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, 1999
GLENBOROUGH REALTY TRUST INCORPORATED
(Exact name of registrant as specified in its charter)
Maryland 33-83506 94-3211970
(State or other (Commission (IRS Employer
Jurisdiction of File Number I.D. Number)
Incorporation)
400 South El Camino Real, Suite 1100, San Mateo, California 94402
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(Address of principal executive offices)
Registrant's Telephone number, including area code: (650) 343-9300
N/A
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(Former name, or former address, if changes since last report)
This form 8-K contains a total of 28 pages
No Exhibits Required
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
December 31, 1999
Item 5. Other Events
On January 27, 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 December 31,
1999, in the form of a Supplemental Information package, a copy of which is
included as an exhibit to this filing.
Item 7. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Page Number in
Exhibit No. Description This Filing
99 Supplemental Information as of December 31, 1999 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
December 31, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLENBOROUGH REALTY TRUST INCORPORATED
Date: January 27, 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
December 31, 1999
Table of Contents
PAGE
Real Estate Portfolio.................................................. 5
Additions and Deletions to Portfolios During Period.................... 9
Geographic and Property Type Contribution to Net Operating Income ..... 10
Debt Summary........................................................... 11
Corporate Operating Summary............................................ 12
Office Portfolio....................................................... 14
Office/Flex Portfolio.................................................. 16
Industrial Portfolio................................................... 18
Retail Portfolio....................................................... 20
Multifamily Portfolio.................................................. 22
Reconciliation of Property Income...................................... 23
Lease Expiration Schedule.............................................. 24
Glossary of Terms...................................................... 26
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1999
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PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Tradewinds Mesa AZ 17,768 75%
Vintage Pointe Phoenix AZ 56,091 56%
Warner Village Medical Center Fountain Valley CA 32,272 88%
Centerstone Irvine CA 157,579 96%
University Tech Center Pomona CA 100,455 85%
Gateway Professional Sacramento CA 50,558 89%
Park Plaza Sacramento CA 72,436 94%
400 South El Camino Real San Mateo CA 145,192 86%
One Gateway Center Aurora CO 80,049 85%
Park Place Clearwater FL 164,820 95%
Buschwood III Tampa FL 77,044 93%
Temple Terrace Business Center Temple Terrace FL 79,393 100%
Ashford Perimeter Atlanta GA 289,277 94%
Powers Ferry Landing Atlanta GA 393,672 89%
Capitol Center Des Moines IA 161,468 100%
Oak Brook International Center Oak Brook IL 98,443 96%
Oakbrook Terrace Corp Ctr III Oak Brook Terrace IL 254,085 100%
Columbia Center II Rosemont IL 150,133 92%
Embassy Plaza Schaumburg IL 140,744 37%
Meridian Park Carmel IN 86,443 70%
Crosspoint Four Indianapolis IN 41,121 100%
Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 100%
Blue Ridge Office Building Braintree MA 74,795 92%
Hartwood Building Lexington MA 52,721 86%
Bronx Park I Marlborough MA 75,277 100%
Marlborough Corp Place Marlborough MA 570,421 95%
Westford Corporate Center Westford MA 163,264 100%
Montgomery Executive Center Gaithersburg MD 116,565 87%
Montrose Office Park Rockville MD 186,680 100%
Riverview Office Tower Bloomington MN 227,129 95%
University Club Tower St. Louis MO 272,443 92%
Woodlands Plaza St. Louis MO 72,276 99%
Edinburgh Center Cary NC 115,314 91%
One Pacific Place Omaha NE 128,683 99%
Morristown Medical Offices Bedminster NJ 14,255 100%
Bridgewater Executive Quarters I and II Bridgewater NJ 149,262 100%
Frontier Executive Quarters I and II Bridgewater NJ 264,879 95%
Vreeland Business Center Florham Park NJ 133,090 100%
Executive Place Franklin Township NJ 85,765 100%
Gatehall I Parsipanny NJ 113,604 88%
25 Independence Warren NJ 106,879 87%
Citibank Las Vegas NV 147,765 85%
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%
2000 Corporate Ridge McLean VA 255,980 97%
Globe Office Building Mercer Island WA 25,555 95%
=======================================
Total Square Footage/Average % Occupied 6,859,991 91%
=======================================
Number of properties: 51
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1999
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PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C>
OFFICE/FLEX PORTFOLIO
Hoover Industrial Center Mesa AZ 57,441 94%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 81%
Scripps Terrace San Diego CA 56,796 100%
Tierrasanta Research Park San Diego CA 104,234 100%
Gateway Eight Aurora CO 79,112 100%
Gateway Four Aurora CO 100,000 100%
Gateway One Aurora CO 72,000 100%
Gateway Six Aurora CO 107,200 100%
Northglenn Business Center Northglenn CO 65,000 100%
Grand Regency Business Center Brandon FL 48,551 100%
Lake Point Business Park Orlando FL 134,389 92%
Fingerhut Business Center Tampa FL 48,840 100%
PrimeCo Business Center Tampa FL 48,090 100%
Business Park Norcross GA 157,153 94%
Oakbrook Corners Norcross GA 124,776 59%
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 Industrial Weymouth MA 79,825 100%
Columbia Warehouse Columbia MD 38,840 81%
Germantown Germantown MD 60,000 100%
Winnetka Industrial Center Crystal MN 188,260 41%
Bryant Lake Eden Prairie MN 171,789 100%
Woodlands Tech St Louis MO 98,037 100%
Fox Hollow Business Quarters I Branchburg NJ 42,173 100%
Fairfield Business Quarters Fairfield NJ 42,792 100%
Palms Business Center III and IV Las Vegas NV 173,574 77%
Palms Business Center North and South Las Vegas NV 224,474 68%
Post Palms Business Center Las Vegas NV 139,906 65%
Lehigh Valley Allentown PA 161,421 85%
Clark Avenue King of Prussia PA 40,000 100%
Valley Forge Corp Ctr Norristown PA 278,580 90%
Kent Business Park Kent WA 138,157 100%
Totem Valley Business Center Kirkland WA 121,645 92%
=======================================
Total Square Footage/Average % Occupied 3,719,019 88%
=======================================
Number of properties: 37
INDUSTRIAL
Fifth Street Industrial Phoenix AZ 109,699 88%
Fairmont Commerce Center Tempe AZ 83,200 100%
Coronado Industrial Anaheim CA 95,732 100%
East Anaheim Anaheim CA 106,232 100%
Bellanca Airport Park Los Angeles CA 84,201 100%
Springdale Commerce Center Santa Fe Springs CA 144,000 90%
Gateway Nine Aurora CO 147,723 100%
Gateway Seven Aurora CO 156,720 100%
Gateway Ten Aurora CO 129,000 100%
Gateway Three Aurora CO 121,189 100%
Gateway Two Aurora CO 135,792 100%
Atlantic Industrial Norcross GA 102,295 100%
Navistar - Chicago Chicago IL 474,426 100%
Park 100 - Building 46 Indianapolis IN 102,400 100%
J.I. Case - Kansas City Kansas City KS 199,750 100%
Forest Street Business Center Marlborough MA 32,500 100%
Southworth-Milton Milford MA 146,125 100%
Flanders Industrial Park Westborough MA 105,500 100%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1999
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PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C>
INDUSTRIAL (cont.)
Navistar - Baltimore Baltimore MD 274,000 100%
Eatontown Industrial Eatontown NJ 36,800 100%
Cottontail Distribution Center Franklin Township NJ 229,352 100%
One Taft Industrial Totowa NJ 120,943 100%
J.I. Case - Memphis Memphis TN 205,594 100%
Sea Tac II Seattle WA 41,657 100%
=======================================
Total Square Footage/Average % Occupied 3,384,830 99%
=======================================
Number of properties: 24
RETAIL
Sonora Center West 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 95%
Broad Ripple Retail Centre Indianapolis IN 37,540 82%
Cross Creek Retail Centre Indianapolis IN 76,908 96%
Geist Retail Centre Indianapolis IN 72,348 69%
Woodfield Centre Indianapolis IN 58,171 82%
Goshen Plaza Gaithersburg MD 45,623 85%
=======================================
Total Square Footage/Average % Occupied 927,997 90%
=======================================
Number of properties: 10
---------------------------------------
# OF UNITS % OCC
---------------------------------------
MULTIFAMILY PORTFOLIO
Overlook Scottsdale AZ 224 95%
Stone Ridge At Vinings Atlanta GA 440 93%
Woodmere Trace Duluth GA 220 96%
Crosscreek Indianapolis IN 208 89%
Harcourt Club Indianapolis IN 148 95%
Island Club Indianapolis IN 314 87%
Arrowood Crossing Charlotte NC 200 91%
Chase On Commonwealth Charlotte NC 132 92%
Courtyard Charlotte NC 55 91%
Landing On Farmhurst Charlotte NC 125 100%
Sharonridge Charlotte NC 75 99%
Wendover Glen Charlotte NC 96 94%
Chase Monroe I & II Monroe NC 216 87%
Willow Glen Monroe NC 120 98%
Sabal Point Pineville NC 374 89%
Oaks Raleigh NC 88 92%
Sahara Gardens Las Vegas NV 312 95%
Villas De Mission Las Vegas NV 226 96%
Players Club Of Brentwood Nashville TN 258 95%
Hunters Chase Austin TX 424 98%
Hunterwood Austin TX 160 94%
Longspur Austin TX 252 99%
Silvervale Crossing Austin TX 336 98%
Walnut Creek Crossing Austin TX 280 97%
Wind River Crossing Austin TX 352 99%
Springs of Indian Creek I Carrollton TX 285 74%
Bear Creek Crossing Houston TX 200 95%
Cypress Creek Houston TX 256 95%
North Park Crossing Houston TX 336 92%
Willow Brook Crossing Houston TX 208 98%
Park At Woodlake Houston TX 564 91%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
December 31, 1999
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PROPERTY CITY ST # OF UNITS % OCC
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<S> <C> <C> <C> <C>
MULTIFAMILY PORTFOLIO (cont.)
Jefferson Creek Irving TX 300 94%
Jefferson Place Irving TX 424 95%
La Costa Plano TX 462 92%
Bandera Crossing San Antonio TX 204 90%
Hollows San Antonio TX 432 89%
Vista Crossing San Antonio TX 232 95%
=======================================
Total Units/Average % Occupied 9,538 93%
=======================================
Number of properties: 38
</TABLE>
<TABLE>
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PROPERTY TYPE
PROPERTY CITY ST SQ. FEET % OCC
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<S> <C> <C> <C> <C> <C>
JOINT VENTURES
Rincon Center San Francisco CA Mixed use 686,061 100%
Rockwall I and II Rockville MD Office 343,443 89%
===========================
Total Square Footage/Average % Occupied 1,029,504 96%
===========================
Number of properties: 2
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
December 31, 1999
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PROPERTY CITY ST SQ. FEET/UNITS DATE
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<S> <C> <C> <C> <C>
ADDITIONS:
OFFICE PORTFOLIO
Bridgewater Executive Quarters II Bridgewater NJ 84,262 11/15/99
Total Number of Properties: 1
MULTIFAMILY PORTFOLIO
Chase Monroe II Monroe NC 96 10/14/99
Total Number of Properties: 1
Total Number of properties: 2
DELETIONS:
OFFICE PORTFOLIO
Post Oak Place Houston TX 57,411 11/12/99
Total Number of Properties: 1
OFFICE/FLEX PORTFOLIO
Rancho Bernardo R&D Center Rancho Bernardo CA 52,865 12/8/99
Riverview Industrial Park St. Paul MN 113,700 12/10/99
--------------------
TOTALS 166,565
Total Number of Properties: 2
INDUSTRIAL PORTFOLIO
Mercantile Industrial I Dallas TX 236,092 10/8/99
Quaker Industrial Dallas TX 42,083 10/8/99
Bonnie Lane Business Center Elk Grove IL 119,590 12/30/99
Glenn Avenue Business Center Wheeling IL 82,000 12/16/99
Wood Dale Business Center Wood Dale IL 89,718 12/16/99
--------------------
TOTALS 569,483
Total Number of Properties: 5
Total Number of properties: 8
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GEOGRAPHIC AND PROPERTY TYPE CONTRIBUTION TO NET OPERATING INCOME
December 31, 1999
----------------------------------------------------------------
NOI as a % of the Total Portfolio
City/Market State % of Total NOI % Office % Flex % Industrial % Retail % Multifam.
<S> <C> <C> <C> <C> <C> <C> <C>
New Jersey NJ 9.4% 7.0% 0.6% 1.8% - -
Atlanta GA 8.6% 5.6% 0.8% 0.2% - 2.0%
Suburban Washington, DC MD/VA 7.4% 6.7% 0.6% - 0.1% -
Boston MA 7.1% 5.1% 0.8% 1.2% - -
Chicago IL 6.0% 4.3% - 0.7% 1.0% -
Indianapolis IN 5.5% 0.9% 1.0% 0.20% 1.4% 2.0%
Las Vegas NV 4.7% 1.2% 2.1% - - 1.4%
Dallas TX 4.2% - - - - 4.2%
Charlotte NC 4.1% - - - - 4.1%
Los Angeles/Orange County CA 4.1% 2.7% - 1.4% - -
Austin TX 3.6% - - - - 3.6%
Tampa FL 3.5% 2.0% 1.0% - 0.5% -
Denver CO 3.4% 0.6% 1.3% 1.5% - -
Philadelphia PA 2.9% - 2.9% - - -
St. Louis MO 2.7% 2.2% 0.5% - - -
Houston TX 2.6% - - - - 2.6%
Minneapolis MN 2.6% 1.7% 0.9% - - -
Memphis TN 2.4% 2.2% - 0.2% - -
Phoenix AZ 2.1% 0.4% 0.6% 0.4% - 0.7%
San Antonio TX 1.6% - - - - 1.6%
Sacramento CA 1.4% 0.8% - - 0.6% -
Omaha NE 1.3% 1.3% - - - -
Seattle WA 1.2% 0.2% 0.8% 0.2% - -
Orlando FL 1.1% - 0.6% - 0.5% -
Raleigh - Durham NC 1.1% 0.9% - - - 0.2%
Des Moines IA 1.0% 1.0% - - - -
Kansas City KS 1.0% 0.7% - 0.3% - -
San Diego CA 0.9% - 0.9% - - -
Fort Lauderdale FL 0.7% - - - 0.7% -
Nashville TN 0.7% - - - - 0.7%
San Francisco CA 0.7% 0.7% - - - -
Baltimore MD 0.4% - 0.1% 0.3% - -
----------------- ---------------------------------------------------------------
TOTAL 100.0% 48.2% 15.5% 8.4% 4.8% 23.1%
---------------------------------------------------------------
Number of Markets 32
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
December 31, 1999
(in thousands)
Maturity
From
Debt Interest Interest Maturity 12/31/99
Loan Type Balance Rate Type Date (Years)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
UNSECURED DEBT
Line of Credit $ 70,628 7.753% LIBOR +1.625% 12/22/00 0.98
Term Loan 33,865 8.250% LIBOR +1.750% 6/10/02 2.44
Senior Unsecured Notes 91,150 7.625% Fixed 3/15/05 5.21
--------------- ------------- -----------
Total Unsecured Debt 195,643 7.779% 3.20
SECURED DEBT
Cross Collateralized Loans
Secured by Fourteen Properties 97,600 6.533% Variable 8/31/04 4.67
Secured by Three Properties 52,602 6.750% Fixed 9/1/00 0.67
Secured by Four Properties 14,077 7.570% Fixed 5/10/07 7.36
Secured by Three Properties 15,361 6.950% Fixed 7/1/08 8.50
Secured by Eight Properties 60,056 6.125% Fixed 11/10/08 8.86
Secured by Seven Properties 46,652 6.125% Fixed 11/10/08 8.86
Secured by Nine Properties 53,979 6.125% Fixed 11/10/08 8.86
Secured by Eleven Properties 72,048 6.125% Fixed 11/10/08 8.86
Secured by Ten Properties 58,059 7.500% Fixed 10/1/22 22.75
--------------- ------------- -----------
Total Secured Cross Collateralized 470,434 6.519% 8.73
Individually Secured Mortgages
Total Office 130,395 7.786% 6/30/00-12/1/05 3.72
Total Office/Flex 8,342 8.462% 7/1/01-6/1/07 4.85
Total Industrial 16,932 7.790% 4/10/04-7/1/08 6.03
Total Retail 14,100 8.581% 11/30/05-2/1/07 6.66
Total Multifamily 57,477 8.036% 2/4/00-12/1/30 10.07
Total Other 4,035 8.000% 1/1/06 6.00
=============== ============= ===========
Total Debt/Weighted Interest Rate & Maturity $ 897,358 7.156%
6.75
=============== ============= ===========
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Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
--------------- ------------- ------------------
All Debt $ 897,358 100.00% 7.156%
Debt Summarized by Rate:
All Floating Rate Debt 250,595 27.93% 7.474%
Floating Rate Debt Capped 97,600 10.88% 6.533%
Floating Rate Debt Not Capped 152,995 17.05% 8.075%
All Fixed Rate Debt 646,763 72.07% 7.594%
Debt Summarized by Loan Type:
Total Unsecured Debt 195,643 21.80% 7.779%
Total Secured Debt 701,715 78.20% 6.983%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
December 31, 1999
------------------------------------------------------------------------
For the Period: 1998
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
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OPERATING RESULTS (in thousands, except per share data)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 12,891 $ 14,517 $ 11,145 $ 9,999 $ 48,552
and extraordinary item
Plus:
Depreciation and amortization 10,009 10,934 14,309 14,782 50,034
Adjustment to reflect FFO of 210 174 1,163 633 2,180
Associated Companies
Adjustment to reflect FFO of - - - - -
Unconsolidated Joint Ventures
Non-recurring (gains) or losses - - - 4,570 4,570
Less:
(Net gain) or loss on sales of real (1,446) (693) 250 (2,907) (4,796)
estate assets
Preferred stock dividend (3,910) (5,570) (5,570) (5,570) (20,620)
Funds from operations (FFO) (1) 17,754 19,362 21,297 21,507 79,920
Plus:
Amortization of deferred financing fees 418 174 406 565 1,563
Less:
Capital reserve surplus/(deficit) 1,088 330 69 (2,440) (953)
Capital expenditures (incl. T.I.'s & 1,122 2,870 3,789 6,298 14,079
commissions)
Cash available for distribution (CAD)(1) 15,962 $ 16,336 $ 17,845 $ 18,214 $ 68,357
Cash flows from
Operating Activities 15,327 17,327 34,023 9,744 76,421
Investing Activities (2) (383,526) (185,908) (64,432) 20,026 (613,840)
Financing Activities (3) 369,795 195,000 4,705 (32,794) 536,706
Ratio of earnings to fixed charges 2.41 2.46 1.60 1.54 1.87
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.69 1.57 1.21 1.17 1.36
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 3.24 3.26 2.28 2.25 2.60
Interest coverage ratio 3.51 3.62 2.56 2.55 2.91
Cumulative capital reserves in excess 2,316 2,646 2,715 275 275
of expenditures
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OTHER INFORMATION (in thousands, except per share data)
- ----------------------------------------------------------------------------------------------------------------
EBITDA (including G & A expenses)
Combined total $ 30,599 $ 34,465 $ 42,617 $ 42,880 $ 150,561
Compounded growth from same period 451.3% 315.0% 243.3% 136.7% 239.2%
prior year
Net Operating Income (NOI)-Property Level (5)
Same property $ 18,198 $ 28,337 $ 28,659 $ 35,644 $ 110,838
Growth from same period prior year 4.6% 7.7% 5.3% 6.3% 6.0%
Tenant retention % (commercial 64% 64% 46% 59% 59%
portfolio)
Increase in effective rents from 22.4% 21.7% 27.7% 21.9% 23.4%
renewals (commercial portfolio)
Net Income excluding extraordinary $ 12,213 $ 13,921 $ 10,510 $ 9,358 $ 46,002
items
Net Income including extraordinary $ 12,213 $ 13,921 $ 10,510 $ 7,958 $ 44,602
items
- ----------------------------------------------------------------------------------------------------------------
(1) Please see the Glossary of Terms for a definition and other related disclosure.
(2) Includes acquisitions and additions to real estate assets, as well as net proceeds from sales of real estate assets.
(3) Includes proceeds from issuance of stock and debt, debt repayments, stock repurchases and distributions.
(4) Earnings INCLUDE DEPRECIATION as an expense.
(5) Reflects the performance of 149 of the 160 properties in the current portfolio.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
December 31, 1999
---------------------------------------------------------------------
For the Period: 1999
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per share data)
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Income before Minority Interests $ 13,236 $ 16,892 $ 12,325 $ 10,496 $ 52,949
and extraordinary item
Plus:
Depreciation and amortization 14,947 14,075 14,096 14,535 57,653
Adjustment to reflect FFO of 253 2,170 135 163 2,721
Associated Companies
Adjustment to reflect FFO of - - - 788 788
Unconsolidated Joint Ventures
Non-recurring (gains) or losses - - - 1,229 1,229
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 84,047
Plus:
Amortization of deferred financing fees 485 508 477 564 2,034
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 21,987 29,437 19,405 21,319 92,148
Investing Activities (2) (1,211) 81,187 (18,526) 22,650 84,100
Financing Activities (3) (21,325) (112,431) 435 (40,802) (174,123)
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
- ------------------------------------------------------------------------------------------------------------
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
Same property $ 18,495 $ 28,041 $ 29,421 $ 36,388 $ 112,346
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 (commercial 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
- ------------------------------------------------------------------------------------------------------------
(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 149 of the 160 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
December 31, 1999
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 31,549 31,648 31,704 31,744 31,662
outstanding for EPS
Diluted wtd avg shares outstanding for 34,372 34,869 36,261 36,191 35,576
EPS
Diluted wtd avg shares for calculation 34,372 34,869 36,261 36,191 35,576
of FFO and CAD
Diluted CAD per share $ 0.46 $ 0.47 $ 0.49 $ 0.50 $ 1.92
Basic net income per share before $ 0.26 $ 0.26 $ 0.16 $ 0.12 $ 0.80
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.26 $ 0.26 $ 0.15 $ 0.12 $ 0.79
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 14,246 $ 14,587 $ 15,108 $ 15,110 $ 59,051
units)
Dividend per share $ 0.42 $ 0.42 $ 0.42 $ 0.42 $ 1.68
Dividend payout ratio (CAD) 91.3% 89.4% 85.7% 84.0% 87.5%
Total Preferred Dividends 3,910 5,570 5,570 5,570 20,620
Preferred Dividends per share 0.34 (4) 0.48 0.48 0.48 1.78
Total notes and mortgages payable 442,415 868,406 935,244 922,097 922,097
Preferred Stock at Par Value 287,500 287,500 287,500 287,500 287,500
Total market capitalization (2) 1,717,807 2,092,991 1,987,128 1,942,624 1,942,624
Debt/Total market capitalization 25.8% 41.5% 47.1% 47.5% 47.5%
Preferred shares outstanding (at end 11,500 11,500 11,500 11,500 11,500
of period)
Price per share on last trading day $ 26.13 $ 24.38 $ 20.38 $ 18.25 $ 18.25
Common shares outstanding (at end of 31,550 31,685 31,737 31,759 31,759
period)
Common shares and OP Units outstanding 33,919 35,529 35,971 35,977 35,977
(at end of period)
Fully converted common shares and OP 42,676 44,286 44,728 44,734 44,734
units (at end of period) (3)
Price per share on last trading day $ 29.13 $ 26.38 $ 21.25 $ 20.38 $ 20.38
- ---------------------------------------------------------------------------------------------------------------
(1) Net income per share is computed independently for each quarter and the full year based on the respective
weighted average number of common shares outstanding; therefore; the sum of the quarterly income per share
data may not equal the net income per share for the year.
(2) Includes minority interest in UPREIT Partnership.
(3) Includes outstanding Preferred shares converted to 8,627,779 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, 1999
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 8,627,779 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, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1) (in thousands, except per square foot data)
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (2)
Revenue $ 12,718 $ 26,057 $ 26,790 $ 26,813 $ 92,377
Operating expenses 4,830 10,001 11,003 10,233 36,067
NOI 7,888 16,056 15,787 16,580 56,311
Growth from same period prior year 15.4% 10.1% 7.0% 8.8% 10.3%
Combined Total
Revenue $ 25,819 $ 29,636 $ 30,713 $ 29,530 $ 115,698
Operating expenses 9,483 10,890 12,122 10,928 43,423
NOI 16,336 18,746 18,591 18,602 72,275
Capital expenditures (excludes TI & $ 199 $ 259 $ 584 $ 646 $ 1,687
CLC)
Weighted average leaseable sq ft 5,687 6,483 6,881 6,855 6,476
Capital expenditures per leaseable 0.03 0.04 0.08 0.09 0.26
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
- ------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy 94.6% 95.4% 94.3% 92.3% 92.3%
Average effective rent per occupied 15.87 15.60 15.72 15.90 15.90
sq ft
Increase from same period prior year 6.8% 2.0% 0.1% 2.7% 2.7%
Revenue per occupied sq ft 18.69 18.45 18.64 18.67 18.67
Increase from same period prior year 10.7% 5.5% 8.9% 5.0% 5.0%
Combined Total
Occupancy 95.7% 94.9% 93.8% 92.1% 92.1%
Average effective rent per occupied 14.77 15.68 15.68 16.04 16.04
sq ft
Increase from same period prior year 8.0% 14.0% -1.2% 1.4% 1.4%
Revenue per occupied sq ft 18.69 19.27 19.03 18.71 18.71
Increase from same period prior year 19.7% 15.6% 3.0% 3.1% 3.1%
- ------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 45 of the 51 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
OPERATING RESULTS (1) (in thousands, except per square foot data)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (2)
Revenue $ 12,994 $ 25,765 $ 27,020 $ 27,504 $ 93,283
Operating expenses 5,012 10,257 10,713 10,255 36,236
NOI 7,982 15,508 16,307 17,249 57,046
Growth from same period prior year 1.2% -3.4% 3.3% 4.0% 1.3%
Combined Total
Revenue $ 29,235 $ 29,498 $ 29,087 $ 29,215 $ 117,035
Operating expenses 11,171 11,383 11,471 10,947 44,972
NOI 18,064 18,115 17,616 18,268 72,063
Capital expenditures (excludes TI & $ 362 $ 524 $ 93 $ 176 $ 1,155
CLC)
Weighted average leaseable sq ft 6,856 6,369 6,641 6,673 6,635
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 92.1% 92.1% 92.0% 91.1% 91.1%
Average effective rent per occupied 16.28 16.38 16.40 16.79 16.79
sq ft
Increase from same period prior year 2.6% 5.0% 4.4% 5.6% 5.6%
Revenue per occupied sq ft 19.63 18.83 19.23 19.41 19.41
Increase from same period prior year 5.0% 2.1% 3.2% 4.0% 4.0%
Combined Total
Occupancy 92.1% 92.3% 92.0% 91.3% 91.3%
Average effective rent per occupied 15.85 16.08 16.35 16.78 16.78
sq ft
Increase from same period prior year 7.3% 2.6% 4.3% 4.6% 4.6%
Revenue per occupied sq ft 18.52 18.76 19.04 19.34 19.34
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 45 of the 51 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1999
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 31,839 34,380 58,242 72,716 197,177
Average 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 0.00 0.50 0.00 0.08 0.12
Tenant improvements (TI) committed 283,512 219,172 467,621 787,288 1,757,593
TI committed per sq ft leased 8.90 6.37 8.03 10.83 8.91
Capitalized leasing commissions (CLC) 108,223 94,647 262,254 291,275 756,399
committed
CLC committed per sq ft leased 3.40 2.75 4.50 4.01 3.84
CLC and TI committed per sq ft leased 12.30 9.13 12.53 14.83 12.75
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- -----------------------------------------------------------------------------------------------------------
Tenant Retention 67% 80% 57% 58% 66.0%
Square footage leased 47,942 141,359 84,451 108,975 382,727
Average rent per sq ft 17.28 17.39 18.84 21.30 18.81
Increase in effective rents from 9.7% 24.3% 33.3% 18.5% 21.5%
renewals
Concessions 4,686 - 5,394 558 10,638
Concessions per sq ft leased 0.10 - 0.06 0.01 0.03
Tenant improvements (TI) committed 123,290 617,865 302,318 454,606 1,498,079
TI committed per sq ft leased 2.57 4.37 3.58 4.17 3.91
Capitalized leasing commissions (CLC) 35,179 230,093 61,732 69,789 396,793
committed
CLC committed per sq ft leased 0.73 1.63 0.73 0.64 1.04
CLC and TI committed per sq ft leased 3.30 6.00 4.31 4.81 4.95
- -----------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
December 31, 1999
For the Period: 1999
----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- --------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW (1)
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 158,089 73,503 102,025 129,716 463,333
Average rent per sq ft 17.29 22.04 22.59 19.03 19.69
Concessions 30,306 39,738 61,778 26,361 158,183
Concessions per sq ft leased 0.19 0.54 0.61 0.20 0.34
Tenant improvements (TI) committed 415,862 888,725 826,978 1,636,943 3,768,508
TI committed per sq ft leased 2.63 12.09 8.11 12.62 8.13
Capitalized leasing commissions (CLC) 689,930 517,467 399,169 1,106,574 2,713,140
committed
CLC committed per sq ft leased 4.36 7.04 3.91 8.53 5.86
CLC and TI committed per sq ft leased 6.99 19.13 12.02 21.15 13.99
- --------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
- --------------------------------------------------------------------------------------------------------
Tenant Retention 65% 86% 80% 63% 76%
Square footage leased 209,442 533,342 223,616 197,882 1,164,282
Average rent per sq ft 18.04 18.67 20.94 20.23 19.26
Increase in effective rents from 36.7% 28.0% 24.1% 21.4% 27.6%
renewals
Concessions 12,695 82,460 13,394 39,208 147,757
Concessions per sq ft leased 0.06 0.15 0.06 0.20 0.13
Tenant improvements (TI) committed 840,571 4,236,531 1,246,388 1,111,209 7,434,699
TI committed per sq ft leased 4.01 7.94 5.57 5.62 6.39
Capitalized leasing commissions (CLC) 434,836 2,758,519 994,031 413,994 4,601,380
committed
CLC committed per sq ft leased 2.08 5.17 4.45 2.09 3.95
CLC and TI committed per sq ft leased 6.09 13.11 10.02 7.71 10.34
- --------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1999
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 6,695 $ 7,664 $ 7,780 $ 7,067 $ 29,205
Operating expenses 2,127 2,340 2,211 1,990 8,668
NOI 4,568 5,324 5,568 5,077 20,537
Growth from same period prior year -4.2% -3.5% -4.7% 3.6% -2.2%
Combined Total
Revenue $ 8,579 $ 9,015 $ 9,469 $ 9,924 $ 36,987
Operating expenses 2,569 2,681 2,915 2,733 10,898
NOI 6,009 6,334 6,554 7,192 26,089
Capital expenditure (excludes TI & $ 39 $ 118 $ 344 $ 263 $ 765
CLC)
Weighted average leaseable sq ft 3,962 3,979 4,537 4,561 4,260
Capital expenditures per leaseable 0.01 0.03 0.08 0.06 0.18
sq ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -----------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 92.9% 92.0% 92.7% 90.3% 90.3%
Average effective rent per occupied 7.31 7.92 7.94 7.67 7.67
sq ft
Increase from same period prior year 11.0% 5.7% 1.5% 5.0% 5.0%
Revenue per occupied sq ft 9.37 10.16 9.86 9.39 9.39
Increase from same period prior year 5.8% 14.5% 4.1% 9.9% 9.9%
Combined Total
Occupancy 93.2% 91.9% 92.0% 90.2% 90.2%
Average effective rent per occupied 7.43 7.48 7.40 7.61 7.61
sq ft
Increase from same period prior year 33.2% 9.7% 17.5% 6.2% 6.2%
Revenue per occupied sq ft 9.37 9.70 9.06 9.65 9.65
Increase from same period prior year 43.9% 29.8% 22.0% 11.1% 11.1%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects performance of 35 of the 37 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 6,796 $ 7,653 $ 7,714 $ 7,076 $ 29,240
Operating expenses 2,190 2,291 2,133 1,957 8,571
NOI 4,606 5,362 5,581 5,119 20,668
Growth from same period prior year 0.8% 0.7% 0.2% 0.8% 0.7%
Combined Total
Revenue $ 9,532 $ 9,183 $ 8,558 $ 8,311 $ 35,585
Operating expenses 2,849 2,630 2,352 2,222 10,054
NOI 6,684 6,553 6,206 25,531
6,089
Capital expenditure (excludes TI & $ 142 $ 98 $ 56 $ 107 $ 402
CLC)
Weighted average leaseable sq ft 4,350 3,949 3,908 2,479 3,671
Capital expenditures per leaseable 0.03 0.02 0.01 0.04 0.11
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 87.1% 88.1% 87.2% 87.8% 87.8%
Average effective rent per occupied 7.80 8.19 8.35 7.98 7.98
sq ft
Increase from same period prior year 6.7% 3.3% 5.1% 4.1% 4.1%
Revenue per occupied sq ft 9.80 10.44 10.32 9.71 9.71
Increase from same period prior year 4.6% 2.8% 4.6% 3.4% 3.4%
Combined Total
Occupancy 89.1% 89.7% 88.5% 88.2% 88.2%
Average effective rent per occupied 7.75 7.75 7.92 8.30 8.30
sq ft
Increase from same period prior year 4.3% 3.5% 6.9% 9.1% 9.1%
Revenue per occupied sq ft 9.71 9.81 9.90 10.14 10.14
Increase from same period prior year 3.7% 1.2% 9.2% 5.0% 5.0%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects performance of 35 of the 37 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 33,216 115,635 65,275 95,677 309,803
Average rent per sq ft 9.66 10.17 12.89 10.20 10.70
Concessions 15,618 4,432 18,217 5,103 43,370
Concessions per sq ft leased 0.47 0.04 0.28 0.05 0.14
Tenant improvements (TI) committed 140,072 869,942 250,319 697,389 1,957,722
TI committed per sq ft leased 4.22 7.52 3.83 7.29 6.32
Capitalized leasing commissions (CLC) 70,168 292,089 125,560 242,586 730,403
committed
CLC committed per sq ft leased 2.11 2.53 1.92 2.54 2.36
CLC and TI committed per sq ft leased 6.33 10.05 5.75 9.83 8.68
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 58% 60% 38% 51% 53%
Square footage leased 120,102 228,825 80,316 137,444 566,687
Average rent per sq ft 6.44 7.32 9.13 9.06 7.81
Increase in effective rents from 47.1% 21.1% 21.5% 27.5% 29.3%
renewals
Concessions 1,047 23,784 - - 24,831
Concessions per sq ft leased 0.01 0.10 - - 0.04
Tenant improvements (TI) committed 38,171 494,154 80,010 98,476 710,811
TI committed per sq ft leased 0.32 2.16 1.00 0.72 1.25
Capitalized leasing commissions (CLC) 31,559 145,150 37,699 14,807 229,215
committed
CLC committed per sq ft leased 0.26 0.63 0.47 0.11 0.40
CLC and TI committed per sq ft leased 0.58 2.79 1.47 0.83 1.65
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE/FLEX PORTFOLIO
December 31, 1999
For the Period: 1999
-----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 59,337 117,189 63,398 34,775 274,699
Average rent per sq ft 9.86 10.39 9.17 9.86 9.92
Concessions 18,517 82,593 33,447 15,881 150,438
Concessions per sq ft leased 0.31 0.70 0.53 0.46 0.55
Tenant improvements (TI) committed 188,564 867,332 319,381 87,887 1,463,164
TI committed per sq ft leased 3.18 7.40 5.04 2.53 5.33
Capitalized leasing commissions (CLC) 165,251 352,309 214,649 59,595 791,804
committed
CLC committed per sq ft leased 2.78 3.01 3.39 1.71 2.88
CLC and TI committed per sq ft leased 5.96 10.41 8.43 4.24 8.21
- ---------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ---------------------------------------------------------------------------------------------------------
Tenant Retention 60% 64% 81% 47% 63%
Square footage leased 155,054 195,496 167,566 79,251 597,367
Average rent per sq ft 9.14 7.94 7.22 9.42 8.25
Increase in effective rents from 25.4% 18.3% 20.6% 27.4% 22.9%
renewals
Concessions 81,232 901 34,755 116,888
-
Concessions per sq ft leased 0.52 - 0.21 0.20
-
Tenant improvements (TI) committed 118,972 310,521 122,412 105,413 657,318
TI committed per sq ft leased 0.77 1.59 0.73 1.33 1.10
Capitalized leasing commissions (CLC) 20,766 55,254 66,458 9,400 151,878
committed
CLC committed per sq ft leased 0.13 0.28 0.40 0.12 0.25
CLC and TI committed per sq ft leased 0.90 1.87 1.13 1.45 1.35
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1999
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 2,828 $ 2,842 $ 3,389 $ 3,690 $ 12,749
Operating expenses 663 693 722 604 2,682
NOI 2,166 2,149 2,667 3,086 10,067
Growth from same period prior year 4.3% 2.1% 4.8% 3.5% 3.7%
Combined Total
Revenue $ 3,293 $ 3,479 $ 4,666 $ 4,666 $ 16,104
Operating expenses 800 851 1,119 839 3,608
NOI 2,494 2,628 3,547 3,827 12,495
Capital expenditure (excludes TI & CLC) $ 10 $ 34 $ 60 $ 40 $ 144
Weighted average leaseable sq ft 3,316 3,431 4,265 4,098 3,777
Capital expenditures per leaseable 0.00 0.01 0.01 0.01 0.04
sq ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -----------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 97.1% 98.1% 98.2% 98.7% 98.7%
Average effective rent per occupied 3.36 3.44 3.90 3.99 3.99
sq ft
Increase from same period prior year 5.4% 4.0% 6.5% 4.4% 4.4%
Revenue per occupied sq ft 4.08 4.07 4.48 4.53 4.53
Increase from same period prior year 6.5% 4.6% 10.2% 2.0% 2.0%
Combined Total
Occupancy 96.1% 97.0% 96.0% 98.0% 98.0%
Average effective rent per occupied 3.35 3.46 3.92 3.91 3.91
sq ft
Increase from same period prior year 44.7% 26.3% 19.0% 16.5% 16.5%
Revenue per occupied sq ft 4.08 4.14 4.56 4.56 4.56
Increase from same period prior year 71.5% 38.9% 23.2% 17.1% 17.1%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 23 of the 24 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1999
For the Period: 1999
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 2,816 $ 2,868 $ 3,466 $ 3,876 $ 13,026
Operating expenses 666 754 733 934 3,087
NOI 2,150 2,114 2,733 2,942 9,939
Growth from same period prior year -0.7% -1.6% 2.5% -4.6% -1.1%
Combined Total
Revenue $ 4,764 $ 4,755 $ 4,727 $ 4,103 $ 18,350
Operating expenses 1,115 1,142 1,070 934 4,261
NOI 3,650 3,612 3,657 3,169 14,089
Capital expenditure (excludes TI & CLC) $ 21 $ 23 $ 2 $ 35 $ 81
Weighted average leaseable sq ft 4,118 3,913 3,954 3,385 3,843
Capital expenditures per leaseable 0.01 0.01 0.00 0.01 0.02
sq ft
- ------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- ------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 97.2% 98.0% 95.6% 99.2% 99.2%
Average effective rent per occupied 3.48 3.59 4.16 4.00 4.00
sq ft
Increase from same period prior year 3.5% 4.6% 6.7% 0.4% 0.4%
Revenue per occupied sq ft 3.94 4.11 4.71 4.74 4.74
Increase from same period prior year -3.3% 1.0% 5.1% 4.5% 4.5%
Combined Total
Occupancy 97.4% 98.2% 96.4% 99.2% 99.2%
Average effective rent per occupied 4.01 4.10 4.24 4.17 4.17
sq ft
Increase from same period prior year 19.8% 18.5% 8.3% 6.6% 6.6%
Revenue per occupied sq ft 4.77 4.84 4.96 4.89 4.89
Increase from same period prior year 16.9% 16.9% 8.8% 7.3% 7.3%
- ------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 23 of the 24 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1999
For the Period: 1998
--------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 11,205 48,000 - 46,849 106,054
Average rent per sq ft 3.50 3.84 - 5.26 4.43
Concessions - - - 29,142 29,142
Concessions per sq ft leased - - - 0.62 0.27
Tenant improvements (TI) committed 41,648 - - 225,255 266,903
TI committed per sq ft leased 3.72 - - 4.81 2.52
Capitalized leasing commissions (CLC) 4,706 47,635 - 64,441 116,782
committed
CLC committed per sq ft leased 0.42 0.99 - 1.38 1.10
CLC and TI committed per sq ft leased 4.14 0.99 - 6.19 3.62
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- ------------------------------------------------------------------------------------------------------------
Tenant Retention 100% 66% 67% 78% 78%
Square footage leased 30,084 55,510 9,075 107,173 201,842
Average rent per sq ft 3.50 4.69 4.20 4.74 4.52
Increase in effective rents from 9.9% 10.9% 13.5% 30.2% 10.4%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed - 12,163 - 3,000 15,163
TI committed per sq ft leased - 0.22 - 0.03 0.08
Capitalized leasing commissions (CLC) 2,361 - - - 2,361
committed
CLC committed per sq ft leased 0.08 - - - 0.01
CLC and TI committed per sq ft leased 0.08 0.22 - 0.03 0.09
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
December 31, 1999
For the Period: 1999
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 77,951 - 86,350 34,936 199,237
Average rent per sq ft 3.97 - 5.34 4.73 4.70
Concessions 12,849 - 6,336 10,000 29,185
Concessions per sq ft leased 0.16 - 0.07 0.29 0.15
Tenant improvements (TI) committed 31,775 - 35,864 79,316 146,955
TI committed per sq ft leased 0.41 - 0.42 2.27 0.74
Capitalized leasing commissions (CLC) 61,618 - 79,840 32,004 173,462
committed
CLC committed per sq ft leased 0.79 - 0.92 0.92 0.87
CLC and TI committed per sq ft leased 1.20 - 1.34 3.19 1.61
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------
Tenant Retention 48% 56% 53% 100% 52%
Square footage leased 63,270 39,787 149,250 6,017 258,324
Average rent per sq ft 5.82 4.52 5.06 4.91 5.16
Increase in effective rents from 2.9% -5.0% 19.7% 36.1% 13.4%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed 52,855 36,557 53,191 8,845 151,448
TI committed per sq ft leased 0.84 0.92 0.36 1.47 0.59
Capitalized leasing commissions (CLC) 48,090 - 32,565 7,381 88,036
committed
CLC committed per sq ft leased 0.76 - 0.22 1.23 0.34
CLC and TI committed per sq ft leased 1.60 0.92 0.58 2.70 0.93
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1999
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 1,999 $ 2,717 $ 2,483 $ 2,803 $ 10,003
Operating expenses 725 901 832 867 3,326
NOI 1,274 1,816 1,651 1,936 6,677
Growth from same period prior year 2.1% 18.4% 7.0% 1.0% 7.1%
Combined Total
Revenue $ 2,388 $ 3,043 $ 3,208 $ 3,433 $ 12,072
Operating expenses 865 1,072 948 955 3,840
NOI 1,523 1,971 2,260 2,478 8,231
Capital expenditures (excludes TI and $ 17 $ 49 $ 113 $ 145 $ 325
CLC)
Weighted average leaseable sq ft 979 1,168 1,235 1,239 1,155
Capital expenditures per leaseable 0.02 0.04 0.09 0.12 0.28
sq ft
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -----------------------------------------------------------------------------------------------------------
Same Property
Occupancy 96.7% 92.7% 93.0% 93.6% 93.6%
Average effective rent per occupied 8.30 9.27 9.42 9.48 9.48
sq ft
Increase from same period prior year 4.6% 1.5% -2.9% 1.9% 1.9%
Revenue per occupied sq ft 10.11 12.63 11.40 13.03 13.03
Increase from same period prior year -0.9% 6.3% 1.7% 5.2% 5.2%
Combined Total
Occupancy 96.5% 93.6% 93.3% 93.8% 93.8%
Average effective rent per occupied 7.80 8.46 8.60 8.75 8.75
sq ft
Increase from same period prior year -3.0% -6.4% 1.3% 9.6% 9.6%
Revenue per occupied sq ft 10.11 11.20 11.14 11.81 11.81
Increase from same period prior year 5.0% 10.0% -8.2% 9.7% 9.7%
- ------------------------------------------------------------------------------------------------------------
(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
December 31, 1999
For the Period: 1999
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per square foot data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 2,156 $ 2,739 $ 2,518 $ 2,621 $ 10,033
Operating expenses 765 805 798 784 3,151
NOI 1,391 1,935 1,720 1,837 6,883
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 and $ 14 $ 30 $ 9 $ 30 $ 83
CLC)
Weighted average leaseable sq ft 1,001 928 928 927 946
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 92.2% 91.5% 90.7% 89.8% 89.8%
Average effective rent per occupied 8.71 9.39 9.57 9.68 9.68
sq ft
Increase from same period prior year 4.9% 1.4% 1.5% 2.1% 2.1%
Revenue per occupied sq ft 12.36 12.91 11.97 12.59 12.59
Increase from same period prior year 22.2% 2.2% 5.0% -3.4% (2) -3.4%
Combined Total
Occupancy 92.2% 91.5% 90.7% 89.8% 89.8%
Average effective rent per occupied 9.26 9.39 9.57 9.68 9.68
sq ft
Increase from same period prior year 18.7% 11.0% 11.2% 10.6% 10.6%
Revenue per occupied sq ft 12.74 12.91 11.97 12.59 12.59
Increase from same period prior year 26.0% 15.2% 7.5% 6.5% 6.5%
- ------------------------------------------------------------------------------------------------------------
(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
December 31, 1999
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 2,400 2,500 6,010 13,625 24,535
Average rent per sq ft 13.74 13.40 14.27 12.10 12.92
Concessions 5,280 5,400 - 15,031 25,711
Concessions per sq ft leased 2.20 2.16 - 1.10 1.05
Tenant improvements (TI) committed - 810 - 46,250 47,060
TI committed per sq ft leased - 0.32 - 3.39 1.92
Capitalized leasing commissions (CLC) - 7,038 13,715 80,516 101,269
committed
CLC committed per sq ft leased - 2.82 2.28 5.91 4.13
CLC and TI committed per sq ft leased - 3.14 2.28 9.30 6.05
- -----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
- -----------------------------------------------------------------------------------------------------------
Tenant Retention 46% 5% 42% 54% 30%
Square footage leased 2,450 1,400 5,125 12,384 21,359
Average rent per sq ft 12.51 18.17 16.26 15.85 15.72
Increase in effective rents from 21.2% 5.6% 10.7% 20.7% 14.6%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed - - 1,100 50,578 51,678
TI committed per sq ft leased - - 0.21 4.08 2.42
Capitalized leasing commissions (CLC) - 7,632 - - 7,632
committed
CLC committed per sq ft leased - 5.45 - - 0.36
CLC and TI committed per sq ft leased - 5.45 0.21 4.08 2.78
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
December 31, 1999
For the Period: 1999
--- ----------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- ------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Square footage leased 11,017 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
MULTIFAMILY PORTFOLIO
December 31, 1999
For the Period: 1998
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per unit data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 3,733 $ 4,942 $ 4,982 $ 15,768 $ 29,424
Operating expenses 1,432 1,950 1,995 6,801 12,178
NOI 2,302 2,992 2,987 8,967 17,247
Growth from same period prior year -6.3% 4.2% 10.7% 14.6% 5.8%
Combined Total
Revenue $ 3,762 $ 4,942 $ 16,257 $ 16,169 $ 41,131
Operating expenses 1,466 1,952 7,003 6,929 17,350
NOI 2,296 2,990 9,254 9,241 23,781
Capital expenditures $ 120 $ 145 $ 852 $ 1,033 $ 2,151
Weighted average apartment units 2,147 2,662 9,353 9,353 5,879
owned
Capital expenditures per apartment 56 55 91 110 366
unit
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -----------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 95.6% 92.4% 94.3% 93.4% 93.4%
Average effective base rent per 602 623 626 616 616
occupied unit
Increase from same period prior year 3.1% 2.3% 2.4% 1.1% 1.1%
Apartment annualized turnover rate 43.2% 44.7% 66.2% 60.7% 67.2%
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 36 of the 38 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
December 31, 1999
For the Period: 1999
-------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
- -----------------------------------------------------------------------------------------------------------
OPERATING RESULTS (in thousands, except per unit data)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (1)
Revenue $ 3,819 $ 5,144 $ 5,200 $ 16,362 $ 30,526
Operating expenses 1,453 2,022 2,120 7,121 12,716
NOI 2,366 3,122 3,080 9,241 17,809
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 9,415 9,899 9,250 8,999 37,563
Capital expenditures $ 594 $ 675 $ 650 $ 753 $ 2,672
Weighted average apartment units 9,527 9,612 9,428 9,509 9,519
owned
Capital expenditures per apartment 62 70 69 79 280
unit
- -----------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
- -----------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 93.9% 93.3% 95.1% 94.0% 94.0%
Average effective base rent per 627 635 635 632 632
occupied unit
Increase from same period prior year 4.2% 1.9% 1.4% 2.6% 2.6%
Apartment annualized turnover rate 63.9% 71.2% 64.4% 63.1% 65.7%
Combined Total
Occupancy 94.2% 92.8% 94.3% 93.2% 93.2%
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% 64.7% 64.8%
- -----------------------------------------------------------------------------------------------------------
(1) Reflects performance of 36 of the 38 properties in the current portfolio.
(2) Reflects acquisition activity.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
December 31, 1999
(in thousands)
Office Office/Flex Industrial Retail Multifamily
--------------- --------------- -------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
REVENUES 29,215 8,311 4,103 2,621 17,170
OPERATING EXPENSES 10,947 2,222 934 784 8,171
--------------- --------------- --------------- --------------- ---------------
NOI 18,268 6,089 3,169 1,837 8,999
(1) Other represents internal market level property management fees included in operating expenses to provide market
comparison to industry performance, and operating revenue and expenses from the corporate headquarters and hotels
which are not included in property total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
December 31, 1999
(in thousands)
Property Total
Total Other (1) Reported
--------------- ----------------- ------------------
<S> <C> <C> <C>
REVENUES 61,420 1,792 63,212
OPERATING EXPENSES 23,058 (1,027) 22,031
--------------- ----------------- ------------------
NOI 38,362 2,819 41,181
(1) Other represents internal market level property management fees included in operating expenses to provide market
comparison to industry performance, and operating revenue and expenses from the corporate headquarters and hotels
which are not included in property total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of December 31, 1999
2000 2001 2002 2003 2004
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 17,976,308 16,060,199 20,504,112 8,082,038 11,944,082
Percent of total annual rent 16.0% 14.3% 18.3% 7.2% 10.6%
Square footage expiring 977,686 923,446 1,061,241 417,586 622,923
Percentage of square footage 16.4% 15.5% 17.8% 7.0% 10.4%
Number of leases 234 154 139 74 83
Percentage of number of leases 29.1% 19.2% 17.3% 9.2% 10.3%
- ------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 6,045,549 3,639,727 4,719,999 4,362,001 3,278,028
Percent of total annual rent 20.8% 12.5% 16.2% 15.0% 11.3%
Square footage expiring 687,119 485,322 539,674 464,493 373,798
Percentage of square footage 21.2% 14.9% 16.6% 14.3% 11.5%
Number of leases 141 77 68 38 33
Percentage of number of leases 37.1% 20.3% 17.9% 10.0% 8.7%
- ------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 971,276 1,450,392 2,820,190 510,629 6,508,302
Percent of total annual rent 6.7% 9.9% 19.3% 3.5% 44.6%
Square footage expiring 195,472 321,069 580,751 118,569 1,692,910
Percentage of square footage 6.1% 10.0% 18.1% 3.7% 52.9%
Number of leases 10 10 19 4 12
Percentage of number of leases 16.4% 16.4% 31.1% 6.6% 19.7%
- ------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 1,133,161 1,104,981 432,616 756,665 1,407,884
Percent of total annual rent 13.1% 12.8% 5.0% 8.8% 16.3%
Square footage expiring 81,410 91,157 30,875 60,426 148,628
Percentage of square footage 9.8% 11.0% 3.7% 7.3% 17.9%
Number of leases 42 42 19 21 33
Percentage of number of leases 21.4% 21.4% 9.7% 10.7% 16.8%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of December 31, 1999
2008 and
2005 2006 2007 2008 thereafter
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OFFICE PORTFOLIO
Annual base rent expiring 12,302,636 5,934,433 7,745,873 1,057,257 10,562,867
Percent of total annual rent 11.0% 5.3% 6.9% 0.9% 9.4%
Square footage expiring 676,902 329,059 387,034 53,602 527,233
Percentage of square footage 11.3% 5.5% 6.5% 0.9% 8.8%
Number of leases 28 13 12 4 63
Percentage of number of leases 3.5% 1.6% 1.5% 0.5% 7.8%
- -------------------------------------------------------------------------------------------------------------
OFFICE/FLEX PORTFOLIO
Annual base rent expiring 672,699 2,045,196 1,749,482 306,348 2,271,885
Percent of total annual rent 2.3% 7.0% 6.0% 1.1% 7.8%
Square footage expiring 50,723 181,713 140,911 23,208 300,943
Percentage of square footage 1.6% 5.6% 4.3% 0.7% 9.3%
Number of leases 3 8 3 1 8
Percentage of number of leases 0.8% 2.1% 0.8% 0.3% 2.1%
- -------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 20,032 227,500 72,506 610,170 1,398,300
Percent of total annual rent 0.1% 1.6% 0.5% 4.2% 9.6%
Square footage expiring 3,293 32,500 15,660 129,000 112,921
Percentage of square footage 0.1% 1.0% 0.5% 4.0% 3.5%
Number of leases 1 1 1 1 2
Percentage of number of leases 1.6% 1.6% 1.6% 1.6% 3.3%
- -------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 791,500 292,118 105,867 395,053 2,215,742
Percent of total annual rent 9.2% 3.4% 1.2% 4.6% 25.7%
Square footage expiring 48,808 19,893 9,644 51,061 287,632
Percentage of square footage 5.9% 2.4% 1.2% 6.2% 34.7%
Number of leases 13 4 5 4 13
Percentage of number of leases 6.6% 2.0% 2.6% 2.0% 6.6%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of December 31, 1999
1999 2000 2001 2002 2003 2004
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual base rent expiring 26,126,294 22,255,299 28,476,917 13,711,333 23,138,296 13,786,867
Percent of total annual rent 15.9% 13.5% 17.3% 8.3% 14.1% 8.4%
Square footage expiring 1,941,687 1,820,994 2,212,541 1,061,074 2,838,259 779,726
Percentage of square footage 14.6% 13.7% 16.7% 8.0% 21.4% 5.9%
Number of leases 427 283 245 137 161 45
Percentage of number of leases 29.6% 19.6% 17.0% 9.5% 11.2% 3.1%
- --------------------------------------------------------------------------------------------------------------------------
Footnote: Numbers exclude the Corporate headquarters building.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of December 31, 1999
2008 and
2005 2006 2007 thereafter
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL PORTFOLIO
Annual base rent expiring 8,499,247 9,673,728 2,368,828 16,448,794
Percent of total annual rent 5.2% 5.9% 1.4% 10.0%
Square footage expiring 563,165 553,249 256,871 1,228,729
Percentage of square footage 4.2% 4.2% 1.9% 9.3%
Number of leases 26 21 10 86
Percentage of number of leases 1.8% 1.5% 0.7% 6.0%
- ---------------------------------------------------------------------------------------------
Footnote: 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 Companies The REIT owns 100% of the non-voting preferred stock of two real
estate companies: Glenborough Corporation and Glenborough Hotel Group.
Average Base Rent Base rent charged to tenants.
Average Rent per Square Foot Total annualized revenues to be earned per year during the term of the lease before
(Leasing Production) concessions, TI's and leasing commissions.
Capital Expenditures Recurring, non-revenue producing purchases of building improvements
and equipment, including tenant improvements and leasing
commissions unless otherwise noted. This caption does not include purchases of land,
buildings, and equipment that will produce revenue for the Company, such as property
acquisitions and construction of rentable structures.
Capitalized Leasing Commissions incurred for obtaining a lease which have been capitalized and are to be
Commissions (CLC) amortized over the lease term.
Cash Available For Distribution Cash available for distribution ("CAD") represents income (loss) before minority
(CAD) interests and extraordinary items, adjusted for depreciation and amortization
including amortization of deferred financing costs and gains (losses) from the
disposal of properties, less lease commissions and recurring capital expenditures.
CAD should not be considered an alternative to net income (computed in accordance
with GAAP) as a measure of the Company' 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' cash needs.
CLC Committed Capitalized leasing commissions which have been committed as a part of entering into
a lease agreement.
Combined Total All properties owned in the current period.
Concessions Relief or reduction of rent charges for a specified period, negotiated and committed
to as a part of entering into a lease agreement.
Controlled Partnerships A group of partnerships for which one of the Associated Companies provides some or
all of the following services: asset management, property management, general partner
services, and development services.
Debt Coverage Ratio EBITDA divided by the difference between debt service and amortization of deferred
financing fees.
Debt Service Interest expense plus principal reductions of debt, excluding repayments on lines of
credit.
Debt to Total Market Capitalization Total notes and mortgages payable divided by 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.
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<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
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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 "anagement' 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' operating
performance or as an alternative to cash flows as a measure of liquidity.
Effective Rents Annualized rents net of concessions.
Funds From Operations (FFO) Funds from Operations, as defined by NAREIT, represents income (loss) before minority
interests and extraordinary items, adjusted for real estate related depreciation and
amortization and gains (losses) from the disposal of properties. In 1996,
consolidation and litigation costs were also added back to net income to determine
FFO. The Company believes that FFO is an important and widely used measure of the
financial performance of equity REITs which provides a relevant basis for comparison
among other REITs. Together with net income and cash flows, FFO provides investors
with an additional basis to evaluate the ability of a REIT to incur and service debt
and to fund acquisitions, developments and other capital expenditures. FFO does not
represent net income or cash flows from operations as defined by GAAP, and should not
be considered as an alternative to net income (determined in accordance with GAAP) as
an indicator of the Company's operating performance or as an alternative to cash
flows from operating, investing and financing activities (determined in accordance
with GAAP) as a measure of liquidity. FFO does not necessarily indicate that cash
flows will be sufficient to fund all of the Company's cash needs including principal
amortization, capital improvements and distributions to stockholders. Further, FFO as
disclosed by other REITs may not be comparable to the Company's calculation of FFO.
The Company calculates FFO in accordance with the White Paper on FFO approved by the
Board of Governors of NAREIT in March 1995.
Interest Coverage Ratio EBITDA divided by the difference between interest on debt and amortization of
deferred financing fees.
Leasing Production Information related to lease agreements entered into during the period including
square footage leased, rental dollars (specifically defined below), concessions,
tenant improvements, and capitalized leasing commissions.
Net Operating Income (NOI) Revenue less Operating Expenses.
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<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
GLOSSARY OF TERMS
TERM DEFINITION
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Occupancy Total square feet (units) rented divided by net rentable square feet (units) as of
the end of the quarter.
Percent Increase in Effective Percentage change in effective base rents from renewal as compared to effective base
Rents From Renewal rents as of the prior lease terms.
Ratio of Earnings to Fixed Charges Computed as income (loss) from operations, before minority interest and extraordinary
items, plus fixed charges (excluding capitalized interest) divided by fixed charges.
Fixed charges consist of interest costs including amortization of deferred financing
costs.
Ratio of Earnings to Fixed Charges Computed as income (loss) from operations, before minority interest and extraordinary
and Preferred Dividends items, plus fixed charges (excluding capitalized interest) divided by fixed charges
plus preferred dividends. Fixed charges consist of interest costs including
amortization of deferred financing costs.
Renewal Leases that have been renewed by current tenants.
Same Property 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.
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