|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, 1999 
and the three months ended March 31, June 30 and September 30, 2000 (in thousands)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                     | GRTPredecessorEntities,Combined | The Company
|---------------------------------------------------- | ------------------------------- | -----------
|
|
|EARNINGS, AS DEFINED                                 |                                 |            
|Net Income (Loss) before Preferred                   |                                
|Dividends(2)                                         |                                 | $   524    
|Extraordinary items                                  |                                 |           
|Federal & State income taxes                         |                                 | 357        
|Minority Interest                                    |                                 |           
|Fixed Charges                                        |                                 | 2,129      
|                                                    
|                                                     |                                 | $3,010     
|                                                    
|FIXED CHARGES AND PREFERRED    DIVIDENDS, AS DEFINED |                                
|                                                     |                                
|Interest Expense                                     |                                 | $2,129     
|Capitalized Interest                                 |                                 |           
|Preferred Dividends                                  |                                 |           
|                                                    
|                                                     |                                 | $2,129     
|RATIO OF EARNINGS TO FIXED CHARGES(3)                |                                 | 1.41       
|                                                    
|RATIO OF EARNINGS TO FIXED CHARGES AND               |                                
|PREFERRED DIVIDENDS(3)                               |                                 | 1.41       
|                                                    

|(1) |  | For
the twelve months ended December 31, 1996, earnings were insufficient to cover fixed
charges by $1,131.
|--- |  | -----------------------------------------------------------------------------------------------------------

|(2) |  | Net
Income (Loss) before Preferred Dividends includes depreciation and amortization expense
as a deduction.
|--- |  | -----------------------------------------------------------------------------------------------------------

|(3) |  | Ratio
of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred
Dividends includes depreciation and amortization expense as a deduction from earnings.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------