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 months ended March 31, 2005 (in thousands)



|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|------------------------------------------------------------- |  | ----------------------- | ------- | --- | ------------------------------ | - | ------ | ---- |  | - | ------ | --- |  | ---- | ------- | --- |  | - | ------- | --- |  | - | ------- | ---
|                                                              |  | Year Ended December 31, |         |     | ThreeMonthsEndedMarch 31, 2005 |  
|                                                              |  | 2000                    |         |     | 2001                           |   |        | 2002 |  |   | 2003   |     |  | 2004 |         |    
|EARNINGS, AS DEFINED                                          |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|                                                              |  |                         |         |     |                                |  
|Net Income (Loss)(1)                                          |  | $                       | 36,236  |     |                                | $ | 43,875 |      |  | $ | 22,490 |     |  | $    | 29,654  |     |  | $ | 27,575  |     |  | $ | (36,846 | )  
|Gain on Sales of Real Estate Assets                           |  |                         | (20,482 | )   |                                |   | (884   | )    |  |   | (6,704 | )   |  |      | (14,204 | )   |  |   | (14,427 | )   |  |   | (17,320 | )  
|Minority Interest                                             |  |                         | 3,307   |     |                                |   | 2,745  |      |  |   | 291    |     |  |      | 1,101   |     |  |   | 465     |     |  |   | (3,836  | )  
|Interest Expense(2)                                           |  |                         | 63,280  |     |                                |   | 37,802 |      |  |   | 38,746 |     |  |      | 38,501  |     |  |   | 37,455  |     |  |   | 9,467   |    
|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|                                                              |  | $                       | 82,341  |     |                                | $ | 83,538 |      |  | $ | 54,823 |     |  | $    | 55,052  |     |  | $ | 51,068  |     |  | $ | (48,535 | )  
|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|FIXED CHARGES AND PREFERRED DIVIDENDS, AS DEFINED             |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|                                                              |  |                         |         |     |                                |  
|Interest Expense(2)                                           |  | $                       | 63,280  |     |                                | $ | 37,802 |      |  | $ | 38,746 |     |  | $    | 38,501  |     |  | $ | 37,455  |     |  | $ | 9,467   |    
|Capitalized Interest                                          |  |                         | 3,777   |     |                                |   | 4,573  |      |  |   | 3,939  |     |  |      | 3,119   |     |  |   | 3,572   |     |  |   | 1,086   |    
|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|Fixed Charges                                                 |  |                         | 67,057  |     |                                |   | 42,375 |      |  |   | 42,685 |     |  |      | 41,620  |     |  |   | 41,027  |     |  |   | 10,553  |    
|Preferred Dividends                                           |  |                         | 20,713  |     |                                |   | 19,564 |      |  |   | 19,564 |     |  |      | 19,491  |     |  |   | 16,850  |     |  |   | 3,914   |    
|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|Fixed Charges and Preferred Dividends                         |  | $                       | 87,770  |     |                                | $ | 61,939 |      |  | $ | 62,249 |     |  | $    | 61,111  |     |  | $ | 57,877  |     |  | $ | 14,467  |    
|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|RATIO OF EARNINGS TO FIXED CHARGES(1)                         |  |                         | 1.23    |     |                                |   | 1.97   |      |  |   | 1.28   |     |  |      | 1.32    |     |  |   | 1.24    |     |  |   |        | (7)
|                                                              |  |                         |         |     |                                |   |        |      |  |   |        |     |  |      |         |     |  |   |         |     |  |   |         |    
|RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS(1) |  |                         |        | (3) |                                |   | 1.35   |      |  |   |       | (4) |  |      |        | (5) |  |   |        | (6) |  |   |        | (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 $5,429.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(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 $6,059.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(6) | For the year ended December 31, 2004, earnings were insufficient to cover fixed charges and preferred dividends by $6,809.
|--- | --------------------------------------------------------------------------------------------------------------------------

|(7) | For the three months ended March 31, 2005, earnings were insufficient to cover fixed charges by $59,088 and fixed charges and preferred dividends by $63,002.
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