##### Table of Contents









UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-Q


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934 
|           |  | For the quarterly period ended September 30, 2005                                           
|           |  | or                                                                                          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|           |  | For the transition period
    from           to                                             

Commission File Number: 1-13625


EOP OPERATING LIMITED PARTNERSHIP


(Exact name of registrant as specified in its charter)


|                                                                                                     |  |                                         
|---------------------------------------------------------------------------------------------------- |  | ----------------------------------------
|Delaware                                                                                             |  | 36-4156801                              
|(State or other jurisdiction of
    incorporation or organization)                                   |  | (I.R.S. Employer
    Identification No.)
|                                                                                                    
|Two North Riverside Plaza,
    Suite 2100, Chicago, Illinois(Address of principal executive offices) |  | 60606(Zip code)                         

(312) 466-3300


(Registrants telephone number, including area code)


þ o


þ o


o þ












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TABLE OF CONTENTS



|                                                                                         |                                                                                                |  |  |  |  |  |  | 
|---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I -- FINANCIAL INFORMATION                                                         
|                                                                                         | Item 1. Financial Statements.                                                                 
|EOP OPERATING LIMITED PARTNERSHIP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
|                                                                                         | Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.
|                                                                                         | Item 3. Quantitative and Qualitative Disclosures About Market Risk.                           
|                                                                                         | Item 4. Controls and Procedures.                                                              
|                                                                                         | Item 1. Legal Proceedings.                                                                    
|                                                                                         | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.                          
|                                                                                         | Item 6. Exhibits.                                                                             
|SIGNATURES                                                                              
|EXHIBIT INDEX                                                                           
|Schedule of Medium-Term InterNotes (Fixed Rate)                                         
|Statement of Computation of Ratio of Earnings to Fixed Charges                          
|Certification of Chief Executive Officer                                                
|Certification of Chief Financial Officer                                                
|Section 906 Certifications of CEO and CFO                                               



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##### Table of Contents






PART I  FINANCIAL INFORMATION







|        |                      
|------- | ---------------------
|Item 1. | Financial Statements.

EOP OPERATING LIMITED PARTNERSHIP


CONSOLIDATED BALANCE SHEETS


|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |            |            |         |            | 
|-------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | ----------------- | ------- | ---------- | ---------- | ---------- | ------- | ---------- | 
|(Dollars in thousands, except per unit amounts)                                                    |                                                                                                                                                                                 | September 30, 2005                                                                                             |                                                                                                                                        |                                                                                                         | December 31, 2004 |        
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                   |                                                                                                                                                                                 | (Unaudited)                                                                                                    |                                                                                                                                        |                                                                                                         |                  
|Assets:                                                                                            |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |           
|                                                                                                   | Investments in real estate                                                                                                                                                      |                                                                                                                | $                                                                                                                                      | 22,800,807                                                                                              |                   |         | $          | 24,852,760 |           
|                                                                                                   | Developments in process                                                                                                                                                         |                                                                                                                |                                                                                                                                        | 532,431                                                                                                 |                   |         |            | 40,492     |           
|                                                                                                   | Land available for development                                                                                                                                                  |                                                                                                                |                                                                                                                                        | 233,740                                                                                                 |                   |         |            | 252,524    |           
|                                                                                                   | Investments in real estate held for sale, net of accumulated
    depreciation                                                                                                   |                                                                                                                |                                                                                                                                        | 70,177                                                                                                  |                   |         |            | 138,614    |           
|                                                                                                   | Accumulated depreciation                                                                                                                                                        |                                                                                                                |                                                                                                                                        | (3,230,456                                                                                              | )                 |         |            | (3,144,214 | )         
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                   |                                                                                                                                                                                 | Investments in real estate, net of accumulated depreciation                                                    |                                                                                                                                        |                                                                                                         | 20,406,699        |         |            |            | 22,140,176 |        
|                                                                                                   | Cash and cash equivalents                                                                                                                                                       |                                                                                                                |                                                                                                                                        | 145,913                                                                                                 |                   |         |            | 107,126    |           
|                                                                                                   | Tenant and other receivables (net of allowance for doubtful
    accounts of $7,105 and $6,908, respectively)                                                                    |                                                                                                                |                                                                                                                                        | 58,929                                                                                                  |                   |         |            | 75,775     |           
|                                                                                                   | Deferred rent receivable                                                                                                                                                        |                                                                                                                |                                                                                                                                        | 489,546                                                                                                 |                   |         |            | 478,184    |           
|                                                                                                   | Escrow deposits and restricted cash                                                                                                                                             |                                                                                                                |                                                                                                                                        | 117,606                                                                                                 |                   |         |            | 48,784     |           
|                                                                                                   | Investments in unconsolidated joint ventures                                                                                                                                    |                                                                                                                |                                                                                                                                        | 971,574                                                                                                 |                   |         |            | 1,117,143  |           
|                                                                                                   | Deferred financing costs (net of accumulated amortization of
    $49,712 and $59,748, respectively)                                                                             |                                                                                                                |                                                                                                                                        | 59,637                                                                                                  |                   |         |            | 61,734     |           
|                                                                                                   | Deferred leasing costs and other related intangibles (net of
    accumulated amortization of $229,377 and $193,348, respectively)                                               |                                                                                                                |                                                                                                                                        | 463,467                                                                                                 |                   |         |            | 450,625    |           
|                                                                                                   | Prepaid expenses and other assets                                                                                                                                               |                                                                                                                |                                                                                                                                        | 187,352                                                                                                 |                   |         |            | 191,992    |           
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        | Total Assets                                                                                            |                   | $       | 22,900,723 |            |            | $       | 24,671,539 | 
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                  
|Liabilities, Minority Interests, Mandatorily Redeemable
    Preferred Units and Partners Capital:
|Liabilities:                                                                                       |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |           
|                                                                                                   | Mortgage debt (net of (discounts) of $(11,704) and
    $(13,683), respectively)                                                                                                 |                                                                                                                | $                                                                                                                                      | 1,752,908                                                                                               |                   |         | $          | 2,609,067  |           
|                                                                                                   | Unsecured notes (net of (discounts) of $(22,975) and
    $(38,362), respectively)                                                                                               |                                                                                                                |                                                                                                                                        | 9,031,776                                                                                               |                   |         |            | 9,652,392  |           
|                                                                                                   | Lines of credit                                                                                                                                                                 |                                                                                                                |                                                                                                                                        | 811,000                                                                                                 |                   |         |            | 548,000    |           
|                                                                                                   | Accounts payable and accrued expenses                                                                                                                                           |                                                                                                                |                                                                                                                                        | 496,631                                                                                                 |                   |         |            | 556,851    |           
|                                                                                                   | Distribution payable                                                                                                                                                            |                                                                                                                |                                                                                                                                        | 228,822                                                                                                 |                   |         |            | 2,652      |           
|                                                                                                   | Other liabilities (net of (discounts) of $(26,332) and
    $(28,536), respectively)                                                                                             |                                                                                                                |                                                                                                                                        | 451,950                                                                                                 |                   |         |            | 484,378    |           
|                                                                                                   | Commitments and contingencies                                                                                                                                                   |                                                                                                                |                                                                                                                                        |                                                                                                        |                   |         |            |           |           
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        | Total Liabilities                                                                                       |                   |         | 12,773,087 |            |            |         | 13,853,340 | 
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|Minority interests  partially owned properties                                                    |                                                                                                                                                                                 |                                                                                                                | 174,869                                                                                                                                |                                                                                                         |                   |         | 182,041    |           
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|Mandatorily Redeemable Preferred Units:                                                            |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |           
|                                                                                                   | 5.25% Series B Convertible, Cumulative Redeemable Preferred
    Units, liquidation preference $50.00 per unit, 5,989,930
    and 5,990,000 issued and outstanding, respectively |                                                                                                                |                                                                                                                                        | 299,497                                                                                                 |                   |         |            | 299,500    |           
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|Partners Capital:                                                                                 |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |           
|                                                                                                   | Preferred Units, 100,000,000 authorized:                                                                                                                                        |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |            |           
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                | 7.75% Series G Cumulative Redeemable Preferred Units,
    liquidation preference $25.00 per unit, 8,500,000 issued
    and outstanding |                                                                                                         |                   | 212,500 |            |            |            | 212,500 |           
|                                                                                                   | Other Partners Capital:                                                                                                                                                        |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |         |            |            |           
|                                                                                                   |                                                                                                                                                                                 | General Partner Capital                                                                                        |                                                                                                                                        |                                                                                                         | 70,272            |         |            |            | 76,973     |        
|                                                                                                   |                                                                                                                                                                                 | Limited Partners Capital                                                                                      |                                                                                                                                        |                                                                                                         | 9,429,173         |         |            |            | 10,112,024 |        
|                                                                                                   |                                                                                                                                                                                 | Deferred compensation                                                                                          |                                                                                                                                        |                                                                                                         | (817              | )       |            |            | (1,916     | )      
|                                                                                                   |                                                                                                                                                                                 | Accumulated other comprehensive loss (net of accumulated
    amortization of $10,245 and $5,133, respectively) |                                                                                                                                        |                                                                                                         | (57,858           | )       |            |            | (62,923    | )      
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        | Total Partners Capital                                                                                 |                   |         | 9,653,270  |            |            |         | 10,336,658 | 
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        | Total Liabilities, Minority Interests, Mandatorily Redeemable
    Preferred Units and Partners Capital |                   | $       | 22,900,723 |            |            | $       | 24,671,539 | 
|                                                                                                   |                                                                                                                                                                                 |                                                                                                                |                                                                                                                                        |                                                                                                         |                   |        



2



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited)


|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |             |           |          |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------- | ----------- | ------------------------- | -------- | -------- | ----------- | -------- | -------- | -------- | ----------- | --------- | -------- | -------- | ----------- | --------- | -------- | -
|                                                                                                                                                                                              |                                                                                  | For the three months ended                                       |                              |             | For the nine months ended |         
|                                                                                                                                                                                              |                                                                                  | September 30,                                                    |                              |             | September 30,             |         
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |         
|(Dollars in thousands, except per unit amounts)                                                                                                                                               |                                                                                  | 2005                                                             |                              |             | 2004                      |          |          | 2005        |          |          | 2004     |            
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Revenues:                                                                                                                                                                                     |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |            
|                                                                                                                                                                                              | Rental                                                                           |                                                                  | $                            | 589,520     |                           |          | $        | 575,188     |          |          | $        | 1,757,034   |           |          | $        | 1,719,423   |          
|                                                                                                                                                                                              | Tenant reimbursements                                                            |                                                                  |                              | 104,940     |                           |          |          | 102,856     |          |          |          | 291,896     |           |          |          | 299,280     |          
|                                                                                                                                                                                              | Parking                                                                          |                                                                  |                              | 29,380      |                           |          |          | 26,924      |          |          |          | 85,468      |           |          |          | 80,510      |          
|                                                                                                                                                                                              | Other                                                                            |                                                                  |                              | 9,440       |                           |          |          | 13,695      |          |          |          | 85,712      |           |          |          | 48,746      |          
|                                                                                                                                                                                              | Fee income                                                                       |                                                                  |                              | 5,314       |                           |          |          | 3,220       |          |          |          | 13,788      |           |          |          | 10,129      |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              |                                                                                  | Total revenues                                                   |                              |             | 738,594                   |          |          |             | 721,883  |          |          |             | 2,233,898 |          |          |             | 2,158,088 |         
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Expenses:                                                                                                                                                                                     |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |            
|                                                                                                                                                                                              | Depreciation                                                                     |                                                                  |                              | 165,444     |                           |          |          | 150,978     |          |          |          | 489,633     |           |          |          | 447,579     |          
|                                                                                                                                                                                              | Amortization                                                                     |                                                                  |                              | 24,600      |                           |          |          | 17,075      |          |          |          | 68,030      |           |          |          | 49,013      |          
|                                                                                                                                                                                              | Real estate taxes                                                                |                                                                  |                              | 87,284      |                           |          |          | 86,321      |          |          |          | 257,125     |           |          |          | 250,859     |          
|                                                                                                                                                                                              | Insurance                                                                        |                                                                  |                              | 16,778      |                           |          |          | 6,900       |          |          |          | 30,226      |           |          |          | 21,599      |          
|                                                                                                                                                                                              | Repairs and maintenance                                                          |                                                                  |                              | 80,879      |                           |          |          | 78,935      |          |          |          | 232,787     |           |          |          | 225,208     |          
|                                                                                                                                                                                              | Property operating                                                               |                                                                  |                              | 116,863     |                           |          |          | 101,996     |          |          |          | 319,313     |           |          |          | 292,958     |          
|                                                                                                                                                                                              | Ground rent                                                                      |                                                                  |                              | 6,326       |                           |          |          | 5,515       |          |          |          | 16,898      |           |          |          | 15,880      |          
|                                                                                                                                                                                              | Corporate general and administrative                                             |                                                                  |                              | 16,866      |                           |          |          | 13,190      |          |          |          | 49,257      |           |          |          | 38,208      |          
|                                                                                                                                                                                              | Impairment                                                                       |                                                                  |                              |            |                           |          |          | 46,436      |          |          |          | 81,042      |           |          |          | 46,436      |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              |                                                                                  | Total expenses                                                   |                              |             | 515,040                   |          |          |             | 507,346  |          |          |             | 1,544,311 |          |          |             | 1,387,740 |         
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              |                                                                                  | Operating income                                                 |                              |             | 223,554                   |          |          |             | 214,537  |          |          |             | 689,587   |          |          |             | 770,348   |         
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Other income (expense):                                                                                                                                                                       |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |            
|                                                                                                                                                                                              | Interest and dividend income                                                     |                                                                  |                              | 3,841       |                           |          |          | 1,716       |          |          |          | 10,496      |           |          |          | 5,433       |          
|                                                                                                                                                                                              | Realized gain on settlement of derivatives and sale of
    marketable securities |                                                                  |                              | 154         |                           |          |          | 4,737       |          |          |          | 157         |           |          |          | 28,753      |          
|                                                                                                                                                                                              | Interest:                                                                        |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |             |          
|                                                                                                                                                                                              |                                                                                  | Expense incurred                                                 |                              |             | (195,764                  | )        |          |             | (206,773 | )        |          |             | (615,073  | )        |          |             | (618,152  | )       
|                                                                                                                                                                                              |                                                                                  | Amortization of deferred financing costs and prepayment expenses |                              |             | (3,362                    | )        |          |             | (2,746   | )        |          |             | (8,751    | )        |          |             | (7,051    | )       
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              |                                                                                  |                                                                  | Total other income (expense) |             |                           | (195,131 | )        |             |          | (203,066 | )        |             |           | (613,171 | )        |             |           | (591,017 | )
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Income before income taxes, allocation to minority interests,
    income from investments in unconsolidated joint ventures and
    gain on sales of real estate                               |                                                                                  |                                                                  | 28,423                       |             |                           |          | 11,471   |             |          |          | 76,416   |             |           |          | 179,331  |            
|Income taxes                                                                                                                                                                                  |                                                                                  |                                                                  | (456                         | )           |                           |          | (1,135   | )           |          |          | (1,351   | )           |           |          | (2,198   | )          
|Minority interests  partially owned properties                                                                                                                                               |                                                                                  |                                                                  | (2,442                       | )           |                           |          | (2,517   | )           |          |          | (7,969   | )           |           |          | (8,053   | )          
|Income from investments in unconsolidated joint ventures
    (including gain on sales of real estate of $29, $0, $17,405 and
    $0, respectively)                                            |                                                                                  |                                                                  | 10,683                       |             |                           |          | 12,664   |             |          |          | 48,882   |             |           |          | 37,629   |            
|Gain on sales of real estate                                                                                                                                                                  |                                                                                  |                                                                  | 47,406                       |             |                           |          | 216      |             |          |          | 47,433   |             |           |          | 216      |            
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Income from continuing operations                                                                                                                                                             |                                                                                  |                                                                  | 83,614                       |             |                           |          | 20,699   |             |          |          | 163,411  |             |           |          | 206,925  |            
|Discontinued operations (including net gain (loss) on sales of
    real estate and provision for loss on properties held for sale
    of $27,565, $3,016, $(55,975) and $7,138, respectively) |                                                                                  |                                                                  | 29,543                       |             |                           |          | (156,606 | )           |          |          | (149,347 | )           |           |          | (101,529 | )          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Income (loss) before cumulative effect of a change in accounting
    principle                                                                                                                |                                                                                  |                                                                  | 113,157                      |             |                           |          | (135,907 | )           |          |          | 14,064   |             |           |          | 105,396  |            
|Cumulative effect of a change in accounting principle                                                                                                                                         |                                                                                  |                                                                  |                             |             |                           |          |         |             |          |          |         |             |           |          | (33,697  | )          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Net income (loss)                                                                                                                                                                             |                                                                                  |                                                                  | 113,157                      |             |                           |          | (135,907 | )           |          |          | 14,064   |             |           |          | 71,699   |            
|Preferred distributions                                                                                                                                                                       |                                                                                  |                                                                  | (8,700                       | )           |                           |          | (8,701   | )           |          |          | (26,102  | )           |           |          | (30,393  | )          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Net income (loss) available to unitholders                                                                                                                                                    |                                                                                  | $                                                                | 104,457                      |             |                           | $        | (144,608 | )           |          | $        | (12,038  | )           |           | $        | 41,306   |            
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Earnings (loss) per unit  basic:                                                                                                                                                             |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |            
|                                                                                                                                                                                              | Income from continuing operations per unit                                       |                                                                  | $                            | 0.17        |                           |          | $        | 0.03        |          |          | $        | 0.30        |           |          | $        | 0.39        |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              | Net income (loss) available to unitholders per unit                              |                                                                  | $                            | 0.23        |                           |          | $        | (0.32       | )        |          | $        | (0.03       | )         |          | $        | 0.09        |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              | Weighted average Units outstanding                                               |                                                                  |                              | 452,847,362 |                           |          |          | 448,766,905 |          |          |          | 451,549,093 |           |          |          | 448,900,112 |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Earnings (loss) per unit  diluted:                                                                                                                                                           |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |            
|                                                                                                                                                                                              | Income from continuing operations per unit                                       |                                                                  | $                            | 0.16        |                           |          | $        | 0.03        |          |          | $        | 0.30        |           |          | $        | 0.39        |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              | Net income (loss) available to unitholders per unit                              |                                                                  | $                            | 0.23        |                           |          | $        | (0.32       | )        |          | $        | (0.03       | )         |          | $        | 0.09        |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              | Weighted average Units outstanding and dilutive potential units                  |                                                                  |                              | 457,343,521 |                           |          |          | 450,420,567 |          |          |          | 455,370,659 |           |          |          | 450,801,177 |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Distributions declared per Unit outstanding                                                                                                                                                   |                                                                                  | $                                                                | 0.50                         |             |                           | $        | 0.50     |             |          | $        | 1.50     |             |           | $        | 1.50     |            
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|Allocation of net income available to unitholders:                                                                                                                                            |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |             |           |          |          |            
|                                                                                                                                                                                              | General Partner                                                                  |                                                                  | $                            | 1,045       |                           |          | $        | (1,446      | )        |          | $        | (120        | )         |          | $        | 413         |          
|                                                                                                                                                                                              | Limited Partners                                                                 |                                                                  |                              | 103,412     |                           |          |          | (143,162    | )        |          |          | (11,918     | )         |          |          | 40,893      |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            
|                                                                                                                                                                                              | Net income available to unitholders                                              |                                                                  | $                            | 104,457     |                           |          | $        | (144,608    | )        |          | $        | (12,038     | )         |          | $        | 41,306      |          
|                                                                                                                                                                                              |                                                                                  |                                                                  |                              |             |                           |          |          |             |          |          |          |            



3



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF NET COMPREHENSIVE INCOME (LOSS)


(Unaudited)


|                                   |                                                                                                                                       |                      |         |       |                     |   |          |       |   |   |        |       |   |   |        |         |  
|---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | ------- | ----- | ------------------- | - | -------- | ----- | - | - | ------ | ----- | - | - | ------ | ------- | -
|                                   |                                                                                                                                       | For the three months |         |       | For the nine months |  
|                                   |                                                                                                                                       | ended September 30,  |         |       | ended September 30, |  
|                                   |                                                                                                                                       |                      |         |       |                     |  
|(Dollars in thousands)             |                                                                                                                                       | 2005                 |         |       | 2004                |   |          | 2005  |   |   | 2004   |      
|                                   |                                                                                                                                       |                      |         |       |                     |   |          |       |   |   |        |      
|Net income (loss)                  |                                                                                                                                       | $                    | 113,157 |       |                     | $ | (135,907 | )     |   | $ | 14,064 |       |   | $ | 71,699 |        
|Other comprehensive income (loss): |                                                                                                                                       |                      |         |       |                     |   |          |       |   |   |        |       |   |   |        |        
|                                   | Unrealized holding (losses) on $1.3 billion (notional
    amount) of forward starting interest rate swaps                             |                      |         |      |                     |   |          |      |   |   |        |      |   |   |        | (34,666 | )
|                                   | Reversal of unrealized holding losses on settlement of
    $1.3 billion (notional amount) of forward starting interest
    rate swaps |                      |         |      |                     |   |          |      |   |   |        |      |   |   |        | 45,114  |  
|                                   | (Payments) in settlement of $800 million (notional amount)
    of forward starting interest rate swaps                                |                      |         |      |                     |   |          |      |   |   |        |      |   |   |        | (69,130 | )
|                                   | Reclassification of ineffective portion of swap settlement
    payment to net income                                                  |                      |         |      |                     |   |          |      |   |   |        |      |   |   |        | 212     |  
|                                   | Amortization of net payments in settlement of forward starting
    interest rate swaps                                                |                      |         | 1,704 |                     |   |          | 1,704 |   |   |        | 5,111 |   |   |        | 3,503   |  
|                                   | Unrealized holding gains (losses) from investments                                                                                    |                      |         | 19    |                     |   |          | (18   | ) |   |        | (46   | ) |   |        | (42     | )
|                                   | Reclassification adjustment for realized (gains) included
    in net income (loss)                                                    |                      |         |      |                     |   |          | (31   | ) |   |        |      |   |   |        | (31     | )
|                                   |                                                                                                                                       |                      |         |       |                     |   |          |       |   |   |        |      
|Net comprehensive income (loss)    |                                                                                                                                       | $                    | 114,880 |       |                     | $ | (134,252 | )     |   | $ | 19,129 |       |   | $ | 16,659 |        
|                                   |                                                                                                                                       |                      |         |       |                     |   |          |       |   |   |        |      



4



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF CASH FLOWS


(Unaudited)


|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |            |           |         |         |          |          |         |         | 
|---------------------- | -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------ | ----------------------------------------- | ------------------------- | ------- | ------- | -------- | -------- | ------- | ------- | ---------- | --------- | ------- | ------- | -------- | -------- | ------- | ------- | 
|                       |                                                                                              | For the three months ended                                                                                                             |                                                              |                                           | For the nine months ended |        
|                       |                                                                                              | September 30,                                                                                                                          |                                                              |                                           | September 30,             |        
|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |        
|(Dollars in thousands) |                                                                                              | 2005                                                                                                                                   |                                                              |                                           | 2004                      |         |         | 2005     |          |         | 2004    |           
|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |           
|Operating Activities:  |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |            |           |         |         |         
|                       | Net income (loss)                                                                            |                                                                                                                                        | $                                                            | 113,157                                   |                           |         | $       | (135,907 | )        |         | $       | 14,064     |           |         | $       | 71,699   |         
|                       | Adjustments to reconcile net income (loss) to net cash provided
    by operating activities: |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |            |           |         |         |          |         
|                       |                                                                                              | Depreciation and amortization (including discontinued operations)                                                                      |                                                              |                                           | 199,635                   |         |         |          | 194,525  |         |         |            | 614,148   |         |         |          | 575,521  |        
|                       |                                                                                              | Ineffective portion of swap settlement payment included in
    interest expense                                                        |                                                              |                                           |                          |         |         |          |         |         |         |            |          |         |         |          | 212      |        
|                       |                                                                                              | Compensation expense related to restricted shares and stock
    options                                                                |                                                              |                                           | 6,628                     |         |         |          | 3,840    |         |         |            | 19,950    |         |         |          | 14,085   |        
|                       |                                                                                              | Prepayment penalty on early extinguishment of debt in connection
    with a property disposition                                       |                                                              |                                           |                          |         |         |          |         |         |         |            | 448       |         |         |          |         |        
|                       |                                                                                              | Income from investments in unconsolidated joint ventures                                                                               |                                                              |                                           | (10,683                   | )       |         |          | (12,664  | )       |         |            | (48,882   | )       |         |          | (37,629  | )      
|                       |                                                                                              | Net distributions from unconsolidated joint ventures                                                                                   |                                                              |                                           | 19,834                    |         |         |          | 22,226   |         |         |            | 43,444    |         |         |          | 47,242   |        
|                       |                                                                                              | Net (gain) loss on sales of real estate and provision for
    loss on properties held for sale (including discontinued
    operations) |                                                              |                                           | (74,971                   | )       |         |          | (3,232   | )       |         |            | 8,542     |         |         |          | (7,354   | )      
|                       |                                                                                              | Gain on sale of investment in CT Convertible Trust I
    preferred shares                                                              |                                                              |                                           |                          |         |         |          | (2,302   | )       |         |            |          |         |         |          | (2,302   | )      
|                       |                                                                                              | Impairment (including discontinued operations)                                                                                         |                                                              |                                           |                          |         |         |          | 229,170  |         |         |            | 180,856   |         |         |          | 229,170  |        
|                       |                                                                                              | Cumulative effect of a change in accounting principle                                                                                  |                                                              |                                           |                          |         |         |          |         |         |         |            |          |         |         |          | 33,697   |        
|                       |                                                                                              | Provision for doubtful accounts                                                                                                        |                                                              |                                           | 1,847                     |         |         |          | 2,608    |         |         |            | 5,376     |         |         |          | 3,347    |        
|                       |                                                                                              | Income allocated to minority interests (including discontinued
    operations)                                                         |                                                              |                                           | 2,442                     |         |         |          | 2,649    |         |         |            | 38,409    |         |         |          | 8,780    |        
|                       |                                                                                              | Changes in assets and liabilities:                                                                                                     |                                                              |                                           |                           |         |         |          |          |         |         |            |           |         |         |          |          |        
|                       |                                                                                              |                                                                                                                                        | Decrease in rent receivable                                  |                                           |                           | 14,421  |         |          |          | 5,912   |         |            |           | 14,930  |         |          |          | 16,420  |        
|                       |                                                                                              |                                                                                                                                        | (Increase) in deferred rent receivable                       |                                           |                           | (14,768 | )       |          |          | (19,254 | )       |            |           | (51,443 | )       |          |          | (71,640 | )      
|                       |                                                                                              |                                                                                                                                        | Decrease in prepaid expenses and other assets                |                                           |                           | 37,392  |         |          |          | 21,703  |         |            |           | 13,890  |         |          |          | 72,775  |        
|                       |                                                                                              |                                                                                                                                        | Increase (decrease) in accounts payable and accrued expenses |                                           |                           | 7,450   |         |          |          | (9,307  | )       |            |           | (52,318 | )       |          |          | (67,311 | )      
|                       |                                                                                              |                                                                                                                                        | Increase (decrease) in other liabilities                     |                                           |                           | 14,861  |         |          |          | 1,042   |         |            |           | (15,841 | )       |          |          | (18,972 | )      
|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |           
|                       |                                                                                              |                                                                                                                                        |                                                              | Net cash provided by operating activities |                           |         | 317,245 |          |          |         | 301,009 |            |           |         | 785,573 |          |          |         | 867,740 | 
|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |           
|Investing Activities:  |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |            |           |         |         |         
|                       | Property acquisitions (including deposits made for property
    acquisitions)                |                                                                                                                                        |                                                              | (655,428                                  | )                         |         |         | (219,110 | )        |         |         | (1,020,214 | )         |         |         | (338,591 | )       
|                       | Property dispositions (including deposits received for property
    dispositions)            |                                                                                                                                        |                                                              | 312,077                                   |                           |         |         | (1,578   | )        |         |         | 1,620,855  |           |         |         | 231,891  |         
|                       | (Investments in) distributions from unconsolidated joint ventures                            |                                                                                                                                        |                                                              |                                          |                           |         |         | (220,833 | )        |         |         | 62,301     |           |         |         | (220,833 | )       
|                       | Distributions from unconsolidated joint venture related to a
    debt financing              |                                                                                                                                        |                                                              | 124,395                                   |                           |         |         |         |          |         |         | 124,395    |           |         |         |         |         
|                       | Capital and tenant improvements                                                              |                                                                                                                                        |                                                              | (90,945                                   | )                         |         |         | (91,973  | )        |         |         | (241,908   | )         |         |         | (335,522 | )       
|                       | Lease commissions and other costs                                                            |                                                                                                                                        |                                                              | (39,723                                   | )                         |         |         | (33,145  | )        |         |         | (93,473    | )         |         |         | (94,020  | )       
|                       | Sale of investment in CT Convertible Trust I preferred
    shares                            |                                                                                                                                        |                                                              |                                          |                           |         |         | 32,089   |          |         |         |           |           |         |         | 32,089   |         
|                       | Decrease in escrow deposits and restricted cash                                              |                                                                                                                                        |                                                              | 453,859                                   |                           |         |         | 36,212   |          |         |         | 587,489    |           |         |         | 83,423   |         
|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |           
|                       |                                                                                              | Net cash provided by (used for) investing activities                                                                                   |                                                              |                                           | 104,235                   |         |         |          | (498,338 | )       |         |            | 1,039,445 |         |         |          | (641,563 | )      
|                       |                                                                                              |                                                                                                                                        |                                                              |                                           |                           |         |         |          |          |         |         |           

5



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF CASH
FLOWS  (Continued)


(Unaudited)


|                       |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |            |            |   |   |            |          |  
|---------------------- | ------------------------------------------------------------------------------- | ---------------------------------------------------- | - | ---------- | ------------------------- | - | - | ---------- | ------- |  | ---- | ---------- | ---------- | - | - | ---------- | -------- | -
|                       |                                                                                 | For the three months ended                           |   |            | For the nine months ended |  
|                       |                                                                                 | September 30,                                        |   |            | September 30,             |  
|                       |                                                                                 |                                                      |   |            |                           |  
|(Dollars in thousands) |                                                                                 | 2005                                                 |   |            | 2004                      |   |   | 2005       |         |  | 2004 |           
|                       |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |           
|Financing Activities:  |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |            |            |   |   |           
|                       | Proceeds from mortgage debt                                                     |                                                      |   |           |                           |   |   |           |         |  |      | 150        |            |   |   |           |         
|                       | Principal payments on mortgage debt                                             |                                                      |   | (534,356   | )                         |   |   | (219,132   | )       |  |      | (889,877   | )          |   |   | (428,371   | )       
|                       | Proceeds from unsecured notes                                                   |                                                      |   | 10,389     |                           |   |   | 17,386     |         |  |      | 38,758     |            |   |   | 1,057,661  |         
|                       | Repayment of unsecured notes                                                    |                                                      |   | (150,000   | )                         |   |   | (30,000    | )       |  |      | (675,000   | )          |   |   | (880,000   | )       
|                       | Proceeds from lines of credit                                                   |                                                      |   | 4,106,300  |                           |   |   | 2,061,500  |         |  |      | 8,106,900  |            |   |   | 4,947,500  |         
|                       | Repayment of lines of credit                                                    |                                                      |   | (3,988,300 | )                         |   |   | (1,351,400 | )       |  |      | (7,843,900 | )          |   |   | (4,195,100 | )       
|                       | Payments of loan costs and offering costs                                       |                                                      |   | (7,302     | )                         |   |   | (13        | )       |  |      | (7,361     | )          |   |   | (1,561     | )       
|                       | Settlement of interest rate swap agreements                                     |                                                      |   | (8,677     | )                         |   |   |           |         |  |      | (8,677     | )          |   |   | (69,130    | )       
|                       | Distributions to minority interests in partially owned properties               |                                                      |   | (1,457     | )                         |   |   | (2,605     | )       |  |      | (9,317     | )          |   |   | (18,716    | )       
|                       | Proceeds from exercise of stock options                                         |                                                      |   | 16,832     |                           |   |   | 4,307      |         |  |      | 138,374    |            |   |   | 44,110     |         
|                       | Distributions to unitholders                                                    |                                                      |   | (227,382   | )                         |   |   | (224,035   | )       |  |      | (454,140   | )          |   |   | (449,279   | )       
|                       | Repurchase of Units through Equity Offices common share
    repurchase program |                                                      |   | (99,564    | )                         |   |   | (360       | )       |  |      | (107,322   | )          |   |   | (36,943    | )       
|                       | Redemption of Units                                                             |                                                      |   |           |                           |   |   | (668       | )       |  |      | (50,676    | )          |   |   | (2,534     | )       
|                       | Repurchase of preferred units                                                   |                                                      |   |           |                           |   |   |           |         |  |      |           |            |   |   | (114,073   | )       
|                       | Payment of preferred distributions                                              |                                                      |   | (8,047     | )                         |   |   | (8,048     | )       |  |      | (24,143    | )          |   |   | (24,719    | )       
|                       |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |           
|                       |                                                                                 | Net cash (used for) provided by financing activities |   |            | (891,564                  | ) |   |            | 246,932 |  |      |            | (1,786,231 | ) |   |            | (171,155 | )
|                       |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |           
|                       | Net (decrease) increase in cash and cash equivalents                            |                                                      |   | (470,084   | )                         |   |   | 49,603     |         |  |      | 38,787     |            |   |   | 55,022     |         
|                       | Cash and cash equivalents at the beginning of the period                        |                                                      |   | 615,997    |                           |   |   | 74,817     |         |  |      | 107,126    |            |   |   | 69,398     |         
|                       |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |           
|                       | Cash and cash equivalents at the end of the period                              |                                                      | $ | 145,913    |                           |   | $ | 124,420    |         |  | $    | 145,913    |            |   | $ | 124,420    |         
|                       |                                                                                 |                                                      |   |            |                           |   |   |            |         |  |      |           

6



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


CONSOLIDATED STATEMENTS OF CASH
FLOWS  (Continued)


(Unaudited)


|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |         |          |         |   |         |          |          |  
|-------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------- | ------- | ------------------------- | ------- | - | ------- | ------- | -------- | ---- | ------- | -------- | ------- | - | ------- | -------- | -------- | -
|                                             |                                                                                                                                                        | For the three months ended                                                                                                                    |                                                                   |         | For the nine months ended |        
|                                             |                                                                                                                                                        | September 30,                                                                                                                                 |                                                                   |         | September 30,             |        
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |        
|(Dollars in thousands)                       |                                                                                                                                                        | 2005                                                                                                                                          |                                                                   |         | 2004                      |         |   | 2005    |         |          | 2004 |        
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|Supplemental Information:                    |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |         |          |         |   |        
|                                             | Interest paid during the period, including a reduction of
    interest expense for capitalized interest of $47, $767, $51 and
    $4,429, respectively |                                                                                                                                               | $                                                                 | 246,243 |                           |         | $ | 261,512 |         |          | $    | 675,352 |          |         | $ | 676,483 |         
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|Non-Cash Investing and Financing Activities: |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |         |          |         |   |        
|                                             | Investing Activities:                                                                                                                                  |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |         |          |         |   |         |         
|                                             |                                                                                                                                                        | Escrow deposits used for property acquisitions                                                                                                |                                                                   | $       |                          |         |   | $       | 35,891  |          |      | $       |         |         |   | $       | 35,891   |         
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        | Escrow deposits related to property dispositions                                                                                              |                                                                   | $       | (489,115                  | )       |   | $       | (71,893 | )        |      | $       | (639,439 | )       |   | $       | (102,509 | )       
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        | Mortgage loan repayment as a result of a property disposition
    (including prepayment expense of $375 in 2004)                              |                                                                   | $       |                          |         |   | $       |        |          |      | $       | (13,386  | )       |   | $       | (5,830   | )       
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        | Mortgage loan assumed upon acquisition of property                                                                                            |                                                                   | $       |                          |         |   | $       |        |          |      | $       | 44,975   |         |   | $       | 82,970   |         
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        | 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  |      |         | $        |        |   |         | $        | 130,203  |  
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        |                                                                                                                                               | Decrease in investment in real estate due to property disposition |         | $                         |        |   |         | $       | (130,865 | )    |         | $        |        |   |         | $        | (130,865 | )
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        |                                                                                                                                               | Decrease in accumulated depreciation                              |         | $                         |        |   |         | $       | 9,137    |      |         | $        |        |   |         | $        | 9,137    |  
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        |                                                                                                                                               | Decrease in other assets and liabilities                          |         | $                         |        |   |         | $       | (1,770   | )    |         | $        |        |   |         | $        | (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           |         | $                         | 36,349  |   |         | $       |         |      |         | $        | 36,349  |   |         | $        |         |  
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        |                                                                                                                                               | Decrease in investment in real estate                             |         | $                         | (43,931 | ) |         | $       |         |      |         | $        | (43,931 | ) |         | $        |         |  
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        |                                                                                                                                               | Decrease in accumulated depreciation                              |         | $                         | 8,403   |   |         | $       |         |      |         | $        | 8,403   |   |         | $        |         |  
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        |                                                                                                                                               | Increase in other assets and liabilities                          |         | $                         | (940    | ) |         | $       |         |      |         | $        | (940    | ) |         | $        |         |  
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             | Financing Activities:                                                                                                                                  |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |         |          |         |   |         |         
|                                             |                                                                                                                                                        | Mortgage loan repayment as a result of a property disposition
    (including prepayment expense of $375 in 2004)                              |                                                                   | $       |                          |         |   | $       |        |          |      | $       | 13,386   |         |   | $       | 5,830    |         
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        | Mortgage loan assumed upon acquisition of property                                                                                            |                                                                   | $       |                          |         |   | $       |        |          |      | $       | (44,975  | )       |   | $       | (82,970  | )       
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        
|                                             |                                                                                                                                                        | Units issued in connection with a property acquisition                                                                                        |                                                                   | $       |                          |         |   | $       |        |          |      | $       | (3,339   | )       |   | $       | (50      | )       
|                                             |                                                                                                                                                        |                                                                                                                                               |                                                                   |         |                           |         |   |         |         |          |      |        

7



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##### Table of Contents






EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


(Unaudited)






|         |                            
|-------- | ---------------------------
|NOTE 1  | BUSINESS OF EOP PARTNERSHIP





|                              |       |           |     |                        |             |  |                            |             |  |          |             |             |  |             |            |            |  |  |            |             | 
|----------------------------- | ----- | --------- | --- | ---------------------- | ----------- |  | -------------------------- | ----------- |  | -------- | ----------- | ----------- |  | ----------- | ---------- | ---------- |  |  | ---------- | ----------- | 
|                              |       |           |     | Total Office Portfolio |             |  | Effective Office Portfolio |            
|                              |       |           |     |                        |             |  |                            |            
|                              |       | Number of |     |                        | Occupied    |  |                            |             |  | Occupied |             |             | 
|                              |       | Buildings |     |                        | Square Feet |  |                            | Square Feet |  |          | Square Feet |             |  | Square Feet |           
|                              |       |           |     |                        |             |  |                            |             |  |          |             |             |  |             |           
|Wholly-Owned Properties       |       |           | 543 |                        |             |  | 76,298,077                 |             |  |          | 85,853,754  |             |  |             | 76,298,077 |            |  |  | 85,853,754 |            
|Consolidated Joint Ventures   |       |           | 24  |                        |             |  | 11,042,605                 |             |  |          | 11,745,820  |             |  |             | 10,000,801 |            |  |  | 10,585,789 |            
|Unconsolidated Joint Ventures |       |           | 40  |                        |             |  | 13,568,770                 |             |  |          | 15,495,702  |             |  |             | 5,240,395  |            |  |  | 6,061,563  |            
|                              |       |           |     |                        |             |  |                            |             |  |          |             |             |  |             |           
|                              | Total |           |     | 607                    |             |  |                            | 100,909,452 |  |          |             | 113,095,276 |  |             |            | 91,539,273 |  |  |            | 102,501,106 | 
|                              |       |           |     |                        |             |  |                            |             |  |          |             |             |  |             |           
|Weighted Average Occupancy    |       |           |     |                        |             |  | 89.2                       | %           |  |          |             |             |  |             | 89.3       | %          |  |  |            |            
|                              |       |           |     |                        |             |  |                            |             |  |          |             |             |  |             |           
|Weighted Average Leased       |       |           |     |                        |             |  | 91.4                       | %           |  |          |             |             |  |             | 91.3       | %          |  |  |            |            
|                              |       |           |     |                        |             |  |                            |             |  |          |             |             |  |             |           



|         |                                           
|-------- | ------------------------------------------
|NOTE 2  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



| |                      
| | ---------------------
| | Basis of Presentation



8



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


Consolidation of Variable Interest Entities,


Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity




| |                 
| | ----------------
| | Use of Estimates





| |                             
| | ----------------------------
| | Unaudited Interim Statements





| |                  
| | -----------------
| | Reclassifications





| |                                        
| | ---------------------------------------
| | Share Based Employee Compensation Plans

Accounting for
Stock Based Compensation


9



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


Accounting
for Stock Issued to Employees,


|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |       |   |   |        |      | 
|--------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------- | ------------------ | ------- | ---- | ----------------- | - | -------- | ----- | - | - | ------- | ----- | - | - | ------ | ---- | 
|                                                                                                                      |                                                                | For the            |         |      | For the           |  
|                                                                                                                      |                                                                | three months ended |         |      | nine months ended |  
|                                                                                                                      |                                                                | September 30,      |         |      | September 30,     |  
|                                                                                                                      |                                                                |                    |         |      |                   |  
|(Dollars in thousands, except per unit amounts)                                                                       |                                                                | 2005               |         |      | 2004              |   |          | 2005  |   |   | 2004    |      
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      
|Historical net income (loss) available to unitholders                                                                 |                                                                | $                  | 104,457 |      |                   | $ | (144,608 | )     |   | $ | (12,038 | )     |   | $ | 41,306 |     
|Add back compensation expense for share options included in
    historical net income (loss) available to unitholders |                                                                |                    | 1,879   |      |                   |   | 1,208    |       |   |   | 5,216   |       |   |   | 4,069  |     
|Deduct compensation expense for share options determined under
    fair value based method                            |                                                                |                    | (1,884  | )    |                   |   | (2,226   | )     |   |   | (5,717  | )     |   |   | (7,403 | )   
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      
|Pro forma net income (loss) available to unitholders                                                                  |                                                                | $                  | 104,452 |      |                   | $ | (145,626 | )     |   | $ | (12,539 | )     |   | $ | 37,972 |     
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      
|Earnings (loss) per unit  basic:                                                                                     |                                                                |                    |         |      |                   |   |          |       |   |   |         |       |   |   |        |     
|                                                                                                                      | Historical net income (loss) available to unitholders per unit |                    | $       | 0.23 |                   |   | $        | (0.32 | ) |   | $       | (0.03 | ) |   | $      | 0.09 | 
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      
|                                                                                                                      | Pro forma net income (loss) available to unitholders per unit  |                    | $       | 0.23 |                   |   | $        | (0.32 | ) |   | $       | (0.03 | ) |   | $      | 0.08 | 
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      
|Earnings (loss) per unit  diluted:                                                                                   |                                                                |                    |         |      |                   |   |          |       |   |   |         |       |   |   |        |     
|                                                                                                                      | Historical net income (loss) available to unitholders per unit |                    | $       | 0.23 |                   |   | $        | (0.32 | ) |   | $       | (0.03 | ) |   | $      | 0.09 | 
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      
|                                                                                                                      | Pro forma net income (loss) available to unitholders per unit  |                    | $       | 0.23 |                   |   | $        | (0.32 | ) |   | $       | (0.03 | ) |   | $      | 0.08 | 
|                                                                                                                      |                                                                |                    |         |      |                   |   |          |       |   |   |         |      

Share-Based
Payment




| |                                    
| | -----------------------------------
| | Impact of a New Accounting Standard



10



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


Determining Whether a General Partner, or the
General Partners as a Group, Controls a Limited Partnership or
Similar Entity When the Limited Partners Have Certain Rights




|         |             
|-------- | ------------
|NOTE 3  | ACQUISITIONS



|                                  |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |         |  |  |   |        | 
|--------------------------------- | ---------------------------------------------- | --------------------------------- | ---------------- | ----------- | -- | ---------- | --------- | ------------------------------------ | --------- | ---------------------- |  |  | -------------- | ------- |  |  | - | ------ | 
|                                  |                                                |                                   |                  |             |    |            |           | Total Office Portfolio and Effective |          
|                                  |                                                |                                   |                  |             |    |            |           | Office Portfolio                     |          
|                                  |                                                |                                   |                  | Acquisition |    |            | Number of |                                      |           |                        | 
|Property                          |                                                | Location                          |                  | Date        |    |            | Buildings |                                      |           | Square Feet            |  |  | Purchase Price |        
|                                  |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |        
|                                  |                                                |                                   |                  |             |    |            |           |                                      |           | (Dollars in thousands) | 
|First Quarter 2005 Acquisitions:  |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |         |  |  |   |       
|Office properties:                |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |         |  |  |   |       
|                                  | Summit at Douglas Ridge I                      |                                   | Roseville, CA    |             |    | 01/21/2005 |           |                                      |           | 1                      |  |  |                | 92,941  |  |  | $ | 25,000 | 
|                                  | Park 22                                        |                                   | Austin, TX       |             |    | 03/22/2005 |           |                                      |           | 3                      |  |  |                | 203,716 |  |  |   | 35,650 | 
|Vacant land:                      |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |         |  |  |   |       
|                                  | Two Main Place                                 |                                   | Portland, OR     |             |    | 03/14/2005 |           |                                      |           |                       |  |  |                |        |  |  |   | 7,600  | 
|                                  |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |        
|                                  |                                                | Total First Quarter Acquisitions  |                  |             | 4  |            |           |                                      | 296,657   |                        |  |  | 68,250         |        
|                                  |                                                |                                   |                  |             |    |            |           |                                      |           |                        | 
|Second Quarter 2005 Acquisitions: |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |         |  |  |   |       
|Office properties:                |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |         |  |  |   |       
|                                  | 11111 Sunset Hills Road (a/k/a XO Building)(a) |                                   | Reston, VA       |             |    | 05/04/2005 |           |                                      |           | 1                      |  |  |                | 216,469 |  |  |   | 50,700 | 
|                                  | Summit at Douglas Ridge II(b)                  |                                   | Roseville, CA    |             |    | 05/20/2005 |           |                                      |           |                       |  |  |                |        |  |  |   | 18,650 | 
|                                  | Shorebreeze I & II(c)                          |                                   | Redwood City, CA |             |    | 06/09/2005 |           |                                      |           | 2                      |  |  |                | 230,853 |  |  |   | 56,500 | 
|                                  | Research Park Plaza I & II                     |                                   | Austin, TX       |             |    | 06/16/2005 |           |                                      |           | 2                      |  |  |                | 271,882 |  |  |   | 55,000 | 
|                                  | Golden Gate Plaza                              |                                   | Novato, CA       |             |    | 06/30/2005 |           |                                      |           | 2                      |  |  |                | 114,364 |  |  |   | 24,499 | 
|                                  | Woodside Office Center                         |                                   | Novato, CA       |             |    | 06/30/2005 |           |                                      |           | 1                      |  |  |                | 89,031  |  |  |   | 23,950 | 
|                                  | 1179 North McDowell                            |                                   | Petaluma, CA     |             |    | 06/30/2005 |           |                                      |           | 1                      |  |  |                | 53,846  |  |  |   | 9,200  | 
|                                  | Parkway Plaza (a/k/a 3850 & 3880 Brickway)     |                                   | Santa Rosa, CA   |             |    | 06/30/2005 |           |                                      |           | 2                      |  |  |                | 126,585 |  |  |   | 23,734 | 
|                                  | Oak Valley Business Center                     |                                   | Santa Rosa, CA   |             |    | 06/30/2005 |           |                                      |           | 3                      |  |  |                | 129,523 |  |  |   | 24,450 | 
|                                  |                                                |                                   |                  |             |    |            |           |                                      |           |                        |  |  |                |        
|                                  |                                                | Total Second Quarter Acquisitions |                  |             | 14 |            |           |                                      | 1,232,553 |                        |  |  | 286,683        |        
|                                  |                                                |                                   |                  |             |    |            |           |                                      |           |                        | 

11



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


|                                 |                                |                                  |                  |             |    |            |           |                                      |           |                        |  |   |                |         |  |  |  |         | 
|-------------------------------- | ------------------------------ | -------------------------------- | ---------------- | ----------- | -- | ---------- | --------- | ------------------------------------ | --------- | ---------------------- |  | - | -------------- | ------- |  |  |  | ------- | 
|                                 |                                |                                  |                  |             |    |            |           | Total Office Portfolio and Effective |          
|                                 |                                |                                  |                  |             |    |            |           | Office Portfolio                     |          
|                                 |                                |                                  |                  | Acquisition |    |            | Number of |                                      |           |                        | 
|Property                         |                                | Location                         |                  | Date        |    |            | Buildings |                                      |           | Square Feet            |  |   | Purchase Price |        
|                                 |                                |                                  |                  |             |    |            |           |                                      |           |                        |  |   |                |        
|                                 |                                |                                  |                  |             |    |            |           |                                      |           | (Dollars in thousands) | 
|Third Quarter 2005 Acquisitions: |                                |                                  |                  |             |    |            |           |                                      |           |                        |  |   |                |         |  |  |  |        
|Office properties:               |                                |                                  |                  |             |    |            |           |                                      |           |                        |  |   |                |         |  |  |  |        
|                                 | 25 Mall Road                   |                                  | Burlington, MA   |             |    | 07/07/2005 |           |                                      |           | 1                      |  |   |                | 277,647 |  |  |  | 54,750  | 
|                                 | The Lakes                      |                                  | Santa Rosa, CA   |             |    | 07/19/2005 |           |                                      |           | 5                      |  |   |                | 135,332 |  |  |  | 21,505  | 
|                                 | 333 Twin Dolphin Plaza         |                                  | Redwood City, CA |             |    | 07/28/2005 |           |                                      |           | 1                      |  |   |                | 185,285 |  |  |  | 52,700  | 
|                                 | Stonebridge Plaza II           |                                  | Austin, TX       |             |    | 08/19/2005 |           |                                      |           | 1                      |  |   |                | 193,131 |  |  |  | 36,800  | 
|                                 | Clocktower Square(d)           |                                  | Palo Alto, CA    |             |    | 09/27/2005 |           |                                      |           | 4                      |  |   |                | 97,133  |  |  |  | 41,250  | 
|                                 | 1095 Avenue of the Americas(e) |                                  | New York, NY     |             |    | 09/29/2005 |           |                                      |           |                       |  |   |                |        |  |  |  | 504,600 | 
|                                 |                                |                                  |                  |             |    |            |           |                                      |           |                        |  |   |                |        
|                                 |                                | Total Third Quarter Acquisitions |                  |             | 12 |            |           |                                      | 888,528   |                        |  |   | 711,605        |        
|                                 |                                |                                  |                  |             |    |            |           |                                      |           |                        | 
|                                 |                                | Total                            |                  |             | 30 |            |           |                                      | 2,417,738 |                        |  | $ | 1,066,538      |        
|                                 |                                |                                  |                  |             |    |            |           |                                      |           |                        | 






|    |  |                                                                                                                                                                                                                                                                                                                                                                                               
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The purchase price for 11111 Sunset Hills Road includes the
    assumption of approximately $22.5 million of mortgage debt
    at a fixed coupon rate of 6.12% maturing in July 2008. The
    all-in effective interest rate of this mortgage debt is 4.97%.                                                                                                                                  
|   
|(b) |  | Summit at Douglas Ridge II, which consists of one building
    comprising approximately 93,349 square feet, is currently a
    development property and, therefore, not included in the total
    number of buildings or total square footage statistics.                                                                                                                                     
|   
|(c) |  | The purchase price for Shorebreeze I & II includes
    the assumption of approximately $22.4 million of mortgage
    debt at a fixed coupon rate of 4.19% and the issuance of 108,190
    partnership units in EOP Partnership (Units) valued
    at approximately $3.3 million. The mortgage debt assumed
    matures in March 2007 and has an all-in effective interest rate
    of 5.43%.
|   
|(d) |  | This property is subject to a ground lease.                                                                                                                                                                                                                                                                                                                                                   
|   
|(e) |  | 1095 Avenue of the Americas, which consists of one building
    comprising approximately 1,020,000 square feet, is
    classified as a development and, therefore, not included in the
    total number of buildings or total square feet owned by us as of
    September 30, 2005.                                                                                                           



|         |                                                                                                       
|-------- | ------------------------------------------------------------------------------------------------------
|NOTE 4  | GAINS/ LOSSES ON SALES OF REAL ESTATE, PROVISIONS FOR LOSS ON
    ASSETS HELD FOR SALE AND IMPAIRMENTS



| |                              
| | -----------------------------
| | Gains on Sales of Real Estate



12



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|                                                                                                                                              |                                                |                        |        |        |                     |   |       |       |  |   |         |         |  |   |        |        | 
|--------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------- | ---------------------- | ------ | ------ | ------------------- | - | ----- | ----- |  | - | ------- | ------- |  | - | ------ | ------ | 
|                                                                                                                                              |                                                | For the three months   |        |        | For the nine months |  
|                                                                                                                                              |                                                | ended September 30,    |        |        | ended September 30, |  
|                                                                                                                                              |                                                |                        |        |        |                     |  
|                                                                                                                                              |                                                | 2005                   |        |        | 2004                |   |       | 2005  |  |   | 2004    |        
|                                                                                                                                              |                                                |                        |        |        |                     |   |       |       |  |   |         |        
|                                                                                                                                              |                                                | (Dollars in thousands) |       
|Gains on partial sales of real estate included in Income from
    Continuing Operations                                                       |                                                | $                      | 47,406 |        |                     | $ | 216   |       |  | $ | 47,433  |         |  | $ | 216    |       
|Gains on sales of real estate included in Discontinued Operations                                                                             |                                                |                        | 31,098 |        |                     |   | 3,311 |       |  |   | 147,288 |         |  |   | 15,151 |       
|Minority interests share in gains on sales of real estate
    included in allocation to minority interests in partially owned
    properties |                                                |                        |       |        |                     |   |      |       |  |   | (29,699 | )       |  |   | (214   | )     
|Our share of gains on sales of real estate classified as income
    from unconsolidated joint ventures                                        |                                                |                        | 29     |        |                     |   |      |       |  |   | 17,405  |         |  |   |       |       
|                                                                                                                                              |                                                |                        |        |        |                     |   |       |       |  |   |         |        
|                                                                                                                                              | Our share of the gains on sales of real estate |                        | $      | 78,533 |                     |   | $     | 3,527 |  |   | $       | 182,427 |  |   | $      | 15,153 | 
|                                                                                                                                              |                                                |                        |        |        |                     |   |       |       |  |   |         |        



| |                                                                                                
| | -----------------------------------------------------------------------------------------------
| | Losses on Sales of Real Estate, Provisions for Loss on Assets
    Held for Sale and Impairments

Accounting
for the Impairment or Disposal of Long Lived Assets








13



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|                                                           |                                                   |                            |   |        |                           |   |         |          |          |   |         |          |          |   |         |          |          |  
|---------------------------------------------------------- | ------------------------------------------------- | -------------------------- | - | ------ | ------------------------- | - | ------- | -------- | -------- | - | ------- | -------- | -------- | - | ------- | -------- | -------- | -
|                                                           |                                                   | For the three months ended |   |        | For the nine months ended |  
|                                                           |                                                   | September 30,              |   |        | September 30,             |  
|                                                           |                                                   |                            |   |        |                           |  
|                                                           |                                                   | 2005                       |   |        | 2004                      |   |         | 2005     |          |   | 2004    |         
|                                                           |                                                   |                            |   |        |                           |   |         |          |          |   |         |         
|                                                           |                                                   | (Dollars in thousands)     |  
|Impairment deducted from Income from Continuing Operations |                                                   | $                          |  |        |                           | $ | (46,436 | )        |          | $ | (81,042 | )        |          | $ | (46,436 | )       
|Discontinued Operations:                                   |                                                   |                            |   |        |                           |   |         |          |          |   |         |          |          |   |         |         
|                                                           | Impairment                                        |                            |   |       |                           |   |         | (182,734 | )        |   |         | (99,814  | )        |   |         | (182,734 | )       
|                                                           | (Loss) on sales of real estate                    |                            |   | (523   | )                         |   |         | (295     | )        |   |         | (166,451 | )        |   |         | (8,013   | )       
|                                                           | Provisions for (loss) on properties held for sale |                            |   | (3,010 | )                         |   |         |         |          |   |         | (36,812  | )        |   |         |         |         
|                                                           |                                                   |                            |   |        |                           |   |         |          |          |   |         |         
|                                                           |                                                   | Total non-cash charge      |   | $      | (3,533                    | ) |         | $        | (229,465 | ) |         | $        | (384,119 | ) |         | $        | (237,183 | )
|                                                           |                                                   |                            |   |        |                           |   |         |          |          |   |         |         



| |                     
| | --------------------
| | Sales of Real Estate



|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           |             |                            |  |             |         |             |             |           |         |             |  |         |         |  |  |   |         | 
|--------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------ | ------------------------- | ----------- | -- | ---------- | --------- | ---------------------- | --------- | ----------- | -------------------------- |  | ----------- | ------- | ----------- | ----------- | --------- | ------- | ----------- |  | ------- | ------- |  |  | - | ------- | 
|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           | Total Office Portfolio |           |             | Effective Office Portfolio | 
|                                  |                                                                                                                                                     |                                      |                           | Disposition |    |            | Number of |                        |           |             |                            |  |             |        
|Property                          |                                                                                                                                                     | Location                             |                           | Date        |    |            | Buildings |                        |           | Square Feet |                            |  | Sales Price |         |             | Square Feet |           |         | Sales Price | 
|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           |             |                            |  |             |         |             |             |           |         |             | 
|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           | (Dollars in |                            |  |             |         | (Dollars in |            
|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           | thousands)  |                            |  |             |         | thousands)  |            
|First Quarter 2005 Dispositions:  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           |             |                            |  |             |         |             |             |           |         |             |  |         |         |  |  |   |        
|                                  | Northland Plaza(a)                                                                                                                                  |                                      | Bloomington, MN           |             |    | 01/04/2005 |           |                        |           | 1           |                            |  |             | 296,967 |             |             | $         | 43,000  |             |  |         | 296,967 |  |  | $ | 43,000  | 
|                                  | Meier Central North (buildings 13 and 14)(b)                                                                                                        |                                      | Santa Clara, CA           |             |    | 01/20/2005 |           |                        |           |            |                            |  |             |        |             |             |           | 1,986   |             |  |         |        |  |  |   | 1,986   | 
|                                  | Waters Edge(c)                                                                                                                                     |                                      | Playa Vista, CA           |             |    | 02/01/2005 |           |                        |           | 2           |                            |  |             | 243,433 |             |             |           | 97,714  |             |  |         | 213,004 |  |  |   | 85,500  | 
|                                  | One Devon Square, Two Devon Square and Three Devon Square                                                                                           |                                      | Wayne, PA                 |             |    | 02/11/2005 |           |                        |           | 3           |                            |  |             | 142,493 |             |             |           | 23,000  |             |  |         | 142,493 |  |  |   | 23,000  | 
|                                  | Meier Central South (building 12)(b)                                                                                                                |                                      | Santa Clara, CA           |             |    | 02/22/2005 |           |                        |           |            |                            |  |             |        |             |             |           | 2,867   |             |  |         |        |  |  |   | 2,867   | 
|                                  | One Valley Square, Two Valley Square, Three Valley Square, Four
    and Five Valley Square, Oak Hill Plaza, Walnut Hill Plaza and
    Four Falls(d) |                                      | Suburban Philadelphia, PA |             |    | 03/02/2005 |           |                        |           | 8           |                            |  |             | 863,124 |             |             |           | 136,000 |             |  |         | 863,124 |  |  |   | 136,000 | 
|                                  | Oak Creek I(b)                                                                                                                                      |                                      | Milpitas, CA              |             |    | 03/15/2005 |           |                        |           |            |                            |  |             |        |             |             |           | 2,850   |             |  |         |        |  |  |   | 2,850   | 
|                                  | Meier Central North (building 15)(b)                                                                                                                |                                      | Santa Clara, CA           |             |    | 03/24/2005 |           |                        |           |            |                            |  |             |        |             |             |           | 2,350   |             |  |         |        |  |  |   | 2,350   | 
|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           |             |                            |  |             |         |             |             |           |         |             | 
|                                  |                                                                                                                                                     | Total First Quarter
    Dispositions |                           |             | 14 |            |           |                        | 1,546,017 |             |                            |  | 309,767     |         |             |             | 1,515,588 |         |             |  | 297,553 |        
|                                  |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           |             |                            |  |             |         |             |             |          
|Second Quarter 2005 Dispositions: |                                                                                                                                                     |                                      |                           |             |    |            |           |                        |           |             |                            |  |             |         |             |             |           |         |             |  |         |         |  |  |   |        
|                                  | 545 E. John Carpenter Freeway and 909 Lake Carolyn
    Parkway                                                                                      |                                      | Irving, TX                |             |    | 04/01/2005 |           |                        |           | 2           |                            |  |             | 729,949 |             |             |           | 68,500  |             |  |         | 729,949 |  |  |   | 68,500  | 
|                                  | 70-76 Perimeter Center                                                                                                                              |                                      | Atlanta, GA               |             |    | 04/05/2005 |           |                        |           | 4           |                            |  |             | 62,102  |             |             |           | 11,055  |             |  |         | 62,102  |  |  |   | 11,055  | 

14



---



##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


|                                 |                                                                      |                                   |                       |             |    |            |           |                        |           |             |                            |  |             |           |             |             |           |         |             |  |           |           |  |  |  |         | 
|-------------------------------- | -------------------------------------------------------------------- | --------------------------------- | --------------------- | ----------- | -- | ---------- | --------- | ---------------------- | --------- | ----------- | -------------------------- |  | ----------- | --------- | ----------- | ----------- | --------- | ------- | ----------- |  | --------- | --------- |  |  |  | ------- | 
|                                 |                                                                      |                                   |                       |             |    |            |           | Total Office Portfolio |           |             | Effective Office Portfolio | 
|                                 |                                                                      |                                   |                       | Disposition |    |            | Number of |                        |           |             |                            |  |             |          
|Property                         |                                                                      | Location                          |                       | Date        |    |            | Buildings |                        |           | Square Feet |                            |  | Sales Price |           |             | Square Feet |           |         | Sales Price | 
|                                 |                                                                      |                                   |                       |             |    |            |           |                        |           |             |                            |  |             |           |             |             |           |         |             | 
|                                 |                                                                      |                                   |                       |             |    |            |           |                        |           | (Dollars in |                            |  |             |           | (Dollars in |            
|                                 |                                                                      |                                   |                       |             |    |            |           |                        |           | thousands)  |                            |  |             |           | thousands)  |            
|                                 | Meier Central South (building 11)                                    |                                   | Santa Clara, CA       |             |    | 04/18/2005 |           |                        |           | 1           |                            |  |             | 33,672    |             |             |           | 4,400   |             |  |           | 33,672    |  |  |  | 4,400   | 
|                                 | Colonnade I, II & III                                                |                                   | Dallas, TX            |             |    | 04/26/2005 |           |                        |           | 3           |                            |  |             | 984,254   |             |             |           | 153,500 |             |  |           | 984,254   |  |  |  | 153,500 | 
|                                 | LL&E Tower                                                           |                                   | New Orleans, LA       |             |    | 05/04/2005 |           |                        |           | 1           |                            |  |             | 545,157   |             |             |           | 45,000  |             |  |           | 545,157   |  |  |  | 45,000  | 
|                                 | Preston Commons and Sterling Plaza(e)                                |                                   | Dallas, TX            |             |    | 05/20/2005 |           |                        |           | 4           |                            |  |             | 721,351   |             |             |           | 138,381 |             |  |           | 360,676   |  |  |  | 69,190  | 
|                                 | Oak Creek II(b)                                                      |                                   | Milpitas, CA          |             |    | 05/25/2005 |           |                        |           |            |                            |  |             |          |             |             |           | 3,575   |             |  |           |          |  |  |  | 3,575   | 
|                                 | Concar                                                               |                                   | San Mateo, CA         |             |    | 05/26/2005 |           |                        |           | 2           |                            |  |             | 218,985   |             |             |           | 111,555 |             |  |           | 175,100   |  |  |  | 78,156  | 
|                                 | The Solarium                                                         |                                   | Greenwood Village, CO |             |    | 05/27/2005 |           |                        |           | 1           |                            |  |             | 162,817   |             |             |           | 15,800  |             |  |           | 162,817   |  |  |  | 15,800  | 
|                                 | Point West I  Response Road and Point West
    III  River Park Dr. |                                   | Sacramento, CA        |             |    | 06/13/2005 |           |                        |           | 2           |                            |  |             | 118,973   |             |             |           | 16,200  |             |  |           | 118,973   |  |  |  | 16,200  | 
|                                 | Sierra Point                                                         |                                   | Brisbane, CA          |             |    | 06/15/2005 |           |                        |           | 1           |                            |  |             | 99,150    |             |             |           | 15,000  |             |  |           | 99,150    |  |  |  | 15,000  | 
|                                 | BP Tower and garage                                                  |                                   | Cleveland, OH         |             |    | 06/24/2005 |           |                        |           | 1           |                            |  |             | 1,277,488 |             |             |           | 141,250 |             |  |           | 1,277,488 |  |  |  | 141,250 | 
|                                 | 301 Howard Street (includes 195 Beale land)                          |                                   | San Francisco, CA     |             |    | 06/24/2005 |           |                        |           | 1           |                            |  |             | 307,396   |             |             |           | 70,000  |             |  |           | 307,396   |  |  |  | 70,000  | 
|                                 | Foundry Square II                                                    |                                   | San Francisco, CA     |             |    | 06/24/2005 |           |                        |           | 1           |                            |  |             | 502,424   |             |             |           | 133,000 |             |  |           | 502,424   |  |  |  | 133,000 | 
|                                 | Parkside Towers                                                      |                                   | Foster City, CA       |             |    | 06/24/2005 |           |                        |           | 2           |                            |  |             | 398,460   |             |             |           | 73,000  |             |  |           | 398,460   |  |  |  | 73,000  | 
|                                 | San Rafael Corporate Center                                          |                                   | San Rafael, CA        |             |    | 06/24/2005 |           |                        |           | 2           |                            |  |             | 155,318   |             |             |           | 43,000  |             |  |           | 155,318   |  |  |  | 43,000  | 
|                                 | San Rafael Land                                                      |                                   | San Rafael, CA        |             |    | 06/24/2005 |           |                        |           |            |                            |  |             |          |             |             |           | 10,000  |             |  |           |          |  |  |  | 10,000  | 
|                                 | Shoreline Technology Park                                            |                                   | Mountain View, CA     |             |    | 06/28/2005 |           |                        |           | 12          |                            |  |             | 726,508   |             |             |           | 199,500 |             |  |           | 726,508   |  |  |  | 199,500 | 
|                                 | Seaport Centre                                                       |                                   | Redwood City, CA      |             |    | 06/28/2005 |           |                        |           | 13          |                            |  |             | 465,955   |             |             |           | 74,000  |             |  |           | 465,955   |  |  |  | 74,000  | 
|                                 | Seaport Plaza                                                        |                                   | Redwood City, CA      |             |    | 06/28/2005 |           |                        |           | 2           |                            |  |             | 159,350   |             |             |           | 32,000  |             |  |           | 159,350   |  |  |  | 32,000  | 
|                                 | 1871 The Alameda                                                     |                                   | San Jose, CA          |             |    | 06/28/2005 |           |                        |           | 1           |                            |  |             | 44,287    |             |             |           | 9,250   |             |  |           | 44,287    |  |  |  | 9,250   | 
|                                 | 5813 Shellmound/5855 Christie                                        |                                   | Emeryville, CA        |             |    | 06/28/2005 |           |                        |           | 2           |                            |  |             | 56,898    |             |             |           | 7,100   |             |  |           | 56,898    |  |  |  | 7,100   | 
|                                 | Baybridge Office Plaza                                               |                                   | Emeryville, CA        |             |    | 06/28/2005 |           |                        |           | 1           |                            |  |             | 79,358    |             |             |           | 5,900   |             |  |           | 79,358    |  |  |  | 5,900   | 
|                                 |                                                                      |                                   |                       |             |    |            |           |                        |           |             |                            |  |             |           |             |             |           |         |             | 
|                                 |                                                                      | Total Second Quarter Dispositions |                       |             | 59 |            |           |                        | 7,849,852 |             |                            |  | 1,380,966   |           |             |             | 7,445,292 |         |             |  | 1,278,376 |          
|                                 |                                                                      |                                   |                       |             |    |            |           |                        |           |             |                            |  |             |           |             |             |          
|Third Quarter 2005 Dispositions: |                                                                      |                                   |                       |             |    |            |           |                        |           |             |                            |  |             |           |             |             |           |         |             |  |           |           |  |  |  |        
|                                 | 201 Mission Street and 580 California(f)                             |                                   | San Francisco, CA     |             |    | 07/06/2005 |           |                        |           |            |                            |  |             |          |             |             |           | 217,000 |             |  |           | 597,226   |  |  |  | 162,750 | 
|                                 | The Orchard                                                          |                                   | Sacramento, CA        |             |    | 07/14/2005 |           |                        |           | 1           |                            |  |             | 65,392    |             |             |           | 10,700  |             |  |           | 65,392    |  |  |  | 10,700  | 
|                                 | Stadium Towers Land and Retail Building                              |                                   | Anaheim, CA           |             |    | 07/18/2005 |           |                        |           | 1           |                            |  |             | 6,800     |             |             |           | 3,000   |             |  |           | 6,800     |  |  |  | 3,000   | 
|                                 | Texaco Center and 601 Garage                                         |                                   | New Orleans, LA       |             |    | 07/25/2005 |           |                        |           | 1           |                            |  |             | 629,428   |             |             |           | 49,000  |             |  |           | 629,428   |  |  |  | 49,000  | 
|                                 | Meier Mountain View (buildings 5-10, 17 and 20)(g)                   |                                   | Mountain View, CA     |             |    | 07/27/2005 |           |                        |           | 7           |                            |  |             | 242,658   |             |             |           | 34,200  |             |  |           | 242,658   |  |  |  | 34,200  | 
|                                 | Ravendale at Central                                                 |                                   | Mountain View, CA     |             |    | 07/27/2005 |           |                        |           | 2           |                            |  |             | 80,450    |             |             |           | 10,100  |             |  |           | 80,450    |  |  |  | 10,100  | 
|                                 | Bayside Corporate Center                                             |                                   | Foster City, CA       |             |    | 07/27/2005 |           |                        |           | 2           |                            |  |             | 84,925    |             |             |           | 7,000   |             |  |           | 84,925    |  |  |  | 7,000   | 

15



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


|                                                                                      |  |                                  |  |             |            |  |           |                        |           |             |                            |  |             |  |             |             |           |  |             |  |            |  |  |   |           | 
|------------------------------------------------------------------------------------- |  | -------------------------------- |  | ----------- | ---------- |  | --------- | ---------------------- | --------- | ----------- | -------------------------- |  | ----------- |  | ----------- | ----------- | --------- |  | ----------- |  | ---------- |  |  | - | --------- | 
|                                                                                      |  |                                  |  |             |            |  |           | Total Office Portfolio |           |             | Effective Office Portfolio | 
|                                                                                      |  |                                  |  | Disposition |            |  | Number of |                        |           |             |                            |  |             | 
|Property                                                                              |  | Location                         |  | Date        |            |  | Buildings |                        |           | Square Feet |                            |  | Sales Price |  |             | Square Feet |           |  | Sales Price | 
|                                                                                      |  |                                  |  |             |            |  |           |                        |           |             |                            |  |             |  |             |             |           |  |             | 
|                                                                                      |  |                                  |  |             |            |  |           |                        |           | (Dollars in |                            |  |             |  | (Dollars in |            
|                                                                                      |  |                                  |  |             |            |  |           |                        |           | thousands)  |                            |  |             |  | thousands)  |            
|Ridder Park                                                                           |  | San Jose, CA                     |  |             | 07/27/2005 |  |           |                        | 1         |             |                            |  | 83,841      |  |             |             | 19,600    |  |             |  | 83,841     |  |  |   | 19,600    | 
|Vintage Park Industrial and Vintage Park Office Building III                          |  | Foster City, CA                  |  |             | 07/27/2005 |  |           |                        | 6         |             |                            |  | 162,094     |  |             |             | 25,200    |  |             |  | 162,094    |  |  |   | 25,200    | 
|Creekside I and II                                                                    |  | San Jose, CA                     |  |             | 07/27/2005 |  |           |                        | 4         |             |                            |  | 241,019     |  |             |             | 38,988    |  |             |  | 241,019    |  |  |   | 38,988    | 
|Aspect Telecommunications                                                             |  | San Jose, CA                     |  |             | 07/27/2005 |  |           |                        | 1         |             |                            |  | 76,806      |  |             |             | 5,612     |  |             |  | 76,806     |  |  |   | 5,612     | 
|Redwood Shores                                                                        |  | Redwood City, CA                 |  |             | 07/27/2005 |  |           |                        | 1         |             |                            |  | 78,022      |  |             |             | 8,600     |  |             |  | 78,022     |  |  |   | 8,600     | 
|2500 City West, Brookhollow Central, Intercontinental Center and
    San Felipe Plaza |  | Houston, TX                      |  |             | 08/04/2005 |  |           |                        | 6         |             |                            |  | 2,526,454   |  |             |             | 280,500   |  |             |  | 2,526,454  |  |  |   | 280,500   | 
|Meier Central South (buildings 1-4)                                                   |  | Santa Clara, CA                  |  |             | 08/10/2005 |  |           |                        | 4         |             |                            |  | 83,831      |  |             |             | 8,104     |  |             |  | 83,831     |  |  |   | 8,104     | 
|Meier Central North (buildings 16 and 19)                                             |  | Santa Clara, CA                  |  |             | 08/10/2005 |  |           |                        | 2         |             |                            |  | 66,640      |  |             |             | 6,320     |  |             |  | 66,640     |  |  |   | 6,320     | 
|Meier Sunnyvale                                                                       |  | Sunnyvale, CA                    |  |             | 08/10/2005 |  |           |                        | 1         |             |                            |  | 22,400      |  |             |             | 2,279     |  |             |  | 22,400     |  |  |   | 2,279     | 
|Borregas Avenue                                                                       |  | Sunnyvale, CA                    |  |             | 08/10/2005 |  |           |                        | 1         |             |                            |  | 39,897      |  |             |             | 4,216     |  |             |  | 39,897     |  |  |   | 4,216     | 
|3045 Stender Way(b)                                                                   |  | Santa Clara, CA                  |  |             | 08/10/2005 |  |           |                        |          |             |                            |  |            |  |             |             | 2,506     |  |             |  |           |  |  |   | 2,506     | 
|Cupertino Business Center                                                             |  | Cupertino, CA                    |  |             | 08/24/2005 |  |           |                        | 2         |             |                            |  | 64,680      |  |             |             | 10,400    |  |             |  | 64,680     |  |  |   | 10,400    | 
|Eighty Eighty Central, 9400 NCX and North Central Plaza Three                         |  | Dallas, TX                       |  |             | 08/31/2005 |  |           |                        | 3         |             |                            |  | 1,009,838   |  |             |             | 95,358    |  |             |  | 1,009,838  |  |  |   | 95,358    | 
|Norris Tech Center                                                                    |  | San Ramon, CA                    |  |             | 09/21/2005 |  |           |                        | 3         |             |                            |  | 260,825     |  |             |             | 44,690    |  |             |  | 260,825    |  |  |   | 44,690    | 
|                                                                                      |  |                                  |  |             |            |  |           |                        |           |             |                            |  |             |  |             |             |           |  |             | 
|                                                                                      |  | Total Third Quarter Dispositions |  |             | 49         |  |           |                        | 5,826,000 |             |                            |  | 883,373     |  |             |             | 6,423,226 |  |             |  | 829,123    | 
|                                                                                      |  |                                  |  |             |            |  |           |                        |           |             |                            |  |             |  |             |             |          
|                                                                                      |  |                                  |  |             | Total      |  |           |                        | 122       |             |                            |  | 15,221,869  |  |             | $           | 2,574,106 |  |             |  | 15,384,106 |  |  | $ | 2,405,052 | 
|                                                                                      |  |                                  |  |             |            |  |           |                        |           |             |                            |  |             |  |             |             |           |  |             | 






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | This property was classified as held for sale at
    December 31, 2004 and written down to its estimated fair
    value less costs to sell, which approximated the fair value at
    the time of sale.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   
|(b) |  | These properties, which consist of seven office buildings
    comprising approximately 176,131 square feet, were
    previously taken out of service and were no longer included in
    building and square footage statistics.                                                                                                                                                                                                                                                                                                                                                                                                                            
|   
|(c) |  | We disposed of our 87.5% interest in this property. The sales
    price shown for this property for the Total Office Portfolio is
    derived by grossing up the sales price for the sale of our 87.5%
    interest to 100%.                                                                                                                                                                                                                                                                                                                                                                                                                               
|   
|(d) |  | In connection with the sale of the Walnut Hill Plaza office
    property, we repaid approximately $13.4 million of mortgage
    debt that encumbered the property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|(e) |  | We disposed of our 50% ownership interest in these properties.
    We accounted for our 50% interest in the properties under the
    equity method.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|   
|(f) |  | We sold a 75% interest in these two office properties which
    comprise 796,301 square feet. These two buildings will
    remain in our building count for the Total Office Portfolio and
    the Effective Office Portfolio and the total square feet of
    these buildings will remain in our Total Office Portfolio
    statistics. However, the square feet included in the Effective
    Office Portfolio will be reduced to reflect our remaining 25%
    ownership interest. The sales price shown for these properties
    for the Total Office Portfolio is derived by grossing up the
    sales price for the sale of our 75% interest to 100%.

16



---



##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




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



| |                         
| | ------------------------
| | Properties Held for Sale



|                                      |  |            |  |             |            |  |           |                        |   |                  |           |  |             |  |             |             |        |  |             |  |         |  |  |   |        | 
|------------------------------------- |  | ---------- |  | ----------- | ---------- |  | --------- | ---------------------- | - | ---------------- | --------- |  | ----------- |  | ----------- | ----------- | ------ |  | ----------- |  | ------- |  |  | - | ------ | 
|                                      |  |            |  |             |            |  |           |                        |   | Effective Office |          
|                                      |  |            |  |             |            |  |           | Total Office Portfolio |   |                  | Portfolio | 
|                                      |  |            |  | Disposition |            |  | Number of |                        |   |                  |           |  |             | 
|Property                              |  | Location   |  | Date        |            |  | Buildings |                        |   | Square Feet      |           |  | Sales Price |  |             | Square Feet |        |  | Sales Price | 
|                                      |  |            |  |             |            |  |           |                        |   |                  |           |  |             |  |             |             |        |  |             | 
|                                      |  |            |  |             |            |  |           |                        |   | (Dollars in      |           |  |             |  | (Dollars in |            
|                                      |  |            |  |             |            |  |           |                        |   | thousands)       |           |  |             |  | thousands)  |            
|Four Forest Plaza and Lakeside Square |  | Dallas, TX |  |             | 10/14/2005 |  |           |                        | 2 |                  |           |  | 791,652     |  |             | $           | 75,000 |  |             |  | 791,652 |  |  | $ | 75,000 | 



|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |        |         |         |          |         |         |          |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | ---------------------------- | ----------------------- | ----- | ----------------- | ----- | -------- | ------- | ------- | -------- | -------- | ------ | ------- | ------- | -------- | ------- | ------- | -------- | -
|                                                                                                                                                                       |                                                                                           | For the                      |                         |       | For the           |      
|                                                                                                                                                                       |                                                                                           | three months ended           |                         |       | nine months ended |      
|                                                                                                                                                                       |                                                                                           | September 30,                |                         |       | September 30,     |      
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |      
|(Dollars in thousands)                                                                                                                                                 |                                                                                           | 2005                         |                         |       | 2004              |       |          | 2005    |         |          | 2004     |       
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|Property operating revenues                                                                                                                                            |                                                                                           | $                            | 13,434                  |       |                   | $     | 78,605   |         |         | $        | 137,598  |        |         | $       | 249,586  |        
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|Expenses:                                                                                                                                                              |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |        |         |         |          |        
|                                                                                                                                                                       | Depreciation and amortization                                                             |                              |                         | 3,644 |                   |       |          | 23,436  |         |          |          | 40,909 |         |         |          | 74,405  |        
|                                                                                                                                                                       | Property operating                                                                        |                              |                         | 7,563 |                   |       |          | 29,785  |         |          |          | 55,686 |         |         |          | 92,603  |        
|                                                                                                                                                                       | Ground rent                                                                               |                              |                         | 15    |                   |       |          | 1,297   |         |          |          | 2,055  |         |         |          | 3,273   |        
|                                                                                                                                                                       | Impairment                                                                                |                              |                         |      |                   |       |          | 182,734 |         |          |          | 99,814 |         |         |          | 182,734 |        
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|                                                                                                                                                                       |                                                                                           | Total expenses               |                         |       | 11,222            |       |          |         | 237,252 |          |          |        | 198,464 |         |          |         | 353,015 |         
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|                                                                                                                                                                       |                                                                                           |                              | Operating income (loss) |       |                   | 2,212 |          |         |         | (158,647 | )        |        |         | (60,866 | )        |         |         | (103,429 | )
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|Other income (expense):                                                                                                                                                |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |        |         |         |          |        
|                                                                                                                                                                       | Interest income                                                                           |                              |                         | 22    |                   |       |          | 99      |         |          |          | 263    |         |         |          | 116     |        
|                                                                                                                                                                       | Interest expense and amortization of deferred financing costs
    and prepayment expenses |                              |                         | (256  | )                 |       |          | (942    | )       |          |          | (2,269 | )       |         |          | (4,593  | )      
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|                                                                                                                                                                       |                                                                                           | Total other income (expense) |                         |       | (234              | )     |          |         | (843    | )        |          |        | (2,006  | )       |          |         | (4,477  | )       
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|Income (loss) before income taxes, allocations to minority
    interests, gain/(loss) on sales of real estate and provision for
    (loss) on properties held for sale |                                                                                           |                              | 1,978                   |       |                   |       | (159,490 | )       |         |          | (62,872  | )      |         |         | (107,906 | )      
|Income taxes                                                                                                                                                           |                                                                                           |                              |                        |       |                   |       |         |         |         |          | (60      | )      |         |         | (34      | )      
|Income allocated to minority interests  partially
    owned properties (including gains on sales of real estate of $0,
    $0, $29,699 and $214, respectively)        |                                                                                           |                              |                        |       |                   |       | (132     | )       |         |          | (30,440  | )      |         |         | (727     | )      
|Gain on sales of real estate                                                                                                                                           |                                                                                           |                              | 31,098                  |       |                   |       | 3,311    |         |         |          | 147,288  |        |         |         | 15,151   |        
|(Loss) on sales of real estate                                                                                                                                         |                                                                                           |                              | (523                    | )     |                   |       | (295     | )       |         |          | (166,451 | )      |         |         | (8,013   | )      
|Provision for (loss) on properties held for sale                                                                                                                       |                                                                                           |                              | (3,010                  | )     |                   |       |         |         |         |          | (36,812  | )      |         |         |         |        
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|Net income (loss)                                                                                                                                                      |                                                                                           | $                            | 29,543                  |       |                   | $     | (156,606 | )       |         | $        | (149,347 | )      |         | $       | (101,529 | )      
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       
|Property net operating income from discontinued operations                                                                                                             |                                                                                           | $                            | 5,871                   |       |                   | $     | 48,820   |         |         | $        | 81,912   |        |         | $       | 156,983  |        
|                                                                                                                                                                       |                                                                                           |                              |                         |       |                   |       |          |         |         |          |          |       

17



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|         |                                             
|-------- | --------------------------------------------
|NOTE 5  | INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES



|                                                                                                                                                                     |                                                         |                                                              |         |           |              |   |           |           |           | 
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------- | ------------------------------------------------------------ | ------- | --------- | ------------ | - | --------- | --------- | --------- | 
|                                                                                                                                                                     |                                                         | September 30,                                                |         |           | December 31, |  
|(Dollars in thousands)                                                                                                                                               |                                                         | 2005                                                         |         |           | 2004         |  
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|Balance Sheets:                                                                                                                                                      |                                                         |                                                              |         |           |              |   |           |          
|                                                                                                                                                                     | Assets:                                                 |                                                              |         |           |              |   |           |           |          
|                                                                                                                                                                     | Real estate, net of accumulated depreciation            |                                                              | $       | 3,153,680 |              |   | $         | 3,068,975 |          
|                                                                                                                                                                     | Other assets                                            |                                                              |         | 346,397   |              |   |           | 343,075   |          
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|                                                                                                                                                                     |                                                         | Total Assets                                                 |         | $         | 3,500,077    |   |           | $         | 3,412,050 | 
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|                                                                                                                                                                     | Liabilities and Partners and Shareholders
    Equity: |                                                              |         |           |              |   |           |           |          
|                                                                                                                                                                     | Mortgage debt                                           |                                                              | $       | 1,178,132 |              |   | $         | 931,976   |          
|                                                                                                                                                                     | Other liabilities                                       |                                                              |         | 139,378   |              |   |           | 138,010   |          
|                                                                                                                                                                     | Partners and shareholders equity                      |                                                              |         | 2,182,567 |              |   |           | 2,342,064 |          
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|                                                                                                                                                                     |                                                         | Total Liabilities and Partners and Shareholders
    Equity |         | $         | 3,500,077    |   |           | $         | 3,412,050 | 
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|Our share of historical partners and shareholders
    equity                                                                                                       |                                                         | $                                                            | 906,493 |           |              | $ | 1,032,664 |          
|Net excess of cost of investments over the net book value of
    underlying net assets (net of accumulated depreciation of
    $22,143 and $22,797, respectively)(a) |                                                         |                                                              | 65,081  |           |              |   | 84,479    |          
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|Carrying value of investments in unconsolidated joint ventures                                                                                                       |                                                         | $                                                            | 971,574 |           |              | $ | 1,117,143 |          
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  
|Our share of unconsolidated non-recourse mortgage debt                                                                                                               |                                                         | $                                                            | 484,073 |           |              | $ | 361,032   |          
|                                                                                                                                                                     |                                                         |                                                              |         |           |              |  






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | This amount represents the aggregate difference between the
    Companys historical cost basis and the basis reflected at
    the joint venture level, which is typically amortized over the
    life of the related asset. The basis differentials occur
    primarily upon the transfer of assets that were previously owned
    by the Company into a joint venture or the acquisition of
    partial interests in joint ventures by us. In addition, certain
    acquisition, transaction and other costs may not be reflected in
    the net assets at the joint venture level.

18



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |         |         |         |   |         |         |         | 
|------------------------- | --------------------------------------------------- | --------------------------------------------------------------------------- | -------------- | ------- | ----------------- | ------- | - | ------- | ------ | ------ | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                          |                                                     | For the                                                                     |                |         | For the           |        
|                          |                                                     | three months ended                                                          |                |         | nine months ended |        
|                          |                                                     | September 30,                                                               |                |         | September 30,     |        
|                          |                                                     |                                                                             |                |         |                   |        
|(Dollars in thousands)    |                                                     | 2005                                                                        |                |         | 2004              |         |   | 2005    |        |        | 2004 |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|Statements of Operations: |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |         |         |         |   |        
|                          | Revenues                                            |                                                                             | $              | 130,859 |                   |         | $ | 112,386 |        |        | $    | 387,609 |         |         | $ | 334,387 |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          | Expenses:                                           |                                                                             |                |         |                   |         |   |         |        |        |      |         |         |         |   |         |        
|                          |                                                     | Interest expense and loan cost amortization                                 |                |         | 13,909            |         |   |         | 10,923 |        |      |         | 39,554  |         |   |         | 33,112  |        
|                          |                                                     | Depreciation and amortization                                               |                |         | 33,093            |         |   |         | 26,949 |        |      |         | 95,991  |         |   |         | 80,025  |        
|                          |                                                     | Operating expenses, ground rent and general and administrative
    expenses |                |         | 61,011            |         |   |         | 44,886 |        |      |         | 180,128 |         |   |         | 135,331 |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          |                                                     |                                                                             | Total expenses |         |                   | 108,013 |   |         |        | 82,758 |      |         |         | 315,673 |   |         |         | 248,468 | 
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          | Net income before gain on sale of real estate       |                                                                             |                | 22,846  |                   |         |   | 29,628  |        |        |      | 71,936  |         |         |   | 85,919  |        
|                          | Gain on sale of real estate                         |                                                                             |                | 107     |                   |         |   |        |        |        |      | 39,652  |         |         |   |        |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          | Net income                                          |                                                                             | $              | 22,953  |                   |         | $ | 29,628  |        |        | $    | 111,588 |         |         | $ | 85,919  |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|Our share of:             |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |         |         |         |   |        
|                          | Net income                                          |                                                                             | $              | 10,683  |                   |         | $ | 12,664  |        |        | $    | 48,882  |         |         | $ | 37,629  |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          | Interest expense and loan cost amortization         |                                                                             | $              | 5,444   |                   |         | $ | 4,353   |        |        | $    | 15,347  |         |         | $ | 16,647  |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          | Depreciation and amortization (real estate related) |                                                                             | $              | 12,787  |                   |         | $ | 11,386  |        |        | $    | 37,555  |         |         | $ | 32,196  |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        
|                          | Gain on sale of real estate                         |                                                                             | $              | 29      |                   |         | $ |        |        |        | $    | 17,405  |         |         | $ |        |        
|                          |                                                     |                                                                             |                |         |                   |         |   |         |        |        |      |        



|         |                  
|-------- | -----------------
|NOTE 6  | LEASE TERMINATION



19



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|         |              
|-------- | -------------
|NOTE 7  | MORTGAGE DEBT



|                                 |                                                                             |                         |           |          |          |  
|-------------------------------- | --------------------------------------------------------------------------- | ----------------------- | --------- | -------- | -------- | -
|                                 |                                                                             | (Dollars in thousands)  |          
|                                 |                                                                             |                         |          
|Balance at December 31, 2004(a)  |                                                                             | $                       | 2,622,750 |         
|                                 | Scheduled principal amortization prior to maturity                          |                         |           | (19,324  | )       
|                                 | Repayment of debt encumbering the following properties:                     |                         |           |          |         
|                                 |                                                                             | Sixty State Street      |           |          | (71,962  | )
|                                 |                                                                             | Island Corporate Center |           |          | (12,312  | )
|                                 |                                                                             | San Mateo BayCenter II  |           |          | (9,520   | )
|                                 |                                                                             | 1740 Technology         |           |          | (15,684  | )
|                                 |                                                                             | One Market              |           |          | (171,689 | )
|                                 |                                                                             | Central Park            |           |          | (55,030  | )
|                                 | Repaid upon sale of property (see Note 4)                                   |                         |           | (13,386  | )       
|                                 | Assumed through property acquisitions (see Note 3)                          |                         |           | 44,975   |         
|                                 | Washington Mutual Tower refinancing(b)                                      |                         |           | 150      |         
|                                 |                                                                             |                         |          
|Balance at June 30, 2005(a)      |                                                                             |                         | 2,298,968 |         
|                                 | Scheduled principal amortization prior to maturity                          |                         |           | (8,011   | )       
|                                 | Assumption of debt encumbering the 1301 Avenue of the Americas
    property |                         |           | (526,345 | )       
|                                 |                                                                             |                         |          
|Balance at September 30, 2005(a) |                                                                             | $                       | 1,764,612 |         
|                                 |                                                                             |                         |          






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Excludes net discounts on mortgage debt.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   
|(b) |  | We refinanced the mortgage debt encumbering the Washington
    Mutual Tower office property. The new mortgage has a principal
    balance of approximately $79.25 million, bears interest at
    a fixed coupon rate of 4.55% and matures in June 2010. The prior
    mortgage had a principal balance of approximately
    $79.1 million, bore interest at a fixed coupon rate of
    7.53% and was scheduled to mature in November 2005. The
    effective interest rate on the new debt is 4.56% as compared to
    7.77% on the prior mortgage.



20



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|         |               
|-------- | --------------
|NOTE 8  | UNSECURED DEBT





| |                          
| | -------------------------
| | Unsecured Notes  Issued:

|                   |  |                     |  |                        |        |   |             |  |               |                   |  |  |                  |  |  |  |             | 
|------------------ |  | ------------------- |  | ---------------------- | ------ | - | ----------- |  | ------------- | ----------------- |  |  | ---------------- |  |  |  | ----------- | 
|Original Term      |  | Month of Issuance   |  | Amount                 |        |   | Coupon Rate |  |               | Effective Rate(a) |  |  | Year of Maturity | 
|                   |  |                     |  |                        |        |   |             |  |               |                   |  |  |                  | 
|                   |  |                     |  | (Dollars in thousands) |        |   |             |  |               |                   | 
|2 Years to 4 Years |  | January             |  | $                      | 6,221  |   |             |  | 3.45% - 4.15% |                   |  |  | 3.76% - 4.39%    |  |  |  | 2007 - 2009 | 
|2 Years to 4 Years |  | February            |  |                        | 3,220  |   |             |  | 3.70% - 4.15% |                   |  |  | 4.01% - 4.39%    |  |  |  | 2007 - 2009 | 
|3 Years to 5 Years |  | March               |  |                        | 4,997  |   |             |  | 4.05% - 4.75% |                   |  |  | 4.33% - 5.00%    |  |  |  | 2008 - 2010 | 
|2 Years to 4 Years |  | April               |  |                        | 7,672  |   |             |  | 4.30% - 4.80% |                   |  |  | 4.61% - 5.04%    |  |  |  | 2007 - 2009 | 
|2 Years to 6 Years |  | June                |  |                        | 6,426  |   |             |  | 4.10% - 4.63% |                   |  |  | 4.41% - 4.87%    |  |  |  | 2007 - 2011 | 
|3 Years to 4 Years |  | July                |  |                        | 4,722  |   |             |  | 4.40% - 4.55% |                   |  |  | 4.68% - 4.79%    |  |  |  | 2008 - 2009 | 
|3 Years to 6 Years |  | September           |  |                        | 5,739  |   |             |  | 4.40% - 4.70% |                   |  |  | 4.68% - 4.92%    |  |  |  | 2008 - 2011 | 
|                   |  | Less issuance costs |  |                        | (239   | ) |             |  |               |                   |  |  |                  |  |  |  |             | 
|                   |  |                     |  |                        |        |   |             |  |               |                   |  |  |                  | 
|                   |  | Net Proceeds        |  | $                      | 38,758 |   |             |  |               |                   |  |  |                  |  |  |  |             | 
|                   |  |                     |  |                        |        |   |             |  |               |                   |  |  |                  | 



| |                          
| | -------------------------
| | Unsecured Notes  Repaid:

|             |       |                        |         |         |             |  |      |                   |  |  |      |   | 
|------------ | ----- | ---------------------- | ------- | ------- | ----------- |  | ---- | ----------------- |  |  | ---- | - | 
|Month Repaid |       | Amount                 |         |         | Coupon Rate |  |      | Effective Rate(a) | 
|             |       |                        |         |         |             |  |      |                   | 
|             |       | (Dollars in thousands) |         |         |             |  |     
|February     |       | $                      | 125,000 |         |             |  | 6.88 | %                 |  |  | 6.40 | %
|February     |       |                        | 400,000 |         |             |  | 6.63 | %                 |  |  | 4.99 | %
|July         |       |                        | 100,000 |         |             |  | 8.00 | %                 |  |  | 6.49 | %
|September    |       |                        | 50,000  |         |             |  | 7.36 | %                 |  |  | 7.69 | %
|             |       |                        |         |         |             |  |      |                   | 
|             | Total |                        | $       | 675,000 |             |  |      |                   |  |  |      |   | 
|             |       |                        |         |         |             |  |      |                   | 






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



| |                   
| | ------------------
| | Term Loan Facility





| |               
| | --------------
| | Line of Credit



21



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|         |                                      
|-------- | -------------------------------------
|NOTE 9  | FIXED-TO-FLOATING INTEREST RATE SWAPS







|          |                            
|--------- | ---------------------------
|NOTE 10  | IMPACT OF HURRICANE KATRINA



22



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|          |                                                                 
|--------- | ----------------------------------------------------------------
|NOTE 11  | PARTNERS CAPITAL AND MANDATORILY REDEEMABLE PREFERRED
    UNITS



| |      
| | -----
| | Units



|                                  |                                                                                                                                                               |  |             |            |  
|--------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------- | ---------- | -
|Outstanding at December 31, 2004  |                                                                                                                                                               |  | 451,337,142 |           
|                                  | Issued to Equity Office upon exercise of share options                                                                                                        |  |             | 4,523,769  |  
|                                  | Repurchased and retired under Equity Offices open market
    repurchase program (at an average purchase price of
    $30.04 per unit)                        |  |             | (29,100    | )
|                                  | Repurchased and retired under Equity Offices Supplemental
    Retirement Savings Plan (at an average purchase price of
    $31.26 per unit)                  |  |             | (220,176   | )
|                                  | Repurchased in 2004 under Equity Offices Supplemental
    Retirement Savings Plan, but retired in 2005 (at an average
    purchase price of $29.63 per unit) |  |             | (25,728    | )
|                                  | Units redeemed for cash                                                                                                                                       |  |             | (1,657,098 | )
|                                  | Issued to Equity Office related to restricted shares issued, net
    of cancellations                                                                         |  |             | 781,567    |  
|                                  | Issued to Equity Office upon conversion of 70 Series B
    Preferred Units                                                                                    |  |             | 98         |  
|                                  | Units issued in connection with a property acquisition (see
    Note 3 to the financial statements)                                                           |  |             | 108,190    |  
|                                  | Units issued as compensation for Equity Offices Board of
    Trustees fees                                                                                   |  |             | 4,687      |  
|                                  |                                                                                                                                                               |  |            
|Outstanding at June 30, 2005      |                                                                                                                                                               |  | 454,823,351 |           
|                                  | Issued to Equity Office upon exercise of share options                                                                                                        |  |             | 602,650    |  
|                                  | Repurchased and retired under Equity Offices open market
    repurchase program (at an average purchase price of
    $32.89 per unit)                        |  |             | (3,004,700 | )
|                                  | Repurchased and retired under Equity Offices Supplemental
    Retirement Savings Plan (at an average purchase price of
    $35.06 per unit)                  |  |             | (20,896    | )
|                                  | Issued to Equity Office related to restricted shares issued, net
    of cancellations                                                                         |  |             | (39,703    | )
|                                  | Units issued as compensation for Equity Offices Board of
    Trustees fees                                                                                   |  |             | 7,359      |  
|                                  |                                                                                                                                                               |  |            
|Outstanding at September 30, 2005 |                                                                                                                                                               |  | 452,368,061 |           
|                                  |                                                                                                                                                               |  |            



| |              
| | -------------
| | Distributions



|                         |  |              |          |  |           |                    |                        |                   
|------------------------ |  | ------------ | -------- |  | --------- | ------------------ | ---------------------- | ------------------
|                         |  | Distribution |          |  |           |                    |                       
|                         |  | Per Unit     |          |  | Date Paid |                    | Unitholder Record Date
|                         |  |              |          |  |           |                    |                       
|Units                    |  | $            | 0.50     |  |           | October 17, 2005   |                        | September 30, 2005
|Series B Preferred Units |  | $            | 0.65625  |  |           | August 15, 2005    |                        | August 1, 2005    
|Series G Preferred Units |  | $            | 0.484375 |  |           | September 15, 2005 |                        | September 1, 2005 

23



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


NOTE 12  EARNINGS (LOSS) PER UNIT




|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |             |           |  |   |             |           | 
|----------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | - | ----------- | ------------------------- |  | - | ----------- | --------- |  | ---- | ----------- | --------- |  | - | ----------- | --------- | 
|                                                |                                                                                                                                                                                               | For the three months ended                                                            |   |             | For the nine months ended | 
|                                                |                                                                                                                                                                                               | September 30,                                                                         |   |             | September 30,             | 
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           | 
|(Dollars in thousands, except per unit amounts) |                                                                                                                                                                                               | 2005                                                                                  |   |             | 2004                      |  |   | 2005        |           |  | 2004 |            
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|Numerator:                                      |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |             |           |  |   |            
|                                                | Income from continuing operations                                                                                                                                                             |                                                                                       | $ | 83,614      |                           |  | $ | 20,699      |           |  | $    | 163,411     |           |  | $ | 206,925     |          
|                                                | Preferred distributions                                                                                                                                                                       |                                                                                       |   | (8,700      | )                         |  |   | (8,701      | )         |  |      | (26,102     | )         |  |   | (30,393     | )        
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|                                                | Income from continuing operations available to unitholders                                                                                                                                    |                                                                                       |   | 74,914      |                           |  |   | 11,998      |           |  |      | 137,309     |           |  |   | 176,532     |          
|                                                | Discontinued operations (including net gain (loss) on sales of
    real estate and provision for loss on properties held for sale
    of $27,565, $3,016, $(55,975) and $7,138, respectively) |                                                                                       |   | 29,543      |                           |  |   | (156,606    | )         |  |      | (149,347    | )         |  |   | (101,529    | )        
|                                                | Cumulative effect of a change in accounting principle                                                                                                                                         |                                                                                       |   |            |                           |  |   |            |           |  |      |            |           |  |   | (33,697     | )        
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|                                                | Numerator for basic and diluted earnings (loss) per
    unit  net income (loss) available to unitholders                                                                                     |                                                                                       | $ | 104,457     |                           |  | $ | (144,608    | )         |  | $    | (12,038     | )         |  | $ | 41,306      |          
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|Denominator:                                    |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |             |           |  |   |            
|                                                | Denominator for basic earnings (loss) per unit 
    weighted average Units outstanding                                                                                                       |                                                                                       |   | 452,847,362 |                           |  |   | 448,766,905 |           |  |      | 451,549,093 |           |  |   | 448,900,112 |          
|                                                | Effect of dilutive potential units:                                                                                                                                                           |                                                                                       |   |             |                           |  |   |             |           |  |      |             |           |  |   |             |          
|                                                |                                                                                                                                                                                               | Units issuable upon exercise of Equity Office share options and
    restricted shares |   |             | 4,496,159                 |  |   |             | 1,653,662 |  |      |             | 3,821,566 |  |   |             | 1,901,065 | 
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|                                                | Denominator for diluted earnings (loss) per unit 
    weighted average Units outstanding and dilutive potential units                                                                        |                                                                                       |   | 457,343,521 |                           |  |   | 450,420,567 |           |  |      | 455,370,659 |           |  |   | 450,801,177 |          
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|Earnings (loss) per unit  basic:               |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |             |           |  |   |            
|                                                | Income from continuing operations available to unitholders                                                                                                                                    |                                                                                       | $ | 0.17        |                           |  | $ | 0.03        |           |  | $    | 0.30        |           |  | $ | 0.39        |          
|                                                | Discontinued operations                                                                                                                                                                       |                                                                                       |   | 0.07        |                           |  |   | (0.35       | )         |  |      | (0.33       | )         |  |   | (0.23       | )        
|                                                | Cumulative effect of a change in accounting principle                                                                                                                                         |                                                                                       |   |            |                           |  |   |            |           |  |      |            |           |  |   | (0.08       | )        
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            
|                                                | Net income (loss) available to unitholders(a)                                                                                                                                                 |                                                                                       | $ | 0.23        |                           |  | $ | (0.32       | )         |  | $    | (0.03       | )         |  | $ | 0.09        |          
|                                                |                                                                                                                                                                                               |                                                                                       |   |             |                           |  |   |             |           |  |      |            

24



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


|                                                |                                                            |                            |   |      |                           |  |   |        |   |  |      |       |   |  |   |       |  
|----------------------------------------------- | ---------------------------------------------------------- | -------------------------- | - | ---- | ------------------------- |  | - | ------ | - |  | ---- | ----- | - |  | - | ----- | -
|                                                |                                                            | For the three months ended |   |      | For the nine months ended | 
|                                                |                                                            | September 30,              |   |      | September 30,             | 
|                                                |                                                            |                            |   |      |                           | 
|(Dollars in thousands, except per unit amounts) |                                                            | 2005                       |   |      | 2004                      |  |   | 2005   |   |  | 2004 |      
|                                                |                                                            |                            |   |      |                           |  |   |        |   |  |      |      
|Earnings (loss) per unit  diluted:             |                                                            |                            |   |      |                           |  |   |        |   |  |      |       |   |  |   |      
|                                                | Income from continuing operations available to unitholders |                            | $ | 0.16 |                           |  | $ | 0.03   |   |  | $    | 0.30  |   |  | $ | 0.39  |  
|                                                | Discontinued operations                                    |                            |   | 0.06 |                           |  |   | (0.35  | ) |  |      | (0.33 | ) |  |   | (0.23 | )
|                                                | Cumulative effect of a change in accounting principle      |                            |   |     |                           |  |   |       |   |  |      |      |   |  |   | (0.07 | )
|                                                |                                                            |                            |   |      |                           |  |   |        |   |  |      |      
|                                                | Net income (loss) available to unitholders(a)              |                            | $ | 0.23 |                           |  | $ | $(0.32 | ) |  | $    | (0.03 | ) |  | $ | 0.09  |  
|                                                |                                                            |                            |   |      |                           |  |   |        |   |  |      |      






|    |  |                                                                                                                          
|--- |  | -------------------------------------------------------------------------------------------------------------------------
|(a) |  | Net income (loss) available to unitholders per unit may not
    total the sum of the per unit components due to rounding.



|                            |       |                  |       |                            |      |  |                           |           |  |  |            |            |  |      |           |           |  |  |            |            | 
|--------------------------- | ----- | ---------------- | ----- | -------------------------- | ---- |  | ------------------------- | --------- |  |  | ---------- | ---------- |  | ---- | --------- | --------- |  |  | ---------- | ---------- | 
|                            |       |                  |       | For the three months ended |      |  | For the nine months ended |          
|                            |       |                  |       | September 30,              |      |  | September 30,             |          
|                            |       | Weighted Average |       |                            |      |  |                           |           | 
|Antidilutive Securities     |       | Exercise Price   |       |                            | 2005 |  |                           | 2004      |  |  | 2005       |            |  | 2004 |          
|                            |       |                  |       |                            |      |  |                           |           |  |  |            |            |  |      |          
|Share options               |       | $                | 29.10 |                            |      |  |                          |           |  |  | 15,659,766 |            |  |      |          |           |  |  |           |           
|Share options               |       | $                | 32.99 |                            |      |  |                          |           |  |  |           |            |  |      | 530,371   |           |  |  |           |           
|Share options               |       | $                | 29.14 |                            |      |  |                          |           |  |  |           |            |  |      |          |           |  |  | 15,115,409 |           
|Series B Preferred Units(b) |       | $                | 35.70 |                            |      |  | 8,389,256                 |           |  |  | 8,389,354  |            |  |      | 8,389,267 |           |  |  | 8,389,354  |           
|                            |       |                  |       |                            |      |  |                           |           |  |  |            |            |  |      |          
|                            | Total |                  |       |                            |      |  |                           | 8,389,256 |  |  |            | 24,049,120 |  |      |           | 8,919,638 |  |  |            | 23,504,763 | 
|                            |       |                  |       |                            |      |  |                           |           |  |  |            |            |  |      |          






|    |  |                                                                 
|--- |  | ----------------------------------------------------------------
|(b) |  | The amounts shown represent the resulting Units upon conversion.

25



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


NOTE 13  SEGMENT INFORMATION




|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |           |           |   |           |           |           | 
|-------------------------------------------------------------------------------------------------------------------- | ------------------------------------ | -------------------------------------------------------- | ------- | -------- | ------------------------- | - | ------- | -------- | ------- | - | --------- | --------- | --------- | - | --------- | --------- | --------- | 
|                                                                                                                     |                                      | For the three months ended                               |         |          | For the nine months ended |  
|                                                                                                                     |                                      | September 30,                                            |         |          | September 30,             |  
|                                                                                                                     |                                      |                                                          |         |          |                           |  
|(Dollars in thousands)                                                                                               |                                      | 2005                                                     |         |          | 2004                      |   |         | 2005     |         |   | 2004      |          
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|Property Operating Revenues:                                                                                         |                                      |                                                          |         |          |                           |   |         |          |         |   |           |           |           |   |           |          
|                                                                                                                     | Rental                               |                                                          | $       | 589,520  |                           |   | $       | 575,188  |         |   | $         | 1,757,034 |           |   | $         | 1,719,423 |          
|                                                                                                                     | Tenant reimbursements                |                                                          |         | 104,940  |                           |   |         | 102,856  |         |   |           | 291,896   |           |   |           | 299,280   |          
|                                                                                                                     | Parking                              |                                                          |         | 29,380   |                           |   |         | 26,924   |         |   |           | 85,468    |           |   |           | 80,510    |          
|                                                                                                                     | Other(a)                             |                                                          |         | 9,440    |                           |   |         | 13,695   |         |   |           | 85,712    |           |   |           | 48,746    |          
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|                                                                                                                     |                                      | Total Property Operating Revenues                        |         |          | 733,280                   |   |         |          | 718,663 |   |           |           | 2,220,110 |   |           |           | 2,147,959 | 
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|Property Operating Expenses:                                                                                         |                                      |                                                          |         |          |                           |   |         |          |         |   |           |           |           |   |           |          
|                                                                                                                     | Real estate taxes                    |                                                          |         | 87,284   |                           |   |         | 86,321   |         |   |           | 257,125   |           |   |           | 250,859   |          
|                                                                                                                     | Insurance                            |                                                          |         | 16,778   |                           |   |         | 6,900    |         |   |           | 30,226    |           |   |           | 21,599    |          
|                                                                                                                     | Repairs and maintenance              |                                                          |         | 80,879   |                           |   |         | 78,935   |         |   |           | 232,787   |           |   |           | 225,208   |          
|                                                                                                                     | Property operating                   |                                                          |         | 116,863  |                           |   |         | 101,996  |         |   |           | 319,313   |           |   |           | 292,958   |          
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|                                                                                                                     |                                      | Total Property Operating Expenses                        |         |          | 301,804                   |   |         |          | 274,152 |   |           |           | 839,451   |   |           |           | 790,624   | 
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|                                                                                                                     |                                      | Property Net Operating Income from Continuing Operations |         | $        | 431,476                   |   |         | $        | 444,511 |   |           | $         | 1,380,659 |   |           | $         | 1,357,335 | 
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|Property Operating Margin from Continuing Operations(b)                                                              |                                      |                                                          | 58.8    | %        |                           |   | 61.9    | %        |         |   | 62.2      | %         |           |   | 63.2      | %        
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          
|Reconciliation of Property Net Operating Income from
    Continuing Operations to Income from Continuing Operations: |                                      |                                                          |         |          |                           |   |         |          |         |   |           |           |           |   |           |          
|Property Net Operating Income from Continuing Operations                                                             |                                      | $                                                        | 431,476 |          |                           | $ | 444,511 |          |         | $ | 1,380,659 |           |           | $ | 1,357,335 |          
|Add: Fee income                                                                                                      |                                      |                                                          | 5,314   |          |                           |   | 3,220   |          |         |   | 13,788    |           |           |   | 10,129    |          
|Less:                                                                                                                |                                      |                                                          |         |          |                           |   |         |          |         |   |           |           |           |   |           |          
|                                                                                                                     | Depreciation                         |                                                          |         | (165,444 | )                         |   |         | (150,978 | )       |   |           | (489,633  | )         |   |           | (447,579  | )        
|                                                                                                                     | Amortization                         |                                                          |         | (24,600  | )                         |   |         | (17,075  | )       |   |           | (68,030   | )         |   |           | (49,013   | )        
|                                                                                                                     | Ground rent                          |                                                          |         | (6,326   | )                         |   |         | (5,515   | )       |   |           | (16,898   | )         |   |           | (15,880   | )        
|                                                                                                                     | Corporate general and administrative |                                                          |         | (16,866  | )                         |   |         | (13,190  | )       |   |           | (49,257   | )         |   |           | (38,208   | )        
|                                                                                                                     | Impairment                           |                                                          |         |         |                           |   |         | (46,436  | )       |   |           | (81,042   | )         |   |           | (46,436   | )        
|                                                                                                                     |                                      |                                                          |         |          |                           |   |         |          |         |   |           |          

26



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)


|                                  |                                                                                                                                                    |                            |         |          |                           |   |         |          |   |   |         |          |   |   |         |          |  
|--------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ------- | -------- | ------------------------- | - | ------- | -------- | - | - | ------- | -------- | - | - | ------- | -------- | -
|                                  |                                                                                                                                                    | For the three months ended |         |          | For the nine months ended |  
|                                  |                                                                                                                                                    | September 30,              |         |          | September 30,             |  
|                                  |                                                                                                                                                    |                            |         |          |                           |  
|(Dollars in thousands)            |                                                                                                                                                    | 2005                       |         |          | 2004                      |   |         | 2005     |   |   | 2004    |         
|                                  |                                                                                                                                                    |                            |         |          |                           |   |         |          |   |   |         |         
|Operating Income                  |                                                                                                                                                    |                            | 223,554 |          |                           |   | 214,537 |          |   |   | 689,587 |          |   |   | 770,348 |         
|Less:                             |                                                                                                                                                    |                            |         |          |                           |   |         |          |   |   |         |          |   |   |         |         
|                                  | Other expenses                                                                                                                                     |                            |         | (195,131 | )                         |   |         | (203,066 | ) |   |         | (613,171 | ) |   |         | (591,017 | )
|                                  | Income taxes                                                                                                                                       |                            |         | (456     | )                         |   |         | (1,135   | ) |   |         | (1,351   | ) |   |         | (2,198   | )
|                                  | Minority interest  partially owned properties                                                                                                     |                            |         | (2,442   | )                         |   |         | (2,517   | ) |   |         | (7,969   | ) |   |         | (8,053   | )
|Add:                              |                                                                                                                                                    |                            |         |          |                           |   |         |          |   |   |         |          |   |   |         |         
|                                  | Income from investments in unconsolidated joint ventures
    (including gain on sales of real estate of $29, $0, $17,405 and
    $0, respectively) |                            |         | 10,683   |                           |   |         | 12,664   |   |   |         | 48,882   |   |   |         | 37,629   |  
|                                  | Gain on sales of real estate                                                                                                                       |                            |         | 47,406   |                           |   |         | 216      |   |   |         | 47,433   |   |   |         | 216      |  
|                                  |                                                                                                                                                    |                            |         |          |                           |   |         |          |   |   |         |         
|Income from Continuing Operations |                                                                                                                                                    | $                          | 83,614  |          |                           | $ | 20,699  |          |   | $ | 163,411 |          |   | $ | 206,925 |         
|                                  |                                                                                                                                                    |                            |         |          |                           |   |         |          |   |   |         |         






|    |  |                                                                                                                      
|--- |  | ---------------------------------------------------------------------------------------------------------------------
|(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.

NOTE 14  COMMITMENTS AND CONTINGENCIES




| |                             
| | ----------------------------
| | Concentration of Credit Risk





| |              
| | -------------
| | Environmental





| |           
| | ----------
| | Litigation





| |                      
| | ---------------------
| | Property Acquisitions



27



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)












| |              
| | -------------
| | Contingencies

Accounting for
Contingencies,






28



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)






| |          
| | ---------
| | Insurance

Property Damage, Business Interruption, Earthquake and
Terrorism:


|                                             |  |                                                                                                                                                                                                  |  |                                          
|-------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -----------------------------------------
|                                             |  | EOP Partnership                                                                                                                                                                                  |  | Third-Party                              
|Type of Insurance Coverage                   |  | Loss Exposure/Deductible                                                                                                                                                                         |  | Coverage Limitation                      
|                                             |  |                                                                                                                                                                                                  |  |                                          
|Property damage and business interruption(a) |  | $50 million per occurrence and $75 million annual
    aggregate exposure (which includes amounts paid for earthquake
    loss), plus $1 million per occurrence deductible                        |  | $1.0 billion per occurrence(c)           
|Earthquake(a)(b)                             |  | $75 million per occurrence and annual aggregate exposure
    (which includes amounts paid for property damage and business
    interruption loss), plus $1 million per occurrence
    deductible |  | $325 million in the aggregate per year(c)
|Acts of terrorism(d)                         |  | $4.3 million per occurrence deductible (plus 10% of each
    and every loss with a maximum per occurrence exposure of
    $36.8 million which includes the $4.3 million
    deductible)          |  | $825 million per occurrence(e)           






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | We retain up to $75 million annual aggregate loss
    throughout the portfolio. In the event of a loss in excess of
    the per occurrence or annual aggregate amount, the third-party
    insurance carriers would be obligated to cover the losses up to
    the stated coverage amounts in the table above.                                                                                                                                                                                                                                                                                  
|   
|(b) |  | The amount of the third party insurance relating to earthquakes
    is based on maximum probable loss studies performed by
    independent third parties. The maximum annual aggregate payment
    amount for earthquake loss is $325 million, inclusive of
    our loss exposure of $75 million plus $1 million per
    occurrence deductible. There can be no assurance that the actual
    losses suffered in the event of an earthquake would not exceed
    the amount of such insurance coverage.                                                                                         
|   
|(c) |  | These amounts include our loss exposure/deductible amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   
|(d) |  | This coverage includes nuclear, chemical and biological events
    under the Terrorism Insurance Act of 2002 (TRIA).
    TRIA will expire December 31, 2005 and there is a risk it
    will not be extended past that date or extended on its current
    terms. Should the act not be extended or not extended on its
    current terms, the structure, terms or conditions (including
    premiums and coverage) of our terrorism insurance program would
    likely be affected for future periods. We may be unable to
    secure replacement coverage on comparable terms and conditions.

29



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|    |  |                                                                                                                                                                                                                                                                                                                                                                                                   
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  | This coverage does not apply to non-TRIA events (which are
    terrorism events that are not committed by a foreigner or a
    foreign country). We maintain separate insurance with a
    $325 million annual aggregate limit subject to a deductible
    of $1 million for non-TRIA events. This separate coverage
    for non-TRIA events excludes nuclear, biological and chemical
    events.
|   
|(e) |  | This amount is in excess of our deductible amounts.                                                                                                                                                                                                                                                                                                                                               

Pollution:


Workers Compensation, Automobile Liability and General
Liability:




|          |                  
|--------- | -----------------
|NOTE 15  | SUBSEQUENT EVENTS





|                                                     |  |          |                |             |      |  |            |                            |           |             |      |   |          |       |         |  |  |   |         | 
|---------------------------------------------------- |  | -------- | -------------- | ----------- | ---- |  | ---------- | -------------------------- | --------- | ----------- | ---- | - | -------- | ----- | ------- |  |  | - | ------- | 
|                                                     |  |          |                |             |      |  |            | Total Office Portfolio and |          
|                                                     |  |          |                |             |      |  |            | Effective Office Portfolio |          
|                                                     |  |          |                |             |      |  |            |                            |          
|                                                     |  |          |                | Acquisition |      |  | Number of  |                            |           | Square      |      |   | Purchase |      
|Property                                             |  | Location |                |             | Date |  |            | Buildings                  |           |             | Feet |   |          | Price |        
|                                                     |  |          |                |             |      |  |            |                            |           |             |      |   |          |       |        
|                                                     |  |          |                |             |      |  |            |                            |           | (Dollars in |     
|                                                     |  |          |                |             |      |  |            |                            |           | thousands)  |     
|300 W. 6th Street                                    |  |          | Austin, TX     |             |      |  | 10/04/2005 |                            |           |             | 1    |   |          |       | 446,637 |  |  | $ | 131,685 | 
|Waterfall Towers(a)                                  |  |          | Santa Rosa, CA |             |      |  | 10/11/2005 |                            |           |             | 3    |   |          |       | 90,671  |  |  |   | 16,800  | 
|Redwood Business Park I(b)                           |  |          | Petaluma, CA   |             |      |  | 10/28/2005 |                            |           |             | 4    |   |          |       | 101,201 |  |  |   | 16,531  | 
|Redwood Business Park II(c)                          |  |          | Petaluma, CA   |             |      |  | 10/28/2005 |                            |           |             | 5    |   |          |       | 169,389 |  |  |   | 29,781  | 
|Redwood Business Park V(d)                           |  |          | Petaluma, CA   |             |      |  | 10/28/2005 |                            |           |             | 1    |   |          |       | 57,587  |  |  |   | 9,640   | 
|Fountaingrove I                                      |  |          | Santa Rosa, CA |             |      |  | 10/28/2005 |                            |           |             | 1    |   |          |       | 37,428  |  |  |   | 9,872   | 
|Redwood Business Park III (including vacant land)(e) |  |          | Petaluma, CA   |             |      |  | 11/02/2005 |                            |           |             | 2    |   |          |       | 144,000 |  |  |   | 26,648  | 
|Redwood Business Park IV (including vacant land)(f)  |  |          | Petaluma, CA   |             |      |  | 11/02/2005 |                            |           |             | 1    |   |          |       | 66,656  |  |  |   | 13,750  | 
|Parkpoint Business Center(g)                         |  |          | Santa Rosa, CA |             |      |  | 11/02/2005 |                            |           |             | 5    |   |          |       | 67,869  |  |  |   | 11,225  | 
|                                                     |  |          |                |             |      |  |            |                            |           |             |      |   |          |       |        
|                                                     |  | Total    |                |             | 23   |  |            |                            | 1,181,438 |             |      | $ | 265,932  |      
|                                                     |  |          |                |             |      |  |            |                            |           |             |     






|    |  |                                                                                                                                                                                                                   
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The purchase price for the Waterfall Towers office properties
    includes the assumption of approximately $7.7 million of
    mortgage debt at a fixed coupon rate of 6.08% maturing in
    January 2013.        
|   
|(b) |  | The purchase price for the Redwood Business Park I office
    properties includes the assumption of approximately
    $10.4 million of mortgage debt at a fixed coupon rate of
    7.41% maturing in August 2011. 
|   
|(c) |  | The purchase price for the Redwood Business Park II office
    properties includes the assumption of approximately
    $18.2 million of mortgage debt at a fixed coupon rate of
    7.41% maturing in August 2011.
|   
|(d) |  | The purchase price for the Redwood Business Park V office
    property includes the assumption of approximately
    $6.4 million of mortgage debt at a fixed coupon rate of
    7.41% maturing in August 2011.    
|   
|(e) |  | The purchase price for the Redwood Business Park III office
    property includes the assumption of approximately
    $15.1 million of mortgage debt at a fixed coupon rate of
    7.46% maturing in August 2011. 

30



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##### Table of Contents



EOP OPERATING LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


(Unaudited)




|    |  |                                                                                                                                                                                                                  
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(f) |  | The purchase price for the Redwood Business Park IV office
    property includes the assumption of approximately
    $8.2 million of mortgage debt at a fixed coupon rate of
    7.41% maturing in August 2011.  
|   
|(g) |  | The purchase price for the Parkpoint Business Center office
    property includes the assumption of approximately
    $7.4 million of mortgage debt at a fixed coupon rate of
    5.53% maturing in January 2015.







|                   |                                       |          |  |             |      |  |           |                        |           |             |                            |   |         |             |             |         |           |  |   |             |         |  |  |         |  |  |   |        | 
|------------------ | ------------------------------------- | -------- |  | ----------- | ---- |  | --------- | ---------------------- | --------- | ----------- | -------------------------- | - | ------- | ----------- | ----------- | ------- | --------- |  | - | ----------- | ------- |  |  | ------- |  |  | - | ------ | 
|                   |                                       |          |  |             |      |  |           | Total Office Portfolio |           |             | Effective Office Portfolio |  
|                   |                                       |          |  |             |      |  |           |                        |           |             |                            |  
|                   |                                       |          |  | Disposition |      |  | Number of |                        |           | Square      |                            |   |         |             | Square      |         |           | 
|Property           |                                       | Location |  |             | Date |  |           | Buildings              |           |             | Feet                       |   |         | Sales Price |             |         | Feet      |  |   | Sales Price |        
|                   |                                       |          |  |             |      |  |           |                        |           |             |                            |   |         |             |             |         |           |  |   |             |        
|                   |                                       |          |  |             |      |  |           |                        |           | (Dollars in |                            |   |         |             | (Dollars in |        
|                   |                                       |          |  |             |      |  |           |                        |           | thousands)  |                            |   |         |             | thousands)  |        
|Office Properties: |                                       |          |  |             |      |  |           |                        |           |             |                            |   |         |             |             |         |           |  |   |             |         |  |  |         |  |  |   |       
|                   | Four Forest Plaza and Lakeside Square |          |  | Dallas, TX  |      |  |           | 10/14/2005             |           |             |                            | 2 |         |             |             | 791,652 |           |  | $ | 75,000      |         |  |  | 791,652 |  |  | $ | 75,000 | 
|                   | 2 Oliver Street  147 Milk Street     |          |  | Boston, MA  |      |  |           | 10/18/2005             |           |             |                            | 1 |         |             |             | 270,302 |           |  |   | 53,000      |         |  |  | 270,302 |  |  |   | 53,000 | 
|                   |                                       |          |  |             |      |  |           |                        |           |             |                            |   |         |             |             |         |           |  |   |             |        
|                   |                                       | Total    |  |             | 3    |  |           |                        | 1,061,954 |             |                            | $ | 128,000 |             |             |         | 1,061,954 |  |   | $           | 128,000 | 
|                   |                                       |          |  |             |      |  |           |                        |           |             |                            |   |         |             |             |         |          







31



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|        |                                                                                           
|------- | ------------------------------------------------------------------------------------------
|Item 2. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations.

Forward-Looking Statements








Overview






| |   |                      
| | - | ---------------------
| |  | Results of Operations



| |                                                                                                                                  
| | ---------------------------------------------------------------------------------------------------------------------------------
| | Period-to-period comparison of our results of operations for
    the three and nine months ended September 30, 2005 and
    2004.



| |   |                                
| | - | -------------------------------
| |  | Liquidity and Capital Resources



| |                                                                                                                                                                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | A discussion of our liquidity and capital resources,
    including distributions to our unitholders, contractual
    obligations, debt financing, equity securities, market risk,
    capital improvements, tenant improvements, leasing costs,
    developments, inflation, cash flows and additional items for
    2005.



| |   |                              
| | - | -----------------------------
| |  | Funds From Operations (FFO)



| |                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------
| | A reconciliation of this non-GAAP financial measure to net
    income (loss), the most directly comparable GAAP measure.

Executive Summary




32



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| |   |                                                                                            
| | - | -------------------------------------------------------------------------------------------
| |  | our acquisition and disposition activity and our use of the
    proceeds from dispositions;
|
| |  | the economic environment including inflation and office job
    growth;                    
|
| |  | our operating and leasing results; and                                                     
|
| |  | our liquidity and capital resources.                                                       



| |                                     
| | ------------------------------------
| | Acquisition and Disposition Activity







33



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| |                                                      
| | -----------------------------------------------------
| | Economic Environment, Inflation and Office Job Growth











| |                              
| | -----------------------------
| | Operating and Leasing Results



34



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| |                                
| | -------------------------------
| | Liquidity and Capital Resources





| |                                                                               
| | ------------------------------------------------------------------------------
| | Key Transactions Completed During the Nine Months Ended
    September 30, 2005



| |                     
| | --------------------
| | Investing Activities



| |   |                                                                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We sold whole or partial interests in assets comprising
    approximately 15.6 million square feet for approximately
    $2.4 billion,                                                                                                                                                                     
|
| |  | we acquired approximately $1.1 billion of assets including
    development properties and a vacant land parcel, and                                                                                                                                                                                        
|
| |  | obtained mortgage financing for the Yahoo! Center, of which we
    own a 50% interest and account for under the equity method. This
    transaction includes a $250 million note with a coupon
    interest rate of 5.27% maturing in October 2015. Our share of
    the principal balance is $125 million.

35



---



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| |                     
| | --------------------
| | Financing Activities



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We entered into a $1.25 billion revolving line of credit
    facility, bearing interest at LIBOR plus 47.5 basis points
    plus an annual facility fee of 15 basis points and maturing
    in August 2009. The previously existing $1.0 billion line
    of credit scheduled to mature in May 2006 terminated in August
    2005 effective with the first funding of the new
    $1.25 billion line of credit,
|
| |  | obtained and subsequently repaid and terminated a
    $250 million term loan facility, which bore interest at
    LIBOR plus 35 basis points,                                                                                                                                                                                                                                                                  
|
| |  | repaid $675 million of unsecured notes and approximately
    $875.9 million of mortgage debt that had an average coupon
    interest rate of 7.40%,                                                                                                                                                                                                                                                            
|
| |  | paid approximately $8.7 million to terminate
    $1.0 billion of interest rate swaps that had converted
    certain fixed rate unsecured notes to a floating rate, and                                                                                                                                                                                                                                         
|
| |  | repurchased 3,033,800 common shares at an average purchase price
    of $32.87 per share for approximately $99.7 million
    under our open market repurchase program and repurchased
    1,656,410 Units at an average purchase price of $30.59 per
    Unit for approximately $50.7 million.                                                                                                                 



| |      
| | -----
| | Other



| |   |                                                                                                                                                                         
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We recorded $182.4 million of gains on asset sales and
    recorded non-cash charges of approximately $384.1 million
    on assets sold and assets we intend to sell and
|
| |  | recorded approximately $44.4 million of income from a
    single lease termination.                                                                                     

36



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##### Table of Contents



Results of Operations




| |                                     
| | ------------------------------------
| | Trends in Occupancy and Rental Rates



|                        |                                                                                                            |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |            |       | 
|----------------------- | ---------------------------------------------------------------------------------------------------------- | -------------------------- |  | --------- | ------------------------- |  |  | --------- | ----- |  | ---- | ---------- | ----- |  |  | ---------- | ----- | 
|                        |                                                                                                            | For the three months ended |  |           | For the nine months ended | 
|                        |                                                                                                            | September 30,              |  |           | September 30,             | 
|                        |                                                                                                            |                            |  |           |                           | 
|Office Property Data:   |                                                                                                            | 2005                       |  |           | 2004                      |  |  | 2005      |       |  | 2004 |           
|                        |                                                                                                            |                            |  |           |                           |  |  |           |       |  |      |           
|10 Largest Markets:     |                                                                                                            |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |           
|                        | Portion of Total Office Portfolio based on square feet at end of
    period                                |                            |  | 74.8      | %                         |  |  | 70.1      | %     |  |      | 74.8       | %     |  |  | 70.1       | %    
|                        | Occupancy at end of period                                                                                 |                            |  | 89.2      | %                         |  |  | 86.4      | %     |  |      | 89.2       | %     |  |  | 86.4       | %    
|                        | Gross square footage for tenants whose lease term commenced
    during the period                          |                            |  | 4,326,506 |                           |  |  | 3,457,834 |       |  |      | 11,917,802 |       |  |  | 10,778,239 |      
|                        | Weighted average annual rent per square foot for tenants whose
    lease term commenced during the period: |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |            |      
|                        |                                                                                                            | GAAP basis (a,b)           |  | $         | 26.44                     |  |  | $         | 25.54 |  |      | $          | 28.54 |  |  | $          | 26.36 | 
|                        |                                                                                                            | Cash basis (b,c)           |  | $         | 25.59                     |  |  | $         | 24.86 |  |      | $          | 27.34 |  |  | $          | 25.55 | 
|                        | Gross square footage for expiring and terminated leases during
    the period                              |                            |  | 3,759,066 |                           |  |  | 2,984,694 |       |  |      | 11,204,564 |       |  |  | 10,412,385 |      
|                        | Weighted average annual rent per square foot for expiring and
    terminated leases during the period:     |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |            |      
|                        |                                                                                                            | GAAP basis(a)              |  | $         | 30.29                     |  |  | $         | 29.93 |  |      | $          | 31.39 |  |  | $          | 30.24 | 
|                        |                                                                                                            | Cash basis(c)              |  | $         | 31.04                     |  |  | $         | 30.89 |  |      | $          | 32.21 |  |  | $          | 31.28 | 
|Total Office Portfolio: |                                                                                                            |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |           
|                        | Occupancy at end of period                                                                                 |                            |  | 89.2      | %                         |  |  | 86.7      | %     |  |      | 89.2       | %     |  |  | 86.7       | %    
|                        | Gross square footage for tenants whose lease term commenced
    during the period                          |                            |  | 5,575,587 |                           |  |  | 5,028,416 |       |  |      | 16,275,329 |       |  |  | 16,685,427 |      
|                        | Weighted average annual rent per square foot for tenants whose
    lease term commenced during the period: |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |            |      
|                        |                                                                                                            | GAAP basis (a,b)           |  | $         | 25.71                     |  |  | $         | 24.28 |  |      | $          | 26.68 |  |  | $          | 23.97 | 
|                        |                                                                                                            | Cash basis (b,c)           |  | $         | 24.89                     |  |  | $         | 23.41 |  |      | $          | 25.69 |  |  | $          | 23.42 | 
|                        | Gross square footage for expiring and terminated leases during
    the period                              |                            |  | 5,009,972 |                           |  |  | 4,295,973 |       |  |      | 15,631,862 |       |  |  | 16,054,528 |      
|                        | Weighted average annual rent per square foot for expiring and
    terminated leases during the period:     |                            |  |           |                           |  |  |           |       |  |      |            |       |  |  |            |      
|                        |                                                                                                            | GAAP basis(a)              |  | $         | 29.13                     |  |  | $         | 27.79 |  |      | $          | 29.11 |  |  | $          | 27.19 | 
|                        |                                                                                                            | Cash basis(c)              |  | $         | 29.90                     |  |  | $         | 28.61 |  |      | $          | 29.89 |  |  | $          | 28.04 | 






|    |  |                                                                                                                                   
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Based on the average annual base rent per square foot over the
    lease term and current estimated tenant reimbursements, if any.

37



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|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) |  | Weighted average annual rent per square foot for new office
    leases for tenants whose lease term commenced during the period
    may lag behind market because leasing decisions typically are
    made anywhere from one month to 12 or more months prior to
    taking occupancy.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(c) |  | 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.



| |                             
| | ----------------------------
| | Period-to-Period Comparisons



|                        |                                                          |           |     |              |           |  |                  |            |   |  |             |            |  
|----------------------- | -------------------------------------------------------- | --------- | --- | ------------ | --------- |  | ---------------- | ---------- | - |  | ----------- | ---------- | -
|                        |                                                          |           |     | Square Feet  |          
|                        |                                                          |           |     |              |          
|                        |                                                          |           |     | Total Office |           |  | Effective Office |           
|Properties owned as of: |                                                          | Buildings |     |              | Portfolio |  |                  | Portfolio  |  
|                        |                                                          |           |     |              |           |  |                  |            |  
|December 31, 2003       |                                                          |           | 684 |              |           |  | 122,254,925      |            |   |  | 113,641,117 |           
|                        | Consolidation of Sun America Center                      |           |     | 1            |           |  |                  | 780,063    |   |  |             | 524,772    |  
|                        | Acquisitions                                             |           |     | 27           |           |  |                  | 3,315,232  |   |  |             | 3,104,028  |  
|                        | Developments placed in service                           |           |     | 2            |           |  |                  | 298,689    |   |  |             | 298,689    |  
|                        | Dispositions                                             |           |     | (5           | )         |  |                  | (567,765   | ) |  |             | (1,922,755 | )
|                        | Properties taken out of service(a)                       |           |     | (11          | )         |  |                  | (469,771   | ) |  |             | (469,771   | )
|                        | Building Remeasurements                                  |           |     |             |           |  |                  | 101,872    |   |  |             | 103,663    |  
|                        |                                                          |           |     |              |           |  |                  |            |  
|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 |           
|                        |                                                          |           |     |              |           |  |                  |            |  






|    |                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Properties taken out of service represent office properties we
    are no longer attempting to lease and may be sold in the future
    or redeveloped.



| |                      
| | ---------------------
| | Results of Operations



38



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##### Table of Contents







| |                                                                                                         
| | --------------------------------------------------------------------------------------------------------
| | Comparison of the three months ended September 30,
    2005 to the three months ended September 30, 2004



|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |         |         |         |        |         |        |         |       |        |       |      |  
|----------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------- | ---------------------------- | ---------------- | -------- | -------------------- | ------- | -------- | -------- | -------- | ------- | ------- | ------- | ------ | ----- | -------- | ------ | ---- | --- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------ | ------- | ------ | ------- | ----- | ------ | ----- | ---- | -
|                                                                                                                              |                                                | Total Company                |                  |          | Same Store Portfolio |        
|                                                                                                                              |                                                |                              |                  |          |                      |        
|                                                                                                                              |                                                |                              |                  | Change   |                      |         |          |          | Change   |        
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |        
|(Dollars in thousands)                                                                                                        |                                                | 2005                         |                  |          | 2004                 |         |          | $        |          |         | %       |         |        | 2005  |          |        | 2004 |     |         | $       |         |         | %       |        
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|Revenues:                                                                                                                     |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |         |         |         |        |         |        |         |       |       
|                                                                                                                              | Property operating revenues                    |                              | $                | 733,280  |                      |         | $        | 718,663  |          |         | $       | 14,617  |        |       |          | 2.0    | %    |     | $       | 706,013 |         |         | $       | 701,523 |         |         | $      | 4,490   |        |         |       | 0.6    | %    
|                                                                                                                              | Fee income                                     |                              |                  | 5,314    |                      |         |          | 3,220    |          |         |         | 2,094   |        |       |          | 65.0   |      |     |         |        |         |         |         |        |         |         |        |        |        |         |       |       |      
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|                                                                                                                              |                                                | Total revenues               |                  |          | 738,594              |         |          |          | 721,883  |         |         |         | 16,711 |       |          |        | 2.3  |     |         |         | 706,013 |         |         |         | 701,523 |         |        |         | 4,490  |         |       |        | 0.6   |     
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|Expenses:                                                                                                                     |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |         |         |         |        |         |        |         |       |       
|                                                                                                                              | Depreciation and amortization                  |                              |                  | 190,044  |                      |         |          | 168,053  |          |         |         | 21,991  |        |       |          | 13.1   |      |     |         | 173,916 |         |         |         | 160,201 |         |         |        | 13,715  |        |         |       | 8.6    |      
|                                                                                                                              | Real estate taxes                              |                              |                  | 87,284   |                      |         |          | 86,321   |          |         |         | 963     |        |       |          | 1.1    |      |     |         | 82,593  |         |         |         | 83,683  |         |         |        | (1,090  | )      |         |       | (1.3   | )    
|                                                                                                                              | Insurance                                      |                              |                  | 16,778   |                      |         |          | 6,900    |          |         |         | 9,878   |        |       |          | 143.2  |      |     |         | 16,304  |         |         |         | 6,488   |         |         |        | 9,816   |        |         |       | 151.3  |      
|                                                                                                                              | Repairs and maintenance                        |                              |                  | 80,879   |                      |         |          | 78,935   |          |         |         | 1,944   |        |       |          | 2.5    |      |     |         | 76,822  |         |         |         | 75,908  |         |         |        | 914     |        |         |       | 1.2    |      
|                                                                                                                              | Property operating                             |                              |                  | 116,863  |                      |         |          | 101,996  |          |         |         | 14,867  |        |       |          | 14.6   |      |     |         | 112,525 |         |         |         | 98,709  |         |         |        | 13,816  |        |         |       | 14.0   |      
|                                                                                                                              | Ground rent                                    |                              |                  | 6,326    |                      |         |          | 5,515    |          |         |         | 811     |        |       |          | 14.7   |      |     |         | 6,159   |         |         |         | 5,446   |         |         |        | 713     |        |         |       | 13.1   |      
|                                                                                                                              | General and administrative(a)                  |                              |                  | 16,866   |                      |         |          | 13,190   |          |         |         | 3,676   |        |       |          | 27.9   |      |     |         |        |         |         |         |        |         |         |        |        |        |         |       |       |      
|                                                                                                                              | Impairment                                     |                              |                  |         |                      |         |          | 46,436   |          |         |         | (46,436 | )      |       |          | (100.0 | )    |     |         |        |         |         |         | 22,607  |         |         |        | (22,607 | )      |         |       | (100.0 | )    
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|                                                                                                                              |                                                | Total expenses               |                  |          | 515,040              |         |          |          | 507,346  |         |         |         | 7,694  |       |          |        | 1.5  |     |         |         | 468,319 |         |         |         | 453,042 |         |        |         | 15,277 |         |       |        | 3.4   |     
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|                                                                                                                              |                                                |                              | Operating income |          |                      | 223,554 |          |          |          | 214,537 |         |         |        | 9,017 |          |        |      | 4.2 |         |         |         | 237,694 |         |         |         | 248,481 |        |         |        | (10,787 | )     |        |       | (4.3 | )
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|Other income (expense):                                                                                                       |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |         |         |         |        |         |        |         |       |       
|                                                                                                                              | Interest and dividend income                   |                              |                  | 3,841    |                      |         |          | 1,716    |          |         |         | 2,125   |        |       |          | 123.8  |      |     |         | 1,436   |         |         |         | 652     |         |         |        | 784     |        |         |       | 120.2  |      
|                                                                                                                              | Realized gain on sale of marketable securities |                              |                  | 154      |                      |         |          | 4,737    |          |         |         | (4,583  | )      |       |          | (96.7  | )    |     |         |        |         |         |         |        |         |         |        |        |        |         |       |       |      
|                                                                                                                              | Interest expense(b)                            |                              |                  | (199,126 | )                    |         |          | (209,519 | )        |         |         | 10,393  |        |       |          | (5.0   | )    |     |         | (37,810 | )       |         |         | (52,930 | )       |         |        | 15,120  |        |         |       | (28.6  | )    
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|                                                                                                                              |                                                | Total other income (expense) |                  |          | (195,131             | )       |          |          | (203,066 | )       |         |         | 7,935  |       |          |        | (3.9 | )   |         |         | (36,374 | )       |         |         | (52,278 | )       |        |         | 15,904 |         |       |        | (30.4 | )   
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|Income before income taxes, allocation to minority interests and
    income from investments in unconsolidated joint ventures |                                                |                              | 28,423           |          |                      |         | 11,471   |          |          |         | 16,952  |         |        |       | 147.8    |        |      |     | 201,320 |         |         |         | 196,203 |         |         |         | 5,117  |         |        |         | 2.6   |       
|                                                                                                                              | Income taxes                                   |                              |                  | (456     | )                    |         |          | (1,135   | )        |         |         | 679     |        |       |          | 59.8   |      |     |         | (6      | )       |         |         | (4      | )       |         |        | (2      | )      |         |       | 50.0   |      
|Minority Interests:                                                                                                           |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |         |         |         |        |         |        |         |       |       
|                                                                                                                              | Partially owned properties                     |                              |                  | (2,442   | )                    |         |          | (2,517   | )        |         |         | 75      |        |       |          | (3.0   | )    |     |         | (2,442  | )       |         |         | (2,517  | )       |         |        | 75      |        |         |       | (3.0   | )    
|Income from investments in unconsolidated joint ventures                                                                      |                                                |                              | 10,683           |          |                      |         | 12,664   |          |          |         | (1,981  | )       |        |       | (15.6    | )      |      |     | 8,904   |         |         |         | 10,395  |         |         |         | (1,491 | )       |        |         | (14.3 | )     
|Gain on sales of real estate                                                                                                  |                                                |                              | 47,406           |          |                      |         | 216      |          |          |         | 47,190  |         |        |       | 21,847.2 |        |      |     |        |         |         |         |        |         |         |         |       |         |        |         |      |       
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|Income from continuing operations                                                                                             |                                                |                              | 83,614           |          |                      |         | 20,699   |          |          |         | 62,915  |         |        |       | 304.0    |        |      |     | 207,776 |         |         |         | 204,077 |         |         |         | 3,699  |         |        |         | 1.8   |       
|Discontinued operations                                                                                                       |                                                |                              | 29,543           |          |                      |         | (156,606 | )        |          |         | 186,149 |         |        |       | (118.9   | )      |      |     |        |         |         |         |        |         |         |         |       |         |        |         |      |       
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        
|Net income (loss)                                                                                                             |                                                | $                            | 113,157          |          |                      | $       | (135,907 | )        |          | $       | 249,064 |         |        |       | (183.3   | )%     |      | $   | 207,776 |         |         | $       | 204,077 |         |         | $       | 3,699  |         |        |         | 1.8   | %     
|                                                                                                                              |                                                |                              |                  |          |                      |         |          |          |          |         |         |         |        |       |          |        |      |     |         |         |         |         |         |        

39



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|                                           |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |         |   |  |   |         |    |  |  |       |   
|------------------------------------------ | -------------------------------------------- | ------------- | - | ------- | -------------------- |  | - | ------- | ------ |  | - | ------- | -- | ---- |  | ----- | ---- |  | - | ------- | - |  | - | ------- | - |  | - | ------- | -- |  |  | ----- | --
|                                           |                                              | Total Company |   |         | Same Store Portfolio | 
|                                           |                                              |               |   |         |                      | 
|                                           |                                              |               |   | Change  |                      |  |   |         | Change | 
|                                           |                                              |               |   |         |                      |  |   |         |        | 
|(Dollars in thousands)                     |                                              | 2005          |   |         | 2004                 |  |   | $       |        |  | % |         |    | 2005 |  |       | 2004 |  |   | $       |   |  | % |        
|                                           |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |        
|Selected Items from Continuing Operations: |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |         |   |  |   |         |    |  |  |      
|                                           | Property net operating income(c)             |               | $ | 431,476 |                      |  | $ | 444,511 |        |  | $ | (13,035 | )  |      |  | (2.9  | )%   |  | $ | 417,769 |   |  | $ | 436,735 |   |  | $ | (18,966 | )  |  |  | (4.3  | )%
|                                           |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |        
|                                           | Deferred rental revenue                      |               | $ | 13,400  |                      |  | $ | 14,648  |        |  | $ | (1,248  | )  |      |  | (8.5  | )%   |  | $ | 11,177  |   |  | $ | 13,580  |   |  | $ | (2,403  | )  |  |  | (17.7 | )%
|                                           |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |        
|                                           | Income from early lease terminations         |               | $ | 4,515   |                      |  | $ | 8,235   |        |  | $ | (3,720  | )  |      |  | (45.2 | )%   |  | $ | 4,516   |   |  | $ | 8,080   |   |  | $ | (3,564  | )  |  |  | (44.1 | )%
|                                           |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |        
|Property Operating Margins:(c,d)           |                                              |               |   |         |                      |  |   |         |        |  |   |         |    |      |  |       |      |  |   |         |   |  |   |         |   |  |   |         |    |  |  |      
|                                           | With income from early lease terminations    |               |   | 58.8    | %                    |  |   | 61.9    | %      |  |   | (3.1    | )% |      |  |       |      |  |   | 59.2    | % |  |   | 62.3    | % |  |   | (3.1    | )% |  |  |       |   
|                                           | Without income from early lease terminations |               |   | 58.6    | %                    |  |   | 61.4    | %      |  |   | (2.8    | )% |      |  |       |      |  |   | 58.9    | % |  |   | 61.8    | % |  |   | (2.9    | )% |  |  |       |   






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                   
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Corporate general and administrative expense is not allocated to
    the Same Store Portfolio because these expenses are not directly
    incurred in connection with any specific property.                                                                                                                                                                                                      
|   
|(b) |  | Interest expense (including amortization of deferred financing
    costs and prepayment expenses) for the Same Store Portfolio
    represents interest expense on property secured mortgage debt
    and does not include interest expense on the unsecured notes or
    the line of credit.                                                                                                      
|   
|(c) |  | Represents segment data. See Note 13 to the financial
    statements for more information.                                                                                                                                                                                                                                                                                                        
|   
|(d) |  | Property operating margins are determined by dividing property
    operating revenues less real estate taxes, insurance, repairs
    and maintenance and property operating expenses by property
    operating revenues. Included in property operating revenues are
    rental revenue, tenant reimbursements, parking and other income,
    which includes income from early lease terminations.



| |                            
| | ---------------------------
| | Property Operating Revenues







| |                              
| | -----------------------------
| | Depreciation and Amortization





40



---



##### Table of Contents





| |                  
| | -----------------
| | Real Estate Taxes







| |          
| | ---------
| | Insurance





| |                        
| | -----------------------
| | Repairs and Maintenance





| |                   
| | ------------------
| | Property Operating







| |                                    
| | -----------------------------------
| | General and Administrative Expenses



41



---



##### Table of Contents





| |           
| | ----------
| | Impairment





| |                                               
| | ----------------------------------------------
| | Realized Gain on Sale of Marketable Securities





| |                 
| | ----------------
| | Interest Expense





| |                                                         
| | --------------------------------------------------------
| | Income from Investments in Unconsolidated Joint Ventures





| |                              
| | -----------------------------
| | Gains on Sales of Real Estate





| |                        
| | -----------------------
| | Discontinued Operations



42



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##### Table of Contents





| |                                                                                                       
| | ------------------------------------------------------------------------------------------------------
| | Comparison of the nine months ended September 30,
    2005 to the nine months ended September 30, 2004



|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |       |       |       |  
|----------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ---------------------------- | ---------------- | --------- | -------------------- | ------- | -------- | --------- | --------- | ------- | -------- | ------- | ------- | ------- | -------- | ----- | ---- | ----- | ------- | --------- | --------- | ------- | ------- | --------- | --------- | ------- | ------- | ------- | ------- | -------- | ------ | ----- | ----- | ----- | -
|                                                                                                                              |                                                                                  | Total Company                |                  |           | Same Store Portfolio |        
|                                                                                                                              |                                                                                  |                              |                  |           |                      |        
|                                                                                                                              |                                                                                  |                              |                  | Change    |                      |         |          |           | Change    |        
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |        
|(Dollars in thousands)                                                                                                        |                                                                                  | 2005                         |                  |           | 2004                 |         |          | $         |           |         | %        |         |         | 2005    |          |       | 2004 |       |         | $         |           |         | %       |          
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Revenues:                                                                                                                     |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |      
|                                                                                                                              | Property operating revenues                                                      |                              | $                | 2,220,110 |                      |         | $        | 2,147,959 |           |         | $        | 72,151  |         |         |          | 3.4   | %    |       | $       | 2,011,490 |           |         | $       | 2,016,399 |           |         | $       | (4,909  | )       |          |        | (0.2  | )%   
|                                                                                                                              | Fee income                                                                       |                              |                  | 13,788    |                      |         |          | 10,129    |           |         |          | 3,659   |         |         |          | 36.1  |      |       |         |          |           |         |         |          |           |         |         |        |         |          |        |      |      
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|                                                                                                                              |                                                                                  | Total revenues               |                  |           | 2,233,898            |         |          |           | 2,158,088 |         |          |         | 75,810  |         |          |       | 3.5  |       |         |           | 2,011,490 |         |         |           | 2,016,399 |         |         |         | (4,909  | )        |        |       | (0.2  | )    
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Expenses:                                                                                                                     |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |      
|                                                                                                                              | Depreciation and amortization                                                    |                              |                  | 557,663   |                      |         |          | 496,592   |           |         |          | 61,071  |         |         |          | 12.3  |      |       |         | 498,527   |           |         |         | 460,694   |           |         |         | 37,833  |         |          |        | 8.2   |      
|                                                                                                                              | Real estate taxes                                                                |                              |                  | 257,125   |                      |         |          | 250,859   |           |         |          | 6,266   |         |         |          | 2.5   |      |       |         | 225,654   |           |         |         | 230,219   |           |         |         | (4,565  | )       |          |        | (2.0  | )    
|                                                                                                                              | Insurance                                                                        |                              |                  | 30,226    |                      |         |          | 21,599    |           |         |          | 8,627   |         |         |          | 39.9  |      |       |         | 28,003    |           |         |         | 19,948    |           |         |         | 8,055   |         |          |        | 40.4  |      
|                                                                                                                              | Repairs and maintenance                                                          |                              |                  | 232,787   |                      |         |          | 225,208   |           |         |          | 7,579   |         |         |          | 3.4   |      |       |         | 216,427   |           |         |         | 211,189   |           |         |         | 5,238   |         |          |        | 2.5   |      
|                                                                                                                              | Property operating                                                               |                              |                  | 319,313   |                      |         |          | 292,958   |           |         |          | 26,355  |         |         |          | 9.0   |      |       |         | 299,885   |           |         |         | 277,398   |           |         |         | 22,487  |         |          |        | 8.1   |      
|                                                                                                                              | Ground rent                                                                      |                              |                  | 16,898    |                      |         |          | 15,880    |           |         |          | 1,018   |         |         |          | 6.4   |      |       |         | 16,398    |           |         |         | 15,673    |           |         |         | 725     |         |          |        | 4.6   |      
|                                                                                                                              | General and administrative(a)                                                    |                              |                  | 49,257    |                      |         |          | 38,208    |           |         |          | 11,049  |         |         |          | 28.9  |      |       |         |          |           |         |         |          |           |         |         |        |         |          |        |      |      
|                                                                                                                              | Impairment                                                                       |                              |                  | 81,042    |                      |         |          | 46,436    |           |         |          | 34,606  |         |         |          | 74.5  |      |       |         | 60,863    |           |         |         | 22,607    |           |         |         | 38,256  |         |          |        | 169.2 |      
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|                                                                                                                              |                                                                                  | Total expenses               |                  |           | 1,544,311            |         |          |           | 1,387,740 |         |          |         | 156,571 |         |          |       | 11.3 |       |         |           | 1,345,757 |         |         |           | 1,237,728 |         |         |         | 108,029 |          |        |       | 8.7   |      
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|                                                                                                                              |                                                                                  |                              | Operating income |           |                      | 689,587 |          |           |           | 770,348 |          |         |         | (80,761 | )        |       |      | (10.5 | )       |           |           | 665,733 |         |           |           | 778,671 |         |         |         | (112,938 | )      |       |       | (14.5 | )
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Other income (expense):                                                                                                       |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |      
|                                                                                                                              | Interest and dividend income                                                     |                              |                  | 10,496    |                      |         |          | 5,433     |           |         |          | 5,063   |         |         |          | 93.2  |      |       |         | 3,575     |           |         |         | 2,299     |           |         |         | 1,276   |         |          |        | 55.5  |      
|                                                                                                                              | Realized gain on settlement of derivatives and sale of
    marketable securities |                              |                  | 157       |                      |         |          | 28,753    |           |         |          | (28,596 | )       |         |          | (99.5 | )    |       |         |          |           |         |         |          |           |         |         |        |         |          |        |      |      
|                                                                                                                              | Interest expense(b)                                                              |                              |                  | (623,824  | )                    |         |          | (625,203  | )         |         |          | 1,379   |         |         |          | (0.2  | )    |       |         | (114,773  | )         |         |         | (134,630  | )         |         |         | 19,857  |         |          |        | (14.7 | )    
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|                                                                                                                              |                                                                                  | Total other income (expense) |                  |           | (613,171             | )       |          |           | (591,017  | )       |          |         | (22,154 | )       |          |       | 3.7  |       |         |           | (111,198  | )       |         |           | (132,331  | )       |         |         | 21,133  |          |        |       | (16.0 | )    
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Income before income taxes, allocation to minority interests and
    income from investments in unconsolidated joint ventures |                                                                                  |                              | 76,416           |           |                      |         | 179,331  |           |           |         | (102,915 | )       |         |         | (57.4    | )     |      |       | 554,535 |           |           |         | 646,340 |           |           |         | (91,805 | )       |         |          | (14.2  | )    
|Income taxes                                                                                                                  |                                                                                  |                              | (1,351           | )         |                      |         | (2,198   | )         |           |         | 847      |         |         |         | (38.5    | )     |      |       | (374    | )         |           |         | (323    | )         |           |         | (51     | )       |         |          | 15.8   |      
|Minority Interests:                                                                                                           |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |      
|                                                                                                                              | Partially owned properties                                                       |                              |                  | (7,969    | )                    |         |          | (8,053    | )         |         |          | 84      |         |         |          | (1.0  | )    |       |         | (7,969    | )         |         |         | (8,053    | )         |         |         | 84      |         |          |        | (1.0  | )    
|Income from investments in unconsolidated joint ventures                                                                      |                                                                                  |                              | 48,882           |           |                      |         | 37,629   |           |           |         | 11,253   |         |         |         | 29.9     |       |      |       | 24,251  |           |           |         | 31,933  |           |           |         | (7,682  | )       |         |          | (24.1  | )    
|Gain on sale of real estate                                                                                                   |                                                                                  |                              | 47,433           |           |                      |         | 216      |           |           |         | 47,217   |         |         |         | 21,859.7 |       |      |       |        |           |           |         |        |           |           |         |        |         |         |          |       |      
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Income from continuing operations                                                                                             |                                                                                  |                              | 163,411          |           |                      |         | 206,925  |           |           |         | (43,514  | )       |         |         | (21.0    | )     |      |       | 570,443 |           |           |         | 669,897 |           |           |         | (99,454 | )       |         |          | (14.8  | )    
|Discontinued operations                                                                                                       |                                                                                  |                              | (149,347         | )         |                      |         | (101,529 | )         |           |         | (47,818  | )       |         |         | 47.1     |       |      |       |        |           |           |         |        |           |           |         |        |         |         |          |       |      
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Income before cumulative effect of a change in accounting
    principle                                                       |                                                                                  |                              | 14,064           |           |                      |         | 105,396  |           |           |         | (91,332  | )       |         |         | (86.7    | )     |      |       | 570,443 |           |           |         | 669,897 |           |           |         | (99,454 | )       |         |          | (14.8  | )    
|Cumulative effect of a change in accounting principle                                                                         |                                                                                  |                              |                 |           |                      |         | (33,697  | )         |           |         | 33,697   |         |         |         | (100.0   | )     |      |       |        |           |           |         | (33,697 | )         |           |         | 33,697  |         |         |          | (100.0 | )    
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Net income                                                                                                                    |                                                                                  | $                            | 14,064           |           |                      | $       | 71,699   |           |           | $       | (57,635  | )       |         |         | (80.4    | )%    |      | $     | 570,443 |           |           | $       | 636,200 |           |           | $       | (65,757 | )       |         |          | (10.3  | )%   
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Selected Items from Continuing Operators:                                                                                     |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |      
|                                                                                                                              | Property net operating income(c)                                                 |                              | $                | 1,380,659 |                      |         | $        | 1,357,335 |           |         | $        | 23,324  |         |         |          | 1.7   | %    |       | $       | 1,241,521 |           |         | $       | 1,277,645 |           |         | $       | (36,124 | )       |          |        | (2.8  | )%   
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|                                                                                                                              | Deferred rental revenue                                                          |                              | $                | 45,667    |                      |         | $        | 56,374    |           |         | $        | (10,707 | )       |         |          | (19.0 | )%   |       | $       | 29,605    |           |         | $       | 50,751    |           |         | $       | (21,146 | )       |          |        | (41.7 | )%   
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|                                                                                                                              | Income from early lease terminations                                             |                              | $                | 65,517    |                      |         | $        | 33,139    |           |         | $        | 32,378  |         |         |          | 97.7  | %    |       | $       | 17,825    |           |         | $       | 28,366    |           |         | $       | (10,541 | )       |          |        | (37.2 | )%   
|                                                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |          
|Property Operating Margins:(c,d)                                                                                              |                                                                                  |                              |                  |           |                      |         |          |           |           |         |          |         |         |         |          |       |      |       |         |           |           |         |         |           |           |         |         |         |         |          |        |      
|                                                                                                                              | With income from early lease terminations                                        |                              |                  | 62.2      | %                    |         |          | 63.2      | %         |         |          | (1.0    | )%      |         |          |       |      |       |         | 61.7      | %         |         |         | 63.4      | %         |         |         | (1.7    | )%      |          |        |       |      
|                                                                                                                              | Without income from early lease terminations                                     |                              |                  | 61.0      | %                    |         |          | 62.6      | %         |         |          | (1.6    | )%      |         |          |       |      |       |         | 61.4      | %         |         |         | 62.8      | %         |         |         | (1.4    | )%      |          |        |       |      






|    |  |                                                                                                                                                                                             
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Corporate general and administrative expense is not allocated to
    the Same Store Portfolio because these expenses are not directly
    incurred in connection with any specific property.

43



---



##### Table of Contents





|    |  |                                                                                                                                                                                                                                                                                                                                                                                                   
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) |  | Interest expense (including amortization of deferred financing
    costs and prepayment expenses) for the Same Store Portfolio
    represents interest expense on property secured mortgage debt
    and does not include interest expense on the unsecured notes or
    the line of credit.                                                                                                      
|   
|(c) |  | Represents segment data. See Note 13 to the financial
    statements for more information.                                                                                                                                                                                                                                                                                                        
|   
|(d) |  | Property operating margins are determined by dividing property
    operating revenues less real estate taxes, insurance, repairs
    and maintenance and property operating expenses by property
    operating revenues. Included in property operating revenues are
    rental revenue, tenant reimbursements, parking and other income,
    which includes income from early lease terminations.



| |                            
| | ---------------------------
| | Property Operating Revenues







| |                              
| | -----------------------------
| | Depreciation and Amortization







| |                  
| | -----------------
| | Real Estate Taxes







| |          
| | ---------
| | Insurance



44



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##### Table of Contents





| |                        
| | -----------------------
| | Repairs and Maintenance





| |                   
| | ------------------
| | Property Operating







| |                                    
| | -----------------------------------
| | General and Administrative Expenses





| |           
| | ----------
| | Impairment





| |                                                                                 
| | --------------------------------------------------------------------------------
| | Realized Gain on Settlement of Derivatives and Sale of
    Marketable Securities





| |                 
| | ----------------
| | Interest Expense





| |                                                         
| | --------------------------------------------------------
| | Income from Investments in Unconsolidated Joint Ventures



45



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##### Table of Contents







| |                              
| | -----------------------------
| | Gains on Sales of Real Estate





| |                        
| | -----------------------
| | Discontinued Operations





| |                                                      
| | -----------------------------------------------------
| | Cumulative Effect of a Change in Accounting Principle



Liquidity and Capital Resources




| |          
| | ---------
| | Liquidity







46



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##### Table of Contents

















47



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##### Table of Contents





| |              
| | -------------
| | Distributions



|                         |  |              |          |  |              |                        |        |                    |  |   |                    |  |  |   |        | 
|------------------------ |  | ------------ | -------- |  | ------------ | ---------------------- | ------ | ------------------ |  | - | ------------------ |  |  | - | ------ | 
|                         |  |              |          |  |              | Distributions          |       
|                         |  |              |          |  |              |                        |       
|                         |  | Quarterly    |          |  | Annualized   |                        |        | For the three      |  |   | For the nine       | 
|                         |  | Distribution |          |  | Distribution |                        |        | months ended       |  |   | months ended       | 
|Security                 |  | Per Unit     |          |  | Per Unit     |                        |        | September 30, 2005 |  |   | September 30, 2005 | 
|                         |  |              |          |  |              |                        |        |                    |  |   |                    | 
|                         |  |              |          |  |              | (Dollars in thousands) |       
|Series B Preferred Units |  | $            | 0.65625  |  |              | $                      | 2.625  |                    |  | $ | 3,931              |  |  | $ | 11,793 | 
|Series G Preferred Units |  | $            | 0.484375 |  |              | $                      | 1.9375 |                    |  | $ | 4,117              |  |  | $ | 12,351 | 





| |                        
| | -----------------------
| | Contractual Obligations



|                                                        |  |                        |            |              |      |   |         |      |  |   |           |  |  |      |           |  |      |   |         |            |  |   |           |  |  |   |           | 
|------------------------------------------------------- |  | ---------------------- | ---------- | ------------ | ---- | - | ------- | ---- |  | - | --------- |  |  | ---- | --------- |  | ---- | - | ------- | ---------- |  | - | --------- |  |  | - | --------- | 
|                                                        |  | Payments Due by Period |           
|                                                        |  |                        |           
|                                                        |  |                        |            | Remainder of |      |   |        
|(Dollars in thousands)                                  |  | Total                  |            |              | 2005 |   |         | 2006 |  |   | 2007      |  |  | 2008 |           |  | 2009 |   |         | Thereafter | 
|                                                        |  |                        |            |              |      |   |         |      |  |   |           |  |  |      |           |  |      |   |         |            | 
|Mortgage debt(a)                                        |  | $                      | 1,764,612  |              |      | $ | 117,720 |      |  | $ | 287,003   |  |  | $    | 261,635   |  |      | $ | 156,712 |            |  | $ | 563,320   |  |  | $ | 378,222   | 
|Unsecured notes(a)                                      |  |                        | 9,054,751  |              |      |   |        |      |  |   | 652,924   |  |  |      | 988,543   |  |      |   | 489,522 |            |  |   | 861,957   |  |  |   | 6,061,805 | 
|Lines of Credit(b)                                      |  |                        | 811,000    |              |      |   |        |      |  |   |          |  |  |      |          |  |      |   |        |            |  |   | 811,000   |  |  |   |          | 
|Series B Preferred Units                                |  |                        | 299,497    |              |      |   |        |      |  |   |          |  |  |      |          |  |      |   | 299,497 |            |  |   |          |  |  |   |          | 
|Share of mortgage debt of unconsolidated joint ventures |  |                        | 484,073    |              |      |   | 29,678  |      |  |   | 52,222    |  |  |      | 4,005     |  |      |   | 18,616  |            |  |   | 11,651    |  |  |   | 367,901   | 
|Consolidated operating lease obligations                |  |                        | 1,329,102  |              |      |   | 5,480   |      |  |   | 22,217    |  |  |      | 22,056    |  |      |   | 22,168  |            |  |   | 22,224    |  |  |   | 1,234,957 | 
|Unconsolidated operating lease obligations              |  |                        | 33,995     |              |      |   | 141     |      |  |   | 564       |  |  |      | 564       |  |      |   | 564     |            |  |   | 564       |  |  |   | 31,598    | 
|                                                        |  |                        |            |              |      |   |         |      |  |   |           |  |  |      |           |  |      |   |         |            | 
|Total Contractual Obligations                           |  | $                      | 13,777,030 |              |      | $ | 153,019 |      |  | $ | 1,014,930 |  |  | $    | 1,276,803 |  |      | $ | 987,079 |            |  | $ | 2,270,716 |  |  | $ | 8,074,483 | 
|                                                        |  |                        |            |              |      |   |         |      |  |   |           |  |  |      |           |  |      |   |         |            | 






|    |  |                                                                                                                                                                                                 
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Balance excludes net discounts and premiums.                                                                                                                                                    
|   
|(b) |  | In August 2005, we entered into a new $1.25 billion line of
    credit that matures in August 2009. The new line of credit
    replaces the line of credit that was scheduled to mature in 2006.



| |                                      
| | -------------------------------------
| | Fixed-to-Floating Interest Rate Swaps





| |                 
| | ----------------
| | Energy Contracts



48



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##### Table of Contents





| |                               
| | ------------------------------
| | Off-Balance Sheet Arrangements





| |                      
| | ---------------------
| | Property Acquisitions



Debt Financing




| |                  
| | -----------------
| | Consolidated Debt



|                                           |                  |                                        |                         |       |              |            |            |      |           |            |            |  
|------------------------------------------ | ---------------- | -------------------------------------- | ----------------------- | ----- | ------------ | ---------- | ---------- | ---- | --------- | ---------- | ---------- | -
|                                           |                  | September 30,                          |                         |       | December 31, |           
|(Dollars in thousands)                     |                  | 2005                                   |                         |       | 2004         |           
|                                           |                  |                                        |                         |       |              |           
|Balance (includes discounts and premiums): |                  |                                        |                         |       |              |            |            |     
|                                           | Fixed rate:      |                                        |                         |       |              |            |            |      |          
|                                           |                  | Mortgage debt                          |                         | $     | 1,752,908    |            |            | $    | 2,502,871 |           
|                                           |                  | Unsecured notes                        |                         |       | 8,786,776    |            |            |      | 8,439,016 |           
|                                           |                  |                                        |                         |       |              |           
|                                           |                  |                                        | Total                   |       |              | 10,539,684 |            |      |           | 10,941,887 |           
|                                           |                  |                                        |                         |       |              |           
|                                           | Variable rate:   |                                        |                         |       |              |            |            |      |          
|                                           |                  | Mortgage debt                          |                         |       |             |            |            |      | 106,196   |           
|                                           |                  | Unsecured notes and lines of credit(a) |                         |       | 1,056,000    |            |            |      | 1,761,376 |           
|                                           |                  |                                        |                         |       |              |           
|                                           |                  |                                        | Total                   |       |              | 1,056,000  |            |      |           | 1,867,572  |           
|                                           |                  |                                        |                         |       |              |           
|                                           |                  |                                        |                         | Total |              | $          | 11,595,684 |      |           | $          | 12,809,459 |  
|                                           |                  |                                        |                         |       |              |           
|Percent of total debt:                     |                  |                                        |                         |       |              |            |            |     
|                                           | Fixed rate       |                                        |                         | 90.9  | %            |            |            | 85.4 | %        
|                                           | Variable rate(a) |                                        |                         | 9.1   | %            |            |            | 14.6 | %        
|                                           |                  |                                        |                         |       |              |           
|                                           |                  | Total                                  |                         |       | 100.0        | %          |            |      | 100.0     | %         
|                                           |                  |                                        |                         |       |              |           
|Effective interest rate at end of period:  |                  |                                        |                         |       |              |            |            |     
|                                           | Fixed rate:      |                                        |                         |       |              |            |            |      |          
|                                           |                  | Mortgage debt                          |                         |       | 7.53         | %          |            |      | 7.80      | %         
|                                           |                  | Unsecured notes                        |                         |       | 6.80         | %          |            |      | 6.87      | %         
|                                           |                  |                                        |                         |       |              |           
|                                           |                  |                                        | Effective interest rate |       |              | 6.92       | %          |      |           | 7.09       | %         
|                                           |                  |                                        |                         |       |              |           
|                                           | Variable rate:   |                                        |                         |       |              |            |            |      |          
|                                           |                  | Mortgage debt                          |                         |       |             |            |            |      | 5.53      | %         
|                                           |                  | Unsecured notes and lines of credit    |                         |       | 4.42         | %          |            |      | 3.75      | %         
|                                           |                  |                                        |                         |       |              |           
|                                           |                  |                                        | Effective interest rate |       |              | 4.42       | %          |      |           | 3.85       | %         
|                                           |                  |                                        |                         |       |              |           
|                                           |                  |                                        |                         | Total |              |            | 6.70       | %    |           |            | 6.61       | %
|                                           |                  |                                        |                         |       |              |           






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 nine months ended September 30,
    2005. The interest rates for the remaining variable rate debt
    are based on various spreads over LIBOR.

49



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##### Table of Contents



Mortgage Debt




|                                 |                                                                             |                         |           |          |          |  
|-------------------------------- | --------------------------------------------------------------------------- | ----------------------- | --------- | -------- | -------- | -
|                                 |                                                                             | (Dollars in thousands)  |          
|                                 |                                                                             |                         |          
|Balance at December 31, 2004(a)  |                                                                             | $                       | 2,622,750 |         
|                                 | Scheduled principal amortization prior to maturity                          |                         |           | (19,324  | )       
|                                 | Repayment of debt encumbering the following properties:                     |                         |           |          |         
|                                 |                                                                             | Sixty State Street      |           |          | (71,962  | )
|                                 |                                                                             | Island Corporate Center |           |          | (12,312  | )
|                                 |                                                                             | San Mateo BayCenter II  |           |          | (9,520   | )
|                                 |                                                                             | 1740 Technology         |           |          | (15,684  | )
|                                 |                                                                             | One Market              |           |          | (171,689 | )
|                                 |                                                                             | Central Park            |           |          | (55,030  | )
|                                 | Repaid upon sale of property (see Note 4)                                   |                         |           | (13,386  | )       
|                                 | Assumed through property acquisitions (see Note 3)                          |                         |           | 44,975   |         
|                                 | Washington Mutual Tower refinancing(b)                                      |                         |           | 150      |         
|                                 |                                                                             |                         |          
|Balance at June 30, 2005(a)      |                                                                             |                         | 2,298,968 |         
|                                 | Scheduled principal amortization prior to maturity                          |                         |           | (8,011   | )       
|                                 | Assumption of debt encumbering the 1301 Avenue of the Americas
    property |                         |           | (526,345 | )       
|                                 |                                                                             |                         |          
|Balance at September 30, 2005(a) |                                                                             | $                       | 1,764,612 |         
|                                 |                                                                             |                         |          






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Excludes net discounts on mortgage debt.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   
|(b) |  | We refinanced the mortgage debt encumbering the Washington
    Mutual Tower office property. The new mortgage has a principal
    balance of approximately $79.25 million, bears interest at
    a fixed coupon rate of 4.55% and matures in June 2010. The prior
    mortgage had a principal balance of approximately
    $79.1 million, bore interest at a fixed coupon rate of
    7.53% and was scheduled to mature in November 2005. The
    effective interest rate on the new debt is 4.56% as compared to
    7.77% on the prior mortgage.





| |                
| | ---------------
| | Lines of Credit



| |                                        
| | ---------------------------------------
| | $1.25 Billion Revolving Credit Facility





50



---



##### Table of Contents







| |                   
| | ------------------
| | Term Loan Facility





| |                
| | ---------------
| | Unsecured Notes





|                     |                                                    |        |      |      |           |                        |      |           |   |   |               |           |  |  |                  |  | 
|-------------------- | -------------------------------------------------- | ------ | ---- | ---- | --------- | ---------------------- | ---- | --------- | - | - | ------------- | --------- |  |  | ---------------- |  | 
|                     |                                                    | Coupon |      |      | Effective |                        |      | Principal |   |   |              
|Original Term        |                                                    | Rate   |      |      | Rate(a)   |                        |      | Balance   |   |   | Maturity Date |          
|                     |                                                    |        |      |      |           |                        |      |           |   |   |               |          
|                     |                                                    |        |      |      |           | (Dollars in thousands) |      |           |  
|Fixed interest rate: |                                                    |        |      |      |           |                        |      |           |   |   |               |           |  |  |                  | 
|6 Years              |                                                    |        | 8.38 | %    |           |                        | 7.65 | %         |   | $ | 500,000       |           |  |  | 3/15/06          | 
|9 Years              |                                                    |        | 7.44 | %    |           |                        | 7.74 | %         |   |   | 50,000        |           |  |  | 9/01/06          | 
|10 Years             |                                                    |        | 7.13 | %    |           |                        | 6.74 | %         |   |   | 100,000       |           |  |  | 12/01/06         | 
|9 Years              |                                                    |        | 7.00 | %    |           |                        | 6.80 | %         |   |   | 1,500         |           |  |  | 2/02/07          | 
|9 Years              |                                                    |        | 6.88 | %    |           |                        | 6.83 | %         |   |   | 25,000        |           |  |  | 4/30/07          | 
|9 Years              |                                                    |        | 6.76 | %    |           |                        | 6.76 | %         |   |   | 300,000       |           |  |  | 6/15/07          | 
|10 Years             |                                                    |        | 7.41 | %    |           |                        | 7.70 | %         |   |   | 50,000        |           |  |  | 9/01/07          | 
|7 Years              |                                                    |        | 7.75 | %    |           |                        | 7.91 | %         |   |   | 600,000       |           |  |  | 11/15/07         | 
|10 Years             |                                                    |        | 6.75 | %    |           |                        | 6.97 | %         |   |   | 150,000       |           |  |  | 1/15/08          | 
|10 Years             |                                                    |        | 6.75 | %    |           |                        | 7.01 | %         |   |   | 300,000       |           |  |  | 2/15/08          | 
|10 Years             |                                                    |        | 6.80 | %    |           |                        | 6.94 | %         |   |   | 500,000       |           |  |  | 1/15/09          | 
|10 Years             |                                                    |        | 7.25 | %    |           |                        | 7.14 | %         |   |   | 200,000       |           |  |  | 5/01/09          | 
|11 Years             |                                                    |        | 7.13 | %    |           |                        | 6.97 | %         |   |   | 150,000       |           |  |  | 7/01/09          | 
|10 Years             |                                                    |        | 8.10 | %    |           |                        | 8.22 | %         |   |   | 360,000       |           |  |  | 8/01/10          | 
|6 Years              |                                                    |        | 4.65 | %    |           |                        | 4.81 | %         |   |   | 800,000       |           |  |  | 10/01/10         | 
|10 Years             |                                                    |        | 7.65 | %    |           |                        | 7.20 | %         |   |   | 200,000       |           |  |  | 12/15/10         | 
|10 Years             |                                                    |        | 7.00 | %    |           |                        | 6.83 | %         |   |   | 1,100,000     |           |  |  | 7/15/11          | 
|10 Years             |                                                    |        | 6.75 | %    |           |                        | 7.02 | %         |   |   | 500,000       |           |  |  | 2/15/12          | 
|10 Years             |                                                    |        | 5.88 | %    |           |                        | 5.98 | %         |   |   | 500,000       |           |  |  | 1/15/13          | 
|10 Years(b)          |                                                    |        | 4.75 | %    |           |                        | 5.54 | %         |   |   | 1,000,000     |           |  |  | 3/15/14          | 
|20 Years             |                                                    |        | 7.88 | %    |           |                        | 8.08 | %         |   |   | 25,000        |           |  |  | 12/01/16         | 
|20 Years             |                                                    |        | 7.35 | %    |           |                        | 8.08 | %         |   |   | 200,000       |           |  |  | 12/01/17         | 
|20 Years             |                                                    |        | 7.25 | %    |           |                        | 7.54 | %         |   |   | 250,000       |           |  |  | 2/15/18          | 
|30 Years             |                                                    |        | 7.50 | %    |           |                        | 8.24 | %         |   |   | 150,000       |           |  |  | 10/01/27         | 
|30 Years             |                                                    |        | 7.25 | %    |           |                        | 7.31 | %         |   |   | 225,000       |           |  |  | 6/15/28          | 
|30 Years             |                                                    |        | 7.50 | %    |           |                        | 7.55 | %         |   |   | 200,000       |           |  |  | 4/19/29          | 
|30 Years             |                                                    |        | 7.88 | %    |           |                        | 7.94 | %         |   |   | 300,000       |           |  |  | 7/15/31          | 
|EOP InterNotes(c)    |                                                    |        | 4.29 | %    |           |                        | 4.55 | %         |   |   | 73,251        |           |  |  | 11/15/06-9/15/11 | 
|                     |                                                    |        |      |      |           |                        |      |           |   |   |               |          
|                     | Total/ Weighted Average Unsecured Fixed Rate notes |        |      | 6.68 | %         |                        |      | 6.80      | % |   |               | 8,809,751 |  |  |                  |  | 
|                     |                                                    |        |      |      |           |                        |      |           |   |   |               |          

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|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |           |           |   |          |  |  | 
|----------------------- | ----------------------------------------------------- | ------------ | ---- | ---- | --------- | ---------------------- | ---- | --------- | - |  | ------------- | --------- | --------- | - | -------- |  |  | 
|                        |                                                       | Coupon       |      |      | Effective |                        |      | Principal |   |  |              
|Original Term           |                                                       | Rate         |      |      | Rate(a)   |                        |      | Balance   |   |  | Maturity Date |          
|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |          
|                        |                                                       |              |      |      |           | (Dollars in thousands) |      |           |  
|Variable Interest rate: |                                                       |              |      |      |           |                        |      |           |   |  |               |           |           |   |          | 
|6 Years                 |                                                       |              | 4.10 | %    |           |                        | 4.23 | %         |   |  | 200,000       |           |           |   | 10/01/10 | 
|10 Years                |                                                       |              | 4.64 | %    |           |                        | 4.74 | %         |   |  | 45,000        |           |           |   | 05/27/14 | 
|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |          
|                        | Total/ Weighted Average Unsecured Variable Rate Notes |              |      | 4.20 | %         |                        |      | 4.33      | % |  |               | 245,000   |           |   |          |  | 
|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |          
|                        | Total/ Weighted Average                               |              |      | 6.61 | %         |                        |      | 6.74      | % |  |               | 9,054,751 |           |   |          |  | 
|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |          
|                        |                                                       | Net Discount |      |      |           |                        |      |           |   |  |               |           | (22,975   | ) |          |  |  | 
|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |          
|                        |                                                       | Total        |      |      |           |                        |      |           |   |  |               | $         | 9,031,776 |   |          |  |  | 
|                        |                                                       |              |      |      |           |                        |      |           |   |  |               |          






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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, we 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 rates on
    the EOP InterNotes range from 3.30% to 5.25%. Including all
    offering expenses, the all-in effective rates of the EOP
    InterNotes range from 3.61% to 5.46%.                                                                                                                                                                                         





| |                                                        
| | -------------------------------------------------------
| | Restrictions and Covenants under Unsecured Indebtedness





|                                                                                                             |  |                    |     |  
|------------------------------------------------------------------------------------------------------------ |  | ------------------ | --- | -
|Covenants(a) (in each case as defined in the respective indenture)                                           |  | Actual Performance |    
|                                                                                                             |  |                    |    
|Debt to Adjusted Total Assets may not be greater than 60%                                                    |  |                    | 48  | %
|Secured Debt to Adjusted Total Assets may not be greater than 40%                                            |  |                    | 9   | %
|Consolidated Income Available for Debt Service to Annual Debt
    Service Charge may not be less than 1.50:1 |  |                    | 2.3 |  
|Total Unencumbered Assets to Unsecured Debt may not be less than
    150%(a)                                 |  |                    | 211 | %






|    |  |                                                                                                                                                                                                            
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The unsecured notes we assumed in the merger with Spieker
    Partnership, of which approximately $1.2 billion are still
    outstanding at September 30, 2005, are subject to a minimum
    ratio of 165%.

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| |                  
| | -----------------
| | Equity Securities



|                                  |                                                                                                                                                    |               |             |            |       |  |            |            |   |  |             |            |  
|--------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | ----------- | ---------- | ----- |  | ---------- | ---------- | - |  | ----------- | ---------- | -
|                                  |                                                                                                                                                    | Common Shares |             |            | Units |  |            | Total      |  
|                                  |                                                                                                                                                    |               |             |            |       |  |            |            |  
|Outstanding at December 31, 2004  |                                                                                                                                                    |               | 403,842,441 |            |       |  | 47,494,701 |            |   |  | 451,337,142 |           
|                                  | Issued upon exercise of share options                                                                                                              |               |             | 4,523,769  |       |  |            |           |   |  |             | 4,523,769  |  
|                                  | Repurchased and retired under our open market repurchase program
    (at an average purchase price of $30.04 per share)                            |               |             | (29,100    | )     |  |            |           |   |  |             | (29,100    | )
|                                  | Repurchased and retired under our Supplemental Retirement
    Savings Plan (at an average purchase price of $31.26 per
    share)                  |               |             | (220,176   | )     |  |            |           |   |  |             | (220,176   | )
|                                  | Repurchased in 2004 under our Supplemental Retirement Savings
    Plan, but retired in 2005 (at an average purchase price of
    $29.63 per share) |               |             | (25,728    | )     |  |            |           |   |  |             | (25,728    | )
|                                  | Units redeemed for Common Shares                                                                                                                   |               |             | 1,163,525  |       |  |            | (1,163,525 | ) |  |             |           |  
|                                  | Units redeemed for cash                                                                                                                            |               |             |           |       |  |            | (1,657,098 | ) |  |             | (1,657,098 | )
|                                  | Restricted shares issued, net of cancellations                                                                                                     |               |             | 781,567    |       |  |            |           |   |  |             | 781,567    |  
|                                  | Issued upon conversion of 70 Series B Preferred Shares                                                                                             |               |             | 98         |       |  |            |           |   |  |             | 98         |  
|                                  | Units issued in connection with a property acquisition (see
    Note 3 to the financial statements)                                                |               |             |           |       |  |            | 108,190    |   |  |             | 108,190    |  
|                                  | Common Shares issued as compensation for Board of Trustees fees                                                                                    |               |             | 4,687      |       |  |            |           |   |  |             | 4,687      |  
|                                  |                                                                                                                                                    |               |             |            |       |  |            |            |  
|Outstanding at June 30, 2005      |                                                                                                                                                    |               | 410,041,083 |            |       |  | 44,782,268 |            |   |  | 454,823,351 |           
|                                  | Issued upon exercise of share options                                                                                                              |               |             | 602,650    |       |  |            |           |   |  |             | 602,650    |  
|                                  | Repurchased and retired under our open market repurchase program
    (at an average purchase price of $32.89 per share)                            |               |             | (3,004,700 | )     |  |            |           |   |  |             | (3,004,700 | )
|                                  | Repurchased and retired under our Supplemental Retirement
    Savings Plan (at an average purchase price of $35.06 per
    share)                  |               |             | (20,896    | )     |  |            |           |   |  |             | (20,896    | )
|                                  | Units redeemed for Common Shares                                                                                                                   |               |             | 951,390    |       |  |            | (951,390   | ) |  |             |           |  
|                                  | Restricted share cancellations, net of restricted shares issued                                                                                    |               |             | (39,703    | )     |  |            |           |   |  |             | (39,703    | )
|                                  | Common Shares issued as compensation for Board of Trustees fees                                                                                    |               |             | 7,359      |       |  |            |           |   |  |             | 7,359      |  
|                                  |                                                                                                                                                    |               |             |            |       |  |            |            |  
|Outstanding at September 30, 2005 |                                                                                                                                                    |               | 408,537,183 |            |       |  | 43,830,878 |            |   |  | 452,368,061 |           
|                                  |                                                                                                                                                    |               |             |            |       |  |            |            |  

Market Risk




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Capital Improvements, Tenant Improvements and Leasing
Costs




| |                     
| | --------------------
| | Capital Improvements





| |   |                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Capital Improvements  costs for improvements
    that enhance the value of the property such as lobby
    renovations, roof replacement, significant renovations for
    Americans with Disabilities Act compliance, chiller replacement
    and elevator upgrades.                                                                
|
| |  | Development and Redevelopment Costs  costs
    associated with the development or redevelopment of a property
    including tenant improvements, leasing costs, capitalized
    interest and operating costs incurred during completion of the
    property and incurred while the property is made ready for its
    intended use.



|                       |                      |                                          |   |                |             |  |   |              |                |  |             |       |       |  |   |       |       | 
|---------------------- | -------------------- | ---------------------------------------- | - | -------------- | ----------- |  | - | ------------ | -------------- |  | ----------- | ----- | ----- |  | - | ----- | ----- | 
|                       |                      | For the three months ended September 30, |  
|                       |                      |                                          |  
|                       |                      | 2005                                     |   |                | 2004        | 
|                       |                      |                                          |   |                |             | 
|                       |                      |                                          |   | Unconsolidated |             |  |   |              | Unconsolidated | 
|                       |                      | Consolidated                             |   |                | Properties  |  |   | Consolidated |                |  | Properties  |      
|(Dollars in thousands) |                      | Properties                               |   |                | (our share) |  |   | Properties   |                |  | (our share) |      
|                       |                      |                                          |   |                |             |  |   |              |                |  |             |      
|Capital Improvements:  |                      |                                          |   |                |             |  |   |              |                |  |             |       |       |  |   |      
|                       | Capital improvements |                                          | $ | 12,411         |             |  | $ | 1,596        |                |  | $           | 6,305 |       |  | $ | 1,034 |      
|                       | Development costs    |                                          |   | 1,977          |             |  |   |             |                |  |             | 1,599 |       |  |   |      |      
|                       | Redevelopment costs  |                                          |   |               |             |  |   |             |                |  |             | 901   |       |  |   |      |      
|                       |                      |                                          |   |                |             |  |   |              |                |  |             |      
|                       |                      | Total capital improvements               |   | $              | 14,388      |  |   | $            | 1,596          |  |             | $     | 8,805 |  |   | $     | 1,034 | 
|                       |                      |                                          |   |                |             |  |   |              |                |  |             |      

|                       |                      |                                         |   |                |             |  |   |              |                |  |             |        |        |  |   |       |       | 
|---------------------- | -------------------- | --------------------------------------- | - | -------------- | ----------- |  | - | ------------ | -------------- |  | ----------- | ------ | ------ |  | - | ----- | ----- | 
|                       |                      | For the nine months ended September 30, |  
|                       |                      |                                         |  
|                       |                      | 2005                                    |   |                | 2004        | 
|                       |                      |                                         |   |                |             | 
|                       |                      |                                         |   | Unconsolidated |             |  |   |              | Unconsolidated | 
|                       |                      | Consolidated                            |   |                | Properties  |  |   | Consolidated |                |  | Properties  |       
|(Dollars in thousands) |                      | Properties                              |   |                | (our share) |  |   | Properties   |                |  | (our share) |       
|                       |                      |                                         |   |                |             |  |   |              |                |  |             |       
|Capital Improvements:  |                      |                                         |   |                |             |  |   |              |                |  |             |        |        |  |   |      
|                       | Capital improvements |                                         | $ | 28,376         |             |  | $ | 3,683        |                |  | $           | 27,794 |        |  | $ | 2,811 |      
|                       | Development costs    |                                         |   | 6,672          |             |  |   |             |                |  |             | 44,127 |        |  |   |      |      
|                       | Redevelopment costs  |                                         |   |               |             |  |   |             |                |  |             | 1,257  |        |  |   |      |      
|                       |                      |                                         |   |                |             |  |   |              |                |  |             |       
|                       |                      | Total capital improvements              |   | $              | 35,048      |  |   | $            | 3,683          |  |             | $      | 73,178 |  |   | $     | 2,811 | 
|                       |                      |                                         |   |                |             |  |   |              |                |  |             |       



| |                                      
| | -------------------------------------
| | Tenant Improvements and Leasing Costs



54



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|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |        |         |     |   |       |       | 
|------------------------------ | ---------- | ---------------------------------------- | - | -------------- | ------------------ | --- | - | ----------- | -------------- |  | ------------------ | ------ | ------- | --- | - | ----- | ----- | 
|                               |            | For the three months ended September 30, |  
|                               |            |                                          |  
|                               |            | 2005                                     |   |                | 2004               |    
|                               |            |                                          |   |                |                    |    
|                               |            |                                          |   | Total Cost Per |                    |     |   |             | Total Cost per | 
|(Dollars in thousands)         |            | Total Costs                              |   |                | Square Foot Leased |     |   | Total Costs |                |  | Square Foot Leased |       
|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |       
|Consolidated Properties:       |            |                                          |   |                |                    |     |   |             |                |  |                    |        |         |     |   |      
|Office Properties:             |            |                                          |   |                |                    |     |   |             |                |  |                    |        |         |     |   |      
|                               | Renewals   |                                          | $ | 22,329         |                    |     | $ | 11.00       |                |  | $                  | 26,304 |         |     | $ | 15.13 |      
|                               | Retenanted |                                          |   | 77,614         |                    |     |   | 25.94       |                |  |                    | 73,702 |         |     |   | 27.04 |      
|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |       
|                               |            | Total/Weighted Average                   |   |                | 99,943             |     |   |             | 19.90          |  |                    |        | 100,006 |     |   |       | 22.40 | 
|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |       
|Unconsolidated Joint Ventures: |            |                                          |   |                |                    |     |   |             |                |  |                    |        |         |     |   |      
|                               | Renewals   |                                          |   | 922            | (a)                |     |   | 21.33       |                |  |                    | 1,096  | (a)     |     |   | 16.49 |      
|                               | Retenanted |                                          |   | 7,109          | (a)                |     |   | 38.41       |                |  |                    | 3,321  | (a)     |     |   | 42.26 |      
|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |       
|                               |            | Total/Weighted Average                   |   |                | 8,031              | (a) |   |             | 35.18          |  |                    |        | 4,417   | (a) |   |       | 30.45 | 
|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |       
|                               |            | Total/Weighted Average                   |   | $              | 107,974            |     |   | $           | 20.57          |  |                    | $      | 104,423 |     |   | $     | 22.66 | 
|                               |            |                                          |   |                |                    |     |   |             |                |  |                    |       

|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |         |         |     |   |       |       | 
|------------------------------ | ---------- | --------------------------------------- | - | -------------- | ------------------ | --- | - | ----------- | -------------- |  | ------------------ | ------- | ------- | --- | - | ----- | ----- | 
|                               |            | For the nine months ended September 30, |  
|                               |            |                                         |  
|                               |            | 2005                                    |   |                | 2004               |    
|                               |            |                                         |   |                |                    |    
|                               |            |                                         |   | Total Cost Per |                    |     |   |             | Total Cost per | 
|(Dollars in thousands)         |            | Total Costs                             |   |                | Square Foot Leased |     |   | Total Costs |                |  | Square Foot Leased |        
|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |        
|Consolidated Properties:       |            |                                         |   |                |                    |     |   |             |                |  |                    |         |         |     |   |      
|Office Properties:             |            |                                         |   |                |                    |     |   |             |                |  |                    |         |         |     |   |      
|                               | Renewals   |                                         | $ | 92,159         |                    |     | $ | 13.44       |                |  | $                  | 72,527  |         |     | $ | 11.10 |      
|                               | Retenanted |                                         |   | 183,399        |                    |     |   | 23.55       |                |  |                    | 192,608 |         |     |   | 24.05 |      
|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |        
|                               |            | Total/Weighted Average                  |   |                | 275,558            |     |   |             | 18.82          |  |                    |         | 265,135 |     |   |       | 18.23 | 
|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |        
|Unconsolidated Joint Ventures: |            |                                         |   |                |                    |     |   |             |                |  |                    |         |         |     |   |      
|                               | Renewals   |                                         |   | 2,048          | (a)                |     |   | 13.31       |                |  |                    | 9,794   | (a)     |     |   | 20.03 |      
|                               | Retenanted |                                         |   | 23,204         | (a)                |     |   | 40.75       |                |  |                    | 9,827   | (a)     |     |   | 31.25 |      
|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |        
|                               |            | Total/Weighted Average                  |   |                | 25,252             | (a) |   |             | 34.91          |  |                    |         | 19,621  | (a) |   |       | 24.42 | 
|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |        
|                               |            | Total/Weighted Average                  |   | $              | 300,810            |     |   | $           | 19.57          |  |                    | $       | 284,756 |     |   | $     | 18.56 | 
|                               |            |                                         |   |                |                    |     |   |             |                |  |                    |        






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



55



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|                                                                                                             |                                                                   |                            |        |         |         |   |        |         |         | 
|------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------- | -------------------------- | ------ | ------- | ------- | - | ------ | ------- | ------- | 
|                                                                                                             |                                                                   | For the three months ended |       
|                                                                                                             |                                                                   | September 30,              |       
|                                                                                                             |                                                                   |                            |       
|(Dollars in thousands)                                                                                       |                                                                   | 2005                       |        |         | 2004    |  
|                                                                                                             |                                                                   |                            |        |         |         |  
|Capital improvements                                                                                         |                                                                   | $                          | 12,411 |         |         | $ | 6,305  |        
|Tenant improvements and leasing costs:                                                                       |                                                                   |                            |        |         |         |   |        |        
|                                                                                                             | Office properties                                                 |                            |        | 99,943  |         |   |        | 100,006 |        
|                                                                                                             | Industrial properties                                             |                            |        |        |         |   |        | 1,502   |        
|Expenditures for corporate furniture, fixtures and equipment,
    software, leasehold improvements and other |                                                                   |                            | 8,839  |         |         |   | 1,477  |        
|                                                                                                             |                                                                   |                            |        |         |         |  
|                                                                                                             | Subtotal                                                          |                            |        | 121,193 |         |   |        | 109,290 |        
|Development costs                                                                                            |                                                                   |                            | 1,977  |         |         |   | 1,599  |        
|Redevelopment costs                                                                                          |                                                                   |                            |       |         |         |   | 901    |        
|Timing differences                                                                                           |                                                                   |                            | 7,498  |         |         |   | 13,328 |        
|                                                                                                             |                                                                   |                            |        |         |         |  
|                                                                                                             | Total capital improvements, tenant improvements and leasing costs |                            | $      | 130,668 |         |   | $      | 125,118 |        
|                                                                                                             |                                                                   |                            |        |         |         |  
|Selected items from the consolidated statements of cash
    flows:                                           |                                                                   |                            |        |         |         |   |        |        
|                                                                                                             | Capital and tenant improvements                                   |                            | $      | 90,945  |         |   | $      | 91,973  |        
|                                                                                                             | Lease commissions and other costs                                 |                            |        | 39,723  |         |   |        | 33,145  |        
|                                                                                                             |                                                                   |                            |        |         |         |  
|                                                                                                             |                                                                   | Total                      |        | $       | 130,668 |   |        | $       | 125,118 | 
|                                                                                                             |                                                                   |                            |        |         |         |  

|                                                                                                             |                                                                   |                           |        |         |         |   |        |         |         | 
|------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------- | ------------------------- | ------ | ------- | ------- | - | ------ | ------- | ------- | 
|                                                                                                             |                                                                   | For the nine months ended |       
|                                                                                                             |                                                                   | September 30,             |       
|                                                                                                             |                                                                   |                           |       
|(Dollars in thousands)                                                                                       |                                                                   | 2005                      |        |         | 2004    |  
|                                                                                                             |                                                                   |                           |        |         |         |  
|Capital improvements                                                                                         |                                                                   | $                         | 28,376 |         |         | $ | 27,794 |        
|Tenant improvements and leasing costs:                                                                       |                                                                   |                           |        |         |         |   |        |        
|                                                                                                             | Office properties                                                 |                           |        | 275,558 |         |   |        | 265,135 |        
|                                                                                                             | Industrial properties                                             |                           |        |        |         |   |        | 4,440   |        
|Expenditures for corporate furniture, fixtures and equipment,
    software, leasehold improvements and other |                                                                   |                           | 16,823 |         |         |   | 7,029  |        
|                                                                                                             |                                                                   |                           |        |         |         |  
|                                                                                                             | Subtotal                                                          |                           |        | 320,757 |         |   |        | 304,398 |        
|Development costs                                                                                            |                                                                   |                           | 6,672  |         |         |   | 44,127 |        
|Redevelopment costs                                                                                          |                                                                   |                           |       |         |         |   | 1,257  |        
|Timing differences                                                                                           |                                                                   |                           | 7,952  |         |         |   | 79,760 |        
|                                                                                                             |                                                                   |                           |        |         |         |  
|                                                                                                             | Total capital improvements, tenant improvements and leasing costs |                           | $      | 335,381 |         |   | $      | 429,542 |        
|                                                                                                             |                                                                   |                           |        |         |         |  
|Selected items from the consolidated statements of cash
    flows:                                           |                                                                   |                           |        |         |         |   |        |        
|                                                                                                             | Capital and tenant improvements                                   |                           | $      | 241,908 |         |   | $      | 335,522 |        
|                                                                                                             | Lease commissions and other costs                                 |                           |        | 93,473  |         |   |        | 94,020  |        
|                                                                                                             |                                                                   |                           |        |         |         |  
|                                                                                                             |                                                                   | Total                     |        | $       | 335,381 |   |        | $       | 429,542 | 
|                                                                                                             |                                                                   |                           |        |         |         |  

Developments




56



---



##### Table of Contents





|                                   |  |           |         |  |          |  |               |           |  |                        |       |  |          |         |           |           |          |   |         |  |  |   |         | 
|---------------------------------- |  | --------- | ------- |  | -------- |  | ------------- | --------- |  | ---------------------- | ----- |  | -------- | ------- | --------- | --------- | -------- | - | ------- |  |  | - | ------- | 
|                                   |  | Estimated |         |  |          |  |               |           |  |                        |       |  |         
|                                   |  | Placed in |         |  |          |  |               |           |  |                        | Costs |  |          | Total   |          
|                                   |  | Service   |         |  |          |  | Number of     |           |  | Square                 |       |  | Incurred |         |           | Estimated |         
|Property                           |  | Date(a)   |         |  | Location |  |               | Buildings |  |                        | Feet  |  |          | To Date |           |           | Costs(b) |  
|                                   |  |           |         |  |          |  |               |           |  |                        |       |  |          |         |           |           |          |  
|                                   |  |           |         |  |          |  |               |           |  | (Dollars in thousands) |      
|Summit at Douglas Ridge II         |  |           | Q2 2005 |  |          |  | Roseville, CA |           |  |                        | 1     |  |          |         | 93,349    |           |          | $ | 18,978  |  |  | $ | 22,995  | 
|Kruse Oaks II(c)                   |  |           | Q4 2006 |  |          |  | Portland, OR  |           |  |                        | 1     |  |          |         | 103,000   |           |          |   | 1,918   |  |  |   | 20,923  | 
|Bridge Pointe Corporate Center III |  |           | Q4 2006 |  |          |  | San Diego, CA |           |  |                        | 2     |  |          |         | 150,000   |           |          |   | 5,663   |  |  |   | 36,291  | 
|1095 Avenue of the Americas(d)     |  |           | Q3 2007 |  |          |  | New York, NY  |           |  |                        | 1     |  |          |         | 1,020,000 |           |          |   | 505,872 |  |  |   | 693,060 | 
|                                   |  |           |         |  |          |  |               |           |  |                        |       |  |          |         |           |           |          |  
|                                   |  |           |         |  |          |  |               |           |  |                        | 5     |  |          |         | 1,366,349 |           |          | $ | 532,431 |  |  | $ | 773,269 | 
|                                   |  |           |         |  |          |  |               |           |  |                        |       |  |          |         |           |           |          |  






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                         
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 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.                                                                                
|   
|(c) |  | The land underlying this development is owned by a third party
    which we lease under a ground lease agreement.                                                                                                                                                                                                                                                                                       
|   
|(d) |  | On September 29, 2005 we acquired approximately 79% or
    1,020,000 square feet, of 1095 Avenue of the Americas.
    Verizon, the sole tenant, currently occupies approximately 96.8%
    of the property and will be moving out in phases throughout
    2006. We will redevelop the property as Verizon vacates the
    premises, and we anticipate the redevelopment to be completed in
    Q3 2007.





Inflation




57



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##### Table of Contents



Cash Flows




|                                                         |                                                      |                            |         |          |                           |   |         |          |   |   |         |            |   |   |         |          |  
|-------------------------------------------------------- | ---------------------------------------------------- | -------------------------- | ------- | -------- | ------------------------- | - | ------- | -------- | - | - | ------- | ---------- | - | - | ------- | -------- | -
|                                                         |                                                      | For the three months ended |         |          | For the nine months ended |  
|                                                         |                                                      | September 30,              |         |          | September 30,             |  
|                                                         |                                                      |                            |         |          |                           |  
|(Dollars in thousands)                                   |                                                      | 2005                       |         |          | 2004                      |   |         | 2005     |   |   | 2004    |           
|                                                         |                                                      |                            |         |          |                           |   |         |          |   |   |         |           
|Cash and cash equivalents at the beginning of the period |                                                      | $                          | 615,997 |          |                           | $ | 74,817  |          |   | $ | 107,126 |            |   | $ | 69,398  |         
|                                                         | Net cash provided by operating activities            |                            |         | 317,245  |                           |   |         | 301,009  |   |   |         | 785,573    |   |   |         | 867,740  |  
|                                                         | Net cash provided by (used for) investing activities |                            |         | 104,235  |                           |   |         | (498,338 | ) |   |         | 1,039,445  |   |   |         | (641,563 | )
|                                                         | Net cash (used for) provided by financing activities |                            |         | (891,564 | )                         |   |         | 246,932  |   |   |         | (1,786,231 | ) |   |         | (171,155 | )
|                                                         |                                                      |                            |         |          |                           |   |         |          |   |   |         |           
|Cash and cash equivalents at the end of the period       |                                                      | $                          | 145,913 |          |                           | $ | 124,420 |          |   | $ | 145,913 |            |   | $ | 124,420 |         
|                                                         |                                                      |                            |         |          |                           |   |         |          |   |   |         |           



| |                     
| | --------------------
| | Operating Activities





| |                     
| | --------------------
| | Investing Activities





| |                     
| | --------------------
| | Financing Activities



Additional Items for 2005




| |                      
| | ---------------------
| | Distributions Payable



Critical Accounting Policies and Estimates




58



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##### Table of Contents



Subsequent Events




Funds From Operations (FFO)






|                                                |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |         |  |   |       |      | 
|----------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------- | ------- | ------------ | ------- | - | ----- | ------- | ------------ | - | -------- | ------- |  | - | ----- | ---- | 
|                                                |                                                                                                                                                                                                                                                                  | For the three months ended September 30, |        
|                                                |                                                                                                                                                                                                                                                                  |                                          |        
|                                                |                                                                                                                                                                                                                                                                  | 2005                                     |         |              | 2004    |  
|                                                |                                                                                                                                                                                                                                                                  |                                          |         |              |         |  
|                                                |                                                                                                                                                                                                                                                                  |                                          |         | Per Weighted |         |   |       |         | Per Weighted |  
|                                                |                                                                                                                                                                                                                                                                  |                                          |         | Average      |         |   |       |         | Average      |  
|(Dollars in thousands, except per unit amounts) |                                                                                                                                                                                                                                                                  | Dollars                                  |         |              | Unit(b) |   |       | Dollars |              |   | Unit(b)  |        
|                                                |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |        
|Reconciliation of net income (loss) to FFO(a):  |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |         |  |   |       |     
|Net income (loss)                               |                                                                                                                                                                                                                                                                  | $                                        | 113,157 |              |         | $ | 0.25  |         |              | $ | (135,907 | )       |  | $ | (0.30 | )   
|Adjustments:                                    |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |         |  |   |       |     
|                                                | Plus real estate related depreciation and amortization less
    gains and losses on sales of real estate, including our share of
    those items from unconsolidated joint ventures and adjusted for
    minority interests share in partially owned properties |                                          |         | 123,233      |         |   |       | 0.27    |              |   |          | 194,048 |  |   |       | 0.43 | 
|                                                |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |        
|FFO                                             |                                                                                                                                                                                                                                                                  |                                          | 236,390 |              |         |   | 0.52  |         |              |   | 58,141   |         |  |   | 0.13  |     
|Preferred distributions                         |                                                                                                                                                                                                                                                                  |                                          | (8,700  | )            |         |   | (0.02 | )       |              |   | (8,701   | )       |  |   | (0.02 | )   
|                                                |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |        
|FFO available to unitholders  basic            |                                                                                                                                                                                                                                                                  | $                                        | 227,690 |              |         | $ | 0.50  | (c)     |              | $ | 49,440   |         |  | $ | 0.11  | (c) 
|                                                |                                                                                                                                                                                                                                                                  |                                          |         |              |         |   |       |         |              |   |          |        

|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |   |  |   |             |    
|---------------------------------------------------------------------------------------- |  | ---------- | ----------- | - | --- | - | ----------- | ---------- |  | - | ----------- | - |  | - | ----------- | ---
|Adjustments to arrive at FFO available to                                                |  | Net Income |             |   | FFO |   |             | Net Income |  |   | FFO         |  
|unitholders plus assumed conversions:                                                    |  |            |             |   |     |   |             |            |  |   |             |  
|Net income (loss) and FFO                                                                |  | $          | 113,157     |   |     | $ | 236,390     |            |  | $ | (135,907    | ) |  | $ | 58,141      |    
|Preferred distributions                                                                  |  |            | (8,700      | ) |     |   | (8,700      | )          |  |   | (8,701      | ) |  |   | (8,701      | )  
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  
|Net income (loss) and FFO available to unitholders plus
    assumed conversions          |  | $          | 104,457     |   |     | $ | 227,690     |            |  | $ | (144,608    | ) |  | $ | 49,440      |    
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  
|Weighted average Units and dilutive potential units                                      |  |            | 457,343,521 |   |     |   | 457,343,521 |            |  |   | 450,420,567 |   |  |   | 450,420,567 |    
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  
|Net income (loss) and FFO available to unitholders plus
    assumed conversions per unit |  | $          | 0.23        |   |     | $ | 0.50        | (c)        |  | $ | (0.32       | ) |  | $ | 0.11        | (c)
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  

59



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##### Table of Contents



|                                                                                                                                                                    |                                     |  |  |                            |  |  |             |           |  |  |  |  |  |  |             |           | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- |  |  | -------------------------- |  |  | ----------- | --------- |  |  |  |  |  |  | ----------- | --------- | 
|                                                                                                                                                                    |                                     |  |  | Units and unit equivalents | 
|                                                                                                                                                                    |                                     |  |  |                            | 
|Weighted average Units outstanding (used for both net income
    (loss) and FFO basic per unit calculation)                                                         |                                     |  |  |                            |  |  | 452,847,362 |           |  |  |  |  |  |  | 448,766,905 |          
|Effect of dilutive potential units:                                                                                                                                 |                                     |  |  |                            |  |  |             |           |  |  |  |  |  |  |             |          
|                                                                                                                                                                    | Share options and restricted shares |  |  |                            |  |  |             | 4,496,159 |  |  |  |  |  |  |             | 1,653,662 | 
|                                                                                                                                                                    |                                     |  |  |                            |  |  |             |           |  |  |  | 
|Weighted average Units and dilutive potential units used for net
    income (loss) available to unitholders and the calculation
    of FFO available to unitholders |                                     |  |  |                            |  |  | 457,343,521 |           |  |  |  |  |  |  | 450,420,567 |          
|                                                                                                                                                                    |                                     |  |  |                            |  |  |             |           |  |  |  | 

|                                                |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |         |  |   |       |      | 
|----------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------- | ------- | ------------ | ------- | - | ----- | ------- | ------------ | - | ------- | ------- |  | - | ----- | ---- | 
|                                                |                                                                                                                                                                                                                                                                  | For the nine months ended September 30, |        
|                                                |                                                                                                                                                                                                                                                                  |                                         |        
|                                                |                                                                                                                                                                                                                                                                  | 2005                                    |         |              | 2004    |  
|                                                |                                                                                                                                                                                                                                                                  |                                         |         |              |         |  
|                                                |                                                                                                                                                                                                                                                                  |                                         |         | Per Weighted |         |   |       |         | Per Weighted |  
|                                                |                                                                                                                                                                                                                                                                  |                                         |         | Average      |         |   |       |         | Average      |  
|(Dollars in thousands, except per unit amounts) |                                                                                                                                                                                                                                                                  | Dollars                                 |         |              | Unit(b) |   |       | Dollars |              |   | Unit(b) |        
|                                                |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |        
|Reconciliation of net income to FFO(a):         |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |         |  |   |       |     
|Net income                                      |                                                                                                                                                                                                                                                                  | $                                       | 14,064  |              |         | $ | 0.03  |         |              | $ | 71,699  |         |  | $ | 0.16  |     
|Adjustments:                                    |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |         |  |   |       |     
|                                                | Plus real estate related depreciation and amortization less
    gains and losses on sales of real estate, including our share of
    those items from unconsolidated joint ventures and adjusted for
    minority interests share in partially owned properties |                                         |         | 439,271      |         |   |       | 0.97    |              |   |         | 577,940 |  |   |       | 1.29 | 
|                                                | Plus cumulative effect of a change in accounting principle                                                                                                                                                                                                       |                                         |         |             |         |   |       |        |              |   |         | 33,697  |  |   |       | 0.08 | 
|                                                |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |        
|FFO                                             |                                                                                                                                                                                                                                                                  |                                         | 453,335 |              |         |   | 1.00  |         |              |   | 683,336 |         |  |   | 1.52  |     
|Preferred distributions                         |                                                                                                                                                                                                                                                                  |                                         | (26,102 | )            |         |   | (0.06 | )       |              |   | (30,393 | )       |  |   | (0.07 | )   
|                                                |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |        
|FFO available to unitholders  basic            |                                                                                                                                                                                                                                                                  | $                                       | 427,233 |              |         | $ | 0.95  | (c)     |              | $ | 652,943 |         |  | $ | 1.45  | (c) 
|                                                |                                                                                                                                                                                                                                                                  |                                         |         |              |         |   |       |         |              |   |         |        

|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |   |  |   |             |    
|---------------------------------------------------------------------------------------- |  | ---------- | ----------- | - | --- | - | ----------- | ---------- |  | - | ----------- | - |  | - | ----------- | ---
|Adjustments to arrive at FFO available to                                                |  | Net Income |             |   | FFO |   |             | Net Income |  |   | FFO         |  
|unitholders plus assumed conversions:                                                    |  |            |             |   |     |   |             |            |  |   |             |  
|Net income and FFO                                                                       |  | $          | 14,064      |   |     | $ | 453,335     |            |  | $ | 71,699      |   |  | $ | 683,336     |    
|Preferred distributions                                                                  |  |            | (26,102     | ) |     |   | (26,102     | )          |  |   | (30,393     | ) |  |   | (30,393     | )  
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  
|Net (loss) income and FFO available to unitholders plus
    assumed conversions          |  | $          | (12,038     | ) |     | $ | 427,233     |            |  | $ | 41,306      |   |  | $ | 652,943     |    
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  
|Weighted average Units and dilutive potential units                                      |  |            | 455,370,659 |   |     |   | 455,370,659 |            |  |   | 450,801,177 |   |  |   | 450,801,177 |    
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  
|Net (loss) income and FFO available to unitholders plus
    assumed conversions per unit |  | $          | (0.03       | ) |     | $ | 0.94        | (c)        |  | $ | 0.09        |   |  | $ | 1.45        | (c)
|                                                                                         |  |            |             |   |     |   |             |            |  |   |             |  

|                                                                                                                                                                    |                                     |  |  |                            |  |  |             |           |  |  |  |  |  |  |             |           | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------- |  |  | -------------------------- |  |  | ----------- | --------- |  |  |  |  |  |  | ----------- | --------- | 
|                                                                                                                                                                    |                                     |  |  | Units and unit equivalents | 
|                                                                                                                                                                    |                                     |  |  |                            | 
|Weighted average Units outstanding (used for both net income and
    FFO basic per unit calculation)                                                                |                                     |  |  |                            |  |  | 451,549,093 |           |  |  |  |  |  |  | 448,900,112 |          
|Effect of dilutive potential units:                                                                                                                                 |                                     |  |  |                            |  |  |             |           |  |  |  |  |  |  |             |          
|                                                                                                                                                                    | Share options and restricted shares |  |  |                            |  |  |             | 3,821,566 |  |  |  |  |  |  |             | 1,901,065 | 
|                                                                                                                                                                    |                                     |  |  |                            |  |  |             |           |  |  |  | 
|Weighted average Units and dilutive potential units used for net
    (loss) income available to unitholders and the calculation
    of FFO available to unitholders |                                     |  |  |                            |  |  | 455,370,659 |           |  |  |  |  |  |  | 450,801,177 |          
|                                                                                                                                                                    |                                     |  |  |                            |  |  |             |           |  |  |  | 






|    |  |                                                                                                                                                                                                                        
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | FFO is a non-GAAP financial measure. The most directly
    comparable GAAP measure is net income, to which it is
    reconciled. See definition below.                                                                 
|   
|(b) |  | FFO per unit may not total the sum of the per unit components in
    the reconciliation due to rounding.                                                                                                               
|   
|(c) |  | FFO for the three months ended September 30, 2005 and
    September 30, 2004 includes approximately $3.5 million
    and $229.2 million of non-cash charges relating to
    properties sold and properties we intend to

60



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| |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | sell, which is equivalent to $0.01 per unit and
    $0.51 per unit on a diluted basis, respectively. FFO for
    the nine months ended September 30, 2005 and
    September 30, 2004 includes approximately
    $384.1 million and $229.2 million of non-cash charges
    relating to properties sold and properties we intend to sell,
    which is equivalent to $0.84 per unit and $0.51 per unit on a
    diluted basis, respectively. These charges are not added back to
    net income when calculating FFO.

FFO Definition:









|        |                                                                
|------- | ---------------------------------------------------------------
|Item 3. | Quantitative and Qualitative Disclosures About Market
    Risk.








|        |                         
|------- | ------------------------
|Item 4. | Controls and Procedures.



| |                                                 
| | ------------------------------------------------
| | Evaluation of Disclosure Controls and Procedures





| |                                                         
| | --------------------------------------------------------
| | Changes in Internal Control over Financial
    Reporting





61



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##### Table of Contents





Part II  OTHER INFORMATION







|        |                   
|------- | ------------------
|Item 1. | Legal Proceedings.








|        |                                                                 
|------- | ----------------------------------------------------------------
|Item 2. | Unregistered Sales of Equity Securities and Use of
    Proceeds.



|                 |                    |                    |           |           |                    |                    |       |                 |                       |  |              |   |  |  |   |   | 
|---------------- | ------------------ | ------------------ | --------- | --------- | ------------------ | ------------------ | ----- | --------------- | --------------------- |  | ------------ | - |  |  | - | - | 
|                 |                    |                    |           |           |                    | Total Number of    |       |                 | Dollar Value of Units | 
|                 |                    |                    |           |           |                    | Units Purchased as |       |                 | that May Yet be       | 
|                 |                    |                    |           |           |                    | Part of Publicly   |       |                 | Purchased Under       | 
|                 |                    | Total Number of    |           |           | Average Price Paid |                    |       | Announced Plans |                       |  | the Plans or |  
|Period           |                    | Units Purchased(a) |           |           | per Unit           |                    |       | or Programs     |                       |  | Programs     |  
|                 |                    |                    |           |           |                    |                    |       |                 |                       |  |              |  
|July 1  31      |                    |                    |          |           |                    | $                  |      |                 |                       |  |             |   |  |  |  |  
|August 1  31    |                    |                    | 95,903    |           |                    |                    | 32.44 |                 |                       |  |             |   |  |  |  |  
|September 1  30 |                    |                    | 2,963,425 |           |                    |                    | 32.93 |                 |                       |  |             |   |  |  |  |  
|                 |                    |                    |           |           |                    |                    |       |                 |                       |  |              |  
|                 | Third quarter 2005 |                    |           | 3,059,328 |                    |                    | $     | 32.91           |                       |  |              |  |  |  |   |  | 
|                 |                    |                    |           |           |                    |                    |       |                 |                       |  |              |  






|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The number of Units purchased is comprised of the redemption of
    Units held by our limited partners, excluding Equity Office.
    Units redeemed in exchange for Common Shares are not considered
    a repurchase and are, therefore, excluded from the table above.
    At any time on or after the first anniversary of the date of
    issuance, our limited partners have the right to require EOP
    Partnership to redeem their Units, subject to certain
    limitations. Equity Office, on behalf of and as the general
    partner of EOP Partnership, has the right to cause the
    redemption obligation to be satisfied by issuance of an
    equivalent number of Common Shares, or by a cash payment equal
    to the value of such Common Shares. Also included in the total
    number of Units purchased are Units redeemed in response to
    repurchases made by Equity Office, including repurchases of
    Equity Office Common Shares in the open market (a) as part
    of its Common Share Repurchase Program, (b) as part of its
    Supplemental Retirement Savings Plan, (c) to fund shares
    purchased under its 1997 Employee Share Purchase Plan and
    (d) to fund fees paid in Equity Office Common Shares to
    each of its nonemployee trustees, except Mr. Zell, as well
    as Equity Office Common Shares surrendered to Equity Office to
    satisfy withholding obligations in connection with the vesting
    of restricted stock issued to employees.






|        |          
|------- | ---------
|Item 6. | Exhibits.



62



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##### Table of Contents






SIGNATURES




|                       |  |                                                                                                                                                             
|---------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------
|                       |  | EOP OPERATING LIMITED PARTNERSHIP                                                                                                                           
|                      
|                       |  | By: EQUITY OFFICE PROPERTIES TRUST
    its general partner                                                                                                  
|                      
|Date: November 9, 2005 |  | /s/ RICHARD D. KINCAID                                                                                                                                      
|                       |  |                                                                                                                                                             
|                       |  | Richard D. Kincaid                                                                                                                                          
|                       |  | President and Chief Executive Officer
    of Equity Office Properties Trust, the general
    partner of EOP Operating Limited Partnership                   
|                      
|                      
|Date: November 9, 2005 |  | /s/ MARSHA C. WILLIAMS                                                                                                                                      
|                       |  |                                                                                                                                                             
|                       |  | Marsha C. Williams                                                                                                                                          
|                       |  | Executive Vice President and
    Chief Financial Officer
    of Equity Office Properties Trust, the general
    partner of EOP Operating Limited Partnership

63



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##### Table of Contents






EXHIBIT INDEX


|        |      |  |             |                                                                                                                                                                                                                   |          |                                                                                                                                                                
|------- | ---- |  | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |      |  |             |                                                                                                                                                                                                                   |         
|No.     |      |  | Description |                                                                                                                                                                                                                   | Location
|        |      |  |             |                                                                                                                                                                                                                   |         
|        | 4.1  |  |             | Indenture, dated August 29, 2000, by and between EOP
    Operating Limited Partnership and U.S. Bank National
    Association (formerly known as U.S. Bank
    Trust National Association)                        |          | Incorporated by reference to Exhibit 4.1 to EOP Operating
    Limited Partnerships Registration Statement on
    Form S-3, as amended (SEC File No. 333-43530)
|        | 4.2  |  |             | First Supplemental Indenture, dated June 18, 2001, among
    EOP Operating Limited Partnership, Equity Office and
    U.S. Bank National Association (formerly known as
    U.S. Bank Trust National Association) |          | Incorporated by reference to Exhibit 4.2 to Equity
    Offices Registration Statement on Form S-3, as
    amended (SEC File No. 333-58976)                    
|        | 4.3  |  |             | New Trustee Appointment Agreement, dated June 10, 2004,
    among EOP Operating Limited Partnership, Equity Office and BNY
    Midwest Trust Company                                                              |          | Incorporated by reference to Exhibit 4.5 to the Current
    Report on Form 8-K of EOP Operating Limited Partnership
    filed with the SEC on June 15, 2004    
|        | 4.4  |  |             | Form of Medium-Term InterNote (Fixed Rate) and related Guarantee                                                                                                                                                  |          | Incorporated by reference to Exhibit 4.3 to the Current
    Report on Form 8-K of EOP Operating Limited Partnership
    filed with the SEC on June 15, 2004    
|        | 4.5  |  |             | Schedule of Fixed Rate InterNotes issued from July 1, 2005
    to September 30, 2005                                                                                                                              |          | Filed herewith                                                                                                                                                 
|        | 12.1 |  |             | Statement of Computation of Ratio of Earnings to Fixed Charges                                                                                                                                                    |          | Filed herewith                                                                                                                                                 
|        | 31.1 |  |             | Certification of Chief Executive Officer pursuant to
    Rule 13a-14(a) and Rule 15d-14(a) of the Securities
    Exchange Act, as amended                                                                         |          | Filed herewith                                                                                                                                                 
|        | 31.2 |  |             | Certification of Chief Financial Officer pursuant to
    Rule 13a-14(a) and Rule 15d-14(a) of the Securities
    Exchange Act, as amended                                                                         |          | Filed herewith                                                                                                                                                 
|        | 32.1 |  |             | Certification of Chief Executive Officer and Chief Financial
    Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002                                     |          | Filed herewith                                                                                                                                                 

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