Glenborough Realty Trust Declares Third Quarter Dividends

San Mateo, California, Septermber 15, 2006 — Glenborough Realty Trust Incorporated (NYSE:GLB) announced today that the Board of Directors has declared a dividend of $0.275 per share of Common Stock, payable on October 16, 2006 to stockholders of record on October 1, 2006.

The Board of Directors also declared a dividend of $0.484375 per share on the Company’s 7.75% Series A Convertible Preferred Stock (NYSE:GLB PrA), payable on October 16, 2006 to stockholders of record on September 27, 2006.