Exhibit 12.1



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, 2002

and the three and nine months ended March 31, June 30, and September 30, 2003 (in thousands)



|                                                              |  | Year Ended December 31, |        |   | Three Months Ended March 31, 2003 |   |         | Three Months Ended June 30, 2003 |  |   | Three Months Ended September 30, 2003 |     |  | Year To Date 2003 |       
|------------------------------------------------------------- |  | ----------------------- | ------ | - | --------------------------------- | - | ------- | -------------------------------- |  | - | ------------------------------------- | --- |  | ----------------- | ------
|                                                              |  | 1998                    |        |   | 1999                              |   |         | 2000                             |  |   | 2001                                  |     |  | 2002              |       
|EARNINGS, AS DEFINED                                          |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|Net Income before Preferred Dividends(1)                      |  | $                       | 44,602 |   |                                   | $ | 50,286  |                                  |  | $ | 36,236                                |     |  | $                 | 43,875
|(Gain) loss on Sales of Real Estate Assets                    |  |                         | (4,796 | ) |                                   |   | (9,013  | )                                |  |   | (20,482                               | )   |  |                   | (884  
|Minority Interest                                             |  |                         | 2,550  |   |                                   |   | 3,647   |                                  |  |   | 3,307                                 |     |  |                   | 2,745 
|Interest Expense(2)                                           |  |                         | 53,289 |   |                                   |   | 64,782  |                                  |  |   | 63,280                                |     |  |                   | 37,802
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|                                                              |  | $                       | 95,645 |   |                                   | $ | 109,702 |                                  |  | $ | 82,341                                |     |  | $                 | 83,538
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|FIXED CHARGES AND PREFERRED DIVIDENDS, AS DEFINED             |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|Interest Expense(2)                                           |  | $                       | 53,289 |   |                                   | $ | 64,782  |                                  |  | $ | 63,280                                |     |  | $                 | 37,802
|Capitalized Interest                                          |  |                         | 1,108  |   |                                   |   | 2,675   |                                  |  |   | 3,777                                 |     |  |                   | 4,573 
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|Fixed Charges                                                 |  |                         | 54,397 |   |                                   |   | 67,457  |                                  |  |   | 67,057                                |     |  |                   | 42,375
|Preferred Dividends                                           |  |                         | 20,620 |   |                                   |   | 22,280  |                                  |  |   | 20,713                                |     |  |                   | 19,564
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|Fixed Charges and Preferred Dividends                         |  | $                       | 75,017 |   |                                   | $ | 89,737  |                                  |  | $ | 87,770                                |     |  | $                 | 61,939
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|RATIO OF EARNINGS TO FIXED CHARGES(1)                         |  |                         | 1.76   |   |                                   |   | 1.63    |                                  |  |   | 1.23                                  |     |  |                   | 1.97  
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       
|RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS(1) |  |                         | 1.27   |   |                                   |   | 1.22    |                                  |  |   | 0.94                                  | (3) |  |                   | 1.35  
|                                                              |  |                         |        |   |                                   |   |         |                                  |  |   |                                       |     |  |                   |       

|(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 three months ended June 30, 2003, earnings were insufficient to cover fixed charges and fixed charges and preferred dividends by $1,334 and $6,223,
respectively.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | For the nine months ended September 30, 2003, earnings were insufficient to cover fixed charges and preferred dividends by $3,857.
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