<PAGE>   1


                                                                    EXHIBIT 99.1


                         Equity Office Properties Trust
                 1997 Non-Qualified Employee Share Purchase Plan

                              Financial Statements
            As of December 31, 2000 and 1999 and for the three years
                     in the period ended December 31, 2000


CONTENTS

<TABLE>
<CAPTION>

                                                                              Page
                                                                              ----

<S>                                                                           <C>
Report of Independent Auditors......................................            2

Financial Statements and Notes......................................            3
</TABLE>





<PAGE>   2

Report of Independent Auditors



Compensation and Option Committee of the Board of Trustees
  of Equity Office Properties Trust
  1997 Non-Qualified Employee Share Purchase Plan

We have audited the accompanying statements of financial condition of the Equity
Office Properties Trust 1997 Non-Qualified Employee Share Purchase Plan, as
amended, as of December 31, 2000 and 1999, and the related statements of income
and changes in plan equity for each of the three years in the period ended
December 31, 2000. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial condition of the Plan at December 31, 2000
and 1999, and the income and changes in plan equity for each of the three years
in the period ended December 31, 2000, in conformity with accounting principles
generally accepted in the United States.



                                                       Ernst & Young LLP


Chicago, Illinois
March 16, 2001









<PAGE>   3




                         Equity Office Properties Trust
                 1997 Non-Qualified Employee Share Purchase Plan
                        Statements of Financial Condition


<TABLE>
<CAPTION>

                                                              DECEMBER 31,
                                                          -------------------
                                                            2000       1999
                                                          --------   --------
<S>                                                       <C>        <C>
ASSETS:
  Receivable from Equity Office Properties Trust:
    Participant contributions .........................   $101,000   $105,800
                                                          --------   --------

    Total Plan equity .................................   $101,000   $105,800
                                                          ========   ========

</TABLE>



See accompanying notes.

<PAGE>   4



                         Equity Office Properties Trust
                 1997 Non-Qualified Employee Share Purchase Plan
                Statements of Income and Changes in Plan Equity

<TABLE>
<CAPTION>

                                                            FOR THE YEAR ENDED DECEMBER 31,
                                                       ----------------------------------------
                                                           2000           1999            1998
                                                       -----------    -----------    ----------

<S>                                                    <C>            <C>            <C>
Plan equity at beginning of year                       $   105,800    $ 1,015,300    $       --
                                                       -----------    -----------    ----------

Additions:
  Participant contributions                              1,733,500      1,886,300     1,492,100
  Plan Sponsor contributions                               412,000        267,600       253,500
                                                       -----------    -----------    ----------
    Total additions                                      2,145,500      2,153,900     1,745,600
                                                       -----------    -----------    ----------

Deductions:
  Refunds of Participant contributions                      (1,600)        (6,200)      (12,700)
  Purchase of and distributions to Participants
    of Common Shares                                    (2,148,700)    (3,057,200)     (717,600)
                                                       -----------    -----------    ----------
    Total deductions                                    (2,150,300)    (3,063,400)     (730,300)
                                                       -----------    -----------    ----------

Plan equity at end of year                             $   101,000    $   105,800    $1,015,300
                                                       ===========    ===========    ==========

</TABLE>



See accompanying notes.

<PAGE>   5


                         Equity Office Properties Trust
                 1997 Non-Qualified Employee Share Purchase Plan
                          Notes to Financial Statements

Note 1 - Description of Plan

The following description of the Equity Office Properties Trust 1997
Non-Qualified Employee Share Purchase Plan, as amended, (the "Plan") provides
only general information. Participants should refer to the text of the Plan and
the Plan prospectus for a complete description of the Plan's provisions. Equity
Office Properties Trust ("Equity Office") is the Plan sponsor. The Plan was
effective January 1, 1998.

The Plan was adopted by Equity Office in 1997 to encourage eligible employees
and eligible trustees ("Participants") to purchase Equity Office's common shares
of beneficial interest, $0.01 par value per share ("Common Shares") in the
belief that a Participant's ownership of Common Shares will increase his or her
interest in the success of Equity Office. A Participant is eligible to
participate in the Plan for a Purchase Period (as defined below) if he or she
serves on the Board of Trustees of Equity Office or has been so employed by
Equity Office Properties Management Corp., a subsidiary of Equity Office, for at
least 31 days, and is regularly scheduled to work 20 or more hours each week.
The minimum amount a Participant can contribute is $10 per pay period. The
maximum amount a Participant can contribute is 20% of gross pay per pay period,
up to $100,000 per calendar year. Contributions may be held as part of the
general assets of Equity Office. All contributions are fully vested.

The Purchase Periods for the years ended 2000, 1999 and 1998 were from January 1
through June 30, 1998, July 1 through December 31, 1998, January 1 through June
30, 1999, July 1 through November 30, 1999,  December 1, 1999 through May 31,
2000, June 1 through November 30, 2000 and December 1 through December 31, 2000
("Purchase Period"). At the end of each Purchase Period, Participant's
contributions are used to purchase Common Shares. The price for the Common
Shares ("Purchase Price") will be 85% of the lesser of: (i) the Closing Price
(as defined below) for a Common Share as of the last business day of the
applicable Purchase Period; or (ii) the Average Closing Price (as defined below)
of a Common Share for the Purchase Period. The Closing Price is the price
reported for the Common Shares in the Wall Street Journal, or another
publication designated by the Compensation and Option Committee of the Board of
Trustees of Equity Office ( the "Committee"), for the applicable business day.
The Average Closing Price is the average of the Closing Prices for all business
days during the Purchase Period. The number of Common Shares purchased is
calculated on a per Participant basis by dividing the contributions made by each
Participant during the Purchase Period by the Purchase Price. Only whole shares
are purchased.

Employer Contributions represent the discount or aggregate difference between
the market value price of Equity Office's Common Shares and the established
discount purchase price at the end of the purchase period.

The Common Shares purchased on behalf of each Participant are uncertificated and
are recorded as a book entry. Accordingly, all Common Shares purchased under the
provisions of the Plan are deemed to be immediately distributed to the
Participants.

Any disposition by any Participant of his or her Common Shares which he or she
has owned for less than one year are subject to the restrictions set forth in
the Plan.

The Company has reserved 2,000,000 Common Shares for participants under the
Plan.




<PAGE>   6
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

Accounting Method
The accounting records of the Plan are maintained on the accrual basis. Common
Shares are purchased after the end of each Purchase Period and accounted for in
the appropriate option period.

Expenses
Equity Office pays administrative expenses of the Plan.

Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, and
disclosure of contingent assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.


NOTE 3 - DISTRIBUTIONS

A summary of the Common Shares purchased and distributed in 2000, 1999 and 1998
for each purchase period is as follows:

<TABLE>
<CAPTION>

                                                                           PURCHASE PERIOD
                                 ---------------------------------------------------------------------------------------------------
                                  12/1/99 TO    6/1/00 TO      12/1/00 TO     1/1/99 TO     7/1/99 TO      1/1/98 TO     7/1/98 TO
                                    5/31/00      11/30/00       12/31/00       6/30/99       11/30/99        6/30/98      12/31/98
                                 ------------  ------------   ------------  ------------   ------------   ------------  ------------
<S>                              <C>           <C>            <C>           <C>            <C>            <C>           <C>
Participant contributions, net
   of refunds to Participants    $  1,007,800  $    730,300   $     94,900  $  1,208,300   $    570,700   $    618,000  $    854,200
Employer contributions                243,600       168,400             --       164,800        102,800         99,000       154,500

                                 ------------  ------------   ------------  ------------   ------------   ------------  ------------
  Total                          $  1,251,000  $    898,700   $     94,900  $  1,373,100   $    673,500   $    717,600  $  1,008,700
                                 ============  ============   ============  ============   ============   ============  ============

Market value of Common Shares
   purchased and distributed
   per share                     $      26.63  $      31.02   $         --  $      24.75   $      22.00   $      27.94  $      24.04
                                 ============  ============   ============  ============   ============   ============  ============
Common Shares purchased and
   distributed                         46,977        28,946             --        55,477         30,700         25,642        41,871
                                 ============  ============   ============  ============   ============   ============  ============
</TABLE>

NOTE 4 - FEDERAL INCOME TAXES

The Plan is neither a qualified plan under Section 401(a) of the Internal
Revenue Code nor is it an employee stock purchase plan under Section 423 of the
Internal Revenue Code. Participants are subject to any required tax withholding
by Equity Office on the discount/compensation earned under the Plan.

NOTE 5 - AMENDMENT OR TERMINATION

The Plan may be amended or terminated by the Committee or the Board of Trustees
at any time. Amounts available in Participant's accounts would either be used to
purchase Common Shares or returned to the Participants.

<PAGE>   7


                         Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statement on
Form S-8 (File No. 333-72187) pertaining to the Equity Office Properties Trust
1997 Non-Qualified Employee Share Purchase Plan of our report dated March 16,
2001, with respect to the Financial Statements of the Equity Office Properties
Trust 1997 Non-Qualified Employee Share Purchase Plan as amended, included in
this Annual Report and included as Exhibit 99 in the 2000 Annual Report (Form
10-K) of Equity Office Properties Trust for the year ended December 31, 2000.


                                                            Ernst & Young LLP


Chicago, Illinois
March 23, 2001




<PAGE>   8



                                   SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
thereunto duly authorized.

                             Equity Office Properties Trust
                             1997 Non-Qualified Employee Share Purchase Plan
                             -----------------------------------------------
                                             (Name of Plan)


Date: March 19, 2001         Compensation and Option Committee of the
                             Board of Trustees of Equity Office Properties Trust


                             By: /s/ Sheli Z. Rosenberg
                                ---------------------------------------------
                                Sheli Z. Rosenberg
                                Member of the Compensation and Option
                                Committee and Trustee