Equity Commonwealth (EQC) 8-K/A Financial Statements and Exhibits

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact:
	Timothy A. Bonang
	Manager of Investor Relations
	(617) 796-8149
	www.hrpreit.com

HRPT Properties Trust

Announces Financial Results for the Quarter and Year Ended

December 31, 2004

Newton, MA (February 15, 2005): HRPT Properties Trust (NYSE: HRP) today announced financial results for the fourth quarter and year ended December 31, 2004.

Results for the quarter ended December 31, 2004:

Net income available for common shareholders was $30.5 million for the quarter ended December 31, 2004, compared to $23.7 million for the same quarter last year.  Net income available for common shareholders per share (EPS) for the quarters ended December 31, 2004 and 2003 was $0.17 each.

Funds from operations (FFO) available for common shareholders for the quarter ended December 31, 2004, were $56.0 million, or $0.32 per share.  This compares to FFO available for common shareholders for the quarter ended December 31, 2003, of $44.7 million, or $0.31 per share.

The weighted average number of common shares outstanding totaled 177,316,525 and 142,773,895, for the quarters ended December 31, 2004 and 2003, respectively.

Results for the year ended December 31, 2004:

Net income available for common shareholders was $116.8 million for the year ended December 31, 2004, compared to $68.4 million last year.  EPS for the years ended December 31, 2004 and 2003 was $0.66 and $0.50, respectively.

FFO available for common shareholders for the year ended December 31, 2004, were $215.2 million, or $1.22 per share.  This compares to FFO available for common shareholders for the year ended December 31, 2003, of $174.3 million, or $1.28 per share.

The weighted average number of common shares outstanding totaled 176,156,909 and 136,270,314, for the years ended December 31, 2004 and 2003, respectively.

Occupancy and Leasing Results:

As of December 31, 2004, 93.0% of HRP’s total square feet was leased, compared to 93.5% leased as of December 31, 2003.

HRP signed new leases for 563,000 square feet and lease renewals for 869,000 square feet during the quarter ended December 31, 2004, for weighted average rental rates that were 1% above prior rents.  HRP signed new leases for 1.7 million square feet and lease renewals for 2.8 million square feet during the year ended December 31, 2004, at weighted average rental rates that were 3% below prior rents.

Average lease terms for leases signed during the fourth quarter of 2004 were 8.9 years.  Average lease terms for leases signed during the year ended December 31, 2004 were 8.7 years.  Commitments for tenant improvement and leasing commission (TI/LC) costs for leases signed during the quarter ended December 31, 2004 totaled $30.82 per square foot on a weighted average basis.  Commitments for TI/LC costs for leases signed during the year ended 2004 totaled $28.28 per square foot on a weighted average basis.

Investment Activities:

During the quarter ended December 31, 2004, HRP acquired nine buildings with 892,000 square feet for $84.3 million.  HRP acquired 136 buildings with 8.3 million square feet for $818.3 million during the year ended December 31, 2004.

Also during the quarter ended December 31, 2004, HRP sold one million common shares of Senior Housing Properties Trust (SNH), a former subsidiary.  After this sale, HRP owned 8.7 million SNH common shares, or 12.6% of SNH’s total common shares outstanding at December 31, 2004.  HRP sold a total of 4.1 million SNH common shares during the year ended December 31, 2004.

Financing Activities:

Subsequent to year end in January 2005, HRP amended its previously existing $560 million unsecured revolving credit facility.  HRP increased the available borrowing amount to $750 million and extended the maturity date to April 2009, with an option to extend the maturity by one additional year.  The annual interest payable for drawn amounts under the facility was reduced from LIBOR plus 0.80% to LIBOR plus 0.65%.  Various other changes were made in the facility, and, in certain circumstances, the amount of unsecured borrowings available under this facility may be increased to $1.5 billion.

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Conference Call:

On Tuesday, February 15, 2005, at 11:00 a.m. Eastern Time, Adam Portnoy, executive vice president, and John Popeo, chief financial officer, will host a conference call to discuss the results for the quarter and year ended December 31, 2004.

The conference call telephone number is (800) 811-7286.  Participants calling from outside the United States and Canada should dial (913) 981-4902.  No pass code is necessary to access the call from either number.  Participants should dial in about 15 minutes prior to the scheduled start of the call.  A replay of the conference call will be available through February 22, 2005.  To hear the replay, dial (719) 457-0820. The replay pass code is 7218426.

A live oral webcast of the conference call will also be available in a listen-only mode on HRP’s web site.  Participants wanting to access the webcast should visit the company’s web site about five minutes before the call.  The archived webcast will be available for replay on HRP’s web site for about one week after the call.

Supplemental Data:

A copy of HRP’s Fourth Quarter 2004 Supplemental Operating and Financial Data is available for download at HRP’s web site.

HRPT Properties Trust is a real estate investment trust, or REIT, which primarily owns office buildings located throughout the United States.  As of December 31, 2004, HRP owned 375 properties with 44.2 million square feet, including almost 10 million square feet of leased commercial and industrial lands in Oahu, HI.  HRP is headquartered in Newton, Massachusetts.

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HRPT Properties Trust

Statements of Income and Funds from Operations

(in thousands, except per share data)

	Quarter Ended December 31,						Year Ended December 31,
	2004			2003			2004			2003
Revenues:
Rental income	$	167,551		$	130,679		$	603,229		$	500,316
Total revenues	167,551			130,679			603,229			500,316
Expenses:
Operating expenses	65,049			51,068			227,853			192,813
Depreciation and amortization	33,097			24,330			112,380			93,273
General and administrative	6,696			5,015			25,170			19,338
Total expenses	104,842			80,413			365,403			305,424
Operating income	62,709			50,266			237,826			194,892
Interest income	184			157			638			411
Interest expense (including amortization of note discounts and premiums and deferred financing fees of $755, $1,509, $4,341 and $5,975, respectively)	(35,363		)	(26,957		)	(118,212		)	(101,144		)
Loss on early extinguishment of debt	—			—			(2,866		)	(3,238		)
Equity in earnings of equity investments	4,322			11,698			15,457			23,525
Gain on sale of shares of equity investments(1)	6,745			—			21,550			—
Gain on issuance of shares by equity investees(1)	3,396			—			8,436			—
Net income	41,993			35,164			162,829			114,446
Preferred distributions	(11,500		)	(11,500		)	(46,000		)	(46,000		)
Net income available for common shareholders	$	30,493		$	23,664		$	116,829		$	68,446
Calculation of Funds from Operations, or FFO:(2)
Net income	$	41,993		$	35,164		$	162,829		$	114,446
Plus: depreciation and amortization	33,097			24,330			112,380			93,273
Loss on early extinguishment of debt:
Add: amount included in total expenses	—			—			2,866			3,238
Less: portion settled in cash	—			—			—			—
Less: gain on sale of shares of equity investments	(6,745		)	—			(21,550		)	—
Less: gain on issuance of shares by equity investees	(3,396		)	—			(8,436		)	—
Less: equity in earnings of equity investments	(4,322		)	(11,698		)	(15,457		)	(23,525		)
Plus: FFO from equity investments	6,866			8,370			28,573			32,826
FFO	67,493			56,166			261,205			220,258
Less: preferred distributions	(11,500		)	(11,500		)	(46,000		)	(46,000		)
FFO available for common shareholders	$	55,993		$	44,666		$	215,205		$	174,258
Weighted average common shares outstanding	177,317			142,774			176,157			136,270
Per common share:
Net income available for common shareholders	$	0.17		$	0.17		$	0.66		$	0.50
FFO available for common shareholders	0.32			0.31			1.22			1.28
Common distributions paid	0.21			0.20			0.82			0.80

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(1)We account for our common share investments in Senior Housing Properties Trust, or Senior Housing, and Hospitality Properties Trust, or Hospitality Properties, using the equity method of accounting.  During the year ended December 31, 2004, we sold 4,148 of our Senior Housing common shares and recognized a gain of $21,550.  In addition, we recognized gains of $8,436 during the year ended December 31, 2004, as a result of share issuances by Senior Housing and Hospitality Properties at prices above our per share carrying value.

(2)We compute FFO as shown in the calculation above.  Our calculation of FFO differs from the NAREIT definition because we exclude loss on early extinguishment of debt not settled in cash.  We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities.  We believe that FFO provides useful information to investors because by excluding the effects of certain historical costs, such as depreciation expense and gains or losses on sales of properties, FFO can facilitate a comparison of current operating performance among REITs.  FFO does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity.  FFO is one important factor considered by our Board of Trustees in determining the amount of distributions to shareholders.  Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving bank credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of future performance.

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HRPT Properties Trust

Consolidated Balance Sheets

(dollars in thousands, except share data)

	December 31
	2004			2003
				(audited)
ASSETS
Real estate properties, at cost:
Land	$	928,106		$	852,983
Buildings and improvements	3,756,963			3,038,983
	4,685,069			3,891,966
Accumulated depreciation	(454,411		)	(363,015		)
	4,230,658			3,528,951
Acquired real estate leases	149,063			68,983
Equity investments in former subsidiaries	207,804			260,208
Cash and cash equivalents	21,961			11,526
Restricted cash	22,257			10,674
Rents receivable, net of allowance for doubtful accounts of $4,594 and $4,568, respectively	113,504			83,973
Other assets, net	68,083			48,929
Total assets	$	4,813,330		$	4,013,244
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	$	175,000		$	412,000
Senior unsecured debt	1,739,624			1,136,311
Mortgage notes payable, net	440,407			328,510
Accounts payable and accrued expenses	67,716			60,541
Acquired real estate lease obligations	39,843			33,206
Rent collected in advance	15,208			13,135
Security deposits	11,920			9,520
Due to affiliates	16,418			8,370
Total liabilities	2,506,136			2,001,593
Commitments and contingencies
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value:
50,000,000 shares authorized;
Series A preferred shares; 9 7/8% cumulative redeemable at par on February 22, 2006; 8,000,000 shares issued and outstanding, aggregate liquidation preference $200,000	193,086			193,086
Series B preferred shares; 8 3/4% cumulative redeemable at par on September 12, 2007; 12,000,000 shares issued and outstanding, aggregate liquidation preference $300,000	289,849			289,849
Common shares of beneficial interest, $0.01 par value:
200,000,000 shares authorized; 177,316,525 and 142,773,925 shares issued and outstanding, respectively	1,773			1,428
Additional paid in capital	2,394,946			2,071,203
Cumulative net income	1,287,790			1,124,961
Cumulative common distributions	(1,729,587		)	(1,584,213		)
Cumulative preferred distributions	(130,663		)	(84,663		)
Total shareholders’ equity	2,307,194			2,011,651
Total liabilities and shareholders’ equity	$	4,813,330		$	4,013,244

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