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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, 2001
    and the three months ended March 31, 2002 and June 30, 2002
(in thousands)

|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |        | 
|------------------------------------------------------------- | ------------------------------------- | - | ----------------------- | ----- | --------- | - | -------- | ------ | ------- | - | ------- | ------ | ---- | - | ------- | ------ | ---- | - | ------ | ------ |  | - | ------ | ------ | ------ | - | ------ | ------ |  | - | ------ | ------ | 
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   | Three  |        | Three  |   |        |        | 
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   | Months |        | Months |   |        |        | 
|                                                              |                                       |   | Year Ended December 31, |       | Ended     |   | Ended    |        | Year to
|                                                              |                                       |   |                         |       | March 31, |   | June 30, |        | Date   
|                                                              |                                       |   | 1997                    |       | 1998      |   | 1999     |        | 2000    |   | 2001    |        | 2002 |   | 2002    |        | 2002
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |     
|EARNINGS, AS DEFINED                                          |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|Net income before preferred
dividends (1)                     |                                       | $ | 19,368                  |       |           | $ | 44,602   |        |         | $ | 50,286  |        |      | $ | 38,869  |        |      | $ | 43,875 |        |  | $ | 10,692 |        |        | $ | 11,717 |        |  | $ | 22,409 |       
|Extraordinary items                                           |                                       |   | 843                     |       |           |   | 1,400    |        |         |   | (984    | )      |      |   | 7,910   |        |      |   | 1,732  |        |  |   |       |        |        |   | 892    |        |  |   | 892    |       
|Minority Interest                                             |                                       |   | 1,119                   |       |           |   | 2,550    |        |         |   | 3,647   |        |      |   | 2,157   |        |      |   | 2,745  |        |  |   | 651    |        |        |   | 752    |        |  |   | 1,403  |       
|Interest Expense (2)                                          |                                       |   | 9,668                   |       |           |   | 53,289   |        |         |   | 64,782  |        |      |   | 63,281  |        |      |   | 37,802 |        |  |   | 9,465  |        |        |   | 9,553  |        |  |   | 19,018 |       
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|                                                              |                                       | $ | 30,998                  |       |           | $ | 101,841  |        |         | $ | 117,731 |        |      | $ | 112,217 |        |      | $ | 86,154 |        |  | $ | 20,808 |        |        | $ | 22,914 |        |  | $ | 43,722 |       
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|FIXED CHARGES AND PREFERRED DIVIDENDS,
AS DEFINED             |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|Interest Expense (2)                                          |                                       | $ | 9,668                   |       |           | $ | 53,289   |        |         | $ | 64,782  |        |      | $ | 63,281  |        |      | $ | 37,802 |        |  | $ | 9,465  |        |        | $ | 9,553  |        |  | $ | 19,018 |       
|Capitalized Interest                                          |                                       |   |                        |       |           |   | 1,108    |        |         |   | 2,675   |        |      |   | 3,777   |        |      |   | 4,573  |        |  |   | 983    |        |        |   | 921    |        |  |   | 1,904  |       
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|                                                              | Fixed Charges                         |   |                         | 9,668 |           |   |          | 54,397 |         |   |         | 67,457 |      |   |         | 67,058 |      |   |        | 42,375 |  |   |        | 10,448 |        |   |        | 10,474 |  |   |        | 20,922 | 
|Preferred Dividends                                           |                                       |   |                        |       |           |   | 20,620   |        |         |   | 22,280  |        |      |   | 20,713  |        |      |   | 19,564 |        |  |   | 4,891  |        |        |   | 4,891  |        |  |   | 9,782  |       
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|                                                              | Fixed Charges and Preferred Dividends |   | $                       | 9,668 |           |   | $        | 75,017 |         |   | $       | 89,737 |      |   | $       | 87,771 |      |   | $      | 61,939 |  |   | $      | 15,339 |        |   | $      | 15,365 |  |   | $      | 30,704 | 
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|RATIO OF EARNINGS TO FIXED CHARGES(1)                         |                                       |   | 3.21                    |       |           |   | 1.87     |        |         |   | 1.75    |        |      |   | 1.67    |        |      |   | 2.03   |        |  |   | 1.99   |        |        |   | 2.19   |        |  |   | 2.09   |       
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       
|RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED DIVIDENDS(1) |                                       |   | 3.21                    |       |           |   | 1.36     |        |         |   | 1.31    |        |      |   | 1.28    |        |      |   | 1.39   |        |  |   | 1.36   |        |        |   | 1.49   |        |  |   | 1.42   |       
|                                                              |                                       |   |                         |       |           |   |          |        |         |   |         |        |      |   |         |        |      |   |        |        |  |   |        |        |        |   |        |        |  |   |        |       



---

|(1) |  | Includes depreciation and amortization expense as a deduction.
|--- |  | --------------------------------------------------------------
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|(2) |  | Includes interest expense from discontinued operations.       

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