EXHIBIT 99.1

SUMMARY FINANCIAL DATA

(unaudited; in thousands, except per share data)


	QUARTER ENDED						YEAR TO DATE
	JUN 30 05			JUN 30 04			JUN 30 05			JUN 30 04
				(As restated)						(As restated)
Net income (loss)	$	13,653		$	17,874		$	(23,309	)	$	22,574
Net income (loss) available to Common Stockholders		11,841			8,079			(32,838	)		7,956
Funds from operations (FFO)		17,482			12,104			(32,543	)		27,641

Per diluted common share
Net income (loss) available to Common Stockholders	$	0.33		$	0.26		$	(0.92	)	$	0.26
Funds from operations (FFO)		0.45			0.35			(0.83	)		0.83

Dividends declared per common share outstanding	$	0.35		$	0.35		$	0.70		$	0.70

Payout ratio
Dividend payout ratio (FFO)		77.8	%		100.0	%		N/A			84.3	%

Excluding One-Time Charges
Funds from operations (FFO)	$	0.45		$	0.53		$	0.89		$	1.07
Dividend payout ratio (FFO)		77.8	%		66.0	%		78.7	%		65.4	%

GLENBOROUGH REALTY TRUST

Consolidated Statements of Operations

(unaudited, in thousands, except share and per share amounts)


	For the Three Months Ended						For the Six Months Ended
	Jun 30 ‘05			Jun 30 ‘04			Jun 30 ‘05			Jun 30 ‘04
				(As restated)						(As restated)
Operating Revenue
Rental revenue	$	40,556		$	38,302		$	79,969		$	74,728
Fees and reimbursements, including from related parties		1,359			1,032			2,454			1,861

Total operating revenue		41,915			39,334			82,423			76,589

Operating Expenses
Property operating expenses		13,305			12,493			27,570			25,377
General and administrative		3,925			3,999			7,210			6,170
Depreciation and amortization		12,990			12,240			26,181			23,751
Provision for impairment of real estate assets		—			—			29,810			—

Total operating expenses		30,220			28,732			90,771			55,298

Interest and other income		615			638			1,645			1,469
Equity in earnings of unconsolidated operating joint ventures		169			249			302			437
Interest expense		(9,724	)		(8,104	)		(18,922	)		(16,122	)
Loss on early extinguishment of debt		—			—			(561	)		(85	)

Income (loss) before minority interest, discontinued operations and cumulative effect of change in accounting principle		2,755			3,385			(25,884	)		6,990
Minority interest		(994	)		(799	)		2,727			(787	)

Income (loss) before discontinued operations and cumulative effect of change in accounting principle		1,761			2,586			(23,157	)		6,203

Discontinued operations:
Net operating income		3,889			7,626			8,249			14,276
General and administrative		—			(11	)		—			(12	)
Depreciation and amortization		(1,116	)		(3,559	)		(3,768	)		(7,105	)
Provision for impairment of real estate assets		—			—			(28,426	)		—
Interest expense		(55	)		(1,176	)		(323	)		(2,404	)
Loss on early extinguishment of debt		(135	)		—			(2,513	)		—
Gain on sales of real estate assets		9,309			12,408			26,629			12,528

Discontinued operations		11,892			15,288			(152	)		17,283

Income (loss) before cumulative effect of change in accounting principle		13,653			17,874			(23,309	)		23,486
Cumulative effect of change in accounting principle		—			—			—			(912	)

Net income (loss)		13,653			17,874			(23,309	)		22,574
Preferred dividends		(1,812	)		(3,318	)		(3,624	)		(6,636	)
Dividends paid on redeemed preferred stock		—			(568	)		(596	)		(2,073	)
Premium and writeoff of original issuance costs on preferred stock redemption		—			(5,909	)		(5,309	)		(5,909	)

Net income (loss) available to Common Stockholders	$	11,841		$	8,079		$	(32,838	)	$	7,956

Net income (loss) available to Common Stockholders per diluted common share	$	0.33		$	0.26		$	(0.92	)	$	0.26

Diluted weighted average shares outstanding		39,159,087			31,662,622			35,870,534			30,114,060

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GLENBOROUGH REALTY TRUST

Reconciliation of Net Income (Loss) to FFO

(unaudited, in thousands, except share and per share amounts)


	For the Three Months Ended						For the Six Months Ended
	Jun 30 ‘05			Jun 30 ‘04			Jun 30 ‘05			Jun 30 ‘04
				(As restated)						(As restated)
Net income (loss)	$	13,653		$	17,874		$	(23,309	)	$	22,574
Cumulative effect of change in accounting principle		—			—			—			912
Real estate depreciation and amortization, net of minority interest		12,724			14,082			27,047			27,476
Preferred dividends		(1,812	)		(3,318	)		(3,624	)		(6,636	)
Dividends paid on redeemed preferred stock		—			(568	)		(596	)		(2,073	)
Premium and writeoff of original issuance costs on preferred stock redemption		—			(5,909	)		(5,309	)		(5,909	)
Gain on sale from discontinued operations, net of minority interest		(8,598	)		(11,305	)		(24,587	)		(11,414	)
Adjustment to reflect FFO of unconsolidated operating joint ventures		178			178			357			357
Adjustment to reflect FFO of minority interest		1,337			1,070			(2,522	)		2,354

Funds from operations available to Common Stockholders and OP Unitholders (FFO)	$	17,482		$	12,104		$	(32,543	)	$	27,641

FFO per diluted common share	$	0.45		$	0.35		$	(0.83	)	$	0.83

Diluted weighted average common shares and OP units outstanding for calculation of FFO		39,159,087			34,897,007			39,096,165			33,399,172

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GLENBOROUGH REALTY TRUST

Consolidated Balance Sheets

(unaudited, in thousands, except share amounts)


	June 30, 2005			December 31, 2004
				(As restated)
ASSETS
Rental properties, gross	$	1,205,652		$	1,367,310
Accumulated depreciation and amortization		(193,199	)		(220,229	)

Rental properties, net		1,012,453			1,147,081

Properties held for sale		119,886			57,327
Investments in land and development		134,372			147,435
Investments in unconsolidated operating joint ventures		11,936			12,014
Mortgage loans receivable		11,073			12,872
Leasing and financing costs (net of accumulated amortization of $15,746 and $17,856 as of June 30, 2005 and December 31, 2004, respectively)		26,659			24,403
Straight-line rent receivable (net of allowances of $176 and $528 as of June 30, 2005 and December 31, 2004, respectively)		16,344			15,764
Cash and cash equivalents		4,832			6,003
Other assets		15,229			10,202

TOTAL ASSETS	$	1,352,784		$	1,433,101

LIABILITIES
Mortgage loans	$	728,151		$	654,748
Unsecured bank line of credit		44,119			21,320
Obligations associated with properties held for sale		2,848			43,300
Other liabilities		45,542			47,213

Total liabilities		820,660			766,581

MINORITY INTEREST		34,718			39,336

STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 188,000,000 shares authorized, 36,216,166 and 36,033,126 shares issued and outstanding at June 30, 2005 and December 31, 2004, respectively		36			36
Preferred stock, $0.001 par value, 12,000,000 shares authorized, $25.00 liquidation preference, 3,740,277 and 6,850,325 shares issued and outstanding at June 30, 2005 and December 31, 2004, respectively		4			7
Additional paid-in capital		798,575			870,622
Deferred compensation		(3,653	)		(4,056	)
Distributions in excess of accumulated earnings		(297,556	)		(239,425	)

Total stockholders’ equity		497,406			627,184

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,352,784		$	1,433,101

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GLENBOROUGH REALTY TRUST INC 8-K/A