GLB Glenborough

Glenborough Realty Trust Incorporated (NYSE:GLB) (NYSE:GLB.PrA) announced today that the Board of Directors has declared a dividend of $0.275 per share of Common Stock, payable on July 17, 2006 to stockholders of record on July 1, 2006. This is the first quarter of the new dividend rate which was reduced from $0.35 per share per quarter as discussed in the Company's press releases dated February 7, 2006 and April 26, 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 July 17, 2006 to stockholders of record on June 28, 2006.