Exhibit 12.01



GLENBOROUGH REALTY TRUST INCORPORATED

Computation of Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Dividends

For the five years ended December 31, 2004

and the three and six
months ended June 30, 2005 (in thousands)



|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|------------------------------------------------------------- |  | ----------------------- | ------- | --- | ------------------------ | - | ------ | ---------------------- |  | - | ------- | --- |  | ------- | ------- | --- | ---- | - | ------- | ---- |  | - | ------ | - |  | - | ------- | ---
|                                                              |  | Year Ended December 31, |         |     | ThreeMonthsEndedJune 30, |   |        | SixMonthsEndedJune 30, | 
|                                                              |  | 2000(8)                 |         |     | 2001                     |   |        | 2002                   |  |   | 2003(8) |     |  | 2004(8) |         |     | 2005 |   |         | 2005 | 
|EARNINGS, AS DEFINED                                          |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|                                                              |  |                         |         |     |                          |   |       
|Net Income (Loss)(1)                                          |  | $                       | 36,173  |     |                          | $ | 43,875 |                        |  | $ | 22,490  |     |  | $       | 29,647  |     |      | $ | 27,443  |      |  | $ | 13,653 |   |  | $ | (23,309 | )  
|Gain on Sales of Real Estate Assets                           |  |                         | (20,482 | )   |                          |   | (884   | )                      |  |   | (6,704  | )   |  |         | (14,204 | )   |      |   | (14,427 | )    |  |   | (9,309 | ) |  |   | (26,629 | )  
|Minority Interest                                             |  |                         | 3,370   |     |                          |   | 2,745  |                        |  |   | 291     |     |  |         | 1,108   |     |      |   | 597     |      |  |   | 994    |   |  |   | (2,727  | )  
|Interest Expense(2)                                           |  |                         | 63,280  |     |                          |   | 37,802 |                        |  |   | 38,746  |     |  |         | 38,501  |     |      |   | 37,455  |      |  |   | 9,779  |   |  |   | 19,245  |    
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|                                                              |  | $                       | 82,341  |     |                          | $ | 83,538 |                        |  | $ | 54,823  |     |  | $       | 55,052  |     |      | $ | 51,068  |      |  | $ | 15,117 |   |  | $ | (33,420 | )  
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|FIXED CHARGES AND PREFERRED DIVIDENDS, AS DEFINED             |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|                                                              |  |                         |         |     |                          |   |       
|Interest Expense(2)                                           |  | $                       | 63,280  |     |                          | $ | 37,802 |                        |  | $ | 38,746  |     |  | $       | 38,501  |     |      | $ | 37,455  |      |  | $ | 9,779  |   |  | $ | 19,245  |    
|Capitalized Interest                                          |  |                         | 3,777   |     |                          |   | 4,573  |                        |  |   | 3,939   |     |  |         | 3,119   |     |      |   | 3,572   |      |  |   | 1,110  |   |  |   | 2,196   |    
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|Fixed Charges                                                 |  |                         | 67,057  |     |                          |   | 42,375 |                        |  |   | 42,685  |     |  |         | 41,620  |     |      |   | 41,027  |      |  |   | 10,889 |   |  |   | 21,441  |    
|Preferred Dividends                                           |  |                         | 20,116  |     |                          |   | 19,564 |                        |  |   | 19,564  |     |  |         | 19,423  |     |      |   | 15,345  |      |  |   | 1,812  |   |  |   | 4,220   |    
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|Fixed Charges and Preferred Dividends                         |  | $                       | 87,173  |     |                          | $ | 61,939 |                        |  | $ | 62,249  |     |  | $       | 61,043  |     |      | $ | 56,372  |      |  | $ | 12,701 |   |  | $ | 25,661  |    
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|RATIO OF EARNINGS TO FIXED CHARGES(1)                         |  |                         | 1.23    |     |                          |   | 1.97   |                        |  |   | 1.28    |     |  |         | 1.32    |     |      |   | 1.24    |      |  |   | 1.39   |   |  |   |        | (7)
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    
|RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS(1) |  |                         |        | (3) |                          |   | 1.35   |                        |  |   |        | (4) |  |         |        | (5) |      |   |        | (6)  |  |   | 1.19   |   |  |   |        | (7)
|                                                              |  |                         |         |     |                          |   |        |                        |  |   |         |     |  |         |         |     |      |   |         |      |  |   |        |   |  |   |         |    

---

|(1) | Includes depreciation and amortization expense as a deduction.
|--- | --------------------------------------------------------------

|(2) | Includes interest expense from discontinued operations.
|--- | -------------------------------------------------------

|(3) | For the year ended December 31, 2000, earnings were insufficient to cover fixed charges and preferred dividends by $4,832.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(4) | For the year ended December 31, 2002, earnings were insufficient to cover fixed charges and preferred dividends by $7,426.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(5) | For the year ended December 31, 2003, earnings were insufficient to cover fixed charges and preferred dividends by $5,991.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(6) | For the year ended December 31, 2004, earnings were insufficient to cover fixed charges and preferred dividends by $5,304.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(7) | For the six months ended June 30, 2005, earnings were insufficient to cover fixed charges by $54,861 and fixed charges and preferred dividends by $59,081.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

|(8) | As restated, see Note 2 to the consolidated financial statements. The impact of the restatement on the year ended December 31, 2000, is a decrease in preferred
dividends of $597 with no impact on the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred dividends except as noted in (3) above.
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