August 2013:
Glenborough is selected by the board of directors of Strategic Realty Trust to become the new advisor and property manager. Strategic Realty Trust is an SEC registered non-traded real estate investment trust that owns a nationwide portfolio of grocery anchored shopping centers. In January 2014 Glenborough becomes the largest shareholder of Strategic Realty Trust.

April 2011:
Glenborough forms a joint venture with Blackstone Real Estate Group to acquire, via a distressed debt acquisition, a portfolio of 3,000,000 SF of high quality office properties that were owned by the Morgan Stanley Fund and were once part of Glenborough Realty Trust.

October 2010:
Glenborough Realty Trust management team acquires Glenborough, LLC (“Glenborough”), the property and asset management business, and a select group of assets from the Morgan Stanley fund in anticipation of the next investment cycle.

February 2007:
The real estate market peaks and property values plummet over the next few years.

August 2006:
Recognizing that commercial real estate values are at unsustainable levels fueled by many buyers with overly aggressive underwriting assumptions and the availability of inexpensive debt, REIT Management maximizes shareholder value by choosing to sell the REIT. Sale of the REIT is announced for $1.9 billion to a real estate private equity fund controlled by Morgan Stanley. The transaction closes in November of 2006. At the request of Morgan Stanley, the entire management team is retained to manage the portfolio.

From January of 1996, when the REIT went public, to the sale in November of 2006, the REIT generates an annual total return of 16.2% with an average leverage of approximately 45%.

Glenborough Realty Trust outperforms the NAREIT Equity Index total return of 11.2% by approximately 500 bps during this period.

The portfolio is reshaped through the strategic sale of over 80 properties valued in excess of $940 million and the acquisition of 17 properties for approximately $800 million, with the balance used to reduce debt and buy back stock.

The REIT shifts to a single product type from a diversified mix in response to a maturing REIT market and the desires of institutional investors and mutual fund managers. The REIT’s focus shifts to high quality multi-tenant office properties in the premier sub-markets in the high barrier to entry coastal markets of Boston, New Jersey, Washington, D.C., San Francisco and Southern California.

The REIT acquires over $1.6 billion in assets while raising over $900 million in new equity capital.

Glenborough Realty Trust (“REIT”) is formed by the merger of the Company and eight public partnerships and begins with a total market capitalization slightly over $100 million and a diversified property portfolio by both type and region and trades on the NYSE under the ticker GLB.

The REIT recognizes that a significant number of diversified partnerships formed in the 80’s would be liquidating soon and that most general partners needed to sell in one transaction for a variety of reasons.

Using its national platform and management capabilities in five products types, a competitive advantage over most REITs which are product and/or market focused, the Company successfully executes its strategy and is able to acquire portfolios of diversified assets from the 80’s partnerships.

The management team sees the burgeoning public REIT market as a vehicle to access capital to again start investing and provide liquidity for some of its managed partnerships.

Late 1980's to mid-1990's:
Repeal of real estate tax incentives and the savings and loan crisis. Glenborough Corporation recognizes a unique strategic opportunity to acquire the interests of financially distressed general partners who had formed investment partnerships and sought to exit the business.

The Company acquires the interests of numerous sponsors and assumes management of over 25 funds with over 80,000 investors and assembles a portfolio of about 100 properties having approximately 8,000,000 SF, and over 1,500 acres of land. This portfolio includes office, industrial, retail, multifamily, hotels, and self storage and is located in 20 states, allowing the Company to grow its operating platform and capabilities.

The management team recognizes that too much equity and easy debt is leading to overheated pricing and a dramatic increase in new construction is outpacing demand. Based on this view of the investment prospects for the market the Company chooses to stop buying. This ultimately turns out to be a very timely decision.

The Company becomes a full-service real estate operation, adding property management, leasing and construction capabilities to its investment platform. The addition of these functions allows for better execution of its investment objectives and diversifies the Company’s revenue base.

Glenborough Corporation (“Company”) begins as a boutique private real estate investment company for high net worth investors and completes a number of highly successful private placements of office, industrial, residential and hotel properties.