10-Q/A

                                     FORM 10-Q/A

                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549


                [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                        OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the Quarterly Period Ended March 31, 1995

                                          OR

                [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                        OF THE SECURITIES EXCHANGE ACT OF 1934

                       for the transition period from       to
                                                     ------   ------
                            Commission File number 0-13448

                            GLENBOROUGH PENSION INVESTORS,
                           A CALIFORNIA LIMITED PARTNERSHIP         
           --------------------------------------------------------------
                (Exact name of Registrant as specified in its charter)

                    California                              33-0058349
            ---------------------------                   ---------------
           (State or other jurisdiction                  (I.R.S. Employer
         of incorporation or organization)              Identification No.)


       400 South El Camino Real, Suite 1100                 94402-1708
               San Mateo, California                       ------------
   --------------------------------------------             (Zip Code)
     (Address of principal executive offices)


                                    (415) 343-9300
                         -----------------------------------
                           (Registrant's telephone number)

          Indicate by check mark  whether the registrant (1) has  filed all
          reports  required  to be  filed by  Section  13 or  15(d)  of the
          Securities Exchange  Act of 1934  during the preceding  12 months
          (or for such shorter  period that the registrant was  required to
          file  such  reports), and  (2) has  been  subject to  such filing
          requirements for the past 90 days.

                                      Yes X  No
                                        ---- ----

           Total number of units outstanding as of March 31, 1995: 118,942






          PART II.  OTHER INFORMATION


          Item 6.   Exhibits

                    (a)    Exhibit Index  



                                                  Incorporation by
          Exhibit No.   Description               Reference to           
          -----------------------------------------------------------------
          27.1          Financial Data Schedule   EDGAR Exhibit No.
                                                  EX-27 for  March 31, 1995
                                                  Form 10-Q
                                                  Registration No. 0-13448






                                      SIGNATURES


          Pursuant to the  requirements of the  Securities Exchange Act  of
          1934, the Registrant has duly caused  this report to be signed on
          its behalf by the undersigned, thereunto duly authorized.


                                        GLENBOROUGH PENSION INVESTORS,
                                        A CALIFORNIA LIMITED PARTNERSHIP

                                        By: Glenborough Realty Corporation,
                                            a California corporation
                                            the Managing General Partner



          Date: November 1, 1995            By: /s/ Andrew Batinovich     
                                               ----------------------------
                                                Andrew Batinovich
                                                Executive Vice President,
                                                Chief Financial Officer
                                                and Director

EX-27

 

<ARTICLE> 5
<CIK> 0000755869
<NAME> GLENBOROUGH PENSION INVESTORS
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                             174
<SECURITIES>                                         0
<RECEIVABLES>                                      208
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                   945
<PP&E>                                           24879
<DEPRECIATION>                                  (1567)
<TOTAL-ASSETS>                                   24257
<CURRENT-LIABILITIES>                              559
<BONDS>                                           3908
<COMMON>                                             0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                       19790
<TOTAL-LIABILITY-AND-EQUITY>                     24257
<SALES>                                              0
<TOTAL-REVENUES>                                  1279
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                  1042
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                  75
<INCOME-PRETAX>                                    162
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                162
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       162
<EPS-PRIMARY>                                     1.35
<EPS-DILUTED>                                        0