SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 30, 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
June 30, 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 June 30, 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 June 30, 2000 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
June 30, 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: July 24, 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
June 30, 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
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 2000
-----------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST SQ. FEET % OCC
-----------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Tradewinds Mesa AZ 17,768 74%
Vintage Pointe Phoenix AZ 55,670 81%
Centerstone Irvine CA 157,579 100%
University Tech Center Pomona CA 100,455 95%
Park Plaza Sacramento CA 72,436 93%
Tierrasanta Research Park San Diego CA 104,234 100%
400 South El Camino Real San Mateo CA 145,212 93%
One Gateway Center Aurora CO 80,049 94%
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 48%
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%
Business Park Norcross GA 157,153 73%
Capitol Center Des Moines IA 161,468 100%
Oak Brook International Center Oak Brook IL 98,431 54%
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 73%
Meridian Park Carmel IN 86,460 85%
Crosspoint Four Indianapolis IN 41,121 92%
Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 76%
Hartwood Building Lexington MA 52,721 100%
Bronx Park I Marlborough MA 75,277 100%
Marlborough Corp Place Marlborough MA 570,421 100%
Westford Corporate Center Westford MA 163,264 100%
Montgomery Executive Center Gaithersburg MD 116,508 99%
Germantown Germantown MD 60,000 100%
Montrose Office Park Rockville MD 186,680 100%
Riverview Office Tower Bloomington MN 227,129 90%
Bryant Lake Eden Prairie MN 171,789 100%
Woodlands Tech St Louis MO 98,037 100%
University Club Tower St. Louis MO 272,469 88%
Woodlands Plaza St. Louis MO 72,276 99%
Edinburgh Center Cary NC 115,314 100%
One Pacific Place Omaha NE 128,683 95%
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 93%
25 Independence Warren NJ 106,879 94%
Citibank Las Vegas NV 147,765 87%
Clark Avenue King of Prussia PA 40,000 100%
Poplar Towers Memphis TN 100,901 84%
Thousand Oaks Memphis TN 418,458 71%
700 South Washington Alexandria VA 56,348 100%
Cameron Run Alexandria VA 143,707 100%
Totem Valley Business Center Kirkland WA 121,645 98%
--------------------------------------
Total Square Footage/Average % Occupied 7,032,863 92%
======================================
Number of properties: 55
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 2000
-----------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST SQ. FEET % OCC
-----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
<S> <C> <C> <C> <C>
Hoover Industrial Center Mesa AZ 57,441 83%
Fifth Street Industrial Phoenix AZ 109,699 100%
Magnolia Industrial Phoenix AZ 35,385 100%
Baseline Business Park Tempe AZ 100,204 77%
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 Industrial Aurora CO 1,162,274 100%
Lake Point Business Park Orlando FL 134,389 96%
Oakbrook Corners Norcross GA 124,776 59%
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 93%
Fisher-Pierce Industrial Weymouth MA 79,825 100%
Navistar - Baltimore Baltimore MD 274,000 100%
Winnetka Industrial Center Crystal MN 188,260 91%
Fox Hollow Business Quarters I Branchburg NJ 42,173 83%
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 164,364 79%
Palms Business Center North and South Las Vegas NV 224,474 72%
Lehigh Valley Allentown PA 161,405 81%
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 95%
5,864,793
======================================
Number of properties: 34
RETAIL
Westwood Plaza Tampa FL 99,304 94%
Westbrook Commons Westchester IL 132,190 97%
Broad Ripple Retail Centre Indianapolis IN 37,540 87%
Cross Creek Retail Centre Indianapolis IN 76,908 91%
Geist Retail Centre Indianapolis IN 72,348 78%
Woodfield Centre Indianapolis IN 58,171 86%
--------------------------------------
Total Square Footage/Average % Occupied 476,461 89%
======================================
Number of properties: 6
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
June 30, 2000
-----------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST # OF UNITS % OCC
-----------------------------------------------------------------------------------------------------------------------
MULTIFAMILY PORTFOLIO
<S> <C> <C> <C> <C>
Overlook Scottsdale AZ 224 96%
Stone Ridge At Vinings Atlanta GA 440 90%
Woodmere Trace Duluth GA 220 95%
Crosscreek Indianapolis IN 208 86%
Harcourt Club Indianapolis IN 148 97%
Island Club Indianapolis IN 314 94%
Arrowood Crossing Charlotte NC 200 97%
Chase On Commonwealth Charlotte NC 132 92%
Courtyard Charlotte NC 55 93%
Landing On Farmhurst Charlotte NC 125 95%
Sharonridge Charlotte NC 75 92%
Wendover Glen Charlotte NC 96 91%
Chase Monroe I & II Monroe NC 216 94%
Willow Glen Monroe NC 120 93%
Sabal Point Pineville NC 374 91%
Oaks Raleigh NC 88 93%
Sahara Gardens Las Vegas NV 312 98%
Villas De Mission Las Vegas NV 226 96%
Players Club Of Brentwood Nashville TN 258 93%
Hunters Chase Austin TX 424 97%
Hunterwood Austin TX 160 91%
Longspur Austin TX 252 98%
Silvervale Crossing Austin TX 336 96%
Walnut Creek Crossing Austin TX 280 96%
Wind River Crossing Austin TX 352 98%
Springs of Indian Creek I Carrollton TX 285 73%
Bear Creek Crossing Houston TX 200 98%
Cypress Creek Houston TX 256 92%
North Park Crossing Houston TX 336 93%
Willow Brook Crossing Houston TX 208 96%
Park At Woodlake Houston TX 564 90%
Jefferson Creek Irving TX 300 98%
Jefferson Place Irving TX 424 92%
La Costa Plano TX 462 87%
Bandera Crossing San Antonio TX 204 95%
Hollows San Antonio TX 432 94%
Vista Crossing San Antonio TX 232 94%
--------------------------------------
Total Units/Average % Occupied: 9,538 93%
======================================
Number of properties: 37
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PROPERTY TYPE
PROPERTY CITY ST SQ. FEET % OCC
-----------------------------------------------------------------------------------------------------------------------
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
June 30, 2000
--------------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST SQ. FEET/UNITS DATE
--------------------------------------------------------------------------------------------------------------------------
DELETIONS:
OFFICE PORTFOLIO
<S> <C> <C> <C> <C>
Warner Village Medical Center Fountain Valley CA 32,272 6/6/00
Gateway Professional Sacramento CA 50,558 6/29/00
Powers Ferry Landing Atlanta GA 393,672 5/1/00
Blue Ridge Office Building Braintree MA 74,795 4/14/00
Globe Office Building Mercer Island WA 25,555 5/12/00
--------------------
Total Number of Properties: 5 576,852
INDUSTRIAL PORTFOLIO
Scripps Terrace San Diego CA 56,796 5/31/00
Atlantic Industrial Norcross GA 102,295 4/18/00
Post Palms Las Vegas NV 139,962 6/28/00
--------------------
Total Number of Properties: 3 299,053
RETAIL PORTFOLIO
Sonora Center Sonora CA 162,126 6/15/00
Piedmont Plaza Apopka FL 151,000 5/17/00
River Run Shopping Center Miramar FL 92,787 5/17/00
Goshen Plaza Gaithersburg MD 45,623 7/13/00
--------------------
Total Number of Properties: 4 451,536
Total Number of properties: 12
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Glenborough Realty Trust Incorporated
DISTRIBUTION OF NET OPERATING INCOME (INCLUDING JOINT VENTURE INTERESTS)
BY GEOGRAPHIC REGION AND PROPERTY TYPE
June 30, 2000
---------------------------------------------------------------
NOI as a % of the Total Portfolio
% of
City/Market State Total NOI Office Industrial Retail Multifamily
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Northern New Jersey NJ 10.2% 8.2% 2.0% - -
Boston MA 7.8% 5.8% 2.0% - -
Chicago IL 6.4% 5.0% 0.7% 0.7% -
Suburban Washington, DC MD/VA 6.3% 6.0% 0.3% - -
Indianapolis IN 5.6% 1.0% 1.4% 1.5% 1.7%
Austin TX 5.3% - - - 5.3%
Atlanta GA 5.1% 2.9% 0.2% - 2.0%
Denver CO 4.5% 1.0% 3.5% - -
Las Vegas NV 4.5% 1.3% 2.0% - 1.2%
Southern California CA 4.5% 3.3% 1.2% - -
Charlotte NC 4.4% - - - 4.4%
Tampa/Orlando FL 4.1% 2.8% 0.8% 0.5% -
Dallas TX 4.0% - - - 4.0%
San Francisco CA 3.6% 3.6% - - -
St. Louis MO 3.0% 3.0% - - -
Philadelphia PA 2.7% 0.2% 2.5% - -
Houston TX 2.6% - - - 2.6%
Memphis TN 2.6% 2.4% 0.2% - -
Minneapolis MN 2.6% 2.4% 0.2% - -
Omaha/Des Moines NE/IA 2.1% 2.1% - - -
Phoenix AZ 2.0% 0.3% 1.0% - 0.7%
San Antonio TX 1.8% - - - 1.8%
Seattle WA 1.2% 0.6% 0.6% - -
Raleigh - Durham NC 1.0% 0.8% - - 0.2%
Kansas City KS 0.9% 0.6% 0.3% - -
Nashville TN 0.7% - - - 0.7%
Sacramento CA 0.5% 0.5% - - -
------------------ ---------------------------------------------------------------
TOTAL 100.0% 53.8% 18.9% 2.7% 24.6%
---------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
June 30, 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 $ 39,811 8.392% LIBOR +1.750% 6/10/02
1.94
Term Loan 8.392% LIBOR +1.750% 6/10/02
125,000 1.94
----------------------------- -----------
Total Unsecured Debt 164,811 8.392% 1.94
SECURED DEBT
Cross Collateralized Loans
Secured by Fourteen Properties 97,600 7.669% Variable 8/30/04 4.17
Secured by Three Properties 52,146 6.750% Fixed 9/1/00 0.17
Secured by Four Properties 13,955 7.570% Fixed 5/10/07 6.86
Secured by Three Properties 15,195 6.950% Fixed 7/1/08 8.00
Secured by Eight Properties 59,760 6.125% Fixed 11/10/08 8.36
Secured by Thirteen Properties 118,100 6.125% Fixed 11/10/08 8.36
Secured by Nine Properties 53,706 6.125% Fixed 11/10/08 8.36
Secured by Ten Properties 57,593 7.500% Fixed 10/1/22 22.25
----------------------------- -----------
Total Secured Cross Collateralized 468,055 6.756% 8.23
Individually Secured Mortgages
Total Office 92,828 8.151% 10/1/00-9/1/05 2.89
Total Industrial 38,015 8.246% 10/01/00-7/1/08 3.82
Total Retail 8.633% 11/30/05-2/1/07
9,239 6.54
Total Multifamily 57,268 8.314% 8/4/00-12/1/30 9.69
Total Other 3,922 8.000% Fixed 1/1/06 5.50
-----------
Total Debt/Weighted Interest Rate & Maturity $ 834,138 7.436% 6.26
-----------------------------------------------------------------------------------------------------------------------------------
Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
<S> <C> <C> <C>
All Debt $ 834,138 100.00% 7.436%
Debt Summarized by Rate:
All Floating Rate Debt 329,654 39.52% 8.309%
Floating Rate Debt Capped 97,600 11.70% 7.669%
Floating Rate Debt Not Capped 232,054 27.82% 8.578%
All Fixed Rate Debt 504,484 60.48% 6.865%
Debt Summarized by Loan Type:
Total Unsecured Debt 164,811 19.76% 8.392%
Total Secured Debt 669,327 80.24% 7.200%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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 $ 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 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 84,048
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 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)
---------------------------------------------------------------------------------------------------------------
Combined Same Property Net Operating
Income (5)
NOI $ 34,284 $ 32,284 $ 32,263 $ 32,828 $ 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
(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 124 of the 132 properties in the current portfolio.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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 $ 8,823 $ 8,766 $ - $ - $ 17,589
and extraordinary item
Plus:
Depreciation and amortization 14,915 14,871 - - 29,786
Adjustment to reflect FFO of 164 22 - - 186
Associated Companies
Adjustment to reflect FFO of 190 264 - - 454
Unconsolidated Joint Ventures
Non-recurring losses - - - - -
Less:
(Net gain) or loss on sales of real 695 2,347 - - 3,042
estate assets
Preferred stock dividend (5,488) (5,443) - - (10,931)
Funds from operations (FFO) (1) 19,299 20,827 - - 40,126
Plus:
Amortization of deferred financing 639 610 - - 1,249
fees
Less:
Capital reserve surplus/(deficit) - - - - -
Capital expenditures (incl. T.I.'s 4,989 6,319 - - 11,308
& commissions)
Cash available for distribution (CAD)(1) $ 14,949 $ 15,118 $ - $ - $ 30,067
Cash flows from
Operating Activities 17,957 27,367 - - 45,324
Investing Activities (2) 10,642 70,194 - - 80,836
Financing Activities (3) (34,235) (95,383) - - (129,618)
Ratio of earnings to fixed charges 1.47 1.48 - - 1.47
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.11 1.11 - - 1.11
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 2.27 2.39 - - 2.33
Interest coverage ratio 2.61 2.74 - - 2.67
Cumulative capital reserves in excess - - - - -
of expenditures
--------------------------------------------------------------------------------------------------------------
OTHER INFORMATION (in thousands, except
--------------------------------------------------------------------------------------------------------------
Combined Same Property Net Operating
Income (5)
NOI $ 35,564 $ 33,568 $ - $ - $ 69,132
Growth from same period prior year 3.7% 4.0% 3.9%
Tenant retention % (commercial 65% 71% - - 69%
portfolio)
Increase in effective rents from 21.6% 16.5% 19.1%
renewals (commercial portfolio)
Net Income excluding extraordinary $ 8,517 $ 8,416 $ - $ - $ 16,933
items
Net Income including extraordinary $ 8,051 $ 8,332 $ - $ - $ 16,383
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 124 of the 132 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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 7,689,461 shares of common stock.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
June 30, 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 29,330 - - 29,843
outstanding for EPS
Diluted wtd avg shares outstanding for 34,096 33,111 - - 33,602
EPS
Diluted wtd avg shares for calculation 34,096 33,111 - - 33,602
of FFO and CAD
Diluted CAD per share $ 0.44 $ 0.46 $ - $ - $ 0.89
Basic net income per share before $ 0.10 $ 0.10 $ - $ - $ 0.20
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.10 $ 0.10 $ - $ - $ 0.20
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 13,896 $ 13,609 $ - $ - $ 27,505
units)
Dividend per share $ 0.42 $ 0.42 $ - $ - $ 0.84
Dividend payout ratio (CAD) 95.5% 91.3% - - 94.4%
Total Preferred Dividends 5,488 5,443 - - 10,931
Preferred Dividends per share 0.48 0.48 - - 0.96
Total notes and mortgages payable 884,991 834,138 - - 834,138
Preferred Stock at Par Value 280,908 252,445 - - 252,445
Total market capitalization (2) 1,648,899 1,652,091 - - 1,652,091
Debt/Total market capitalization 53.7% 50.5% - - 50.5%
Preferred shares outstanding (at end 11,236 10,098 - - 10,098
of period)
Price per share on last trading day $ 15.25 $ 17.25 $ - $ - $ 17.2500
Common shares outstanding (at end of 29,706 28,881 - - 28,881
period)
Common shares and OP Units outstanding 33,310 32,402 - - 32,402
(at end of period)
Fully converted common shares and OP 41,867 40,091 - - 40,091
units (at end of period) (3)
Price per share on last trading day $ 14.50 $ 17.4531 $ - $ - $ 17.4531
--------------------------------------------------------------------------------------------------------------
(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 7,689,461 shares of common stock.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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 $ 26,020 $ 26,601 $ 26,680 $ 107,173
Operating expenses 10,353 9,783 10,092 9,938 40,165
NOI 17,519 16,237 16,509 16,742 67,007
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 sq 0.05 0.08 0.01 0.03 0.17
ft
----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
----------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy at quarter end 93.1% 93.2% 93.1% 92.3% 92.3%
Average effective rent per occupied 14.69 15.00 15.13 14.88 14.88
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 17.89 18.12 17.57 17.57
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 50 of the 55 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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 $ 27,077 $ - $ - $ 55,925
Operating expenses 10,841 9,763 - - 20,604
NOI 18,007 17,314 - - 35,321
Growth from same period prior year 2.8% 6.6% - - 4.7%
Combined Total
Revenue $ 31,394 $ 29,501 $ - $ - $ 60,895
Operating expenses 11,738 10,501 - - 22,239
NOI 19,656 19,000 - - 38,656
Capital expenditures (excludes TI & $ 1,136 $ 315 $ - $ - $ 1,450
CLC)
Quarter End Square Feet 7,465 6,888 - - 6,888
Capital expenditures per leaseable sq 0.15 0.05 - - 0.21
ft
------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy at quarter end 91.0% 91.7% - - 91.7%
Average effective rent per occupied 15.77 15.52 - - 15.52
sq ft
Increase from same period prior year 7.3% 3.5% - - 3.5%
Revenue per occupied sq ft 18.51 18.68 - - 18.68
Increase from same period prior year 5.9% 4.4% - - 4.4%
Combined Total
Occupancy at quarter end 91.1% 92.1% - - 92.1%
Average effective rent per occupied 15.71 15.72 - - 15.72
sq ft
Increase from same period prior year 5.9% 4.9% - - 4.9%
Revenue per occupied sq ft 18.46 18.61 - - 18.61
Increase from same period prior year 6.0% 6.0% - - 6.0%
------------------------------------------------------------------------------------------------------------
(1) Numbers exclude corporate headquarters building.
(2) Reflects performance of 50 of the 55 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
June 30, 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 133,710 193,257 - - 326,967
Average rent per sq ft 18.38 17.02 - - 17.58
Concessions 183,220 21,175 - - 204,395
Concessions per sq ft leased 1.37 0.11 - - 0.63
Tenant improvements (TI) committed 1,678,031 2,180,773 - - 3,858,804
TI committed per sq ft leased 12.55 11.28 - - 11.80
Capitalized leasing commissions (CLC) 707,700 776,848 - - 1,484,548
committed
CLC committed per sq ft leased 5.29 4.02 - - 4.54
CLC and TI committed per sq ft leased 17.84 15.30 - - 16.34
---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION (1)
---------------------------------------------------------------------------------------------------------------
Tenant Retention 51% 78% - - 71%
Square footage leased 139,231 504,329 - - 643,560
Average rent per sq ft 18.71 20.07 - - 19.78
Increase in effective rents from 18.8% 14.4% - - 16.6%
renewals
Concessions 20,726 5,500 - - 26,226
Concessions per sq ft leased 0.15 0.01 - - 0.04
Tenant improvements (TI) committed 441,448 1,507,115 - - 1,948,563
TI committed per sq ft leased 3.17 2.99 - - 3.03
Capitalized leasing commissions (CLC) 193,232 1,154,117 - - 1,347,349
committed
CLC committed per sq ft leased 1.39 2.29 - - 2.09
CLC and TI committed per sq ft leased 4.56 5.28 - - 5.12
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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 $ 8,075 $ 8,090 $ 7,922 $ 32,571
Operating expenses 2,207 2,073 2,029 2,119 8,427
NOI 6,277 6,003 6,062 5,803 24,144
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 & CLC) $ 108 $ 73 $ 51 $ 87 $ 318
Quarter End Square Feet 7,398 6,866 6,803 6,098 6,098
Capital expenditures per leaseable sq 0.01 0.01 0.01 0.01 0.05
ft
----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
----------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 93.3% 95.3% 93.6% 93.2% 93.2%
Average effective rent per occupied 5.23 5.18 5.30 5.27 5.27
sq ft
Increase from same period prior year 3.5% 4.6% 6.7% 0.4% 0.4%
Revenue per occupied sq ft 6.39 6.28 6.44 6.30 6.30
Increase from same period prior year -3.3% 1.0% 5.1% 4.5% 4.5%
Combined Total
Occupancy 92.7% 93.4% 91.9% 92.6% 92.6%
Average effective rent per occupied 5.42 5.05 5.06 4.71 4.71
sq ft
Increase from same period prior year 19.8% 18.5% 8.3% 6.6% 6.6%
Revenue per occupied sq ft 6.66 6.24 6.14 5.65 5.65
Increase from same period prior year 16.9% 16.9% 8.8% 7.3% 7.3%
----------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 32 of the 34 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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 $ 8,264 $ - $ - $ 17,001
Operating expenses 2,328 2,082 - - 4,409
NOI 6,409 6,183 - - 12,592
Growth from same period prior year 2.1% 3.0% - - 2.6%
Combined Total
Revenue $ 9,879 $ 9,521 $ - $ - $ 19,400
Operating expenses 2,560 2,331 - - 4,891
NOI 7,319 7,190 - - 14,509
Capital expenditure (excludes TI & CLC) $ 73 $ 150 $ - $ - $ 224
Quarter End Square Feet 6,173 5,865 - - 5,865
Capital expenditures per leaseable sq 0.01 0.03 - - 0.04
ft
-------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
-------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 94.1% 95.0% - - 95.0%
Average effective rent per occupied 5.37 5.35 - - 5.35
sq ft
Increase from same period prior year 2.6% 3.2% - - 3.2%
Revenue per occupied sq ft 6.52 6.46 - - 6.46
Increase from same period prior year 1.9% 2.8% - - 2.8%
Combined Total
Occupancy 94.1% 94.9% - - 94.9%
Average effective rent per occupied 5.84 5.75 - - 5.75
sq ft
Increase from same period prior year 7.7% 13.8% - - 13.8%
Revenue per occupied sq ft 7.00 6.84 - - 6.84
Increase from same period prior year 5.1% 9.6% - - 9.6%
-------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 32 of the 34 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
June 30, 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 0.00
-----------------------------------------------------------------------------------------------------------------
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 0 96,481
Concessions per sq ft leased 0.38 0.00 0.12 0.00 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
June 30, 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 141,924 174,745 - - 316,669
Average rent per sq ft 8.47 6.06 - - 7.14
Concessions 43,232 32,879 - - 76,111
Concessions per sq ft leased 0.30 0.19 - - 0.24
Tenant improvements (TI) committed 663,750 397,785 - - 1,061,535
TI committed per sq ft leased 4.68 2.28 - - 3.35
Capitalized leasing commissions (CLC) 315,777 148,047 - - 463,824
committed
CLC committed per sq ft leased 2.22 0.85 - - 1.46
CLC and TI committed per sq ft leased 6.90 3.13 - - 4.81
---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
---------------------------------------------------------------------------------------------------------------
Tenant Retention 87% 46% - - 65%
Square footage leased 148,799 91,906 - - 240,705
Average rent per sq ft 7.18 8.45 - - 7.66
Increase in effective rents from 21.7% 30.2% 26.0%
renewals
Concessions 2,500 0 - - 2,500
Concessions per sq ft leased 0.02 0.00 - - 0.01
Tenant improvements (TI) committed 123,726 535,242 - - 658,968
TI committed per sq ft leased 0.83 5.82 - - 2.74
Capitalized leasing commissions (CLC) 21,402 153,056 - - 174,458
committed
CLC committed per sq ft leased 0.14 1.67 - - 0.72
CLC and TI committed per sq ft leased 0.97 7.49 - - 3.46
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
June 30, 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 $ 1,500 $ 1,427 $ 1,594 $ 7,324
Operating expenses 1,014 537 482 488 2,521
NOI 1,790 963 945 1,106 4,804
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)
Quarter End Square Feet 1,001 928 928 927 927
Capital expenditures per leaseable sq 0.01 0.03 0.01 0.03 0.09
ft
----------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
----------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 92.1% 91.7% 90.0% 88.6% 88.6%
Average effective rent per occupied 9.50 10.52 10.63 10.79 10.79
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 13.89 13.31 15.10 15.10
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 6 of the 6 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
June 30, 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 $ 1,544 $ - $ - $ 4,410
Operating expenses 937 534 - - 1,471
NOI 1,929 1,010 - - 2,939
Growth from same period prior year 7.7% 4.9% - - 6.3%
Combined Total
Revenue $ 2,866 $ 1,544 $ - $ - $ 4,410
Operating expenses 937 534 - - 1,471
NOI 1,929 1,010 - - 2,939
Capital expenditures (excludes TI and $ 71 $ 6 $ - $ - $ 78
CLC)
Quarter End Square Feet 928 476 - - 476
Capital expenditures per leaseable sq 0.08 0.01 - - 0.16
ft
------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 90.9% 90.3% - - 90.3%
Average effective rent per occupied 9.64 10.89 - - 10.89
sq ft
Increase from same period prior 1.4% 3.5% - - 3.5%
year
Revenue per occupied sq ft 13.59 14.36 - - 14.36
Increase from same period prior year 3.5% 3.4% - - 3.4%
Combined Total
Occupancy 90.9% 90.3% - - 90.3%
Average effective rent per occupied 9.64 10.89 - - 10.89
sq ft
Increase from same period prior year 4.1% 15.9% - - 15.9%
Revenue per occupied sq ft 13.59 14.36 - - 14.36
Increase from same period prior year 6.7% 11.3% - - 11.3%
------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 6 of the 6 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
June 30, 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
June 30, 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% 79% - - 73%
Square footage leased 24,418 10,184 - - 34,602
Average rent per sq ft 12.43 14.58 - - 13.07
Increase in effective rents from 18.5% 13.4% 15.9%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed 3,500 5,536 - - 9,036
TI committed per sq ft leased 0.14 0.54 - - 0.26
Capitalized leasing commissions (CLC) 5,267 - - - 5,267
committed
CLC committed per sq ft leased 0.22 - - - 0.15
CLC and TI committed per sq ft leased 0.36 0.54 - - 0.41
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
June 30, 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 784 787 804 762 3,091
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 unit 62 72 69 79 281
----------------------------------------------------------------------------------------------------------------
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 year 3.1% 2.3% 2.4% 1.1% 1.1%
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
June 30, 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 $ 16,372 $ - $ - $ 32,667
Operating expenses 7,077 7,310 - - 14,387
NOI 9,218 9,062 - - 18,280
Average expenses per unit 774 800 - - 1,511
Growth from same period prior year 6.0% -0.2% - - -0.2%
Combined Total
Revenue $ 17,023 $ 17,113 $ - $ - $ 34,136
Operating expenses 7,412 7,671 - - 15,083
NOI 9,611 9,442 - - 19,053
Average expenses per unit 778 805 - - 1,584
Capital expenditures $ 439 $ 805 $ - $ - $ 1,243
Total Units 9,524 9,524 - - 9,524
Capital expenditures per apartment unit 46 84 - - 130
------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
------------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 92.7% 93.7% - - 93.7%
Average occupied rent per foot 0.80 0.81 - - 0.81
Average effective base rent per 634 638 - - 638
occupied unit
Increase from same period prior year 2.2% 1.9% - - 1.9%
Apartment annualized turnover rate 62.5% 70.9% - - 66.7%
Combined Total
Occupancy 91.9% 93.1% - - 93.1%
Average occupied rent per foot 0.81 0.81 - - 0.81
Average effective base rent per 642 646 - - 646
occupied unit
Increase from prior year 1.9% 1.9% - - 1.9%
Apartment annualized turnover rate 62.2% 70.7% - - 70.7%
------------------------------------------------------------------------------------------------------------
(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)
Office Industrial Retail Multifamily
----------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
REVENUES 29,501 9,521 1,544 17,113
OPERATING EXPENSES 10,501 2,331 534 7,671
----------------- ----------------- ------------------ -----------------
NOI 19,000 7,190 1,010 9,442
(1) Consolidating entries represent 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 properties sold during the quarter which are not included
in the combined total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
March 31, 2000
(in thousands)
Property Total
Total Other (1) Reported
------------------ ------------------ ------------------
<S> <C> <C> <C>
REVENUES 57,679 3,138 60,817
OPERATING EXPENSES 21,037 (747) 20,290
------------------ ------------------ ------------------
NOI 36,642 3,885 40,527
(1) Consolidating entries represent 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 properties sold during the quarter which are not included
in the combined total.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of June 30, 2000
2005
2000 2001 2002 2003 2004 and thereafter
-----------------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO (1)
<S> <C> <C> <C> <C> <C> <C>
Annual base rent expiring 6,845,133 16,489,807 19,109,140 12,409,150 12,506,523 44,149,042
Percent of total annual rent 6.1% 14.8% 17.1% 11.1% 11.2% 39.6%
Square footage expiring 430,511 1,012,248 1,053,016 641,020 692,434 2,444,008
Percentage of square footage 6.9% 16.1% 16.8% 10.2% 11.0% 39.0%
Number of leases 137 172 142 113 90 120
Percentage of number of leases 17.7% 22.2% 18.3% 14.6% 11.6% 15.5%
-----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 2,711,496 3,173,698 6,313,343 4,162,254 9,238,795 9,265,534
Percent of total annual rent 7.8% 9.1% 18.1% 11.9% 26.5% 26.6%
Square footage expiring 341,038 533,170 1,003,572 545,805 2,009,894 1,165,385
Percentage of square footage 6.1% 9.5% 17.9% 9.7% 35.9% 20.8%
Number of leases 39 49 61 41 32 32
Percentage of number of leases 15.4% 19.3% 24.0% 16.1% 12.6% 12.6%
-----------------------------------------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 386,750 883,864 379,256 742,853 905,200 2,330,607
Percent of total annual rent 6.9% 15.7% 6.7% 13.2% 16.1% 41.4%
Square footage expiring
27,574 65,022 25,965 58,976 97,744 189,218
Percentage of square footage 5.9% 14.0% 5.6% 12.7% 21.0% 40.7%
Number of leases 13 32 16 19 20 36
Percentage of number of leases 9.6% 23.5% 11.8% 14.0% 14.7% 26.5%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL PORTFOLIO (1)
Annual base rent expiring 9,943,379 20,547,369 25,801,739 17,314,257 22,650,518 55,745,183
Percent of total annual rent 6.5% 13.5% 17.0% 11.4% 14.9% 36.7%
Square footage expiring 799,123 1,610,440 2,082,553 1,245,801 2,800,072 3,798,611
Percentage of square footage 6.5% 13.1% 16.9% 10.1% 22.7% 30.8%
Number of leases 189 253 219 173 142 188
Percentage of number of leases 16.2% 21.7% 18.8% 14.9% 12.2% 16.2%
-----------------------------------------------------------------------------------------------------------------------------
(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 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 scheduled 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 October 1999.
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>
