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, 2000
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 25 pages
No Exhibits Required
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
March 31, 2000
Item 5. Other Events
On April 26, 2000, 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, 2000, 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, 2000 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
March 31, 2000
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 26, 2000 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, 2000
Table of Contents
PAGE
Real Estate Portfolio.................................................... 5
Additions and Deletions to Portfolios During Period...................... 8
Geographic and Property Type Contribution to Net Operating Income ....... 9
Debt Summary............................................................. 10
Corporate Operating Summary.............................................. 12
Office Portfolio......................................................... 14
Industrial Portfolio..................................................... 16
Retail Portfolio......................................................... 18
Multifamily Portfolio.................................................... 20
Reconciliation of Property Income........................................ 21
Lease Expiration Schedule................................................ 22
Glossary of Terms........................................................ 23
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 2000
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PROPERTY CITY ST SQ. FEET % OCC
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OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Tradewinds Mesa AZ 17,768 74%
Vintage Pointe Phoenix AZ 55,870 64%
Warner Village Medical Center Fountain Valley CA 32,272 88%
Centerstone Irvine CA 157,579 98%
University Tech Center Pomona CA 100,455 94%
Gateway Professional Sacramento CA 50,558 90%
Park Plaza Sacramento CA 72,436 93%
Tierrasanta Research Park San Diego CA 104,234 100%
400 South El Camino Real San Mateo CA 143,455 98%
One Gateway Center Aurora CO 80,049 89%
Northglenn Business Center Northglenn CO 65,000 100%
Grand Regency Business Center Brandon FL 48,551 100%
Park Place Clearwater FL 164,820 95%
Buschwood III Tampa FL 77,044 45%
Fingerhut Business Center Tampa FL 48,840 100%
PrimeCo Business Center Tampa FL 48,090 100%
Temple Terrace Business Center Temple Terrace FL 79,393 100%
Ashford Perimeter Atlanta GA 289,277 86%
Powers Ferry Landing Atlanta GA 393,672 89%
Business Park Norcross GA 157,153 83%
Capitol Center Des Moines IA 161,468 100%
Oak Brook International Center Oak Brook IL 98,431 56%
Oakbrook Terrace Corp Ctr III Oak Brook Terrace IL 254,085 100%
Columbia Center II Rosemont IL 150,133 92%
Embassy Plaza Schaumburg IL 140,744 44%
Meridian Park Carmel IN 86,443 72%
Crosspoint Four Indianapolis IN 41,121 92%
Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 100%
Blue Ridge Office Building Braintree MA 74,795 92%
Hartwood Building Lexington MA 52,721 100%
Bronx Park I Marlborough MA 75,277 100%
Marlborough Corp Place Marlborough MA 570,421 97%
Westford Corporate Center Westford MA 163,264 100%
Montgomery Executive Center Gaithersburg MD 116,565 90%
Germantown Germantown MD 60,000 100%
Montrose Office Park Rockville MD 186,680 93%
Riverview Office Tower Bloomington MN 227,129 94%
Bryant Lake Eden Prairie MN 171,789 100%
Woodlands Tech St Louis MO 98,037 100%
University Club Tower St. Louis MO 272,443 89%
Woodlands Plaza St. Louis MO 72,276 99%
Edinburgh Center Cary NC 115,314 97%
One Pacific Place Omaha NE 128,683 93%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Exec. Quarters I and II Bridgewater NJ 149,262 100%
Frontier Executive Quarters I and II Bridgewater NJ 264,879 95%
Fairfield Business Quarters Fairfield NJ 42,792 100%
Vreeland Business Center Florham Park NJ 133,090 100%
Executive Place Franklin Township NJ 85,765 100%
Gatehall I Parsipanny NJ 113,604 94%
25 Independence Warren NJ 106,879 87%
Citibank Las Vegas NV 147,765 93%
Clark Avenue King of Prussia PA 40,000 100%
Poplar Towers Memphis TN 100,901 81%
Thousand Oaks Memphis TN 418,458 75%
700 South Washington Alexandria VA 56,348 94%
Cameron Run Alexandria VA 143,707 100%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 2000
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PROPERTY CITY ST SQ. FEET % OCC
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OFFICE PORTFOLIO (cont.)
<S> <C> <C> <C> <C>
Totem Valley Business Center Kirkland WA 121,645 96%
Globe Office Building Mercer Island WA 25,555 95%
--------------------------------------
Total Square Footage/Average % Occupied 7,608,172 91%
======================================
Number of properties: 60
INDUSTRIAL PORTFOLIO
Hoover Industrial Center Mesa AZ 57,441 94%
Fifth Street Industrial Phoenix AZ 109,699 100%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 76%
Fairmont Commerce Center Tempe AZ 83,200 100%
Coronado Industrial Anaheim CA 95,732 100%
East Anaheim Anaheim CA 106,232 100%
Bellanca Airport Park Los Angeles CA 84,201 100%
Scripps Terrace San Diego CA 56,796 100%
Springdale Commerce Center Santa Fe Springs CA 144,000 90%
Gateway Industrial Aurora CO 1,162,274 100%
Lake Point Business Park Orlando FL 134,389 96%
Atlantic Industrial Norcross GA 102,295 100%
Oakbrook Corners Norcross GA 124,776 50%
Navistar - Chicago Chicago IL 474,426 100%
Covance Business Center Indianapolis IN 263,610 100%
Park 100 Indianapolis IN 140,200 95%
J.I. Case - Kansas City Kansas City KS 199,750 100%
Canton Business Center Canton MA 79,565 100%
Forest Street Business Center Marlborough MA 32,500 100%
Southworth-Milton Milford MA 146,125 100%
Flanders Industrial Park Westborough MA 105,500 100%
Fisher-Pierce Industrial Weymouth MA 79,825 100%
Navistar - Baltimore Baltimore MD 274,000 100%
Winnetka Industrial Center Crystal MN 188,260 60%
Fox Hollow Business Quarters I Branchburg NJ 42,173 100%
Eatontown Industrial Eatontown NJ 36,800 100%
Cottontail Distribution Center Franklin Township NJ 229,352 100%
One Taft Industrial Totowa NJ 120,943 100%
Palms Business Center III and IV Las Vegas NV 173,574 82%
Palms Business Center North and South Las Vegas NV 224,474 75%
Post Palms Business Center Las Vegas NV 139,962 73%
Lehigh Valley Allentown PA 161,405 88%
Valley Forge Corp Ctr Norristown PA 278,580 90%
J.I. Case - Memphis Memphis TN 205,594 100%
Kent Business Park Kent WA 138,157 100%
Sea Tac II Seattle WA 41,657 100%
--------------------------------------
Total Square Footage/Average % Occupied 6,173,056 94%
======================================
Number of properties: 37
RETAIL
Sonora Center Sonora CA 162,126 82%
Piedmont Plaza Apopka FL 151,000 99%
River Run Shopping Center Miramar FL 92,787 97%
Westwood Plaza Tampa FL 99,304 95%
Westbrook Commons Westchester IL 132,190 96%
Broad Ripple Retail Centre Indianapolis IN 37,540 87%
Cross Creek Retail Centre Indianapolis IN 76,908 94%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
March 31, 2000
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PROPERTY CITY ST SQ. FEET % OCC
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RETAIL PORTFOLIO (cont.)
<S> <C> <C> <C> <C>
Geist Retail Centre Indianapolis IN 72,348 78%
Woodfield Centre Indianapolis IN 58,171 86%
Goshen Plaza Gaithersburg MD 45,623 85%
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Total Square Footage/Average % Occupied 927,997 91%
======================================
Number of properties: 10
# OF UNITS % OCC
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MULTIFAMILY PORTFOLIO
Overlook Scottsdale AZ 224 93%
Stone Ridge At Vinings Atlanta GA 440 90%
Woodmere Trace Duluth GA 220 97%
Crosscreek Indianapolis IN 208 87%
Harcourt Club Indianapolis IN 148 97%
Island Club Indianapolis IN 314 87%
Arrowood Crossing Charlotte NC 200 96%
Chase On Commonwealth Charlotte NC 132 96%
Courtyard Charlotte NC 55 93%
Landing On Farmhurst Charlotte NC 125 98%
Sharonridge Charlotte NC 75 96%
Wendover Glen Charlotte NC 96 94%
Chase Monroe I & II Monroe NC 216 93%
Willow Glen Monroe NC 120 98%
Sabal Point Pineville NC 374 93%
Oaks Raleigh NC 88 97%
Sahara Gardens Las Vegas NV 312 92%
Villas De Mission Las Vegas NV 226 92%
Players Club Of Brentwood Nashville TN 258 95%
Hunters Chase Austin TX 424 96%
Hunterwood Austin TX 160 96%
Longspur Austin TX 252 94%
Silvervale Crossing Austin TX 336 98%
Walnut Creek Crossing Austin TX 280 97%
Wind River Crossing Austin TX 352 95%
Springs of Indian Creek I Carrollton TX 285 70%
Bear Creek Crossing Houston TX 200 91%
Cypress Creek Houston TX 256 91%
North Park Crossing Houston TX 336 94%
Willow Brook Crossing Houston TX 208 98%
Park At Woodlake Houston TX 564 87%
Jefferson Creek Irving TX 300 91%
Jefferson Place Irving TX 424 89%
La Costa Plano TX 462 90%
Bandera Crossing San Antonio TX 204 86%
Hollows San Antonio TX 432 90%
Vista Crossing San Antonio TX 232 95%
--------------------------------------
Total Units/Average % Occupied: 9,538 92%
======================================
Number of properties: 37
</TABLE>
<TABLE>
<CAPTION>
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PROPERTY TYPE
PROPERTY CITY ST SQ. FEET % OCC
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JOINT VENTURES
<S> <C> <C> <C> <C> <C>
Rincon Center San Francisco CA Mixed use 686,061 100%
Rockwall I and II Rockville MD Office 343,443 93%
2000 Corporate Ridge McLean VA Office 255,980 99%
---------------------------
Total Square Footage/Average % Occupied 1,285,484 98%
===========================
Number of properties: 3
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
March 31, 2000
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PROPERTY CITY ST SQ. FEET/UNITS DATE
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ADDITIONS:
INDUSTRIAL PORTFOLIO
<S> <C> <C> <C> <C>
Gateway Fourteen Denver CO 113,538 3/17/00
Total Number of Properties: 1
Total Number of properties: 1
DELETIONS:
INDUSTRIAL PORTFOLIO
Columbia Warehouse Columbia MD 38,840 2/24/00
Total Number of Properties: 1
Total Number of properties: 1
</TABLE>
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<TABLE>
<CAPTION>
Glenborough Realty Trust Incorporated
DISTRIBUTION OF NET OPERATING INCOME (INCLUDING JOINT VENTURE INTERESTS)
BY GEOGRAPHIC REGION AND PROPERTY TYPE
March 31, 2000
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NOI as a % of the Total Portfolio
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City/Market State % of Total NOI Office Industrial Retail Multifamily
<S> <C> <C> <C> <C> <C> <C>
Northern New Jersey NJ 9.5% 7.4% 2.1% - -
Boston MA 8.1% 6.1% 2.0% - -
Atlanta GA 7.3% 5.0% 0.3% - 2.0%
Chicago IL 6.4% 4.8% 0.7% 0.9% -
Suburban Washington, DC MD/VA 6.0% 5.4% 0.3% 0.3% -
Southern California CA 5.3% 3.6% 1.7% - -
Austin TX 4.9% - - - 4.9%
Indianapolis IN 4.9% 0.8% 1.2% 1.3% 1.6%
Las Vegas NV 4.6% 1.1% 2.1% - 1.4%
Tampa/Orlando FL 4.3% 2.6% 0.6% 1.1% -
Charlotte NC 4.1% - - - 4.1%
Dallas TX 3.9% - - - 3.9%
Denver CO 3.9% 0.8% 3.1% - -
San Francisco CA 3.0% 3.0% - - -
Houston TX 2.8% - - - 2.8%
St. Louis MO 2.7% 2.7% - - -
Philadelphia PA 2.4% 0.2% 2.2% - -
Minneapolis MN 2.2% 2.2% - - -
Memphis TN 2.1% 1.9% 0.2% - -
Omaha/Des Moines NE/IA 1.9% 1.9% - - -
Phoenix AZ 1.9% 0.2% 1.0% - 0.7%
San Antonio TX 1.8% - 0.0% - 1.8%
Sacramento CA 1.5% 0.8% 0.0% 0.7% -
Seattle WA 1.3% 0.7% 0.6% - -
Raleigh - Durham NC 1.0% 0.8% - - 0.2%
Kansas City KS 0.9% 0.7% 0.2% - -
Nashville TN 0.7% - - - 0.7%
Fort Lauderdale FL 0.6% - - 0.6% -
------------------ ---------------------------------------------------------------
TOTAL 100.0% 52.7% 18.3% 4.9% 24.1%
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Number of Markets 28
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
March 31, 2000
(in thousands)
Maturity
From
Debt Interest Interest Maturity 12/31/99
Loan Type Balance Rate Type Date (Years)
- -----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
<S> <C> <C> <C> <C> <C>
Line of Credit $ 72,901 7.883% LIBOR +1.750% 6/10/02 2.19
Term Loan 122,385 7.883% LIBOR +1.750% 6/10/02 2.19
Senior Unsecured Notes 4,090 7.625% Fixed 3/15/05 4.96
----------------------------- -----------
Total Unsecured Debt 199,376 7.878% 2.25
SECURED DEBT
Cross Collateralized Loans
Secured by Fourteen Properties 97,600 6.800% Variable 8/30/04 4.42
Secured by Three Properties 52,376 6.750% Fixed 9/1/00 0.42
Secured by Four Properties 14,017 7.570% Fixed 5/10/07 7.11
Secured by Three Properties 15,279 6.950% Fixed 7/1/08 8.25
Secured by Eight Properties 59,905 6.125% Fixed 11/10/08 8.61
Secured by Seven Properties 46,531 6.125% Fixed 11/10/08 8.61
Secured by Nine Properties 53,840 6.125% Fixed 11/10/08 8.61
Secured by Eleven Properties 71,887 6.125% Fixed 11/10/08 8.61
Secured by Ten Properties 57,828 7.500% Fixed 10/1/22 22.50
------------- ---------------- -----------
Total Secured Cross Collateralized 469,263 6.575% 8.48
Individually Secured Mortgages
Total Office 111,855 7.915% 6/30/00-1/31/05 3.02
Total Industrial 29,088 7.963% 10/01/00-7/1/08 4.68
Total Retail 14,061 8.581% 11/30/05-2/1/07 6.41
Total Multifamily 57,368 8.126% 8/4/00-12/1/30 9.94
Total Other 3,980 8.000% 1/1/06 5.75
-------------- ------------- -----------
Total Debt/Weighted Interest Rate & Maturity 884,991 7.221% 6.31
- -----------------------------------------------------------------------------------------------------------------------------------
Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
All Debt $ 884,991 100.00% 7.221%
Debt Summarized by Rate:
All Floating Rate Debt 348,159 39.34% 7.690%
Floating Rate Debt Capped 97,600 11.03% 6.800%
Floating Rate Debt Not Capped 250,559 28.31% 8.036%
All Fixed Rate Debt 536,832 60.66% 6.918%
Debt Summarized by Loan Type:
Total Unsecured Debt 199,376 22.53% 7.878%
Total Secured Debt 685,615 77.47% 7.031%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 2000
------------------------------------------------------------------------
For the Period: 1999
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per share data)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 13,236,000 $ 16,892,254 $ 12,324,559 $ 10,496,482 $ 52,949,295
and extraordinary item
Plus:
Depreciation and amortization 14,947,483 14,074,889 14,096,499 14,534,755 57,653,626
Adjustment to reflect FFO of 252,487 2,169,541 135,293 163,551 2,720,872
Associated Companies
Adjustment to reflect FFO of 0 0 0 787,728 787,728
Unconsolidated Joint Ventures
Non-recurring (gains) or losses 0 0 0 1,228,486 1,228,486
Less:
(Net gain) or loss on sales of real (1,351) (5,742) 371 (2,291) (9,013)
estate assets
Preferred stock dividend (5,570) (5,570) (5,570) (5,570) (22,280)
Funds from operations (FFO) (1) 21,515 21,825 21,357 19,350 84,048
Plus:
Amortization of deferred financing 485 508 477 564 2,034
fees
Less:
Capital reserve surplus/(deficit) 1,269 (994) (550) - (275)
Capital expenditures (incl. T.I.'s & 2,769 5,392 5,592 6,027 19,780
commissions)
Cash available for distribution (CAD)(1) $ 17,962 $ 17,935 $ 16,792 $ 13,887 $ 66,576
Cash flows from
Operating Activities 24,134 28,163 17,662 21,499 91,458
Investing Activities (2) (1,211) 81,187 (18,526) 22,650 84,100
Financing Activities (3) (23,472) (111,157) 2,178 (40,982) (173,433)
Ratio of earnings to fixed charges 1.73 1.95 1.70 1.59 1.75
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.31 1.47 1.27 1.19 1.31
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 2.38 2.27 2.44 2.22 2.33
Interest coverage ratio 2.71 2.63 2.80 2.59 2.68
Cumulative capital reserves in excess 1,544 550 - - -
of expenditures
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OTHER INFORMATION (in thousands, except per share data)
- ----------------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 43,517 $ 41,788 $ 42,682 $ 40,255 $ 168,242
Compounded growth from same period 42.2% 21.2% 0.2% -6.1% 11.7%
prior year
Net Operating Income (NOI)-Property Level (5)
Same property $ 34,284 $ 34,584 $ 34,500 $ 35,387 $ 138,928
Growth from same period prior year 1.6% -1.0% 2.7% 2.1% 1.3%
Tenant retention % (commercial 61% 77% 70% 59% 68%
portfolio)
Increase in effective rents from 29.1% 21.6% 19.7% 23.0% 23.4%
renewals (commerical portfolio)
Net Income excluding extraordinary $ 12,569 $ 15,363 $ 11,437 $ 9,933 $ 49,302
items
Net Income including extraordinary $ 10,578 $ 17,051 $ 12,177 $ 10,480 $ 50,286
items
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(1) Please see the Glossary of Terms for a definition and other related disclosure.
(2) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(3) Includes proceeds from issuance of stock and debt, debt repayments, stock repurchases and distributions.
(4) Earnings INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 135 of the 144 properties in the current portfolio.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 2000
-----------------------------------------------------------------------
For the Period: 2000
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 $ 8,822,519 $ - $ - $ - $ 8,822,519
and extraordinary item
Plus:
Depreciation and amortization 14,915,734 - - - 14,915,734
Adjustment to reflect FFO of 163,551 - - - 163,551
Associated Companies
Adjustment to reflect FFO of 190,130 - - - 190,130
Unconsolidated Joint Ventures
Non-recurring (gains) or losses - - - - -
Less:
(Net gain) or loss on sales of real 695 - - - 695
estate assets
Preferred stock dividend (5,488) - - - (5,488)
Funds from operations (FFO) (1) 19,299 - - - 19,299
Plus:
Amortization of deferred financing 639 - - - 639
fees
Less:
Capital reserve surplus/(deficit) - - - - -
Capital expenditures (incl. T.I.'s & 4,989 - - - 4,989
commissions)
Cash available for distribution (CAD) $ 14,948 $ - $ - $ - $ 14,948
(1)
Cash flows from
Operating Activities 17,956 - - - 17,956
Investing Activities (2) 10,641 - - - 10,641
Financing Activities (3) (34,233) - - - (34,233)
Ratio of earnings to fixed charges 1.47 - - - 1.47
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.11 - - - 1.11
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 2.28 - - - 2.28
Interest coverage ratio 2.62 - - - 2.62
Cumulative capital reserves in excess - - - - -
of expenditures
- ---------------------------------------------------------------------------------------------------------------
OTHER INFORMATION (in thousands, except per share data)
- ---------------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 41,183 $ - $ - $ - $ 41,183
Compounded growth from same period -5.4% - - - -5.4%
prior year
Net Operating Income (NOI)-Property Level
Same property $ 35,564 $ - $ - $ - $ 35,564
Growth from same period prior year 3.7% 3.7%
Tenant retention % (commercial 65% - - - 65%
portfolio)
Increase in effective rents from 21.6% - - - 21.6%
renewals (commerical portfolio)
Net Income excluding extraordinary $ 8,517 $ - $ - $ - $ 8,517
items
Net Income including extraordinary $ 8,051 $ - $ - $ - $ 8,051
items
- ---------------------------------------------------------------------------------------------------------------
(1) Please see the Glossary of Terms for a definition and other related disclosure.
(2) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(3) Includes proceeds from issuance of stock and debt, debt repayments, stock repurchases and distributions.
(4) Earnings INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 135 of the 144 properties in the current portfolio.
</TABLE>
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<TABLE>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 2000
For the Period: 1999
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------------------------------------------------------------------------------
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 31,765 31,664 31,021 30,949 31,347
outstanding for EPS
Diluted wtd avg shares outstanding for 36,098 35,984 35,275 34,727 35,523
EPS
Diluted wtd avg shares for calculation 36,098 35,984 35,275 34,727 35,523
of FFO and CAD
Diluted CAD per share $ 0.50 $ 0.50 $ 0.48 $ 0.40 $ 1.87
Basic net income per share before $ 0.22 $ 0.31 $ 0.19 $ 0.14 $ 0.86
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.21 $ 0.31 $ 0.19 $ 0.14 $ 0.86
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 15,081 $ 15,027 $ 14,612 $ 14,612 $ 59,331
units)
Dividend per share $ 0.42 $ 0.42 $ 0.42 $ 0.42 $ 1.68
Dividend payout ratio (CAD) 84.0% 84.0% 87.5% 105.0% 89.8%
Total Preferred Dividends 5,570 5,570 5,570 5,570 22,280
Preferred Dividends per share 0.48 0.48 0.48 0.48 1.94
Total notes and mortgages payable 934,683 846,521 901,635 897,358 897,358
Preferred Stock at Par Value 287,500 287,500 287,500 283,250 283,250
Total market capitalization (2) 1,832,614 1,760,127 1,763,159 1,641,186 1,641,186
Debt/Total market capitalization 51.0% 48.1% 51.1% 54.7% 54.7%
Preferred shares outstanding (at end 11,500 11,500 11,500 11,330 11,330
of period)
Price per share on last trading day $ 16.75 $ 19.00 $ 16.44 $ 14.00 $ 14.00
Common shares outstanding (at end of 31,690 31,593 30,630 30,821 30,821
period)
Common shares and OP Units outstanding 35,908 35,778 34,789 34,436 34,436
(at end of period)
Fully converted common shares and OP 44,665 44,535 43,547 43,064 43,064
units (at end of period) (3)
Price per share on last trading day $ 17.00 $ 17.50 $ 16.50 $ 13.38 $ 13.38
- ----------------------------------------------------------------------------------------------------------------
(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 8,556,427 shares of common stock.
(4) Prorated for the portion of the quarter the Preferred Stock was outstanding.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
March 31, 2000
For the Period: 2000
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
Financial Highlights
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Basic weighted average shares 30,356 - - - 30,356
outstanding for EPS
Diluted wtd avg shares outstanding for 34,096 - - - 34,096
EPS
Diluted wtd avg shares for calculation 34,096 - - - 34,096
of FFO and CAD
Diluted CAD per share $ 0.44 $ - $ - $ - $ 0.44
Basic net income per share before $ 0.10 $ - $ - $ - $ 0.10
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.10 $ - $ - $ - $ 0.10
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 13,896 $ - $ - $ - $ 13,896
units)
Dividend per share $ 0.42 $ - $ - $ - $ 0.42
Dividend payout ratio (CAD) 95.5% - - - 95.5%
Total Preferred Dividends 5,488 - - - 5,488
Preferred Dividends per share 0.48 - - - 0.48
Total notes and mortgages payable 884,991 - - - 884,991
Preferred Stock at Par Value 280,908 - - - 280,908
Total market capitalization (2) 1,648,899 - - - 1,648,899
Debt/Total market capitalization 53.7% - - - 53.7%
Preferred shares outstanding (at end 11,236 - - - 11,236
of period)
Price per share on last trading day $ 15.25 $ - $ - $ - $ 15.25
Common shares outstanding (at end of 29,706 - - - 29,706
period)
Common shares and OP Units outstanding 33,310 - - - 33,310
(at end of period)
Fully converted common shares and OP 41,867 - - - 41,867
units (at end of period) (3)
Price per share on last trading day $ 14.50 $ - $ - $ - $ 14.50
- --------------------------------------------------------------------------------------------------------------------------------
(1) Net income per share is computed independently for each quarter and the full year based on the respective weighted average
number of common shares outstanding; therefore; the sum of the quarterly income per share data may not equal the net income
per share for the year.
(2) Includes minority interest in UPREIT Partnership.
(3) Includes outstanding Preferred shares converted to 8,556,427 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, 2000
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)
- ----------------------------------------------------------------------------------------------------------------
Same-Property (2)
<S> <C> <C> <C> <C> <C>
Revenue $ 27,872 $ 27,913 $ 28,600 $ 28,647 $ 113,031
Operating expenses 10,353 10,607 10,915 10,415 42,289
NOI 17,519 17,306 17,685 18,232 70,742
Growth from same period prior year 1.2% -3.4% 3.3% 4.0% 1.3%
Combined Total
Revenue $ 32,028 $ 32,275 $ 31,842 $ 31,948 $ 128,094
Operating expenses 11,921 12,131 12,130 11,603 47,785
NOI 20,107 20,144 19,712 20,345 80,308
Capital expenditures (excludes TI & $ 416 $ 573 $ 100 $ 232 $ 1,321
CLC)
Quarter End Square Feet 7,941 7,407 7,747 7,721 7,721
Capital expenditures per leaseable 0.05 0.08 0.01 0.03 0.17
sq ft
- ----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- ----------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy at quarter end 93.1% 93.0% 92.7% 92.1% 92.1%
Average effective rent per occupied 14.69 15.01 15.24 15.01 15.01
sq ft
Increase from same period prior year 2.6% 5.0% 4.4% 5.6% 5.6%
Revenue per occupied sq ft 17.48 17.74 18.06 17.51 17.51
Increase from same period prior year 5.0% 2.1% 3.2% 4.0% 4.0%
Combined Total
Occupancy at quarter end 92.6% 93.0% 92.5% 92.2% 92.2%
Average effective rent per occupied 14.83 14.99 15.27 15.70 15.70
sq ft
Increase from same period prior year 7.3% 2.6% 4.3% 4.6% 4.6%
Revenue per occupied sq ft 17.42 17.56 17.88 18.19 18.19
Increase from same period prior year -0.9% -2.7% 0.1% 3.3% 3.3%
- ----------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 54 of the 60 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 2000
For the Period: 2000
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1) (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
Same-Property (2)
<S> <C> <C> <C> <C> <C>
Revenue $ 28,848 $ - $ - $ - $ 28,848
Operating expenses 10,841 - - - 10,841
NOI 18,007 - - - 18,007
Growth from same period prior year 2.8% - - - 2.8%
Combined Total
Revenue $ 31,394 $ - $ - $ - $ 31,394
Operating expenses 11,738 - - - 11,738
NOI 19,656 - - - 19,656
Capital expenditures (excludes TI & $ 1,136 $ - $ - $ - $ 1,136
CLC)
Quarter End Square Feet 7,465 - - - 7,465
Capital expenditures per leaseable 0.15 - - - 0.15
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- -------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy at quarter end 91.0% - - - 91.0%
Average effective rent per occupied 15.77 - - - 15.77
sq ft
Increase from same period prior year 7.3% - - - 7.3%
Revenue per occupied sq ft 18.51 - - - 18.51
Increase from same period prior year 5.9% - - - 5.9%
Combined Total
Occupancy at quarter end 91.1% - - - 91.1%
Average effective rent per occupied 15.71 - - - 15.71
sq ft
Increase from same period prior year 5.9% - - - 5.9%
Revenue per occupied sq ft 18.46 - - - 18.46
Increase from same period prior year 6.0% - - - 6.0%
- -------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 54 of the 60 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 2000
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 156,371 103,503 106,825 144,119 510,818
Average rent per sq ft 17.41 17.91 22.00 18.23 18.70
Concessions 30,306 39,740 61,778 26,361 158,185
Concessions per sq ft leased 0.19 0.38 0.58 0.18 0.31
Tenant improvements (TI) committed 408,912 926,525 832,266 1,703,599 3,871,302
TI committed per sq ft leased 2.62 8.95 7.79 11.82 7.58
Capitalized leasing commissions (CLC) 689,931 550,410 405,987 1,146,911 2,793,239
committed
CLC committed per sq ft leased 4.41 5.32 3.80 7.96 5.47
CLC and TI committed per sq ft leased 7.03 14.27 11.59 19.78 13.05
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- ------------------------------------------------------------------------------------------------------------------
Tenant Retention 65% 86% 80% 63% 76%
Square footage leased 271,882 542,756 253,615 203,252 1,271,505
Average rent per sq ft 16.22 18.50 19.50 19.95 18.44
Increase in effective rents from 34.7% 27.7% 24.9% 21.2% 27.1%
renewals
Concessions 33,102 82,460 13,394 39,208 168,164
Concessions per sq ft leased 0.12 0.15 0.05 0.19 0.13
Tenant improvements (TI) committed 897,261 4,264,160 1,312,228 1,124,695 7,598,344
TI committed per sq ft leased 3.30 7.86 5.17 5.53 5.98
Capitalized leasing commissions (CLC) 436,667 2,768,468 996,984 413,994 4,616,113
committed
CLC committed per sq ft leased 1.61 5.10 3.93 2.04 3.63
CLC and TI committed per sq ft leased 4.91 12.96 9.10 7.57 9.61
- ------------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
March 31, 2000
For the Period: 2000
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 133,710 - - - 133,710
Average rent per sq ft 18.38 - - - 18.38
Concessions 621,135 - - -
621,135
Concessions per sq ft leased 4.65 - - - 4.65
Tenant improvements (TI) committed 1,678,031 - - - 1,678,031
TI committed per sq ft leased 12.55 - - - 12.55
Capitalized leasing commissions (CLC) 707,700 - - - 707,700
committed
CLC committed per sq ft leased 5.29 - - - 5.29
CLC and TI committed per sq ft leased 17.84 - - - 17.84
- -------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- -------------------------------------------------------------------------------------------------------------
Tenant Retention 51% - - - 51%
Square footage leased 139,231 - - - 139,231
Average rent per sq ft 18.71 - - - 18.71
Increase in effective rents from 18.8% - - - 18.8%
renewals
Concessions 20,726 - - - 20,726
Concessions per sq ft leased 0.15 - - - 0.15
Tenant improvements (TI) committed 441,448 - - - 441,448
TI committed per sq ft leased 3.17 - - - 3.17
Capitalized leasing commissions (CLC) 193,232 - - - 193,232
committed
CLC committed per sq ft leased 1.39 - - - 1.39
CLC and TI committed per sq ft leased 4.56 - - - 4.56
- -------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 2000
For the Period: 1999
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
<S> <C> <C> <C> <C> <C>
Revenue $ 8,484 $ 8,511 $ 8,536 $ 8,415 $ 33,946
Operating expenses 2,207 2,231 2,187 2,275 8,901
NOI 6,277 6,280 6,348 6,141 25,046
Growth from same period prior year -0.7% -1.6% 2.5% -4.6% -1.1%
Combined Total
Revenue $ 11,504 $ 11,161 $ 10,531 $ 9,681 $ 42,876
Operating expenses 3,188 2,997 2,736 2,474 11,395
NOI 8,316 8,164 7,795 7,207 31,481
Capital expenditure (excludes TI & $ 108 $ 73 $ 51 $ 87 $ 318
CLC)
Quarter End Square Feet 7,398 6,866 6,803 6,098 6,098
Capital expenditures per leaseable 0.01 0.01 0.01 0.01 0.05
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 93.3% 94.1% 92.8% 92.7% 92.7%
Average effective rent per 5.23 5.25 5.35 5.33 5.33
occupied sq ft
Increase from same period prior 3.5% 4.6% 6.7% 0.4% 0.4%
year
Revenue per occupied sq ft 6.39 6.35 6.49 6.37 6.37
Increase from same period prior -3.3% 1.0% 5.1% 4.5% 4.5%
year
Combined Total
Occupancy 92.7% 93.4% 91.9% 92.6% 92.6%
Average effective rent per 5.42 5.05 5.06 4.71 4.71
occupied sq ft
Increase from same period prior 19.8% 18.5% 8.3% 6.6% 6.6%
year
Revenue per occupied sq ft 6.66 6.24 6.14 5.65 5.65
Increase from same period prior 16.9% 16.9% 8.8% 7.3% 7.3%
year
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 35 of the 37 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 2000
For the Period: 2000
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
<S> <C> <C> <C> <C> <C>
Revenue $ 8,736 $ - $ - $ - $ 8,736
Operating expenses 2,328 - - - 2,328
NOI 6,409 - - - 6,409
Growth from same period prior year 2.1% - - - 2.1%
Combined Total
Revenue $ 9,879 $ - $ - $ - $ 9,879
Operating expenses 2,560 - - - 2,560
NOI 7,319 - - - 7,319
Capital expenditure (excludes TI & $ 73 $ - $ - $ - $ 73
CLC)
Quarter End Square Feet 6,173 - - - 6,173
Capital expenditures per leaseable 0.01 - - - 0.01
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 94.1% - - - 94.1%
Average effective rent per 5.37 - - - 5.37
occupied sq ft
Increase from same period prior 2.6% - - - 2.6%
year
Revenue per occupied sq ft 6.52 - - - 6.52
Increase from same period prior 1.9% - - - 1.9%
year
Combined Total
Occupancy 94.1% - - - 94.1%
Average effective rent per 5.84 - - - 5.84
occupied sq ft
Increase from same period prior 7.7% - - - 7.7%
year
Revenue per occupied sq ft 7.00 - - - 7.00
Increase from same period prior 5.1% - - - 5.1%
year
- -------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 35 of the 37 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 2000
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 137,288 87,189 144,948 55,308 424,733
Average rent per sq ft 6.52 11.29 6.88 6.32 7.59
Concessions 31,366 82,593 39,783 25,881 179,623
Concessions per sq ft leased 0.23 0.95 0.27 0.47 0.42
Tenant improvements (TI) committed 220,339 829,532 349,957 100,547 1,500,375
TI committed per sq ft leased 1.60 9.51 2.41 1.82 3.53
Capitalized leasing commissions (CLC) 226,869 319,366 287,671 51,262 885,168
committed
CLC committed per sq ft leased 1.65 3.66 1.98 0.93 2.08
CLC and TI committed per sq ft leased 3.25 13.17 4.39 2.75 -
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------------
Tenant Retention 48% 56% 53% 100% 52%
Square footage leased 159,190 225,869 286,997 79,898 751,954
Average rent per sq ft 7.17 7.29 5.93 9.05 6.93
Increase in effective rents from 15.3% 16.1% 20.0% 29.9% 20.3%
renewals
Concessions 60,825 901 34,755 - 96,481
Concessions per sq ft leased 0.38 - 0.12 - 0.13
Tenant improvements (TI) committed 122,071 320,049 109,763 100,772 652,655
TI committed per sq ft leased 0.77 1.42 0.38 1.26 0.87
Capitalized leasing commissions (CLC) 67,024 55,254 96,070 16,781 235,129
committed
CLC committed per sq ft leased 0.42 0.24 0.33 0.21 0.31
CLC and TI committed per sq ft leased 1.19 1.66 0.71 1.47 1.18
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
March 31, 2000
For the Period: 2000
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 141,924 - - - 141,924
Average rent per sq ft 8.47 - - - 8.47
Concessions 64,785 - - - 64,785
Concessions per sq ft leased 0.46 - - - 0.46
Tenant improvements (TI) committed 663,750 - - - 663,750
TI committed per sq ft leased 4.68 - - - 4.68
Capitalized leasing commissions (CLC) 315,777 - - - 315,777
committed
CLC committed per sq ft leased 2.22 - - - 2.22
CLC and TI committed per sq ft leased 6.90 - - - 6.90
- -------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -------------------------------------------------------------------------------------------------------------
Tenant Retention 87% - - - 87%
Square footage leased 148,799 - - - 148,799
Average rent per sq ft 7.18 - - - 7.18
Increase in effective rents from 21.7% 21.7%
renewals
Concessions 2,500 - - - 2,500
Concessions per sq ft leased 0.02 - - - 0.02
Tenant improvements (TI) committed 123,726 - - - 123,726
TI committed per sq ft leased 0.83 - - - 0.83
Capitalized leasing commissions (CLC) 21,402 - - - 21,402
committed
CLC committed per sq ft leased 0.14 - - - 0.14
CLC and TI committed per sq ft leased 0.97 - - - 0.97
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 2000
For the Period: 1999
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -------------------------------------------------------------------------------------------------------------
Same Property (1)
<S> <C> <C> <C> <C> <C>
Revenue $ 2,805 $ 2,721 $ 2,518 $ 2,621 $ 10,664
Operating expenses 1,014 806 798 784 3,402
NOI 1,790 1,916 1,720 1,837 7,263
Growth from same period prior year 9.2% 6.6% 4.2% -5.1% 3.7%
Combined Total
Revenue $ 3,241 $ 2,816 $ 2,518 $ 2,621 $ 11,195
Operating expenses 1,176 854 798 784 3,613
NOI 2,064 1,962 1,720 1,837 7,582
Capital expenditures (excludes TI $ 14 $ 30 $ 9 $ 30 $ 83
and CLC)
Quarter End Square Feet 1,001 928 928 927 927
Capital expenditures per leaseable 0.01 0.03 0.01 0.03 0.09
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 92.1% 91.5% 90.7% 89.8% 89.8%
Average effective rent per 9.50 9.34 9.42 9.43 9.43
occupied sq ft
Increase from same period prior 4.9% 1.4% 1.5% 2.1% 2.1%
year
Revenue per occupied sq ft 13.13 12.83 11.79 12.27 12.27
Increase from same period prior 22.2% 2.2% 5.0% -3.4% (2) -3.4%
year
Combined Total
Occupancy 92.2% 91.5% 90.7% 89.8% 89.8%
Average effective rent per 9.26 9.39 9.57 9.68 9.68
occupied sq ft
Increase from same period prior 18.7% 11.0% 11.2% 10.6% 10.6%
year
Revenue per occupied sq ft 12.74 12.91 11.97 12.59 12.59
Increase from same period prior 26.0% 15.2% 7.5% 6.5% 6.5%
year
- ----------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 10 of the 10 properties in the current portfolio.
(2) Decrease in Revenue per occupied foot from prior quarter is due to a one time retroactive adjustment to CAM Income at
one property.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 2000
For the Period: 2000
------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- ----------------------------------------------------------------------------------------------------------
Same Property (1)
<S> <C> <C> <C> <C> <C>
Revenue $ 2,866 $ - $ - $ - $ 2,866
Operating expenses 937 - - - 937
NOI 1,929 - - - 1,929
Growth from same period prior year 7.7% - - - 7.7%
Combined Total
Revenue $ 2,866 $ - $ - $ - $ 2,866
Operating expenses 937 - - - 937
NOI 1,929 - - - 1,929
Capital expenditures (excludes TI $ 71 $ - $ - $ - $ 71
and CLC)
Quarter End Square Feet 928 - - - 928
Capital expenditures per leaseable 0.08 - - - 0.08
sq ft
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 90.9% - - - 90.9%
Average effective rent per 9.64 - - - 9.64
occupied sq ft
Increase from same period prior 1.4% - - - 1.4%
year
Revenue per occupied sq ft 13.59 - - - 13.59
Increase from same period prior 3.5% - - - 3.5%
year
Combined Total
Occupancy 90.9% - - - 90.9%
Average effective rent per 9.64 - - - 9.64
occupied sq ft
Increase from same period prior 4.1% - - - 4.1%
year
Revenue per occupied sq ft 13.59 - - - 13.59
Increase from same period prior 6.7% - - - 6.7%
year
- -------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 10 of the 10 properties in the current portfolio.
(2) Decrease in Revenue per occupied foot from prior quarter is due to a one time retroactive adjustment to CAM Income at
one property.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 2000
For the Period: 1999
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 11,017 7,750 3,768 5,700 28,235
Average rent per sq ft 15.18 12.09 14.56 14.73 14.16
Concessions 3,600 7,919 6,817 937 19,273
Concessions per sq ft leased 0.33 1.02 1.81 0.16 0.68
Tenant improvements (TI) committed 19,400 18,500 6,068 - 43,968
TI committed per sq ft leased 1.76 2.39 1.61 - 1.56
Capitalized leasing commissions (CLC) 32,656 19,262 14,516 920 67,354
committed
CLC committed per sq ft leased 2.96 2.49 3.85 0.16 2.39
CLC and TI committed per sq ft leased 4.73 4.87 5.46 0.16 3.94
- ------------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------------
Tenant Retention 74% 57% 77% 74% 72%
Square footage leased 33,585 9,630 21,193 21,215 85,623
Average rent per sq ft 13.11 14.90 11.26 16.78 13.76
Increase in effective rents from 18.5% 12.4% 18.8% 33.8% 20.9%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed 3,200 19,776 98,859 120,441 242,276
TI committed per sq ft leased 0.10 2.05 4.66 5.68 2.83
Capitalized leasing commissions (CLC) - - - - -
committed
CLC committed per sq ft leased - - - - -
CLC and TI committed per sq ft leased 0.10 2.05 4.66 5.68 2.83
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
March 31, 2000
For the Period: 2000
----------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- --------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 12,900 - - - 12,900
Average rent per sq ft 14.38 - - - 14.38
Concessions 9,158 - - - 9,158
Concessions per sq ft leased 0.71 - - - 0.71
Tenant improvements (TI) committed 67,500 - - - 67,500
TI committed per sq ft leased 5.23 - - - 5.23
Capitalized leasing commissions (CLC) 46,907 - - - 46,907
committed
CLC committed per sq ft leased 3.64 - - - 3.64
CLC and TI committed per sq ft leased 8.87 - - - 8.87
- --------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- --------------------------------------------------------------------------------------------------------------
Tenant Retention 70% - - - 70%
Square footage leased 24,418 - - - 24,418
Average rent per sq ft 12.43 - - - 12.43
Increase in effective rents from 18.5% 18.5%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed 3,500 - - - 3,500
TI committed per sq ft leased 0.14 - - - 0.14
Capitalized leasing commissions (CLC) 5,267 - - - 5,267
committed
CLC committed per sq ft leased 0.22 - - - 0.22
CLC and TI committed per sq ft leased 0.36 - - - 0.36
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
March 31, 2000
For the Period: 1999
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per unit data)
- -------------------------------------------------------------------------------------------------------------
Same Property (1)
<S> <C> <C> <C> <C> <C>
Revenue $ 15,877 $ 16,276 $ 16,329 $ 16,362 $ 64,845
Operating expenses 7,179 7,194 7,583 7,185 29,141
NOI 8,698 9,082 8,747 9,177 35,704
Average expenses per unit 746 763 804 754 3,060
Growth from same period prior year 2.8% 4.4% 3.1% 3.1% 3.3%
Combined Total
Revenue $ 16,670 $ 17,299 $ 16,922 $ 17,170 $ 68,062
Operating expenses 7,255 7,400 7,672 8,171 30,498
NOI 9,416 9,899 9,249 8,999 37,563
Average expenses per unit 754 785 814 858 3,202
Capital expenditures $ 594 $ 675 $ 650 $ 753 $ 2,672
Total Units 9,623 9,427 9,428 9,524 9,524
Capital expenditures per apartment 62 72 69 79 281
unit
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
- -------------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 94.5% 93.0% 94.7% 94.0% 94.0%
Average occupied rent per foot 0.79 0.79 0.79 0.80 0.80
Average effective base rent per 620 626 628 632 632
occupied unit
Increase from same period prior 3.1% 2.3% 2.4% 1.1% 1.1%
year
Apartment annualized turnover rate 63.8% 74.2% 64.0% 63.1% 66.3%
Combined Total
Occupancy 94.2% 92.8% 94.3% 93.2% 93.2%
Average occupied rent per foot 0.79 0.80 0.80 0.80 0.80
Average effective base rent per 630 634 636 640 640
occupied unit
Increase from prior year 4.7% 1.8% 3.5% 3.6% 3.6%
Apartment annualized turnover rate 63.4% 74.9% 64.7% 63.0% 66.3%
- -------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 36 of the 37 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
March 31, 2000
For the Period: 2000
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per unit data)
- -----------------------------------------------------------------------------------------------------------
Same Property (1)
<S> <C> <C> <C> <C> <C>
Revenue $ 16,295 $ - $ - $ - $ 16,295
Operating expenses 7,077 - - - 7,077
NOI 9,218 - - - 9,218
Average expenses per unit 743 - - - 743
Growth from same period prior year 6.0% - - - 6.0%
Combined Total
Revenue $ 17,023 $ - $ - $ - $ 17,023
Operating expenses 7,412 - - - 7,412
NOI 9,611 - - - 9,611
Average expenses per unit 778 - - - 778
Capital expenditures $ 439 $ - $ - $ - $ 439
Total Units 9,524 - - - 9,524
Capital expenditures per apartment 46 - - - 46
unit
- -------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
- -------------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 92.7% - - - 92.7%
Average occupied rent per foot 0.80 - - - 0.80
Average effective base rent per 634 - - - 634
occupied unit
Increase from same period prior 2.2% - - - 2.2%
year
Apartment annualized turnover rate 62.5% - - - 62.5%
Combined Total
Occupancy 91.9% - - - 91.9%
Average occupied rent per foot 0.81 - - - 0.81
Average effective base rent per 642 - - - 642
occupied unit
Increase from prior year 1.9% - - - 1.9%
Apartment annualized turnover rate 62.2% - - - 62.2%
- -------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 36 of the 37 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
March 31, 2000
(in thousands)
Property
Office Industrial Retail Multifamily Total
----------------- ----------------- ------------------ ----------------- -----------------
<S> <C> <C> <C> <C> <C>
REVENUES 31,394 9,879 2,866 17,023 61,162
OPERATING EXPENSES 11,738 2,560 937 7,412 22,647
------------------------------------------------------------------------------------------------
NOI 19,656 7,319 1,929 9,611 38,515
(1) Other represent internal market level property management fees included in
operating expenses to provide market comparison to industry performance, and
operating revenue and 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, 2000
(in thousands)
Property Total
Other (1) Reported
------------------- ------------------
<S> <C> <C>
REVENUES 1,999 63,161
OPERATING EXPENSES (1,089) 21,558
--------------------------------------
NOI 3,088 41,603
(1) Other represent internal market level property management fees included in
operating expenses to provide market comparison to industry performance, and
operating revenue and and expenses from the corporate headquarters and hotel
portfolio which are not included in the property total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of March 31, 2000
2000 2001 2002 2003 2004
- ----------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO (1)
<S> <C> <C> <C> <C> <C>
Annual base rent expiring 14,513,883 17,131,416 21,857,012 9,060,166 12,946,065
Percent of total annual rent 12.3% 14.5% 18.5% 7.7% 10.9%
Square footage expiring 956,972 1,050,567 1,179,555 508,679 722,041
Percentage of square footage 14.1% 15.5% 17.4% 7.5% 10.6%
Number of leases 238 193 159 96 96
Percentage of number of leases 25.5% 20.7% 17.0% 10.3% 10.3%
- ----------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 3,975,649 3,608,433 6,640,805 4,568,451 9,079,016
Percent of total annual rent 10.9% 9.9% 18.2% 12.5% 24.8%
Square footage expiring 489,764 599,688 1,036,295 580,217 1,994,114
Percentage of square footage 8.5% 10.3% 17.9% 10.0% 34.4%
Number of leases 76 56 72 49 37
Percentage of number of leases 23.6% 17.4% 22.4% 15.2% 11.5%
- ----------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 782,364 1,130,181 475,094 783,778 1,771,739
Percent of total annual rent 8.8% 12.8% 5.4% 8.9% 20.0%
Square footage expiring 56,672 93,257 33,665 61,676 167,734
Percentage of square footage 6.7% 11.1% 4.0% 7.3% 19.9%
Number of leases 32 43 21 22 37
Percentage of number of leases 15.8% 21.3% 10.4% 10.9% 18.3%
- ----------------------------------------------------------------------------------------------------------------
TOTAL PORTFOLIO (1)
Annual base rent expiring 19,271,896 21,870,030 28,972,911 14,412,395 23,796,820
Percent of total annual rent 11.8% 13.4% 17.7% 8.8% 14.5%
Square footage expiring 1,503,408 1,743,512 2,249,515 1,150,572 2,883,889
Percentage of square footage 11.2% 13.0% 16.7% 8.6% 21.5%
Number of leases 346 292 252 167 170
Percentage of number of leases 23.7% 20.0% 17.3% 11.5% 11.7%
- ----------------------------------------------------------------------------------------------------------------
(1) Numbers exclude the Corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of March 31, 2000
2009 and
2005 2006 2007 2008 thereafter
- -------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO (1)
<S> <C> <C> <C> <C> <C>
Annual base rent expiring 11,032,979 9,610,476 9,125,141 1,363,605 11,610,627
Percent of total annual rent 9.3% 8.1% 7.7% 1.2% 9.8%
Square footage expiring 607,618 598,117 511,679 76,810 585,138
Percentage of square footage 8.9% 8.8% 7.5% 1.1% 8.6%
Number of leases 44 19 15 5 69
Percentage of number of leases 4.7% 2.0% 1.6% 0.5% 7.4%
- -------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 2,052,917 784,195 1,191,877 610,170 4,056,429
Percent of total annual rent 5.6% 2.1% 3.3% 1.7% 11.1%
Square footage expiring 267,917 109,892 138,752 129,000 449,602
Percentage of square footage 4.6% 1.9% 2.4% 2.2% 7.8%
Number of leases 13 4 3 1 11
Percentage of number of leases 4.0% 1.2% 0.9% 0.3% 3.4%
- -------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 809,660 292,118 105,867 484,373 2,215,742
Percent of total annual rent 9.1% 3.3% 1.2% 5.5% 25.0%
Square footage expiring 55,118 19,893 9,644 55,843 287,632
Percentage of square footage 6.6% 2.4% 1.1% 6.6% 34.2%
Number of leases 20 4 5 5 13
Percentage of number of leases 9.9% 2.0% 2.5% 2.5% 6.4%
- -------------------------------------------------------------------------------------------------------------
TOTAL PORTFOLIO (1)
Annual base rent expiring 13,895,556 10,686,789 10,422,885 2,458,148 17,882,798
Percent of total annual rent 8.5% 6.5% 6.4% 1.5% 10.9%
Square footage expiring 930,653 727,902 660,075 261,653 1,322,372
Percentage of square footage 6.9% 5.4% 4.9% 1.9% 9.8%
Number of leases 77 27 23 11 93
Percentage of number of leases 5.3% 1.9% 1.6% 0.8% 6.4%
- -------------------------------------------------------------------------------------------------------------
(1) Numbers exclude the Corporate headquarters building.
</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 Company The REIT owns 100% of the non-voting preferred stock of two real
estate companies: Glenborough Corporation.
Average Base Rent Base rent charged to tenants.
Average Rent per Square Foot Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) concessions, TI's and leasing commissions.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements
and equipment, including tenant improvements and leasing
commissions unless otherwise noted. This caption does not include purchases of land,
buildings, and equipment that will produce revenue for the Company, such as property
acquisitions and construction of rentable structures.
Capitalized Leasing Commissions incurred for obtaining a lease which have been capitalized and are to be
Commissions (CLC) amortized over the lease term.
Cash Available For Distribution (CAD) Cash available for distribution ("CAD") represents income (loss) before minority
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 the Associated Company 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 total market capitalization.
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. 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 Rents Percentage change in effective base rents from renewal as compared to effective base
From Renewal rents as of the prior lease terms.
Property Types Effective in the first quarter 2000, the Office/Flex property type was eliminated and
the properties were reallocated to the industrial or office property type. As a
result of the reallocation, the 1999 Operating, Occupancy and Leasing Production
stats were reallocated reflecting the new property types. There was no restatement of
the 1998 Operating and Occupancy Results.
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 Stabilized properties owned in the current year which were also owned during the same
period of the prior year. If a property is sold during the quarter, data for prior
periods and the current quarter are deleted for comparability.
Tenant Improvements (TI) A capital expense used to improve the physical space occupied by an existing or new
tenant. Tenant improvements are amortized over the term of the lease.
TI Committed Tenant improvements which have been committed as a part of entering into a lease
agreement.
Total Market Capitalization As of the date calculated, the sum of (a) the product obtained by multiplying the
total number of shares and units outstanding by the price per share; plus (b) the
company's preferred stock at par value; plus (c) the Company's debt as set forth on
the most recent financial statements.
</TABLE>
