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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
(in thousands)

|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|------------------------------------------------------------- |  | ----------------------- | ------ | --------- |  | ---- | ------- | ---- |  | ---- | ------- | ---- |  | - | ------- |  |  | - | ------ |  |  | ------------ | ------ | 
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  | Three Months
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  | Ended       
|                                                              |  | Year Ended December 31, |        | March 31,
|                                                              |  |                         |        |          
|                                                              |  | 1997                    |        | 1998      |  | 1999 |         | 2000 |  | 2001 |         | 2002
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |     
|EARNINGS, AS DEFINED                                          |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|Net income before preferred
dividends(1)                      |  | $                       | 19,368 |           |  | $    | 44,602  |      |  | $    | 50,286  |      |  | $ | 38,869  |  |  | $ | 43,875 |  |  | $            | 10,691 | 
|Extraordinary items                                           |  |                         | 843    |           |  |      | 1,400   |      |  |      | (984    | )    |  |   | 7,910   |  |  |   | 1,732  |  |  |              |       | 
|Minority Interest                                             |  |                         | 1,119  |           |  |      | 2,550   |      |  |      | 3,647   |      |  |   | 2,157   |  |  |   | 2,745  |  |  |              | 651    | 
|Fixed Charges                                                 |  |                         | 9,668  |           |  |      | 53,289  |      |  |      | 64,782  |      |  |   | 63,281  |  |  |   | 37,802 |  |  |              | 9,465  | 
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|                                                              |  | $                       | 30,998 |           |  | $    | 101,841 |      |  | $    | 117,731 |      |  | $ | 112,217 |  |  | $ | 86,154 |  |  | $            | 20,807 | 
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|FIXED CHARGES AND
PREFERRED DIVIDENDS, AS
DEFINED             |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|Interest Expense                                              |  | $                       | 9,668  |           |  | $    | 53,289  |      |  | $    | 64,782  |      |  | $ | 63,281  |  |  | $ | 37,802 |  |  | $            | 9,465  | 
|Capitalized Interest                                          |  |                         |       |           |  |      | 1,108   |      |  |      | 2,675   |      |  |   | 3,777   |  |  |   | 4,573  |  |  |              | 983    | 
|Preferred Dividends                                           |  |                         |       |           |  |      | 20,620  |      |  |      | 22,280  |      |  |   | 20,713  |  |  |   | 19,564 |  |  |              | 4,891  | 
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|                                                              |  | $                       | 9,668  |           |  | $    | 75,017  |      |  | $    | 89,737  |      |  | $ | 87,771  |  |  | $ | 61,939 |  |  | $            | 15,339 | 
|RATIO OF EARNINGS TO FIXED
CHARGES(1)                         |  |                         | 3.21   |           |  |      | 1.87    |      |  |      | 1.75    |      |  |   | 1.67    |  |  |   | 2.03   |  |  |              | 1.99   | 
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 
|RATIO OF EARNINGS TO FIXED
CHARGES AND PREFERRED
DIVIDENDS(1) |  |                         | 3.21   |           |  |      | 1.36    |      |  |      | 1.31    |      |  |   | 1.28    |  |  |   | 1.39   |  |  |              | 1.36   | 
|                                                              |  |                         |        |           |  |      |         |      |  |      |         |      |  |   |         |  |  |   |        |  |  |              |        | 

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

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