Glenborough Realty Trust Shareholders

Morgan Stanley Real Estate Completes Acquisition of Glenborough Realty Trust

Share Exchange Cover Letter

Transfer Agent Letter of Transmittal

FAQs

I was a shareholder. Who do I contact with questions about my account?

If you were a “record owner” (you are a record owner if your shares were registered in your name with the Company’s Transfer Agent) with questions about dividend payments, lost certificates, or matters related to the cash liquidation of your shares due to the merger, please contact the Company’s Transfer Agent at:

Computershare, Inc.
P.O. Box 43078
Providence, RI 02940
www.computershare.com

If you held your stock in a brokerage account (sometimes called “street name”) you need to contact your stock broker.

How can I replace lost dividend checks or obtain other information on dividends?

If you held your stock in a brokerage account, your stock broker should answer those questions.

If you were a registered shareholder, you need to talk to our “transfer agent,” Computershare, Inc.  You can go to their website at www.computershare.com, or you can write to them at P.O. Box 43078, Providence, RI 02940.

How can I obtain general information regarding my account?

If you held your stock in a brokerage account, you should contact your stock broker.

If you were a registered shareholder, you need to talk to our “transfer agent,” Computershare, Inc.  You can go to their website at www.computershare.com, or you can write to them at P.O. Box 43078, Providence, RI 02940.

I was a limited partner in a partnership that liquidated after exchanging its assets for Glenborough REIT shares in a taxable transaction at the end of 1995. How do I determine my tax basis for the Glenborough stock I received?

Absent unusual circumstances, your initial basis in the stock was $15.00 plus your share of nondeductible costs of the liquidating partnership, such as syndication costs. Please consult your tax advisor for a determination of the initial basis in your Glenborough stock including any addition to your Glenborough stock basis for syndication costs and other non-deductible items, if any. In tax years after 1995, a portion of the distributions paid by Glenborough have been return of capital distributions and should be deducted from your initial basis to arrive at your current tax basis. Through November 29, 2006, the return of capital amount was $5.96572 per share, so as of that date your tax basis would be the initial basis in Glenborough stock minus this amount.

Where can I find Glenborough's historical dividend tax allocation information?

1996

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
5/13/96 $0.30 $0.30 0 0 0
8/14/96 $0.30 $0.30 0 0 0
11/13/96 $0.30 $0.30 0 0 0
Total: $0.90 $0.90 0 0 0

1997

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
2/19/97 $0.32 $0.32 0 0 0
5/13/97 $0.32 $0.32 0 0 0
8/12/97 $0.32 $0.32 0 0 0
11/11/97 $0.32 $0.32 0 0 0
Total: $1.28 $1.28 0 0 0

1998

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
1/27/98 $0.42 $0.32407 $0.00380 0 $0.09212
4/10/98 $0.42 $0.32407 $0.00380 0 $0.09212
7/10/98 $0.42 $0.32407 $0.00380 0 $0.09212
10/10/98 $0.42 $0.32407 $0.00380 0 $0.09212
Total: $1.68 $1.29628 $0.01520 0 $0.36848

1999

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
1/15/99 $0.42 $0.29470 0 $0.02339 $0.10190
4/15/99 $0.42 $0.29470 0 $0.02339 $0.10190
7/15/99 $0.42 $0.29470 0 $0.02339 $0.10190
10/15/99 $0.42 $0.29470 0 $0.02339 $0.10190
Total: $1.68 $1.17880 0 $0.09356 $0.40760

2000

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
01/15/2000 $0.42 $0.29010 $0.12990 0 0
04/15/2000 $0.42 $0.29010 $0.12990 0 0
07/15/2000 $0.42 $0.29010 $0.12990 0 0
10/15/2000 $0.42 $0.29010 $0.12990 0 0
Total: $1.68 $1.16040 $0.51960 0 0

2001

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
01/15/2001 $0.42 $0.38499 $0.00449 $0.00840 $0.02212
04/15/2001 $0.42 $0.38499 $0.00449 $0.00840 $0.02212
07/15/2001 $0.42 $0.38499 $0.00449 $0.00840 $0.02212
10/15/2001 $0.42 $0.38499 $0.00449 $0.00840 $0.02212
Total: $1.68 $1.53996 $0.01797 $0.03360 $0.08848

2002

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
01/15/2002 $0.43 $0.27955 $0.01157 $0.02325 $0.11563
04/15/2002 $0.43 $0.27955 $0.01157 $0.02325 $0.11563
07/15/2002 $0.43 $0.27955 $0.01157 $0.02325 $0.11563
10/15/2002 $0.43 $0.27955 $0.01157 $0.02325 $0.11563
Total: $1.72 $1.11820 $0.04628 $0.09301 $0.46251

2003

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
01/15/2003 $0.43 $0.06620 0 0 $0.36380
04/15/2003 $0.43 $0.06620 0 0 $0.36380
07/15/2003 $0.43 $0.06620 0 0 $0.36380
10/15/2003 $0.35 $0.05389 0 0 $0.29611
Total: $1.64 $0.25249 0 0 $1.38751

2004

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Long-Term Rate Gain (15 or 20%) Return of Capital
01/15/2004 $0.35 $0.125724 $0.003170 $0.000845 $0.220261
04/15/2004 $0.35 $0.125724 $0.003170 $0.000845 $0.220261
07/15/2004 $0.35 $0.125724 $0.003170 $0.000845 $0.220261
10/15/2004 $0.35 $0.125724 $0.003170 $0.000845 $0.220261
Total: $1.40 $0.502896 $0.012680 $0.003380 $0.881044

2005

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Total Capital Gain Return of Capital
01/14/2005 $0.3500 $0.069984 $0.00 $0.00 $0.280016
04/15/2005 $0.3500 $0.069984 $0.00 $0.00 $0.280016
07/15/2005 $0.3500 $0.069984 $0.00 $0.00 $0.280016
10/14/2005 $0.3500 $0.069984 $0.00 $0.00 $0.280016
Total: $1.4000 $0.279936 $0.00 $0.00 $1.120064

2006

Payment Date Amount Paid per Share Ordinary Dividend Income per Share Unrecaptured Sec. 1250 Gain Total Capital Gain Return of Capital Cash Liquidation Distribution
01/13/2006 $0.3500 $0.00 $0.00 $0.00 $0.3500  
04/17/2006 $0.3500 $0.00 $0.00 $0.00 $0.3500  
07/17/2006 $0.2750 $0.00 $0.00 $0.00 $0.2750  
10/16/2006 $0.2750 $0.00 $0.00 $0.00 $0.2750  
  $26.182336         $26.182336
Total: $27.432336 $0.00 $0.00 $0.00 $1.25000 $26.182336