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) September 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 28 pages
No Exhibits Required
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
September 30, 2000
Item 5. Other Events
On October 25, 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 September 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 September 30, 2000 4
<PAGE>
GLENBOROUGH REALTY TRUST INCORPORATED
SUPPLEMENTAL INFORMATION
September 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: October 25, 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
September 30, 2000
Table of Contents
PAGE
Real Estate Portfolio....................................................... 5
Under Development .......................................................... 8
Land Holdings .............................................................. 9
Additions and Deletions to Portfolios During Period.........................10
Geographic and Property Type Contribution to Net Operating Income ..........11
Debt Summary................................................................13
Corporate Operating Summary.................................................14
Office Portfolio............................................................16
Industrial Portfolio........................................................18
Retail Portfolio............................................................20
Multifamily Portfolio.......................................................22
Reconciliation of Property Income...........................................23
Lease Expiration Schedule...................................................24
Glossary of Terms...........................................................26
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
September 30, 2000
-----------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST SQ. FEET % OCC
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OFFICE PORTFOLIO
Vintage Pointe Phoenix AZ 55,670 81%
Centerstone Irvine CA 157,579 100%
University Tech Center Pomona CA 100,455 87%
Tierrasanta Research Park San Diego CA 104,234 100%
400 South El Camino Real San Mateo CA 145,329 98%
One Gateway Center Aurora CO 80,049 100%
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 53%
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 91%
Capitol Center Des Moines IA 161,468 100%
Oak Brook International Center Oak Brook IL 98,431 60%
Oakbrook Terrace Corp Ctr III Oak Brook Terrace IL 254,085 100%
Columbia Center II Rosemont IL 150,133 77%
Embassy Plaza Schaumburg IL 140,744 88%
Meridian Park Carmel IN 86,460 84%
Crosspoint Four Indianapolis IN 41,121 98%
Osram Building Westfield IN 45,265 100%
Leawood Office Building Leawood KS 93,667 71%
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 116,508 100%
Germantown Germantown MD 60,000 100%
Montrose Office Park Rockville MD 186,680 100%
Riverview Office Tower Bloomington MN 227,129 93%
Bryant Lake Eden Prairie MN 171,789 100%
Woodlands Tech St Louis MO 98,037 100%
University Club Tower St. Louis MO 272,741 91%
Woodlands Plaza St. Louis MO 72,276 96%
Edinburgh Center Cary NC 115,314 100%
One Pacific Place Omaha NE 128,918 98%
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 92%
25 Independence Warren NJ 106,879 94%
Citibank Las Vegas NV 147,765 91%
Clark Avenue King of Prussia PA 40,000 100%
Poplar Towers Memphis TN 100,901 85%
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 91%
--------------------------------------
Total Square Footage/Average % Occupied 6,786,130 93%
======================================
Number of properties: 52
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
September 30, 2000
-----------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST SQ. FEET % OCC
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIAL
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%
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 79%
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 173,574 73%
Palms Business Center North and South Las Vegas NV 224,474 70%
Lehigh Valley Allentown PA 161,405 85%
Valley Forge Corp Ctr Norristown PA 278,580 94%
J.I. Case - Memphis Memphis TN 205,594 100%
Kent Business Park Kent WA 138,157 100%
--------------------------------------
Total Square Footage/Average % Occupied 5,321,641 96%
======================================
Number of properties: 27
RETAIL
Westwood Plaza Tampa FL 99,304 94%
Westbrook Commons Westchester IL 132,190 97%
Broad Ripple Retail Centre Indianapolis IN 37,540 91%
Cross Creek Retail Centre Indianapolis IN 76,908 91%
Geist Retail Centre Indianapolis IN 72,348 78%
Woodfield Centre Indianapolis IN 58,171 88%
--------------------------------------
Total Square Footage/Average % Occupied 476,461 91%
======================================
Number of properties: 6
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
REAL ESTATE PORTFOLIO
September 30, 2000
-----------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST # OF UNITS % OCC
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MULTIFAMILY PORTFOLIO
Overlook Scottsdale AZ 224 90%
Stone Ridge At Vinings Atlanta GA 440 96%
Woodmere Trace Duluth GA 220 94%
Crosscreek Indianapolis IN 208 88%
Harcourt Club Indianapolis IN 148 92%
Island Club Indianapolis IN 314 88%
Arrowood Crossing Charlotte NC 200 91%
Chase On Commonwealth Charlotte NC 132 90%
Courtyard Charlotte NC 55 87%
Landing On Farmhurst Charlotte NC 125 96%
Sharonridge Charlotte NC 75 93%
Wendover Glen Charlotte NC 96 92%
Chase Monroe I & II Monroe NC 216 77%
Willow Glen Monroe NC 120 94%
Sabal Point Pineville NC 374 85%
Oaks Raleigh NC 88 98%
Sahara Gardens Las Vegas NV 312 83%
Villas De Mission Las Vegas NV 226 96%
Players Club Of Brentwood Nashville TN 258 93%
Hunters Chase Austin TX 424 99%
Hunterwood Austin TX 160 99%
Longspur Austin TX 252 96%
Silvervale Crossing Austin TX 336 96%
Walnut Creek Crossing Austin TX 280 99%
Wind River Crossing Austin TX 352 99%
Springs of Indian Creek Carrollton TX 518 90%
Bear Creek Crossing Houston TX 200 93%
Cypress Creek Houston TX 256 95%
North Park Crossing Houston TX 336 90%
Willow Brook Crossing Houston TX 208 96%
Park At Woodlake Houston TX 564 93%
Jefferson Creek Irving TX 300 89%
Jefferson Place Irving TX 424 89%
La Costa Plano TX 462 95%
Bandera Crossing San Antonio TX 204 93%
Hollows San Antonio TX 432 98%
Vista Crossing San Antonio TX 232 94%
--------------------------------------
Total Units/Average % Occupied: 9,771 93%
======================================
Number of properties: 37
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PROPERTY TYPE
PROPERTY CITY ST SQ. FEET % OCC
-----------------------------------------------------------------------------------------------------------------------
<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%
2000 Corporate Ridge McLean VA Office 255,980 97%
---------------------------
Total Square Footage/Average % Occupied 1,285,484 96%
===========================
Number of properties: 3
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
UNDER DEVELOPMENT
September 30, 2000
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Property Units/ Square Percent Estimated
Project Description City State Type Condos Feet Interest Status Leased Completion
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Northern New Jersey
Bridgewater Three-story office Bridgewater NJ Office 80,000 100% Construction 38% N/A
Executive building completed,
Quarters III constructed as the lease-up in
Third phase of progress
Bridgewater
Executive Quarters
----------
Total Northern New Jersey Development Projects 80,000
Boston
Marlborough VIII Three-story office Marlborough MA Office 110,000 100% Pre-development 0% 1st Qtr 02
building to be
constructed as the
eighth phase of
Marlborough
Corporate Place
Marlborough X Two-story office Marlborough MA Office 60,000 100% Pre-development 100% 1st Qtr 02
building to be
constructed as the
ninth phase of
Marlborough
Corporate Place
----------
Total Boston Development Projects 170,000
Denver
Two Gateway Second four-story Denver CO Office 80,000 50% Construction 95% 4th Qtr 00
Center office building Completed
constructed at
Gateway Park
Three Gateway Third four-story Denver CO Office 80,000 50% Under 0% 1st Qtr 01
Center office building Construction
constructed at
Gateway Park
Gateway 11 Eleventh one-story Denver CO Industrial 81,000 50% Construction 30% N/A
Industrial project Completed
constructed at
Gateway Park
Gateway 19 Twelfth one-story Denver CO Industrial 166,000 50% Construction 57% N/A
Industrial project Completed
constructed at
Gateway Park
Gateway Retail First Retail strip Denver CO Retail 11,000 50% Under 57% 1st Qtr 01
center constructed Construction
at Gateway Park
Gateway Second Multifamily Denver CO Multifam. 440 50% Under 0% 3rd Qtr 02
Apartments project constructed Construction
at Gateway Park
--------- ----------
Total Denver Development Projects 440 418,000
San Francisco
101 Ellsworth Six-story office San Mateo CA Office 80,000 10% Under 0% 3rd Qtr 01
building Construction
535 Mission Twenty-four story San CA Office 250,000 20% Pre-development 0% N/A
Street office building Francisco
----------
Total San Francisco Development Projects 330,000
Indianapolis
Covance Two-story expansion Indianapolis IN Office 70,000 100% Under 100% 4th Qtr 00
office building to Construction
be constructed for
Covance
----------
Total Indianapolis Development Projects 70,000
--------- ----------
Grand Total 440 1,068,000
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LAND HOLDINGS
September 30, 2000
---------------------------------------------------------------------------------------------------------------------------------
Proposed
Property Square
Project Description City State Type Acres Feet Interest
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Northern New Jersey
Bridgewater Executive One 4-story office building to be Bridgewater NJ Office 96,000 100%
Quarters IV constructed as the 4th phase of
Bridgewater Executive Quarters
Frontier III - IV Two 3-story Office building to be Bridgewater NJ Office 200,000 50%
constructed as the third and
fourth phase of Frontier
Executive Quarters
Fox Hollow II - V Four 1-story office buildings to Branchburg NJ Office 140,000 50%
be constructed as the second to
fifith phase of Fox Hollow
Business Quarters
-----------
Total Northern New Jersey Land Holdings 436,000
Boston
Marlborough Corporate Place One 2-story office building to be Marlborough MA Office 62,000 100%
constructed as the tenth and
final phase of Marlborough
Corporate Place
-----------
Total Boston Land Holdings 62,000
Denver
Gateway Land Gateway Park Development Denver CO Mixed Use 756.0 50%
--------
Total Denver Land Holdings 756.0
Memphis
Thousand Oaks IV Fourth and final Phase of Memphis TN Office 180,000 100%
development at Thousand Oaks
-----------
Total Memphis Land Holdings 180,000
Omaha
Three Pacific Second office building to be Omaha NE Office 110,000 100%
constructed at One Pacific
-----------
Total Omaha Land Holdings 110,000
-------- -----------
Grand Total 756.0 788,000
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
ADDITIONS AND DELETIONS TO PORTFOLIOS DURING PERIOD
September 30, 2000
--------------------------------------------------------------------------------------------------------------------------
PROPERTY CITY ST SQ. FEET/UNITS DATE
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ADDITIONS:
MULTIFAMILY PORTFOLIO
Springs at Indian Creek (1) Carrolton TX 234 09/29/00
Total Number of properties: 1
DELETIONS:
OFFICE PORTFOLIO
Tradewinds Mesa AZ 17,768 08/16/00
Business Park Norcross GA 157,153 08/16/00
Park Plaza Sacramento CA 72,436 09/28/00
--------------
Total Number of properties: 3 247,357
INDUSTRIAL PORTFOLIO
Hoover Industrial Center Mesa AZ 57,441 07/13/00
Fifth Street Industrial Phoenix AZ 109,699 07/13/00
Magnolia Industrial Phoenix AZ 35,385 07/13/00
Baseline Business Park Tempe AZ 100,204 07/13/00
Fairmont Commerce Center Tempe AZ 83,200 07/13/00
Oakbrook Corners Norcross GA 124,776 08/16/00
Sea Tac II Seattle WA 41,657 08/10/00
--------------
Total Number of properties: 7 552,362
Total Number of properties: 10
(1) The second phase of Springs at Indian Creek was acquired.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DISTRIBUTION OF NET OPERATING INCOME (INCLUDING JOINT VENTURE INTERESTS)
BY GEOGRAPHIC REGION AND PROPERTY TYPE
September 30, 2000
---------------------------------------------------------------
NOI as a % of the Total Portfolio
---------------------------------------------------------------
City/Market State % of Total NOI Office Industrial Retail Multifamily
<S> <C> <C> <C> <C> <C> <C>
Northern New Jersey NJ 10.2% 8.0% 2.2% - -
Boston MA 8.9% 6.7% 2.2% - -
Chicago IL 7.0% 5.6% 0.7% 0.7% -
Suburban Washington, DC MD/VA 6.4% 6.1% 0.3% - -
Austin TX 5.7% - - - 5.7%
Southern California CA 5.7% 3.5% 2.1% - -
Indianapolis IN 5.3% 0.9% 1.3% 1.3% 1.8%
Atlanta GA 5.1% 2.8% - - 2.2%
Dallas TX 4.4% - - - 4.4%
Denver CO 4.4% 1.0% 3.4% - -
Charlotte NC 4.2% - - - 4.2%
Tampa/Orlando FL 4.1% 2.8% 0.8% 0.5% -
Las Vegas NV 3.8% 1.2% 1.6% - 0.9%
Philadelphia PA 3.0% 0.2% 2.7% - -
Minneapolis MN 2.9% 2.6% 0.2% - -
Houston TX 2.7% 0.0% - - 2.7%
St. Louis MO 2.7% 2.7% - - -
San Francisco CA 2.6% 2.6% - - -
Memphis TN 2.4% 2.1% 0.2% - -
Omaha/Des Moines NE/IA 2.1% 2.1% - - -
San Antonio TX 2.0% - - - 2.0%
Raleigh/Durham NC 1.3% 1.1% - - 0.3%
Seattle WA 1.0% 0.6% 0.4% - 0.0%
Phoenix AZ 0.8% 0.1% - - 0.7%
Kansas City KS 0.7% 0.4% 0.3% - 0.0%
Nashville TN 0.7% 0.0% - - 0.7%
------------------ ---------------------------------------------------------------
TOTAL 100.0% 53.4% 18.5% 2.5% 25.7%
---------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DISTRIBUTION OF NOI EXCLUDING MULTIFAMILY (INCLUDING JOINT VENTURE INTERESTS)
BY GEOGRAPHIC REGION AND PROPERTY TYPE
AS OF SEPTEMBER 30, 2000
-------------------------------------------
NOI as a % of the Total Portfolio
-------------------------------------------
City/Market State % of Total NOI Office Industrial Retail
<S> <C> <C> <C> <C> <C>
Northern New Jersey NJ 13.8% 10.8% 3.0% -
Boston MA 12.0% 9.1% 3.0% -
Chicago IL 9.4% 7.5% 1.0% 0.9%
Suburban Washington, DC MD/VA 8.6% 8.2% 0.4% -
Southern California CA 7.6% 4.8% 2.9% -
Denver CO 5.9% 1.3% 4.5% -
Tampa/Orlando FL 5.5% 3.8% 1.1% 0.6%
Indianapolis IN 4.7% 1.2% 1.7% 1.7%
Philadelphia PA 4.0% 0.3% 3.7% -
Minneapolis MN 3.8% 3.5% 0.3% -
Atlanta GA 3.8% 3.8% 0.0% -
Las Vegas NV 3.8% 1.7% 2.2% -
St. Louis MO 3.7% 3.7% 0.0% -
San Francisco CA 3.5% 3.5% 0.0% -
Memphis TN 3.2% 2.9% 0.3% -
Other Various 6.7% 5.8% 1.0% -
----------------- -------------------------------------------
TOTAL 100.0% 71.8% 24.9% 3.3%
-------------------------------------------
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
DEBT SUMMARY
September 30, 2000
(in thousands)
Maturity
From
Debt Interest Interest Maturity 9/30/00
Loan Type Balance Rate Type Date (Years)
----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
<S> <C> <C> <C> <C> <C>
Line of Credit $ 17,481 8.245% LIBOR +1.625% 6/10/02 1.69
Term Loan 125,000 8.370% LIBOR +1.750% 6/10/02 1.69
-------------- ------------- -----------
Total Unsecured Debt 142,481 8.355% 1.69
SECURED DEBT
Cross Collateralized Loans
Secured by Seventeen Properties 147,835 8.175% Variable 8/30/04 3.92
Secured by Four Properties 13,892 7.570% Fixed 5/10/07 6.61
Secured by Three Properties 15,110 6.950% Fixed 7/1/08 7.75
Secured by Eight Properties 59,613 6.125% Fixed 11/10/08 8.11
Secured by Sixteen Properties 117,801 6.125% Fixed 11/10/08 8.11
Secured by Nine Properties 53,571 6.125% Fixed 11/10/08 8.11
Secured by Ten Properties 57,365 7.500% Fixed 10/1/22 22.00
-------------- ------------- -----------
Total Secured Cross Collateralized 465,187 6.775% 8.43
Individually Secured Mortgages
Total Office 91,527 8.153% 6/29/01-9/1/05 2.68
Total Industrial 39,648 8.352% 4/1/01-7/1/08 3.46
Total Retail 9,212 8.632% 11/1/07-2/1/07 6.29
Total Multifamily 69,670 8.360% 8/15/01-12/1/30 8.15
Total Other 3,862 8.000% Fixed 1/1/06 5.25
Total Debt/Weighted Interest Rate & Maturity $ 821,587 7.439% 6.32
----------------------------------------------------------------------------------------------------------------------------------
Relative Weighted
Total Percentage Average
Debt Type Amount Of All Debt Rate
-------------- ------------- -----------------
<S> <C> <C> <C>
All Debt $ 821,587 100.00% 7.439%
Debt Summarized by Rate:
All Floating Rate Debt 371,198 45.18% 8.122%
Floating Rate Debt Capped 147,835 17.99% 7.416%
Floating Rate Debt Not Capped 223,363 27.19% 8.589%
All Fixed Rate Debt 450,389 54.82% 6.877%
Debt Summarized by Loan Type:
Total Unsecured Debt 142,481 17.34% 8.355%
Total Secured Debt 679,106 82.66% 7.217%
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
September 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 $ 32,115 $ 32,706 $ 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 119 of the 125 properties in the current portfolio.
</TABLE>
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<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
September 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 $ 15,773 $ - $ 33,362
and extraordinary item
Plus:
Depreciation and amortization 14,915 14,871 14,167 - 43,953
Adjustment to reflect FFO of 164 22 (191) - (5)
Associated Companies
Adjustment to reflect FFO of 190 264 250 - 704
Unconsolidated Joint Ventures
Non-recurring losses - - - - -
Less:
Net (gain) or loss on sales of real 695 2,347 (4,694) - (1,652)
estate assets
Preferred stock dividend (5,488) (5,443) (4,891) - (15,822)
Funds from operations (FFO) (1) 19,299 20,827 20,414 - 60,540
Plus:
Amortization of deferred financing 639 610 597 - 1,846
fees
Less:
Capital reserve surplus/(deficit) - - - - -
Capital expenditures (incl. T.I.'s & 4,989 6,319 5,471 - 16,779
commissions)
Cash available for distribution (CAD)(1)$ 14,949 $ 15,118 $ 15,540 $ - $ 45,607
Cash flows from
Operating Activities 17,957 27,367 18,768 - 64,092
Investing Activities (2) 10,642 70,194 36,499 - 117,335
Financing Activities (3) (34,235) (95,383) (36,427) - (166,045)
Ratio of earnings to fixed charges 1.47 1.48 1.92 - 1.61
(includes depreciation) (4)
Ratio of earnings to fixed charges and 1.11 1.11 1.47 - 1.23
preferred dividends (4)
(includes depreciation)
Debt coverage ratio 2.27 2.39 2.45 - 2.37
Interest coverage ratio 2.61 2.74 2.81 - 2.72
Cumulative capital reserves in excess - - - - -
of expenditures
------------------------------------------------------------------------------------------------------------
OTHER INFORMATION (in thousands, except per share data)
------------------------------------------------------------------------------------------------------------
Combined Same Property Net Operating
Income (5)
NOI $ 35,564 $ 33,568 $ 33,821 $ - $ 102,952
Growth from same period prior year 3.7% 4.0% 5.3% 4.3%
Tenant retention % (commercial 65% 71% 57% - 66%
portfolio)
Increase in effective rents from 21.6% 16.5% 17.5% 18.5%
renewals (commercial portfolio)
Net Income excluding extraordinary $ 8,517 $ 8,416 $ 14,596 $ - $ 31,529
items
Net Income including extraordinary $ 8,051 $ 8,332 $ 14,596 $ - $ 30,979
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 119 of the 125 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
CORPORATE SUMMARY
September 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
September 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 28,677 - 29,451
outstanding for EPS
Diluted wtd avg shares outstanding for 34,096 33,111 32,636 - 33,279
EPS
Diluted wtd avg shares for calculation 34,096 33,111 32,636 - 33,279
of FFO and CAD
Diluted CAD per share $ 0.44 $ 0.46 $ 0.48 $ - $ 1.37
Basic net income per share before $ 0.10 $ 0.10 $ 0.34 $ - $ 0.53
extraordinary items available to
common shareholders (1)
Diluted net income per share before $ 0.10 $ 0.10 $ 0.33 $ - $ 0.53
extraordinary items available to
common shareholders (1)
Total dividends (common shares and OP $ 14,444 $ 13,896 $ 13,609 $ - $ 41,949
units)
Dividend per share $ 0.42 $ 0.42 $ 0.42 $ - $ 1.26
Dividend payout ratio (CAD) 95.5% 91.3% 87.5% - 92.0%
Total Preferred Dividends 5,488 5,443 4,891 - 15,822
Preferred Dividends per share 0.48 0.48 0.48 - 1.44
Total notes and mortgages payable 884,991 834,138 821,587 - 821,587
Preferred Stock at Par Value 280,908 252,445 252,445 - 252,445
Total market capitalization (2) 1,648,899 1,652,091 1,651,917 - 1,651,917
Debt/Total market capitalization 53.7% 50.5% 49.7% - 49.7%
Preferred shares outstanding (at end 11,236 10,098 10,098 - 10,098
of period)
Price per share on last trading day $ 15.25 $ 17.25 $ 17.00 $ - $ 17.00
Common shares outstanding (at end of 29,706 28,881 28,584 - 28,584
period)
Common shares and OP Units outstanding 33,310 32,402 32,105 - 32,105
(at end of period)
Fully converted common shares and OP 41,867 40,091 39,794 - 39,794
units (at end of period) (3)
Price per share on last trading day $ 14.50 $ 17.4531 $ 18.00 $ - $ 18.00
-------------------------------------------------------------------------------------------------------------
(1) Net income per share is computed independently for each quarter and the full year based on the respective
weighted average number of common shares outstanding; therefore; the sum of the quarterly income per share
data may not equal the net income per share for the year.
(2) Includes minority interest in UPREIT Partnership.
(3) Includes outstanding Preferred shares converted to 7,689,461 shares of common stock.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
September 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)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (2)
Revenue $ 27,872 $ 26,020 $ 27,120 $ 27,201 $ 108,213
Operating expenses 10,353 9,783 10,417 10,297 40,849
NOI 17,519 16,237 16,703 16,904 67,363
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% 92.9% 92.0% 92.0%
Average effective rent per occupied 14.69 15.00 15.41 15.79 15.79
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 18.42 18.66 18.66
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) Includes the REIT pro-rata share of joint venture interests.
(2) Reflects performance of 50 of the 55 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
September 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)
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same Property (2)
Revenue $ 28,848 $ 27,077 $ 28,500 $ - $ 84,425
Operating expenses 10,841 9,763 10,626 - 31,230
NOI 18,007 17,314 17,874 - 53,195
Growth from same period prior year 2.8% 6.6% 7.0% - 5.5%
Combined Total
Revenue $ 31,394 $ 29,501 $ 31,124 $ - $ 92,019
Operating expenses 11,738 10,501 11,560 - 33,799
NOI 19,656 19,000 19,564 - 58,220
Capital expenditures (excludes TI & $ 1,136 $ 315 $ 204 $ - $ 1,654
CLC)
Quarter End Square Feet 7,465 6,888 6,915 - 6,915
Capital expenditures per leaseable sq 0.15 0.05 0.03 - 0.24
ft
-------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD): (1)
-------------------------------------------------------------------------------------------------------------
Same-Property (2)
Occupancy at quarter end 91.0% 91.7% 93.0% - 93.0%
Average effective rent per occupied 15.77 15.52 16.31 - 16.31
sq ft
Increase from same period prior year 7.3% 3.5% 5.9% - 5.9%
Revenue per occupied sq ft 18.51 18.68 19.29 - 19.29
Increase from same period prior year 5.9% 4.4% 4.7% 4.7%
Combined Total
Occupancy at quarter end 91.1% 92.1% 93.2% - 93.2%
Average effective rent per occupied 15.71 15.72 16.12 - 16.12
sq ft
Increase from same period prior year 5.9% 4.9% 5.5% 5.5%
Revenue per occupied sq ft 18.46 18.61 19.31 - 19.31
Increase from same period prior year 6.0% 6.0% 8.0% - 8.0%
------------------------------------------------------------------------------------------------------------
(1) Includes the REIT pro-rata share of joint venture interests.
(2) Reflects performance of 51 of the 55 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
OFFICE PORTFOLIO
September 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
-------------------------------------------------------------------------------------------------------------
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
September 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 95,354 - 422,321
Average rent per sq ft 18.38 17.02 22.91 - 18.78
Concessions 183,220 21,175 3,500 - 207,895
Concessions per sq ft leased 1.37 0.11 0.04 - 0.49
Tenant improvements (TI) committed 1,678,031 2,180,773 1,192,517 - 5,051,321
TI committed per sq ft leased 12.55 11.28 12.51 - 11.96
Capitalized leasing commissions (CLC) 707,700 776,848 534,451 - 2,018,999
committed
CLC committed per sq ft leased 5.29 4.02 5.60 - 4.78
CLC and TI committed per sq ft leased 17.84 15.30 18.11 - 16.74
---------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
---------------------------------------------------------------------------------------------------------------
Tenant Retention 51% 78% 58% - 68%
Square footage leased 139,231 504,329 161,288 - 804,848
Average rent per sq ft 18.71 20.07 18.01 - 19.42
Increase in effective rents from 18.8% 14.4% 17.4% - 16.9%
renewals
Concessions 20,726 5,500 - - 26,226
Concessions per sq ft leased 0.15 0.01 - - 0.03
Tenant improvements (TI) committed 441,448 1,507,115 546,694 - 2,495,257
TI committed per sq ft leased 3.17 2.99 3.39 - 3.10
Capitalized leasing commissions (CLC) 193,232 1,154,117 213,183 - 1,560,532
committed
CLC committed per sq ft leased 1.39 2.29 1.32 - 1.94
CLC and TI committed per sq ft leased 4.56 5.28 4.71 - 5.04
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
September 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)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 8,484 $ 8,075 $ 7,446 $ 7,328 $ 31,334
Operating expenses 2,207 2,073 1,727 1,809 7,816
NOI 6,277 6,003 5,720 5,519 23,518
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 ft 0.01 0.01 0.01 0.01 0.05
-------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
-------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 93.3% 95.3% 95.2% 94.3% 94.3%
Average effective rent per occupied 5.23 5.18 5.27 5.29 5.29
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 6.38 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 26 of the 27 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
September 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)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Same-Property (1)
Revenue $ 8,736 $ 8,264 $ 7,743 $ - $ 24,744
Operating expenses 2,328 2,082 1,798 - 6,207
NOI 6,409 6,183 5,945 - 18,537
Growth from same period prior year 2.1% 3.0% 3.9% - 3.0%
Combined Total
Revenue $ 9,879 $ 9,521 $ 8,862 $ - $ 28,262
Operating expenses 2,560 2,331 2,072 - 6,963
NOI 7,319 7,190 6,790 - 21,299
Capital expenditure (excludes TI & CLC) $ 73 $ 150 $ 192 $ - $ 415
Quarter End Square Feet 6,173 5,865 5,322 - 5,322
Capital expenditures per leaseable sq ft 0.01 0.03 0.04 - 0.08
-------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
-------------------------------------------------------------------------------------------------------------
Same-Property (1)
Occupancy 94.1% 95.0% 95.5% - 95.5%
Average effective rent per occupied 5.37 5.35 5.36 - 5.36
sq ft
Increase from same period prior year 2.6% 3.2% 1.7% - 1.7%
Revenue per occupied sq ft 6.52 6.46 6.58 - 6.58
Increase from same period prior year 1.9% 2.8% 3.1% - 3.1%
Combined Total
Occupancy 94.1% 94.9% 95.6% - 95.6%
Average effective rent per occupied 5.84 5.75 5.71 - 5.71
sq ft
Increase from same period prior year 7.7% 13.8% 12.9% 12.9%
Revenue per occupied sq ft 7.00 6.84 6.97 - 6.97
Increase from same period prior year 5.1% 9.6% 13.5% - 13.5%
-------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 26 of the 27 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
September 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 -
-------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
-------------------------------------------------------------------------------------------------------------
Tenant Retention 48% 56% 53% 100% 52%
Square footage leased 159,190 225,869 286,997 79,898 751,954
Average rent per sq ft 7.17 7.29 5.93 9.05 6.93
Increase in effective rents from 15.3% 16.1% 20.0% 29.9% 20.3%
renewals
Concessions 60,825 901 34,755 - 96,481
Concessions per sq ft leased 0.38 - 0.12 - 0.13
Tenant improvements (TI) committed 122,071 320,049 109,763 100,772 652,655
TI committed per sq ft leased 0.77 1.42 0.38 1.26 0.87
Capitalized leasing commissions (CLC) 67,024 55,254 96,070 16,781 235,129
committed
CLC committed per sq ft leased 0.42 0.24 0.33 0.21 0.31
CLC and TI committed per sq ft leased 1.19 1.66 0.71 1.47 1.18
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
INDUSTRIAL PORTFOLIO
September 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 141,924 174,745 108,991 - 425,660
Average rent per sq ft 8.47 6.06 7.13 - 7.14
Concessions 43,232 32,879 10,320 - 86,431
Concessions per sq ft leased 0.30 0.19 0.09 - 0.20
Tenant improvements (TI) committed 663,750 397,785 377,100 - 1,438,635
TI committed per sq ft leased 4.68 2.28 3.46 - 3.38
Capitalized leasing commissions (CLC) 315,777 148,047 240,973 - 704,797
committed
CLC committed per sq ft leased 2.22 0.85 2.21 - 1.66
CLC and TI committed per sq ft leased 6.90 3.13 5.67 - 5.04
----------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
----------------------------------------------------------------------------------------------------------
Tenant Retention 87% 46% 56% - 61%
Square footage leased 148,799 91,906 157,678 - 398,383
Average rent per sq ft 7.18 8.45 5.89 - 6.96
Increase in effective rents from 21.7% 30.2% 21.6% 24.5%
renewals
Concessions 2,500 - 36,942 - 39,442
Concessions per sq ft leased 0.02 - 0.23 - 0.10
Tenant improvements (TI) committed 123,726 535,242 309,883 - 968,851
TI committed per sq ft leased 0.83 5.82 1.97 - 2.43
Capitalized leasing commissions (CLC) 21,402 153,056 41,492 - 215,950
committed
CLC committed per sq ft leased 0.14 1.67 0.26 - 0.54
CLC and TI committed per sq ft leased 0.97 7.49 2.23 - 2.97
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
September 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 ft 0.01 0.03 0.01 0.03 0.09
-------------------------------------------------------------------------------------------------------------
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 year 4.9% 1.4% 1.5% 2.1% 2.1%
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% -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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
September 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 $ 1,442 $ - $ 5,853
Operating expenses 937 534 560 - 2,032
NOI 1,929 1,010 882 - 3,821
Growth from same period prior year 7.7% 4.9% -6.7% - 2.0%
Combined Total
Revenue $ 2,866 $ 1,544 $ 1,461 $ - $ 5,871
Operating expenses 937 534 560 - 2,032
NOI 1,929 1,010 900 - 3,840
Capital expenditures (excludes TI and $ 71 $ 6 $ 30 $ - $ 107
CLC)
Quarter End Square Feet 928 476 476 - 476
Capital expenditures per leaseable sq ft 0.08 0.01 0.06 - 0.23
-------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS (AT END OF PERIOD):
-------------------------------------------------------------------------------------------------------------
Same Property
Occupancy 90.9% 90.3% 90.9% - 90.9%
Average effective rent per occupied 9.64 10.89 10.83 - 10.83
sq ft
Increase from same period prior year 1.4% 3.5% 1.8% - 1.8%
Revenue per occupied sq ft 13.59 14.36 13.32 - 13.32
Increase from same period prior year 3.5% 3.4% 0.1% - 0.1%
Combined Total
Occupancy 90.9% 90.3% 90.9% - 90.9%
Average effective rent per occupied 9.64 10.89 10.83 - 10.83
sq ft
Increase from same period prior year 4.1% 15.9% 13.2% - 13.2%
Revenue per occupied sq ft 13.59 14.36 13.50 - 13.50
Increase from same period prior year 6.7% 11.3% 12.8% - 12.8%
-------------------------------------------------------------------------------------------------------------
(1) Reflects the performance of 6 of the 6 properties in the current portfolio.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RETAIL PORTFOLIO
September 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
September 30, 2000
For the Period: 2000
---------------------------------------------------------------------
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr To Date
-------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: NEW
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Square footage leased 12,900 - 7,120 - 20,020
Average rent per sq ft 14.38 - 14.87 - 14.56
Concessions 9,158 - 6,866 - 16,024
Concessions per sq ft leased 0.71 - 0.96 - 0.80
Tenant improvements (TI) committed 67,500 - 24,584 - 92,084
TI committed per sq ft leased 5.23 - 3.45 - 4.60
Capitalized leasing commissions (CLC) 46,907 - 26,941 - 73,848
committed
CLC committed per sq ft leased 3.64 - 3.78 - 3.69
CLC and TI committed per sq ft leased 8.87 - 7.24 - 8.29
-------------------------------------------------------------------------------------------------------------
LEASING PRODUCTION: RENEWAL/EXPANSION
-------------------------------------------------------------------------------------------------------------
Tenant Retention 70% 79% 83% - 74%
Square footage leased 24,418 10,184 8,000 - 42,602
Average rent per sq ft 12.43 14.58 13.69 - 13.18
Increase in effective rents from 18.5% 13.4% 7.1% - 13.0%
renewals
Concessions - - - - -
Concessions per sq ft leased - - - - -
Tenant improvements (TI) committed 3,500 5,536 14,400 - 23,436
TI committed per sq ft leased 0.14 0.54 1.80 - 0.55
Capitalized leasing commissions (CLC) 5,267 - - - 5,267
committed
CLC committed per sq ft leased 0.22 - - - 0.12
CLC and TI committed per sq ft leased 0.36 0.54 1.80 - 0.67
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
MULTIFAMILY PORTFOLIO
September 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 784 787 829 786 3,187
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
September 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 $ 16,830 $ - $ 49,497
Operating expenses 7,077 7,310 7,710 - 22,097
NOI 9,218 9,062 9,120 - 27,400
Average expenses per unit 774 800 842 - 2,262
Growth from same period prior year 6.0% -0.2% 4.3% - 3.3%
Combined Total
Revenue $ 17,023 $ 17,113 $ 17,633 $ - $ 51,770
Operating expenses 7,412 7,671 8,226 - 23,309
NOI 9,611 9,442 9,407 - 28,460
Average expenses per unit 778 805 842 - 2,386
Capital expenditures $ 439 $ 805 $ 922 $ - $ 2,165
Total Units 9,524 9,524 9,771 - 9,771
Capital expenditures per apartment unit 46 84 94 - 222
-------------------------------------------------------------------------------------------------------------
OCCUPANCY STATUS:
-------------------------------------------------------------------------------------------------------------
Same Property (1)
Occupancy 92.7% 93.7% 93.1% - 93.1%
Average occupied rent per foot 0.80 0.81 0.82 - 0.82
Average effective base rent per 634 638 642 - 642
occupied unit
Increase from same period prior year 2.2% 1.9% 2.2% - 2.2%
Apartment annualized turnover rate 62.5% 70.9% 72.6% - 68.6%
Combined Total
Occupancy 91.9% 93.1% 92.8% - 92.8%
Average occupied rent per foot 0.81 0.81 0.85 - 0.85
Average effective base rent per 642 646 657 - 657
occupied unit
Increase from prior year 1.9% 1.9% 3.2% - 3.2%
Apartment annualized turnover rate 62.2% 70.7% 71.6% - 67.1%
-------------------------------------------------------------------------------------------------------------
(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
September 30, 2000
(in thousands)
Office Industrial Retail Multifamily
----------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
REVENUES 31,124 8,862 1,461 17,633
OPERATING EXPENSES 11,560 2,072 560 8,226
---------------------------------------------------------------------------
NOI 19,564 6,790 900 9,407
(1) Consolidating entries represent the addition of sold property revenue and expense and the elimination of both
the internal market level property management fees included in operating expense and the REIT's pro-rata share
of joint venture revenue and expense.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
RECONCILIATION OF PROPERTY INCOME
September 30, 2000
(in thousands)
Total
Other (1) Reported
------------------ ------------------
<S> <C> <C>
REVENUES (189) 58,891
OPERATING EXPENSES (1,905) 20,514
-------------------------------------
NOI 1,716 38,377
(1) Consolidating entries represent the addition of sold property revenue and expense and the elimination of both
the internal market level property management fees included in operating expense and the REIT's pro-rata share
of joint venture revenue and expense.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of September 30, 2000
2000 2001 2002
----------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C>
Annual base rent expiring 3,779,760 13,475,339 18,829,738
Percent of total annual rent 3.5% 12.3% 17.2%
Square footage expiring 223,560 806,160 997,516
Percentage of square footage 3.8% 13.7% 16.9%
Number of leases 59 139 125
Percentage of number of leases 8.9% 20.9% 18.8%
----------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 744,091 2,306,555 5,101,732
Percent of total annual rent 2.3% 7.2% 16.0%
Square footage expiring 87,506 395,800 757,612
Percentage of square footage 1.7% 7.7% 14.8%
Number of leases 14 34 39
Percentage of number of leases 7.4% 17.9% 20.5%
----------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 225,375 772,153 397,076
Percent of total annual rent 4.4% 15.0% 7.7%
Square footage expiring 16,974 57,707 27,165
Percentage of square footage 3.9% 13.3% 6.3%
Number of leases 8 28 17
Percentage of number of leases 6.5% 22.6% 13.7%
----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of September 30, 2000
2003 2004 2005 and thereafter
------------------------------------------------------------------------------------------------------------------
OFFICE PORTFOLIO
<S> <C> <C> <C>
Annual base rent expiring 2,148,959 12,013,864 49,010,115
Percent of total annual rent 11.1% 11.0% 44.9%
Square footage expiring 595,067 626,619 2,650,798
Percentage of square footage 10.1% 10.6% 44.9%
Number of leases 104 89 150
Percentage of number of leases 15.6% 13.4% 22.5%
-----------------------------------------------------------------------------------------------
INDUSTRIAL PORTFOLIO
Annual base rent expiring 3,904,503 9,117,423 10,757,426
Percent of total annual rent 12.2% 28.6% 33.7%
Square footage expiring 515,718 1,994,621 1,358,213
Percentage of square footage 10.1% 39.0% 26.6%
Number of leases 35 30 38
Percentage of number of leases 18.4% 15.8% 20.0%
-----------------------------------------------------------------------------------------------
RETAIL PORTFOLIO
Annual base rent expiring 584,625 853,169 2,315,671
Percent of total annual rent 11.4% 16.6% 45.0%
Square footage expiring 46,214 94,933 191,225
Percentage of square footage 10.6% 21.9% 44.0%
Number of leases 17 18 36
Percentage of number of leases 13.7% 14.5% 29.0%
-----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of September 30, 2000
2000 2001 2002
----------------------------------------------------------------------------------------------
TOTAL PORTFOLIO
<S> <C> <C> <C>
Annual base rent expiring 4,749,226 16,554,047 24,328,546
Percent of total annual rent 3.2% 11.3% 16.6%
Square footage expiring 328,040 1,259,667 1,782,293
Percentage of square footage 2.9% 11.0% 15.6%
Number of leases 81 201 181
Percentage of number of leases 8.3% 20.5% 18.5%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GLENBOROUGH REALTY TRUST INCORPORATED
LEASE EXPIRATION SCHEDULE
As of September 30, 2000
2003 2004 2005 and thereafter
-----------------------------------------------------------------------------------------------------
TOTAL PORTFOLIO
<S> <C> <C> <C>
Annual base rent expiring 16,638,087 21,984,456 62,083,212
Percent of total annual rent 11.4% 15.0% 42.4%
Square footage expiring 1,156,999 2,716,173 4,200,236
Percentage of square footage 10.1% 23.7% 36.7%
Number of leases 156 137 224
Percentage of number of leases 15.9% 14.0% 22.9%
</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>
