Equity Office Properties Trust 8K Results of Operations and Financial Condition | EOP 2 Aug 05

EXHIBIT 99.1

SECOND 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
June 30, 2005


	PAGE
Corporate Data

Overview		1
Quarterly Highlights		2-3
Board of Trustees / Executive Officers / Equity Research Coverage/ Company Information / Senior Unsecured Debt Ratings / Tentative Conference Call Dates		4

Financial Information

Key Data		5
Press Release		6
Consolidated Statements of Operations		7
Consolidated Balance Sheets		8
Reconciliation of Net (Loss) Income to Funds From Operations (“FFO”)		9-10
Segment Information		11
Consolidated Statements of Cash Flows		12
Statements of Discontinued Operations		13
(Loss) Earnings Per Share		14
Net Free Cash Flow		15
Same Store Portfolio Segment Results		16
Property Joint Venture Information		17
Development		18
Ratio of Fixed to Floating Rate Consolidated Debt		19
Debt Summary		20-22
Debt Maturity		23
Tenant Improvements and Leasing Costs		24
Tenant Improvements, Leasing Costs and Capital Improvements		25

Total Office Portfolio Data

Gross Leasing Summary		26
Portfolio Summary		27
Summary of Markets		28
Occupancy Summary		29
25 Largest Tenants		30
Lease Expiration Schedule		31-32
Rent Expiration by Market 2005 to 2007		33
Lease Distribution by Size		34
Distribution by Industry		35

Forward-Looking Statements		36

Equity Office Properties Trust
Corporate Data
June 30, 2005

Equity Office Properties Trust
Overview
June 30, 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 June 30, 2005, Equity Office had a national office portfolio comprised of whole or partial interests in 643 office buildings comprising 117.9 million square feet in 18 states and the District of Columbia (“Total Office Portfolio”). Equity Office owned buildings in 26 markets and in 112 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” in this Supplemental Report 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 643 office buildings comprising 117.9 million square feet. Excluding partial interests not owned by us, our share of the total suare feet of the Total Office Portfolio is approximately 107.9 million and is referred to as our “Effective Office Portfolio”. Our Effective Office Portfolio represents our economic interest in the office properties from which we generate the net income we recognize in accordance with GAAP. The Effective Office Portfolio square footage of approximately 107.9 million has not been further reduced to reflect our minority interest partners’ 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 the property statistics for each portfolio.


			Total Office Portfolio					Effective Office Portfolio
	Number				Occupied					Occupied
As of June 30, 2005	of Buildings		Square Feet		Square Feet			Square Feet		Square Feet

Wholly-Owned Properties		580		90,512,718		79,482,919			90,512,718		79,482,919
Consolidated Joint Ventures		25		12,705,286		11,943,806			11,545,255		10,887,192
Unconsolidated Joint Ventures		38		14,699,401		12,849,165			5,862,488		5,004,172

Total		643		117,917,405		104,275,890			107,920,461		95,374,283

Weighted Average Occupancy						88.4	%				88.4	%

Weighted Average Leased						90.6	%				90.5	%


	Office Portfolio Concentration
				Based on Property Net
	Based on			Operating Income from
	Total Office Portfolio			Continuing Operations
	Square Footage			for the Three Months
	as of June 30, 2005			Ended June 30, 2005
CBD		42.6	%		45.8	%
Suburban		57.4	%		54.2	%

Total		100.0	%		100.0	%


				Percent of Property Net
	Percent of Total Office			Operating Income from
	Portfolio Square Feet			Continuing Operations for the
Top 10 Markets	as of June 30, 2005			Three Months Ended June 30, 2005

Boston		10.7	%		13.3	%
San Francisco		8.1	%		10.4	%
New York		4.6	%		9.5	%
San Jose		6.3	%		9.1	%
Los Angeles		7.1	%		7.9	%
Seattle		8.5	%		7.7	%
Chicago		9.9	%		7.1	%
Washington D.C.		5.6	%		6.8	%
Orange County		5.1	%		4.5	%
Atlanta		6.4	%		4.4	%

Total		72.2	%		80.7	%

Equity Office Properties Trust
Quarterly Highlights
June 30, 2005

Acquisitions and Dispositions:

Equity Office acquired and disposed of the following properties during the six months ended June 30, 2005:


						Total Office Portfolio				Effective Office Portfolio
				Number		Purchase Price				Purchase Price
Property	Location	Acquisition Date		of Buildings		(in thousands)		Square Feet		(in thousands)		Square Feet
Acquisitions:
During the three months ended March 31, 2005 (a)					4	$	68,250		296,657	$	68,250		296,657

During the three months ended June 30, 2005:
11111 Sunset Hills Road (a/k/a XO Building) (b)	Reston, VA		5/4/2005		1		50,700		216,469		50,700		216,469
Summit at Douglas Ridge II (c)	Roseville, CA		5/20/2005		—		18,650		—		18,650		—
Shorebreeze I & II (d)	Redwood City, CA		6/9/2005		2		56,500		230,853		56,500		230,853
Austin Research Park I & II	Austin, TX		6/16/2005		2		55,000		271,882		55,000		271,882
Golden Gate Plaza	Novato, CA		6/30/2005		2		24,499		114,364		24,499		114,364
Woodside Office Center	Novato, CA		6/30/2005		1		23,950		89,031		23,950		89,031
McDowell Corporate Campus	Petaluma, CA		6/30/2005		1		9,200		53,846		9,200		53,846
Parkway Plaza (a/k/a 3850 & 3880 Brickway)	Santa Rosa, CA		6/30/2005		2		23,734		126,585		23,734		126,585
Oak Valley Business Center	Santa Rosa, CA		6/30/2005		3		24,450		129,523		24,450		129,523

	Total for the three months ended June 30, 2005:				14		286,683		1,232,553		286,683		1,232,553


	Total for the six months ended June 30, 2005				18	$	354,933		1,529,210	$	354,933		1,529,210


						Total Office Portfolio				Effective Office Portfolio
				Number		Sales Price				Sales Price
Property	Location	Disposition Date		of Buildings		(in thousands)		Square Feet		(in thousands)		Square Feet
Dispositions:
During the three months ended March 31, 2005 (e)					14	$	309,767		1,546,017	$	297,553		1,515,588

During the three months ended June 30, 2005:
545 E. John Carpenter Freeway and 909 Lake Carolyn Parkway	Irving, TX		4/1/2005		2		68,500		729,949		68,500		729,949
70-76 Perimeter Center	Atlanta, GA		4/5/2005		4		11,055		62,102		11,055		62,102
Meier Central South — Building 11	Santa Clara, CA		4/18/2005		1		4,400		33,672		4,400		33,672
Colonnade I, II & III	Dallas, TX		4/26/2005		3		153,500		984,254		153,500		984,254
LL&E Tower	New Orleans, LA		5/4/2005		1		45,000		545,157		45,000		545,157
Preston Commons and Sterling Plaza (f)	Dallas, TX		5/20/2005		4		138,381		721,351		69,190		360,676
Oak Creek II (g)	Milpitas, CA		5/25/2005		—		3,575		—		3,575		—
Concar	San Mateo, CA		5/26/2005		2		111,555		218,985		78,156		175,100
The Solarium	Greenwood Village, CO		5/27/2005		1		15,800		162,817		15,800		162,817
Point West I — Response Road and Point West III — River Park Dr.	Sacramento, CA		6/13/2005		2		16,200		118,973		16,200		118,973
Sierra Point	Brisbane, CA		6/15/2005		1		15,000		99,150		15,000		99,150
BP Tower and garage	Cleveland, OH		6/24/2005		1		141,250		1,277,488		141,250		1,277,488
301 Howard Street (includes 195 Beale land)	San Francisco, CA		6/24/2005		1		70,000		307,396		70,000		307,396
Foundry Square II	San Francisco, CA		6/24/2005		1		133,000		502,424		133,000		502,424
Parkside Towers	Foster City, CA		6/24/2005		2		73,000		398,460		73,000		398,460
San Rafael Corporate Center	San Rafael, CA		6/24/2005		2		43,000		155,318		43,000		155,318
San Rafael Land	San Rafael, CA		6/24/2005		—		10,000		—		10,000		—
Shoreline Technology Park	Mountain View, CA		6/28/2005		12		199,500		726,508		199,500		726,508
Seaport Centre	Redwood City, CA		6/28/2005		13		74,000		465,955		74,000		465,955
Seaport Plaza	Redwood City, CA		6/28/2005		2		32,000		159,350		32,000		159,350
1871 The Alameda	San Jose, CA		6/28/2005		1		9,250		44,287		9,250		44,287
5813 Shellmound Street / 5855 Christie	Emeryville, CA		6/28/2005		2		7,100		56,898		7,100		56,898
Baybridge Office Plaza	Emeryville, CA		6/28/2005		1		5,900		79,358		5,900		79,358

	Total for the three months ended June 30, 2005				59		1,380,966		7,849,852		1,278,376		7,445,292


	Total for the six months ended June 30, 2005				73	$	1,690,733		9,395,869	$	1,575,929		8,960,880


(a)		The total purchase price for the assets acquired in the first quarter includes a $7.6 million vacant land acquisition.

(b)		The purchase price for 11111 Sunset Hills Road includes the assumption of approximately $22.5 million of mortgage debt.

(c)		Summit at Douglas Ridge II, which consists of one building comprising approximately 93,349 square feet, is currently a development property and, therefore, not included in the total number of buildings or total square footage owned by Equity Office.

(d)		The purchase price for Shorebreeze I & II includes the assumption of approximately $22.4 million of mortgage debt and the issuance of 108,190 partnership units in EOP Partnership.

(e)		The number of buildings and total square feet sold in the first quarter exclude five buildings comprising 108,676 square feet that were previously taken out of service.

(f)		Equity Office disposed of its 50% ownership interest in these properties. Equity Office accounted for its 50% interest in the properties under the equity method.

(g)		Oak Creek II, which consisted of one building comprising 40,455 square feet, was previously taken out of service.

Equity Office Properties Trust
Quarterly Highlights
June 30, 2005

Equity Office acquired and disposed of the following properties subsequent to quarter—end:


						Total Office Portfolio				Effective Office Portfolio
		Acquisition/		Number		Purchase / Sales Price				Purchase / Sales Price
Property	Location	Disposition Date		of Buildings		(in thousands)		Square Feet		(in thousands)		Square Feet
Acquisitions subsequent to quarter-end:
25 Mall Road	Burlington, MA		7/7/2005		1	$	54,750		277,647	$	54,750		277,647
The Lakes	Santa Rosa, CA		7/19/2005		5		21,505		135,332		21,505		135,332
333 Twin Dolphin Plaza	Redwood Shores, CA		7/28/2005		1		52,700		185,285		52,700		185,285


		Total			7	$	128,955		598,264	$	128,955		598,264

Equity Office signed an agreement to acquire approximately 1.03 million square feet, or nearly 80% of 1095 Avenue of the Americas (a/k/a Verizon Building) located in New York, NY for approximately $505 million. Closing is anticipated in the third quarter of 2005.


Dispositions subsequent to quarter-end:
201 Mission Street / 580 California (a) (b)	San Francisco, CA		7/6/2005	—	$	217,000	—	$	162,750	597,226
The Orchard (b)	Sacramento, CA		7/14/2005	1		10,700	65,392		10,700	65,392
Stadium Towers Land	Anaheim, CA		7/18/2005	—		3,000	—		3,000	—
Texaco Center/601 Garage (b)	New Orleans, LA		7/25/2005	1		49,000	629,428		49,000	629,428
Meier Mountain View Buildings 5—10, 17 and 20 (c)	Mountain View, CA		7/27/2005	7		34,200	242,658		34,200	242,658
Ravendale at Central	Mountain View, CA		7/27/2005	2		10,100	80,450		10,100	80,450
Bayside Corporate Center	Foster City, CA		7/27/2005	2		7,000	84,925		7,000	84,925
Ridder Park	San Jose, CA		7/27/2005	1		19,600	83,841		19,600	83,841
Vintage Park Industrial (buildings 323, 353, 363,
373 and 383) and Vintage Park Office
Building III (building 393)	Foster City, CA		7/27/2005	6		25,200	162,094		25,200	162,094
Creekside I and II	San Jose, CA		7/27/2005	4		38,988	241,019		38,988	241,019
Aspect Telecommunications	San Jose, CA		7/27/2005	1		5,612	76,806		5,612	76,806
Redwood Shores	Redwood City, CA		7/27/2005	1		8,600	78,022		8,600	78,022


		Total		26	$	429,000	1,744,635	$	374,750	2,341,861


(a)		At June 30, 2005, 75% of Equity Office’s interest in these two office properties comprising 796,301 square feet was deemed held for sale. Following disposition, Equity Office retained a 25% ownership interest in these properties. These two buildings will remain in our building count for the Total Office Portfolio and the Effective Office Portfolio and the total square feet of these buildings will remain in our Total Office Portfolio statistics, however, the square feet included in the Effective Office Portfolio will be reduced to reflect our 25% ownership interest.

(b)		These properties were classified as held for sale as of June 30, 2005.

(c)		Meier Mountain View Building 17, which consists of one building and 27,790 square feet, was previously taken out of service and is not included in the seven buildings and 242,658 square feet.

Impairment and Gains / Losses on Sales of Real Estate:

Equity Office recognized a $367.0 million, or $0.81 per share, non-cash charge related to the reduction in the intended holding period for assets that the company intends to sell and losses on assets that have been sold as shown below:


	(in thousands)
Impairment on properties anticipated to be sold after June 30, 2005 deducted from Income from Continuing Operations	($	180,856	)
Discontinued Operations:
Loss on sales of real estate for assets sold during the three months ended June 30, 2005		(165,927	)
Provision for loss on properties held for sale as of June 30, 2005 and subsequently sold		(20,264	)


Total non-cash impairment charge for the three months ended June 30, 2005	($	367,047	)

In addition, Equity Office recognized approximately $79.6 million of gains on sales of real estate during the second quarter 2005, after allocations to minority interest partners, as shown below:


Gain on sales of real estate	$	91,971
Minority interests’ share in gains on sales of real estate included in allocation to minority interests in partially owned properties		(29,699	)
Equity Office’s share of gains on sales of real estate classified as income from unconsolidated joint ventures		17,376


Equity Office’s share of the gains on sales of real estate	$	79,648

Debt:

The following debt transactions occurred during the second quarter of 2005:

Equity Office repaid approximately $242.4 million of mortgage debt.

Upon acquisition of the 11111 Sunset Hills Road and Shorebreeze I and II office properties, Equity Office assumed mortgage debt of approximately $22.5 million and $22.4 million at fixed coupon rates of 6.12% and 4.19%, respectively. These mortgages mature in July 2008 and March 2007, respectively.

Equity Office refinanced the mortgage debt encumbering the Washington Mutual Tower office property. The new mortgage has a principal balance of approximately $79.25 million, bears interest at a fixed coupon rate of 4.55% and matures in June 2010. The prior mortgage had a principal balance of approximately $79.1 million, bore interest at a fixed coupon rate of 7.53% and was scheduled to mature in November 2005.

Equity Office terminated a $250 million interest rate swap at no cost that previously converted certain fixed rate unsecured notes to a floating rate based on a 122 basis point spread over LIBOR.

The following debt transactions occurred subsequent to quarter-end:

Equity Office repaid and terminated its $250 million term loan facility.

Equity Office repaid $100 million of unsecured notes.

Equity Office repaid approximately $526.3 million of mortgage debt encumbering the 1301 Avenue of the Americas office property located in New York, NY.

Equity Office Properties Trust
June 30, 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
A.G. Edwards & Sons, Inc.
314.955.3436 / 314.955.5452

Ross Nussbaum / John Kim
Banc of America Securities
212.847.5668 / 212.847.5761

Ross Smotrich / Jeff Langbaum
Bear, Stearns & Co.
212.272.8046 / 212.272.4201

Lou Taylor / John Perry
Deutsche Banc Alex Brown
212.250.4912 / 212.250.5182

Kevin Lampo
Edward D. Jones & Company
314.515.5253

Carey Callaghan
Goldman Sachs
212.902.4351

Jim Sullivan / Michael Knott
Green Street Advisors
949.640.8780

Tony Paolone / Mike Mueller
J.P. Morgan Securities
212.622.6682 / 212.622.6689

David Fick / John Guinee
Legg Mason Wood Walker
410.454.5018 / 410.454.5520

David Harris
Lehman Brothers, Inc.
212.526.1790

Steve Sakwa / Brian Legg
Merrill Lynch & Company, Inc.
212.449.0335 / 212.449.1153

Greg Whyte / David Cohen
Morgan Stanley Dean Witter & Co., Inc.
212.761.6331 / 212.761.8564

Jim Sullivan / Jamie Feldman
Prudential Securities
212.778.2515 / 212.778.1724

Paul Puryear / William Crow
Raymond James & Associates, Inc.
727.567.2253 / 727.567.2594

Jay Leupp
RBC Capital Markets
415.633.8558 / 415.633.8588

Jonathan Litt / John Stewart
Smith Barney Citigroup
212.816.0231 / 212.816.1685

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
Two North Riverside Plaza
Suite 2100
Chicago, IL 60606
312.466.3300

Trading Symbol
EOP

Stock Exchange Listing
New York Stock Exchange

Investor Relations
Equity Office Properties Trust
Two North Riverside Plaza, Suite 2100
Chicago, IL 60606
Telephone: 800.692.5304

Contact
Beth Coronelli
Senior Vice President —
Investor Relations
Telephone: 312.466.3286
Fax: 312.930.4486
InvestorRelations@equityoffice.com

Information Requests
To request an Investor Relations package,
annual report, or to be added to our email list,
please contact:

Tina Royse at 312.466.3924
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

3rd Qtr 2005		November 1, 2005

Equity Office Properties Trust
Financial Information
June 30, 2005

Equity Office Properties Trust
Key Data


				As of or for the three months ended
	06/30/2005			03/31/2005		12/31/2004		09/30/2004			06/30/2004
	(Dollars in thousands, except per share amounts)
(Loss) Earnings Per Share
Net (loss) income available to common shareholders — basic	($	0.51	)	$	0.25	$	0.15	($	0.32	)	$	0.25
Net (loss) income available to common shareholders — diluted	($	0.51	)	$	0.25	$	0.15	($	0.32	)	$	0.25

Weighted average Common Shares and Units outstanding — basic		451,728,242			449,991,140		448,976,410		448,766,905			449,245,505
Weighted average Common Shares, Units and dilutive potential common shares — diluted		451,728,242			452,400,294		451,053,706		448,766,905			450,533,841

Market Value of Common Equity
Common Shares outstanding		410,041,083			406,615,162		403,842,441		403,135,232			402,411,561
Units outstanding		44,782,268			46,844,846		47,494,701		47,685,304			48,268,591

Total Common Shares and Units outstanding		454,823,351			453,460,008		451,337,142		450,820,536			450,680,152
Common Share price at the end of the period	$	33.10		$	30.13	$	29.12	$	27.25		$	27.20

Market value of common equity	$	15,054,653		$	13,662,750	$	13,142,938	$	12,284,860		$	12,258,500


Preferred Shares — Liquidation Preference
Series B	$	299,497		$	299,497	$	299,500	$	299,500		$	299,500
Series G		212,500			212,500		212,500		212,500			212,500

Total	$	511,997		$	511,997	$	512,000	$	512,000		$	512,000


Consolidated Debt
Fixed rate	$	10,368,722		$	10,312,005	$	10,941,887	$	10,436,680		$	10,593,667
Variable rate		1,789,994			2,164,999		1,867,572		2,237,858			1,564,014

Total	$	12,158,716		$	12,477,004	$	12,809,459	$	12,674,538		$	12,157,681


Common Share Price and Dividends
At the end of the period	$	33.10		$	30.13	$	29.12	$	27.25		$	27.20
High during period	$	34.39		$	31.17	$	29.86	$	28.95		$	29.20
Low during period	$	30.00		$	27.45	$	27.11	$	25.71		$	23.90
Common dividends per share	$	0.50		$	0.50	$	0.50	$	0.50		$	0.50

Building Square Footage Roll Forward


				Total Office			Effective Office
				Portfolio			Portfolio
	Buildings			Square Feet			Square Feet
Properties owned as of:
December 31, 2004		698			125,713,245			115,279,743
Acquisitions		4			296,657			296,657
Dispositions		(14	)		(1,546,017	)		(1,515,588	)
Building Remeasurements		—			28,384			28,384

March 31, 2005		688			124,492,269			114,089,196
Acquisitions		14			1,232,553			1,232,553
Dispositions		(59	)		(7,849,852	)		(7,445,292	)
Building Remeasurements		—			42,435			44,004

June 30, 2005		643			117,917,405			107,920,461


				As of or for the three months ended
	06/30/2005			03/31/2005			12/31/2004				09/30/2004			06/30/2004
	(Dollars in thousands, except per share amounts)
Selected Operating Data — Continuing Operations
Total revenues	$	757,093		$	791,354		$	772,930			$	749,904		$	748,930
Deferred rental revenue		15,417			17,161			16,502				14,777			22,075
Lease termination fees (a)		10,679			51,247			17,028				9,730			7,823
FAS 141 rental revenue		(895	)		(1,027	)		(851	)			(506	)		(387	)
Capitalized interest		4			—			218				767			1,633
Scheduled principal payments for consolidated debt		9,361			9,963			10,457				10,025			12,908

Effective Office Portfolio Statistics
Office buildings		643			688			698				701			683
Square footage		107,920,461			114,089,196			115,279,743				116,309,526			114,341,512
Occupancy at end of quarter		88.4	%		87.5	%		87.5	%			86.5	%		86.0	%

Total Office Portfolio Statistics
Office buildings		643			688			698				701			683
Square footage		117,917,405			124,492,269			125,713,245				125,451,451			122,936,399
Occupancy at end of quarter		88.4	%		87.6	%		87.7	%			86.7	%		86.3	%

Corporate and property operating general and administrative expense
Corporate general and administrative expense	$	15,218		$	17,173		$	14,034		��	$	13,190		$	13,709
Property operating general and administrative expense		27,347			24,697			26,242				21,358			23,839

Total corporate and property operating general and administrative expense	$	42,565		$	41,870		$	40,276			$	34,548		$	37,548

Corporate general and administrative expense as a percentage of total revenues		2.0	%		2.2	%		1.8	%			1.8	%		1.8	%
Property operating general and administrative expense as a percentage of total revenues		3.6	%		3.1	%		3.4	%			2.8	%		3.2	%


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

(EQUITY OFFICE BOXHEAD)


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

For Immediate Release

Equity Office Announces Second Quarter 2005 Results

CHICAGO (August 2, 2005) — Equity Office Properties Trust (NYSE: EOP) today announced results for the second quarter ended June 30, 2005.

“Our second quarter results reflect our accelerated plan to sell $2 billion to $3 billion of non-strategic assets, and to further position our portfolio in targeted markets,” commented Richard D. Kincaid, president and chief executive officer of Equity Office. “We are starting to see the benefits of improved job growth and increased office occupancy in all of our markets, and anticipate closing the year with portfolio occupancy in the 90% range.”

For second quarter 2005, net income available to common shareholders totaled a net loss of $205.4 million, which equates to a net loss of $0.51 of diluted earnings per share (EPS). Comparatively, net income available to common shareholders in the second quarter of 2004 totaled $100.6 million with diluted EPS of $0.25.

The second quarter 2005 results included a $180.9 million non-cash impairment charge which was related to the reduction in the intended holding period for assets that the company intends to sell in the next 12 months, $165.9 million of losses on assets that were sold during second quarter, and $20.3 million of losses on certain assets sold subsequent to quarter-end. The total charges were $367.0 million or $0.81 per diluted share. The second quarter 2005 results also included EOP’s share of net gains of $79.6 million, or $0.18 per diluted share, on real estate sold. The company anticipates the future gains on the assets it intends to sell in the next 12 months will exceed the second quarter non-cash impairment charge.

Net income available to common shareholders for the first six months of 2005 totaled a net loss of $104.6 million, or a loss of $0.26 per diluted share. This compares to net income available to common shareholders for the same period in 2004 of $165.9 million with diluted EPS of $0.41.

Funds from operations available to common shareholders plus assumed conversions (FFO) for the second quarter 2005 on a diluted basis, totaled a loss of $98.0 million, which equates to a loss of $0.22 per share on a diluted basis. FFO for the same period in 2004 was $310.2 million, or $0.68 per share on a diluted basis. Second quarter 2005 FFO included non-cash charges of $367.0 million for completed or expected asset sales; however, in accordance with the National

Page 2 — Equity Office Announces Second Quarter 2005 Results

Association of Real Estate Investment Trusts’ definition of FFO, the gains from real estate sold were excluded.

FFO for the first six months of 2005 totaled $199.5 million or $0.44 per share on a diluted basis, compared to $612.7 million or $1.33 per share on a diluted basis for the first half of 2004. The attachment to this press release reconciles FFO and FFO per share to net loss/income and net loss/income per share, respectively, the most directly comparable GAAP measures.

For second quarter 2005, same-store property net operating income (defined as property operating revenues, including straight-line rents, less property operating expenses), excluding lease terminations, decreased 1.6%, as compared to the second quarter of 2004. For the first half of 2005, same-store net operating income, excluding lease terminations, decreased 1.5%, as compared to the same period last year.

Improved Market Fundamentals and Portfolio Repositioning Drive Occupancy Gains

EOP’s effective office portfolio occupancy was 88.4% at June 30, 2005, compared to 86.0% at June 30, 2004. The effective office portfolio represents the company’s economic interest in the properties upon which the net income is generated and recognized in accordance with GAAP.

Lease termination fees from continuing operations, including EOP’s share of those recognized as income from unconsolidated joint ventures, totaled $10.7 million for second quarter 2005, compared to $7.8 million for second quarter 2004. Lease termination fees for the first six months of 2005 totaled $61.9 million, of which $44.4 million was from a single transaction. Lease termination fees for the first half of 2004 were $29.9 million.

Tenant improvements and leasing commissions for the office leases that commenced during second quarter 2005 were $21.70 per square foot on a weighted average basis, compared to $16.52 per square foot in the second quarter 2004. For the first six months of 2005, weighted average tenant improvements and leasing commissions were $19.07, as compared to $16.80 in the first half of 2004.

Year-to-Date EOP Sells $2 Billion of Assets and Announces Acquisitions of $989 Million

In the second quarter 2005, EOP sold 60 assets totaling 7.5 million square feet for $1.3 billion. Subsequent to quarter-end, EOP sold $374.8 million of assets, including a 75% interest in 201 Mission and 580 California in San Francisco, CA. Following is the list of assets, totaling 1.8 million square feet, which the company sold after June 30, 2005:


Property		Location
The Orchard		Sacramento, CA
Stadium Towers Land		Anaheim, CA
Texaco Center/601 Garage		New Orleans, LA
Meier Mountain View Buildings		Mountain View, CA
Ravendale at Central		Mountain View, CA
Bayside Corporate Center		Foster City, CA
Vintage Park Industrial		Foster City, CA
Vintage Park Office Building III		Foster City, CA
Ridder Park		San Jose, CA
Creekside I and II		San Jose, CA
Aspect Telecommunications		San Jose, CA
Redwood Shores		Redwood City, CA

Page 3 — Equity Office Announces Second Quarter 2005 Results

Year-to-date as of August 1, 2005, the company has sold $2.0 billion of assets, totaling approximately 11.5 million square feet.

During second quarter 2005, EOP acquired 15 buildings, totaling 1.3 million square feet, for approximately $286.7 million. Subsequent to quarter-end, EOP purchased 25 Mall Road in Burlington, MA; The Lakes in Santa Rosa, CA; and 333 Twin Dolphin in Redwood Shores, CA for a total of $129.0 million. The previously announced acquisition of 1095 Avenue of the Americas, located in New York City, is anticipated to close in third quarter 2005. As of August 1, 2005, EOP has announced, including 1095 Avenue of the Americas, $988.9 million of acquisition activity for the year.

Conference Call Details

Management will discuss its second quarter 2005 results on EOP’s earnings conference call scheduled for Tuesday, August 2, 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 August 10, 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 atwww.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 third quarter conference call at 10:00 a.m. CT on November 1, 2005.

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 ability to dispose of assets on terms we find acceptable will be subject to market conditions we do not control; we may not be successful in closing all of our pending investment transactions; 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.

Page 4 — Equity Office Announces Second Quarter 2005 Results

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 May 20, 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 625 buildings comprising 116.9 million square feet in 18 states and the District of Columbia. Equity Office has an ownership presence in 26 Metropolitan Statistical Areas (MSAs) and in 110 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 athttp://www.equityoffice.com.

Equity Office Properties Trust
Consolidated Statements of Operations
(Unaudited)


	For the three months ended June 30,						For the six months ended June 30,
	2005			2004			2005			2004
	(Dollars in thousands, except per share amounts)
Revenues:
Rental	$	610,323		$	601,163		$	1,213,978		$	1,193,156
Tenant reimbursements		94,992			103,817			191,003			200,238
Parking		29,134			27,427			57,272			54,867
Other		18,947			12,674			77,718			37,630
Fee income		3,697			3,849			8,474			6,909

Total revenues		757,093			748,930			1,548,445			1,492,800

Expenses:
Depreciation		171,582			157,375			337,666			312,276
Amortization		22,788			17,288			45,146			33,831
Real estate taxes		88,904			94,579			176,673			172,174
Insurance		8,038			7,404			14,743			16,039
Repairs and maintenance		82,031			77,917			158,003			152,095
Property operating		104,595			96,901			208,687			197,460
Ground rent		5,262			5,034			10,572			10,365
Corporate general and administrative		15,218			13,709			32,391			25,018
Impairment		180,856			—			180,856			—

Total expenses		679,274			470,207			1,164,737			919,258

Operating income		77,819			278,723			383,708			573,542


Other income (expense):
Interest and dividend income		3,646			2,405			6,862			3,721
Realized gain on settlement of derivatives and sale of marketable securities		—			24,016			3			24,016
Interest:
Expense incurred		(207,932	)		(208,684	)		(420,704	)		(412,819	)
Amortization of deferred financing costs and prepayment expenses		(2,597	)		(2,175	)		(5,396	)		(4,312	)

Total other income (expense)		(206,883	)		(184,438	)		(419,235	)		(389,394	)


(Loss) income before income taxes, allocation to minority interests and income from investments in unconsolidated joint ventures		(129,064	)		94,285			(35,527	)		184,148
Income taxes		(438	)		(1,333	)		(901	)		(1,069	)
Minority Interests:
EOP Partnership		23,677			(12,110	)		11,923			(20,059	)
Partially owned properties		(2,503	)		(2,647	)		(5,527	)		(5,536	)
Income from investments in unconsolidated joint ventures (including gain on sales of real estate of $17,376, $0, $17,376 and $0, respectively)		28,681			12,554			38,199			24,967

(Loss) income from continuing operations		(79,647	)		90,749			8,167			182,451
Discontinued operations (including net (loss) gain on sales of real estate and provision for loss on properties held for sale of $(94,220), $1,927, $(83,513) and $4,122, respectively)		(117,094	)		18,759			(95,337	)		38,793

(Loss) income before cumulative effect of a change in accounting principle		(196,741	)		109,508			(87,170	)		221,244
Cumulative effect of a change in accounting principle		—			—			—			(33,697	)

Net (loss) income		(196,741	)		109,508			(87,170	)		187,547
Preferred distributions		(8,701	)		(8,944	)		(17,402	)		(21,692	)

Net (loss) income available to common shareholders		($205,442	)	$	100,564			($104,572	)	$	165,855


(Loss) earnings per share — basic:
(Loss) income from continuing operations per share		($0.25	)	$	0.21			($0.05	)	$	0.40

Net (loss) income available to common shareholders per share		($0.51	)	$	0.25			($0.26	)	$	0.41

Weighted average Common Shares outstanding		406,164,577			400,846,907			404,514,824			400,255,725


(Loss) earnings per share — diluted:
(Loss) income from continuing operations per share		($0.25	)	$	0.21			($0.05	)	$	0.40

Net (loss) income available to common shareholders per share		($0.51	)	$	0.25			($0.26	)	$	0.41

Weighted average Common Shares outstanding and dilutive potential common shares		451,728,242			450,533,841			450,881,385			450,840,364

Distributions declared per Common Share outstanding	$	0.50		$	0.50		$	1.00		$	1.00

Equity Office Properties Trust
Consolidated Balance Sheets


	June 30, 2005
	(Unaudited)			December 31, 2004
	(Dollars in thousands,
	except per share amounts)
Assets:
Investments in real estate	$	23,350,900			$	24,876,625
Developments in process		18,780				40,492
Land available for development		239,220				252,524
Investments in real estate held for sale, net of accumulated depreciation		55,875				118,672
Accumulated depreciation		(3,146,426	)			(3,148,137	)

Investments in real estate, net of accumulated depreciation		20,518,349				22,140,176
Cash and cash equivalents		615,997				107,126
Tenant and other receivables (net of allowance for doubtful accounts of $6,709 and $6,908, respectively)		74,092				75,775
Deferred rent receivable		486,238				478,184
Escrow deposits and restricted cash		129,571				48,784
Investments in unconsolidated joint ventures		1,068,969				1,117,143
Deferred financing costs (net of accumulated amortization of $54,612 and $59,748, respectively)		55,266				61,734
Deferred leasing costs and other related intangibles (net of accumulated amortization of $217,499 and $193,348, respectively)		460,566				450,625
Prepaid expenses and other assets		228,435				191,992

Total Assets	$	23,637,483			$	24,671,539


Liabilities, Minority Interests, Mandatorily Redeemable Preferred Shares and Shareholders’ Equity:
Liabilities:
Mortgage debt (net of (discounts) of $(12,306) and $(13,683), respectively)	$	2,286,662			$	2,609,067
Unsecured notes (net of (discounts) of $(15,236) and $(38,362), respectively)		9,179,054				9,652,392
Lines of credit		693,000				548,000
Accounts payable and accrued expenses		490,840				556,851
Distribution payable		230,008				2,652
Other liabilities (net of (discounts) of $(27,067) and $(28,536), respectively)		436,337				484,378
Commitments and contingencies		—				—

Total Liabilities		13,315,901				13,853,340


Minority Interests:
EOP Partnership		948,739				1,065,376
Partially owned properties		173,884				182,041

Total Minority Interests		1,122,623				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, 410,041,083 and 403,842,441 issued and outstanding, respectively		4,100				4,038
Other Shareholders’ Equity:
Additional paid in capital		10,616,065				10,479,305
Deferred compensation		(1,114	)			(1,916	)
Dividends in excess of accumulated earnings		(1,872,508	)			(1,359,722	)
Accumulated other comprehensive loss (net of accumulated amortization of $8,541 and $5,133, respectively)		(59,581	)			(62,923	)

Total Shareholders’ Equity		8,899,462				9,271,282

Total Liabilities, Minority Interests, Mandatorily Redeemable Preferred Shares and Shareholders’ Equity	$	23,637,483			$	24,671,539

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


	For the three months ended June 30,
	2005								2004
				Per Weighted Average								Per Weighted Average
	Dollars			Share(b)					Dollars			Share (b)
	(Dollars in thousands, except per share amounts)
Reconciliation of net (loss) income to FFO (a):
Net (loss) income		($196,741	)		($0.48	)			$	109,508		$	0.27
Plus real estate related depreciation and amortization less gain and losses 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		131,110			0.32					192,325			0.48
Less minority interests in EOP Partnership share of add back for real estate related depreciation and amortization and gain and losses on sales of real estate		(13,158	)		(0.03	)				(20,627	)		(0.05	)

FFO		(78,789	)		(0.19	)				281,206			0.70
Preferred distributions		(8,701	)		(0.02	)				(8,944	)		(0.02	)

FFO available to common shareholders — basic		($87,490	)		($0.22	)	(d	)	$	272,262		$	0.68


	Net Income			FFO					Net Income			FFO

Adjustments to arrive at FFO available to common shareholders plus assumed conversions:
Net (loss) income and FFO		($196,741	)		($78,789	)			$	109,508		$	281,206
Preferred distributions		(8,701	)		(8,701	)				(8,944	)		(8,944	)

Net (loss) income and FFO available to common shareholders		(205,442	)		(87,490	)				100,564			272,262
Net (loss) income allocated to minority interests in EOP Partnership		(23,677	)		(23,677	)				12,110			12,110
Minority interests in EOP Partnership share of add back for real estate related depreciation and amortization and gain and losses on sales of real estate		—			13,158					—			20,627
Preferred distributions on Series B preferred shares, of which are assumed to be converted into Common Shares (c)		—			—					—			5,236

Net (loss) income and FFO available to common shareholders plus assumed conversions		($229,119	)		($98,009	)			$	112,674		$	310,235


Weighted average Common Shares, dilutive potential common shares plus assumed conversions outstanding		451,728,242			451,728,242					450,533,841			458,923,195


Net (loss) income and FFO available to common shareholders plus assumed conversions per share		($0.51	)		($0.22	)	(d	)	$	0.25		$	0.68


	Common Shares and common share equivalents
Weighted average Common Shares outstanding (used for both net (loss) income and FFO basic per share calculation)		406,164,577	400,846,907
Redemption of Units for Common Shares		45,563,665	48,398,598
Impact of share options and restricted shares which are dilutive to both net income and FFO		—	1,288,336

Weighted average Common Shares and dilutive potential common shares used for net (loss) income available to common shareholders		451,728,242	450,533,841
Impact of conversion of Series B preferred shares (c)		—	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		451,728,242	458,923,195


(a)		FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net (loss) 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 for each quarter presented or FFO per share for the three months ended June 30, 2005, but are dilutive to FFO per share for the three months ended June 30, 2004.

(d)		FFO for the three months ended June 30, 2005 includes approximately $367.0 million of non-cash impairment charges and provisions for losses on assets held for sale, which is equivalent to $0.81 per share on a diluted basis. This charge is not added back to net income when calculating FFO.

FFO Definition:

FFO is defined as net (loss) income, computed in accordance with accounting principles generally accepted in the United States (“GAAP”), excluding gains and losses from sales of properties (but not impairments and provisions for losses on properties held for sale), 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 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 (loss) 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 (loss) 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.

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


	For the six months ended June 30,
	2005								2004
				Per Weighted								Per Weighted
	Dollars			Average Share (b)					Dollars			Average Share (b)
	(Dollars in thousands, except per share amounts)
Reconciliation of net (loss) income to FFO (a):
Net (loss) income		($87,170	)		($0.22	)			$	187,547		$	0.47
Plus real estate related depreciation and amortization less gain and losses 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		316,038			0.78					383,892			0.96
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, gain and losses on sales of real estate and cumulative effect of a change in accounting principle		(32,346	)		(0.08	)				(45,056	)		(0.11	)

FFO		196,522			0.49					560,080			1.40
Preferred distributions		(17,402	)		(0.04	)				(21,692	)		(0.05	)

FFO available to common shareholders — basic	$	179,120		$	0.44		(d	)	$	538,388		$	1.35


	Net Income			FFO					Net Income			FFO

Adjustments to arrive at FFO available to common shareholders plus assumed conversions:
Net (loss) income and FFO		($87,170	)	$	196,522				$	187,547		$	560,080
Preferred distributions		(17,402	)		(17,402	)				(21,692	)		(21,692	)

Net (loss) income and FFO available to common shareholders		(104,572	)		179,120					165,855			538,388
Net (loss) income allocated to minority interests in EOP Partnership		(11,923	)		(11,923	)				20,059			20,059
Minority interests in EOP Partnership share of add back for real estate related depreciation and amortization, gain and losses on sales of real estate and cumulative effect of a change in accounting principle		—			32,346					—			45,056
Preferred distributions on Series B preferred shares, of which are assumed to be converted into Common Shares (c)		—			—					—			9,167

Net (loss) income and FFO available to common shareholders plus assumed conversions		($116,495	)	$	199,543				$	185,914		$	612,670


Weighted average Common Shares, dilutive potential common shares plus assumed conversions outstanding		450,881,385			454,101,167					450,840,364			459,229,718


Net (loss) income and FFO available to common shareholders plus assumed conversions per share		($0.26	)	$	0.44		(d	)	$	0.41		$	1.33


	Common Shares and common share equivalents
Weighted average Common Shares outstanding (used for both net (loss) income and FFO basic per share calculation)		404,514,824	400,255,725
Redemption of Units for Common Shares		46,366,561	48,646,371
Impact of share options and restricted shares which are dilutive to both net income and FFO		—	1,938,268

Weighted average Common Shares and dilutive potential common shares used for net (loss) income available to common shareholders		450,881,385	450,840,364
Impact of conversion of Series B preferred shares (c)		—	8,389,354
Impact of share options and restricted shares which are dilutive to FFO but not dilutive to net (loss)		3,219,782	—

Weighted average Common Shares, dilutive potential common shares plus assumed conversions used for the calculation of FFO available to common shareholders plus assumed conversions		454,101,167	459,229,718


(a)		FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net (loss) 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 for each period presented or FFO per share for the six months ended June 30, 2005 but are dilutive to FFO per share for the six months ended June 30, 2004.

(d)		FFO for the six months ended June 30, 2005 includes approximately $380.6 million of non-cash impairment charges and provisions for losses on assets held for sale, which is equivalent to $0.84 per share on a diluted basis. This charge is not added back to net income when calculating FFO.

FFO Definition:

Equity Office Properties Trust
Segment Information
June 30, 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 June 30,						For the six months ended June 30,
	2005			2004			2005			2004
	(Dollars in thousands)
Property Operating Revenues:
Rental	$	610,323		$	601,163		$	1,213,978		$	1,193,156
Tenant reimbursements		94,992			103,817			191,003			200,238
Parking		29,134			27,427			57,272			54,867
Other (a)		18,947			12,674			77,718			37,630

Total Property Operating Revenues		753,396			745,081			1,539,971			1,485,891


Property Operating Expenses:
Real estate taxes		88,904			94,579			176,673			172,174
Insurance		8,038			7,404			14,743			16,039
Repairs and maintenance		82,031			77,917			158,003			152,095
Property operating		104,595			96,901			208,687			197,460

Total Property Operating Expenses		283,568			276,801			558,106			537,768

Property Net Operating Income from Continuing Operations	$	469,828		$	468,280		$	981,865		$	948,123


Property Operating Margin from Continuing Operations (b)		62.4	%		62.8	%		63.8	%		63.8	%


Reconciliation of Property Net Operating Income from Continuing Operations to (Loss) Income from Continuing Operations:

Property Net Operating Income from Continuing Operations	$	469,828		$	468,280		$	981,865		$	948,123
Add:
Fee income		3,697			3,849			8,474			6,909
Less:
Depreciation		(171,582	)		(157,375	)		(337,666	)		(312,276	)
Amortization		(22,788	)		(17,288	)		(45,146	)		(33,831	)
Ground rent		(5,262	)		(5,034	)		(10,572	)		(10,365	)
Corporate general and administrative		(15,218	)		(13,709	)		(32,391	)		(25,018	)
Impairment		(180,856	)		—			(180,856	)		—


Operating Income		77,819			278,723			383,708			573,542

Less:
Other expenses		(206,883	)		(184,438	)		(419,235	)		(389,394	)
Income taxes		(438	)		(1,333	)		(901	)		(1,069	)
Minority Interests:
EOP Partnership		23,677			(12,110	)		11,923			(20,059	)
Partially owned properties		(2,503	)		(2,647	)		(5,527	)		(5,536	)
Add:
Income from investments in unconsolidated joint ventures (including gain on sales of real estate of $17,376, $0, $17,376 and $0, respectively)		28,681			12,554			38,199			24,967

(Loss) Income from Continuing Operations	($	79,647	)	$	90,749		$	8,167		$	182,451


(a)		Other income consists primarily of lease termination income and ancillary income from tenants.

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

Equity Office Properties Trust

Consolidated Statements of Cash Flows


	For the three months ended June 30,						For the six months ended June 30,
	2005			2004			2005			2004
	(Dollars in thousands, unaudited)
Operating Activities:
Net (loss) income	$	(196,741	)	$	109,508		$	(87,170	)	$	187,547
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including discontinued operations)		208,077			193,039			414,513			380,998
Ineffective portion of swap settlement payment included in interest expense		—			—			—			212
Compensation expense related to restricted shares and stock options		5,917			4,812			13,322			10,245
Prepayment penalty on early extinguishment of debt in connection with a property disposition		—			—			448			—
Income from investments in unconsolidated joint ventures		(28,681	)		(12,554	)		(38,199	)		(24,967	)
Net distributions from unconsolidated joint ventures		17,506			16,967			23,610			25,016
Net loss (gain) on sales of real estate and provision for loss on properties held for sale		94,220			(1,927	)		83,513			(4,122	)
Impairment		180,856			—			180,856			—
Cumulative effect of a change in accounting principle		—			—			—			33,697
Provision for doubtful accounts		1,114			1,543			3,529			739
Income allocated to minority interests (including discontinued operations)		8,809			15,025			24,044			26,190
Changes in assets and liabilities:
Decrease in rent receivable		344			10,547			509			10,508
(Increase) in deferred rent receivable		(19,193	)		(23,925	)		(36,675	)		(52,386	)
Decrease (increase) in prepaid expenses and other assets		17,202			(6,531	)		(23,502	)		51,072
Increase (decrease) in accounts payable and accrued expenses		33,254			58,115			(59,768	)		(58,004	)
(Decrease) in other liabilities		(23,531	)		(21,611	)		(30,702	)		(20,014	)

Net cash provided by operating activities		299,153			343,008			468,328			566,731

Investing Activities:
Deposits made for future property acquisitions		(59,747	)		(2,500	)		(63,756	)		(2,500	)
Property acquisitions		(234,331	)		(54,204	)		(301,030	)		(116,981	)
Deposits received for future property dispositions		2,000			—			4,000			—
Property dispositions		1,167,669			215,280			1,304,778			233,469
Distributions from unconsolidated joint ventures		62,301			—			62,301			—
Capital and tenant improvements		(74,557	)		(122,160	)		(150,963	)		(243,549	)
Lease commissions and other costs		(29,381	)		(29,051	)		(53,750	)		(60,875	)
Decrease in escrow deposits and restricted cash		2,696			15,144			133,630			47,211

Net cash provided by (used for) investing activities		836,650			22,509			935,210			(143,225	)

Financing Activities:
Proceeds from mortgage debt		150			—			150			—
Principal payments on mortgage debt		(251,764	)		(36,950	)		(355,521	)		(209,239	)
Proceeds from unsecured notes		14,025			49,035			28,369			1,040,275
Repayment of unsecured notes		—			(450,000	)		(525,000	)		(850,000	)
Proceeds from lines of credit		1,877,600			1,437,400			4,000,600			2,886,000
Repayment of lines of credit		(2,053,600	)		(1,066,900	)		(3,855,600	)		(2,843,700	)
Payments of loan costs and offering costs		6			(223	)		(59	)		(1,548	)
Settlement of interest rate swap agreements		—			—			—			(69,130	)
Distributions to minority interests in partially owned properties		(2,158	)		(14,007	)		(7,860	)		(16,111	)
Proceeds from exercise of stock options		78,282			747			121,542			39,803
Distributions to common shareholders and unitholders		(226,758	)		(224,408	)		(226,758	)		(225,244	)
Repurchase of Common Shares		(5,029	)		(32,808	)		(7,758	)		(36,583	)
Redemption of Units		(44,810	)		(1,071	)		(50,676	)		(1,866	)
Repurchase of preferred shares		—			—			—			(114,073	)
Payment of preferred distributions		(8,048	)		(8,049	)		(16,096	)		(16,671	)

Net cash (used for) financing activities		(622,104	)		(347,234	)		(894,667	)		(418,087	)

Net increase in cash and cash equivalents		513,699			18,283			508,871			5,419
Cash and cash equivalents at the beginning of the period		102,298			56,534			107,126			69,398

Cash and cash equivalents at the end of the period	$	615,997		$	74,817		$	615,997		$	74,817

Supplemental Information:
Interest paid during the period, including a reduction of interest expense for capitalized interest of $4, $1,633, $4 and $3,663, respectively	$	158,689		$	166,486		$	429,109		$	414,971

Non-Cash Investing and Financing Activities:
Investing Activities:
Escrow deposits related to property dispositions	$	(8,811	)	$	(30,616	)	$	(150,324	)	$	(30,616	)

Mortgage loan repayment as a result of a property disposition (including prepayment expense of $375 in 2004)	$	—		$	(5,830	)	$	(13,386	)	$	(5,830	)

Units issued in connection with a property acquisition	$	3,339		$	50		$	3,339		$	50

Mortgage loan assumed upon acquisition of property	$	44,975		$	—		$	44,975		$	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 (including prepayment expense of $375 in 2004)	$	—		$	5,830		$	13,386		$	5,830

Mortgage loan assumed upon acquisition of property	$	(44,975	)	$	—		$	(44,975	)	$	—

Equity Office Properties Trust
Statement of Discontinued Operations

The net (loss) 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 June 30,						For the six months ended June 30,
	2005			2004			2005			2004
	(Dollars in thousands)
Property operating revenues	$	28,097		$	56,056		$	71,023		$	114,385


Expenses:
Depreciation and amortization		8,610			16,632			22,072			33,400
Property operating		11,411			20,448			27,664			41,524
Ground rent		960			1,081			2,040			1,975

Total expenses		20,981			38,161			51,776			76,899

Operating income		7,116			17,895			19,247			37,486


Other income (expense):
Interest and dividend income		18			5			34			12
Interest expense and amortization of deferred financing costs and prepayment expenses		(2	)		(767	)		(611	)		(2,204	)

Total other income (expense)		16			(762	)		(577	)		(2,192	)


Income before income taxes, allocations to minority interests, net gain on sales of real estate and (loss) on properties sold / provision for loss on properties held for sale		7,132			17,133			18,670			35,294
Income taxes		(23	)		(33	)		(54	)		(28	)
Income allocated to minority interests — partially owned properties (including gains on sales of real estate of $29,699, $214, $29,699 and $214, respectively)		(29,983	)		(268	)		(30,440	)		(595	)
Gain on sales of real estate		91,971			9,533			116,216			11,839
(Loss) on sales of real estate		(165,927	)		(7,606	)		(179,465	)		(7,717	)
Provision for (loss) on properties held for sale		(20,264	)		—			(20,264	)		—

Net (loss) income	($	117,094	)	$	18,759		($	95,337	)	$	38,793


Property net operating income from discontinued operations	$	16,686		$	35,608		$	43,359		$	72,861

Equity Office Properties Trust
(Loss) Earnings Per Share


	For the three months ended June 30,						For the six months ended June 30,
	2005			2004			2005			2004
	(Dollars in thousands, except per share amounts)
Numerator:
(Loss) income from continuing operations	($	79,647	)	$	90,749		$	8,167		$	182,451
Preferred distributions		(8,701	)		(8,944	)		(17,402	)		(21,692	)

(Loss) income from continuing operations available to common shareholders		(88,348	)		81,805			(9,235	)		160,759
Discontinued operations (including net (loss) gain on sales of real estate and provision for loss on properties held for sale of $(94,220), $1,927, $(83,513) and $4,122, respectively)		(117,094	)		18,759			(95,337	)		38,793
Cumulative effect of a change in accounting principle		—			—			—			(33,697	)

Numerator for basic (loss) earnings per share — net (loss) income available to common shareholders		(205,442	)		100,564			(104,572	)		165,855
Add back (loss) income allocated to minority interests in EOP Partnership		(23,677	)		12,110			(11,923	)		20,059

Numerator for diluted (loss) earnings per share — net (loss) income available to common shareholders	($	229,119	)	$	112,674		($	116,495	)	$	185,914


Denominator:
Denominator for basic (loss) earnings per share — weighted average Common Shares outstanding		406,164,577			400,846,907			404,514,824			400,255,725

Effect of dilutive potential common shares:
Units		45,563,665			48,398,598			46,366,561			48,646,371
Share options and restricted shares (a)		—			1,288,336			—			1,938,268

Dilutive potential common shares		45,563,665			49,686,934			46,366,561			50,584,639

Denominator for diluted (loss) earnings per share — weighted average Common Shares outstanding and dilutive potential common shares		451,728,242			450,533,841			450,881,385			450,840,364


(Loss) earnings per share — basic:
(Loss) income from continuing operations available to common shareholders, net of minority interests	($	0.25	)	$	0.21		($	0.05	)	$	0.40
Discontinued operations, net of minority interests		(0.26	)		0.04			(0.21	)		0.09
Cumulative effect of a change in accounting principle, net of minority interests		—			—			—			(0.08	)

Net (loss) income available to common shareholders, net of minority interests (b)	($	0.51	)	$	0.25		($	0.26	)	$	0.41


(Loss) earnings per share — diluted:
(Loss) income from continuing operations available to common shareholders	($	0.25	)	$	0.21		($	0.05	)	$	0.40
Discontinued operations		(0.26	)		0.04			(0.21	)		0.09
Cumulative effect of a change in accounting principle		—			—			—			(0.07	)

Net (loss) income available to common shareholders (b)	($	0.51	)	$	0.25		($	0.26	)	$	0.41


(a)		Share options and restricted shares are not dilutive to earnings per share for the three months and six months ended June 30, 2005 but are dilutive to earnings per share for the three months and six months ended June 30, 2004.

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

Equity Office Properties Trust
Net Free Cash Flow
June 30, 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-Q and 10-K.

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 June 30,						For the six months ended June 30,
	2005			2004			2005			2004
	(Dollars in thousands)
Net cash provided by operating activities	$	299,153		$	343,008		$	468,328		$	566,731
Less: Distributions paid to common shareholders and unitholders (a)		(226,758	)		(224,408	)		(226,758	)		(225,244	)
Less: Distributions paid to preferred shareholders		(8,048	)		(8,049	)		(16,096	)		(16,671	)
Less: Tenant improvements and leasing costs for leases which commenced during the period and capital improvements incurred (b)		(106,431	)		(109,639	)		(199,563	)		(195,108	)

Net Free Cash Flow	($	42,084	)	$	912		$	25,911		$	129,708


(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 consolidated 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.

Equity Office Properties Trust
Same Store Portfolio Segment Results
June 30, 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 in our Total Office Portfolio that were held during the 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 2005, is included in the Same Store Portfolio for the three months ended June 30, 2005 and June 30, 2004, but not the Same Store Portfolio for the six months ended June 30, 2005 and June 30, 2004 because the property was previously accounted for under the equity method during the first quarter 2004.


	For the three months ended June 30,						Change						For the six months ended June 30,						Change
	2005			2004			$			%			2005			2004			$			%
				(Dollars in thousands)
Revenues:
Property operating revenues	$	717,930		$	712,202		$	5,728			0.8	%	$	1,376,148		$	1,372,096		$	4,052			0.3	%
Deferred rental revenue		13,761			20,847			(7,086	)		(34.0	%)		21,720			39,489			(17,769	)		(45.0	%)

Property operating revenues		731,691			733,049			(1,358	)		(0.2	%)		1,397,868			1,411,585			(13,717	)		(1.0	%)


Expenses:
Real estate taxes		85,166			92,698			(7,532	)		(8.1	%)		157,578			161,179			(3,601	)		(2.2	%)
Insurance, repairs and maintenance and property operating expenses		189,031			178,395			10,636			6.0	%		361,973			350,937			11,036			3.1	%

Property operating expenses		274,197			271,093			3,104			1.1	%		519,551			512,116			7,435			1.5	%

Property net operating income from continuing operations	$	457,494		$	461,956		($	4,462	)		(1.0	%)	$	878,317		$	899,469		($	21,152	)		(2.4	%)

Property operating margin (a)		62.5	%		63.0	%					(0.5	%)		62.8	%		63.7	%					(0.9	%)

Excluding Lease Termination Income:
Property net operating income from continuing operations	$	457,494		$	461,956		($	4,462	)		(1.0	%)	$	878,317		$	899,469		($	21,152	)		(2.4	%)
Less lease termination income		(10,538	)		(7,656	)		(2,882	)		37.6	%		(14,097	)		(21,705	)		7,608			(35.1	%)

Property net operating income from continuing operations before lease termination income	$	446,956		$	454,300		($	7,344	)		(1.6	%)	$	864,220		$	877,764		($	13,544	)		(1.5	%)

Property operating margin (a) before lease termination income		62.0	%		62.6	%					(0.6	%)		62.5	%		63.2	%					(0.7	%)


Excluding Deferred Rental Revenue:
Property net operating income from continuing operations	$	457,494		$	461,956		($	4,462	)		(1.0	%)	$	878,317		$	899,469		($	21,152	)		(2.4	%)
Less deferred rental revenue		(13,761	)		(20,847	)		7,086			(34.0	%)		(21,720	)		(39,489	)		17,769			(45.0	%)

Property net operating income from continuing operations before deferred rental revenue	$	443,733		$	441,109		$	2,624			0.6	%	$	856,597		$	859,980		($	3,383	)		(0.4	%)


	Occupancy Rates									Occupancy Rates
	At June 30, 2005			At June 30, 2004			At March 31, 2004			At June 30, 2005			At June 30, 2004			At December 31, 2003
CBD		91.8	%		91.1	%		91.8	%		91.4	%		90.6	%		91.5	%
Suburban		87.2	%		85.1	%		84.7	%		87.2	%		85.1	%		84.7	%

Total Same Store Portfolio		88.9	%		87.3	%		87.4	%		88.7	%		87.1	%		87.2	%

Square Feet		98,405,685									96,639,991
Number of Properties		562									561

Note:


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

Equity Office Properties Trust
Property Joint Venture Information
June 30, 2005


								Effective Office Portfolio (a)
	Number of		Effective Ownership			Total Office Portfolio				Percent
Property	Buildings		Percentage (a)			Square Feet		Square Feet		Occupied

Consolidated Properties		580		100	%		90,512,718		90,512,718		87.8	%

Consolidated Joint Ventures
The Plaza at LaJolla Village				66.7	%		635,419		423,634		81.9	%
222 Berkley Street				91.5	%		519,608		475,441		99.7	%
500 Boylston Street				91.5	%		706,864		646,781		98.7	%
Wells Fargo Center				75	%		1,117,439		838,079		89.8	%
Ferry Building				100	%		243,812		243,812		97.2	%
2951 28th Street				98	%		85,000		83,300		90.0	%
San Felipe Plaza				100	%		959,466		959,466		84.7	%
Four Forest Plaza				100	%		394,324		394,324		77.5	%
Market Square				100	%		681,051		681,051		95.8	%
One Ninety One Peachtree Tower				100	%		1,215,288		1,215,288		95.5	%
Brea Corporate Plaza				100	%		117,195		117,195		98.5	%
Northborough Tower				100	%		207,908		207,908		99.7	%
Sixty State Street				100	%		823,014		823,014		97.3	%
Worldwide Plaza Amenities				100	%		108,391		108,391		96.5	%
Park Avenue Tower				100	%		568,060		568,060		99.4	%
850 Third Avenue				99	%		568,867		563,178		94.4	%
Washington Mutual Tower				75	%		1,207,823		905,867		97.2	%
1301 Avenue of the Americas				100	%		1,765,694		1,765,694		99.5	%
SunAmerica Center				67.27	%		780,063		524,772		89.6	%

Subtotal		25					12,705,286		11,545,255		94.3	%

Unconsolidated Joint Ventures
One Post Office Square				50	%		765,296		382,648		72.1	%
75-101 Federal Street				51.61	%		813,195		419,704		76.8	%
Rowes Wharf				44	%		344,645		151,644		100.0	%
10 & 30 South Wacker (b)				75	%		2,003,288		1,502,466		83.9	%
Bank One Center (b)				25	%		1,057,877		264,469		93.0	%
Pasadena Towers (b)				25	%		439,366		109,842		92.9	%
Promenade II (b)				50	%		774,344		387,172		96.3	%
SunTrust Center (b)				25	%		640,741		160,185		88.1	%
Bank of America Tower				50.1	%		1,545,008		774,049		73.9	%
One Post				50	%		421,121		210,561		86.5	%
161 North Clark (c)				25	%		1,010,520		252,630		87.9	%
Prominence in Buckhead (c)				25	%		424,309		106,077		94.6	%
World Trade Center East (c)				25	%		186,912		46,728		100.0	%
Treat Towers (c)				25	%		367,313		91,828		100.0	%
Parkshore Plaza I & II (c)				25	%		269,853		67,463		97.8	%
Bridge Pointe Corporate Center I & II (c)				25	%		372,653		93,163		99.7	%
1111 19th Street (c)				20	%		252,014		50,403		77.0	%
1620 L Street (c)				20	%		156,272		31,254		84.9	%
1333 H Street (c)				20	%		244,585		48,917		98.1	%
Yahoo Center (fka Colorado Center) (c)				50	%		1,087,628		543,814		90.0	%
1601 Market Street				11	%		681,289		74,942		91.6	%
1700 Market Street				11	%		841,172		92,529		94.0	%

Subtotal		38					14,699,401		5,862,488		85.4	%

Total		643					117,917,405		107,920,461		88.4	%


(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.

Equity Office Properties Trust
Development
June 30, 2005

Placed in

Costs

Total

Current

Service

Number of

Square

Incurred To

Estimated

Percentage

Property

Date (a)

Location

Buildings

Feet

Date

Costs (b)

Leased

(Dollars in thousands)

Summit at Douglas Ridge II

Q2 2005

Roseville, CA

93,349

$18,780

22,995


(a)		The Placed in Service Date represents the date the certificate of occupancy was obtained. The property is currently in 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 development described above, we own or have under option various land parcels available for development. These developments will be impacted by the timing and likelihood of success of the entitlement processes, both of which are uncertain. 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; Station Landing, Walnut Creek, CA; City Center Bellevue; Bellevue, WA; and 8th Street, Bellevue, WA.

There are no unconsolidated joint venture properties under development as of June 30, 2005.

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


	June 30, 2005			December 31, 2004			Change
	*(Dollars in thousands)*
Balance (includes discounts and premiums)
Fixed rate:
Mortgage debt	$	2,181,008		$	2,502,871		$	(321,863	)
Unsecured notes		8,187,714			8,439,016			(251,302	)

Total fixed rate debt		10,368,722			10,941,887			(573,165	)


Variable rate:
Mortgage debt		105,654			106,196			(542	)
Unsecured notes and lines of credit (a)		1,684,340			1,761,376			(77,036	)

Total variable rate debt		1,789,994			1,867,572			(77,578	)

Total	$	12,158,716		$	12,809,459		$	(650,743	)


Percent of total debt
Fixed rate		85.3	%		85.4	%		-0.1	%
Variable rate (a)		14.7	%		14.6	%		0.1	%

Total		100.0	%		100.0	%		0.0	%


Effective interest rate at end of period
Fixed rate:
Mortgage debt		7.62	%		7.80	%		-0.2	%
Unsecured notes		6.92	%		6.87	%		0.1	%

Effective interest rate		7.07	%		7.09	%		0.0	%


Variable rate:
Mortgage debt		6.36	%		5.53	%		0.8	%
Unsecured notes and lines of credit		4.27	%		3.75	%		0.5	%

Effective interest rate		4.40	%		3.85	%		0.5	%

Total		6.68	%		6.61	%		0.1	%


(a)		The variable rate debt as of June 30, 2005 and December 31, 2004 includes $750 million and $1.0 billion of fixed rate unsecured notes, respectively, 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.

Equity Office Properties Trust
Debt Summary
June 30, 2005


	*Coupon*			*Effective*			*Principal*		*Maturity*		*Due at*		*Years to*
Consolidated Property Debt:	*Rate*			*Rate (a)*			*Balance*		*Date*		*Maturity*		*Maturity*
	*(Dollars in thousands)*
Secured Fixed Rate Debt
1301 Avenue of the Americas		7.79	%		8.01	%	$	421,214		08/01/05	$	420,684
Wells Fargo Center		8.74	%		7.97	%		110,000		12/31/05		110,000
Perimeter Center		7.08	%		7.08	%		182,454		03/31/06		178,571
Bayhill Office Center		8.35	%		7.94	%		47,780		12/01/06		45,751
Bayhill Office Center		6.90	%		6.90	%		38,201		12/01/06		37,422
Reston Town Center		8.00	%		8.00	%		83,506		01/01/07		81,194
Reston Town Center		6.90	%		6.90	%		28,651		01/01/07		28,030
E.J. Randolph		8.19	%		8.19	%		13,430		01/01/07		12,935
Northridge I		8.19	%		8.19	%		12,177		01/01/07		11,728
Shorebreeze I and II		4.19	%		5.43	%		22,428		03/01/07		21,476
Westbrook Corporate Center		8.00	%		8.00	%		92,387		05/01/07		87,844
Wilshire Palisades		6.45	%		6.45	%		38,642		07/01/08		36,854
11111 Sunset Hills Road		6.12	%		4.97	%		22,501		07/11/08		21,584
Corporate 500 Centre		6.66	%		7.98	%		80,006		11/01/08		80,006
Bayside Plaza		7.26	%		7.62	%		14,057		08/15/09		12,435
Centerside II		7.26	%		7.72	%		21,846		08/15/09		19,325
700 North Brand		7.26	%		7.88	%		24,264		08/15/09		21,464
Golden Bear Center		7.26	%		7.72	%		18,444		08/15/09		16,316
Bixby Ranch		7.26	%		7.62	%		25,696		08/15/09		22,731
One Memorial		7.26	%		7.88	%		56,854		08/15/09		50,293
SunAmerica Center		7.94	%		7.94	%		199,509		10/01/09		187,855
Peninsula Office Park		7.23	%		7.78	%		79,584		11/01/09		70,026
Embarcadero Place		7.23	%		7.78	%		34,450		11/01/09		30,313
201 California Street		7.23	%		7.96	%		40,088		11/01/09		35,363
Tower 56		7.23	%		7.87	%		22,598		11/01/09		19,884
125 Summer Street		7.23	%		8.12	%		71,200		11/01/09		62,649
Washington Mutual Tower		4.55	%		4.56	%		79,250		06/01/10		79,250
Park Avenue Tower / 850 Third Avenue		8.47	%		8.51	%		181,561		06/30/10		180,000
The Plaza at La Jolla Village		6.87	%		7.50	%		76,224		01/10/11		69,608
San Felipe Plaza		5.81	%		5.81	%		47,913		01/01/13		41,212
Santa Monica Business Park		9.88	%		7.36	%		6,399		12/10/13		—


Total / Weighted Average Secured Fixed Rate Debt		7.45	%		7.62	%		2,193,314				2,092,803		2.7


Secured Variable Rate Debt
1301 Avenue of the Americas LIBOR + 300 bp		6.11	%		6.36	%		105,654		08/01/05		105,561		0.1


Total / Weighted Average Consolidated Secured Debt		7.39	%		7.57	%	$	2,298,968			$	2,198,364		2.6


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

Equity Office Properties Trust
Debt Summary
June 30, 2005


				*Principal*					*Years to*
		*Coupon Rate*	*Effective Rate (a)*	*Balance*		*Maturity Date*	*Due at Maturity*		*Maturity*
		(Dollars in thousands)
Unsecured Debt Variable Rate Lines of Credit
$250M Term Loan Facility	LIBOR + 35 bp	3.68%	3.68%	$	250,000	02/10/06	$	250,000
$1B Revolving Credit Facility	LIBOR + 60 bp plus facility fee of 20 bp on $1.0 billion	3.90%	4.10%		443,000	05/08/06		443,000


Total / Weighted Average Unsecured Variable Rate Lines of Credit		3.82%	3.94%		693,000			693,000		0.8


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
10 Year Unsecured Notes (b)		4.75%	5.54%		250,000	03/15/14		250,000
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 (c)		4.25%	4.51%		62,790	11/15/06 — 6/15/11		62,790


Total / Weighted Average Unsecured Fixed Rate Notes		6.87%	6.92%	$	8,199,290		$	8,199,290		7.0


(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 an interest rate swap agreement that effectively converted these notes to a variable interest rate based on the 6-month LIBOR rate. The interest rate swap was terminated during June 2005 at no cost, which effectively converted the notes back to a fixed interest rate.

(c)		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%.

Equity Office Properties Trust
Debt Summary
June 30, 2005


				*Principal*						*Years to*
		*Coupon Rate*	*Effective Rate (a)*	*Balance*			*Maturity Date*	*Due at Maturity*		*Maturity*
		(Dollars in thousands)
Unsecured Variable Rate Notes
6 Year Unsecured Notes	LIBOR + 60 bp	3.70%	3.83%	$	200,000		10/01/10	$	200,000
10 Year Unsecured Notes (b)		4.75%	4.70%		750,000		03/15/14		750,000
10 Year Unsecured Notes	LIBOR + 77.5 bp	4.09%	4.19%		45,000		05/27/14		45,000

Total / Weighted Average Unsecured Variable Rate Notes		4.51%	4.50%		995,000				995,000		8.0


Total / Weighted Average Consolidated Fixed Rate Debt		7.00%	7.07%		10,392,604				10,292,093		6.1

Total / Weighted Average Consolidated Variable Rate Debt		4.34%	4.40%		1,793,654				1,793,561		4.8

Net discount on fixed rate mortgage debt					(12,306	)
Net discount on unsecured fixed rate notes					(11,576	)
Net discount on unsecured variable rate notes					(3,660	)

Total / Weighted Average Consolidated Debt		6.60%	6.68%		12,158,716				12,085,654		5.9


Pro Rata Share of Unconsolidated Joint Venture Debt
SunTrust Center	LIBOR + 80 bp	4.20%	4.20%		12,500		12/14/05		12,500
Bank One Center	LIBOR + 80 bp	4.20%	4.20%		16,250		12/14/05		16,250
Promenade II		7.84%	7.84%		40,952		10/01/06		39,325
Promenade II		6.90%	6.90%		9,550		10/01/06		9,391
Pasadena Towers		6.92%	6.92%		15,290		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	5.65%	5.65%		1,353		11/06/11		1,353
75—101 Federal Street		5.05%	5.05%		62,098		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		5.44%	5.44%		359,732				330,394		5.1


Total / Weighted Average Consolidated and Pro Rata Share of Unconsolidated Joint Venture Debt		6.57%	6.64%	$	12,518,448			$	12,416,048		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.

Equity Office Properties Trust
Debt Maturity (a)
June 30, 2005


	Secured Debt						Unsecured
Year	Consolidated		Unconsolidated		Unsecured Notes		Lines of Credit		Total		Effective Rate (b)
	(Dollars in thousands)
2005	$	636,245	$	28,750	$	150,000	$	—	$	814,995		7.45	%
2006		261,744		48,716		652,924		693,000		1,656,384		5.98	%
2007		243,207		—		988,543		—		1,231,750		7.52	%
2008		138,444		14,371		482,971		—		635,786		6.89	%
2009		548,654		6,765		858,609		—		1,414,028		7.34	%
2010		259,250		92,877		1,564,207		—		1,916,334		5.92	%
2011		69,608		9,222		1,102,036		—		1,180,866		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		4.88	%
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	$	2,198,364	$	330,394	$	9,194,290	$	693,000	$	12,416,048		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.

Equity Office Properties Trust
Tenant Improvements and Leasing Costs
June 30, 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 June 30,
	2005					2004
	(Dollars in thousands, except per square foot amounts)
				Total Cost					Total Cost
				per Square					per Square
	Total Costs			Foot Leased		Total Costs			Foot Leased
CONSOLIDATED PROPERTIES:
Office Properties:
Renewals	$	38,512		$	19.70	$	29,272		$	10.09
Retenanted		51,470			22.35		63,128			23.14

Total / Weighted Average		89,982			21.13		92,400			16.41


UNCONSOLIDATED JOINT VENTURES:
Renewals		517	(a)		12.41		1,479	(a)		11.95
Retenanted		5,895	(a)		41.20		2,910	(a)		27.33

Total / Weighted Average		6,412	(a)		34.71		4,389	(a)		19.06


Total / Weighted Average	$	96,394		$	21.70	$	96,789		$	16.52


	For the six months ended June 30,
	2005					2004
	(Dollars in thousands, except per square foot amounts)
				Total Cost					Total Cost
				per Square					per Square
	Total Costs			Foot Leased		Total Costs			Foot Leased
CONSOLIDATED PROPERTIES:
Office Properties:
Renewals	$	69,830		$	14.47	$	46,223		$	9.64
Retenanted		105,785			22.07		118,906			22.51

Total / Weighted Average		175,615			18.26		165,129			16.39


UNCONSOLIDATED JOINT VENTURES:
Renewals		1,126	(a)		10.18		8,698	(a)		20.59
Retenanted		16,095	(a)		41.87		6,506	(a)		27.58

Total / Weighted Average		17,221	(a)		34.79		15,204	(a)		23.09


Total / Weighted Average	$	192,836		$	19.07	$	180,333		$	16.80


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

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 period, 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 June 30,					For the six months ended June 30,
	2005			2004		2005		2004
	(Dollars in thousands)
Capital improvements	$	11,402		$	16,217	$	15,965	$	21,489
Tenant improvements and leasing costs
Office properties		89,982			92,400		175,615		165,129
Industrial properties		—			749		—		2,938
Expenditures for corporate furniture, fixtures and equipment, software, leasehold improvements and other		5,047			273		7,983		5,552

Subtotal		106,431			109,639		199,563		195,108
Development costs		3,610			22,598		4,695		42,725
Redevelopment costs		—			—		—		356
Timing differences		(6,103	)		18,974		455		66,235


Total capital improvements, tenant improvements and leasing costs	$	103,938		$	151,211	$	204,713	$	304,424


Selected items from the consolidated statements of cash flows:
Capital and tenant improvements	$	74,557		$	122,160	$	150,963	$	243,549
Lease commissions and other costs		29,381			29,051		53,750		60,875


Total	$	103,938		$	151,211	$	204,713	$	304,424


Unconsolidated Joint Ventures (a):
Capital improvements	$	1,285		$	1,188	$	2,087	$	1,777


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

Equity Office Properties Trust
Total Office Portfolio Data
June 30, 2005

Equity Office Properties Trust
Gross Leasing Summary
June 30, 2005


	For the three months ended June 30,

	2005		2004
Leased square footage (a)		4,692,085		6,242,599
Weighted average term in years		5.11		5.38


Rental Rates (b)	GAAP Basis (c)			Cash Basis (d)			GAAP Basis (c)			Cash Basis (d)

Rate on expiring leases	$	30.51		$	31.45		$	26.05		$	26.63
Rate on terminated leases		27.45			27.90			31.72			33.85

Rate on expiring and terminated leases		30.07			30.94			27.15			28.03
Rate on new and renewal leases		28.60			27.83			23.25			22.57

Change from expiring and terminated leases	($	1.47	)	($	3.11	)	($	3.90	)	($	5.46	)

% Change from expiring and terminated leases		-4.9	%		-10.1	%		-14.4	%		-19.5	%


Change from expiring leases only	($	1.91	)	($	3.62	)	($	2.80	)	($	4.06	)

% Change from expiring leases only		-6.3	%		-11.5	%		-10.7	%		-15.2	%


	For the six months ended June 30,

	2005		2004
Leased square footage (a)		10,699,742		11,657,011
Weighted average term in years		5.59		5.38


Rental Rates (b)	GAAP Basis (c)			Cash Basis (d)			GAAP Basis (c)			Cash Basis (d)

Rate on expiring leases	$	28.77		$	29.50		$	25.92		$	26.57
Rate on terminated leases		30.55			31.62			31.55			33.30

Rate on expiring and terminated leases		29.10			29.89			26.96			27.82
Rate on new and renewal leases		27.19			26.11			23.84			23.16

Change from expiring and terminated leases	($	1.91	)	($	3.78	)	($	3.12	)	($	4.66	)

% Change from expiring and terminated leases		-6.6	%		-12.6	%		-11.6	%		-16.8	%


Change from expiring leases only	($	1.58	)	($	3.39	)	($	2.08	)	($	3.41	)


% Change from expiring leases only		-5.5	%		-11.5	%		-8.0	%		-12.8	%


(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 abatements 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.

Equity Office Properties Trust
Portfolio Summary
June 30, 2005


Property Net Operating Income from Continuing Operations (“NOI”) (a)	Unencumbered Office			Encumbered Office			Total
	(Dollars in thousands)
Consolidated Properties	$	370,401		$	99,427		$	469,828
Unconsolidated Joint Ventures		18,577			10,687			29,264

Total	$	388,978		$	110,114		$	499,092


Percentage of Total NOI		78	%		22	%		100	%


(a)		NOI calculations are based on actual NOI for the second quarter of 2005 generated from properties owned as of June 30, 2005.


	Square Feet		% Square Feet			% NOI			Markets

CBD		50,206,470		42.6	%		45.8	%
Suburban		67,710,935		57.4	%		54.2	%

Total		117,917,405		100.0	%		100.0	%		26

											��
	CBD									Suburban								All Office Properties
Market	Square Feet		% Square Feet			% NOI			Square Feet			% Square Feet			% NOI			Square Feet		% Square Feet			% NOI

Boston		9,112,912		7.7	%		10.3	%		3,454,517			2.9	%		2.9	%		12,567,429		10.7	%		13.3	%
San Francisco		4,555,117		3.9	%		4.5	%		4,946,908			4.2	%		5.9	%		9,502,025		8.1	%		10.4	%
New York		5,367,110		4.6	%		9.5	%		—			—			—			5,367,110		4.6	%		9.5	%
San Jose		643,046		0.5	%		0.8	%		6,809,482			5.8	%		8.2	%		7,452,528		6.3	%		9.1	%
Los Angeles		1,896,244		1.6	%		1.6	%		6,514,095			5.5	%		6.3	%		8,410,339		7.1	%		7.9	%
Seattle		5,154,675		4.4	%		4.2	%		4,835,011			4.1	%		3.5	%		9,989,686		8.5	%		7.7	%
Chicago		6,634,939		5.6	%		3.9	%		5,066,006			4.3	%		3.2	%		11,700,945		9.9	%		7.1	%
Washington D.C.		2,299,073		1.9	%		2.4	%		4,320,007			3.7	%		4.4	%		6,619,080		5.6	%		6.8	%
Orange County		—		—			—			6,040,928			5.1	%		4.5	%		6,040,928		5.1	%		4.5	%
Atlanta		1,989,632		1.7	%		1.9	%		5,518,346			4.7	%		2.5	%		7,507,978		6.4	%		4.4	%
All Others		12,553,722		10.6	%		6.6	%		20,205,635			17.1	%		12.7	%		32,759,357		27.8	%		19.3	%

Total		50,206,470		42.6	%		45.8	%		67,710,935			57.4	%		54.2	%		117,917,405		100.0	%		100.0	%

Equity Office Properties Trust
Summary of Markets
June 30, 2005


	Market	State	Buildings		Square Feet		% Square Feet			% NOI

1	Boston	MA		51		12,567,429		10.7	%		13.3	%
2	San Francisco	CA		70		9,502,025		8.1	%		10.4	%
3	New York	NY		7		5,367,110		4.6	%		9.5	%
4	San Jose	CA		103		7,452,528		6.3	%		9.1	%
5	Los Angeles	CA		48		8,410,339		7.1	%		7.9	%
6	Seattle	WA		54		9,989,686		8.5	%		7.7	%
7	Chicago	IL		33		11,700,945		9.9	%		7.1	%
8	Washington D.C.	DC, VA		28		6,619,080		5.6	%		6.8	%
9	Orange County	CA		33		6,040,928		5.1	%		4.5	%
10	Atlanta	GA		39		7,507,978		6.4	%		4.4	%
11	Portland	OR		45		4,164,536		3.5	%		2.7	%
12	Denver	CO		15		4,553,765		3.9	%		2.4	%
13	Sacramento	CA		38		2,681,243		2.3	%		2.1	%
14	Oakland-East Bay	CA		15		2,867,166		2.4	%		2.0	%
15	San Diego	CA		18		2,486,447		2.1	%		2.0	%
16	Stamford	CT		7		1,654,296		1.4	%		1.7	%
17	Minneapolis	MN		2		1,706,347		1.4	%		1.4	%
18	Houston	TX		7		2,734,362		2.3	%		1.2	%
19	Austin	TX		12		2,081,323		1.8	%		1.2	%
20	New Orleans	LA		4		1,822,256		1.5	%		1.0	%
21	Dallas	TX		5		1,801,490		1.5	%		0.7	%
22	Phoenix	AZ		2		605,295		0.5	%		0.3	%
23	Indianapolis	IN		2		1,057,877		0.9	%		0.2	%
24	Columbus	OH		2		379,752		0.3	%		0.1	%
25	Orlando	FL		1		640,741		0.5	%		0.1	%
26	Philadelphia	PA		2		1,522,461		1.3	%		0.1	%

	Total			643		117,917,405		100	%		100	%

The NOI percentages above are based on NOI for the second quarter of 2005 generated from office properties owned as of June 30, 2005.

Equity Office Properties Trust
Occupancy Summary
June 30, 2005


Summary by Market
	Square Footage								Percentage
	Occupied		Leased		Vacant		Total		Occupied			Leased			Vacant			Total

Boston		11,388,123		172,560		1,006,746		12,567,429		90.6	%		1.4	%		8.0	%		100	%
San Francisco		8,099,052		245,880		1,157,093		9,502,025		85.2	%		2.6	%		12.2	%		100	%
New York		5,132,563		—		234,547		5,367,110		95.6	%		0.0	%		4.4	%		100	%
San Jose		6,234,969		93,032		1,124,527		7,452,528		83.7	%		1.2	%		15.1	%		100	%
Los Angeles		7,518,335		435,158		456,846		8,410,339		89.4	%		5.2	%		5.4	%		100	%
Seattle		8,595,630		421,184		972,872		9,989,686		86.0	%		4.2	%		9.7	%		100	%
Chicago		10,359,319		232,349		1,109,277		11,700,945		88.5	%		2.0	%		9.5	%		100	%
Washington D.C.		6,065,316		155,609		398,155		6,619,080		91.6	%		2.4	%		6.0	%		100	%
Orange County		5,729,983		44,480		266,465		6,040,928		94.9	%		0.7	%		4.4	%		100	%
Atlanta		6,271,429		104,925		1,131,624		7,507,978		83.5	%		1.4	%		15.1	%		100	%
All Others		28,881,171		628,329		3,249,857		32,759,357		88.2	%		1.9	%		9.9	%		100	%

Total		104,275,890		2,533,506		11,108,009		117,917,405		88.4	%		2.1	%		9.4	%		100	%


Summary CBD vs. Suburban
	Square Footage								Percentage
	Occupied		Leased		Vacant		Total		Occupied			Leased			Vacant			Total

CBD		45,195,112		810,666		4,200,692		50,206,470		90.0	%		1.6	%		8.4	%		100	%
Suburban		59,080,778		1,722,840		6,907,317		67,710,935		87.3	%		2.5	%		10.2	%		100	%

Total		104,275,890		2,533,506		11,108,009		117,917,405		88.4	%		2.1	%		9.4	%		100	%

Equity Office Properties Trust
25 Largest Tenants
June 30, 2005


					Percentage of
			Weighted Average		Office Portfolio				Percentage of
	Number of		Remaining Lease		Annualized		Aggregate Rentable		Aggregate Occupied
Largest Tenants (a) (b)	Buildings		Term in Months (c)		Rent		Square Feet		Square Feet

General Services Administration		41		47		2.3%		2,581,465		2.5%
Washington Mutual		31		66		1.4%		1,596,554		1.5%
Ogilvy & Mather		1		48		1.1%		587,212		0.6%
Marsh & McLennan Companies		13		51		1.0%		850,549		0.8%
Wells Fargo		30		96		1.0%		982,233		0.9%
Cravath, Swaine & Moore LLP		1		50		0.9%		502,253		0.5%
PricewaterhouseCoopers		6		65		0.9%		638,871		0.6%
Wachovia Corporation		31		45		0.8%		764,709		0.7%
State Street		5		119		0.7%		449,097		0.4%
Citigroup Inc.		35		40		0.7%		727,947		0.7%
Xerox		6		70		0.7%		291,999		0.3%
Siemens		8		68		0.7%		445,471		0.4%
Dewey Ballantine LLP		1		183		0.7%		406,776		0.4%
Deloitte & Touche, LLP		8		77		0.7%		732,619		0.7%
Booz Allen Hamilton		4		74		0.7%		714,236		0.7%
Ameriquest Mortgage Company		31		46		0.7%		978,522		0.9%
Calyon (fka Credit Lyonnais)		1		92		0.6%		363,997		0.3%
American International Group (AIG)		11		72		0.6%		483,547		0.5%
Merrill Lynch		17		61		0.6%		491,893		0.5%
Bank One J.P. Morgan Chase		14		125		0.6%		592,087		0.6%
MFS Investment Management		1		92		0.5%		353,665		0.3%
Advanced Micro Devices		1		67		0.5%		175,000		0.2%
AT&T		6		52		0.5%		585,232		0.6%
Wilmer Cutler Pickering Hale and Dorr LLP		1		96		0.5%		364,209		0.3%
Chicago Mercantile Exchange		2		41		0.5%		438,461		0.4%

Total \ Weighted Average (c)				68		19.9%		17,098,604		16.4%


(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 June 30, 2005 multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of June 30, 2005 without regard to any rent abatements and contractual increases or decreases in rent subsequent to June 30, 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.

Equity Office Properties Trust
Lease Expiration Schedule (a)
June 30, 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 to
(Dollars in thousands except per square foot amounts)	month (b)			2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter (f)			Totals

*Boston*
Square Feet (c)		470,142			719,269			1,493,859			1,559,952			1,257,458			1,459,789			382,788			995,102			1,410,825			703,198			935,741			11,388,123
% Square Feet (d)		3.7	%		5.7	%		11.9	%		12.4	%		10.0	%		11.6	%		3.0	%		7.9	%		11.2	%		5.6	%		7.4	%		90.6	%
Annualized Rent for occupied square feet (e)	$	15,848		$	22,656		$	59,345		$	57,328		$	47,148		$	55,968		$	16,226		$	42,792		$	58,200		$	24,582		$	38,209		$	438,301
Annualized Rent per occupied square foot (e)	$	33.71		$	31.50		$	39.73		$	36.75		$	37.49		$	38.34		$	42.39		$	43.00		$	41.25		$	34.96		$	40.83		$	38.49

*San Francisco*
Square Feet (c)		813,017			789,957			1,252,434			1,219,722			735,194			1,488,105			604,442			309,016			359,906			217,120			310,139			8,099,052
% Square Feet (d)		8.6	%		8.3	%		13.2	%		12.8	%		7.7	%		15.7	%		6.4	%		3.3	%		3.8	%		2.3	%		3.3	%		85.2	%
Annualized Rent for occupied square feet (e)	$	31,762		$	36,530		$	43,016		$	46,546		$	24,558		$	68,220		$	24,264		$	8,790		$	11,166		$	5,577		$	16,648		$	317,078
Annualized Rent per occupied square foot (e)	$	39.07		$	46.24		$	34.35		$	38.16		$	33.40		$	45.84		$	40.14		$	28.45		$	31.02		$	25.68		$	53.68		$	39.15

*New York*
Square Feet (c)		92,331			206,178			182,825			127,721			1,253,489			317,380			425,749			472,303			436,482			108,144			1,509,961			5,132,563
% Square Feet (d)		1.7	%		3.8	%		3.4	%		2.4	%		23.4	%		5.9	%		7.9	%		8.8	%		8.1	%		2.0	%		28.1	%		95.6	%
Annualized Rent for occupied square feet (e)	$	5,838		$	12,915		$	9,253		$	7,638		$	72,472		$	14,593		$	22,975		$	21,082		$	24,757		$	6,504		$	72,506		$	270,534
Annualized Rent per occupied square foot (e)	$	63.23		$	62.64		$	50.61		$	59.80		$	57.82		$	45.98		$	53.96		$	44.64		$	56.72		$	60.14		$	48.02		$	52.71

*San Jose*
Square Feet (c)		501,019			908,916			847,862			566,500			544,045			1,049,924			698,722			458,779			116,877			329,327			212,998			6,234,969
% Square Feet (d)		6.7	%		12.2	%		11.4	%		7.6	%		7.3	%		14.1	%		9.4	%		6.2	%		1.6	%		4.4	%		2.9	%		83.7	%
Annualized Rent for occupied square feet (e)	$	13,853		$	31,364		$	28,827		$	14,097		$	15,563		$	38,130		$	41,384		$	31,267		$	3,769		$	6,320		$	5,404		$	229,978
Annualized Rent per occupied square foot (e)	$	27.65		$	34.51		$	34.00		$	24.88		$	28.61		$	36.32		$	59.23		$	68.15		$	32.25		$	19.19		$	25.37		$	36.89

*Los Angeles*
Square Feet (c)		429,668			962,827			1,255,952			648,589			725,215			780,090			494,879			717,289			473,751			335,525			694,550			7,518,335
% Square Feet (d)		5.1	%		11.4	%		14.9	%		7.7	%		8.6	%		9.3	%		5.9	%		8.5	%		5.6	%		4.0	%		8.3	%		89.4	%
Annualized Rent for occupied square feet (e)	$	14,886		$	34,142		$	43,298		$	20,125		$	19,903		$	23,800		$	18,754		$	23,402		$	17,211		$	11,773		$	22,267		$	249,561
Annualized Rent per occupied square foot (e)	$	34.65		$	35.46		$	34.47		$	31.03		$	27.44		$	30.51		$	37.90		$	32.63		$	36.33		$	35.09		$	32.06		$	33.19

*Seattle*
Square Feet (c)		234,141			812,341			818,891			1,316,998			1,431,779			1,271,583			467,259			453,142			457,906			443,832			887,758			8,595,630
% Square Feet (d)		2.3	%		8.1	%		8.2	%		13.2	%		14.3	%		12.7	%		4.7	%		4.5	%		4.6	%		4.4	%		8.9	%		86.0	%
Annualized Rent for occupied square feet (e)	$	6,359		$	23,365		$	22,683		$	34,154		$	34,477		$	33,883		$	11,676		$	12,771		$	12,150		$	10,128		$	23,063		$	224,709
Annualized Rent per occupied square foot (e)	$	27.16		$	28.76		$	27.70		$	25.93		$	24.08		$	26.65		$	24.99		$	28.18		$	26.53		$	22.82		$	25.98		$	26.14

Equity Office Properties Trust
Lease Expiration Schedule (a)
June 30, 2005


	2005 and month to
(Dollars in thousands except per square foot amounts)	month (b)			2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter (f)			Totals

*Chicago*
Square Feet (c)		625,397			1,379,531			853,980			1,478,178			960,573			1,128,888			592,998			685,006			514,685			521,544			1,618,539			10,359,319
% Square Feet (d)		5.3	%		11.8	%		7.3	%		12.6	%		8.2	%		9.6	%		5.1	%		5.9	%		4.4	%		4.5	%		13.8	%		88.5	%
Annualized Rent for occupied square feet (e)	$	15,875		$	39,826		$	22,540		$	42,990		$	28,714		$	30,460		$	15,109		$	19,697		$	14,098		$	13,159		$	37,924		$	280,392
Annualized Rent per occupied square foot (e)	$	25.38		$	28.87		$	26.39		$	29.08		$	29.89		$	26.98		$	25.48		$	28.75		$	27.39		$	25.23		$	23.43		$	27.07

*Washington D.C.*
Square Feet (c)		364,071			483,916			759,716			913,017			634,173			377,384			708,988			339,635			250,325			644,167			589,924			6,065,316
% Square Feet (d)		5.5	%		7.3	%		11.5	%		13.8	%		9.6	%		5.7	%		10.7	%		5.1	%		3.8	%		9.7	%		8.9	%		91.6	%
Annualized Rent for occupied square feet (e)	$	12,844		$	15,881		$	21,025		$	31,365		$	19,006		$	16,372		$	23,531		$	10,713		$	9,164		$	21,696		$	21,940		$	203,538
Annualized Rent per occupied square foot (e)	$	35.28		$	32.82		$	27.68		$	34.35		$	29.97		$	43.38		$	33.19		$	31.54		$	36.61		$	33.68		$	37.19		$	33.56

*Orange County*
Square Feet (c)		480,889			931,111			964,048			1,510,461			539,658			632,948			234,408			204,548			159,572			13,336			59,004			5,729,983
% Square Feet (d)		8.0	%		15.4	%		16.0	%		25.0	%		8.9	%		10.5	%		3.9	%		3.4	%		2.6	%		0.2	%		1.0	%		94.9	%
Annualized Rent for occupied square feet (e)	$	12,504		$	24,784		$	24,312		$	35,028		$	13,464		$	14,989		$	5,425		$	5,066		$	3,706		$	292		$	784		$	140,353
Annualized Rent per occupied square foot (e)	$	26.00		$	26.62		$	25.22		$	23.19		$	24.95		$	23.68		$	23.14		$	24.77		$	23.23		$	21.88		$	13.28		$	24.49

*Atlanta*
Square Feet (c)		346,109			1,250,111			749,824			646,062			731,997			1,319,327			351,789			149,902			167,500			277,384			281,424			6,271,429
% Square Feet (d)		4.6	%		16.7	%		10.0	%		8.6	%		9.7	%		17.6	%		4.7	%		2.0	%		2.2	%		3.7	%		3.7	%		83.5	%
Annualized Rent for occupied square feet (e)	$	7,551		$	37,281		$	16,283		$	12,557		$	21,335		$	32,796		$	7,857		$	3,053		$	3,910		$	5,174		$	5,129		$	152,925
Annualized Rent per occupied square foot (e)	$	21.82		$	29.82		$	21.72		$	19.44		$	29.15		$	24.86		$	22.33		$	20.36		$	23.34		$	18.65		$	18.23		$	24.38

*All Others*
Square Feet (c)		1,908,595			4,449,459			3,960,087			4,136,628			4,761,647			2,803,668			1,610,140			1,322,576			950,878			873,401			2,104,092			28,881,171
% Square Feet (d)		5.8	%		13.6	%		12.1	%		12.6	%		14.5	%		8.6	%		4.9	%		4.0	%		2.9	%		2.7	%		6.4	%		88.2	%
Annualized Rent for occupied square feet (e)	$	47,463		$	110,810		$	93,712		$	95,778		$	103,664		$	64,128		$	41,433		$	29,849		$	25,248		$	19,326		$	45,995		$	677,407
Annualized Rent per occupied square foot (e)	$	24.87		$	24.90		$	23.66		$	23.15		$	21.77		$	22.87		$	25.73		$	22.57		$	26.55		$	22.13		$	21.86		$	23.45

*Total Portfolio*
Square Feet (c)		6,265,379			12,893,616			13,139,478			14,123,828			13,575,228			12,629,086			6,572,162			6,107,298			5,298,707			4,466,978			9,204,130			104,275,890
% Square Feet (d)		5.3	%		10.9	%		11.1	%		12.0	%		11.5	%		10.7	%		5.6	%		5.2	%		4.5	%		3.8	%		7.8	%		88.4	%
Annualized Rent for occupied square feet (e)	$	184,783		$	389,554		$	384,293		$	397,606		$	400,304		$	393,340		$	228,635		$	208,482		$	183,379		$	124,529		$	289,870		$	3,184,775
Annualized Rent per occupied square foot (e)	$	29.49		$	30.21		$	29.25		$	28.15		$	29.49		$	31.15		$	34.79		$	34.14		$	34.61		$	27.88		$	31.49		$	30.54


(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 June 30, 2005 multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of June 30, 2005 without regard to any rent abatements and contractual increases or decreases in rent subsequent to June 30, 2005. Total rent abatements for leases in place as of June 30, 2005, for the period from July 1, 2005 to June 30, 2006 are approximately $34.3 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.

Equity Office Properties Trust
Rent Expiration by Market 2005 to 2007
June 30, 2005


	Percentage of Total Office Portfolio Rent Expiring (a)
Market	2005			2006			2007			Total

Boston		0.50	%		0.71	%		1.86	%		3.07	%
San Francisco		1.00	%		1.15	%		1.35	%		3.50	%
New York		0.18	%		0.41	%		0.29	%		0.88	%
San Jose		0.43	%		0.98	%		0.91	%		2.32	%
Los Angeles		0.47	%		1.07	%		1.36	%		2.90	%
Seattle		0.20	%		0.73	%		0.71	%		1.65	%
Chicago		0.50	%		1.25	%		0.71	%		2.46	%
Washington D.C.		0.40	%		0.50	%		0.66	%		1.56	%
Orange County		0.39	%		0.78	%		0.76	%		1.93	%
Atlanta		0.24	%		1.17	%		0.51	%		1.92	%


(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 June 30, 2005, multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of June 30, 2005 without regard to any rent abatements and contractual increases or decreases in rent subsequent to June 30, 2005. Total rent abatements for leases in place as of June 30, 2005, for the period from July 1, 2005 to June 30, 2006 are approximately $34.3 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.

Equity Office Properties Trust
Lease Distribution by Size
June 30, 2005


			Percentage of Office					Percentage of Office			(Annualized Rent per
	Total Occupied		Portfolio Occupied			Annualized Rent (in		Portfolio Annualized			Occupied Square
Square Feet Under Lease	Square Feet (a)		Square Feet			thousands) (b)		Rent (b)			Foot (b)

2,500 or Less		5,058,736		4.9	%	$	133,675		4.2	%	$	26.42
2,501 — 5,000		8,152,877		7.8	%		216,877		6.8	%		26.60
5,001 — 7,500		6,650,648		6.4	%		182,929		5.7	%		27.51
7,501 — 10,000		5,298,352		5.1	%		146,985		4.6	%		27.74
10,001 — 20,000		14,702,199		14.1	%		410,951		12.9	%		27.95
20,001 — 40,000		17,506,330		16.8	%		526,566		16.5	%		30.08
40,001 — 60,000		9,854,455		9.5	%		300,315		9.4	%		30.48
60,001 — 100,000		10,370,436		9.9	%		331,589		10.4	%		31.97
100,001 or Greater		26,681,857		25.6	%		934,888		29.4	%		35.04


Total/Weighted Average		104,275,890		100.0	%	$	3,184,775		100.0	%	$	30.54

(a)Reconciliation for total net rentable square feet for Office Properties is as follows:


	Square Feet		Percent of Total

Square footage occupied by tenants		103,442,980		87.7	%
Square footage used for management offices and building use		832,910		0.7	%

Total occupied square feet		104,275,890		88.4	%
Leased and unoccupied square feet		2,533,506		2.1	%
Unleased square feet		11,108,009		9.4	%

Total rentable square feet		117,917,405		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 June 30, 2005 multiplied by 12 months (“Annualized Rent”). This amount reflects total base rent and estimated expense reimbursements from tenants as of June 30, 2005 without regard to any rent abatements and contractual increases or decreases in rent subsequent to June 30, 2005. Total rent abatements for leases in place as of June 30, 2005, for the period from July 1, 2005 to June 30, 2006 are approximately $34.3 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.

Equity Office Properties Trust
Distribution by Industry
June 30, 2005


				Percentage of Office
		Occupied Square		Portfolio Occupied
NAICS Code	Classification	Feet		Square Feet

541	Professional, Scientific and Technical Services		34,466,856		33.1%	(a)
521-525	Finance and Insurance		27,843,645		26.7%	(b)
511-514	Information		9,884,573		9.5%	(c)
311-339	Manufacturing		5,409,002		5.2	%
561-562	Administrative and Support and Waste Management and Remediation Services		2,940,502		2.8	%
921-928	Public Administration		4,099,714		3.9	%
421-422	Wholesale Trade		1,391,492		1.3	%
531-533	Real Estate, Rental and Leasing		2,639,331		2.5	%
233-235	Construction		1,082,366		1.0	%
621-624	Health Care and Social Assistance		1,783,451		1.7	%
811-824	Other Services (except Public Administration)		1,686,511		1.6	%
441-454	Retail Trade		1,881,530		1.8	%
711-713	Arts, Entertainment and Recreation		1,433,479		1.4	%
211-213	Mining		1,272,161		1.2	%
221	Utilities		575,914		0.6	%
721-722	Accommodation and Food Services		1,344,295		1.3	%
481-493	Transportation and Warehousing		123,515		0.1	%
611	Educational Services		1,138,218		1.1	%
111-115	Agriculture, Forestry, Fishing and Hunting		115,122		0.1	%
551	Management of Companies and Enterprises		85,136		0.1	%
Other	Non-classified		3,079,077		3.0	%

	Total Occupied Square Feet		104,275,890		100.0	%


(a) Professional, Scientific and Technical Services includes the following:
5411	Legal Services		14,622,536		14.0	%
5412	Accounting, Tax Preparation, Bookkeeping and Payroll Services		2,732,650		2.6	%
5413	Architectural, Engineering, and Related Services		2,164,405		2.1	%
5415	Computer Systems Design and Related Services		5,415,142		5.2	%
5416	Management, Scientific and Technical Consulting Services (Marketing Consulting Services)		6,382,057		6.1	%
	Other Professional, Scientific and Technical Services		3,150,066		3.0	%

	Total Professional, Scientific and Technical Services		34,466,856		33.1	%


(b) Finance and Insurance includes the following:
523	Securities, Commodity Contracts and Other Financial Investments and Related Activities		8,672,737		8.3	%
524	Insurance Carriers and Related Activities		6,817,882		6.5	%
5221	Depository Credit Intermediation (Banks, S&Ls, Credit Unions)		6,574,475		6.3	%
	Other Finance and Insurance		5,778,551		5.5	%

	Total Finance and Insurance		27,843,645		26.7	%


(c) Information includes the following:
511	Publishing Industries		4,411,153		4.2	%
5133	Telecommunications		3,811,161		3.7	%
	Other Information		1,662,259		1.6	%

	Total Information		9,884,573		9.5	%

Forward-Looking Statements

Equity Office Properties Trust (EOP) Inactive 8-KResults of Operations and Financial Condition