Equity Office Properties Trust 8K Results of Operations and Financial Condition | EOP 2 Feb 06

Exhibit 99.1

FOURTH 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
December 31, 2005


	PAGE
Corporate Data

Overview		1
Board of Trustees / Executive Officers / Equity Research Coverage / Company Information / Senior Unsecured Debt Ratings / Tentative Conference Call Dates		2
Quarterly Events		3-6

Financial Information

Key Data		7-9
Press Release		10
Consolidated Statements of Operations		11
Consolidated Balance Sheets		12
Consolidated Statements of Cash Flows		13-14
Reconciliation of Net Income to Funds From Operations (“FFO”)		15-16
Segment Information		17
Statements of Discontinued Operations		18
Earnings Per Share		19
Net Free Cash Flow		20
Same Store Portfolio Segment Results		21
Property Joint Venture Information		22
Developments		23
Fixed and Variable Rate Consolidated Debt		24
Debt Summary		25-27
Debt Maturity and Mandatorily Redeemable Preferred Shares		28
Tenant Improvements and Leasing Costs		29
Tenant Improvements, Leasing Costs and Capital Improvements		30
Portfolio Summary		31

Total Office Portfolio Data

Gross Leasing Summary		32
Occupancy Summary		33
25 Largest Tenants		34
Lease Expiration Schedule		35-37
Rent Expiration by Market 2006 to 2008		38
Lease Distribution by Size		39
Distribution by Industry		40

Forward-Looking Statements		41

Equity Office Properties Trust

Corporate Data

December 31, 2005

Equity Office Properties Trust

Overview

December 31, 2005

Equity Office

The use of the word “Equity Office” in this Supplemental Operating and Financial Data 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 is the largest publicly traded owner and manager of office properties in the United States based upon equity market capitalization and square footage. At December 31, 2005, Equity Office had a national office portfolio comprised of whole or partial interests in 622 office buildings comprising 111.5 million square feet in 16 states and the District of Columbia (“Total Office Portfolio”). Equity Office owned buildings in 22 markets and in 101 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 portfolio.

Equity Office’s Total Office Portfolio consists of 622 office buildings comprising 111.5 million square feet. Excluding partial interests not owned by Equity Office in certain properties owned in joint ventures, Equity Office’s share of the Total Office Portfolio is 101.7 million square feet and is referred to as the “Effective Office Portfolio”. The Effective Office Portfolio represents Equity Office’s economic interest in the office properties from which Equity Office derives the net income it recognizes in accordance with GAAP. The Effective Office Portfolio square feet of 101.7 million has not been reduced to reflect Equity Office’s minority interest partners’ share of EOP Partnership. Properties that have been taken out of service and properties under development are not included in the definition of Effective Office Portfolio. Throughout this report, information is disclosed 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 December 31, 2005	of Buildings		Square Feet			Square Feet		Square Feet			Square Feet

Wholly-Owned Properties		562		77,309,801			85,927,640		77,309,801			85,927,640
Consolidated Joint Ventures		22		10,585,857			11,143,588		9,529,373			9,983,557
Unconsolidated Joint Ventures		38		12,990,416			14,437,825		5,146,371			5,797,094

Total		622		100,886,074			111,509,053		91,985,545			101,708,291

Weighted Average Occupancy				90.5	%				90.4	%

Weighted Average Leased				91.8	%				91.9	%


	Property Net Operating Income ("NOI") for the three months ended December 31, 2005 (a)
	Unencumbered			Encumbered			Total
	(Dollars in thousands)

Consolidated Properties	$	351,588		$	80,651		$	432,239
Unconsolidated Joint Ventures		16,345			14,929			31,274

Total	$	367,933		$	95,580		$	463,513


Percentage of Total NOI		79	%		21	%		100	%


Effective Office Portfolio Concentration
				Based on Property
				Net Operating Income
				for the three months ended
	Based on			December 31, 2005
	Square Feet			for Properties Owned as of
Location	as of December 31, 2005			December 31, 2005 (a)(b)

CBD		39.4	%		45.7	%
Suburban		60.6	%		54.3	%

Total		100.0	%		100.0	%


	Effective Office Portfolio Summary
				Percent of Property
				Net Operating Income
				for the three months ended
				December 31, 2005
	Percent of Square Feet			for Properties Owned as of
Strategic Markets	as of December 31, 2005			December 31, 2005 (a)(b)

Boston		11.4	%		14.0	%
San Francisco		9.3	%		10.9	%
Los Angeles		7.2	%		9.5	%
New York		5.3	%		8.9	%
San Jose		6.4	%		8.8	%
Seattle		8.6	%		7.6	%
Washington D.C.		6.0	%		7.6	%
Chicago		10.3	%		6.9	%
Atlanta		6.9	%		4.6	%
Orange County		5.9	%		4.5	%
Portland		4.1	%		2.8	%
Denver		4.5	%		2.4	%
Sacramento		2.4	%		2.0	%
Stamford		1.6	%		1.9	%
Oakland-East Bay		2.3	%		1.9	%
Austin		2.8	%		1.9	%
San Diego		1.8	%		1.7	%

Total		96.7	%		97.8	%



(a)		Property NOI represents Property NOI from Continuing Operations (refer to page 17 of this Supplemental Operating and Financial Data Report) and Property NOI from Unconsolidated Joint Ventures.
(b)		Based on Equity Office’s share of consolidated and unconsolidated NOI, and 100% of NOI from wholly-owned properties owned and in service as of December 31, 2005 for the three months ended December 31, 2005.

Equity Office Properties Trust
December 31, 2005


Board of Trustees

Samuel Zell Chairman of the Board of Trustees	James D. Harper, Jr. Trustee	Stephen I. Sadove Trustee

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		Peyton H. Owen, Jr.
President and		Executive Vice President and
Chief Executive Officer		Chief Operating Officer

Debra L. Ferruzzi		Stanley M. Stevens
Executive Vice President -		Executive Vice President,
Corporate Strategy		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


Equity Research Coverage

Art Havener / David AuBuchon	Lou Taylor / John Perry	Anthony Paolone / Mike Mueller	Gregory Whyte / David Cohen
A.G. Edwards & Sons, Inc.	Deutsche Banc	J.P. Morgan Securities	Morgan Stanley Dean Witter & Co., Inc.
314.955.3436 / 314.955.5452	212.250.4912 / 212.250.5182	212.662.6682 / 212.622.6689	212.761.6331 / 212.761.8564

Ross Nussbaum / John Kim	Kevin Lampo	John Guinee / David Fick	James Sullivan / James Feldman
Banc of America Securities	Edward D. Jones & Company	Stifel Nicolaus	Prudential Equity Group, L.L.C.
212.847.5668 / 212.847.5761	314.515.5253	410.454.5018 / 410.454.5520	212.778.2515 / 212.778.1724

Ross Smotrich / Jeff Langbaum	Carey Callaghan / Jay Habermann	David Harris	Paul Puryear / William Crow
Bear, Stearns & Co.	Goldman Sachs	Lehman Brothers, Inc.	Raymond James & Associates, Inc.
212.272.8046 / 212.272.4201	212.902.4351 / 917.343.4260	212.526.1790	727.567.2253 / 727.567.2594

Jonathan Litt / Jordan Sadler	James Sullivan / Michael Knott	Steve Sakwa / Brian Legg / Ian Weissman	Jay Leupp
Citigroup	Green Street Advisors	Merrill Lynch & Company, Inc.	RBC Capital Markets
212.816.0231 / 212.816.0438	949.640.8780	212.449.0335 / 212.449.1153 / 212.449.6255	415.633.8558 / 415.633.8588

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


Company Information

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

				Toll free within Canada and the United States: 800.692.5304


Senior Unsecured Debt Ratings

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

Tentative Conference Call Dates

1st Qtr 2006		May 2, 2006
2nd Qtr 2006		August 1, 2006
3rd Qtr 2006		October 31, 2006

Equity Office Properties Trust

Quarterly Events

December 31, 2005


						Total Office Portfolio
						and Effective Office Portfolio
				Number		Purchase Price
Property	Location	Acquisition Date		of Buildings		(in thousands)		Square Feet
Acquisitions during the year ended December 31, 2005:

Total for the nine months ended September 30, 2005 (a):					30	$	1,066,538		2,417,738

During the fourth quarter 2005:
300 W. 6th Street	Austin, TX		10/4/2005		1		131,685		446,637
Waterfall Towers (b)	Santa Rosa, CA		10/11/2005		3		16,800		90,671
Redwood Business Park I (b)	Petaluma, CA		10/28/2005		4		16,531		101,201
Redwood Business Park II (b)	Petaluma, CA		10/28/2005		5		29,781		169,389
Redwood Business Park V (b)	Petaluma, CA		10/28/2005		1		9,640		57,587
Fountaingrove I	Santa Rosa, CA		10/28/2005		1		9,872		37,428
Redwood Business Park III (including vacant land) (b)	Petaluma, CA		11/2/2005		2		26,648		144,000
Redwood Business Park IV (including vacant land) (b)	Petaluma, CA		11/2/2005		1		13,750		66,656
Parkpoint Business Center (b)	Santa Rosa, CA		11/2/2005		5		11,225		67,869
211 Perimeter Center	Atlanta, GA		11/10/2005		1		43,500		225,447
Great Hills Plaza	Austin, TX		12/21/2005		1		16,240		135,333


Total for the fourth quarter 2005:					25		325,672		1,542,218


Total for the year ended December 31, 2005:					55	$	1,392,210		3,959,956


On October 19, 2005, Equity Office invested $50.0 million in junior mezzanine debt as part of a debt refinancing on the 375 Park Avenue office property located in New York, NY. The mezzanine debt bears interest at a rate of 8.95% and matures in 2015. Equity Office accounts for this investment as a note receivable, which is included in “Prepaid expenses and other assets” on the consolidated balance sheet.

Acquisitions subsequent to year-end:

One and Three Harbor Drive	Sausalito, CA		1/19/2006		2	$	32,500		111,772

Total					2	$	32,500		111,772


(a)		The total purchase price for the assets acquired during the nine months ended September 30, 2005 includes the assumption of $45.0 million of mortgage debt, the issuance of partnership units in EOP Partnership (“Units”) valued at $3.3 million, an acquisition of vacant land for $7.6 million, and the acquisition of two buildings under development comprising 1.1 million square feet for $523.3 million. Developments are not included in the total number of buildings or total square feet owned by Equity Office until they are placed in service.

(b)		The purchase price for these assets includes the assumption of mortgage debt, the amount and terms of which are shown on page 6 of this Supplemental Operating and Financial Data report.

Equity Office Properties Trust
Quarterly Events (continued)
December 31, 2005


						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 year ended December 31, 2005:

Total for the nine months ended September 30, 2005 (a):					122	$	2,574,106		15,221,869	$	2,405,052		15,384,106

During the fourth quarter 2005:
Four Forest Plaza and Lakeside Square	Dallas, TX		10/14/2005		2		75,000		791,652		75,000		791,652
2 Oliver Street - 147 Milk Street	Boston, MA		10/18/2005		1		53,000		270,302		53,000		270,302
Chase Center (f/k/a Bank One Center) (b)	Indianapolis, IN		11/16/2005		2		180,000		1,057,877		45,000		264,469
Dulles Station Land (b)	Herndon, VA		12/2/2005		—		25,970		—		18,753		—
One Pacific Heights	San Diego, CA		12/15/2005		1		29,000		120,473		29,000		120,473
2500 CityWest Land	Houston, TX		12/27/2005		—		6,700		—		6,700		—
One Phoenix Plaza (c)	Phoenix, AZ		12/28/2005		1		76,300		586,403		76,300		586,403
49 E. Thomas Road	Phoenix, AZ		12/28/2005		1		700		18,892		700		18,892
Northborough Tower	Houston, TX		12/29/2005		1		27,000		207,908		27,000		207,908


Total for the fourth quarter 2005:					9		473,670		3,053,507		331,453		2,260,099


Total for the year ended December 31, 2005:					131	$	3,047,776		18,275,376	$	2,736,505		17,644,205


Dispositions subsequent to year-end:

120 Montgomery (d)	San Francisco, CA		1/20/2006		1	$	67,500		430,523	$	67,500		430,523

Total					1	$	67,500		430,523	$	67,500		430,523


(a)		The number of buildings and total square feet sold during the nine months ended September 30, 2005 exclude eight buildings comprising 203,921 square feet that were previously taken out of service.

(b)		Equity Office sold its 25% interest in the Chase Center property and its 70% interest in Dulles Station land. The sales prices shown for the Total Office Portfolio are derived by grossing up the sales prices for the sale of our interests to 100%. In addition, the sales price shown for Chase Center includes the buyer’s assumption of mortgage debt encumbering the property.

(c)		Equity Office made a loan in the amount of $66.3 million to finance the buyer’s acquisition of this property. The loan has a term of 60 days and bears interest at LIBOR plus 1.70%, with an option to extend the term for an additional 60 days at an interest rate of LIBOR plus 2.20%. Equity Office accounted for this loan as a note receivable, which is included in “Prepaid expenses and other assets” on the consolidated balance sheet, and deferred recognition of the gain on sale of this property until January 2006 when the loan was repaid. The deferred gain of $25.6 million is included in “Other liabilities” on the consolidated balance sheet.

(d)		This property was classified as held for sale at December 31, 2005 and was sold on January 20, 2006.

Equity Office Properties Trust
Quarterly Events (continued)
December 31, 2005

Impact of Hurricane Katrina:

In August 2005, One Lakeway Center, Two Lakeway Center, and Three Lakeway Center located in Metairie, LA sustained extensive damage due to Hurricane Katrina. As a result, Equity Office recorded $10.6 million of property damage and lost $1.9 million of rental revenue during the third quarter 2005. During the fourth quarter 2005, Equity Office revised its previous estimate with respect to the extent of the property damage and recorded an additional $20.9 million of expenses due to increased costs related to clean up and remediation and greater than expected wind damage, primarily to windows. The total property damage of $31.5 million is classified as “Insurance expense” on the consolidated statement of operations. Equity Office also lost an additional $2.4 million of rental revenue during the fourth quarter 2005, resulting in a total loss of $4.3 million of revenues during the year ended December 31, 2005. These losses are not covered by third-party insurance. While Equity Office believes that the assumptions used to determine estimated damages as a result of Hurricane Katrina are reasonable, actual results could differ from these estimates.

Gains / Losses on Sales of Real Estate:

Equity Office recognized $45.6 million and $22.1 million of gains on sales of real estate during the three months ended December 31, 2005 and 2004, or $0.10 per diluted share and $0.05 per diluted share, respectively, and $228.0 million and $29.3 million of gains on sales of real estate during the years ended December 31, 2005 and 2004, or $0.50 per diluted share and $0.06 per diluted share, respectively, after allocations to minority interest partners, as shown below:


	For the three months ended December 31,						For the years ended December 31,
	2005			2004			2005			2004
				(Dollars in thousands)
(Loss) gain on partial sales of real estate included in Income from Continuing Operations (a)	$	(1,098	)	$	21,686		$	46,308		$	21,901
Gain on sales of real estate included in Discontinued Operations		37,601			457			184,916			7,596
Minority interests’ share of gains on sales of real estate		—			—			(29,699	)		(214	)
Equity Office’s share of gains on sales of real estate classified as income from unconsolidated joint ventures		9,093			—			26,499			—


Equity Office’s share of the gains on sales of real estate	$	45,596		$	22,143		$	228,024		$	29,283


In addition, Equity Office recognized non-cash charges of $41.9 million and $2.1 million during the three months ended December 31, 2005 and 2004, or $0.10 per diluted share and $0.00 per diluted share, respectively, and $426.0 million and $231.3 million during the years ended December 31, 2005 and 2004, or $0.94 per diluted share and $0.51 per diluted share, respectively. These charges are related to the reduction in the intended holding period for assets that the company intends to sell, provisions for losses on assets held for sale and losses on assets that have been sold, as shown below:

Impairment on properties anticipated to be sold deducted from Income from Continuing Operations (b)	$	(38,147	)		—		$	(65,738	)	$	(38,534	)
Discontinued Operations:
Impairment on properties sold		—			—			(153,265	)		(190,636	)
Loss on properties sold		(3,115	)		—			(169,566	)		—
Provision for loss on properties held for sale (c)		(620	)	$	(2,123	)		(37,432	)		(2,123	)


Total non-cash charge	$	(41,882	)	$	(2,123	)	$	(426,001	)	$	(231,293	)


(a)		The loss of $1.1 million for the three months ended December 31, 2005 represents an adjustment to the gain previously recorded on properties sold in prior periods due to additional transaction costs incurred.

(b)		During the three months ended December 31, 2005, Equity Office recorded a non-cash impairment charge on four properties comprising 1.0 million square feet and one vacant land parcel that it intends to sell during 2006.

(c)		As of December 31, 2005, Equity Office classified the 120 Montgomery, 3001 Stender Way, and 8-16 Perimeter Center properties as held for sale and recorded a non-cash charge of $0.6 million to write-down the carrying value of 120 Montgomery and 3001 Stender Way to their fair value less costs to sell.

Common Share Repurchase Program and Redemption of Units:

Equity Office is authorized to repurchase up to $2.1 billion of Common Shares under its open market repurchase program through May 2006. As shown in the table below, Equity Office repurchased a total of $1.9 billion Common Shares under the program since its inception. As of January 31, 2006, $233.4 million of Common Shares are available for repurchase under the program. Repurchases to fund Equity Office’s employee benefit programs, including the Employee Share Purchase Plan and Supplemental Retirement Savings Plan, are not considered part of the open market repurchase program.


	Common Shares						Units
	Total Number of		Average Price Paid		Total Dollar Value of		Total Number of		Average Price		Total Dollar Value of
Year	Shares Purchased		Per Share		Shares Repurchased		Units Purchased		Paid Per Unit		Units Repurchased
					(Dollars in thousands)						(Dollars in thousands)
2002		7,901,900	$	24.92	$	196,882		3,727,925	$	28.62	$	106,690
2003		14,236,400		25.53		363,487		240,240		26.75		6,427
2004		1,260,600		25.80		32,518		139,256		28.03		3,904
2005		30,986,900		30.68		950,720		1,843,164		30.67		56,525
1/1/2006 - 1/31/2006		10,318,200		31.43		324,300		2,201,606		30.46		67,068

Total		64,704,000	$	28.87	$	1,867,907		8,152,191	$	29.52	$	240,614

Equity Office Properties Trust
Quarterly Events (continued)
December 31, 2005

Debt:
The following debt transactions occurred during the fourth quarter 2005:

Mortgage Debt:


	Principal		Coupon	Effective	Maturity
Property	Balance		Rate	Rate (a)	Date
	(Dollars in thousands)
Issued:
1301 Avenue of the Americas	$	420,784	5.37%	5.39%		1/11/2016
1301 Avenue of the Americas		65,821	LIBOR + 90bp	LIBOR + 99bp		1/11/2009
1300 North 17th Street		32,100	6.03%	6.07%		1/1/2013

Total issued:	$	518,705


Assumed through property acquisitions:
Waterfall Towers	$	7,739	6.08%	5.58%		1/1/2013
Redwood Business Park I		10,389	7.41%	5.87%		8/1/2011
Redwood Business Park II		18,227	7.41%	5.86%		8/1/2011
Redwood Business Park III		15,096	7.46%	5.95%		8/1/2011
Redwood Business Park IV		8,193	7.41%	5.92%		8/1/2011
Redwood Business Park V		6,439	7.41%	5.85%		8/1/2011
Parkpoint Business Center		7,429	5.53%	5.62%		1/1/2015

Total assumed through property acquisitions:	$	73,512


Refinanced:
Wells Fargo Center	$	110,000	LIBOR + 55bp	LIBOR + 68bp		1/1/2011
SunTrust Center (b)		19,250	5.34%	5.34%		1/1/2016

Total refinanced:	$	129,250


Repaid:
Perimeter Center (c)	$	179,559	7.08%	7.08%		3/31/2006

Total repaid:	$	179,559


Assumed by buyer through a property disposition:
Chase Center (f/k/a Bank One Center) (d)	$	16,250	LIBOR + 80bp	LIBOR + 80bp		12/14/2005

Total assumed by buyer through a property disposition:	$	16,250


(a)		Includes the effect of offering and transaction costs and premiums and discounts.

(b)		Equity Office owns a 25% interest in SunTrust Center which it accounts for under the equity method. The amount shown represents Equity Office’s share of the mortgage debt encumbering the property. Equity Office’s share of the previous mortgage was $12.5 million.

(c)		This debt was repaid prior to maturity on December 30, 2005.

(d)		Equity Office owned a 25% interest in Chase Center which it accounted for under the equity method. The amount shown represents Equity Office’s share of the mortgage debt assumed by the buyer upon the sale of its 25% interest in the property in November 2005.

Equity Office also received $17.3 million of cash proceeds from mortgage financing obtained on the John Hancock Center, a property in which Equity Office owns an 8.1% interest and accounts for under the cost method.

Lines of Credit:

In October 2005, Equity Office obtained and fully drew upon a $500 million unsecured term loan facility, bearing interest at LIBOR plus 45 basis points (the spread is subject to change based on EOP Partnership’s credit rating) and is scheduled to mature in October 2006. As a result of a subsequent downgrade in EOP Partnership’s credit rating in December 2005, the interest rate on the term loan facility increased to LIBOR plus 55 basis points. In December 2005, Equity Office entered into an amendment that increased the facility to $750 million with an option to draw an additional $250 million. In January 2006, Equity Office drew the additional $250 million, which increased the amount outstanding under the facility to $1.0 billion. As of January 31, 2006, Equity Office also had $951.0 million outstanding under its $1.25 billion revolving credit facility.

Equity Office Properties Trust

Financial Information

December 31, 2005

Equity Office Properties Trust

Key Data


	As of or for the three months ended
	12/31/2005			09/30/2005			06/30/2005			03/31/2005			12/31/2004
				(Dollars in thousands, except per share amounts)
Selected Operating Data — Continuing Operations
Total revenues	$	786,555		$	732,081		$	723,839		$	758,114		$	738,724
(Loss) income from continuing operations		(6,897	)		70,746			63,150			76,895			54,591
Deferred rental revenue		11,478			13,434			15,517			16,802			16,664
FAS 141 rental revenue		(231	)		(908	)		(895	)		(1,027	)		(851	)
Capitalized interest		390			47			4			—			218
Scheduled principal payments for consolidated debt		7,887			8,011			9,361			9,963			10,457

Lease Terminations
Income from early lease terminations (a)	$	13,210		$	4,558		$	10,750		$	51,508		$	16,946

Portfolio Statistics
Buildings		622			607			643			688			698
Square feet
Effective Office Portfolio		101,708,291			102,501,106			107,920,461			114,089,196			115,279,743
Total Office Portfolio		111,509,053			113,095,276			117,917,405			124,492,269			125,713,245
Occupancy at end of quarter
Effective Office Portfolio		90.4	%		89.3	%		88.4	%		87.5	%		87.5	%
Total Office Portfolio		90.5	%		89.2	%		88.4	%		87.6	%		87.7	%

General and Administrative Expense
Corporate	$	17,279		$	16,865		$	15,218		$	17,173		$	14,034
Property operating		31,314			26,211			24,253			21,603			23,252

Total	$	48,593		$	43,076		$	39,471		$	38,776		$	37,286

As a percentage of total revenues from continuing operations:
Corporate general and administrative expense		2.2	%		2.3	%		2.1	%		2.3	%		1.9	%
Property operating general and administrative expense		4.0	%		3.6	%		3.4	%		2.8	%		3.1	%


(a)		These amounts include continuing and discontinued operations and Equity Office’s share from unconsolidated joint ventures.

Equity Office Properties Trust
Key Data (continued)


	As of or for the three months ended
	12/31/2005		09/30/2005		06/30/2005			03/31/2005		12/31/2004
			(Dollars in thousands, except per share amounts)
Earnings (Loss) Per Share
Net income (loss) available to common shareholders — basic	$	0.05	$	0.23	$	(0.51	)	$	0.25	$	0.15

Net income (loss) available to common shareholders — diluted	$	0.05	$	0.23	$	(0.50	)	$	0.25	$	0.15

Weighted average Common Shares outstanding — basic		395,008,978		408,511,485		406,164,577			402,812,763		401,415,162
Weighted average Common Shares, Units and dilutive potential common shares — diluted		438,774,607		457,343,521		455,609,570			452,400,294		451,053,706

Market Value of Common Equity
Common Shares outstanding		380,674,998		408,537,183		410,041,083			406,615,162		403,842,441
Units outstanding		43,639,766		43,830,878		44,782,268			46,844,846		47,494,701

Total		424,314,764		452,368,061		454,823,351			453,460,008		451,337,142
Common Share price at the end of the period	$	30.33	$	32.71	$	33.10		$	30.13	$	29.12

Market value of common equity	$	12,869,467	$	14,796,959	$	15,054,653		$	13,662,750	$	13,142,938


Preferred Shares
Series B	$	299,497	$	299,497	$	299,497		$	299,497	$	299,500
Series G		212,500		212,500		212,500			212,500		212,500

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


Consolidated Debt
Fixed rate	$	10,775,997	$	10,539,684	$	10,368,722		$	10,312,005	$	10,941,887
Variable rate		2,051,821		1,056,000		1,789,994			2,164,999		1,867,572

Total	$	12,827,818	$	11,595,684	$	12,158,716		$	12,477,004	$	12,809,459


Common Share Price and Distributions
At the end of the period	$	30.33	$	32.71	$	33.10		$	30.13	$	29.12
High during period	$	33.17	$	35.79	$	34.39		$	31.17	$	29.86
Low during period	$	28.20	$	31.31	$	30.00		$	27.45	$	27.11
Distributions per share	$	0.50	$	0.50	$	0.50		$	0.50	$	0.50

Equity Office Properties Trust
Key Data (continued)


				Square Feet
	Number of			Total Office			Effective Office
Building and Square Feet Activity	Buildings			Portfolio			Portfolio
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
Acquisitions		12			888,528			888,528
Development Placed in Service (Cambridge Science Center)		1			115,340			115,340
Dispositions		(49	)		(5,826,000	)		(6,423,226	)
Building Remeasurements		—			3			3

September 30, 2005		607			113,095,276			102,501,106
Acquisitions		25			1,542,218			1,542,218
Dispositions		(9	)		(3,053,507	)		(2,260,099	)
Property Taken Out of Service		(1	)		(61,825	)		(61,825	)
Building Remeasurements		—			(13,109	)		(13,109	)

December 31, 2005		622			111,509,053			101,708,291


		Equity Office Properties Trust			Two North Riverside Plaza, Suite 2100
					Chicago, Illinois 60606

					phone 312.466.3300 fax 312.454.0332
					www.equityoffice.com

news release


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

For Immediate Release

Equity Office Announces Fourth Quarter and Full Year 2005 Results

CHICAGO (February 2, 2006) — Equity Office Properties Trust (NYSE: EOP) today announced results for the fourth quarter and full year 2005.

“The leasing environment is improving across our markets with positive trends in occupancy, net absorption, and rental rates,” commented Richard D. Kincaid, president and chief executive officer of Equity Office. “We sold $2.7 billion of assets in 2005, significantly changing the balance of our portfolio. Virtually all of our income is now generated from our targeted growth markets. We are entering 2006 well positioned to take advantage of improved leasing conditions with an extraordinary portfolio concentrated in markets with supply constraints and strong office job growth over time. Although we expect further rent roll down, we believe a number of the challenges we faced in the past are behind us.”

For fourth quarter 2005, net income available to common shareholders totaled $19.0 million with diluted earnings per share (EPS) of $0.05. Comparatively, net income available to common shareholders in the fourth quarter of 2004 totaled $61.3 million, with diluted EPS of $0.15.

Net income available to common shareholders for the full year 2005 totaled $8.1 million, or $0.02 per diluted share. This compares to net income available to common shareholders for 2004 of $98.2 million with diluted EPS of $0.24.

In comparing quarterly and year-over-year results, the decrease in net income was primarily due to losses related to Hurricane Katrina, rent roll down (new leases at lower rents than expiring leases), higher utility costs, increased spending on repairs and maintenance, as well as the dilutive impact of the net disposition activity.

10a

Page 2 — Equity Office Announces Fourth Quarter and Full Year 2005 Results

Listed below are significant financial statement items that affect comparability of net income between periods.


				For the three months ended December 31,											For the year ended December 31,
	2005						2004					2005						2004
(Dollars in thousands, except per share data)	Amount			Per Share - Diluted			Amount			Per Share - Diluted		Amount			Per Share - Diluted			Amount			Per Share - Diluted

Loss on sales of real estate, assets held for sale and impairments (a)	$	(41,882	)	$	(0.10	)	$	(2,123	)		—	$	(426,001	)	$	(0.94	)	$	(231,293	)	$	(0.51	)
Gains on sales of real estate (a)		45,596			0.10			22,143		$	0.05		228,024			0.50			29,283			0.06
Hurricane related charges		(23,306	)		(0.05	)		—			—		(35,812	)		(0.08	)		—			—
Severance costs (a)		(3,991	)		(0.01	)		—			—		(11,104	)		(0.02	)		(4,965	)		(0.01	)
Information technology system upgrades		(3,014	)		(0.01	)		(1,626	)		—		(5,220	)		(0.01	)		(2,102	)		—
Settlement of swaps		—			—			—			—		—			—			24,016			0.05
Cumulative effect of a change in accounting principle		—			—			—			—		—			—			(33,697	)		(0.07	)
Income from early lease terminations (a)		13,210			0.03			16,946			0.04		80,028			0.18			58,690			0.13

Total (b)	$	(13,387	)	$	(0.03	)	$	35,340		$	0.08	$	(170,085	)	$	(0.38	)	$	(160,068	)	$	(0.35	)


(a)		Includes amounts from continuing operations, discontinued operations and our share of joint ventures.

(b)		The total per share amounts may not total the sum of the individual per share amounts due to rounding.

Funds from operations available to common shareholders plus assumed conversions (FFO) for the fourth quarter 2005 on a diluted basis totaled $181.1 million, or $0.41 per diluted share. FFO for the same period in 2004 was $283.3 million, or $0.62 per share on a diluted basis. In the fourth quarter 2005, the company recorded a total $41.9 million non-cash charge, or $.09 per share, related to impairment on four properties and a land site anticipated to be sold within the next twelve months and losses on assets sold and held for sale.

FFO for 2005 totaled $608.3 million or $1.35 per share on a diluted basis, compared to $931.7 million or $2.07 per share on a diluted basis for 2004. The 2005 and 2004 full year FFO results included losses on sales, provisions for losses on assets held for sale, and impairments of $426.0 million and $231.3 million, respectively; but excluded net gains from real estate sold of $228.0 million in 2005 and $29.3 million in 2004. The attachment to this press release reconciles FFO and FFO per share to net income and net income per share, the most directly comparable GAAP measures.

Listed below are significant financial items that affect comparability of FFO for the periods presented.


				For the three months ended December 31,											For the year ended December 31,
	2005						2004					2005						2004
(Dollars in thousands, except per share data)	Amount			Per Share - Diluted			Amount			Per Share - Diluted		Amount			Per Share - Diluted			Amount			Per Share - Diluted

Loss on sales of real estate, assets held for sale and impairments (a)	$	(41,882	)	$	(0.09	)	$	(2,123	)		—	$	(426,001	)	$	(0.94	)	$	(231,293	)	$	(0.51	)
Hurricane related charges		(23,306	)		(0.05	)		—			—		(35,812	)		(0.08	)		—			—
Severance costs (a)		(3,991	)		(0.01	)		—			—		(11,104	)		(0.02	)		(4,965	)		(0.01	)
Information technology system upgrades		(3,014	)		(0.01	)		(1,626	)		—		(5,220	)		(0.01	)		(2,102	)		—
Settlement of swaps		—			—			—			—		—			—			24,016			0.05
Income from early lease terminations (a)		13,210			0.03			16,946		$	0.04		80,028			0.18			58,690			0.13

Total	$	(58,983	)	$	(0.13	)	$	13,197		$	0.03	$	(398,109	)	$	(0.88	)	$	(155,654	)	$	(0.35	)


(a)		Includes amounts from continuing operations, discontinued operations and our share of joint ventures.

(b)		The total per share amounts may not total the sum of the individual per share amounts due to rounding.

10b

Page 3 — Equity Office Announces Fourth Quarter and Full Year 2005 Results

Operations Overview

Same-store property net operating income (defined as property operating revenues, including straight-line rents, less property operating expenses), excluding early lease terminations, decreased 10.1% and 3.7% for the fourth quarter and full year respectively, as compared to 2004. Occupancy gains were offset by rent roll down and higher operating expenses, as described above. Over half of the decrease in same store results was due to the effects of Hurricane Katrina. The hurricane-related charge was higher than earlier projections due to increased costs related to clean-up and remediation and greater than expected wind damage, primarily to windows. Excluding hurricane-related costs and lease terminations, same store net operating income decreased 4.8% and 1.5% for the fourth quarter and full year, as compared to 2004.

EOP’s effective office portfolio occupancy was 90.4% at December 31, 2005, compared to 87.5% at December 31, 2004, and 89.3% at September 30, 2005. The fourth quarter increase was all due to leasing activity. For the full year, over half of the nearly 3.0% occupancy gain was from leasing, with the remaining attributable to dispositions.

Tenant improvements and leasing commissions for the leases that commenced during fourth quarter 2005 were $22.54 per square foot on a weighted average basis, compared to $19.15 per square foot in the fourth quarter 2004. For full year 2005, weighted average costs were $20.24 per square foot, as compared to $18.70 per square foot in 2004.

Investment Activity

Dispositions

In 2005, EOP sold assets totaling 17.8 million square feet for $2.7 billion. Following is a list of assets, totaling 2.3 million square feet, the company sold in the fourth quarter for approximately $331.5 million:


Four Forest Plaza and Lakeside Square		Dallas, TX
2 Oliver Street & 147 Milk Street		Boston, MA
Chase Center		Indianapolis, IN
Dulles Station Land		Herndon, VA
One Pacific Heights		San Diego, CA
Northborough Tower & 2500 CityWest Land		Houston, TX
One Phoenix Plaza & 49 E. Thomas Road		Phoenix, AZ

In January 2006, the company sold 120 Montgomery in San Francisco, CA for $67.5 million.

10c

Page 4 — Equity Office Announces Fourth Quarter and Full Year 2005 Results

Acquisitions

For full year 2005, the company purchased 5.1 million square feet of assets for $1.4 billion. Following is a list of assets, totaling 1.5 million square feet, the company purchased in the fourth quarter for approximately $325.7 million:


Property		Location
300 W. 6^th Street & Great Hills Plaza		Austin, TX
Waterfall Towers, Fountaingrove I, & Parkpoint Business Center		Santa Rosa, CA
Redwood Business Park I-V		Petaluma, CA
211 Perimeter Center		Atlanta, GA

In January 2006, EOP purchased One and Three Harbor Drive in Sausalito, CA for $32.5 million.

Share Repurchase

The company repurchased 31 million EOP common shares in 2005, at an average price of $30.68, for total consideration of $950.7 million and redeemed 1.8 million operating partnership units for approximately $56.5 million. In January 2006, the company purchased 10.3 million EOP common shares, at an average price of $31.43, for total consideration of $324.3 million and also redeemed 2.2 million operating partnership units for approximately $67.1 million. Currently, the company has $233.4 million available through May 2006 on its existing share repurchase authorization from its Board of Trustees.

2006 Outlook

Equity Office reconfirms that it anticipates in 2006 that EPS will be in the range of $0.14 to $0.29 and FFO per share will be in the $2.15 and $2.30 range.


Diluted EPS		$0.14 to $0.29
Plus: Real Estate Depreciation and Amortization		$2.01

Diluted FFO per share		$2.15 to $2.30

The primary assumptions used in calculating the 2006 EPS and FFO guidance ranges include:


Year-End Office Portfolio Occupancy	91% to 92%
Lease Termination Fees	$20 million to $30 million
Deferred Rental Revenue	$45 million to $50 million
Corporate G&A Expense	$62 million to $67 million
Same-Store Net Operating Income Growth (excluding lease termination fees)	0% to 1%
Tenant Improvements/Leasing Commissions	$	21.50 to $23.50 per square foot

The guidance ranges do not include the effect of future acquisitions, dispositions, common share buy back, and impairments.

10d

Page 5 — Equity Office Announces Fourth Quarter and Full Year 2005 Results

Conference Call Details

Management will discuss its fourth quarter 2005 results on EOP’s earnings conference call scheduled for Thursday, February 2, 2006, at 10:00 a.m. Central. 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 February 9, 2006, by calling 888-568-0336. No pass code is necessary. For callers outside of the United States, the replay telephone number is 402-530-7883. A live webcast of the conference call will be available in listen-only mode atwww.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.

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, changes in economic, business and competitive conditions, and other factors affecting the operation of the business of Equity Office. These and other risks and uncertainties are detailed from time to time in Equity Office’s filings with the SEC, including its 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 623 buildings comprising 111.2 million square feet in 16 states and the District of Columbia. Equity Office has an ownership presence in 22 Metropolitan Statistical Areas (MSAs) and in 101 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

10e

Equity Office Properties Trust

Consolidated Statements of Operations

(Unaudited)


		For the three months ended December 31,						For the years ended December 31,
		2005			2004			2005			2004
					(Dollars in thousands, except per share amounts)
Revenues:
Rental		$	602,471		$	580,285		$	2,340,922		$	2,278,286
Tenant reimbursements			131,674			105,627			422,436			403,816
Parking			28,621			27,600			114,057			108,061
Other			19,837			21,115			105,434			69,643
Fee income			3,952			4,097			17,740			14,226

Total revenues			786,555			738,724			3,000,589			2,874,032

Expenses:
Depreciation			171,779			172,952			656,102			614,748
Amortization			26,075			24,334			93,663			72,954
Real estate taxes			84,909			75,914			339,006			324,481
Insurance			29,916			8,530			59,567			29,521
Repairs and maintenance			110,759			90,296			340,904			312,928
Property operating			124,780			99,572			441,834			390,454
Ground rent			5,620			5,032			22,517			20,912
Corporate general and administrative			17,279			14,034			66,536			52,242
Impairment			38,147			—			65,738			38,534

Total expenses			609,264			490,664			2,085,867			1,856,774

Operating income			177,291			248,060			914,722			1,017,258


Other income (expense):
Interest and dividend income			5,401			2,611			15,896			8,041
Realized gain on settlement of derivatives and sale of marketable securities			—			223			157			28,976
Interest:
Expense incurred			(203,145	)		(213,120	)		(819,868	)		(833,393	)
Amortization of deferred financing costs and prepayment expenses			(3,106	)		(8,233	)		(11,857	)		(15,284	)

Total other income (expense)			(200,850	)		(218,519	)		(815,672	)		(811,660	)


(Loss) income before income taxes, allocation to minority interests, income from investments in unconsolidated joint ventures and (loss) gain on sales of real estate			(23,559	)		29,541			99,050			205,598
Income taxes			1,621			215			272			(1,981	)
Minority Interests:
EOP Partnership			(2,119	)		(7,316	)		(907	)		(11,747	)
Partially owned properties			(1,856	)		(2,210	)		(9,825	)		(10,264	)
Income from investments in unconsolidated joint ventures (including gain on sales of real estate of $9,093, $0, $26,499 and $0, respectively)			20,114			12,675			68,996			50,304
(Loss) gain on sales of real estate			(1,098	)		21,686			46,308			21,901

(Loss) income from continuing operations			(6,897	)		54,591			203,894			253,811
Discontinued operations (including net gain on sales of real estate and provision for (loss) on properties held for sale of $33,866, $(1,666), $(22,082) and $5,473, respectively)			34,560			15,448			(160,955	)		(82,807	)

Income before cumulative effect of a change in accounting principle			27,663			70,039			42,939			171,004
Cumulative effect of a change in accounting principle			—			—			—			(33,697	)

Net income			27,663			70,039			42,939			137,307
Preferred distributions			(8,701	)		(8,700	)		(34,803	)		(39,093	)

Net income available to common shareholders		$	18,962		$	61,339		$	8,136		$	98,214


Earnings per share — basic:
(Loss) income from continuing operations per share	(	$	0.03	)	$	0.12		$	0.38		$	0.50


Net income available to common shareholders per share		$	0.05		$	0.15		$	0.02		$	0.25


Weighted average Common Shares outstanding			395,008,978			401,415,162			403,147,751			400,755,733

Earnings per share — diluted:
(Loss) income from continuing operations per share	(	$	0.03	)	$	0.12		$	0.38		$	0.50


Net income available to common shareholders per share		$	0.05		$	0.15		$	0.02		$	0.24


Weighted average Common Shares outstanding and dilutive potential common shares			438,774,607			451,053,706			452,046,455			450,997,247


Distributions declared per Common Share outstanding		$	0.50		$	0.50		$	2.00		$	2.00

Equity Office Properties Trust

Consolidated Balance Sheets


	December 31, 2005
	(Unaudited)			December 31, 2004
	(Dollars in thousands,
	except per share amounts)
Assets:
Investments in real estate	$	22,928,279		$	24,835,216
Developments in process		560,129			40,492
Land available for development		198,312			252,524
Investments in real estate held for sale, net of accumulated depreciation		75,211			163,390
Accumulated depreciation		(3,336,789	)		(3,151,446	)

Investments in real estate, net of accumulated depreciation		20,425,142			22,140,176
Cash and cash equivalents		78,164			107,126
Tenant and other receivables (net of allowance for doubtful accounts of $8,853 and $6,908, respectively)		94,858			75,775
Deferred rent receivable		496,826			478,184
Escrow deposits and restricted cash		38,658			48,784
Investments in unconsolidated joint ventures		947,989			1,117,143
Deferred financing costs (net of accumulated amortization of $45,920 and $59,748, respectively)		58,809			61,734
Deferred leasing costs and other related intangibles (net of accumulated amortization of $232,024 and $193,348, respectively)		522,926			450,625
Prepaid expenses and other assets		328,782			191,992

Total Assets	$	22,992,154		$	24,671,539


Liabilities, Minority Interests, Mandatorily Redeemable Preferred Shares and Shareholders’ Equity:
Liabilities:
Mortgage debt (net of (discounts) of $(5,185) and $(13,683), respectively)	$	2,164,198		$	2,609,067
Unsecured notes (net of (discounts) of $(23,936) and $(38,362), respectively)		9,032,620			9,652,392
Lines of credit		1,631,000			548,000
Accounts payable and accrued expenses		574,225			556,851
Distribution payable		3,736			2,652
Other liabilities (net of (discounts) of $(25,597) and $(28,536), respectively)		502,069			484,378
Commitments and contingencies		—			—

Total Liabilities		13,907,848			13,853,340


Minority Interests:
EOP Partnership		863,923			1,065,376
Partially owned properties		172,278			182,041

Total Minority Interests		1,036,201			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, 380,674,998 and 403,842,441 issued and outstanding, respectively		3,807			4,038
Other Shareholders’ Equity:
Additional paid in capital		9,745,819			10,479,305
Deferred compensation		(533	)		(1,916	)
Dividends in excess of accumulated earnings		(2,156,627	)		(1,359,722	)
Accumulated other comprehensive loss (net of accumulated amortization of $11,948 and $5,133, respectively)		(56,358	)		(62,923	)

Total Shareholders’ Equity		7,748,608			9,271,282

Total Liabilities, Minority Interests, Mandatorily Redeemable Preferred Shares and Shareholders’ Equity	$	22,992,154		$	24,671,539

Equity Office Properties Trust

Consolidated Statements of Cash Flows


	For the three months ended December 31,						For the years ended December 31,
	2005			2004			2005			2004
				(Dollars in thousands, unaudited)
Operating Activities:
Net income	$	27,663		$	70,039		$	42,939		$	137,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including discontinued operations)		204,024			231,096			818,172			806,620
Compensation expense related to restricted shares and stock options		3,937			3,880			23,887			17,965
Income from investments in unconsolidated joint ventures		(20,114	)		(12,675	)		(68,996	)		(50,304	)
Net distributions from unconsolidated joint ventures		9,246			19,587			52,690			66,829
Net (gain) on sales of real estate and provision for loss on properties held for sale (including discontinued operations)		(32,768	)		(20,020	)		(24,226	)		(27,374	)
Impairment (including discontinued operations)		38,147			—			219,003			229,170
Cumulative effect of a change in accounting principle		—			—			—			33,697
Provision for doubtful accounts		1,052			2,108			6,428			5,455
Income allocated to minority interests (including discontinued operations)		3,900			9,729			41,097			22,940
Other		—			—			448			(2,090	)
Changes in assets and liabilities:
(Increase) decrease in rent receivable		(36,863	)		(9,131	)		(21,933	)		7,289
(Increase) in deferred rent receivable		(12,012	)		(17,011	)		(63,455	)		(88,651	)
(Increase) decrease in prepaid expenses and other assets		(48,470	)		(22,948	)		(34,580	)		49,824
Increase (decrease) in accounts payable and accrued expenses		54,540			59,652			2,222			(7,659	)
Increase (decrease) in other liabilities		10,135			25,921			(5,706	)		6,949

Net cash provided by operating activities		202,417			340,227			987,990			1,207,967

Investing Activities:
Property acquisitions (including deposits made for property acquisitions)		(246,370	)		(133,462	)		(1,266,584	)		(472,053	)
Property dispositions (including deposits received for property dispositions)		208,099			182,365			1,828,954			414,256
Distributions from (investments in) unconsolidated joint ventures related to disposition and acquisition activity		27,660			—			89,961			(220,833	)
Distributions from unconsolidated joint ventures related to mortgage financings		23,883			16,820			148,278			16,820
Capital and tenant improvements		(128,687	)		(117,705	)		(370,595	)		(453,227	)
Lease commissions and other costs		(29,251	)		(29,017	)		(122,724	)		(123,037	)
Sale of investment in CT Convertible Trust I preferred shares		—			—			—			32,089
Decrease in escrow deposits and restricted cash		76,634			40,744			664,123			124,167
Investments in notes receivable		(50,000	)		(3,515	)		(50,000	)		(3,515	)

Net cash (used for) provided by investing activities		(118,032	)		(43,770	)		921,413			(685,333	)

Financing Activities:
Proceeds from mortgage debt		518,705			—			518,855			—
Principal payments on mortgage debt		(187,445	)		(10,457	)		(1,077,322	)		(438,828	)
Proceeds from unsecured notes		1,791			1,004,318			40,549			2,061,979
Repayment of unsecured notes		—			(325,000	)		(675,000	)		(1,205,000	)
Proceeds from lines of credit		5,760,370			1,175,800			13,867,270			6,123,300
Repayment of lines of credit		(4,940,370	)		(1,714,200	)		(12,784,270	)		(5,909,300	)
Payments of loan costs and offering costs		(1,559	)		(1,443	)		(8,920	)		(3,004	)
Settlement of interest rate swap agreements		—			—			(8,677	)		(69,130	)
(Distributions to) contributions from minority interests in partially owned properties		(1,891	)		5,906			(11,208	)		(12,810	)
Proceeds from exercise of stock options		3,608			15,159			141,982			59,269
Distributions to common shareholders and unitholders		(439,639	)		(453,586	)		(893,779	)		(902,865	)
Repurchase of Common Shares		(851,807	)		(831	)		(959,129	)		(37,774	)
Redemption of Units		(5,849	)		(1,370	)		(56,525	)		(3,904	)
Repurchase of preferred shares		—			—			—			(114,073	)
Payment of preferred distributions		(8,048	)		(8,047	)		(32,191	)		(32,766	)

Net cash (used for) financing activities		(152,134	)		(313,751	)		(1,938,365	)		(484,906	)

Net (decrease) increase in cash and cash equivalents		(67,749	)		(17,294	)		(28,962	)		37,728
Cash and cash equivalents at the beginning of the period		145,913			124,420			107,126			69,398

Cash and cash equivalents at the end of the period	$	78,164		$	107,126		$	78,164		$	107,126

Equity Office Properties Trust
Consolidated Statements of Cash Flows (continued)


	For the three months ended December 31,						For the years ended December 31,
	2005			2004			2005			2004
				(Dollars in thousands, unaudited)
Supplemental Information:
Interest paid during the period, including a reduction of interest expense for capitalized interest of $390, $218, $441 and $4,648, respectively	$	153,857		$	147,806		$	829,209		$	824,289

Non-Cash Investing and Financing Activities:
Investing Activities:
Escrow deposits used for property acquisitions	$	—		$	650		$	—		$	36,541

Escrow deposits related to property dispositions	$	—		$	(14,635	)	$	(639,439	)	$	(117,144	)

Mortgage loan repayment as a result of a property disposition (including prepayment expense of $375 in the year ended December 31, 2004)	$	—		$	—		$	(13,386	)	$	(5,830	)

Mortgage loan assumed upon acquisition of property	$	73,512		$	—		$	118,487		$	82,970

Loan issued in connection with a property disposition	$	(66,300	)	$	—		$	(66,300	)	$	—

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

Changes in accounts due to a like-kind exchange:
Increase in investment in real estate due to property acquisition	$	—		$	—		$	—		$	130,203

Decrease in investment in real estate due to property disposition	$	—		$	—		$	—		$	(130,865	)

Decrease in accumulated depreciation	$	—		$	—		$	—		$	9,137

Decrease in other assets and liabilities	$	—		$	—		$	—		$	(1,770	)

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

Changes in accounts due to partial sale of real estate:
Increase in investment in unconsolidated joint ventures	$	—		$	18,445		$	36,349		$	18,445

Decrease in investment in real estate	$	—		$	(21,726	)	$	(43,931	)	$	(21,726	)

Decrease in accumulated depreciation	$	—		$	4,310		$	8,403		$	4,310

Decrease in other assets and liabilities	$	—		$	(1,030	)	$	(940	)	$	(1,030	)

Financing Activities:
Mortgage loan repayment as a result of a property disposition (including prepayment expense of $375 in the year ended December 31, 2004)	$	—		$	—		$	13,386		$	5,830

Mortgage loan assumed upon acquisition of property	$	(73,512	)	$	—		$	(118,487	)	$	(82,970	)

Loan issued in connection with a property disposition	$	66,300		$	—		$	66,300		$	—

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

Equity Office Properties Trust

Reconciliation of Net Income to Funds From Operations (“FFO”)


	For the three months ended December 31,
	2005			2004
	(Dollars in thousands, except per share amounts)
Reconciliation of net income to FFO (a):
Net income	$	27,663		$	70,039
Adjustments:
Plus depreciation and amortization:
Included in income from continuing operations and discontinued operations		198,869			222,147
Included in income from investments in unconsolidated joint ventures		13,408			14,494
Allocated to minority interests in partially owned properties		(1,488	)		(1,802	)
Non-real estate related depreciation and amortization		(5,178	)		(2,607	)
Less net gain on sales of real estate:
Included in income from continuing operations and discontinued operations		(36,503	)		(22,143	)
Included in income from investments in unconsolidated joint ventures		(9,093	)		—
Less minority interests in EOP Partnership share of the above adjustments		(15,882	)		(22,159	)

FFO		171,796			257,969
Preferred distributions		(8,701	)		(8,700	)

FFO available to common shareholders — basic	$	163,095		$	249,269


	Net Income			FFO			Net Income			FFO
Adjustments to arrive at net income and FFO availableto common shareholders plus assumed conversions:
Net income and FFO	$	27,663		$	171,796		$	70,039		$	257,969
Preferred distributions		(8,701	)		(8,701	)		(8,700	)		(8,700	)

Net income and FFO available to common shareholders		18,962			163,095			61,339			249,269
Net income allocated to minority interests in EOP Partnership		2,119			2,119			7,316			7,316
Minority interests in EOP Partnership share of the above adjustments		—			15,882			—			22,159
Preferred distributions on Series B preferred shares which are assumed to be converted into Common Shares (b)		—			—			—			4,584

Net income and FFO available to common shareholders plus assumed conversions	$	21,081		$	181,096		$	68,655		$	283,328


Weighted average Common Shares and dilutive potential common shares		438,774,607			441,667,793			451,053,706			459,443,060


Net income and FFO available to common shareholders plus assumed conversions per share	$	0.05		$	0.41	(c)	$	0.15		$	0.62	(c)


	Common Shares and common share equivalents
Weighted average Common Shares outstanding		395,008,978	401,415,162
Effect of dilutive potential common shares:
Units		43,765,629	47,561,248
Share options and restricted shares which are dilutive to both net income and FFO		—	2,077,296

Weighted average Common Shares and dilutive potential common shares used for net income available to common shareholders		438,774,607	451,053,706
Impact of conversion of Series B preferred shares (b)		—	8,389,354
Impact of share options and restricted shares which are dilutive to FFO but not dilutive to net income		2,893,186	—

Weighted average Common Shares, dilutive potential common shares plus assumed conversions used for the calculation of FFO available to common shareholders plus assumed conversions		441,667,793	459,443,060


(a)		FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net income, to which it is reconciled. See definition below.

(b)		The Series B preferred shares are not dilutive to EPS for each period presented but are dilutive to FFO per share for the three months ended December 31, 2004.

(c)		FFO for the three months ended December 31, 2005 and December 31, 2004 includes approximately $41.9 million and $2.1 million of non-cash charges relating to properties sold and properties we intend to sell, which is equivalent to $0.09 per share and $0.00 per share on a diluted basis, respectively. These charges are not added back to net income when calculating FFO.

FFO Definition:

FFO is defined as net income, computed in accordance with accounting principles generally accepted in the United States (“GAAP”), excluding gains from sales of properties (but not losses from sales of properties, impairments, or 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 FFO 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 income when trying to understand an equity REIT’s operating performance. We compute FFO in accordance with our interpretation of the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), which may not be comparable to FFO reported by other equity REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do. FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.

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


	For the years ended December 31,
	2005			2004
	(Dollars in thousands, except per share amounts)
Reconciliation of net income to FFO (a):
Net income	$	42,939		$	137,307
Adjustments:
Plus depreciation and amortization:
Included in income from continuing operations and discontinued operations		797,441			793,144
Included in income from investments in unconsolidated joint ventures		51,382			47,185
Allocated to minority interests in partially owned properties		(5,907	)		(6,917	)
Non-real estate related depreciation and amortization		(15,606	)		(16,100	)
Less net gain on sales of real estate:
Included in income from continuing operations and discontinued operations		(231,223	)		(29,497	)
Included in income from investments in unconsolidated joint ventures		(26,499	)		—
Allocated to minority interests in partially owned properties		29,699			214
Plus cumulative effect of a change in accounting principle		—			33,697
Less minority interests in EOP Partnership share of the above adjustments		(60,127	)		(87,784	)

FFO		582,099			871,249
Preferred distributions		(34,803	)		(39,093	)

FFO available to common shareholders — basic	$	547,296		$	832,156


	Net Income			FFO			Net Income			FFO
Adjustments to arrive at net income and FFO available to common shareholders plus assumed conversions:
Net income and FFO	$	42,939		$	582,099		$	137,307		$	871,249
Preferred distributions		(34,803	)		(34,803	)		(39,093	)		(39,093	)

Net income and FFO available to common shareholders		8,136			547,296			98,214			832,156
Net income allocated to minority interests in EOP Partnership		907			907			11,747			11,747
Minority interests in EOP Partnership share of the above adjustments		—			60,127			—			87,784

Net income and FFO available to common shareholders plus assumed conversions	$	9,043		$	608,330		$	109,961		$	931,687


Weighted average Common Shares and dilutive potential common shares		452,046,455			452,046,455			450,997,247			450,997,247


Net income and FFO available to common shareholders plus assumed conversions per share	$	0.02		$	1.35	(b)	$	0.24		$	2.07	(b)


	Common Shares and common share equivalents
Weighted average Common Shares outstanding		403,147,751	400,755,733
Effect of dilutive potential common shares:
Units		45,199,136	48,163,569
Share options and restricted shares		3,699,568	2,077,945

Weighted average Common Shares and dilutive potential common shares used for net income available to common shareholders and the calculation of FFO available to common shareholders		452,046,455	450,997,247


(a)		FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net income, to which it is reconciled. See definition below.

(b)		FFO for the years ended December 31, 2005 and December 31, 2004 includes approximately $426.0 million and $231.3 million of non-cash charges relating to properties sold and properties we intend to sell, which is equivalent to $.94 per share and $.51 per share on a diluted basis, respectively. These charges are not added back to net income when calculating FFO.

FFO Definition:

Equity Office Properties Trust

Segment Information

Equity Office has one segment which is office properties. The primary financial measure that Equity Office’s chief operating decision makers use for the office properties is property net operating income, which represents rental revenue, tenant reimbursements, parking and other operating revenues less real estate taxes, insurance, repairs and maintenance and property operating expense (all as reflected in the accompanying consolidated statements of operations). Equity Office believes that property net operating income is helpful to investors as a supplemental measure of Equity Office’s operating performance because it is a direct measure of the actual operating results of our properties. Total assets consists primarily of the assets in the 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 December 31,						For the years ended December 31,
	2005			2004			2005			2004
	(Dollars in thousands)
Property Operating Revenues:
Rental	$	602,471		$	580,285		$	2,340,922		$	2,278,286
Tenant reimbursements		131,674			105,627			422,436			403,816
Parking		28,621			27,600			114,057			108,061
Other (a)		19,837			21,115			105,434			69,643

Total Property Operating Revenues		782,603			734,627			2,982,849			2,859,806


Property Operating Expenses:
Real estate taxes		84,909			75,914			339,006			324,481
Insurance		29,916			8,530			59,567			29,521
Repairs and maintenance		110,759			90,296			340,904			312,928
Property operating		124,780			99,572			441,834			390,454

Total Property Operating Expenses		350,364			274,312			1,181,311			1,057,384

Property Net Operating Income from Continuing Operations	$	432,239		$	460,315		$	1,801,538		$	1,802,422


Property Operating Margin from Continuing Operations (b)		55.2	%		62.7	%		60.4	%		63.0	%


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

Property Net Operating Income from Continuing Operations	$	432,239		$	460,315		$	1,801,538		$	1,802,422
Add:
Fee income		3,952			4,097			17,740			14,226
Less:
Depreciation		(171,779	)		(172,952	)		(656,102	)		(614,748	)
Amortization		(26,075	)		(24,334	)		(93,663	)		(72,954	)
Ground rent		(5,620	)		(5,032	)		(22,517	)		(20,912	)
Corporate general and administrative		(17,279	)		(14,034	)		(66,536	)		(52,242	)
Impairment		(38,147	)		—			(65,738	)		(38,534	)


Operating Income		177,291			248,060			914,722			1,017,258

Less:
Other expenses		(200,850	)		(218,519	)		(815,672	)		(811,660	)
Income taxes		1,621			215			272			(1,981	)
Minority interests:
EOP Partnership		(2,119	)		(7,316	)		(907	)		(11,747	)
Partially owned properties		(1,856	)		(2,210	)		(9,825	)		(10,264	)
Add:
Income from investments in unconsolidated joint ventures (including gain on sales of real estate of $9,093, $0, $26,499 and $0, respectively)		20,114			12,675			68,996			50,304
(Loss) gain on sales of real estate		(1,098	)		21,686			46,308			21,901


(Loss) Income from Continuing Operations	($	6,897	)	$	54,591		$	203,894		$	253,811


(a)		Other income consists primarily of income from early lease terminations 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

Statements of Discontinued Operations

The net income (loss) 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 December 31,						For the years ended December 31,
	2005			2004			2005			2004
	(Dollars in thousands)
Property operating revenues	$	4,507		$	82,422		$	161,969		$	354,788


Expenses:
Depreciation and amortization		1,015			24,861			47,676			105,442
Property operating		2,592			38,861			66,782			139,016
Ground rent		357			1,282			2,413			4,555
Impairment		—			—			153,265			190,636

Total expenses		3,964			65,004			270,136			439,649

Operating income (loss)		543			17,418			(108,167	)		(84,861	)


Other income (expense):
Interest income		76			144			340			263
Interest expense and amortization of deferred financing costs and prepayment expenses		—			(245	)		(619	)		(2,717	)

Total other income (expense)		76			(101	)		(279	)		(2,454	)


Income (loss) before income taxes, allocations to minority interests, net gain on sales of real estate and provision for (loss) on properties held for sale		619			17,317			(108,446	)		(87,315	)
Income taxes		—			—			(62	)		(36	)
Loss (income) allocated to minority interests — partially owned properties (including gain on sales of real estate of $0, $0, $29,699 and $214, respectively)		75			(203	)		(30,365	)		(929	)
Net gain on sales of real estate		34,486			457			15,350			7,596
Provision for (loss) on properties held for sale		(620	)		(2,123	)		(37,432	)		(2,123	)

Net income (loss)	$	34,560		$	15,448		($	160,955	)	($	82,807	)


Property net operating income from discontinued operations (a)	$	1,915		$	43,561		$	95,187		$	215,772


(a)		Defined as property operating revenues less property operating expenses.

Equity Office Properties Trust

Earnings Per Share


	For the three months ended December 31,						For the years ended December 31,
	2005			2004			2005			2004
	(Dollars in thousands, except per share amounts)
Numerator:
(Loss) income from continuing operations	($	6,897	)	$	54,591		$	203,894		$	253,811
Preferred distributions		(8,701	)		(8,700	)		(34,803	)		(39,093	)


(Loss) income from continuing operations available to common shareholders		(15,598	)		45,891			169,091			214,718
Discontinued operations (including net gain on sales of real estate and provision for (loss) on properties held for sale of $33,866, $(1,666), $(22,082) and $5,473, respectively)		34,560			15,448			(160,955	)		(82,807	)
Cumulative effect of a change in accounting principle		—			—			—			(33,697	)

Numerator for basic earnings per share — net income available to common shareholders		18,962			61,339			8,136			98,214
Add back income allocated to minority interests in EOP Partnership		2,119			7,316			907			11,747

Numerator for diluted earnings per share — net income available to common shareholders	$	21,081		$	68,655		$	9,043		$	109,961


Denominator:
Denominator for basic earnings per share — weighted average Common Shares outstanding		395,008,978			401,415,162			403,147,751			400,755,733

Effect of dilutive potential common shares:
Units		43,765,629			47,561,248			45,199,136			48,163,569
Share options and restricted shares (a)		—			2,077,296			3,699,568			2,077,945

Dilutive potential common shares		43,765,629			49,638,544			48,898,704			50,241,514

Denominator for diluted earnings per share — weighted average Common Shares outstanding and dilutive potential common shares		438,774,607			451,053,706			452,046,455			450,997,247


Earnings per share — basic:
(Loss) income from continuing operations available to common shareholders, net of minority interests	($	0.03	)	$	0.12		$	0.38		$	0.50
Discontinued operations, net of minority interests		0.08			0.03			(0.36	)		(0.18	)
Cumulative effect of a change in accounting principle, net of minority interests		—			—			—			(0.08	)

Net income available to common shareholders, net of minority interests (b)	$	0.05		$	0.15		$	0.02		$	0.25


Earnings per share — diluted:
(Loss) income from continuing operations available to common shareholders	($	0.03	)	$	0.12		$	0.38		$	0.50
Discontinued operations		0.08			0.03			(0.36	)		(0.18	)
Cumulative effect of a change in accounting principle		—			—			—			(0.07	)

Net income available to commonshareholders (b)	$	0.05		$	0.15		$	0.02		$	0.24


(a)		Share options and restricted shares are not dilutive to earnings per share for the three months ended December 31, 2005 because there was a loss from continuing operations for the period.

(b)		Net 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

Equity Office defines net free cash flow as net cash provided by operating activities determined in accordance with GAAP less distributions paid to its 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 Equity Office believes is helpful to investors to monitor the impact of distributions and capital improvements, tenant improvements and leasing costs on its net cash provided by operating activities. Investors should review net free cash flow along with Equity Office’s consolidated statements of cash flows, as determined in accordance with GAAP. Net free cash flow should not be considered as a measure of Equity Office’s liquidity, nor is it indicative of funds available to fund its cash needs, including its ability to make cash distributions. For more information on Equity Office’s liquidity refer to its Form 10-Q and 10-K.

Below Equity Office has reconciled net free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, for the periods presented. Equity Office’s 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 December 31,						For the years ended December 31,
	2005			2004			2005			2004
				(Dollars in thousands)
Net cash provided by operating activities	$	202,417		$	340,227		$	987,990		$	1,207,967
Less: Distributions paid to common shareholders and unitholders (a)		(439,639	)		(453,586	)		(893,779	)		(902,865	)
Less: Distributions paid to preferred shareholders		(8,048	)		(8,047	)		(32,191	)		(32,766	)
Less: Tenant improvements and leasing costs for leases which commenced during the period and capital improvements incurred (b)		(157,393	)		(138,226	)		(478,150	)		(442,624	)

Net Free Cash Flow	$	(402,663	)	$	(259,632	)	$	(416,130	)	$	(170,288	)


(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 Equity Office believes is a useful measure of the tenant improvements and leasing costs in its markets and is consistent with how Equity Office reports its 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

The financial data presented in the consolidated statements of operations show significant changes in revenues and expenses from period to period. Equity Office does not believe the period-to-period financial data are necessarily comparable because Equity Office acquires and disposes of properties on an ongoing basis. The following table shows condensed consolidated results attributable to the properties in the 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 $44.4 million of lease termination income during the first quarter 2005, is included in the Same Store Portfolio for the three months ended December 31, 2005 and December 31, 2004, but not the Same Store Portfolio for the years ended December 31, 2005 and December 31, 2004 because the property was previously accounted for under the equity method during the first quarter 2004.


	For the three months ended December 31,						Change						For the years ended December 31,						Change
	2005			2004			$			%			2005			2004			$			%
	(Dollars in thousands)												(Dollars in thousands)
Property Net Operating Income from Continuing Operations:
Revenues:
Property operating revenues	$	733,607		$	700,962		$	32,645			4.7	%	$	2,650,239		$	2,604,970		$	45,269			1.7	%
Deferred rental revenue		9,401			16,236			(6,835	)		(42.1	%)		36,118			65,355			(29,237	)		(44.7	%)

Property operating revenues		743,008			717,198			25,810			3.6	%		2,686,357			2,670,325			16,032			0.6	%


Expenses:
Real estate taxes		78,996			74,233			4,763			6.4	%		292,987			294,605			(1,618	)		(0.5	%)
Insurance		29,222			8,158			21,064			258.2	%		56,241			27,163			29,078			107.1	%
Repairs and maintenance		106,121			86,765			19,356			22.3	%		315,192			291,207			23,985			8.2	%
Property operating		119,763			97,726			22,037			22.5	%		410,568			371,836			38,732			10.4	%

Property operating expenses		334,102			266,882			67,220			25.2	%		1,074,988			984,811			90,177			9.2	%


Property net operating income from continuing operations	$	408,906		$	450,316			($41,410	)		(9.2	%)	$	1,611,369		$	1,685,514			($74,145	)		(4.4	%)


Property operating margin (a)		55.0	%		62.8	%					(7.8	%)		60.0	%		63.1	%					(3.1	%)


Property Net Operating Income from Continuing Operations Excluding Income from Early Lease Terminations:
Property net operating income from continuing operations	$	408,906		$	450,316			($41,410	)		(9.2	%)	$	1,611,369		$	1,685,514			($74,145	)		(4.4	%)
Less income from early lease terminations		(12,188	)		(9,223	)		(2,965	)		32.1	%		(24,634	)		(37,464	)		12,830			(34.2	%)


Total	$	396,718		$	441,093			($44,375	)		(10.1	%)	$	1,586,735		$	1,648,050			($61,315	)		(3.7	%)


Property operating margin (a) before income from early lease termination		54.3	%		62.3	%					(8.0	%)		59.6	%		62.6	%					(3.0	%)

Property Net Operating Income from Continuing Operations Excluding Income from Early Lease Terminations and Effects of Hurricane Katrina:
Property net operating income from continuing operations	$	408,906		$	450,316			($41,410	)		(9.2	%)	$	1,611,369		$	1,685,514			($74,145	)		(4.4	%)
Less income from early lease terminations		(12,188	)		(9,223	)		(2,965	)		32.1	%		(24,634	)		(37,464	)		12,830			(34.2	%)
Plus rental revenue loss related to Hurricane Katrina		2,394			—			2,394			—			4,333			—			4,333			—
Less expenses related to Hurricane Katrina		20,913			—			20,913			—			31,479			—			31,479			—


Total	$	420,025		$	441,093			($21,068	)		(4.8	%)	$	1,622,547		$	1,648,050			($25,503	)		(1.5	%)


Property operating margin (a) excluding income from early lease terminations and effects of Hurricane Katrina		57.3	%		62.3	%					(5.0	%)		60.9	%		62.6	%					(1.7	%)


	Occupancy Rates									Occupancy Rates
	At December 31, 2005			At December 31, 2004			At September 30, 2004			At December 31, 2005			At December 31, 2004			At December 31, 2003
CBD		92.8	%		92.5	%		92.0	%		92.8	%		92.4	%		92.1	%
Suburban		90.0	%		87.6	%		86.4	%		90.2	%		87.7	%		84.9	%

Total Same Store Portfolio		91.1	%		89.4	%		88.5	%		91.2	%		89.4	%		87.7	%


Square Feet		91,804,858									88,149,269
Number of Properties		514									498

Notes:

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

Equity Office Properties Trust

Property Joint Venture Information

December 31,2005


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

Consolidated Properties	562	100%		85,927,640		85,927,640		90.0	%


Consolidated Joint Ventures
The Plaza at LaJolla Village		66.7%		635,419		423,634		81.3	%
222 Berkley Street		91.5%		519,608		475,441		99.7	%
500 Boylston Street		91.5%		706,864		646,781		99.3	%
Wells Fargo Center		75%		1,117,439		838,079		88.7	%
Ferry Building		100%		243,812		243,812		97.2	%
2951 28th Street		98%		85,000		83,300		98.9	%
Market Square		100%		681,051		681,051		88.7	%
One Ninety One Peachtree Tower		100%		1,215,288		1,215,288		96.0	%
Brea Corporate Plaza		100%		117,195		117,195		97.6	%
Sixty State Street		100%		823,014		823,014		98.0	%
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		94.9	%
Washington Mutual Tower		75%		1,207,823		905,867		97.1	%
1301 Avenue of the Americas		100%		1,765,694		1,765,694		99.3	%
SunAmerica Center		67.27%		780,063		524,772		91.0	%


Subtotal	22			11,143,588		9,983,557		95.5	%


Unconsolidated Joint Ventures
One Post Office Square		50%		765,296		382,648		81.9	%
75-101 Federal Street		51.61%		813,195		419,704		75.2	%
Rowes Wharf		44%		344,645		151,644		99.2	%
10 & 30 South Wacker (b)		75%		2,003,288		1,502,466		86.6	%
Pasadena Towers (b)		25%		439,366		109,842		97.2	%
Promenade II (b)		50%		774,344		387,172		97.7	%
SunTrust Center (b)		25%		640,741		160,185		85.6	%
Columbia Center (fka Bank of America Tower)		50.1%		1,545,008		774,049		84.4	%
One Post		50%		421,121		210,561		88.6	%
161 North Clark (c)		25%		1,010,520		252,630		90.3	%
Prominence in Buckhead (c)		25%		424,309		106,077		95.2	%
World Trade Center East (c)		25%		186,912		46,728		100.0	%
Treat Towers (c)		25%		367,313		91,828		99.1	%
Parkshore Plaza I & II (c)		25%		269,853		67,463		97.8	%
Bridge Pointe Corporate Center I & II (c)		25%		372,653		93,163		100.0	%
1111 19th Street (c)		20%		252,014		50,403		99.8	%
1620 L Street (c)		20%		156,272		31,254		100.0	%
1333 H Street (c)		20%		244,585		48,917		98.8	%
Yahoo! Center (fka Colorado Center) (c)		50%		1,087,628		543,814		98.3	%
1601 Market Street		11%		681,289		74,942		91.3	%
1700 Market Street		11%		841,172		92,529		93.9	%
201 Mission Street		25%		483,289		120,822		82.4	%
580 California		25%		313,012		78,253		75.0	%


Subtotal	38			14,437,825		5,797,094		88.8	%


Total	622			111,509,053		101,708,291		90.4	%


(a)		The amounts shown represent Equity Office’s economic interest in each property upon which Equity Office recognizes net income in accordance with GAAP.

(b)		Macquarie Office (US) No. 2 Corporation is Equity Office’s partner in these joint ventures and, in the case of 10 & 30 South Wacker, which is owned as a tenancy-in-common, an affiliate of Macquarie Office (US) No. 2 Corporation is Equity Office’s co-tenant.

(c)		Teachers Insurance and Annuity Association of America (TIAA) and certain of its affiliates are Equity Office’s partners in these joint ventures.


	For the three months ended December 31,				For the years ended December 31,
	2005		2004		2005		2004
	(Dollars in thousands)
Unconsolidated Joint Ventures
Equity Office’s share of:
Net income	$	20,114	$	12,675	$	68,996	$	50,304

Interest expense and loan cost amortization	$	6,668	$	4,673	$	22,015	$	21,319

Depreciation and amortization (real estate related)	$	13,268	$	13,417	$	50,823	$	46,621

Gain on sale of real estate	$	9,093		—	$	26,499		—

Equity Office Properties Trust

Developments

December 31,2005


									Costs		Total		Current
	Estimated Placed in			Number of			Square		Incurred To		Estimated		Percentage
Property	Service Date (a)		Location	Buildings			Feet		Date (b)		Costs (c)		Leased

						(Dollars in thousands)
Summit at Douglas Ridge II		Q2 2005	Roseville, CA		1			93,349	$	20,378	$	23,806		35	%
Kruse Oaks II (d)		Q4 2006	Portland, OR		1			107,000		4,922		20,923		0	%
Bridge Pointe Corporate Center III		Q4 2006	San Diego, CA		2			150,000		11,712		35,967		0	%
1095 Avenue of the Americas (e)		Q3 2007	New York, NY		1			1,028,083		508,512		849,753		(e	)
Foundry Square I (Barclays)		Q4 2007	San Francisco, CA		1			335,890		12,481		145,564		96	%
City Center Plaza West		Q1 2008	Bellevue, WA		1			559,400		13,043		188,025		0	%


Total					7			2,273,722	$	571,048	$	1,264,038		16	%


(a)		The Estimated Placed in Service Date represents the date the certificate of occupancy was or is currently anticipated to be obtained. Subsequent to obtaining the certificate of occupancy, the property is expected to undergo a lease-up period.

(b)		The costs incurred to date are presented in the financial statements as follows:


Developments in process	$	560,129
Deferred leasing costs and other related intangibles recorded at acquisition		10,919

Total costs incurred to date	$	571,048


(c)		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.

(d)		The land underlying this development is owned by a third party which Equity Office leases under a ground lease agreement.

(e)		On September 29, 2005, Equity Office acquired 79%, or 1,028,083 square feet, of 1095 Avenue of the Americas. Verizon, the sole tenant, occupied 96.8% of the property at acquisition. Verizon will be moving out in phases throughout 2006. Equity Office will redevelop the property as Verizon vacates the premises, and Equity Office anticipates the redevelopment to be completed in Q3 2007.

In addition to the developments described above, Equity Office owns or has 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; Prominence in Buckhead, Atlanta, GA; Perimeter Center, Atlanta, GA; Tabor Center, Denver, CO; Bridge Pointe Corporate Center, San Diego, CA; La Jolla Centre, San Diego, CA; Orange Center, Orange, CA; Skyport Plaza, San Jose, CA; Station Landing, Walnut Creek, CA; 8th Street, Bellevue, WA; 175 Wyman, Waltham, MA; Parkshore Plaza, Folsom, CA; Commerce Plaza, Oakbrook, IL; and First & Main, Portland, OR.

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

Equity Office Propereties Trust

Fixed and Variable Rate Consolidated Debt


	December 31, 2005			December 31, 2004			Change
	(Dollars in thousands)
Balance (includes discounts and premiums)
Fixed rate:
Mortgage debt	$	1,988,377		$	2,502,871		$	(514,494	)
Unsecured notes		8,787,620			8,439,016			348,604

Total		10,775,997			10,941,887			(165,890	)


Variable rate:
Mortgage debt		175,821			106,196			69,625
Unsecured notes and lines of credit (a)		1,876,000			1,761,376			114,624

Total		2,051,821			1,867,572			184,249

Total	$	12,827,818		$	12,809,459		$	18,359


Percent of total debt
Fixed rate		84.0	%		85.4	%		-1.4	%
Variable rate (a)		16.0	%		14.6	%		1.4	%

Total		100.0	%		100.0	%		0.0	%


Effective interest rate at end of period
Fixed rate:
Mortgage debt		7.01	%		7.80	%		-0.79	%
Unsecured notes		6.80	%		6.87	%		-0.07	%

Effective interest rate		6.84	%		7.09	%		-0.25	%


Variable rate:
Mortgage debt		5.17	%		5.53	%		-0.36	%
Unsecured notes and lines of credit		5.02	%		3.75	%		1.27	%

Effective interest rate		5.03	%		3.85	%		1.18	%

Total		6.55	%		6.61	%		-0.06	%


(a)		The variable rate debt as of December 31, 2004 included $1.0 billion of fixed rate unsecured notes that were converted to variable rates through several interest rate swaps entered into in March 2004. These swaps were terminated at different times during the twelve months ended December 31, 2005. The interest rates for the remaining variable rate debt are based on various spreads over LIBOR.

Equity Office Properties Trust

Debt Summary

December 31, 2005


	*Coupon*			*Effective*						*Maturity*		*Due at*		*Years to*
*Consolidated Property Debt:*	*Rate*			*Rate (a)*			*Principal Balance*			*Date*		*Maturity*		*Maturity*

							(Dollars in thousands)
Secured Fixed Rate Debt
Bayhill Office Center		8.35	%		7.94	%	$	47,091			12/01/06	$	45,751
Bayhill Office Center		6.90	%		6.90	%		37,935			12/01/06		37,422
Reston Town Center		8.00	%		8.00	%		82,766			01/01/07		81,194
Reston Town Center		6.90	%		6.90	%		28,451			01/01/07		28,030
E.J. Randolph		8.19	%		8.19	%		13,273			01/01/07		12,935
Northridge I		8.19	%		8.19	%		12,033			01/01/07		11,728
Shorebreeze I and II		4.19	%		5.43	%		22,149			03/01/07		21,476
Westbrook Corporate Center		8.00	%		8.00	%		91,213			05/01/07		87,844
Wilshire Palisades		6.45	%		6.45	%		38,375			07/01/08		36,854
11111 Sunset Hills Road		6.12	%		4.97	%		22,361			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	%		13,883			08/15/09		12,435
Centerside II		7.26	%		7.72	%		21,576			08/15/09		19,325
700 North Brand		7.26	%		7.88	%		23,964			08/15/09		21,464
Golden Bear Center		7.26	%		7.72	%		18,216			08/15/09		16,316
Bixby Ranch		7.26	%		7.62	%		25,378			08/15/09		22,731
One Memorial		7.26	%		7.88	%		56,151			08/15/09		50,293
SunAmerica Center		7.94	%		7.94	%		198,349			10/01/09		187,855
Peninsula Office Park		7.23	%		7.78	%		78,634			11/01/09		70,026
Embarcadero Place		7.23	%		7.78	%		34,039			11/01/09		30,313
201 California Street		7.23	%		7.96	%		39,609			11/01/09		35,363
Tower 56		7.23	%		7.87	%		22,329			11/01/09		19,884
125 Summer Street		7.23	%		8.12	%		70,351			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	%		180,490			06/30/10		180,000
The Plaza at La Jolla Village		6.87	%		7.50	%		75,727			01/10/11		69,608
Redwood Business Park I		7.41	%		5.87	%		10,370			08/01/11		9,542
Redwood Business Park II		7.41	%		5.86	%		18,193			08/01/11		16,740
Redwood Business Park III		7.46	%		5.95	%		15,068			08/01/11		13,875
Redwood Business Park IV		7.41	%		5.92	%		8,178			08/01/11		7,525
Redwood Business Park V		7.41	%		5.85	%		6,427			08/01/11		5,914
1300 North 17th Street		5.81	%		5.85	%		47,556			01/01/13		41,212
1300 North 17th Street		6.03	%		6.07	%		32,100			01/01/13		28,837
Waterfall Towers		6.08	%		5.58	%		7,722			01/01/13		6,813
Santa Monica Business Park		9.88	%		7.36	%		6,152			12/10/13		—
Parkpoint Business Center		5.53	%		5.62	%		7,413			01/01/15		6,282
1301 Avenue of the Americas		5.37	%		5.39	%		420,784			01/11/16		420,784	��


Total / Weighted Average Secured Fixed Rate Debt		6.86	%		7.01	%		1,993,562					1,899,860		4.9


Secured Variable Rate Debt
1301 Avenue of the Americas LIBOR + 90 bp		5.27	%		5.36	%		65,821			01/11/09		65,821
Wells Fargo Center LIBOR + 55 bp		4.93	%		5.06	%		110,000			01/01/11		110,000


Total / Weighted Average Secured Variable Rate Debt		5.06	%		5.17	%		175,821					175,821		4.3


Net discount on mortgage debt								(5,185	)

Total / Weighted Average Secured Debt		6.72	%		6.86	%	$	2,164,198				$	2,075,681		4.9


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

Equity Office Properties Trust
Debt Summary
December 31, 2005


							*Principal*							*Years to*
*Unsecured Debt:*	*Coupon Rate*			*Effective Rate (a)*			*Balance*			*Maturity Date*		*Due at Maturity*		*Maturity*

							(Dollars in thousands)
Fixed Rate Unsecured Notes
Original Term:
6 Year		8.38	%		7.65	%	$	500,000			03/15/06	$	500,000
9 Year		7.44	%		7.74	%		50,000			09/01/06		50,000
10 Year		7.13	%		6.74	%		100,000			12/01/06		100,000
9 Year		7.00	%		6.80	%		1,500			02/02/07		1,500
9 Year		6.88	%		6.83	%		25,000			04/30/07		25,000
9 Year		6.76	%		6.76	%		300,000			06/15/07		300,000
10 Year		7.41	%		7.70	%		50,000			09/01/07		50,000
7 Year		7.75	%		7.91	%		600,000			11/15/07		600,000
10 Year		6.75	%		6.97	%		150,000			01/15/08		150,000
10 Year		6.75	%		7.01	%		300,000			02/15/08		300,000
10 Year		6.80	%		6.94	%		500,000			01/15/09		500,000
10 Year		7.25	%		7.14	%		200,000			05/01/09		200,000
11 Year		7.13	%		6.97	%		150,000			07/01/09		150,000
10 Year		8.10	%		8.22	%		360,000			08/01/10		360,000
6 Year		4.65	%		4.81	%		800,000			10/01/10		800,000
10 Year		7.65	%		7.20	%		200,000			12/15/10		200,000
10 Year		7.00	%		6.83	%		1,100,000			07/15/11		1,100,000
10 Year		6.75	%		7.02	%		500,000			02/15/12		500,000
10 Year		5.88	%		5.98	%		500,000			01/15/13		500,000
10 Year (b)		4.75	%		5.54	%		1,000,000			03/15/14		1,000,000
20 Year		7.88	%		8.08	%		25,000			12/01/16		25,000
20 Year		7.35	%		8.08	%		200,000			12/01/17		200,000
20 Year		7.25	%		7.54	%		250,000			02/15/18		250,000
30 Year		7.50	%		8.24	%		150,000			10/01/27		150,000
30 Year		7.25	%		7.31	%		225,000			06/15/28		225,000
30 Year		7.50	%		7.55	%		200,000			04/19/29		200,000
30 Year		7.88	%		7.94	%		300,000			07/15/31		300,000

EOP InterNotes (c)		4.30	%		4.56	%		75,056			11/15/06 - 10/15/11		75,056


Total / Weighted Average Fixed Rate Unsecured Notes		6.67	%		6.80	%		8,811,556					8,811,556		6.7


Variable Rate Unsecured Notes
6 Year LIBOR +60 bp		4.65	%		4.78	%		200,000			10/01/10		200,000
10 Year LIBOR + 77.5 bp		5.17	%		5.27	%		45,000			05/27/14		45,000

Total / Weighted Average Varibale Rate Unsecured Notes		4.75	%		4.87	%		245,000					245,000		5.4


Net discount on unsecured notes								(23,936	)


Total / Weighted Average Unsecured Notes		6.62	%		6.75	%	$	9,032,620				$	9,056,556		6.7


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

(b)		In March 2004, Equity Office entered into interest rate swap agreements that effectively converted these notes to a variable interest rate based on the 6-month LIBOR rate. $250 million of the interest rate swaps were terminated during June 2005 and the remaining $750 million were terminated in September 2005. The termination of the swaps 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 ranges 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
December 31, 2005


								*Principal*						*Years to*
		*Coupon Rate*			*Effective Rate (a)*			*Balance*		*Maturity Date*		*Due at Maturity*		*Maturity*

								(Dollars in thousands)
Variable Rate Lines of Credit
$750 Million Term Loan Facility	LIBOR + 55 bp		4.86	%		4.86	%	$	750,000		10/13/06	$	750,000
$1.25 Billion Revolving Credit Facility	LIBOR + 60 bp plus facility		5.00	%		5.20	%		881,000		08/03/09		881,000
	fee of 20 bp on $1.25 billion

Total / Weighted Average Variable Rate Lines of Credit			4.94	%		5.04	%		1,631,000				1,631,000		2.3


Total / Weighted Average Consolidated Fixed Rate Debt			6.71	%		6.84	%		10,775,997				10,711,416		6.4

Total / Weighted Average Consolidated Variable Rate Debt			4.92	%		5.03	%		2,051,821				2,051,821		2.8


Total / Weighted Average Consolidated Debt			6.42	%		6.55	%		12,827,818				12,763,237		5.8


Pro Rata Share of Unconsolidated Joint Venture Debt
Promenade II			7.84	%		7.84	%		40,320		10/01/06		39,325
Promenade II			6.90	%		6.90	%		9,484		10/01/06		9,391
Pasadena Towers			6.92	%		6.92	%		15,153		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 + 600 bp		10.40	%		10.40	%		1,353		11/06/11		1,353
75-101 Federal Street			5.05	%		5.05	%		61,597		11/01/12		52,676
One Post Office Square			5.70	%		5.70	%		87,329		10/01/13		77,017
Yahoo! Center			5.27	%		5.27	%		125,000		10/01/15		125,000
SunTrust Center			5.34	%		5.34	%		19,250		01/01/16		19,250

Total / Weighted Average Pro Rata Share of Unconsolidated Joint Venture Debt			5.48	%		5.48	%		473,725				445,894		6.5


Total / Weighted Average Consolidated and Pro Rata Share of Unconsolidated Joint Venture Debt			6.39	%		6.51	%	$	13,301,543			$	13,209,131		5.9


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

Equity Office Properties Trust

Debt Maturity and Mandatorily Redeemable Preferred Shares (a)

December 31, 2005


	Mortgage Debt													Series B
Year	Consolidated		Unconsolidated		Unsecured Notes		Lines of Credit		Total Debt		Effective Rate (b)			Preferred Shares (c)

	(Dollars in thousands)
2006	$	83,173	$	48,716	$	652,924	$	750,000	$	1,534,813		6.22	%	$	—
2007		243,207		—		988,543		—		1,231,750		7.52	%		—
2008		138,444		14,371		490,376		—		643,191		6.86	%		299,497
2009		614,475		6,765		862,475		881,000		2,364,715		6.50	%		—
2010		259,250		92,877		1,564,207		—		1,916,334		6.02	%		—
2011		233,204		9,222		1,103,031		—		1,345,457		6.67	%		—
2012		—		52,676		500,000		—		552,676		6.80	%		—
2013		76,862		77,017		500,000		—		653,879		5.95	%		—
2014		—		—		1,045,000		—		1,045,000		5.53	%		—
2015		6,282		125,000		—		—		131,282		5.29	%		—
2016		420,784		19,250		25,000		—		465,034		5.53	%		—
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	$	2,075,681	$	445,894	$	9,056,556	$	1,631,000	$	13,209,131		6.51	%	$	299,497


(a)		Excludes the remaining scheduled principal payments prior to maturity.

(b)		Includes the effect of settled interest rate protection and interest rate swaps, offering and transaction costs and premiums and discounts.

(c)		The 5.25% Series B Preferred Shares are convertible at any time, at the option of the holder, into Common Shares at a conversion price of $35.70 per Common Share (equivalent to a conversion rate of 1.40056 Common Shares for each Series B Preferred Share). The preferred shares are subject to mandatory redemption on February 15, 2008 at a price of $50.00 per share, plus accumulated and unpaid distributions to the redemption date.

Equity Office Properties Trust

Tenant Improvements and Leasing Costs

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 December 31,
	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	$	15,299		$	10.39	$	24,687		$	13.48


Retenanted
Retenanted — vacant for less than 12 months		43,213			25.25		37,154			19.91
Retenanted — vacant longer than 12 months		34,336			32.95		29,744			24.98

Total Retenanted		77,549			28.16		66,898			21.88

Total / Weighted Average		92,848			21.97		91,585			18.73

UNCONSOLIDATED JOINT VENTURES:
Renewals		711	(a)		10.38		2,536	(a)		34.79


Retenanted
Retenanted — vacant for less than 12 months		4,981			46.77		1,514			26.14
Retenanted — vacant longer than 12 months		2,284			31.27		1,235			32.53

Total Retenanted		7,265	(a)		40.47		2,749	(a)		28.67

Total / Weighted Average		7,976	(a)		32.16		5,285	(a)		31.31


Total / Weighted Average	$	100,824		$	22.54	$	96,870		$	19.15


	For the years ended December 31,
	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	$	107,458		$	12.90	$	97,214		$	11.62


Retenanted
Retenanted — vacant for less than 12 months		160,061			22.71		154,923			21.12
Retenanted — vacant longer than 12 months		100,887			28.91		104,583			28.03

Total Retenanted		260,948			24.76		259,506			23.45

Total / Weighted Average		368,406			19.52		356,720			18.36

UNCONSOLIDATED JOINT VENTURES:
Renewals		2,759	(a)		12.40		12,330	(a)		21.95


Retenanted
Retenanted — vacant for less than 12 months		14,811			36.15		5,399			21.13
Retenanted — vacant longer than 12 months		15,658			46.14		7,177			46.37

Total Retenanted		30,469	(a)		40.68		12,576	(a)		30.65

Total / Weighted Average		33,228	(a)		34.20		24,906	(a)		25.62


Total / Weighted Average	$	401,634		$	20.24	$	381,626		$	18.70


(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 December 31,					For the years ended December 31,
	2005			2004		2005			2004
	(Dollars in thousands)
Capital improvements	$	59,069		$	42,476	$	87,445		$	70,594
Tenant improvements and leasing costs
Office properties		92,848			91,585		368,406			356,720
Industrial properties		—			144		—			4,584
Expenditures for corporate furniture, fixtures and equipment, software, leasehold improvements and other		5,476			4,021		22,299			10,726

Subtotal		157,393			138,226		478,150			442,624
Development costs		15,752			8,343		22,424			50,815
Redevelopment costs		—			—					787
Timing differences		(15,207	)		153		(7,255	)		82,038


Total capital improvements, tenant improvements and leasing costs	$	157,938		$	146,722	$	493,319		$	576,264


Selected items from the consolidated statements of cash flows:
Capital and tenant improvements	$	128,687		$	117,705	$	370,595		$	453,227
Lease commissions and other costs		29,251			29,017		122,724			123,037


Total	$	157,938		$	146,722	$	493,319		$	576,264


Unconsolidated Joint Ventures (a):
Capital improvements	$	2,575		$	3,577	$	6,258		$	6,387


(a)		Amounts shown represent Equity Office’s share of unconsolidated joint ventures. All joint ventures are office properties.

Equity Office Properties Trust

Portfolio Summary

December 31,2005


	Total Office Portfolio		Effective Office Portfolio (a)
	Square Feet		Square Feet		% NOI (b)
CBD		47,425,917		40,042,866		45.7	%
Suburban		64,083,136		61,665,425		54.3	%

Total		111,509,053		101,708,291		100.0	%


		Effective Office Portfolio (a)
		CBD										Suburban										Total
						% Square
Market	State	Buildings		Square Feet		Feet			% NOI (b)			Buildings		Square Feet		% Square Feet			% NOI (b)			Buildings		Square Feet		% Square Feet			% NOI (b)
Boston	MA		18		7,759,307		7.6	%		10.7	%		34		3,847,504		3.8	%		3.3	%		52		11,606,811		11.4	%		14.0	%
San Francisco	CA		11		3,747,331		3.7	%		4.7	%		78		5,677,285		5.6	%		6.2	%		89		9,424,616		9.3	%		10.9	%
Los Angeles	CA		2		1,896,244		1.9	%		2.2	%		46		5,383,766		5.3	%		7.3	%		48		7,280,010		7.2	%		9.5	%
New York	NY		7		5,361,421		5.3	%		8.9	%		—		—		—			—			7		5,361,421		5.3	%		8.9	%
San Jose	CA		2		643,046		0.6	%		0.9	%		79		5,842,568		5.7	%		7.9	%		81		6,485,614		6.4	%		8.8	%
Seattle	WA		12		3,941,576		3.9	%		3.8	%		42		4,835,011		4.8	%		3.8	%		54		8,776,587		8.6	%		7.6	%
Washington D.C.	DC, VA		10		1,776,776		1.7	%		2.7	%		18		4,320,007		4.2	%		4.9	%		28		6,096,783		6.0	%		7.6	%
Chicago	IL		8		5,376,227		5.3	%		4.2	%		25		5,066,006		5.0	%		2.7	%		33		10,442,233		10.3	%		6.9	%
Atlanta	GA		2		1,602,460		1.6	%		2.1	%		38		5,425,561		5.3	%		2.6	%		40		7,028,021		6.9	%		4.6	%
Orange County	CA		—		—		—			—			32		6,034,128		5.9	%		4.5	%		32		6,034,128		5.9	%		4.5	%
Portland	OR		3		868,940		0.9	%		0.6	%		42		3,295,596		3.2	%		2.3	%		45		4,164,536		4.1	%		2.8	%
Denver	CO		7		2,938,945		2.9	%		1.7	%		8		1,614,820		1.6	%		0.7	%		15		4,553,765		4.5	%		2.4	%
Sacramento	CA		1		502,365		0.5	%		0.6	%		36		1,907,900		1.9	%		1.4	%		37		2,410,265		2.4	%		2.0	%
Stamford	CT		—		—		—			—			7		1,654,296		1.6	%		1.9	%		7		1,654,296		1.6	%		1.9	%
Oakland-East Bay	CA		—		—		—			—			12		2,330,856		2.3	%		1.9	%		12		2,330,856		2.3	%		1.9	%
Austin	TX		4		1,873,585		1.8	%		1.3	%		11		982,839		1.0	%		0.6	%		15		2,856,424		2.8	%		1.9	%
San Diego	CA		—		—		—			—			17		1,874,702		1.8	%		1.7	%		17		1,874,702		1.8	%		1.7	%
All Others			5		1,754,643		1.7	%		1.4	%		5		1,572,580		1.5	%		0.8	%		10		3,327,223		3.3	%		2.2	%

Total			92		40,042,866		39.4	%		45.7	%		530		61,665,425		60.6	%		54.3	%		622		101,708,291		100	%		100	%


(a)		Equity Office’s Total Office Portfolio consists of 622 office buildings comprising 111.5 million square feet. Excluding partial interests not owned by Equity Office in certain properties owned in joint ventures, Equity Office’s share of the Total Office Portfolio is approximately 101.7 million square feet and is referred to as the “Effective Office Portfolio”. The Effective Office Portfolio square feet of approximately 101.7 million has not been reduced to reflect Equity Office’s minority interest partners’ share of EOP Partnership. Properties that have been taken out of service and properties under development are not included.

(b)		NOI calculations are based on Equity Office’s share of NOI generated from consolidated and unconsolidated joint ventures and 100% of NOI generated from wholly owned properties owned and in service as of December 31, 2005 for the three months ended December 31,2005.

Equity Office Properties Trust

Total Office Portfolio Data

December 31, 2005

Equity Office Properties Trust

Gross Leasing Summary


	For the three months ended December 31,
	2005		2004
Square feet leased (a)		4,944,362	5,330,014
Weighted average term in years		5.24	5.39

Rental Rates (b)


	GAAP Basis (c)			Cash Basis (d)			GAAP Basis (c)			Cash Basis (d)
Rate on expiring leases	$	28.68		$	29.83		$	27.77		$	28.43
Rate on terminated leases		28.20			29.69			24.08			24.61

Rate on expiring and terminated leases		28.59			29.80			26.97			27.60
Rate on new and renewal leases		26.35			25.10			24.52			23.82

Change from expiring and terminated leases	$	(2.24	)	$	(4.70	)	$	(2.45	)	$	(3.78	)

% Change from expiring and terminated leases		-7.8	%		-15.8	%		-9.1	%		-13.7	%


Change from expiring leases only	$	(2.33	)	$	(4.73	)	$	(3.25	)	$	(4.61	)

% Change from expiring leases only		-8.1	%		-15.9	%		-11.7	%		-16.2	%


	For the years ended December 31,
	2005		2004
Square feet leased (a)		21,219,691	22,015,441
Weighted average term in years		5.46	5.49

Rental Rates (b)


	GAAP Basis (c)			Cash Basis (d)			GAAP Basis (c)			Cash Basis (d)
Rate on expiring leases	$	28.81		$	29.60		$	26.68		$	27.32
Rate on terminated leases		29.95			31.18			29.09			30.56

Rate on expiring and terminated leases		29.01			29.88			27.14			27.94
Rate on new and renewal leases		26.60			25.55			24.10			23.38

Change from expiring and terminated leases	$	(2.41	)	$	(4.33	)	$	(3.04	)	$	(4.56	)

% Change from expiring and terminated leases		-8.3	%		-14.5	%		-11.2	%		-16.3	%


Change from expiring leases only	$	(2.21	)	$	(4.05	)	$	(2.58	)	$	(3.94	)

% Change from expiring leases only		-7.7	%		-13.7	%		-9.7	%		-14.4	%


(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 feet.

(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”). The contractual rent amounts include total base rent and estimated expense reimbursements from tenants before any adjustments for rent abatements and contractual increases or decreases in rent. 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

Occupancy Summary
December 31, 2005


	Square Feet
Market	Occupied		Leased		Vacant		Total		Occupied			Leased			Vacant			Total

Boston		11,575,619		125,666		978,916		12,680,201		91.3	%		1.0	%		7.7	%		100	%
San Francisco		8,926,648		205,510		1,100,244		10,232,402		87.2	%		2.0	%		10.8	%		100	%
Los Angeles		7,883,981		57,672		468,686		8,410,339		93.7	%		0.7	%		5.6	%		100	%
New York		5,155,404		4,327		207,379		5,367,110		96.1	%		0.1	%		3.9	%		100	%
San Jose		5,521,167		250,573		713,874		6,485,614		85.1	%		3.9	%		11.0	%		100	%
Seattle		9,260,718		109,736		619,232		9,989,686		92.7	%		1.1	%		6.2	%		100	%
Washington D.C.		6,235,441		169,571		214,068		6,619,080		94.2	%		2.6	%		3.2	%		100	%
Chicago		10,506,997		159,880		1,034,068		11,700,945		89.8	%		1.4	%		8.8	%		100	%
Atlanta		6,618,892		33,746		1,080,787		7,733,425		85.6	%		0.4	%		14.0	%		100	%
Orange County		5,678,832		53,566		301,730		6,034,128		94.1	%		0.9	%		5.0	%		100	%
Portland		3,826,840		54,411		283,285		4,164,536		91.9	%		1.3	%		6.8	%		100	%
Denver		4,078,365		23,452		451,948		4,553,765		89.6	%		0.5	%		9.9	%		100	%
Sacramento		2,459,431		45,731		107,493		2,612,655		94.1	%		1.8	%		4.1	%		100	%
Stamford		1,533,772		4,796		115,728		1,654,296		92.7	%		0.3	%		7.0	%		100	%
Oakland-East Bay		2,421,877		23,332		161,132		2,606,341		92.9	%		0.9	%		6.2	%		100	%
Austin		2,294,108		97,932		464,384		2,856,424		80.3	%		3.4	%		16.3	%		100	%
San Diego		2,064,382		30,597		270,998		2,365,977		87.3	%		1.3	%		11.5	%		100	%
All Others		4,843,600		64,313		534,216		5,442,129		89.0	%		1.2	%		9.8	%		100	%

Total		100,886,074		1,514,811		9,108,168		111,509,053		90.5	%		1.4	%		8.2	%		100	%


	Square Feet
Location	Occupied		Leased		Vacant		Total		Occupied			Leased			Vacant			Total

CBD		43,223,373		449,551		3,752,993		47,425,917		91.1	%		0.9	%		7.9	%		100	%
Suburban		57,662,701		1,065,260		5,355,175		64,083,136		90.0	%		1.7	%		8.4	%		100	%

Total		100,886,074		1,514,811		9,108,168		111,509,053		90.5	%		1.4	%		8.2	%		100	%

Equity Office Properties Trust

25 Largest Tenants
December 31, 2005


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

General Services Administration		35		46		2.4	%		2,587,577		2.6	%
Washington Mutual		30		52		1.4	%		1,566,039		1.6	%
Ogilvy & Mather		1		42		1.2	%		587,212		0.6	%
Wells Fargo		30		90		1.0	%		1,021,256		1.0	%
Marsh & McLennan Companies		10		44		1.0	%		804,858		0.8	%
Cravath, Swaine & Moore LLP		1		44		1.0	%		502,253		0.5	%
PricewaterhouseCoopers		5		64		0.9	%		628,682		0.6	%
Wachovia Corporation		29		40		0.8	%		753,107		0.7	%
HQ Global/Regus		36		43		0.8	%		799,356		0.8	%
Dewey Ballantine LLP		1		158		0.8	%		465,676		0.5	%
Xerox		5		65		0.7	%		281,186		0.3	%
Citigroup Inc.		32		38		0.7	%		700,149		0.7	%
State Street		5		114		0.7	%		445,085		0.4	%
Siemens		6		63		0.7	%		434,509		0.4	%
Booz Allen Hamilton		4		71		0.7	%		714,236		0.7	%
Ameriquest Mortgage Company		27		44		0.7	%		1,019,721		1.0	%
Calyon (fka Credit Lyonnais)		1		86		0.6	%		363,997		0.4	%
Deloitte & Touche LLP		7		74		0.6	%		707,930		0.7	%
Merrill Lynch		16		55		0.6	%		472,669		0.5	%
MFS Investment Management		1		86		0.6	%		353,665		0.4	%
Advanced Micro Devices		1		61		0.5	%		175,000		0.2	%
Wilmer Cutler Pickering Hale and Dorr LLP		1		90		0.5	%		364,209		0.4	%
Chicago Mercantile Exchange		2		35		0.5	%		455,631		0.5	%
AT&T		5		48		0.5	%		562,803		0.6	%
American International Group (AIG)		9		75		0.5	%		454,919		0.5	%

Total \ Weighted Average (c)				60		20.6	%		17,221,725		17.1	%


(a)		Based on annualized rent. Annualized rent is the monthly contractual rent as of the reporting date under existing leases in which occupancy has commenced as of the reporting date multiplied by 12 months (“Annualized Rent”). If the current rent payable is $0, then the first monthly rent payment due under the existing lease is used to calculate annualized rent. The contractual rent amounts include total base rent and estimated expense reimbursements from tenants as of the reporting date before any adjustments for rent abatements and contractual increases or decreases in rent subsequent to December 31, 2005. We believe Annualized Rent is a useful measure because this information can be used for comparison to current market rents as published by various third party sources.

(b)		Actual tenant may be a subsidiary of, or an entity affiliated with, the named tenant.

(c)		Weighted average calculation based on aggregate rentable square feet occupied by each tenant without regard to any early lease termination and/or renewal options.

Equity Office Properties Trust

Lease Expiration Schedule
December 31, 2005

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


	Year of Expiration
(Dollars in thousands except per square foot amounts)	2006 (a)			2007			2008			2009			2010			2011			2012			2013			2014			2015			Thereafter (e)			Totals

*Boston*
Square Feet (b)		901,117			1,173,913			1,593,288			1,328,450			1,557,965			454,243			1,095,733			1,425,253			727,593			272,129			1,045,935			11,575,619
% Square Feet (c)		7.1	%		9.3	%		12.6	%		10.5	%		12.3	%		3.6	%		8.6	%		11.2	%		5.7	%		2.1	%		8.2	%		91.3	%
Annualized Rent for occupied square feet (d)	$	26,598		$	49,148		$	57,753		$	49,655		$	59,448		$	18,622		$	45,837		$	59,454		$	26,310		$	9,057		$	41,630		$	443,512
Annualized Rent per occupied square foot (d)	$	29.52		$	41.87		$	36.25		$	37.38		$	38.16		$	41.00		$	41.83		$	41.71		$	36.16		$	33.28		$	39.80		$	38.31

*San Francisco*
Square Feet (b)		1,124,597			1,278,854			1,411,339			913,602			1,864,124			792,332			432,610			378,371			223,717			296,682			210,420			8,926,648
% Square Feet (c)		11.0	%		12.5	%		13.8	%		8.9	%		18.2	%		7.7	%		4.2	%		3.7	%		2.2	%		2.9	%		2.1	%		87.2	%
Annualized Rent for occupied square feet (d)	$	46,398		$	43,899		$	52,739		$	29,202		$	74,656		$	29,972		$	11,847		$	11,611		$	5,828		$	8,863		$	13,429		$	328,444
Annualized Rent per occupied square foot (d)	$	41.26		$	34.33		$	37.37		$	31.96		$	40.05		$	37.83		$	27.38		$	30.69		$	26.05		$	29.87		$	63.82		$	36.79

*Los Angeles*
Square Feet (b)		977,496			1,247,266			710,237			777,186			1,032,915			592,383			709,563			536,497			358,284			665,656			276,498			7,883,981
% Square Feet (c)		11.6	%		14.8	%		8.4	%		9.2	%		12.3	%		7.0	%		8.4	%		6.4	%		4.3	%		7.9	%		3.3	%		93.7	%
Annualized Rent for occupied square feet (d)	$	35,414		$	40,802		$	21,910		$	21,590		$	31,617		$	23,136		$	23,476		$	18,110		$	12,621		$	20,973		$	8,473		$	258,122
Annualized Rent per occupied square foot (d)	$	36.23		$	32.71		$	30.85		$	27.78		$	30.61		$	39.06		$	33.09		$	33.76		$	35.23		$	31.51		$	30.64		$	32.74

*New York*
Square Feet (b)		151,627			179,343			189,327			1,261,182			322,130			437,637			476,698			445,167			114,544			84,009			1,493,740			5,155,404
% Square Feet (c)		2.8	%		3.3	%		3.5	%		23.5	%		6.0	%		8.2	%		8.9	%		8.3	%		2.1	%		1.6	%		27.8	%		96.1	%
Annualized Rent for occupied square feet (d)	$	9,096		$	9,199		$	7,732		$	74,582		$	14,910		$	23,841		$	21,225		$	24,120		$	6,953		$	5,950		$	73,703		$	271,311
Annualized Rent per occupied square foot (d)	$	59.99		$	51.29		$	40.84		$	59.14		$	46.29		$	54.48		$	44.53		$	54.18		$	60.70		$	70.83		$	49.34		$	52.63

*San Jose*
Square Feet (b)		710,862			775,129			534,178			497,635			962,887			742,373			488,279			129,475			331,712			193,645			154,992			5,521,167
% Square Feet (c)		11.0	%		12.0	%		8.2	%		7.7	%		14.8	%		11.4	%		7.5	%		2.0	%		5.1	%		3.0	%		2.4	%		85.1	%
Annualized Rent for occupied square feet (d)	$	23,881		$	25,482		$	12,935		$	14,081		$	36,835		$	42,932		$	32,566		$	4,079		$	6,512		$	6,558		$	4,245		$	210,106
Annualized Rent per occupied square foot (d)	$	33.59		$	32.87		$	24.21		$	28.30		$	38.25		$	57.83		$	66.70		$	31.50		$	19.63		$	33.87		$	27.39		$	38.05

*Seattle*
Square Feet (b)		981,173			936,770			1,237,815			1,396,313			1,446,993			561,694			509,514			574,545			429,886			520,697			665,318			9,260,718
% Square Feet (c)		9.8	%		9.4	%		12.4	%		14.0	%		14.5	%		5.6	%		5.1	%		5.8	%		4.3	%		5.2	%		6.7	%		92.7	%
Annualized Rent for occupied square feet (d)	$	26,725		$	25,230		$	30,996		$	33,838		$	38,314		$	13,364		$	14,119		$	14,936		$	9,408		$	10,445		$	17,161		$	234,536
Annualized Rent per occupied square foot (d)	$	27.24		$	26.93		$	25.04		$	24.23		$	26.48		$	23.79		$	27.71		$	26.00		$	21.88		$	20.06		$	25.79		$	25.33

*Washington D.C.*
Square Feet (b)		489,312			808,707			933,734			662,220			445,135			810,318			359,189			250,325			672,696			556,174			247,631			6,235,441
% Square Feet (c)		7.4	%		12.2	%		14.1	%		10.0	%		6.7	%		12.2	%		5.4	%		3.8	%		10.2	%		8.4	%		3.7	%		94.2	%
Annualized Rent for occupied square feet (d)	$	15,364		$	23,249		$	31,946		$	20,944		$	17,630		$	26,803		$	11,390		$	8,967		$	23,226		$	20,837		$	9,630		$	209,986
Annualized Rent per occupied square foot (d)	$	31.40		$	28.75		$	34.21		$	31.63		$	39.61		$	33.08		$	31.71		$	35.82		$	34.53		$	37.46		$	38.89		$	33.68

*Chicago*
Square Feet (b)		1,525,507			929,832			1,394,482			983,602			1,242,517			624,781			738,544			534,629			538,670			1,321,163			673,270			10,506,997
% Square Feet (c)		13.0	%		7.9	%		11.9	%		8.4	%		10.6	%		5.3	%		6.3	%		4.6	%		4.6	%		11.3	%		5.8	%		89.8	%
Annualized Rent for occupied square feet (d)	$	41,845		$	23,826		$	41,391		$	28,751		$	32,878		$	15,988		$	20,553		$	14,590		$	13,900		$	34,067		$	13,880		$	281,669
Annualized Rent per occupied square foot (d)	$	27.43		$	25.62		$	29.68		$	29.23		$	26.46		$	25.59		$	27.83		$	27.29		$	25.80		$	25.79		$	20.62		$	26.81

Equity Office Properties Trust
Lease Expiration Schedule
December 31, 2005


	Year of Expiration
(Dollars in thousands except per square foot amounts)	2006 (a)			2007			2008			2009			2010			2011			2012			2013			2014			2015			Thereafter (e)			Totals

*Atlanta*
Square Feet (b)		1,322,323			693,987			699,975			779,051			1,397,137			456,169			210,650			272,422			338,366			181,853			266,959			6,618,892
% Square Feet (c)		17.1	%		9.0	%		9.1	%		10.1	%		18.1	%		5.9	%		2.7	%		3.5	%		4.4	%		2.4	%		3.5	%		85.6	%
Annualized Rent for occupied square feet (d)	$	37,172		$	15,576		$	13,998		$	22,102		$	36,313		$	9,809		$	3,847		$	5,729		$	6,338		$	3,516		$	5,171		$	159,571
Annualized Rent per occupied square foot (d)	$	28.11		$	22.44		$	20.00		$	28.37		$	25.99		$	21.50		$	18.26		$	21.03		$	18.73		$	19.33		$	19.37		$	24.11

*Orange County*
Square Feet (b)		970,209			983,647			1,548,406			573,502			677,621			432,283			248,030			170,745			6,536			21,146			46,707			5,678,832
% Square Feet (c)		16.1	%		16.3	%		25.7	%		9.5	%		11.2	%		7.2	%		4.1	%		2.8	%		0.1	%		0.4	%		0.8	%		94.1	%
Annualized Rent for occupied square feet (d)	$	26,241		$	25,114		$	36,531		$	14,523		$	16,182		$	9,797		$	6,519		$	4,068		$	165		$	520		$	444		$	140,104
Annualized Rent per occupied square foot (d)	$	27.05		$	25.53		$	23.59		$	25.32		$	23.88		$	22.66		$	26.28		$	23.83		$	25.24		$	24.59		$	9.51		$	24.67

*Portland*
Square Feet (b)		491,417			606,095			430,980			604,117			802,776			344,599			113,042			58,517			62,113			61,688			251,496			3,826,840
% Square Feet (c)		11.8	%		14.6	%		10.3	%		14.5	%		19.3	%		8.3	%		2.7	%		1.4	%		1.5	%		1.5	%		6.0	%		91.9	%
Annualized Rent for occupied square feet (d)	$	11,551		$	14,734		$	9,265		$	12,755		$	15,348		$	7,971		$	2,333		$	1,491		$	1,559		$	1,295		$	4,335		$	82,637
Annualized Rent per occupied square foot (d)	$	23.51		$	24.31		$	21.50		$	21.11		$	19.12		$	23.13		$	20.64		$	25.48		$	25.10		$	20.99		$	17.24		$	21.59

*Denver*
Square Feet (b)		587,911			607,280			607,624			688,442			402,051			292,518			419,764			77,953			221,986			56,783			116,053			4,078,365
% Square Feet (c)		12.9	%		13.3	%		13.3	%		15.1	%		8.8	%		6.4	%		9.2	%		1.7	%		4.9	%		1.2	%		2.5	%		89.6	%
Annualized Rent for occupied square feet (d)	$	12,341		$	11,617		$	11,222		$	15,681		$	7,685		$	5,158		$	7,191		$	1,472		$	5,112		$	677		$	1,437		$	79,593
Annualized Rent per occupied square foot (d)	$	20.99		$	19.13		$	18.47		$	22.78		$	19.11		$	17.63		$	17.13		$	18.88		$	23.03		$	11.92		$	12.38		$	19.52

*Sacramento*
Square Feet (b)		385,987			534,481			314,406			539,010			253,083			164,180			120,112			25,835			26,448			24,719			71,170			2,459,431
% Square Feet (c)		14.8	%		20.5	%		12.0	%		20.6	%		9.7	%		6.3	%		4.6	%		1.0	%		1.0	%		0.9	%		2.7	%		94.1	%
Annualized Rent for occupied square feet (d)	$	10,117		$	14,814		$	8,006		$	13,752		$	6,956		$	4,583		$	3,605		$	720		$	678		$	789		$	770		$	64,790
Annualized Rent per occupied square foot (d)	$	26.21		$	27.72		$	25.46		$	25.51		$	27.49		$	27.91		$	30.01		$	27.87		$	25.64		$	31.92		$	10.82		$	26.34

*Stamford*
Square Feet (b)		347,699			127,956			208,819			204,543			202,322			248,198			103,236			33,318			44,765			—			12,916			1,533,772
% Square Feet (c)		21.0	%		7.7	%		12.6	%		12.4	%		12.2	%		15.0	%		6.2	%		2.0	%		2.7	%		—	%		0.8	%		92.7	%
Annualized Rent for occupied square feet (d)	$	11,020		$	4,717		$	7,148		$	6,962		$	6,830		$	8,485		$	3,379		$	1,011		$	1,368		$	—		$	—		$	50,920
Annualized Rent per occupied square foot (d)	$	31.69		$	36.86		$	34.23		$	34.04		$	33.76		$	34.19		$	32.73		$	30.34		$	30.56		$	—		$	—		$	33.20

*Oakland-East Bay*
Square Feet (b)		388,484			291,343			475,527			381,256			310,442			143,047			24,073			368,749			13,500			7,066			18,390			2,421,877
% Square Feet (c)		14.9	%		11.2	%		18.2	%		14.6	%		11.9	%		5.5	%		0.9	%		14.1	%		0.5	%		0.3	%		0.7	%		92.9	%
Annualized Rent for occupied square feet (d)	$	13,303		$	8,824		$	12,670		$	9,142		$	7,998		$	4,995		$	678		$	12,509		$	348		$	137		$	—		$	70,604
Annualized Rent per occupied square foot (d)	$	34.24		$	30.29		$	26.64		$	23.98		$	25.76		$	34.92		$	28.16		$	33.92		$	25.78		$	19.39		$	—		$	29.15

*Austin*
Square Feet (b)		197,469			215,161			299,114			140,055			317,998			137,610			326,644			90,726			218,298			144,419			206,614			2,294,108
% Square Feet (c)		6.9	%		7.5	%		10.5	%		4.9	%		11.1	%		4.8	%		11.4	%		3.2	%		7.6	%		5.1	%		7.2	%		80.3	%
Annualized Rent for occupied square feet (d)	$	4,716		$	5,363		$	7,473		$	3,256		$	6,455		$	3,410		$	9,456		$	1,859		$	5,797		$	2,790		$	5,673		$	56,248
Annualized Rent per occupied square foot (d)	$	23.88		$	24.93		$	24.98		$	23.25		$	20.30		$	24.78		$	28.95		$	20.49		$	26.56		$	19.32		$	27.46		$	24.52

*San Diego*
Square Feet (b)		376,184			155,157			251,580			479,250			421,652			186,827			16,431			—			10,052			130,647			36,602			2,064,382
% Square Feet (c)		15.9	%		6.6	%		10.6	%		20.3	%		17.8	%		7.9	%		0.7	%		—	%		0.4	%		5.5	%		1.5	%		87.3	%
Annualized Rent for occupied square feet (d)	$	13,373		$	5,063		$	8,551		$	12,726		$	12,500		$	5,934		$	519		$	—		$	382		$	3,398		$	192		$	62,638
Annualized Rent per occupied square foot (d)	$	35.55		$	32.63		$	33.99		$	26.55		$	29.65		$	31.76		$	31.59		$	—		$	38.00		$	26.01		$	5.25		$	30.34

Equity Office Properties Trust
Lease Expiration Schedule
December 31, 2005


	Year of Expiration
(Dollars in thousands except per square foot amounts)	2006 (a)			2007			2008			2009			2010			2011			2012			2013			2014			2015			Thereafter (e)			Totals

*All Others*
Square Feet (b)		968,887			378,800			931,323			710,996			451,404			147,109			246,438			77,833			141,857			163,503			625,450			4,843,600
% Square Feet (c)		17.8	%		7.0	%		17.1	%		13.1	%		8.3	%		2.7	%		4.5	%		1.4	%		2.6	%		3.0	%		11.5	%		89.0	%
Annualized Rent for occupied square feet (d)	$	15,456		$	7,814		$	19,701		$	17,327		$	10,362		$	3,790		$	6,070		$	1,791		$	3,573		$	3,623		$	18,531		$	108,038
Annualized Rent per occupied square foot (d)	$	15.95		$	20.63		$	21.15		$	24.37		$	22.96		$	25.76		$	24.63		$	23.01		$	25.19		$	22.16		$	29.63		$	22.31

*Total Portfolio*
Square Feet (b)		12,898,261			11,923,721			13,772,154			12,920,412			14,111,152			7,568,301			6,638,550			5,450,360			4,481,023			4,701,979			6,420,161			100,886,074
% Square Feet (c)		11.6	%		10.7	%		12.4	%		11.6	%		12.7	%		6.8	%		6.0	%		4.9	%		4.0	%		4.2	%		5.8	%		90.5	%
Annualized Rent for occupied square feet (d)	$	380,611		$	354,471		$	391,967		$	400,869		$	432,917		$	258,590		$	224,610		$	186,517		$	130,078		$	133,495		$	218,705		$	3,112,830
Annualized Rent per occupied square foot (d)	$	29.51		$	29.73		$	28.46		$	31.03		$	30.68		$	34.17		$	33.83		$	34.22		$	29.03		$	28.39		$	34.07		$	30.85


(a)		640,783 square feet expiring in 2006 is from month to month leases.

(b)		Represents occupied square feet of expiring leases as of the reporting date.

(c)		Represents occupied square feet of expiring leases in the market divided by the market’s total building square feet.

(d)		Annualized rent is the monthly contractual rent as of the reporting date under existing leases in which occupancy has commenced as of the reporting date multiplied by 12 months (“Annualized Rent”). If the current rent payable is $0, then the first monthly rent payment due under the existing lease is used to calculate annualized rent. The contractual rent amounts include total base rent and estimated expense reimbursements from tenants as of the reporting date before any adjustments for rent abatements and contractual increases or decreases in rent subsequent to December 31, 2005. Total rent abatements for leases in which occupancy has commenced as of the reporting date for the period from January 1, 2006 to December 31, 2006 are approximately $30.8 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.

(e)		EOP management offices and owner-building use space totaling 796,991 square feet is included in square feet, however, the rent per square foot is $0.

Equity Office Properties Trust

Rent Expiration by Market 2006 to 2008

December 31, 2005


	Percentage of Total Annualized Rent Associated with Expiring Leases (a)
Market	2006			2007			2008			Total

Boston		0.85	%		1.58	%		1.86	%		4.29	%
San Francisco		1.49	%		1.41	%		1.69	%		4.60	%
Los Angeles		1.14	%		1.31	%		0.70	%		3.15	%
New York		0.29	%		0.30	%		0.25	%		0.84	%
San Jose		0.77	%		0.82	%		0.42	%		2.00	%
Seattle		0.86	%		0.81	%		1.00	%		2.66	%
Washington D.C.		0.49	%		0.75	%		1.03	%		2.27	%
Chicago		1.34	%		0.77	%		1.33	%		3.44	%
Atlanta		1.19	%		0.50	%		0.45	%		2.14	%
Orange County		0.84	%		0.81	%		1.17	%		2.82	%
Portland		0.37	%		0.47	%		0.30	%		1.14	%
Denver		0.40	%		0.37	%		0.36	%		1.13	%
Sacramento		0.32	%		0.48	%		0.26	%		1.06	%
Stamford		0.35	%		0.15	%		0.23	%		0.74	%
Oakland-East Bay		0.43	%		0.28	%		0.41	%		1.12	%
Austin		0.15	%		0.17	%		0.24	%		0.56	%
San Diego		0.43	%		0.16	%		0.27	%		0.87	%
All Others		0.50	%		0.25	%		0.63	%		1.38	%

Total		12.23	%		11.39	%		12.59	%		36.21	%


(a)		Annualized rent is the monthly contractual rent as of the reporting date under existing leases in which occupancy has commenced as of the reporting date multiplied by 12 months (“Annualized Rent”). If the current rent payable is $0, then the first monthly rent payment due under the existing lease is used to calculate annualized rent. The contractual rent amounts include total base rent and estimated expense reimbursements from tenants as of the reporting date before any adjustments for rent abatements and contractual increases or decreases in rent subsequent to December 31, 2005. Total rent abatements for leases in which occupancy has commenced as of the reporting date for the period from January 1, 2006 to December 31, 2006 are approximately $30.8 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

December 31, 2005


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

2,500 or Less		4,763,468		4.8	%	$	129,013		4.1	%	$	27.08
2,501 - 5,000		7,896,089		7.9	%		212,856		6.8	%		26.96
5,001 - 7,500		6,387,709		6.4	%		175,692		5.6	%		27.50
7,501 - 10,000		5,042,521		5.0	%		141,166		4.5	%		28.00
10,001 - 20,000		14,350,468		14.3	%		411,406		13.2	%		28.67
20,001 - 40,000		16,355,309		16.3	%		501,731		16.1	%		30.68
40,001 - 60,000		9,868,096		9.9	%		301,527		9.7	%		30.56
60,001 - 100,000		10,360,158		10.4	%		329,344		10.6	%		31.79
100,001 or Greater		25,065,265		25.0	%		910,095		29.2	%		36.31


Total / Weighted Average		100,089,083		100.0	%	$	3,112,830		100.0	%	$	30.85


(a)		Total net rentable square feet for office properties is as follows:


	Square Feet		Percent of Total

Occupied by tenants		100,089,083		89.8	%
Used for EOP management offices and owner building use space		796,991		0.7	%

Total occupied square feet		100,886,074		90.5	%
Leased and unoccupied square feet		1,514,811		1.4	%
Unleased square feet		9,108,168		8.2	%

Total rentable square feet		111,509,053		100.0	%


(b)		Annualized rent is the monthly contractual rent as of the reporting date under existing leases in which occupancy has commenced as of the reporting date multiplied by 12 months (“Annualized Rent”). If the current rent payable is $0, then the first monthly rent payment due under the existing lease is used to calculate annualized rent. The contractual rent amounts include total base rent and estimated expense reimbursements from tenants as of the reporting date before any adjustments for rent abatements and contractual increases or decreases in rent subsequent to December 31, 2005. Total rent abatements for leases in which occupancy has commenced as of the reporting date for the period from January 1, 2006 to December 31, 2006 are approximately $30.8 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

December 31, 2005


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

541	Professional, Scientific and Technical Services		33,288,197		33.0	%(a)
521-525	Finance and Insurance		27,545,967		27.3	%(b)
511-514	Information		8,553,870		8.5	%(c)
311-339	Manufacturing		4,916,942		4.9	%
921-928	Public Administration		4,133,580		4.1	%
561-562	Administrative and Support and Waste Management and Remediation Services		3,189,313		3.2	%
531-533	Real Estate, Rental and Leasing		2,640,279		2.6	%
441-454	Retail Trade		2,003,285		2.0	%
621-624	Health Care and Social Assistance		1,778,839		1.8	%
811-824	Other Services (except Public Administration)		1,710,733		1.7	%
711-713	Arts, Entertainment and Recreation		1,476,606		1.5	%
421-422	Wholesale Trade		1,284,214		1.3	%
721-722	Accommodation and Food Services		1,285,576		1.3	%
611	Educational Services		1,209,905		1.2	%
Other	Other		5,868,768		5.8	%

Total			100,886,074		100.0	%



(a) Professional, Scientific and Technical Services includes the following:
5411	Legal Services		14,100,374		14.0	%
5412	Accounting, Tax Preparation, Bookkeeping and Payroll Services		2,700,133		2.7	%
5413	Architectural, Engineering, and Related Services		1,925,020		1.9	%
5415	Computer Systems Design and Related Services		5,401,367		5.4	%
5416	Management, Scientific and Technical Consulting Services (Marketing Consulting Services)		6,330,300		6.3	%
	Other Professional, Scientific and Technical Services		2,831,003		2.8	%

	Total Professional, Scientific and Technical Services		33,288,197		33.0	%


(b) Finance and Insurance includes the following:
523	Securities, Commodity Contracts and Other Financial Investments and Related Activities		536,037		0.5	%
524	Insurance Carriers and Related Activities		6,688,184		6.6	%
5221	Depository Credit Intermediation (Banks, S&Ls, Credit Unions)		6,210,197		6.2	%
	Other Finance and Insurance		14,111,549		14.0	%

	Total Finance and Insurance		27,545,967		27.3	%


(c) Information includes the following:
511	Publishing Industries		4,199,247		4.2	%
5133	Telecommunications		2,515,497		2.5	%
	Other Information		1,839,126		1.8	%

	Total Information		8,553,870		8.5	%

This document 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 document and the outlook of Equity Office include, but are not limited to, changes in economic, business and competitive conditions, and other factors affecting the operation of the business of Equity Office. These and other risks and uncertainties are detailed from time to time in Equity Office’s filings with the SEC, including its 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 (EOP) Inactive 8-KResults of Operations and Financial Condition