,650,000 6.950% Fixed 7/1/08 9.50
Secured by Eight Properties 60,622,000 6.125% Fixed 11/10/08 9.86
Secured by Seven Properties 47,063,000 6.125% Fixed 11/10/08 9.86
Secured by Nine Properties 54,503,000 6.125% Fixed 11/10/08 9.86
Secured by Eleven Properties 72,683,000 6.125% Fixed 11/10/08 9.86
Secured by Ten Properties 58,942,000 7.500% Fixed 10/1/22 23.75
Individually Secured Mortgages
Office 2,067,000 8.180% Variable 10/1/00 1.75
Office 2,996,000 8.560% Fixed 10/1/01 2.75
Office 4,299,000 7.875% Fixed 11/1/02 3.84
Office 10,194,000 8.140% Fixed 10/1/03 4.75
Office 19,420,000 7.590% Fixed 12/31/03 5.00
Office 18,896,000 7.500% Fixed 1/1/04 5.00
Office 2,557,000 7.600% Fixed 10/1/04 5.75
Office 21,369,000 7.250% Fixed 1/31/05 6.08
Office 4,433,000 8.870% Fixed 9/1/05 6.67
Office 788,000 8.000% Fixed 9/1/05 6.67
Office 20,994,000 7.520% Fixed 12/1/05 6.92
Office/Flex 1,442,000 7.630% Fixed 1/29/99 0.08
Office/Flex 1,278,000 7.380% Fixed 6/30/99 0.50
Office/Flex 1,371,000 9.250% Fixed 12/1/00 1.92
Office/Flex 3,318,000 9.250% Fixed 7/1/01 2.50
Office/Flex 2,416,000 7.750% Fixed 8/1/06 7.59
Office/Flex 2,794,000 8.125% Fixed 6/1/07 8.42
Office/Flex 795,000 8.375% Fixed 10/1/10 11.75
Office/Flex 713,000 7.262% Variable 5/1/17 18.34
Industrial 9,782,000 8.050% Fixed 4/10/04 5.28
Industrial 3,890,000 8.250% Fixed 11/1/06 7.84
Industrial 4,764,000 6.950% Fixed 7/1/08 9.50
Retail 4,891,000 8.480% Fixed 11/30/05 6.92
Retail 5,019,000 8.470% Fixed 1/1/07 8.00
Retail 4,366,000 8.820% Fixed 2/1/07 8.09
Hotel 4,255,000 8.000% Fixed 1/1/06 7.00
Multifamily 7,500,000 7.250% Variable 12/22/00 1.98
Multifamily 3,800,000 7.835% Fixed 9/1/05 6.67
Multifamily 12,097,000 7.835% Fixed 9/1/05 6.67
Multifamily 6,287,000 7.835% Fixed 10/1/05 6.75
Multifamily 3,167,000 7.600% Fixed 12/1/30 31.92
Multifamily 3,109,000 7.600% Fixed 12/1/30 31.92
Multifamily 2,480,000 7.600% Fixed 12/1/30 31.92
Multifamily 2,292,000 7.600% Fixed 12/1/30 31.92
Multifamily 1,584,000 7.600% Fixed 12/1/30 31.92
Multifamily 1,014,000 7.850% Fixed 12/1/30 31.92
Multifamily 730,000 7.850% Fixed 12/1/30 31.92
--------------- --------------- ---------------
Total Debt/Weighted Interest Rate & Maturity $922,097,000 7.082% 7.48
=============== =============== ===============
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
DECEMBER 31, 1998
Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
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<S> <C> <C> <C>
All Debt 922,097,000 100.00% 7.08%
Debt Summarized by Rate:
All Floating Rate Debt 188,749,000 20.47% 7.01%
Floating Rate Debt Capped 115,663,000 12.54% 6.75%
Floating Rate Debt Not Capped 73,086,000 7.93% 7.41%
All Fixed Rate Debt 733,348,000 79.53% 7.10%
Debt Summarized by Loan Type:
Total Unsecured Debt 213,519,000 23.16% 7.56%
Total Secured Debt 708,578,000 76.84% 6.94%
Cross Collateralized Loans 505,411,000 54.81% 6.60%
Individually Secured Mortages 203,167,000 22.03% 7.79%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
December 31, 1998
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
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OPERATING RESULTS
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<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 2,594,000 $ 4,639,000 $ 4,958,000 $ 9,139,000 $ 21,330,000
and extraordinary item
Plus:
Depreciation and amortization 1,537,000 2,507,000 4,823,000 6,006,000 14,873,000
Adjustment to reflect FFO of 623,000 248,000 (776,000) 1,205,000 1,300,000
Associated Companies
Loss on interest rate protection - - - - -
agreement
Costs of terminated stock offering - - - - -
Less:
(Net gain) reduction in prior period - (570,000) 90,000 (284,000) 764,000
gain on sales of real estate assets
Gain on collection of note (154,000) (498,000) - - (652,000)
receivable and other
Preferred stock dividend
Funds from operations (FFO) (1) 4,600,000 6,326,000 9,095,000 16,066,000 36,087,000
Plus:
Amortization of deferred financing 64,000 64,000 46,000 47,000 221,000
fees
Less:
Capital reserve in excess of 110,000 220,000 204,000 748,000 1,282,000
expenditures
Capital expenditures (incl. T.I.'s & 421,000 541,000 853,000 876,000 2,691,000
commissions)
Cash available for distribution (CAD)(1)$ 4,133,000 $ 5,629,000 8,084,000 $ 14,489,000 $ 32,335,000
Cash flows from
Operating Activities 724,000 7,849,000 8,739,000 6,766,000 24,078,000
Investing Activities (3) (990,000) (12,309,000) (248,921,000) (196,241,000) (569,242,000)
Financing Activities (4) 41,514,000 75,990,000 239,600,000 191,775,000 548,879,000
Ratio of earnings to fixed charges 2.64 3.08 2.89 3.81 3.21
(includes depreciation) (1)
Ratio of earnings to fixed charges and 2.64 3.08 2.89 3.81 3.21
preferred dividends (1)
(includes depreciation)
Debt coverage ratio 3.27 3.43 4.40 4.78 4.14
Interest coverage ratio 3.68 3.84 4.83 5.65 4.70
Cumulative capital reserves in excess 56,000 276,000 480,000 1,228,000 1,228,000
of expenditures
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OTHER INFORMATION
- ---------------------------------------------------------------------------------------------------------------
EBIDA (including G & A expenses)
Combined total $ 5,550,000 $ 8,304,000 12,413,000 $ 18,114,000 $ 44,381,000
Compounded growth from same period 86.7% 181.0% 274.1% 260.3% 210.9%
prior year
Net Operating Income (NOI)-Property
Level (2)
Same property $ 4,584,000 $ 3,651,000 7,191,000 $ 14,219,000 $ 29,645,000
Growth from same period prior year 7.0% 5.4% 3.1% 9.0% 6.2%
Tenant retention % (commercial 80.2% 38.8% 55.6% 50.7% 52.9%
portfolio)
Net Income excluding extraordinary 2,363,000 4,241,000 4,898,000 8,709,000 20,211,000
items
Net Income including extraordinary 2,363,000 4,241,000 4,898,000 7,866,000 19,368,000
items
(1) Fixed charges INCLUDE DEPRECIATION as an expense. Please see the Glossary of Terms for a definition and other related
disclosure.
(2) Reflects the performance of 88 of the 183 properties in the current portfolio and excludes hotels from the same store
calculation.
(3) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(4) Includes proceeds from issuance of stock and debt, debt repayments and distributions.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
December 31, 1998
For the Period: 1998
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 12,891,000 $ 14,517,000 $ 11,145,000 $ $ 9,999,000 $ 48,552,000
and extraordinary item
Plus:
Depreciation and amortization 10,009,000 10,934,000 14,309,000 14,782,000 50,034,000
Adjustment to reflect FFO of 210,000 174,000 1,163,000 633,000 2,180,000
Associated Companies
Loss on interest rate protection - - - 4,323,000 4,323,000
agreement
Costs of terminated stock offering - - - 247,000 247,000
Less:
(Net gain) reduction in prior period (1,446,000) (693,000) 250,000 (2,907,000) (4,796,000)
gain on sales of real estate assets
Gain on collection of note - - - - 0
receivable and other
Preferred stock dividend (3,910,000) (5,570,000) (5,570,000) (5,570,000) (20,620,000)
Funds from operations (FFO) (1) 17,754,000 19,362,000 21,297,000 21,507,000 79,920,000
Plus:
Amortization of deferred financing 418,000 174,000 406,000 565,000 1,563,000
fees
Less:
Capital reserve in excess of 1,088,000 330,000 69,000 (2,440,000) (953,000)
expenditures
Capital expenditures (incl. T.I.'s & 1,122,000 2,870,000 3,789,000 6,298,000 14,079,000
commissions)
Cash available for distribution (CAD)(1)$ 15,962,000 $ 16,336,000 $ 17,845,000 $ $18,214,000 $ 68,357,000
Cash flows from
Operating Activities 15,327,000 17,327,000 34,023,000 9,744,000 76,421,000
Investing Activities (3) (383,526,000) (185,908,000) (64,432,000) 20,026,000 (613,840,000)
Financing Activities (4) 369,795,000 195,000,000 4,705,000 (32,794,000) 536,706,000
Ratio of earnings to fixed charges 2.41 2.46 1.60 1.54 1.87
(includes depreciation) (1)
Ratio of earnings to fixed charges and 1.69 1.57 1.21 1.17 1.36
preferred dividends (1)
(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 2,316,000 2,646,000 2,715,000 275,000 275,000
of expenditures
- ---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION
- ---------------------------------------------------------------------------------------------------------------
EBIDA (including G & A expenses)
Combined total $ 30,599,000 $ 34,465,000 $ 42,617,000 $ $42,880,000 $ 150,561,000
Compounded growth from same period 451.3% 315.0% 243.3% 136.7% 239.2%
prior year
Net Operating Income (NOI)-Property
Level (2)
Same property $ 4,796,000 $ 3,933,000 $ 7,571,000 $ $15,108,000 $ 31,408,000
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)
Net Income excluding extraordinary 12,213,000 13,921,000 10,510,000 9,358,000 46,002,000
items
Net Income including extraordinary 12,213,000 13,921,000 10,510,000 7,958,000 44,602,000
items
(1) Fixed charges INCLUDE DEPRECIATION as an expense. Please see the Glossary of Terms for a definition and other related
disclosure.
(2) Reflects the performance of 88 of the 183 properties in the current portfolio and excludes hotels from the same store
calculation.
(3) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(4) Includes proceeds from issuance of stock and debt, debt repayments and distributions.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
December 31, 1998
For the Period: 1997
-----------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
Financial Highlights
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 10,089,331 13,188,504 19,395,779 29,033,945 17,982,817
outstanding for EPS
Diluted wtd avg shares outstanding 10,256,129 13,432,442 21,132,947 31,450,823 19,517,543
for EPS
Diluted wtd avg shares for 10,935,951 14,466,852 21,194,507 31,512,511 19,688,489
calculation of FFO and CAD
Diluted CAD per share $ 0.38 $ 0.39 $ 0.38 $ 0.46 $ 1.64
Basic net income per share before $ 0.23 $ 0.32 $ 0.25 $ 0.30 $ 1.12
extraordinary items available to
common shareholders (1)
Diluted net income per share $ 0.23 $ 0.32 $ 0.24 $ 0.29 $ 1.09
before extraordinary items
available to common shareholders(1)
FFO multiplier (Price/FFO) 11.90 14.35 16.10 14.52 16.19
Total dividends (common shares and $ 4,541,000 $ 6,863,000 $ 10,690,000 $ 14,243,000 36,337,000
OP units)
Dividend per share $ 0.32 $ 0.32 $ 0.32 $ 0.42 1.38
Dividend payout ratio (CAD) 84.2% 82.1% 84.2% 91.3% 84.1%
Total Preferred Dividends - - - - -
Preferred Dividends per share - - - - -
Total notes and mortgages payable 59,007,000 152,681,000 257,445,000 228,299,000 228,299,000
Preferred Stock at Par Value - - - - -
Total market capitalization (2) 335,120,716 511,004,053 869,525,089 1,232,961,514 1,232,961,514
Percent increase from same period 175% 319% 491% 379% 379%
prior year
Debt/Total market capitalization 17.6% 29.9% 29.6% 18.5% 18.5%
Preferred shares outstanding (at - - - - -
end of period)
Price per share on last trading day - - - - -
Common shares outstanding (at end 13,161,553 13,194,692 20,174,692 31,547,256 31,547,256
of period)
Common shares and OP Units 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
outstanding (at end of period)
Fully converted common shares and 13,805,673 14,191,009 22,106,739 33,912,665 33,912,665
OP units (at end of period) (3)
Price per share on last trading day $ 20.00 $ 25.25 $ 27.69 $ 29.63 29.63
- -----------------------------------------------------------------------------------------------------------
(1) Net income per share is computed independently for each quarter and the full year based on the respecti
number of common shares outstanding; therefore; the sum of the quarterly income per share data may not
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
December 31, 1998
For the Period: 1998
------------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- --------------------------------------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 31,548,706 31,648,041 31,703,963 31,743,924 31,661,810
outstanding for EPS
Diluted wtd avg shares outstanding 34,372,364 34,868,905 36,261,228 36,191,009 35,576,210
for EPS
Diluted wtd avg shares for 34,372,364 34,868,905 36,261,228 36,191,009 35,576,210
calculation 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 $ 0.26 $ 0.26 $ 0.15 0.12 $ 0.80
before extraordinary items
available to common shareholders(1)
FFO multiplier (Price/FFO) 14.00 11.77 9.00 8.63 9.06
Total dividends (common shares and $ 14,246,000 $ 14,587,000 $ 15,108,000 15,110,000 $ 59,051,000
OP 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 $ 3,910,000 $ 5,570,000 $ 5,570,000 5,570,000 $ 20,620,000
Preferred Dividends per share 0.34(4) 0.48 0.48 0.48 1.78
Total notes and mortgages payable 442,415,000 868,406,000 935,244,000 922,097,000 922,097,000
Preferred Stock at Par Value 287,500,000 287,500,000 287,500,000 287,500,000 287,500,000
Total market capitalization (2) 1,717,807,011 2,092,990,707 1,987,128,281 1,942,624,320 1,942,624,320
Percent increase from same period 413% 310% 129% 58% 58%
prior year
Debt/Total market capitalization 25.8% 41.5% 47.1% 47.5% 47.5%
Preferred shares outstanding (at 11,500,000 11,500,000 11,500,000 11,500,000 11,500,000
end of period)
Price per share on last trading day $ 26.13 $ 24.38 $ 20.38 18.25 $ 18.25
Common shares outstanding (at end 31,549,756 31,685,322 31,737,286 31,758,915 31,758,915
of period)
Common shares and OP Units 33,919,039 35,529,278 35,971,025 35,976,801 35,976,801
outstanding (at end of period)
Fully converted common shares and 42,676,273 44,286,512 44,728,259 44,734,035 44,734,035
OP 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
OFFICE PORTFOLIO
December 31, 1998
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (2)
Revenue $ 2,342,654 $ 2,371,488 $ 5,960,948 $ 10,496,595 $ 21,171,685
Operating expenses 1,082,311 1,111,476 2,600,440 3,925,100 8,719,327
NOI 1,260,343 1,260,012 3,360,508 6,571,495 12,452,358
Growth from same period prior year 9.0% -4.3% 7.2% 9.4% 7.0%
Combined Total
Revenue $ 2,342,654 $ 4,268,632 $ 7,597,307 $ 10,862,358 $ 25,070,951
Operating expenses 1,082,311 1,939,135 2,960,056 4,004,799 9,986,301
NOI 1,260,343 2,329,497 4,637,251 6,857,559 15,084,650
Growth from same period prior year (3) 548.9% 948.1% 646.8% 485.6% 583.1%
Capital expenditures (excludes TI & $ 19,663 $ 51,787 $ 188,196 $ 51,995 $ 311,641
CLC)
Weighted average leaseable sq ft 642,323 1,088,395 1,754,151 2,495,818 1,495,172
Capital expenditures per leaseable 0.03 0.05 0.11 0.02 0.21
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- -------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 93.4% 92.0% 95.1% 94.0% 94.0%
Average effective rent per occupied 13.68 14.28 14.92 15.81 15.81
sq ft
Increase from same period prior year 3.9% 7.9% 4.8% 9.6% 9.6%
Revenue per occupied square foot 15.61 16.05 17.32 18.70 18.70
Increase from same period prior year 3.1% 6.3% 2.4% 9.9% 9.9%
Combined Total
Occupancy 93.4% 93.4% 95.2% 93.1% 93.1%
Average effective rent per occupied 13.68 13.75 15.88 15.81 15.81
sq ft
Increase from same period prior year 4.6% 6.2% 20.5% 16.1% 16.1%
Revenue per occupied square foot 15.61 16.67 18.47 18.15 18.15
Increase from same period prior year 13.5% 22.5% 21.8% 18.0% 18.0%
- -------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 27 of the 54 properties in the current portfolio.
(3) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1998
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (2)
Revenue $ 2,584,425 $ 2,541,816 $ 6,521,473 $ 10,928,220 $ 22,575,934
Operating expenses 1,130,202 1,154,046 2,926,755 3,776,926 8,987,929
NOI 1,454,223 1,387,770 3,594,718 7,151,294 13,588,005
Growth from same period prior year 15.4% 10.1% 7.0% 8.8% 10.3%
Combined Total
Revenue $ 25,818,923 $ 29,635,839 $ 30,712,868 $ 29,530,298 $ 115,697,928
Operating expenses 9,482,761 10,889,688 12,122,361 10,927,738 43,422,548
NOI 16,336,162 18,746,151 18,590,507 18,602,560 72,275,380
Growth from same period prior year(3) 1196.2% 704.7% 300.9% 171.3% 379.1%
Capital expenditures (excludes TI & $ 198,608 $ 259,273 $ 583,973 $ 645,526 $ 1,687,380
CLC)
Weighted average leaseable sq ft 5,686,523 6,482,993 6,880,581 8,449,912 6,875,002
Capital expenditures per leaseable 0.03 0.04 0.08 0.08 0.25
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- -------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 93.1% 93.4% 95.4% 94.1% 94.1%
Average effective rent per occupied 14.60 14.56 14.94 16.24 16.24
sq ft
Increase from same period prior year 6.8% 2.0% 0.1% 2.7% 2.7%
Revenue per occupied square foot 17.28 16.93 18.86 19.64 19.64
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 square foot 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 27 of the 54 properties in the current portfolio.
(3) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1998
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 8,505 12,272 14,786 22,684 58,247
Rental dollars $ 181,092 $ 226,705 $ 254,294 $ 412,845 $ 1,074,936
Average base rent per sq ft 21.29 18.47 17.20 18.20 18.45
Concessions 10,086 - 6,982 8,128 25,196
Concessions per sq ft leased 1.19 - 0.47 0.36 0.43
Tenant improvements (TI) committed 53,680 75,700 94,316 119,422 343,118
TI committed per sq ft leased 6.31 6.17 6.38 5.26 5.89
TI spent 57,688 77,223 47,430 152,172 334,513
Capitalized leasing commissions (CLC) 18,499 20,475 48,819 77,204 164,997
committed
CLC committed per square foot leased 2.18 1.67 3.30 3.40 2.83
CLC spent 37,133 26,029 34,423 84,013 181,599
CLC and TI committed per sq ft leased 8.49 7.84 9.68 8.67 8.72
- -------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- -------------------------------------------------------------------------------------------------------------
Tenant Retention 71% 36% 78% 65% 65%
Square footage leased 22,570 15,144 32,603 45,790 116,107
Rental dollars $ 350,087 $ 229,914 $ 547,472 $ 864,156 $ 1,991,629
Average base rent 15.51 15.18 16.79 18.87 17.15
Increase in effective rents from 36.2% 12.8% 5.9% 16.5% 17.9%
renewals
Concessions - 650 - 9,295 9,945
Concessions per square foot leased - 0.04 - 0.20 0.09
Tenant improvements (TI) committed 64,036 35,168 126,192 159,169 384,565
TI committed per square foot leased 2.84 2.32 3.87 3.48 3.31
TI spent 40,125 18,759 147,769 105,999 312,652
Capitalized leasing commissions (CLC) 9,357 6,661 6,987 58,061 81,066
committed
CLC committed per square foot leased 0.41 0.44 0.21 1.27 0.70
CLC spent 9,230 8,214 6,730 (3,400) (2) 20,774
CLC and TI committed per sq ft leased 3.25 2.76 4.08 4.74 4.01
- -------------------------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects reversal of prior quarter leasing commission.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1998
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
Rental dollars $ 605,370 $ 649,340 $ 1,134,298 $ 1,352,406 $ 3,741,414
Average base 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
TI spent 169,226 708,606 225,229 626,285 1,729,346
Capitalized leasing commissions (CLC) 108,223 94,647 262,254 291,275 756,399
committed
CLC committed per square foot leased 3.40 2.75 4.50 4.01 3.84
CLC spent 73,867 192,606 119,100 412,574 798,147
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
Rental dollars $ 828,478 $ 2,458,601 $ 1,590,742 $ 2,321,566 $ 7,199,387
Average base rent 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 square foot 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 square foot leased 2.57 4.37 3.58 4.17 3.91
TI spent 90,454 349,372 198,206 724,675 1,362,707
Capitalized leasing commissions (CLC) 35,179 230,093 61,732 69,789 396,793
committed
CLC committed per square foot leased 0.73 1.63 0.73 0.64 1.04
CLC spent 18,659 144,300 74,289 135,725 372,973
CLC and TI committed per sq ft leased 3.30 6.00 4.31 4.81 4.95
- --------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects reversal of prior quarter leasing commission.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1998
For the Period: 1997
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 385,324 $ 381,422 $ 1,586,001 $ 4,626,159 $ 6,978,906
Operating expenses 104,172 107,620 532,083 1,408,320 2,152,195
NOI 281,152 273,802 1,053,918 3,217,839 4,826,711
Growth from same period prior year 32.4% 32.6% -41.3% -35.8% -5.5%
Combined Total
Revenue $ 385,324 $1,429,963 $ 2,417,606 $ 6,121,363 10,354,256
Operating expenses 104,172 398,932 765,416 1,793,850 3,062,370
NOI 281,152 1,031,031 1,652,190 4,327,513 7,291,886
Growth from same period prior year (2) 137.6% 1204.2% 4454.0% 1600.0% 1393.5%
Capital expenditure (excludes TI & $ - $ 498 $ 16,804 $ 21,713 $ 39,015
CLC)
Weighted average leaseable sq ft 247,506 904,914 1,424,566 3,133,998 1,427,746
Capital expenditures per leaseable 0.00 0.00 0.01 0.01 0.03
sq ft
- ----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ----------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 95.7% 93.5% 94.2% 93.7% 93.7%
Average effective rent per occupied 5.58 5.63 6.70 6.66 6.66
sq ft
Increase from same period prior year 9.3% 12.0% -12.0% 9.7% 9.7%
Revenue per occupied square foot 6.51 6.59 7.17 8.10 8.10
Increase from same period prior year 4.9% 45.8% -17.1% 5.7% 5.7%
Combined Total
Occupancy 95.7% 86.5% 95.0% 91.3% 91.3%
Average effective rent per occupied 5.58 6.82 6.30 7.17 7.17
sq ft
Increase from same period prior year -13.7% 21.8% 6.7% 30.5% 30.5%
Revenue per occupied square foot 6.51 7.47 7.43 8.69 8.69
Increase from same period prior year -4.4% 33.5% 21.2% 31.5% 31.5%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects performance of 30 of the 49 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1998
For the Period: 1998
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 391,142 $ 394,584 $ 1,593,043 $ 4,887,415 $ 7,266,184
Operating expenses 121,748 130,429 588,988 1,553,197 2,394,362
NOI 269,394 264,155 1,004,055 3,334,218 4,871,822
Growth from same period prior year -4.2% -3.5% -4.7% 3.6% -2.2%
Combined Total
Revenue $ 8,578,557 $ 9,015,232 $ 9,469,146 $ 9,924,488 $ 36,987,423
Operating expenses 2,569,126 2,681,086 2,915,212 2,732,702 10,898,126
NOI 6,009,431 6,334,146 6,553,934 7,191,786 26,089,297
Growth from same period prior year(2) 2037.4% 514.4% 296.7% 66.2% 257.8%
Capital expenditure (excludes TI & $ 39,005 $ 118,497 $ 344,245 $ 262,893 $ 764,640
CLC)
Weighted average leaseable sq ft 3,962,346 3,978,774 4,536,877 4,560,519 4,259,629
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 91.8% 84.5% 90.9% 91.9% 91.9%
Average effective rent per occupied 6.20 5.96 6.81 6.99 6.99
sq ft
Increase from same period prior year 11.0% 5.7% 1.5% 5.0% 5.0%
Revenue per occupied square foot 6.88 7.55 7.47 8.90 8.90
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 square foot 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 30 of the 49 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1998
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased - 2,634 5,178 24,551 32,363
Rental dollars $ - $ 25,666 $ 29,152 $ 200,570 $ 255,388
Average base rent per sq ft - 9.74 5.63 8.17 7.89
Concessions - - 2,382 4,027 6,409
Concessions per sq ft leased - - 0.46 0.16 0.20
Tenant improvements (TI) committed - 52,000 2,076 39,310 93,386
TI committed per sq ft leased - 19.74 0.40 1.60 2.89
TI spent - 58,829 95,755 171,051 325,635
Capitalized leasing commissions (CLC) - 6,358 2,076 26,005 34,439
committed
CLC committed per square foot leased - 2.41 0.40 1.06 1.06
CLC spent 1,515 7,440 11,539 17,401 37,895
CLC and TI committed per sq ft leased - 22.16 0.80 2.66 3.95
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 0% 73% 42% 45% 49%
Square footage leased - 18,000 8,257 80,038 106,295
Rental dollars $ - $ 119,578 $ 57,403 $ 551,681 $ 728,662
Average base rent - 6.64 6.95 6.89 6.86
Increase in effective rents from 0% 52.2% 23.6% 15.6% 22.9%
renewals
Concessions - - - 11,677 11,677
Concessions per square foot leased - - - 0.09 0.07
Tenant improvements (TI) committed - 8,000 43,004 91,055 142,059
TI committed per sq ft leased - 0.44 5.21 1.14 1.34
TI spent - - 1,029 35,352 36,381
Capitalized leasing commissions (CLC) - 5,359 9,174 14,151 28,684
committed
CLC committed per sq ft leased - 0.30 1.11 0.18 0.27
CLC spent - - 4,549 13,491 18,040
CLC and TI committed per sq ft leased - 0.74 6.32 1.31 1.61
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1998
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
Rental dollars $ 320,823 $ 1,175,744 $ 841,254 $ 975,920 $ 3,313,741
Average base 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
TI spent 61,216 289,840 922,362 645,911 1,919,329
Capitalized leasing commissions (CLC) 70,168 292,089 125,560 242,586 730,403
committed
CLC committed per square foot leased 2.11 2.53 1.92 2.54 2.36
CLC spent 46,414 236,114 171,611 305,360 759,499
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
Rental dollars $ 773,215 $ 1,674,685 $ 733,186 $ 1,245,199 $ 4,426,285
Average base rent 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 sq ft leased 0.32 2.16 1.00 0.72 1.25
TI spent 57,687 115,201 48,294 131,297 352,479
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 spent 25,036 143,707 18,933 13,453 201,129
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
INDUSTRIAL PORTFOLIO
December 31, 1998
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 1,050,168 $ 1,077,035 $ 1,406,933 $ 2,571,724 $ 6,105,860
Operating expenses 165,417 165,290 265,691 548,573 1,144,971
NOI 884,751 911,745 1,141,242 2,023,151 4,960,889
Growth from same period prior year 10.7% 0.6% -1.4% -2.2% 1.7%
Combined Total
Revenue $ 1,050,168 $ 1,390,927 $ 1,797,234 $ 3,082,351 $ 7,320,680
Operating expenses 175,205 249,393 358,614 676,169 1,459,381
NOI 874,963 1,141,534 1,438,620 2,406,182 5,861,299
Growth from same period prior year(2) 28.8% 54.2% 96.5% 176.4% 93.9%
Capital expenditure (excludes TI & $ 54,415 $ 11,334 $ 440 $ 111,761 $ 177,951
CLC)
Weighted average leaseable sq ft 1,778,862 1,950,911 2,329,463 3,269,372 2,332,152
Capital expenditures per leaseable 0.03 0.01 0.01 0.03 0.08
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 99.3% 99.3% 99.4% 98.6% 98.6%
Average effective rent per occupied 2.32 2.34 2.69 3.22 3.22
sq ft
Increase from same period prior year 8.0% 1.2% -0.8% -0.1% -0.1%
Revenue per occupied sq ft 2.38 2.44 2.78 3.79 3.79
Increase from same period prior year 7.7% 3.2% -3.5% -0.6% -0.6%
Combined Total (2)
Occupancy 99.3% 99.4% 98.9% 97.4% 97.4%
Average effective rent per occupied 2.32 2.74 3.29 3.36 3.36
sq ft
Increase from same period prior year 9.5% 19.9% 44.5% 39.5% 39.5%
Revenue per occupied sq ft 2.38 2.98 3.70 3.89 3.89
Increase from same period prior year 9.3% 31.5% 57.8% 62.0% 62.0%
- -------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 19 of the 30 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1998
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 1,088,532 $ 1,134,429 $ 1,523,990 $ 2,607,690 $ 6,354,641
Operating expenses 165,713 203,122 328,467 512,824 1,210,126
NOI 922,819 931,307 1,195,523 2,094,866 5,144,515
Growth from same period prior year 4.3% 2.1% 4.8% 3.5% 3.7%
Combined Total
Revenue $ 3,293,416 $ 3,478,946 $ 4,665,760 $ 4,665,508 $16,103,630
Operating expenses 799,898 850,802 1,119,123 838,660 3,608,483
NOI 2,493,518 2,628,144 3,546,637 3,826,848 12,495,147
Growth from same period prior year(2) 185.0% 130.2% 146.5% 59.0% 113.2%
Capital expenditure (excludes TI & $ 10,239 $ 34,349 $ 60,006 $ 39,649 $ 144,243
CLC)
Weighted average leaseable sq ft 3,315,654 3,430,898 4,265,126 4,098,080 3,777,440
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 96.7% 100.0% 97.7% 98.0% 98.0%
Average effective rent per occupied 2.44 2.43 2.87 3.36 3.36
sq ft
Increase from same period prior year 5.4% 4.0% 6.5% 4.4% 4.4%
Revenue per occupied sq ft 2.53 2.55 3.07 3.87 3.87
Increase from same period prior year 6.5% 4.6% 10.2% 2.0% 2.0%
Combined Total (2)
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 4.71 4.71
Increase from same period prior year 71.5% 38.9% 23.2% 21.1% 21.1%
- --------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 19 of the 30 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1998
For the Period: 1997
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased - 55,248 - 12,758 68,006
Rental dollars $ - $ 168,511 $ - $ 39,550 $ 208,061
Average base rent per sq ft - 3.05 - 3.10 3.06
Concessions - 15,429 - - 15,429
Concessions per sq ft leased - 0.28 - - 0.23
Tenant improvements (TI) committed - 30,551 - 7,818 38,369
TI committed per sq ft leased - 0.55 - 0.61 0.56
TI spent 1,534 3,210 31,749 3,799 40,292
Capitalized leasing commissions (CLC) - 50,518 0 11,864 62,382
committed
CLC committed per sq ft leased - 0.91 0 0.93 0.92
CLC spent 8,469 26,298 24,813 6,657 66,237
CLC and TI committed per sq ft leased - 1.47 0 1.54 3.01
- ----------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ----------------------------------------------------------------------------------------------------------------
Tenant Retention 100% 31% 39% 48% 48%
Square footage leased 41,372 36,999 14,832 36,846 130,049
Rental dollars $ 142,971 $ 108,576 $ 45,979 $ 179,560 $ 477,086
Average base rent 3.46 2.93 3.10 4.87 3.67
Increase in effective rents from 14.8% 36.4% 45.5% 14.7% 27.9%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed 79,216 3,239 6,680 600 89,735
TI committed per sq ft leased 1.91 0.09 0.45 0.02 0.69
TI spent - 81,874 - 6,394 88,268
Capitalized leasing commissions (CLC) 21,923 14,947 5,518 2,189 44,577
committed
CLC committed per sq ft leased 0.53 0.40 0.37 0.06 0.34
CLC spent 2,019 33,368 - 5,001 40,388
CLC and TI committed per sq ft leased 2.44 0.49 0.82 0.08 1.03
- ----------------------------------------------------------------------------------------------------------------
(1) Tenant improvements were unusually high due to the creation of a new tenant suite at one of the properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1998
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
Rental dollars $ 39,218 $ 184,320 $ - $ 246,310 $ 469,848
Average base 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 (1) - - 4.81(1) 2.52
TI spent 13,204 36,971 4,193 180,852 235,220
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 spent 9,466 25,220 22,867 59,806 117,359
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
Rental dollars $ 105,232 $ 260,202 $ 38,115 $ 508,484 $ 912,033
Average base rent 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
TI spent - 1,417 - 12,663 14,080
Capitalized leasing commissions (CLC) 2,361 - - - 2,361
committed
CLC committed per sq ft leased 0.08 - - - 0.01
CLC spent 1,180 - - 2,500 3,680
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
RETAIL PORTFOLIO
December 31, 1998
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS:
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,042,561 $ 967,040 $ 1,335,021 $ 2,542,033 $ 5,886,655
Operating expenses 312,671 311,733 420,799 850,940 1,896,143
NOI 729,891 655,307 914,222 1,691,093 3,990,513
Growth from same period prior year 7.6% -4.5% 24.7% 69.5% 18.0%
Combined Total
Revenue $ 1,466,612 $ 1,579,107 $ 1,637,556 $ 2,541,057 $ 7,224,332
Operating expenses 373,556 411,934 538,084 859,223 2,182,797
NOI 1,093,056 1,167,173 1,099,472 1,681,834 5,041,535
Growth from same period prior year(2) 82.7% 81.1% 74.1% 90.7% 82.9%
Capital expenditures (excludes TI $ 86,970 $ 907 $ 5,139 $ 16,455 $ 109,471
and CLC)
Weighted average leaseable sq ft 630,700 734,722 753,804 979,088 774,578
Capital expenditures per leaseable 0.14 0.00 0.01 0.02 0.14
sq ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -----------------------------------------------------------------------------------------------------------
Same Property
Occupancy 97.0% 90.1% 91.8% 96.4% 96.4%
Average effective rent per occupied 6.35 6.75 7.02 7.98 7.98
sq ft
Increase from same period prior year -0.4% 3.0% 20.2% 20.4% 20.4%
Revenue per occupied sq ft 7.97 7.89 8.37 10.77 10.77
Increase from same period prior year 1.8% -1.7% 16.6% 26.1% 26.1%
Combined Total
Occupancy 96.6% 92.2% 92.8% 96.4% 96.4%
Average effective rent per occupied 8.04 8.10 8.49 7.98 7.98
sq ft
Increase from same period prior year -26.1% -27.6% -17.8% 0.7% 0.7%
Revenue per occupied sq ft 9.63 9.25 12.13 10.77 10.77
Increase from same period prior year -23.4% -26.9% 3.4% 15.5% 15.5%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 9 of the 13 properties in the current portfolio.
(2) Reflects acquisition activity.
(3) Revenue per occupied foot is lower than prior year's quarter due to the timing of recovery billings.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1998
For the Period: 1998
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS:
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,072,191 $ 1,089,454 $ 1,425,895 $ 2,464,287 $ 6,051,827
Operating expenses 327,246 313,662 447,236 756,444 1,844,588
NOI 744,945 775,792 978,659 1,707,843 4,207,239
Growth from same period prior year 2.1% 18.4% 7.0% 1.0% 7.1%
Combined Total
Revenue $ 2,387,998 $ 3,042,567 $ 3,207,799 $ 3,433,254 $12,071,618
Operating expenses 864,791 1,071,850 948,223 955,309 3,840,173
NOI 1,523,207 1,970,717 2,259,576 8,231,445
2,477,945
Growth from same period prior year (2) 39.4% 68.8% 105.5% 47.3% 63.3%
Capital expenditures (excludes TI $ 16,945 $ 49,482 $ 112,989 $ 145,163 $ 324,579
and CLC)
Weighted average leaseable sq ft 979,088 1,167,524 1,234,565 1,239,165 1,155,086
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 97.4% 93.1% 93.1% 93.4% 93.4%
Average effective rent per occupied 6.65 6.85 6.82 8.14 8.14
sq ft
Increase from same period prior year 4.6% 1.5% -2.9% 1.9% 1.9%
Revenue per occupied sq ft 7.90 8.39 8.52 11.33 11.33
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 sq ft 10.11 10.18 11.14 11.81 11.81
Increase from same period prior year 5.0% 10.0% -8.2%(3) 9.7% 9.7%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 9 of the 13 properties in the current portfolio.
(2) Reflects acquisition activity.
(3) Revenue per occupied foot is lower than prior year's quarter due to the timing of recovery billings.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1998
For the Period: 1997
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 3,381 - 2,000 - 5,381
Rental dollars $ 32,558 $ - $ 25,184 $ - $ 57,742
Average base rent per sq ft 9.63 - 12.59 - 10.73
Concessions 789 - 5,533 - 6,322
Concessions per sq ft leased 0.23 - 2.77 - 1.17
Tenant improvements (TI) committed 4,110 - 21,999 - 26,109
TI committed per sq ft leased 1.22 - 11.00 - 4.85
TI spent 2,322 3,852 10,670 12,499 29,343
Capitalized leasing commissions (CLC) 8,568 - 4,604 - 13,172
committed
CLC committed per sq ft leased 2.53 - 2.30 - 2.45
CLC spent 2,808 5,760 2,252 2,252 13,072
CLC and TI committed per sq ft leased 3.75 - 13.30 - 7.30
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------
Tenant Retention 36% 54% 100% 100% 52%
Square footage leased 2,850 1,100 1,549 1,200 6,699
Rental dollars $ 28,781 $ 12,100 $ 16,265 $ 17,568 $ 74,714
Average base rent per sq ft 10.10 11.00 10.50 14.64 11.15
Percent increase in effective rents 2.4% 14.1% 0% 6.1% 5.7%
from renewals
Concessions 2,800 - - - 2,800
Concessions per sq ft leased 0.98 - - - 0.42
Tenant improvements (TI) committed 6,000 - - - 6,000
TI committed per sq ft leased 2.11 - - - 0.90
TI spent - - - - -
Capitalized leasing commissions (CLC) - - - - -
committed
CLC committed per sq ft leased - - - - -
CLC spent - - - - -
CLC and TI committed per sq ft leased 2.11 - - - 0.90
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1998
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
Rental dollars $ 32,964 $ 33,494 $ 85,769 $ 164,821 $ 317,048
Average base 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
TI spent - 5,702 - 7,428 13,130
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 spent 9,519 4,035 14,905 51,082 79,541
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
Rental dollars $ 30,660 $ 25,438 $ 83,311 $ 196,334 $ 335,743
Average base rent 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 sq ft leased - - 0.21 4.08 2.42
TI spent 71,627 35,813 35,813 36,072 179,325
Capitalized leasing commissions (CLC) - 7,632 - - 7,632
committed
CLC committed per sq ft leased - 5.45 - - 0.36
CLC spent - - 7,632 3,000 10,632
CLC and TI committed per sq ft leased - 5.45 0.21 4.08 2.78
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
December 31, 1998
For the Period: 1997
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS:
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 929,310 $ 930,126 $ 1,267,712 $ 1,281,249 $ 4,408,397
Operating expenses 358,568 379,913 547,025 566,274 1,851,780
NOI 570,742 550,213 720,687 714,975 2,556,617
Growth from same period prior year 9.0% 19.5% -6.0% 3.0% 5.2%
Combined Total
Revenue $ 1,129,909 $ 1,412,508 $ 1,477,798 $ 1,515,704 $ 5,535,919
Operating expenses 447,290 562,250 639,501 659,708 2,308,749
NOI 682,619 850,258 838,297 855,996 3,227,170
Growth from same period prior year (2) 565.3% 838.8% 569.8% 42.7% 251.5%
Capital expenditures $ 49,279 $ 45,491 $ 65,907 $ 48,700 $ 209,377
Weighted avg apartment units owned 642 796 866 866 793
Capital expenditures per apartment 77 57 76 56 264
unit
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
- ------------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 94.8% 95.0% 93.2% 94.5% 94.5%
Average effective base rent per 585 587 600 610 610
occupied unit
Increase from same period prior year 2.9% 4.7% 3.9% 3.3% 3.3%
Apartment annualized turnover rate 51.3% 48.3% 73.5% 57.7% 61.3%
Combined Total
Occupancy 94.7% 94.2% 93.9% 94.7% 94.7%
Average effective base rent per 599 609 610 619 619
occupied unit
Increase from prior year -8.4% -7.1% -7.5% 7.4% 7.4%
Apartment annualized turnover rate 49.2% 46.7% 69.3% 54.0% 55.7%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 3 of the 37 properties in the current portfolio.
(2) Reflects acquisition activity
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
December 31, 1998
For the Period: 1998
- ------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS:
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 920,804 $ 935,609 $ 1,351,498 $ 1,324,839 $ 4,532,750
Operating expenses 386,173 362,105 553,516 505,398 1,807,192
NOI 534,631 573,504 797,982 819,441 2,725,558
Growth from same period prior year -6.3% 4.2% 10.7% 14.6% 5.8%
Combined Total
Revenue $ 3,762,174 $ 4,676,157 $ 16,257,073 $ 16,169,412 $40,864,816
Operating expenses 1,466,031 1,836,409 7,003,386 6,928,740 17,234,566
NOI 2,296,143 2,839,748 9,253,687 9,240,672 23,630,250
Growth from same period prior year (2) 236.4% 234.0% 1003.9% 979.5% 632.2%
Capital expenditures $ 120,362 $ 145,384 $ 851,826 $ 1,033,343 $ 2,150,915
Weighted avg apartment units owned 2,147 2,662 9,353 9,353 5,879
Capital expenditures per apartment 56 55 91 110 366
unit
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
- -----------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 93.7% 95.9% 94.6% 94.6% 94.6%
Average effective base rent per 603 600 614 616 616
occupied unit
Increase from same period prior year 3.1% 2.3% 2.4% 1.1% 1.1%
Apartment annualized turnover rate 37.2% 37.2% 61.9% 49.3% 48.0%
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 3 of the 37 properties in the current portfolio.
(2) Reflects acquisition activity
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
December 31, 1998
Office Flex Industrial Retail
----------------- ------------------ ----------------- ------------------
<S> <C> <C> <C> <C>
REVENUES 29,530,298 9,924,488 4,665,508 3,433,254
OPERATING EXPENSES 10,927,738 2,732,702 838,660 955,309
----------------- ------------------ ----------------- ------------------
NOI 18,602,560 7,191,786 3,826,848 2,477,945
(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 building
and the hotel portfolio which are not included in the property total.
CONTRIBUTION TO REVENUE
(GRAPHIC OMITTED)
(Graphic of pie chart by property type showing percentage contributed to revenue)
CONTRIBUTION TO NOI
(GRAPHIC OMITTED)
(Graphic of pie chart by property type showing percentage contributed to NOI)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
December 31, 1998
Property Total
Multifamily Total Other (1) Reported
----------------- ----------------- ------------------- ------------------
<S> <C> <C> <C> <C>
REVENUES 16,169,412 63,722,960 1,330,110 65,053,070
OPERATING EXPENSES 6,928,740 22,383,149 (1,339,005) 21,044,144
----------------- ----------------- ------------------- ------------------
NOI 9,240,672 41,339,811 2,669,115 44,008,926
(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 building
and the hotel portfolio which are not included in the property total.
CONTRIBUTION TO REVENUE
(GRAPHIC OMITTED)
(Graphic of pie chart by property type showing percentage contributed to revenue)
CONTRIBUTION TO NOI
(GRAPHIC OMITTED)
(Graphic of pie chart by property type showing percentage contributed to NOI)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1998
1998 1999 2000 2001 2002
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO (1)
Annual base rent expiring 2,041,113 15,677,996 18,450,800 16,588,068 18,128,933
Percent of total annual rent 1.9% 14.5% 17.0% 15.3% 16.7%
Square footage expiring 123,709 1,114,169 1,064,151 960,697 978,477
Percentage of square footage 2.0% 17.6% 16.8% 15.1% 15.4%
Number of leases 22 234 144 166 100
Percentage of number of leases 2.6% 27.2% 16.7% 19.3% 11.6%
- ---------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 1,409,644 6,564,649 4,714,264 4,927,983 3,446,966
Percent of total annual rent 4.2% 19.8% 14.2% 14.8% 10.4%
Square footage expiring 167,663 915,672 641,225 677,313 417,161
Percentage of square footage 4.1% 22.2% 15.5% 16.4% 10.1%
Number of leases 19 188 105 102 32
Percentage of number of leases 3.6% 36.1% 20.2% 19.6% 6.1%
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 196,022 1,829,819 1,700,347 1,707,914 2,368,809
Percent of total annual rent 1.1% 10.6% 9.9% 9.9% 13.7%
Square footage expiring 48,655 411,592 402,674 394,519 555,261
Percentage of square footage 1.2% 10.4% 10.1% 9.9% 14.0%
Number of leases 3 23 20 19 17
Percentage of number of leases 3.0% 23.2% 20.2% 19.2% 17.2%
- ---------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 167,708 1,897,945 918,034 1,791,876 359,457
Percent of total annual rent 1.5% 17.2% 8.3% 16.2% 3.3%
Square footage expiring 14,438 151,979 72,344 165,263 26,301
Percentage of square footage 1.2% 13.0% 6.2% 14.1% 2.2%
Number of leases 8 69 37 63 15
Percentage of number of leases 3.0% 26.1% 14.0% 23.9% 5.7%
- ---------------------------------------------------------------------------------------------------------------
(1) Numbers exclude the corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1998
2007 and
2003 2004 2005 2006 thereafter
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO (1)
Annual base rent expiring 7,824,928 4,842,049 11,466,238 3,658,281 9,816,778
Percent of total annual rent 7.2% 4.5% 10.6% 3.4% 9.0%
Square footage expiring 406,689 265,350 630,897 224,262 575,427
Percentage of square footage 6.4% 4.2% 9.9% 3.5% 9.1%
Number of leases 81 18 17 10 68
Percentage of number of leases 9.4% 2.1% 2.0% 1.2% 7.9%
- ---------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 4,488,014 1,376,639 455,211 2,041,478 3,800,858
Percent of total annual rent 13.5% 4.1% 1.4% 6.1% 11.4%
Square footage expiring 480,707 159,261 30,000 209,231 434,787
Percentage of square footage 11.6% 3.9% 0.7% 5.1% 10.5%
Number of leases 46 10 1 7 11
Percentage of number of leases 8.8% 1.9% 0.2% 1.3% 2.1%
- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 1,005,227 6,789,115 - 227,500 1,411,676
Percent of total annual rent 5.8% 39.4% 0.0% 1.3% 8.2%
Square footage expiring 214,275 1,648,496 - 32,500 265,603
Percentage of square footage 5.4% 41.5% 0.0% 0.8% 6.7%
Number of leases 5 8 0 1 3
Percentage of number of leases 5.1% 8.1% 0.0% 1.0% 3.0%
- ---------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 992,951 1,244,227 684,444 155,604 2,845,623
Percent of total annual rent 9.0% 11.3% 6.2% 1.4% 25.7%
Square footage expiring 109,795 181,751 53,105 10,950 386,872
Percentage of square footage 9.4% 15.5% 4.5% 0.9% 33.0%
Number of leases 23 15 9 4 21
Percentage of number of leases 8.7% 5.7% 3.4% 1.5% 8.0%
- ---------------------------------------------------------------------------------------------------------
(1) Numbers exclude the corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1998
1998 1999 2000 2001 2002
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TOTAL COMMERCIAL PORTFOLIO (1)
Annual base rent expiring 3,814,487 25,970,409 25,783,445 25,015,841 24,304,165
Percent of total annual rent 2.2% 15.3% 15.2% 14.7% 14.3%
Square footage expiring 354,465 2,593,412 2,180,394 2,197,792 1,977,200
Percentage of square footage 2.3% 16.6% 14.0% 14.1% 12.7%
Number of leases 52 514 306 350 164
Percentage of number of leases 3.0% 29.5% 17.5% 20.1% 9.4%
- --------------------------------------------------------------------------------------------------------------
(1) Numbers exclude the corporate headquarters building and multifamily properties.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
December 31, 1998
2007 and
2003 2004 2005 2006 thereafter
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TOTAL COMMERCIAL PORTFOLIO (1)
Annual base rent expiring 14,311,120 14,252,030 12,605,893 6,082,863 17,874,935
Percent of total annual rent 8.4% 8.4% 7.4% 3.6% 10.5%
Square footage expiring 1,211,466 2,254,858 714,002 476,943 1,662,689
Percentage of square footage 7.8% 14.4% 4.6% 3.1% 10.6%
Number of leases 155 51 27 22 103
Percentage of number of leases 8.9% 2.9% 1.5% 1.3% 5.9%
- --------------------------------------------------------------------------------------------------------------
(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 multifamily units that became available for rent during the period
reported on an annualized basis.
Associated Companies The Company owns 100% of the non-voting preferred stock of two real
estate companies: Glenborough Corporation and Glenborough Hotel Group.
Average Base Rent Base rent charged to tenants.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements
and equipment, including tenant improvements and leasing
commissions unless otherwise noted. This caption does not include purchases of land,
buildings, and equipment that will produce revenue for the Company, such as property
acquisitions and construction of rentable structures.
Capitalized Leasing Commissions incurred for obtaining a lease which have been capitalized and are to be
Commissions (CLC) amortized over the lease term.
Cash Available For Distribution Cash available for distribution ("CAD") represents income (loss) before minority
(CAD) interests and extraordinary items, adjusted for depreciation and amortization
including amortization of deferred financing costs and gains (losses) from the
disposal of properties, less lease commissions and recurring capital expenditures.
CAD should not be considered an alternative to net income (computed in accordance
with GAAP) as a measure of the Company's financial performance or as an alternative
to cash flow from operating activities (computed in accordance with GAAP) as a
measure of the Company's liquidity, nor is it necessarily indicative of sufficient
cash flow to fund all of the Company's cash needs.
CLC Committed Capitalized leasing commissions which have been committed as a part of entering into
a lease agreement.
CLC Spent The portion of committed, capitalized leasing commissions which have been spent by
the Company.
Combined Total All properties owned in the current year.
Concessions Relief or reduction of rent charges for a specified period, negotiated and committed
to as a part of entering into a lease agreement.
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.
Dividend Payout Ratio The percentage of 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.
FFO Multiplier Stock price per share divided by annualized FFO per share.
FFO Per Share FFO divided by the fully diluted weighted average shares outstanding during the
period.
Funds From Operations (FFO) Funds from Operations, as defined by NAREIT, represents income (loss) before minority
interests and extraordinary items, adjusted for real estate related depreciation and
amortization and gains (losses) from the disposal of properties. In 1996,
consolidation and litigation costs were also added back to net income to determine
FFO. The Company believes that FFO is an important and widely used measure of the
financial performance of equity REITs which provides a relevant basis for comparison
among other REITs. Together with net income and cash flows, FFO provides investors
with an additional basis to evaluate the ability of a REIT to incur and service debt
and to fund acquisitions, developments and other capital expenditures. FFO does not
represent net income or cash flows from operations as defined by GAAP, and should not
be considered as an alternative to net income (determined in accordance with GAAP) as
an indicator of the Company's operating performance or as an alternative to cash
flows from operating, investing and financing activities (determined in accordance
with GAAP) as a measure of liquidity. FFO does not necessarily indicate that cash
flows will be sufficient to fund all of the Company's cash needs including principal
amortization, capital improvements and distributions to stockholders. Further, FFO as
disclosed by other REITs may not be comparable to the Company's calculation of FFO.
The Company calculates FFO in accordance with the White Paper on FFO approved by the
Board of Governors of NAREIT in March 1995.
Interest Coverage Ratio EBITDA divided by the difference between interest on debt and amortization of
deferred financing fees.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
- ------------------------------------ -----------------------------------------------------------------------------------------
<S> <C>
Leasing Production Information related to lease agreements entered into during the period including
square footage leased, rental dollars (specifically defined below), concessions,
tenant improvements, and capitalized leasing commissions.
Net Operating Income (NOI) Revenue less Operating Expenses.
Occupancy Total square feet (units) rented divided by net occupied rentable square feet (units)
as of the end of the quarter.
Percent Debt to Total Market Total notes and mortgages payable divided by the total market capitalization as
Capitalization defined below.
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.
Rental Dollars Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) concessions, TI's and leasing commissions.
Same Property Properties owned in the current year which were also owned during the same period of
the prior year. If a property is sold during the quarter, data for prior periods and
the current quarter are deleted for comparability.
Tenant Improvements (TI) A capital expense used to improve the physical space occupied by an existing or new
tenant. Tenant improvements are amortized over the term of the lease.
TI Committed Tenant improvements which have been committed as a part of entering into a lease
agreement.
TI Spent The portion of committed tenant improvements which have been spent by the Company.
Total Market Capitalization As of the date calculated, the sum of (a) the product obtained by multiplying the
total number of common shares and units outstanding by the price per share; plus (b)
the product obtained by multiplying the total number of preferred shares outstanding
by the liquidation preference per share; plus (c) the Company's debt as set forth on
the most recent financial statements.
</TABLE>
