Equity Office Properties Trust (EOP) 8-K Entry into a Material Definitive Agreement

EXHIBIT 99.1

FIRST QUARTER 2005

Supplemental Operating and Financial Data

All dollar amounts shown in this report are unaudited,
except for the December 31, 2004 Consolidated Balance Sheet.

This Supplemental Operating and Financial Data is not an offer to sell or
solicitation to buy securities of Equity Office. Any offers to sell or
solicitations to buy securities of Equity Office shall be made only by means of
a prospectus approved for that purpose.

Equity Office Properties Trust
Table of Contents
March 31, 2005

	PAGE
Corporate Data
Overview		1
Quarterly Events		2
Board of Trustees / Executive Officers / Equity Research Coverage / Company Information / Senior Unsecured Debt Ratings / Tentative Conference Call Dates		3
Financial Information
Key Data		4
Press Release		5
Consolidated Statements of Operations		6
Consolidated Balance Sheets		7
Reconciliation of Net Income to Funds From Operations (“FFO”)		8
Segment Information		9
Consolidated Statements of Cash Flows		10
Statements of Discontinued Operations		11
Earnings Per Share		12
Net Free Cash Flow		13
Same Store Portfolio Segment Results		14
Property Joint Venture Information		15
Development		16
Ratio of Fixed to Floating Rate Consolidated Debt		17
Debt Summary		18-20
Debt Maturity		21
Tenant Improvements, Leasing Costs and Capital Improvements		22-23
Total Office Portfolio Data
Gross Leasing Summary		24
Portfolio Summary		25
Summary of Markets		26
Occupancy Summary		27
25 Largest Tenants		28
Lease Expiration Schedule		29-30
Rent Expiration by Market 2005 to 2007		31
Lease Distribution by Size		32
Distribution by Industry		33
Forward-Looking Statements		34

Equity Office Properties Trust
Corporate Data
March 31, 2005

Equity Office Properties Trust
Overview
March 31, 2005

Equity Office

Equity Office is the country’s largest publicly traded owner and manager of office properties based upon equity market capitalization and square footage. At March 31, 2005, Equity Office had a national office portfolio comprised of whole or partial interests in 688 office buildings comprising 124.5 million square feet in 18 states and the District of Columbia (“Total Office Portfolio”). Equity Office owned buildings in 27 markets and in 120 submarkets, enabling it to provide premium office space for a wide range of local, regional and national customers.

Equity Office employs approximately 2,300 employees who provide real estate management, leasing, legal, financial and accounting, acquisition, disposition and marketing expertise throughout the country.

The use of the word “Equity Office” refers to Equity Office Properties Trust and its subsidiaries, including EOP Operating Limited Partnership (“EOP Partnership”), except where the context otherwise requires.

Equity Office’s Total Office Portfolio consists of 688 office buildings comprising 124.5 million square feet. Excluding partial interests not owned by us, our share of the total square feet of the Total Office Portfolio is approximately 114.1 million and is referred to as our “Effective Office Portfolio”. Our Effective Office Portfolio represents our economic interest in the office properties upon which we base the net income we recognize in accordance with GAAP. The Effective Office Portfolio square feet of approximately 114.1 million has not been reduced to reflect our share of EOP Partnership. Throughout this report we disclose information for both the Total Office Portfolio and the Effective Office Portfolio. The table below shows in summary the properties included in each portfolio.

			Total Office Portfolio					Effective Office Portfolio
	Number				Occupied					Occupied
	of Buildings		Square Feet		Square Feet			Square Feet		Square Feet
Consolidated Properties		619		96,144,108		83,338,292			96,144,108		83,338,292
Consolidated Joint Ventures		27		12,924,271		12,258,700			11,720,355		11,139,536
Unconsolidated Joint Ventures		42		15,423,890		13,496,983			6,224,733		5,329,646
Total		688		124,492,269		109,093,975			114,089,196		99,807,474
Weighted Average Occupancy						87.6	%				87.5	%
Weighted Average Leased						89.4	%				89.2	%

Office Portfolio Concentration
				Based on Property Net
	Based on			Operating Income from
	Total Office Portfolio			Continuing Operations
	Square Footage			as of 3/31/05
CBD		42.2	%		48.5	%
Suburban		57.8	%		51.5	%
Total		100.0	%		100.0	%

				% of Property Net
	% of			Operating Income
	Total Office Portfolio			from Continuing
Top 10 Markets	Square Feet			Operations as of 3/31/05
New York(a)		4.3	%		15.4	%
Boston		10.1	%		11.2	%
San Francisco		8.9	%		10.8	%
San Jose		6.6	%		9.4	%
Los Angeles		6.8	%		7.2	%
Seattle		8.0	%		6.9	%
Washington D.C.		5.1	%		5.9	%
Chicago		9.4	%		5.7	%
Orange County		4.9	%		4.5	%
Atlanta		6.1	%		4.0	%
Total		70.2	%		81.0	%

(a) Equity Office recognized approximately $44.4 million of lease termination income during the first quarter of 2005 at the 1301 Avenue of the Americas office property, which caused the New York market to be the top market for the quarter in terms of property net operating income from continuing operations.

1

Equity Office Properties Trust
Quarterly Events
March 31, 2005

Acquisitions and Dispositions:

Equity Office acquired and disposed of the following properties during the first quarter of 2005:

								Purchase /
		Acquisition/		Number				Sales Price
Property	Location	Disposition Date		of Buildings		Square Feet		(in thousands)
Acquisitions:
Summit at Douglas Ridge — Phase I	Roseville, CA		01/21/2005		1		92,941	$	25,000
Park 22	Austin, TX		03/22/2005		3		203,716		35,650
Vacant Land:
Two Main Place	Portland, OR		03/14/2005		—		—		7,600
			Total		4		296,657	$	68,250

Acquisitions announced subsequent to quarter-end:

Equity Office signed an agreement to acquire approximately 1.03 million square feet, or nearly 80% of 1095 Avenue of the Americas located in New York, NY for approximately $505 million. The closing is contingent upon approval by the New York Public Service Commission and the Attorney General of New York. Closing is anticipated in the fourth quarter of 2005.

Dispositions:
Northland Plaza	Bloomington, MN	01/04/2005	1	296,967	$	43,000
Meier Central North — Buildings 13 and 14 (a)	Santa Clara, CA	01/20/2005	—	—		1,986
Water’s Edge (b)	Playa Vista, CA	02/01/2005	2	243,433		85,500
One Devon Square, Two Devon Square and Three Devon Square	Wayne, PA	02/11/2005	3	142,493		23,000
Meier Central South — Building 12 (a)	Santa Clara, CA	02/22/2005	—	—		2,867
One Valley Square, Two Valley Square, Three Valley Square, Four and Five Valley Square, Oak Hill Plaza, Walnut	Suburban
Hill Plaza and Four Falls	Philadelphia, PA	03/02/2005	8	863,124		136,000
Oak Creek I (a)	Milpitas, CA	03/15/2005	—	—		2,850
Meier Central North — Building 15 (a)	Santa Clara, CA	03/24/2005	—	—		2,350
		Total	14	1,546,017	$	297,553

Dispositions subsequent to quarter-end:
545 E. John Carpenter Freeway and 909 Lake Carolyn Parkway	Irving, TX	04/01/2005	2	729,949	$	68,500
70-76 Perimeter	Atlanta, GA	04/05/2005	4	62,102		11,055
Meier Central South — Building 11	Santa Clara, CA	04/18/2005	1	33,672		4,400
Colonnade I, II and III	Dallas, TX	04/26/2005	3	984,254		153,500
		Total	10	1,809,977	$	237,455

Properties Held for Sale:

Equity Office classified the following properties as held for sale as of March 31, 2005:

		Number
Property	Location	of Buildings	Square Feet

545 E. John Carpenter Freeway (sold in April)	Irving, TX		1	369,134
909 Lake Carolyn Parkway (sold in April)	Irving, TX		1	360,815
70-76 Perimeter (sold in April)	Atlanta, GA		4	62,102
LL&E Tower	New Orleans, LA		1	545,157
Meier Central South - Building 11 (sold in April)	Santa Clara, CA		1	33,672
Preston Commons (c)	Dallas, TX		3	418,604
Sterling Plaza (c)	Dallas, TX		1	302,747
		Total	12	2,092,231

Debt:

Total consolidated debt declined by $332.5 million from December 31, 2004 to March 31, 2005.

Equity Office repaid $525 million of unsecured notes and approximately $107.2 million of mortgage debt.

Equity Office obtained a $250 million unsecured term loan facility, which bears interest at LIBOR plus 35 basis points and matures in February 2006.

Lease Termination:

Effective January 4, 2005, Equity Office signed an amendment to a lease that reduced a tenant’s space at 1301 Avenue of the Americas, New York, NY, from approximately 564,000 square feet to approximately 250,000 square feet. In connection with this agreement, we recognized a lease termination fee of approximately $44.4 million, net of outstanding deferred rent receivable balances. In addition, Equity Office singed a lease agreement with a new tenant for substantially all of the vacated space.

Corporate:

Equity Office appointed Stephen I. Sadove and Sally Susman to the Board of Trustees.

Equity Office notes with great sadness the death of long-time board member Edwin N. Sidman in March 2005.

(a)	This property was taken out of service during the fourth quarter of 2004 and was no longer included in building and square footage statistics.
(b)	Equity Office disposed of its 87.5% interest in this property.
(c)	Equity Office has a 50% ownership interest in this property.

2

Equity Office Properties Trust
March 31, 2005

Board of Trustees

Samuel Zell	James D. Harper, Jr.	Stephen I. Sadove
Chairman of the Board	Trustee	Trustee
of Trustees
Marilyn A. Alexander	Richard D. Kincaid	Sally Susman
Trustee	Trustee	Trustee
Thomas E. Dobrowski	David K. McKown	Jan H.W.R. van der Vlist
Trustee	Trustee	Trustee
William M. Goodyear	Sheli Z. Rosenberg
Trustee	Trustee

Executive Officers

Richard D. Kincaid	Stanley M. Stevens
President and	Executive Vice President,
Chief Executive Officer	Chief Legal Counsel and Secretary
Jeffrey L. Johnson	Marsha C. Williams
Executive Vice President and	Executive Vice President and
Chief Investment Officer	Chief Financial Officer
Lawrence J. Krema	Robert J. Winter, Jr.
Executive Vice President -	Executive Vice President -
Human Resources and Communications	Development and Joint Venture Management
Peyton H. Owen, Jr.
Executive Vice President and
Chief Operating Officer

Equity Research Coverage

Art Havener / David AuBuchon	Kevin Lampo	Tony Paolone / Mike Mueller	Greg Whyte / David Cohen	Jonathan Litt / John Stewart
A.G. Edwards & Sons, Inc.	Edward D. Jones & Company	J.P. Morgan Securities	Morgan Stanley Dean Witter &  Co., Inc.	Smith Barney Citigroup
314.955.3436 / 314.955.5452	314.515.5253	212.622.6682 / 212.622.6689	212.761.6331 / 212.761.8564	212.816.0231 / 212.816.1685
Ross Nussbaum / John Kim	David Loeb / Gustavo Sarago	David Fick	Jim Sullivan / Jamie Feldman
Banc of America Securities	Friedman, Billings, Ramsey & Co.	Legg Mason Wood Walker	Prudential Securities
212.847.5668 / 212.847.5761	703.469.1289 / 703.649.1042	410.454.5018	212.778.2515 / 212.778.1724
Ross Smotrich / Jeff Langbaum	Carey Callaghan	David Harris	Paul Puryear / William Crow
Bear, Stearns & Co.	Goldman Sachs	Lehman Brothers, Inc.	Raymond James & Associates, Inc.
212.272.8046 / 212.272.4201	212.902.4351	212.526.1790	727.567.2253 / 727.567.2594
Lou Taylor / John Perry	Jim Sullivan / Michael Knott	Steve Sakwa / Brian Legg	David Copp / Jay Leupp
Deutsche Banc Alex Brown	Green Street Advisors	Merrill Lynch & Company, Inc.	RBC Capital Markets
212.250.4912 / 212.250.5182	949.640.8780	212.449.0335 / 212.449.1153	415.633.8558 / 415.633.8588

Any opinions, estimates, forecasts or predictions regarding Equity Office’s performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Equity Office or its management. Equity Office does not by its reference above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions.

Company Information

Corporate Headquarters	Trading Symbol	Investor Relations	Contact	Information Requests
Two North Riverside Plaza	EOP	Equity Office Properties Trust	Beth Coronelli	To request an Investor Relations package,
Suite 2100		Two North Riverside Plaza, Suite 2100	Senior Vice President -	annual report, or to be added to our email list,
Chicago, IL 60606	Stock Exchange Listing	Chicago, IL 60606	Investor Relations	please contact:
312.466.3300	New York Stock Exchange	Telephone: 800.692.5304	Telephone: 312.466.3286
			Fax: 312.930.4486	Tina Royse at 312.466.3924
			InvestorRelations@equityoffice.com	tina_royse@equityoffice.com
				Toll free within Canada and the United States:
					800.692.5304

Senior Unsecured Debt Ratings

Moody’s:	Baa2
Standard & Poor’s:	BBB+
Fitch:	BBB+

Tentative Conference Call Dates

2nd Qtr 2005	August 2, 2005
3rd Qtr 2005	November 1, 2005

3

Equity Office Properties Trust
Financial Information
March 31, 2005

Equity Office Properties Trust
Key Data

	As of or for the three months ended
	3/31/2005		12/31/2004		9/30/2004			6/30/2004		3/31/2004
	(Dollars in thousands, except per share amounts)
Earnings (Loss) Per Share
Net income (loss) available to common shareholders — basic	$	0.25	$	0.15		($0.32	)	$	0.25	$	0.16
Net income (loss) available to common shareholders — diluted	$	0.25	$	0.15		($0.32	)	$	0.25	$	0.16
Market Value of Common Equity
Total Common Shares and Units		453,460,008		451,337,142		450,820,536			450,680,152		452,110,571
Common Share price at the end of the period	$	30.13	$	29.12	$	27.25		$	27.20	$	28.89
Market value of common equity	$	13,662,750	$	13,142,938	$	12,284,860		$	12,258,500	$	13,061,474
Common Shares and Units
Common Shares outstanding		406,615,162		403,842,441		403,135,232			402,411,561		403,346,444
Units outstanding		46,844,846		47,494,701		47,685,304			48,268,591		48,764,127
Total Common Shares and Units outstanding		453,460,008		451,337,142		450,820,536			450,680,152		452,110,571
Weighted average Common Shares and Units outstanding — basic		449,991,140		448,976,410		448,766,905			449,245,505		448,652,065
Weighted average Common Shares, Units and dilutive potential common shares — diluted		452,400,294		451,053,706		448,766,905			450,533,841		451,142,921
Common Share Price and Dividends
At the end of the period	$	30.13	$	29.12	$	27.25		$	27.20	$	28.89
High during period	$	31.17	$	29.86	$	28.95		$	29.20	$	30.39
Low during period	$	27.45	$	27.11	$	25.71		$	23.90	$	27.81
Common dividends per share	$	0.50	$	0.50	$	0.50		$	0.50	$	0.50

Building Square Footage Roll Forward

	Total Office Portfolio
	Buildings			Square Feet
Properties owned as of:
December 31, 2004		698			125,713,245
Acquisitions		4			296,657
Dispositions		(14	)		(1,546,017	)
Building Remeasurements		—			28,384
March 31, 2005		688			124,492,269

	As of or for the three months ended
	3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004
	(Dollars in thousands, except per share amounts)
Selected Operating Data — Continuing Operations
Total revenues	$	825,756		$	807,940		$	783,072		$	782,269		$	777,803
Deferred rental revenue		18,428			16,477			16,677			23,169			21,914
Lease termination fees (a)		51,283			16,909			10,317			8,609			22,213
Capitalized interest		—			218			767			1,633			2,030
Scheduled principal payments for consolidated debt		9,963			10,457			10,025			12,908			12,073
Effective Office Portfolio Statistics
Office buildings		688			698			701			683			685
Square footage		114,089,196			115,279,743			116,309,526			114,341,512			114,438,385
Occupancy at end of quarter		87.5	%		87.5	%		86.5	%		86.0	%		85.8	%
Total Office Portfolio Statistics
Office buildings		688			698			701			683			685
Square footage		124,492,269			125,713,245			125,451,451			122,936,399			123,033,272
Occupancy at end of quarter		87.6	%		87.7	%		86.7	%		86.3	%		86.1	%
Corporate and property operating general and administrative expense
Corporate general and administrative expense	$	17,173		$	14,034		$	13,190		$	13,709		$	11,309
Property operating general and administrative expense		24,697			26,242			21,358			23,839			25,260
Total corporate and property operating general and administrative expense	$	41,870		$	40,276		$	34,548		$	37,548		$	36,569
Corporate general and administrative expense as a percentage of total revenues		2.1	%		1.7	%		1.7	%		1.8	%		1.5	%
Property operating general and administrative expense as a percentage of total revenues		3.0	%		3.2	%		2.7	%		3.0	%		3.2	%

(a) These amounts include Equity Office’s share of lease termination fees from unconsolidated joint ventures and exclude discontinued operations.

4

Equity Office (Investors/Analysts):	Equity Office (Media):
Beth Coronelli	Terry Holt
312.466.3286	312.466.3102

For Immediate Release

Equity Office Announces First Quarter 2005 Results

CHICAGO (April 28, 2005) — Equity Office Properties Trust (NYSE: EOP) today announced results for the first quarter ended March 31, 2005.

For first quarter 2005, net income available to common shareholders totaled $100.9 million, with diluted earnings per share (EPS) of $0.25. Comparatively, net income available to common shareholders in the first quarter of 2004 totaled $65.3 million with diluted EPS of $0.16. First quarter 2004 EPS included approximately $.08 of charges related to the cumulative effect of a change in accounting principle and unamortized costs associated with the redemption of the Series C Preferred Shares.

Funds from operations available to common shareholders plus assumed conversions (FFO) for the first quarter 2005, totaled $302.1 million, or $0.66 per share on a diluted basis, as compared to FFO for the same period in 2004 of $302.4 million, or $0.66 per share on a diluted basis. FFO for the three months ended March 31, 2005 included a $13.5 million non-cash provision for loss on assets held for sale, or $.03 per share on a diluted basis. The attachment to this press release reconciles FFO and the per share amounts to net income and net income per share, respectively, the most directly comparable GAAP measures.

Same-store property net operating income (defined as property operating revenues, including straight-line rents, less property operating expenses), excluding lease terminations, for the first quarter 2005 decreased 1.5%, as compared to the first quarter of 2004.

“Office markets across the country are continuing to improve,” commented Richard D. Kincaid, president and chief executive officer of Equity Office. “We expect limited construction of new space through 2006, and see positive trends in occupancy, job growth, and office space absorption. With these positive signs, we anticipate steady improvement and an increase in leasing activity in many of our markets.”

5A

Page 2 — Equity Office Announces First Quarter 2005 Results

Leasing and Occupancy Results

EOP’s effective office portfolio occupancy was 87.5% at March 31, 2005, compared to 85.8% at March 31, 2004. The effective office portfolio represents the company’s economic interest in the properties upon which net income, recognized in accordance with GAAP, is based.

Lease termination fees from continuing operations, including those recognized as income from unconsolidated joint ventures, totaled $51.3 million for first quarter 2005 compared to $22.2 million for first quarter 2004. The first quarter 2005 results included $44.4 million of lease termination income associated with one building in New York City on space that has been re-leased.

Tenant improvements and leasing commissions (TI/LC) for the office leases that commenced during first quarter 2005 totaled $16.99 per square foot on a weighted average basis. This compares to weighted average TI/LC of $17.14 per square foot in the first quarter 2004.

Investment Activity

“We continue our investment strategy of acquiring exceptional assets in targeted growth markets, exiting non-core markets, and as appropriate, selling non-strategic assets in core markets,” said Kincaid.

The company communicated its disposition strategy in late September 2004 and indicated there were approximately 19 million square feet of holdings in non-core markets that may be sold over the next five years. The disposition activity also encompasses a number of non-strategic assets in core markets, with potential asset sales this year of $2 billion to $3 billion. Since the beginning of fourth quarter 2004 through April 26, 2005, EOP has sold $727.3 million of assets, comprising 5.1 million square feet, including approximately 505,000 square feet of non-strategic assets in core markets. In view of favorable market conditions, the company is now testing the market to determine its ability to sell the remainder of the identified $2 billion to $3 billion of assets at targeted returns.

“We have sold buildings with low cash yields, in the 3.5% range, and with average occupancy in the mid-70% range. As we complete dispositions and buy attractive assets, we expect to finish with a much stronger portfolio, comprised of highly occupied, Class A buildings in a diverse mixture of targeted growth markets,” commented Kincaid.

The options for the use of proceeds from future asset sales include continued investment in acquisitions, debt repayment, share buy back, or some combination of these options based on various factors, including current market conditions and the ability to execute deals on favorable terms.

In the first quarter 2005, EOP sold $297.6 million of assets, comprising 1.7 million square feet. These assets included Northland Plaza in Bloomington, MN; Meier Central North and South buildings in Santa Clara, CA; our 87.5% ownership interest in Water’s Edge in Playa Vista, CA; One, Two, and Three Devon Square, Valley Square buildings, Oak Hill Plaza, Walnut Hill Plaza, and Four Falls, all in suburban Philadelphia, PA; and Oak Creek I in Milpitas, CA.

During the first quarter 2005, EOP acquired four buildings, comprising approximately 300,000 square feet, and a vacant land parcel for approximately $68.3 million. The assets included Summit at Douglas Ridge — Phase I located in the Roseville sub-market of Sacramento, CA; Park 22 in Austin, TX; and a land parcel in Portland, OR.

5B

Page 3 — Equity Office Announces First Quarter 2005 Results

Subsequent to quarter-end, EOP sold 10 buildings, totaling approximately 1.8 million square feet for approximately $237.5 million. The properties included Colonnade I, II and III in Addison, TX; 545 E. John Carpenter Freeway and 909 Lake Carolyn Parkway in Irving, TX; 70-76 Perimeter in Atlanta, GA; and a Meier Central South building in Santa Clara, CA. The following buildings have not sold, but are classified as held for sale in the first quarter results: LL&E Tower in New Orleans, LA: and Preston Commons and Sterling Plaza in Dallas, TX.

On April 5, 2005, the company announced the agreement to purchase 1.3 million square feet of the office tower of 1095 Avenue of the Americas located in New York, NY for approximately $505 million. Closing is contingent upon necessary approvals and is anticipated in the fourth quarter of 2005.

Year-to-date through April 26, 2005, Equity Office sold approximately $535.0 million of assets and purchased approximately $68.3 million of assets.

Outlook

“Our results from operations are in line with our expectations and as we complete our identified dispositions, our overall portfolio will improve,” said Kincaid. “Historically, our earnings guidance has not included the effect of future acquisitions and dispositions. The potential volume of $2 billion to $3 billion of sale activity this year, the uncertainty of timing of asset sales, and the impact of held for sale accounting, all have a material effect on every assumption we use to provide earnings guidance. Therefore, it is not meaningful to confirm previously reported 2005 guidance or to provide updated guidance at this time. We will announce, as appropriate, the completion of significant investment activity and expect to resume providing earnings guidance later this year.”

Conference Call Details

Management will discuss its first quarter 2005 results on EOP’s earnings conference call scheduled for Thursday, April 28, 2005, at 10:00 a.m. CT. The conference call telephone number is 888-283-0069. Participants should dial in 15 minutes before the scheduled start of the call. The pass code to access the call is “EOP.” Participants calling from outside of the United States should dial 210-795-9226. A replay of the call will be available until May 6, 2005, by calling 866-403-8767. No pass code is necessary. For callers outside of the United States, the replay telephone number is 203-369-0598.

A live webcast of the conference call will be available in listen-only mode at www.equityoffice.com and at www.earnings.com.

In addition to the information provided in this release, Equity Office publishes a quarterly Supplemental Operating and Financial Data Report, which can be found at www.equityoffice.com in the Investor Relations section and as part of a Form 8-K furnished to the Securities and Exchange Commission (SEC). Hard copies of the Supplemental Operating and Financial Data Report are also available via mail by calling 800-692-5304.

The company anticipates holding its second and third quarter conference calls at 10:00 a.m. CT on August 2 and November 1, 2005, respectively.

Forward — Looking Statements

This release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s present expectations and beliefs about future events. As with any projection or

5C

Page 4 — Equity Office Announces First Quarter 2005 Results

forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating this release and the outlook of Equity Office include, but are not limited to, the following: declines in overall activity in our markets have adversely affected our operating results and are expected to continue to adversely affect our operating results until market conditions further improve; in order to continue to pay distributions to our common shareholders at current levels, we must borrow funds or sell assets; we expect to be a net seller of real estate in 2005, which will further reduce our income from continuing operations and funds from operations and may result in gains or losses on sales of real estate and impairment charges; our properties face significant competition; we face potential adverse effects from tenant bankruptcies or insolvencies; competition for acquisitions or an oversupply of properties for sale could adversely affect us; and an earthquake or terrorist act could adversely affect our business and such losses, or other potential losses, may not be fully covered by insurance. These and other risks and uncertainties are detailed from time to time in Equity Office’s filings with the SEC, including its 2004 Form 10-K filed on March 16, 2005 and Form 8-K filed on March 29, 2005. Equity Office is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of changes, new information, subsequent events or otherwise.

Equity Office Properties Trust (NYSE: EOP), operating through its various subsidiaries and affiliates, is the nation’s largest publicly held office building owner and manager with a total office portfolio of 678 buildings comprising 122.7 million square feet in 18 states and the District of Columbia. Equity Office has an ownership presence in 27 Metropolitan Statistical Areas (MSAs) and in 118 submarkets, enabling it to provide a wide range of office solutions for local, regional and national customers. For more company information visit the Equity Office Web site at http://www.equityoffice.com.

# # #
(Summary Financial Information Attached)

5D

Equity Office Properties Trust
Consolidated Statements of Operations
(Unaudited)

	For the three months ended March 31,
	2005				2004
	(Dollars in thousands, except per share amounts)
Revenues:
Rental	$	632,988			$	620,282
Tenant reimbursements		99,496				100,580
Parking		29,560				28,642
Other		58,935				25,239
Fee income		4,777				3,060
Total revenues		825,756				777,803
Expenses:
Depreciation		175,831				164,333
Amortization		23,243				17,217
Real estate taxes		91,710				81,341
Insurance		7,693				9,611
Repairs and maintenance		79,411				77,518
Property operating		107,756				104,408
Ground rent		6,380				6,209
Corporate general and administrative		17,173				11,309
Total expenses		509,197				471,946
Operating income		316,559				305,857
Other income (expense):
Interest and dividend income		3,233				1,321
Interest:
Expense incurred		(212,772	)			(205,145	)
Amortization of deferred financing costs and prepayment expenses		(2,800	)			(2,171	)
Total other income (expense)		(212,339	)	��		(205,995	)
Income before income taxes, allocation to minority interests and income from investments in unconsolidated joint ventures		104,220				99,862
Income taxes		(474	)			263
Minority Interests:
EOP Partnership		(11,754	)			(7,949	)
Partially owned properties		(3,470	)			(3,113	)
Income from investments in unconsolidated joint ventures		9,518				12,413
Income from continuing operations		98,040				101,476
Discontinued operations (including net gain on sales of real estate and properties held for sale of $10,707 and $2,195, respectively)		11,531				10,260
Income before cumulative effect of a change in accounting principle		109,571				111,736
Cumulative effect of a change in accounting principle		—				(33,697	)
Net income		109,571				78,039
Preferred distributions		(8,701	)			(12,748	)
Net income available to common shareholders	$	100,870			$	65,291
Earnings per share — basic:
Income from continuing operations per share	$	0.22			$	0.22
Net income available to common shareholders per share	$	0.25			$	0.16
Weighted average Common Shares outstanding		402,812,763				399,757,911
Earnings per share — diluted:
Income from continuing operations per share	$	0.22			$	0.21
Net income available to common shareholders per share	$	0.25			$	0.16
Weighted average Common Shares outstanding and dilutive potential common shares		452,400,294				451,142,921
Distributions declared per Common Share outstanding	$	0.50			$	0.50

6

Equity Office Properties Trust
Consolidated Balance Sheets

	March 31, 2005
	(Unaudited)			December 31, 2004
	(Dollars in thousands,
	except per share amounts)
Assets:
Investments in real estate	$	24,685,027		$	24,832,242
Developments in process		41,440			40,492
Land available for development		248,961			252,524
Investments in real estate held for sale, net of accumulated depreciation		106,938			162,924
Accumulated depreciation		(3,287,279	)		(3,148,006	)
Investments in real estate, net of accumulated depreciation		21,795,087			22,140,176
Cash and cash equivalents		102,298			107,126
Tenant and other receivables (net of allowance for doubtful accounts of $7,412 and $6,908, respectively)		73,913			75,775
Deferred rent receivable		491,771			478,184
Escrow deposits and restricted cash		62,704			48,784
Investments in unconsolidated joint ventures		1,120,317			1,117,143
Deferred financing costs (net of accumulated amortization of $51,893 and $59,748, respectively)		58,339			61,734
Deferred leasing costs and other related intangibles (net of accumulated amortization of $204,170 and $193,348, respectively)		450,250			450,625
Prepaid expenses and other assets		245,009			191,992
Total Assets	$	24,399,688		$	24,671,539
Liabilities, Minority Interests, Mandatorily Redeemable Preferred Shares and Shareholders’ Equity:
Liabilities:
Mortgage debt (net of (discounts) of $(13,382) and $(13,683), respectively)	$	2,492,225		$	2,609,067
Unsecured notes (net of (discounts) of $(64,413) and $(38,362), respectively)		9,115,779			9,652,392
Lines of credit		869,000			548,000
Accounts payable and accrued expenses		441,964			556,851
Distribution payable		229,387			2,652
Other liabilities (net of (discounts) of $(27,802) and $(28,536), respectively)		511,562			484,378
Commitments and contingencies		—			—
Total Liabilities		13,659,917			13,853,340
Minority Interests:
EOP Partnership		1,038,359			1,065,376
Partially owned properties		176,416			182,041
Total Minority Interests		1,214,775			1,247,417
Mandatorily Redeemable Preferred Shares:
5.25% Series B Convertible, Cumulative Redeemable Preferred Shares, liquidation preference $50.00 per share, 5,989,930 and 5,990,000 issued and outstanding, respectively		299,497			299,500
Shareholders’ Equity:
Preferred Shares, 100,000,000 authorized:
7.75% Series G Cumulative Redeemable Preferred Shares, liquidation preference $25.00 per share, 8,500,000 issued and outstanding		212,500			212,500
Common Shares, $0.01 par value; 750,000,000 shares authorized, 406,615,162 and 403,842,441 issued and outstanding, respectively		4,066			4,038
Other Shareholders’ Equity:
Additional paid in capital		10,533,737			10,479,305
Deferred compensation		(1,408	)		(1,916	)
Dividends in excess of accumulated earnings		(1,462,137	)		(1,359,722	)
Accumulated other comprehensive loss (net of accumulated amortization of $6,837 and $5,133, respectively)		(61,259	)		(62,923	)
Total Shareholders’ Equity		9,225,499			9,271,282
Total Liabilities, Minority Interests, Mandatorily Redeemable Preferred Shares and Shareholders’ Equity	$	24,399,688		$	24,671,539

7

Equity Office Properties Trust
Reconciliation of Net Income to Funds From Operations (“FFO”)

	For the three months ended March 31,
	2005							2004
				Per Weighted							Per Weighted
	Dollars			Average Share (b)				Dollars			Average Share (b)
	(Dollars in thousands, except per share amounts)
Reconciliation of net income to FFO (a):
Net income	$	109,571		$	0.27			$	78,039		$	0.20
Plus real estate related depreciation and amortization less net gain on sales of real estate, including our share of those items from unconsolidated joint ventures and adjusted for minority interests’ share in partially owned properties		184,928			0.46				191,566			0.48
Plus cumulative effect of a change in accounting principle		—			—				33,697			0.08
Less minority interests in EOP Partnership share of add back for real estate related depreciation and amortization, net gain on sales of real estate and cumulative effect of a change in accounting principle		(19,300	)		(0.05	)			(24,450	)		(0.06	)
FFO		275,199			0.68				278,852			0.70
Preferred distributions		(8,701	)		(0.02	)			(12,748	)		(0.03	)
FFO available to common shareholders — basic	$	266,498		$	0.66		(d)		$	266,104		$	0.67

Adjustments to arrive at FFO available to common shareholders
plus assumed conversions:	Net Income			FFO				Net Income			FFO
Net income and FFO	$	109,571		$	275,199			$	78,039		$	278,852
Preferred distributions		(8,701	)		(8,701	)			(12,748	)		(12,748	)
Net income and FFO available to common shareholders		100,870			266,498				65,291			266,104
Net income allocated to minority interests in EOP Partnership		11,754			11,754				7,949			7,949
Minority interests in EOP Partnership share of add back for real estate related depreciation and amortization, net gain on sales of real estate and cumulative effect of a change in accounting principle		—			19,300				—			24,450
Preferred distributions on Series B preferred shares, of which are assumed to be converted into Common Shares (c)		—			4,584				—			3,931
Net income and FFO available to common shareholders plus assumed conversions	$	112,624		$	302,136			$	73,240		$	302,434
Weighted average Common Shares, dilutive potential common shares plus assumed conversions outstanding		452,400,294			460,789,584				451,142,921			459,532,275
Net income and FFO available to common shareholders plus assumed conversions per share	$	0.25		$	0.66		(d)		$	0.16		$	0.66

	Common Shares and common share equivalents
Weighted average Common Shares outstanding (used for both net income and FFO basic per share calculation)		402,812,763	399,757,911
Redemption of Units for Common Shares		47,178,377	48,894,154
Impact of share options and restricted shares which are dilutive to both net income and FFO		2,409,154	2,490,856
Weighted average Common Shares and dilutive potential common shares used for net income available to common shareholders		452,400,294	451,142,921
Impact of conversion of Series B preferred shares (c)		8,389,290	8,389,354
Weighted average Common Shares, dilutive potential common shares plus assumed conversions used for the calculation of FFO available to common shareholders plus assumed conversions		460,789,584	459,532,275

(a)	FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net income, to which it is reconciled. See definition below.
(b)	FFO per share may not total the sum of the per share components in the reconciliation due to rounding.
(c)	The Series B preferred shares are not dilutive to EPS but are dilutive to FFO per share for each period presented.
(d)	FFO for the three months ended March 31, 2005 includes a $13.5 million non-cash provision for loss on assets held for sale, or $0.03 per share on a diluted basis, which is not added back to net income when calculating FFO.

FFO Definition:

     FFO is defined as net income, computed in accordance with accounting principles generally accepted in the United States (“GAAP”), excluding gains or losses from sales of properties, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. We believe that FFO is helpful to investors as one of several measures of the performance of an equity REIT. We further believe that by excluding the effect of depreciation, amortization and gains or losses from sales of real estate, all of which are based on historical costs and which may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and between other equity REITs. Investors should review FFO, along with GAAP net income when trying to understand an equity REIT’s operating performance. We compute FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.

8

Equity Office Properties Trust
Segment Information
March 31, 2005

     We have one segment which is office properties. The primary financial measure that our chief operating decision maker uses for our office properties is net operating income, which represents rental revenue, tenant reimbursements, parking and other revenues less real estate taxes, insurance, repairs and maintenance and property operating expense (all as reflected in the accompanying consolidated statements of operations). We believe that net operating income is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of our properties. Total assets consists primarily of the assets in our office properties operating segment. There are other assets such as corporate furniture, fixtures and equipment that are not associated with the office property segment, but these assets are immaterial.

	For the three months ended March 31,
	2005			2004
	(Dollars in thousands)
Property Operating Revenues:
Rental	$	632,988		$	620,282
Tenant reimbursements		99,496			100,580
Parking		29,560			28,642
Other		58,935			25,239
Total Property Operating Revenues		820,979			774,743
Property Operating Expenses:
Real estate taxes		91,710			81,341
Insurance		7,693			9,611
Repairs and maintenance		79,411			77,518
Property operating		107,756			104,408
Total Property Operating Expenses		286,570			272,878
Property Net Operating Income from Continuing Operations	$	534,409		$	501,865
Property Operating Margin from Continuing Operations (a)		65.1	%		64.8	%
Reconciliation of Property Net Operating Income from Continuing Operations to Income from Continuing Operations:
Property Net Operating Income from Continuing Operations	$	534,409		$	501,865
Add:
Fee income		4,777			3,060
Less:
Depreciation		(175,831	)		(164,333	)
Amortization		(23,243	)		(17,217	)
Ground rent		(6,380	)		(6,209	)
Corporate general and administrative		(17,173	)		(11,309	)
Operating Income		316,559			305,857
Less:
Other expenses		(212,339	)		(205,995	)
Income taxes		(474	)		263
Minority Interests:
EOP Partnership		(11,754	)		(7,949	)
Partially owned properties		(3,470	)		(3,113	)
Add:
Income from investments in unconsolidated joint ventures		9,518			12,413
Income from Continuing Operations	$	98,040		$	101,476

(a)   Defined as Property Net Operating Income from Continuing Operations divided by Total Property Operating Revenues.

9

Equity Office Properties Trust
Consolidated Statements of Cash Flows

	For the three months ended March 31,
	2005			2004
	(Dollars in thousands, unaudited)
Operating Activities:
Net income	$	109,571		$	78,039
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including discontinued operations)		206,436			187,959
Ineffective portion of swap settlement payment included in interest expense		—			212
Compensation expense related to restricted shares and stock options issued to employees		7,405			5,433
Prepayment penalty on early extinguishment of debt in connection with a property disposition		448			—
Income from investments in unconsolidated joint ventures		(9,518	)		(12,413	)
Net distributions from unconsolidated joint ventures		6,104			8,049
Net (gain) on sales of real estate		(24,245	)		(2,195	)
Provision for loss on properties held for sale		13,538			—
Cumulative effect of a change in accounting principle		—			33,697
Provision for doubtful accounts		2,415			(804	)
Income allocated to minority interests (including discontinued operations)		15,235			11,165
Changes in assets and liabilities:
Decrease (increase) in rent receivable		165			(39	)
(Increase) in deferred rent receivable		(17,482	)		(28,461	)
(Increase) decrease in prepaid expenses and other assets		(40,704	)		57,603
(Decrease) in accounts payable and accrued expenses		(93,022	)		(116,119	)
(Decrease) increase in other liabilities		(7,171	)		1,597
Net cash provided by operating activities		169,175			223,723
Investing Activities:
Property acquisitions		(67,199	)		(62,777	)
Property dispositions		137,109			18,189
Capital and tenant improvements		(76,406	)		(121,389	)
Lease commissions and other costs		(24,369	)		(31,824	)
Decrease in escrow deposits and restricted cash		129,425			32,067
Net cash provided by (used for) investing activities		98,560			(165,734	)
Financing Activities:
Principal payments on mortgage debt		(103,757	)		(172,289	)
Proceeds from unsecured notes		14,344			991,240
Repayment of unsecured notes		(525,000	)		(400,000	)
Proceeds from lines of credit		2,123,000			1,448,600
Repayment of lines of credit		(1,802,000	)		(1,776,800	)
Payments of loan costs and offering costs		(65	)		(1,325	)
Settlement of interest rate swap agreements		—			(69,130	)
Distributions to minority interests in partially owned properties		(5,702	)		(2,104	)
Proceeds from exercise of stock options		43,260			39,056
Distributions to common shareholders and unitholders		—			(836	)
Repurchase of Common Shares		(2,729	)		(3,775	)
Redemption of Units		(5,866	)		(795	)
Repurchase of preferred shares		—			(114,073	)
Payment of preferred distributions		(8,048	)		(8,622	)
Net cash (used for) financing activities		(272,563	)		(70,853	)
Net (decrease) in cash and cash equivalents		(4,828	)		(12,864	)
Cash and cash equivalents at the beginning of the period		107,126			69,398
Cash and cash equivalents at the end of the period	$	102,298		$	56,534
Supplemental Information:
Interest paid during the period, including a reduction of interest expense for capitalized interest of $0 and $2,030, respectively	$	270,420		$	248,485
Non-Cash Investing and Financing Activities:
Investing Activities:
Escrow deposits related to property dispositions	$	(141,513	)	$	—
Mortgage loan repayment as a result of a property disposition	$	(13,386	)	$	—
Mortgage loan assumed upon acquisition of property	$	—		$	82,970
Changes in accounts due to consolidation of existing interest in a property as a result of acquiring the remaining economic interest:
Decrease in investment in unconsolidated joint ventures	$	—		$	(157,659	)
Increase in investment in real estate	$	—		$	612,411
Increase in accumulated depreciation	$	—		$	(44,440	)
Increase in mortgage debt	$	—		$	(451,285	)
Increase in other assets and liabilities	$	—		$	40,973
Financing Activities:
Mortgage loan repayment as a result of a property disposition	$	13,386		$	—

10

Equity Office Properties Trust
Statements of Discontinued Operations

     The net income for properties sold and properties held for sale is reflected in the consolidated statements of operations as Discontinued Operations for the periods presented. Properties that were partially sold are not reflected as discontinued operations in accordance with FAS 144.

	For the three months ended March 31,
	2005			2004
	(Dollars in thousands)
Property operating revenues	$	8,522		$	24,396
Expenses:
Depreciation and amortization		2,830			6,662
Property operating		4,221			9,165
Ground rent		10			16
Total expenses		7,061			15,843
Operating income		1,461			8,553
Other income (expense):
Interest and dividend income		2			2
Interest expense and amortization of deferred financing costs and prepayment expenses		(608	)		(393	)
Total other income (expense)		(606	)		(391	)
Income before income taxes, allocations to minority interests, net gain on sales of real estate and provision for loss on properties held for sale		855			8,162
Income taxes		(20	)		6
Income allocated to minority interests — partially owned properties		(11	)		(103	)
Net gain on sales of real estate		24,245			2,195
Provision for (loss) on properties held for sale		(13,538	)		—
Net income	$	11,531		$	10,260
Property net operating income from discontinued operations	$	4,301		$	15,231

11

Equity Office Properties Trust
Earnings Per Share

	For the three months ended March 31,
	2005			2004
	(Dollars in thousands, except per share
	amounts)
Numerator:
Income from continuing operations	$	98,040		$	101,476
Preferred distributions		(8,701	)		(12,748	)
Income from continuing operations available to common shareholders		89,339			88,728
Discontinued operations (including net gain on sales of real estate and properties held for sale of $10,707 and $2,195, respectively)		11,531			10,260
Cumulative effect of a change in accounting principle		—			(33,697	)
Numerator for basic earnings per share — net income available to common shareholders		100,870			65,291
Add back income allocated to minority interests in EOP Partnership		11,754			7,949
Numerator for diluted earnings per share — net income available to common shareholders	$	112,624		$	73,240
Denominator:
Denominator for basic earnings per share — weighted average Common Shares outstanding		402,812,763			399,757,911
Effect of dilutive potential common shares:
Units		47,178,377			48,894,154
Share options and restricted shares		2,409,154			2,490,856
Dilutive potential common shares		49,587,531			51,385,010
Denominator for diluted earnings per share — weighted average Common Shares outstanding and dilutive potential common shares		452,400,294			451,142,921
Earnings per share — basic:
Income from continuing operations available to common shareholders, net of minority interests	$	0.22		$	0.22
Discontinued operations, net of minority interests		0.03			0.02
Cumulative effect of a change in accounting principle, net of minority interests		—			(0.08	)
Net income available to common shareholders, net of minority interests (a)	$	0.25		$	0.16
Earnings per share — diluted:
Income from continuing operations available to common shareholders	$	0.22		$	0.21
Discontinued operations		0.03			0.02
Cumulative effect of a change in accounting principle		—			(0.07	)
Net income available to common shareholders (a)	$	0.25		$	0.16

(a)   Net income available to common shareholders per share may not total the sum of the per share components due to rounding.

12

Equity Office Properties Trust
Net Free Cash Flow
March 31, 2005

     We define net free cash flow as net cash provided by operating activities determined in accordance with GAAP less distributions paid to our shareholders, unitholders and preferred shareholders less capital improvements incurred and expenditures for tenant improvements and leasing costs for leases that commence during the period. Net free cash flow is a non-GAAP financial measure, which we believe is helpful to investors to monitor the impact of distributions and capital improvements, tenant improvements and leasing costs on our net cash provided by operating activities. Investors should review net free cash flow along with our consolidated statements of cash flows, as determined in accordance with GAAP. Net free cash flow should not be considered as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions. For more information on our liquidity refer to our Form 10-K for 2004.

     Below we have reconciled net free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, for the periods presented. Our calculation of net free cash flow may not be comparable to similar measures that may be presented by other companies.

	For the three months ended March 31,
	2005			2004
	(Dollars in thousands)
Net cash provided by operating activities	$	169,175		$	223,723
Less: Distributions paid to common shareholders and unitholders (a)		—			(836	)
Less: Distributions paid to preferred shareholders		(8,048	)		(8,622	)
Less: Tenant improvements and leasing costs for leases which commenced during the period and capital improvements incurred (b)		(93,132	)		(85,469	)
Net Free Cash Flow	$	67,995		$	128,796

(a)

Distributions to common shareholders and unitholders are generally paid one quarter in arrears with no cash payment in the first quarter and two payments in the fourth quarter.

(b)

In the above table, tenant improvements and leasing costs are reported for leases which commence during the periods shown, which we believe is a useful measure of the tenant improvements and leasing costs in our markets and is consistent with how we report our per square foot tenant improvements and leasing costs. The amounts included in the consolidated statements of cash flows represent the cash expenditures made during the periods, regardless of when the leases commence. The differences between these amounts represent timing differences between the lease commencement dates and the actual cash expenditures. Capital improvements in the above table reflect amounts paid or accrued for the periods shown. A reconciliation of the amounts shown above and the amounts shown on the statements of cash flows can be found on the “Tenant Improvements, Leasing Costs and Capital Improvements” page of this Supplemental Operating and Financial Data Report.

13

Equity Office Properties Trust
Same Store Portfolio Segment Results
March 31, 2005

The financial data presented in the consolidated statements of operations show significant changes in revenues and expenses from period-to-period. We do not believe our period-to-period financial data are necessarily comparable because we acquire and dispose of properties on an ongoing basis. The following table shows condensed consolidated results attributable to the properties that were held during both periods being compared (the “Same Store Portfolio”). The 1301 Avenue of the Americas office property, which had approximately $44.4 million of lease termination income during the first quarter of 2005, is not included in the Same Store Portfolio because the property was previously accounted for under the equity method during the first quarter 2004.

	For the three months ended March 31,						Change
	2005			2004			$			%
				(Dollars in thousands)
Revenues:
Property operating revenues	$	718,315		$	720,002			($1,687	)		(0.2	%)
Deferred rental revenue		13,952			20,424			(6,472	)		(31.7	%)
Property operating revenues		732,267			740,426			(8,159	)		(1.1	%)
Expenses:
Real estate taxes		82,213			77,485			4,728			6.1	%
Insurance, repairs and maintenance and property operating expenses		185,417			185,061			356			0.2	%
Property operating expenses		267,630			262,546			5,084			1.9	%
Property net operating income from continuing operations	$	464,637		$	477,880			($13,243	)		(2.8	%)
Property operating margin (a)		63.5	%		64.5	%					(1.0	%)
Excluding Lease Termination Income:
Property net operating income from continuing operations	$	464,637		$	477,880			($13,243	)		(2.8	%)
Less lease termination income		(7,884	)		(14,170	)		6,286			(44.4	%)
Property net operating income from continuing operations before lease termination income	$	456,753		$	463,710			($6,957	)		(1.5	%)
Property operating margin (a) before lease termination income		63.1	%		63.8	%					(0.7	%)
Excluding Deferred Rental Revenue:
Property net operating income from continuing operations	$	464,637		$	477,880			($13,243	)		(2.8	%)
Less deferred rental revenue		(13,952	)		(20,424	)		6,472			(31.7	%)
Property net operating income from continuing operations before deferred rental revenue	$	450,685		$	457,456			($6,771	)		(1.5	%)

	Occupancy Rates
	At March 31, 2005			At March 31, 2004			At December 31, 2003
CBD		90.0	%		90.1	%		90.0	%
Suburban		86.5	%		83.7	%		83.7	%
Total Same Store Portfolio		87.7	%		86.0	%		86.0	%
Square Feet		104,074,378
Number of Properties		617

Notes:

(a)��Calculated by dividing property net operating income by property operating revenues.

14

Equity Office Properties Trust
Property Joint Venture Information
March 31, 2005

					Effective Office Portfolio (a)
	Number of	Effective Ownership	Total Office Portfolio				Percent
Property	Buildings	Percentage (a)	Square Feet		Square Feet		Occupied
Consolidated Properties	619	100%		96,144,108		96,144,108		86.7	%
Consolidated Joint Ventures
The Plaza at LaJolla Village		66.7%		635,419		423,634		85.4	%
222 Berkley Street		91.5%		519,608		475,441		98.3	%
500 Boylston Street		91.5%		706,864		646,781		97.7	%
Wells Fargo Center		75%		1,117,439		838,079		94.8	%
Ferry Building		100%		243,812		243,812		97.1	%
2951 28th Street		98%		85,000		83,300		94.8	%
San Felipe Plaza		100%		959,466		959,466		89.3	%
Four Forest Plaza		100%		394,324		394,324		80.1	%
Market Square		100%		681,051		681,051		96.8	%
One Ninety One Peachtree Tower		100%		1,215,288		1,215,288		95.6	%
Brea Corporate Plaza		100%		117,195		117,195		97.2	%
Northborough Tower		100%		207,908		207,908		99.7	%
Sixty State Street		100%		823,014		823,014		93.8	%
Worldwide Plaza Amenities		100%		108,391		108,391		95.6	%
Park Avenue Tower		100%		568,060		568,060		98.7	%
850 Third Avenue		99%		568,867		563,178		95.6	%
Washington Mutual Tower		75%		1,207,823		905,867		97.1	%
1301 Avenue of the Americas		100%		1,765,694		1,765,694		99.5	%
SunAmerica Center		67.27%		780,063		524,772		89.1	%
Concar		79.96%		218,985		175,100		99.0	%
Subtotal	27			12,924,271		11,720,355		95.0	%
Unconsolidated Joint Ventures
One Post Office Square		50%		765,296		382,648		91.2	%
75-101 Federal Street		51.61%		813,195		419,704		69.8	%
Rowes Wharf		44%		344,645		151,644		99.7	%
10 & 30 South Wacker (b)		75%		2,003,288		1,502,466		82.8	%
Bank One Center (b)		25%		1,057,877		264,469		93.4	%
Pasadena Towers (b)		25%		439,366		109,842		93.2	%
Promenade II (b)		50%		774,344		387,172		97.0	%
SunTrust Center (b)		25%		640,741		160,185		88.0	%
Preston Commons (b)		50%		418,604		209,302		87.4	%
Sterling Plaza (b)		50%		302,747		151,374		88.8	%
Bank of America Tower		50.1%		1,545,008		774,049		74.0	%
One Post		50%		421,121		210,561		84.2	%
161 North Clark (c)		25%		1,010,520		252,630		88.0	%
Prominence in Buckhead (c)		25%		424,309		106,077		94.3	%
World Trade Center East (c)		25%		186,912		46,728		100.0	%
Treat Towers (c)		25%		367,313		91,828		96.9	%
Parkshore Plaza I & II (c)		25%		269,853		67,463		97.8	%
Bridge Pointe Corporate Center I & II (c)		25%		372,653		93,163		91.6	%
1111 19th Street (c)		20%		252,014		50,403		77.0	%
1620 L Street (c)		20%		156,272		31,254		84.8	%
1333 H Street (c)		20%		244,585		48,917		100.0	%
Yahoo Center (fka Colorado Center) (c)		50%		1,090,766		545,383		88.2	%
1601 Market Street		11%		681,289		74,942		91.6	%
1700 Market Street		11%		841,172		92,529		94.0	%
Subtotal	42			15,423,890		6,224,733		85.6	%
Total	688			124,492,269		114,089,196		87.5	%

(a)	The amounts shown represent our economic interest in each property upon which we base the net income we recognize in accordance with GAAP.
(b)	Macquarie Office (US) No. 2 Corporation is Equity Office’s partner in these joint ventures.
(c)	Teachers Insurance and Annuity Association of America (TIAA) and certain of its affiliates are Equity Office’s partners in these joint ventures.

15

Equity Office Properties Trust
Development
March 31, 2005

Placed in

Costs

Total

Current

Service

Number of

Square

Incurred To

Estimated

Percentage

Date (a)

Location

Buildings

Feet

Date

Costs (b)

Leased

(Dollars in thousands)

Wholly-Owned

Cambridge Science Center

2Q/2004

Cambridge, MA

1

131,000

$

41,440

$

54,900

43

%

(a)	The Placed in Service Date represents the date the certificate of occupancy was obtained. Subsequent to obtaining the certificate of occupancy, the property is expected to undergo a lease-up period.
(b)	The Total Estimated Costs represent 100% of the development’s estimated costs, including the acquisition cost of the land and building, if any. The Total Estimated Costs are subject to change upon, or prior to, the completion of the development and include amounts required to lease the property.

     In addition to the developments described above, we own various land parcels on which office space could be built. These various sites include, among others: Russia Wharf, Boston, MA; Reston Town Center, Reston, VA; Dulles Station, Herndon, VA; Prominence in Buckhead, Atlanta, GA; Perimeter Center, Atlanta, GA; Tabor Center, Denver, CO; Bridge Pointe Corporate Centre, San Diego, CA; La Jolla Centre, San Diego, CA; Orange Center, Orange, CA; Skyport Plaza, San Jose, CA; Foundry Square, San Francisco, CA; San Rafael Corporate Center, San Rafael, CA; Station Landing, Walnut Creek, CA; Parkshore Plaza, Folsom, CA; City Center Bellevue; Bellevue, WA; and 8th Street, Bellevue, WA.

There are no unconsolidated joint venture properties under development as of March 31, 2005.

16

Equity Office Properties Trust
Ratio of Fixed to Floating Rate Consolidated Debt

	March 31, 2005			December 31, 2004			Change
	(Dollars in thousands)
Balance (includes discounts and premiums)
Fixed rate:
Mortgage debt	$	2,386,297		$	2,502,871		$	(116,574	)
Unsecured notes		7,925,708			8,439,016			(513,308	)
Total fixed rate debt		10,312,005			10,941,887			(629,882	)
Variable rate:
Mortgage debt		105,928			106,196			(268	)
Unsecured notes and lines of credit		2,059,071			1,761,376			297,695
Total variable rate debt		2,164,999			1,867,572			297,427
Total	$	12,477,004		$	12,809,459		$	(332,455	)
Percent of total debt
Fixed rate		82.6	%		85.4	%		-2.8	%
Variable rate (a)		17.4	%		14.6	%		2.8	%
Total		100.0	%		100.0	%		0.0	%
Effective interest rate at end of period
Fixed rate:
Mortgage debt		7.80	%		7.80	%		0.0	%
Unsecured notes		6.97	%		6.87	%		0.1	%
Effective interest rate		7.16	%		7.09	%		0.1	%
Variable rate:
Mortgage debt		5.94	%		5.53	%		0.4	%
Unsecured notes and lines of credit		4.31	%		3.75	%		0.6	%
Effective interest rate		4.39	%		3.85	%		0.5	%
Total		6.67	%		6.61	%		0.1	%

(a)   The variable rate debt as of March 31, 2005 and December 31, 2004 includes $1.0 billion of fixed rate unsecured notes that were converted to a variable rate based on LIBOR plus 122 basis points through several interest rate swap agreements entered into in March 2004. The interest rates for the remaining variable rate debt are based on various spreads over LIBOR.

17

Equity Office Properties Trust
Debt Summary
March 31, 2005

Consolidated Property Debt:		Coupon Rate			Effective Rate (a)			Principal Balance		Maturity Date		Due at Maturity		Years to Maturity
		(Dollars in thousands)
Secured Fixed Rate Debt
1740 Technology Drive			8.00	%		6.80	%	$	15,684		04/01/05	$	15,684
1301 Avenue of the Americas			7.79	%		8.01	%		422,309		08/01/05		420,684
One Market			8.40	%		8.40	%		134,104		10/01/05		132,858
One Market			6.90	%		6.90	%		38,331		10/01/05		38,069
Central Park			7.50	%		7.50	%		55,084		11/01/05		54,697
Washington Mutual Tower			7.53	%		7.77	%		79,100		11/30/05		79,100
Wells Fargo Center			8.74	%		7.97	%		110,000		12/31/05		110,000
Perimeter Center			7.08	%		7.08	%		183,863		03/31/06		178,571
Bayhill Office Center			8.35	%		7.94	%		48,114		12/01/06		45,751
Bayhill Office Center			6.90	%		6.90	%		38,331		12/01/06		37,422
Reston Town Center			8.00	%		8.00	%		83,865		01/01/07		81,194
Reston Town Center			6.90	%		6.90	%		28,748		01/01/07		28,030
E.J. Randolph			8.19	%		8.19	%		13,505		01/01/07		12,935
Northridge I			8.19	%		8.19	%		12,244		01/01/07		11,728
Westbrook Corporate Center			8.00	%		8.00	%		92,957		05/01/07		87,844
Wilshire Palisades			6.45	%		6.45	%		38,772		07/01/08		36,854
Corporate 500 Centre			6.66	%		7.98	%		80,006		11/01/08		80,006
Bayside Plaza			7.26	%		7.62	%		14,143		08/15/09		12,435
Centerside II			7.26	%		7.72	%		21,978		08/15/09		19,325
700 North Brand			7.26	%		7.88	%		24,410		08/15/09		21,464
Golden Bear Center			7.26	%		7.72	%		18,555		08/15/09		16,316
Bixby Ranch			7.26	%		7.62	%		25,851		08/15/09		22,731
One Memorial			7.26	%		7.88	%		57,196		08/15/09		50,293
SunAmerica Center			7.94	%		7.94	%		200,051		10/01/09		187,855
Peninsula Office Park			7.23	%		7.78	%		80,038		11/01/09		70,026
Embarcadero Place			7.23	%		7.78	%		34,646		11/01/09		30,313
201 California Street			7.23	%		7.96	%		40,317		11/01/09		35,363
Tower 56			7.23	%		7.87	%		22,727		11/01/09		19,884
125 Summer Street			7.23	%		8.12	%		71,606		11/01/09		62,649
Park Avenue Tower / 850 Third Avenue			8.47	%		8.51	%		182,079		06/30/10		180,000
The Plaza at La Jolla Village			6.87	%		7.50	%		76,459		01/10/11		69,608
San Felipe Plaza			5.81	%		5.81	%		48,088		01/01/13		41,212
Santa Monica Business Park			9.88	%		7.36	%		6,518		12/10/13		—
Total / Weighted Average Secured Fixed Rate Debt			7.64	%		7.80	%		2,399,679				2,290,901		2.6
Secured Variable Rate Debt
1301 Avenue of the Americas	LIBOR + 300 bp		5.69	%		5.94	%		105,928		08/01/05		105,467		0.3
Total / Weighted Average Consolidated Secured Debt			7.56	%		7.72	%		2,505,607				2,396,368		2.5

(a)   Includes the effect of settled interest rate protection and interest rate swap agreements, offering and transaction costs and premiums and discounts.

18

Equity Office Properties Trust
Debt Summary
March 31, 2005

		Coupon Rate			Effective Rate (a)			Principal Balance		Maturity Date		Due at Maturity		Years to Maturity
		(Dollars in thousands)
Unsecured Debt Variable Rate Lines of Credit
$250M Term Loan Facility	LIBOR + 35 bp		2.94	%		2.94	%	$	250,000		02/10/06	$	250,000
$1B Revolving Credit Facility	LIBOR + 60 bp plus facility fee of 20 bp on $1.0 billion		3.44	%		3.64	%		619,000		05/08/06		619,000
Total / Weighted Average Unsecured Variable Rate Lines of Credit			3.30	%		3.44	%		869,000				869,000		1.0
Unsecured Fixed Rate Notes
7 Year Unsecured Notes			8.00	%		6.49	%		100,000		07/19/05		100,000
8 Year Unsecured Notes			7.36	%		7.69	%		50,000		09/01/05		50,000
6 Year Unsecured Notes			8.38	%		7.65	%		500,000		03/15/06		500,000
9 Year Unsecured Notes			7.44	%		7.74	%		50,000		09/01/06		50,000
10 Year Unsecured Notes			7.13	%		6.74	%		100,000		12/01/06		100,000
9 Year Unsecured Notes			7.00	%		6.80	%		1,500		02/02/07		1,500
9 Year Unsecured Notes			6.88	%		6.83	%		25,000		04/30/07		25,000
9 Year Unsecured Notes			6.76	%		6.76	%		300,000		06/15/07		300,000
10 Year Unsecured Notes			7.41	%		7.70	%		50,000		09/01/07		50,000
7 Year Unsecured Notes			7.75	%		7.91	%		600,000		11/15/07		600,000
10 Year Unsecured Notes			6.75	%		6.97	%		150,000		01/15/08		150,000
10 Year Unsecured Notes			6.75	%		7.01	%		300,000		02/15/08		300,000
10 Year Unsecured Notes			6.80	%		6.94	%		500,000		01/15/09		500,000
10 Year Unsecured Notes			7.25	%		7.14	%		200,000		05/01/09		200,000
11 Year Unsecured Notes			7.13	%		6.97	%		150,000		07/01/09		150,000
10 Year Unsecured Notes			8.10	%		8.22	%		360,000		08/01/10		360,000
6 Year Unsecured Notes			4.65	%		4.81	%		800,000		10/01/10		800,000
10 Year Unsecured Notes			7.65	%		7.20	%		200,000		12/15/10		200,000
10 Year Unsecured Notes			7.00	%		6.83	%		1,100,000		07/15/11		1,100,000
10 Year Unsecured Notes			6.75	%		7.02	%		500,000		02/15/12		500,000
10 Year Unsecured Notes			5.88	%		5.98	%		500,000		01/15/13		500,000
20 Year Unsecured Notes			7.88	%		8.08	%		25,000		12/01/16		25,000
20 Year Unsecured Notes			7.35	%		8.08	%		200,000		12/01/17		200,000
20 Year Unsecured Notes			7.25	%		7.54	%		250,000		02/15/18		250,000
30 Year Unsecured Notes			7.50	%		8.24	%		150,000		10/01/27		150,000
30 Year Unsecured Notes			7.25	%		7.31	%		225,000		06/15/28		225,000
30 Year Unsecured Notes			7.50	%		7.55	%		200,000		04/19/29		200,000
30 Year Unsecured Notes			7.88	%		7.94	%		300,000		07/15/31		300,000
EOP InterNotes (b)			4.23	%		4.47	%		48,692		11/15/06 - 1/15/11		48,692
Total / Weighted Average Unsecured Fixed Rate Notes			6.95	%		6.97	%		7,935,192				7,935,192		7.2

(a)	Includes the effect of settled interest rate protection and interest rate swap agreements, offering and transaction costs and premiums and discounts.
(b)	The rates shown are weighted average rates. The coupon rate on the EOP InterNotes range from 3.30% to 5.25%. Including all offering expenses, the all-in effective rates of the EOP InterNotes range from 3.61% to 5.46%.

19

Equity Office Properties Trust
Debt Summary
March 31, 2005

		Coupon Rate			Effective Rate (a)			Principal Balance			Maturity Date		Due at Maturity		Years to Maturity
		(Dollars in thousands)
Unsecured Variable Rate Notes
6 Year Unsecured Notes	LIBOR + 60 bp		3.16	%		3.29	%	$	200,000			10/01/10	$	200,000
10 Year Unsecured Notes (b)			4.75	%		5.30	%		1,000,000			03/15/14		1,000,000
10 Year Unsecured Notes	LIBOR + 77.5 bp		3.67	%		3.77	%		45,000			05/27/14		45,000
Total / Weighted Average Unsecured Variable Rate Notes			4.46	%		4.92	%		1,245,000					1,245,000		8.4
Total / Weighted Average Consolidated Fixed Rate Debt			7.11	%		7.16	%		10,334,871					10,226,093		6.1
Total / Weighted Average Consolidated Variable Rate Debt			4.06	%		4.39	%		2,219,928					2,219,467		5.1
Net discount on fixed rate mortgage debt									(13,382	)
Net discount on unsecured fixed rate notes									(9,484	)
Net discount on unsecured variable rate notes									(54,929	)
Total / Weighted Average Consolidated Debt			6.57	%		6.67	%		12,477,004					12,445,560		5.9
Pro Rata Share of Unconsolidated Joint Venture Debt
SunTrust Center	LIBOR + 80 bp		3.80	%		3.80	%		12,500			12/14/05		12,500
Bank One Center	LIBOR + 80 bp		3.80	%		3.80	%		16,250			12/14/05		16,250
Promenade II			7.84	%		7.84	%		41,257			10/01/06		39,325
Promenade II			6.90	%		6.90	%		9,583			10/01/06		9,391
Pasadena Towers			6.92	%		6.92	%		15,356			08/01/08		14,371
1601 Market Street			5.12	%		5.12	%		6,765			11/11/09		6,765
Bank of America			4.48	%		4.48	%		97,695			01/04/10		92,877
1700 Market Street			5.35	%		5.35	%		9,779			11/06/11		7,869
1700 Market Street	LIBOR + 250 bp		5.25	%		5.25	%		1,353			11/06/11		1,353
75-101 Federal Street			5.05	%		5.05	%		62,340			11/01/12		52,676
One Post Office Square			5.70	%		5.70	%		87,500			10/01/13		77,017
Total / Weighted Average Pro Rata Share of Unconsolidated Joint Venture Debt			5.41	%		5.41	%		360,378					330,394		5.4
Total / Weighted Average Consolidated and Pro Rata Share of Unconsolidated Joint Venture Debt			6.54	%		6.64	%	$	12,837,382				$	12,775,954		5.9

(a)	Includes the effect of settled interest rate protection and interest rate swap agreements, offering and transaction costs and premiums and discounts.
(b)	In March 2004, we entered into several interest rate swap agreements that effectively converted these notes to a variable interest rate based on the 6-month LIBOR rate.

20

Equity Office Properties Trust
Debt Maturity (a)
March 31, 2005

	Secured Debt						Unsecured
Year	Consolidated		Unconsolidated		Unsecured Notes		Lines of Credit		Total		Effective Rate (b)
	(Dollars in thousands)
2005	$	956,559	$	28,750	$	150,000	$	—	$	1,135,309		7.51	%
2006		261,744		48,716		652,924		869,000		1,832,384		5.55	%
2007		221,731		—		979,782		—		1,201,513		7.58	%
2008		116,860		14,371		479,258		—		610,489		6.97	%
2009		548,654		6,765		857,965		—		1,413,384		7.34	%
2010		180,000		92,877		1,563,426		—		1,836,303		5.92	%
2011		69,608		9,222		1,101,837		—		1,180,667		6.86	%
2012		—		52,676		500,000		—		552,676		6.80	%
2013		41,212		77,017		500,000		—		618,229		5.94	%
2014		—		—		1,045,000		—		1,045,000		5.23	%
2016		—		—		25,000		—		25,000		8.08	%
2017		—		—		200,000		—		200,000		8.08	%
2018		—		—		250,000		—		250,000		7.54	%
2027		—		—		150,000		—		150,000		8.24	%
2028		—		—		225,000		—		225,000		7.31	%
2029		—		—		200,000		—		200,000		7.55	%
2031		—		—		300,000		—		300,000		7.94	%
Total / Weighted Average	$	2,396,368	$	330,394	$	9,180,192	$	869,000	$	12,775,954		6.64	%

(a)	Excludes principal payments prior to maturity.
(b)	Includes the effect of settled interest rate protection and interest rate swap agreements, offering and transaction costs and premiums and discounts.

21

Equity Office Properties Trust
Tenant Improvements and Leasing Costs
March 31, 2005

The amounts shown below represent the total tenant improvements and leasing costs for leases which commenced during the period, regardless of when such costs were actually paid.

	For the three months ended March 31,
	2005					2004
	(Dollars in thousands, except per square foot amounts)
				Total Cost					Total Cost
CONSOLIDATED PROPERTIES:				per Square					per Square
Office Properties:	Total Costs			Foot Leased		Total Costs			Foot Leased
Renewals	$	31,318		$	10.90	$	16,951		$	8.95
Retenanted		54,315			21.80		55,778			21.85
Total / Weighted Average		85,633			15.96		72,729			16.36
UNCONSOLIDATED JOINT VENTURES:
Renewals		609	(a)		8.82		7,219	(a)		24.17
Retenanted		10,200	(a)		42.27		3,596	(a)		27.79
Total / Weighted Average		10,809	(a)		34.83		10,815	(a)		25.26
Total / Weighted Average	$	96,442		$	16.99	$	83,544		$	17.14

(a)   Represents our share of unconsolidated joint ventures tenant improvements and leasing costs for office properties.

22

Equity Office Properties Trust
Tenant Improvements, Leasing Costs and Capital Improvements

Reconciliation to the Consolidated Statements of Cash Flows

     The information on the prior page includes tenant improvements and leasing costs for leases which commenced during the period shown. The amounts included in the consolidated statements of cash flows represent the cash expenditures made during the periods, regardless of when the leases commence. The differences between these amounts represent timing differences between the lease commencement dates and the actual cash expenditures. Capital improvements reflect amounts paid or accrued for the periods shown. The reconciliation between the amounts shown on the prior page for the consolidated properties and the amounts disclosed in the consolidated statements of cash flows is as follows:

	For the three months ended March 31,
	2005		2004
	(Dollars in thousands)
Capital improvements	$	4,563	$	5,272
Tenant improvements and leasing costs
Office properties		85,633		72,729
Industrial properties		—		2,189
Expenditures for corporate furniture, fixtures and equipment, software, leasehold improvements and other		2,936		5,279
Subtotal		93,132		85,469
Development costs		1,085		20,127
Redevelopment costs		—		356
Timing differences		6,558		47,261
Total capital improvements, tenant improvements and leasing costs	$	100,775	$	153,213
Selected items from the consolidated statements of cash flows:
Capital and tenant improvements	$	76,406	$	121,389
Lease commissions and other costs		24,369		31,824
Total	$	100,775	$	153,213
Unconsolidated Joint Ventures (a):
Capital improvements	$	802	$	589

(a)   Amounts shown represent our share of unconsolidated joint ventures. All joint ventures are office properties.

23

Equity Office Properties Trust
Total Office Portfolio Data
March 31, 2005

Equity Office Properties Trust
Gross Leasing Summary
March 31, 2005

	For the three months ended March 31,
	2005		2004
Leased square footage (a)		6,007,657		5,414,412
Weighted average term in years		5.96		5.38

Rental Rates (b)

	GAAP Basis (c)			Cash Basis (d)			GAAP Basis (c)			Cash Basis (d)
Rate on expiring leases	$	27.32		$	27.88		$	25.76		$	26.51
Rate on terminated leases		32.11			33.49			31.34			32.61
Rate on expiring and terminated leases		28.36			29.09			26.74			27.58
Rate on new and renewal leases		26.08			24.76			24.50			23.84
Change from expiring and terminated leases		($2.28	)		($4.33	)		($2.24	)		($3.74	)
% Change from expiring and terminated leases		-8.0	%		-14.9	%		-8.4	%		-13.6	%
Change from expiring leases only		($1.24	)		($3.12	)		($1.26	)		($2.67	)
% Change from expiring leases only		-4.5	%		-11.2	%		-4.9	%		-10.1	%

(a)	For tenants whose lease term commenced in the period presented.
(b)	The rental rates are presented on an annual weighted-average basis based on square footage.
(c)	These weighted average GAAP rental rates are based on the average annual base rent per square foot over the term of each lease and the current estimated tenant reimbursements, if any.
(d)	These weighted average annual cash rental rates are based on the monthly contractual rent when the lease commenced, expired or terminated multiplied by 12 months. For new and renewal leases, if the monthly contractual rent when the lease commenced is $0 then the rental rate represents the first monthly rent payment due multiplied by 12 months (“Annualized Cash Rent”). This amount reflects total base rent and estimated expense reimbursements without regard to any rent concessions or contractual increases or decreases in rent after the lease commences. We believe Annualized Cash Rent is a useful measure because this information can be used for comparison to current market rents as published by various third party sources.

24

Equity Office Properties Trust
Portfolio Summary
March 31, 2005

	Unencumbered			Encumbered
Property Net Operating Income from Continuing Operations (“NOI”) (a)	Office			Office			Total
	(Dollars in thousands)
Consolidated Properties	$	381,767		$	152,642		$	534,409
Unconsolidated Joint Ventures		16,060			11,186			27,246
Total	$	397,827		$	163,828		$	561,655
Percentage of Total NOI		71	%		29	%		100	%

(a) NOI calculations are based on actual NOI for the first quarter of 2005 generated from properties owned as of March 31, 2005.

	Square Feet		% Square Feet			% NOI			Markets
CBD		52,541,924		42.2	%		48.5	%
Suburban		71,950,345		57.8	%		51.5	%
Total		124,492,269		100.0	%		100.0	%		27

	CBD								Suburban								All Office Properties
Market	Square Feet		%Square Feet			% NOI			Square Feet		%Square Feet			%NOI			Square Feet		%Square Feet			%NOI
New York		5,367,110		4.3	%		15.4	%		—		—			—			5,367,110		4.3	%		15.4	%
Boston		9,112,912		7.3	%		8.8	%		3,454,517		2.8	%		2.5	%		12,567,429		10.1	%		11.2	%
San Francisco		5,356,806		4.3	%		4.7	%		5,699,924		4.6	%		6.1	%		11,056,730		8.9	%		10.8	%
San Jose		643,046		0.5	%		0.7	%		7,613,949		6.1	%		8.6	%		8,256,995		6.6	%		9.4	%
Los Angeles		1,896,244		1.5	%		1.5	%		6,517,233		5.2	%		5.7	%		8,413,477		6.8	%		7.2	%
Seattle		5,154,675		4.1	%		4.0	%		4,847,227		3.9	%		2.9	%		10,001,902		8.0	%		6.9	%
Washington D.C.		2,299,073		1.8	%		2.2	%		4,070,878		3.3	%		3.7	%		6,369,951		5.1	%		5.9	%
Chicago		6,634,939		5.3	%		3.0	%		5,066,006		4.1	%		2.7	%		11,700,945		9.4	%		5.7	%
Orange County		—		—			—			6,040,928		4.9	%		4.5	%		6,040,928		4.9	%		4.5	%
Atlanta		1,989,632		1.6	%		1.7	%		5,580,448		4.5	%		2.2	%		7,570,080		6.1	%		4.0	%
All Others		14,087,487		11.3	%		6.5	%		23,059,235		18.5	%		12.5	%		37,146,722		29.8	%		19.0	%
Total		52,541,924		42.2	%		48.5	%		71,950,345		57.8	%		51.5	%		124,492,269		100.0	%		100.0	%

25

Equity Office Properties Trust
Summary of Markets
March 31, 2005

	Market	State	Buildings		Square Feet		% Square Feet			% NOI
1	New York	NY		7		5,367,110		4.3	%		15.4	%
2	Boston	MA		51		12,567,429		10.1	%		11.2	%
3	San Francisco	CA		83		11,056,730		8.9	%		10.8	%
4	San Jose	CA		117		8,256,995		6.6	%		9.4	%
5	Los Angeles	CA		48		8,413,477		6.8	%		7.2	%
6	Seattle	WA		54		10,001,902		8.0	%		6.9	%
7	Washington D.C.	DC, VA		27		6,369,951		5.1	%		5.9	%
8	Chicago	IL		33		11,700,945		9.4	%		5.7	%
9	Orange County	CA		33		6,040,928		4.9	%		4.5	%
10	Atlanta	GA		43		7,570,080		6.1	%		4.0	%
11	Portland	OR		45		4,164,536		3.3	%		2.4	%
12	Denver	CO		16		4,716,582		3.8	%		2.2	%
13	Sacramento	CA		40		2,800,216		2.2	%		1.9	%
14	Oakland-East Bay	CA		18		3,003,422		2.4	%		1.8	%
15	San Diego	CA		18		2,486,447		2.0	%		1.8	%
16	Dallas	TX		14		4,237,044		3.4	%		1.6	%
17	Stamford	CT		7		1,654,296		1.3	%		1.6	%
18	Minneapolis	MN		2		1,706,347		1.4	%		1.5	%
19	Houston	TX		7		2,734,362		2.2	%		1.2	%
20	Austin	TX		10		1,809,441		1.5	%		1.1	%
21	New Orleans	LA		5		2,357,699		1.9	%		0.9	%
22	Cleveland	OH		1		1,270,204		1.0	%		0.4	%
23	Phoenix	AZ		2		605,295		0.5	%		0.2	%
24	Indianapolis	IN		2		1,057,877		0.8	%		0.2	%
25	Orlando	FL		1		640,741		0.5	%		0.1	%
26	Columbus	OH		2		379,752		0.3	%		0.1	%
27	Philadelphia	PA		2		1,522,461		1.2	%		0.1	%
	Total			688		124,492,269		100	%		100	%

The NOI percentages above are based on NOI for the first quarter of 2005 generated from office properties owned as of March 31, 2005.

26

Equity Office Properties Trust
Occupancy Summary
March 31, 2005

	Summary by Market
	Square Footage					Percentage
		Occupied	Leased	Vacant	Total		Occupied		Leased		Vacant		Total
New York		5,120,533	6,441	240,136	5,367,110		95.4	%	0.1	%	4.5	%	100.0	%
Boston		11,429,850	227,704	909,875	12,567,429		90.9	%	1.8	%	7.2	%	100.0	%
San Francisco		8,821,364	289,857	1,945,509	11,056,730		79.8	%	2.6	%	17.6	%	100.0	%
San Jose		7,069,139	69,484	1,118,372	8,256,995		85.6	%	0.8	%	13.5	%	100.0	%
Los Angeles		7,428,322	287,858	697,297	8,413,477		88.3	%	3.4	%	8.3	%	100.0	%
Seattle		8,608,653	275,522	1,117,727	10,001,902		86.1	%	2.8	%	11.2	%	100.0	%
Washington D.C.		5,844,027	146,338	379,586	6,369,951		91.7	%	2.3	%	6.0	%	100.0	%
Chicago		10,332,320	242,088	1,126,537	11,700,945		88.3	%	2.1	%	9.6	%	100.0	%
Orange County		5,762,386	41,484	237,058	6,040,928		95.4	%	0.7	%	3.9	%	100.0	%
Atlanta		6,309,172	39,650	1,221,258	7,570,080		83.3	%	0.5	%	16.1	%	100.0	%
All Others		32,368,209	568,970	4,209,543	37,146,722		87.1	%	1.5	%	11.3	%	100.0	%
Total		109,093,975	2,195,396	13,202,898	124,492,269		87.6	%	1.8	%	10.6	%	100.0	%

	Summary CBD vs. Suburban
	Square Footage					Percentage
		Occupied	Leased	Vacant	Total		Occupied		Leased		Vacant		Total
CBD		46,854,644	838,247	4,849,033	52,541,924		89.2	%	1.6	%	9.2	%	100.0	%
Suburban		62,239,331	1,357,149	8,353,865	71,950,345		86.5	%	1.9	%	11.6	%	100.0	%
Total		109,093,975	2,195,396	13,202,898	124,492,269		87.6	%	1.8	%	10.6	%	100.0	%

27

Equity Office Properties Trust
25 Largest Tenants
March 31, 2005

					Percentage of
					Office
			Weighted Average		Portfolio			Aggregate		Percentage of
	Number of		Remaining Lease		Annualized			Rentable Square		Aggregate Occupied
Largest Tenants (a) (b)	Buildings		Term in Months (c)		Rent			Feet		Square Feet
General Services Administration		47		48		2.2	%		2,673,060		2.5	%
Washington Mutual		32		68		1.4	%		1,606,190		1.5	%
Ogilvy & Mather		1		51		1.1	%		587,212		0.5	%
PricewaterhouseCoopers		8		52		1.1	%		901,620		0.8	%
Siebel Systems		6		97		1.0	%		655,231		0.6	%
Marsh & McLennan Companies		16		52		1.0	%		889,151		0.8	%
Wells Fargo		32		94		0.9	%		1,027,571		0.9	%
Cravath, Swaine & Moore LLP		1		53		0.9	%		502,253		0.5	%
Wachovia Corporation		32		47		0.8	%		802,052		0.7	%
State Street		5		116		0.7	%		474,165		0.4	%
Citigroup Inc.		38		35		0.7	%		735,516		0.7	%
Siemens		8		69		0.7	%		459,867		0.4	%
Xerox		6		72		0.7	%		291,396		0.3	%
Dewey Ballantine LLP		1		186		0.7	%		406,776		0.4	%
Booz Allen Hamilton		4		77		0.7	%		714,236		0.7	%
Deloitte & Touche, LLP		8		80		0.6	%		732,619		0.7	%
Ameriquest Mortgage Company		30		40	��	0.6	%		968,870		0.9	%
Bank One/J.P. Morgan Chase		18		120		0.6	%		723,253		0.7	%
Calyon (fka Credit Lyonnais)		1		95		0.6	%		363,997		0.3	%
American International Group (AIG)		14		71		0.6	%		527,009		0.5	%
Merrill Lynch		17		64		0.5	%		491,893		0.5	%
HQ Global/Regus		28		41		0.5	%		637,296		0.6	%
MFS Investment Management		1		95		0.5	%		353,665		0.3	%
Advanced Micro Devices		1		70		0.5	%		175,000		0.2	%
Chicago Mercantile Exchange		2		43		0.5	%		446,703		0.4	%
Total \ Weighted Average (c)				68		20.2	%		18,146,601		16.6	%

(a)	Based on annualized rent. Annualized rent is the monthly contractual rent as of the reporting date, or if the current rent payable is $0, then the first monthly rent payment due, under existing leases as of March 31, 2005 multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of March 31, 2005 without regard to any rent concession and contractual increases or decreases in rent subsequent to March 31, 2005. We believe Annualized Rent is a useful measure because this information can be used for comparison to current market rents as published by various third party sources.
(b)	Actual tenant may be a subsidiary of, or an entity affiliated with, the named tenant.
(c)	Weighted average calculation based on aggregate rentable square footage occupied by each tenant without regard to any early lease termination and/or renewal options.

28

Equity Office Properties Trust
Lease Expiration Schedule (a)
March 31, 2005

The following schedule is based upon the contractual termination date of the leases, without regard to any lease termination and/or renewal options. Some of our leases are subject to various forms of lease termination options exercisable by tenants. Depending on the form of the option, some of these options may or may not require the payment of a fee and notice period as a condition to exercise. Although it is not possible to predict which tenants are likely to exercise these options, it has been our experience that markets in which the contractual rents are significantly higher than current market rents incur the greatest incidence of lease termination option exercises. As a result of these lease termination options and other factors, such as tenant insolvencies, the actual termination dates of some portion of the leases may vary from the contractual expiration date set forth in the schedule.

	2005 and month																															Thereafter
(Dollars in thousands except per square foot amounts)	to month (b)			2006			2007			2008			2009			2010			2011			2012			2013				2014			(f)			Totals
New York
Square Feet (c)		110,261			206,178			178,768			127,721			1,253,489			306,626			420,762			463,091			436,482				107,194			1,509,961			5,120,533
% Square Feet (d)		2.1	%		3.8	%		3.3	%		2.4	%		23.4	%		5.7	%		7.8	%		8.6	%		8.1	%			2.0	%		28.1	%		95.4	%
Annualized Rent for occupied square feet (e)	$	6,355		$	13,001		$	9,023		$	7,636		$	71,733		$	13,897		$	23,057		$	20,695		$	24,244			$	6,429		$	72,382		$	268,451
Annualized Rent per occupied square foot (e)	$	57.63		$	63.06		$	50.47		$	59.78		$	57.23		$	45.32		$	54.80		$	44.69		$	55.54			$	59.98		$	47.94		$	52.43
Boston
Square Feet (c)		801,066			795,048			1,440,329			1,512,086			1,254,155			1,484,186			367,027			873,896			1,359,279				703,198			839,580			11,429,850
% Square Feet (d)		6.4	%		6.3	%		11.5	%		12.0	%		10.0	%		11.8	%		2.9	%		7.0	%		10.8	%			5.6	%		6.7	%		90.9	%
Annualized Rent for occupied square feet (e)	$	25,086		$	25,260		$	57,336		$	55,992		$	46,956		$	55,982		$	15,507		$	39,214		$	55,898			$	23,530		$	35,245		$	436,005
Annualized Rent per occupied square foot (e)	$	31.32		$	31.77		$	39.81		$	37.03		$	37.44		$	37.72		$	42.25		$	44.87		$	41.12			$	33.46		$	41.98		$	38.15
San Francisco
Square Feet (c)		1,197,023			822,172			1,255,281			1,443,454			950,517			1,037,071			502,600			270,464			369,067				269,065			704,650			8,821,364
% Square Feet (d)		10.8	%		7.4	%		11.4	%		13.1	%		8.6	%		9.4	%		4.5	%		2.4	%		3.3	%			2.4	%		6.4	%		79.8	%
Annualized Rent for occupied square feet (e)	$	47,208		$	39,958		$	44,628		$	54,668		$	28,924		$	47,218		$	22,619		$	7,414		$	11,371			$	6,844		$	39,722		$	350,574
Annualized Rent per occupied square foot (e)	$	39.44		$	48.60		$	35.55		$	37.87		$	30.43		$	45.53		$	45.00		$	27.41		$	30.81			$	25.44		$	56.37		$	39.74
San Jose
Square Feet (c)		862,292			1,058,932			896,771			536,496			587,969			999,529			825,613			458,779			116,877				487,679			238,202			7,069,139
% Square Feet (d)		10.4	%		12.8	%		10.9	%		6.5	%		7.1	%		12.1	%		10.0	%		5.6	%		1.4	%			5.9	%		2.9	%		85.6	%
Annualized Rent for occupied square feet (e)	$	27,795		$	35,165		$	29,755		$	13,930		$	17,394		$	36,103		$	45,151		$	31,261		$	3,769			$	9,182		$	5,785		$	255,290
Annualized Rent per occupied square foot (e)	$	32.23		$	33.21		$	33.18		$	25.96		$	29.58		$	36.12		$	54.69		$	68.14		$	32.25			$	18.83		$	24.29		$	36.11
Los Angeles
Square Feet (c)		607,230			939,681			1,194,379			633,434			714,784			691,577			482,143			679,551			472,842				335,525			677,176			7,428,322
% Square Feet (d)		7.2	%		11.2	%		14.2	%		7.5	%		8.5	%		8.2	%		5.7	%		8.1	%		5.6	%			4.0	%		8.0	%		88.3	%
Annualized Rent for occupied square feet (e)	$	19,589		$	34,224		$	41,316		$	19,510		$	19,289		$	21,233		$	18,226		$	22,384		$	17,104			$	11,700		$	20,784		$	245,360
Annualized Rent per occupied square foot (e)	$	32.26		$	36.42		$	34.59		$	30.80		$	26.99		$	30.70		$	37.80		$	32.94		$	36.17		��	$	34.87		$	30.69		$	33.03
Seattle
Square Feet (c)		466,322			808,407			825,023			1,265,657			1,422,077			1,190,942			434,769			448,145			456,544				422,232			868,535			8,608,653
% Square Feet (d)		4.7	%		8.1	%		8.2	%		12.7	%		14.2	%		11.9	%		4.3	%		4.5	%		4.6	%			4.2	%		8.7	%		86.1	%
Annualized Rent for occupied square feet (e)	$	12,608		$	23,330		$	22,640		$	32,787		$	34,011		$	32,072		$	11,116		$	12,435		$	12,033			$	10,199		$	22,666		$	225,897
Annualized Rent per occupied square foot (e)	$	27.04		$	28.86		$	27.44		$	25.91		$	23.92		$	26.93		$	25.57		$	27.75		$	26.36			$	24.15		$	26.10		$	26.24

29

Equity Office Properties Trust
Lease Expiration Schedule (a)
March 31, 2005

	2005 and month																														Thereafter
(Dollars in thousands except per square foot amounts)	to month (b)			2006			2007			2008			2009			2010			2011			2012			2013			2014			(f)			Totals
Washington D.C.
Square Feet (c)		501,766			495,398			607,988			883,644			577,856			336,073			680,095			335,166			250,325			631,830			543,886			5,844,027
% Square Feet (d)		7.9	%		7.8	%		9.5	%		13.9	%		9.1	%		5.3	%		10.7	%		5.3	%		3.9	%		9.9	%		8.5	%		91.7	%
Annualized Rent for occupied square feet (e)	$	16,847		$	16,033		$	17,303		$	30,141		$	18,361		$	15,025		$	22,261		$	10,499		$	8,960		$	21,116		$	20,859		$	197,405
Annualized Rent per occupied square foot (e)	$	33.57		$	32.36		$	28.46		$	34.11		$	31.77		$	44.71		$	32.73		$	31.33		$	35.79		$	33.42		$	38.35		$	33.78
Chicago
Square Feet (c)		984,879			1,281,380			910,244			1,448,766			973,283			1,070,789			558,805			634,223			502,717			472,933			1,494,301			10,332,320
% Square Feet (d)		8.4	%		11.0	%		7.8	%		12.4	%		8.3	%		9.2	%		4.8	%		5.4	%		4.3	%		4.0	%		12.8	%		88.3	%
Annualized Rent for occupied square feet (e)	$	24,678		$	37,034		$	24,511		$	42,245		$	28,821		$	28,510		$	14,189		$	18,384		$	13,610		$	12,000		$	34,226		$	278,207
Annualized Rent per occupied square foot (e)	$	25.06		$	28.90		$	26.93		$	29.16		$	29.61		$	26.63		$	25.39		$	28.99		$	27.07		$	25.37		$	22.90		$	26.93
Orange County
Square Feet (c)		816,768			905,443			971,910			1,461,479			532,354			427,704			225,762			187,468			159,572			13,336			60,590			5,762,386
% Square Feet (d)		13.5	%		15.0	%		16.1	%		24.2	%		8.8	%		7.1	%		3.7	%		3.1	%		2.6	%		0.2	%		1.0	%		95.4	%
Annualized Rent for occupied square feet (e)	$	22,163		$	23,947		$	24,240		$	33,626		$	13,156		$	10,095		$	5,192		$	4,802		$	3,695		$	292		$	985		$	142,191
Annualized Rent per occupied square foot (e)	$	27.14		$	26.45		$	24.94		$	23.01		$	24.71		$	23.60		$	23.00		$	25.61		$	23.16		$	21.88		$	16.25		$	24.68
Atlanta
Square Feet (c)		475,835			1,271,200			762,098			634,136			723,516			1,270,042			326,779			148,119			147,004			268,009			282,434			6,309,172
% Square Feet (d)		6.3	%		16.8	%		10.1	%		8.4	%		9.6	%		16.8	%		4.3	%		2.0	%		1.9	%		3.5	%		3.7	%		83.3	%
Annualized Rent for occupied square feet (e)	$	10,451		$	36,801		$	16,704		$	12,251		$	21,087		$	31,677		$	7,193		$	3,017		$	3,492		$	4,931		$	5,129		$	152,734
Annualized Rent per occupied square foot (e)	$	21.96		$	28.95		$	21.92		$	19.32		$	29.15		$	24.94		$	22.01		$	20.37		$	23.75		$	18.40		$	18.16		$	24.21
All Others
Square Feet (c)		3,025,540			4,792,082			4,558,252			4,674,184			5,281,441			2,558,404			1,853,569			1,415,834			973,621			1,147,616			2,087,666			32,368,209
% Square Feet (d)		8.1	%		12.9	%		12.3	%		12.6	%		14.2	%		6.9	%		5.0	%		3.8	%		2.6	%		3.1	%		5.6	%		87.1	%
Annualized Rent for occupied square feet (e)	$	74,571		$	117,537		$	106,958		$	104,379		$	113,910		$	58,707		$	45,558		$	31,479		$	25,766		$	24,707		$	44,593		$	748,164
Annualized Rent per occupied square foot (e)	$	24.65		$	24.53		$	23.46		$	22.33		$	21.57		$	22.95		$	24.58		$	22.23		$	26.46		$	21.53		$	21.36		$	23.11
Total Portfolio
Square Feet (c)		9,848,982			13,375,921			13,601,043			14,621,057			14,271,441			11,372,943			6,677,924			5,914,736			5,244,330			4,858,617			9,306,981			109,093,975
% Square Feet (d)		7.9	%		10.7	%		10.9	%		11.7	%		11.5	%		9.1	%		5.4	%		4.8	%		4.2	%		3.9	%		7.5	%		87.6	%
Annualized Rent for occupied square feet (e)	$	287,350		$	402,290		$	394,415		$	407,164		$	413,641		$	350,517		$	230,069		$	201,585		$	179,941		$	130,929		$	302,378		$	3,300,279
Annualized Rent per occupied square foot (e)	$	29.18		$	30.08		$	29.00		$	27.85		$	28.98		$	30.82		$	34.45		$	34.08		$	34.31		$	26.95		$	32.49		$	30.25

(a)	Based on the contractual termination date of the lease without regard to any early lease termination and/or renewal options.
(b)	Approximately one million square feet expiring in 2005 is from month to month leases.
(c)	Total net rentable square feet represented by expiring leases.
(d)	Percentage of total net rentable square feet represented by expiring leases.
(e)	Based on annualized rent. Annualized rent is the monthly contractual rent as of the reporting date, or if the current rent payable is $0 then the first monthly rent payment due, under existing leases as of March 31, 2005 multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of March 31, 2005 without regard to any rent concessions and contractual increases or decreases in rent subsequent to March 31, 2005. Total rent concessions for leases in place as of March 31, 2005, for the period from April 1, 2005 to March 31, 2006 are approximately $34.2 million. We believe Annualized Rent is a useful measure because this information can be used for comparison to current market rents as published by various third party sources.
(f)	Management offices and building use square footage are included with $0 rent per square foot.

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Equity Office Properties Trust
Rent Expiration by Market 2005 to 2007
March 31, 2005

		Percentage of Total Office Portfolio Rent Expiring by Year (a)
Market	2005			2006			2007			Total
New York		0.19	%		0.39	%		0.27	%		0.86	%
Boston		0.76	%		0.77	%		1.74	%		3.26	%
San Francisco		1.43	%		1.21	%		1.35	%		3.99	%
San Jose		0.84	%		1.07	%		0.90	%		2.81	%
Los Angeles		0.59	%		1.04	%		1.25	%		2.88	%
Seattle		0.38	%		0.71	%		0.69	%		1.77	%
Washington D.C.		0.51	%		0.49	%		0.52	%		1.52	%
Chicago		0.75	%		1.12	%		0.74	%		2.61	%
Orange County		0.67	%		0.73	%		0.73	%		2.13	%
Atlanta		0.32	%		1.12	%		0.51	%		1.94	%

(a) Based on annualized rent as a percentage of total office rental revenues. Annualized rent is the monthly contractual rent as of the reporting date, or if the current rent payable is $0, the first monthly rent payment due, under existing leases as of March 31, 2005, multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of March 31, 2005 without regard to any rent concessions and contractual increases or decreases in rent subsequent to March 31, 2005. Total rent concessions for leases in place as of March 31, 2005, for the period from April 1, 2005 to March 31, 2006 are approximately $34.2 million. We believe Annualized Rent is a useful measure because this information can be used for comparison to current market rents as published by various third party sources.

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Equity Office Properties Trust
Lease Distribution by Size
March 31, 2005

			Percentage of Office					Percentage of Office			Annualized Rent per
	Total Occupied		Portfolio Occupied			Annualized Rent		Portfolio Annualized			Occupied Square
Square Feet Under Lease	Square Feet (a)		Square Feet			(in thousands) (b)		Rent (b)			Foot (b)
2,500 or Less		5,274,464		4.8	%	$	135,345		4.1	%	$	25.66
2,501 - 5,000		8,421,854		7.7	%		223,197		6.8	%		26.50
5,001 - 7,500		6,840,550		6.3	%		187,061		5.7	%		27.35
7,501 - 10,000		5,475,182		5.0	%		150,493		4.6	%		27.49
10,001 - 20,000		15,601,969		14.3	%		429,659		13.0	%		27.54
20,001 - 40,000		18,275,787		16.8	%		540,757		16.4	%		29.59
40,001 - 60,000		10,517,177		9.6	%		315,427		9.6	%		29.99
60,001 - 100,000		11,321,797		10.4	%		357,112		10.8	%		31.54
100,001 or Greater		27,365,195		25.1	%		961,227		29.1	%		35.13
Total/Weighted Average		109,093,975		100.0	%	$	3,300,279		100.0	%	$	30.25

(a)Reconciliation for total net rentable square feet for the Toal Office Portfolio is as follows:

	Square Feet		Percent of Total
Occupied by tenants		108,169,865		86.9	%
Used for management offices and building use		924,110		0.7	%
Total occupied square feet		109,093,975		87.6	%
Leased and unoccupied		2,195,396		1.8	%
Unleased		13,202,898		10.6	%
Total rentable square feet		124,492,269		100.0	%

(b) Annualized rent is the monthly contractual rent as of the reporting date, or if the current rent payable is $0 then the first monthly rent payment due, under existing leases as of March 31, 2005 multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of March 31, 2005 without regard to any rent concessions and contractual increases or decreases in rent subsequent to March 31, 2005. Total rent concessions for leases in place as of March 31, 2005, for the period from April 1, 2005 to March 31, 2006 are approximately $34.2 million. We believe Annualized Rent is a useful measure because this information can be used for comparison to current market rents as published by various third party sources.

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Equity Office Properties Trust
Distribution by Industry
March 31, 2005

					Percentage of Office
			Occupied Square		Portfolio Occupied
NAICS Code		Classification	Feet		Square Feet
	541	Professional, Scientific and Technical Services		37,481,685		34.4	%(a)
	521-525	Finance and Insurance		27,630,254		25.3	%(b)
	511-514	Information		10,107,882		9.3	%(c)
	311-339	Manufacturing		6,113,278		5.6	%
	561-562	Administrative and Support and Waste Management and Remediation Services		3,204,182		2.9	%
	921-928	Public Administration		4,092,155		3.8	%
	421-422	Wholesale Trade		1,449,928		1.3	%
	531-533	Real Estate, Rental and Leasing		2,730,843		2.5	%
	233-235	Construction		1,118,939		1.0	%
	621-624	Health Care and Social Assistance		1,818,848		1.7	%
	811-824	Other Services (except Public Administration)		1,728,472		1.6	%
	441-454	Retail Trade		1,965,298		1.8	%
	711-713	Arts, Entertainment and Recreation		1,455,269		1.3	%
	211-213	Mining		1,374,182		1.3	%
	221	Utilities		649,134		0.6	%
	721-722	Accommodation and Food Services		1,317,987		1.2	%
	481-493	Transportation and Warehousing		122,919		0.1	%
	611	Educational Services		1,193,265		1.1	%
	111-115	Agriculture, Forestry, Fishing and Hunting		113,080		0.1	%
	551	Management of Companies and Enterprises		85,136		0.1	%
Other		Non-classified		3,341,239		3.1	%
Total Occupied Square Feet				109,093,975		100.0	%

(a) Professional, Scientific and Technical Services includes the following:
	5411	Legal Services	15,138,570	13.9	%
	5412	Accounting, Tax Preparation, Bookkeeping and Payroll Services	3,202,295	2.9	%
	5413	Architectural, Engineering, and Related Services	2,292,973	2.1	%
	5415	Computer Systems Design and Related Services	5,518,680	5.1	%
	5416	Management, Scientific and Technical Consulting Services (Marketing Consulting Services)	6,536,162	6.0	%
		Other Professional, Scientific and Technical Services	4,793,005	4.4	%
		Total Professional, Scientific and Technical Services	37,481,685	34.4	%
(b) Finance and Insurance includes the following:
	523	Securities, Commodity Contracts and Other Financial Investments and Related Activities	8,562,901	7.8	%
	524	Insurance Carriers and Related Activities	6,480,026	5.9	%
	5221	Depository Credit Intermediation (Banks, S&Ls, Credit Unions)	6,769,119	6.2	%
		Other Finance and Insurance	5,818,208	5.3	%
		Total Finance and Insurance	27,630,254	25.3	%
(c) Information includes the following:
	511	Publishing Industries	4,695,441	4.3	%
	5133	Telecommunications	3,671,610	3.4	%
		Other Information	1,740,831	1.6	%
		Total Information	10,107,882	9.3	%

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Forward — Looking Statements

This release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating this release and the outlook of Equity Office include, but are not limited to, the following: declines in overall activity in our markets have adversely affected our operating results and are expected to continue to adversely affect our operating results until market conditions further improve; in order to continue to pay distributions to our common shareholders at current levels, we must borrow funds or sell assets; we expect to be a net seller of real estate in 2005, which will further reduce our income from continuing operations and funds from operations and may result in gains or losses on sales of real estate and impairment charges; our properties face significant competition; we face potential adverse effects from tenant bankruptcies or insolvencies; competition for acquisitions or an oversupply of properties for sale could adversely affect us; and an earthquake or terrorist act could adversely affect our business and such losses, or other potential losses, may not be fully covered by insurance. These and other risks and uncertainties are detailed from time to time in Equity Office’s filings with the SEC, including its 2004 Form 10-K filed on March 16, 2005 and Form 8-K filed on March 29, 2005. Equity Office is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of changes, new information, subsequent events or otherwise.

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