The company's board also held the dividend on its preferred Series A convertible stock at 48.4375 cents per share.

Common stock dividends are payable on July 15, 2003 to stockholders of record on July 1, 2003. The preferred stock dividend is payable on July 15, 2003 to stockholders of record on June 25, 2003.

REIT trackers say that continuing dividends remain one of the attractions of real estate investment trusts, especially among stock market investors who are skittish about other types of stocks. Many REITs have been able to maintain their dividends despite what industry observers describe as a general weakening of the fundamentals in virtually all sectors of commercial real estate.

Glenborough's portfolio as of March 31, 2003 consisted of 67 properties comprising 13 million sf and occupied by 839 tenants. The company's holdings include assets in Northern and Southern California, Denver, Boston, Chicago, New Jersey and Washington, DC.