Glenborough is a self-administered and self-managed REIT with a portfolio of 85 primarily office and industrial properties encompassing approximately 14 million sf in 19 metropolitan markets. The company's share price stood at $19.02 in afternoon trading Wednesday, up 17 cents on the day and less than $1.00 off a 52-week high dating back to Aug. 1, 2000.

Glenborough's acquisitions during the quarter included Rockwall I and II, a two-building, 343,000 square-foot complex in Rockville, Maryland acquired for $58.8 million, and Gateway 19, a newly-constructed 166,000 square foot industrial building at Gateway Park in Denver acquired for $6.8 million.

The Rockwall acquisition price comprised $37 million in assumed mortgage debt, and cash proceeds from tax-deferred property sales completed during the first half of the year. Gateway 19, one of eleven industrial buildings now owned by Glenborough at Gateway Park, was acquired with tax-deferred proceeds from disposition of the Indianapolis retail property discussed below.