<PAGE>   1
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

[X]         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
            SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2000

                                       OR

[ ]         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 1-8971

                                   RCPI Trust
             (Exact name of registrant as specified in its charter)

          Delaware                                            13-7087445
-------------------------------                           -------------------
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                            Identification No.)

                       c/o Tishman Speyer Properties, L.P.
                   45 Rockefeller Plaza, New York, N.Y. 10011
                   ------------------------------------------
               (Address of principal executive offices) (Zip Code)


                                 (212) 332-6500
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                     --------------------------------------
              (Former name, former address, and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes  [X]    No [ ]


---------------------------------------------
<PAGE>   2
                                   RCPI TRUST

INDEX

<TABLE>
<CAPTION>
PART I--FINANCIAL INFORMATION                                                       PAGE
<S>                                                                                 <C>

ITEM 1.     FINANCIAL STATEMENTS

The accompanying unaudited, interim financial statements have been prepared in
accordance with the instructions to Form 10-Q. In the opinion of management, all
adjustments necessary for a fair presentation have been included.

            RCPI Trust, Balance Sheets as of June 30, 2000 (unaudited) and
            December 31, 1999                                                          1

            RCPI Trust, Statements of Operations for the quarters and the
            six months ended June 30, 2000 and 1999 (unaudited)                        2

            RCPI Trust, Statements of Cash Flows for the six months ended
            June 30, 2000 and 1999 (unaudited)                                         3

            Notes to Financial Statements (unaudited)                                  4

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            RESULTS OF OPERATIONS                                                      7

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                11


PART II--OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS                                                         12

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K                                          13
</TABLE>


SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995.

Except for historical information contained herein, the Report on Form 10-Q
contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 which involve certain risks and uncertainties. The
Company's actual results or outcomes may differ materially from those
anticipated. In assessing forward-looking statements contained herein, readers
are urged to carefully read those statements. When used in the Report on Form
10-Q, the words "estimate", "anticipate", "expect", "believe" and similar
expressions are intended to identify forward-looking statements.
<PAGE>   3
PART I -- FINANCIAL INFORMATION
    ITEM 1.  Financial Statements

                                   RCPI TRUST
                           (a Delaware business trust)
                                 BALANCE SHEETS
                                ($ in thousands)

<TABLE>
<CAPTION>
                                                                   As of
                                                                June 30, 2000           As of
                                                                 (Unaudited)       December 31, 1999
                                                                 -----------       -----------------
<S>                                                             <C>                <C>
ASSETS

Real estate:
    Land                                                         $   158,149         $   158,149
    Buildings and improvements                                       651,157             651,154
    Buildings and improvements - construction in progress             36,188              25,212
    Tenant improvements                                               77,447              69,388
    Tenant improvements - construction in progress                    13,334              11,802
    Furniture, fixtures and equipment                                  8,661               8,187
                                                                 -----------         -----------
                                                                     944,936             923,892
       Less:  Accumulated depreciation and amortization              (80,070)            (67,512)
                                                                 -----------         -----------
                                                                     864,866             856,380

Cash and cash equivalents                                             40,044              45,967
Restricted cash                                                       10,039              10,803
Accounts receivable                                                    8,986               7,454
Prepaid expenses                                                         764               1,392
Deferred costs, net of accumulated
  amortization of $8,404 and $10,726, respectively                    56,367              50,524
Accrued rent                                                         120,018             114,851
                                                                 -----------         -----------

    Total Assets                                                 $ 1,101,084         $ 1,087,371
                                                                 ===========         ===========

LIABILITIES AND OWNERS' EQUITY

Liabilities:
Zero coupon convertible debentures, net of unamortized
   discount of $34,239 and $66,484, respectively                 $   551,946         $   519,701
14% debentures, includes premium of $20,467 and $21,393,
   respectively                                                       95,467              96,393
NationsBank loans                                                     77,000              95,000
Accrued interest payable                                               4,614               4,708
Accounts payable and accrued expenses                                 14,807              21,312
Tenant security deposits payable                                       9,395              10,234
                                                                 -----------         -----------

    Total Liabilities                                                753,229             747,348

Commitments and Contingencies

Owners' Equity                                                       347,855             340,023
                                                                 -----------         -----------

    Total Liabilities and Owners' Equity                         $ 1,101,084         $ 1,087,371
                                                                 ===========         ===========
</TABLE>


                     See notes to the financial statements.

                                        1
<PAGE>   4
                                   RCPI TRUST
                          (a Delaware business trust)
                            STATEMENTS OF OPERATIONS
                                ($ in thousands)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                              For the Quarters Ended         For the Six Months Ended
                                          June 30, 2000   June 30, 1999   June 30, 2000   June 30, 1999
                                          -------------   -------------   -------------   -------------
<S>                                       <C>             <C>             <C>             <C>
Revenues:
    Base rental                              $ 59,746        $ 57,593        $115,518        $113,696
    Escalations and percentage rents            2,961           1,116           5,494           2,997
    Interest and other income                   1,274           1,371           3,327           2,383
                                             --------        --------        --------        --------

        Total revenues                         63,981          60,080         124,339         119,076
                                             --------        --------        --------        --------

Expenses:
    Interest                                   21,926          18,693          41,935          36,641
    Real estate taxes                           8,128           8,733          16,894          17,491
    Payroll and benefits                        6,092           5,152          12,070          10,291
    Repairs, maintenance and supplies           3,154           3,465           7,214           6,589
    Utilities                                   2,591           2,445           7,604           6,183
    Cleaning                                    3,829           3,434           7,702           6,857
    Professional fees                             652             500           1,022             997
    Insurance                                     337             227             780             449
    Management and accounting fees              1,148             959           2,256           1,907
    General and administration                  3,036           1,061           3,869           1,830
    Depreciation and amortization               7,055           6,618          15,162          14,185
                                             --------        --------        --------        --------

        Total expenses                         57,948          51,287         116,508         103,420
                                             --------        --------        --------        --------

Net income                                   $  6,033        $  8,793        $  7,831        $ 15,656
                                             ========        ========        ========        ========
</TABLE>


                     See notes to the financial statements.


                                        2
<PAGE>   5
                                   RCPI TRUST
                           (a Delaware business trust)
                            STATEMENTS OF CASH FLOWS
                                ($ in thousands)
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                    For the Six Months Ended
                                                                 June 30, 2000     June 30, 1999
                                                                 -------------     -------------
<S>                                                              <C>               <C>
Cash Flows from Operating Activities:
   Net income                                                       $  7,831         $ 15,656
   Adjustments to reconcile net income to net cash
    provided by operating activities:
    Amortization of original issue discount and premium               31,319           27,747
    Depreciation and amortization                                     16,689           15,109
    Decrease (increase) in restricted cash                               764             (368)
    (Increase) decrease in accounts receivable                        (1,532)           2,171
    Decrease in prepaid expenses                                         628              345
    Increase in accrued rent                                          (5,167)         (20,437)
    Decrease in accounts payable, accrued expenses
       and tenant security deposits payable                           (4,875)          (3,090)
    Decrease in accrued interest payable                                 (94)            (139)
                                                                    --------         --------
         Net cash provided by operating activities                    45,563           36,994
                                                                    --------         --------

Cash Flows from Investing Activities:
    Additions to building and improvements                           (11,613)         (17,105)
    Additions to tenant improvements                                 (10,680)         (11,428)
    Additions to furniture, fixtures and equipment                      (474)            (289)
    Additions to deferred costs                                      (10,719)          (9,015)
                                                                    --------         --------
         Net cash used in investing activities                       (33,486)         (37,837)
                                                                    --------         --------

Cash Flows from Financing Activities:
    Proceeds from NationsBank loans                                       --           30,000
    Payment of deferred financing fees                                    --           (1,783)
    Repayment of NationsBank loans                                   (18,000)         (12,500)
                                                                    --------         --------
         Net cash (used in) provided by financing activities         (18,000)          15,717
                                                                    --------         --------

(Decrease) increase in cash and cash equivalents                      (5,923)          14,874
Cash and cash equivalents at beginning of period                      45,967           31,270
                                                                    --------         --------
Cash and cash equivalents at end of period                          $ 40,044         $ 46,144
                                                                    ========         ========
</TABLE>


                     See notes to the financial statements.


                                        3
<PAGE>   6
                                   RCPI TRUST
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.    FINANCIAL STATEMENTS

      The balance sheet as of June 30, 2000 and the statements of operations and
      cash flows for the quarters ended and for the six months ended June 30,
      2000 and 1999 are unaudited, but in the opinion of the management of RCPI
      Trust (the "Company"), reflect all adjustments, consisting only of normal
      recurring adjustments, which are necessary to present fairly the financial
      condition and results of operations at those dates and for those periods.
      The results of operations for the interim periods are not necessarily
      indicative of results for a full year. It is suggested that these
      financial statements be read in conjunction with the audited financial
      statements and notes thereto included in the Company's Form 10-K for the
      year ended December 31, 1999.


2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Deferred Costs

      The Company adopted the provisions of Statement of Position 98-5
      "Reporting on the Costs of Start-up Activities" effective January 1, 1999.
      The effect of adopting this statement was an additional charge of $1.34
      million related to the write off of the unamortized balance of
      organizational costs and is included as a component of depreciation and
      amortization in the accompanying statement of operations for the six
      months ended June 30, 1999.

      Reclassifications

      Certain prior period amounts have been reclassified to conform with
      current period presentation.

      New Accounting Pronouncement

      During 1998, the Financial Accounting Standards Board issued Statement of
      Financial Accounting Standards No. 133, "Accounting for Derivative
      Instruments and Hedging Activities", which provides that all derivative
      instruments should be recognized as either assets or liabilities depending
      on the rights and obligations under the contract and that all derivative
      instruments be measured at fair value. This pronouncement is required to
      be adopted by January 1, 2001. Management has not yet quantified the
      impact that adoption of this pronouncement will have on the Company's
      financial statements.


3.    DEBT

      NationsBank Credit Facility

      On May 16, 1997, the Company entered into a credit agreement (the
      "Original NationsBank Credit Agreement") with NationsBank N.A.
      ("NationsBank"), pursuant to which NationsBank agreed to make term loans
      (the "Original NationsBank Loans") to the Company in an aggregate
      principal amount of up to $100 million. The Company may elect interest
      periods based on one, two, three or six month LIBOR. Interest accrued at
      LIBOR plus 1.75% for the initial term. The maximum amount of the Original
      NationsBank Loans which may be outstanding at any time reduced quarterly
      commencing March 31,


                                        4
<PAGE>   7
                                   RCPI TRUST
                     NOTES TO FINANCIAL STATEMENTS (CONT'D)
                                   (UNAUDITED)

      1998 through the original May 16, 2000 maturity date. As of December 31,
      1999, the outstanding balance on the Original NationsBank Loans was $55
      million. On March 31, 2000, the Company repaid $10 million bringing the
      outstanding balance of the Original NationsBank Loans down to $45 million.

      On April 13, 2000, the Company exercised its option to extend the maturity
      date of the Original NationsBank Loans to December 31, 2000. Such loans
      bear interest based on LIBOR plus 2.125% during the extension period.
      Pursuant to the Original NationsBank Credit Agreement, the Company was
      required to make principal payments of $10 million on each of June 30,
      2000 and September 30, 2000 and a final principal payment of $25 million
      on December 31, 2000. On June 29, 2000, the Company entered into a waiver
      agreement with Bank of America, N.A. ("BOA", formerly NationsBank),
      whereby BOA waived the provision of the Original NationsBank Credit
      Agreement that required the Company to make principal payments on June 30,
      2000 and September 30, 2000. Under this agreement, the Company is now only
      required to make a principal payment of $45 million on December 31, 2000.

      In connection with the extension of the Original NationsBank Loans, the
      Company purchased an interest rate protection agreement from Goldman Sachs
      Capital Markets, L.P. ("Goldman Sachs"), an affiliate of a member of the
      Investor Group (as defined in the December 31, 1999 Form 10-K), capping
      LIBOR at 8.0%.

      New NationsBank Credit Facility

      The Company entered into a second credit agreement (the "New NationsBank
      Credit Agreement") as of April 12, 1999, with NationsBank, pursuant to
      which NationsBank agreed to make additional term loans (the "New
      NationsBank Loans") to the Company in an aggregate principal amount of up
      to $47 million. Similar to the Original NationsBank Credit Agreement, the
      Company may elect interest periods based on one, two, three, or six month
      LIBOR. Interest accrued at LIBOR plus 2.50% for the initial term and is
      payable at the end of each interest period. The maximum amount of the New
      NationsBank Loans which may be outstanding at any time reduced quarterly
      commencing December 31, 1999 through the original May 16, 2000 maturity
      date. As of December 31, 1999, the outstanding balance on the New
      NationsBank Loans was $40 million. On March 31, 2000, the Company repaid
      $8 million, bringing the outstanding balance of the New NationsBank Loans
      down to $32 million.

      As a condition to making the New NationsBank Loans, the holder of the 14%
      Debentures (as defined in the December 31, 1999 Form 10-K) and the Company
      amended the intercreditor and subordination agreement, executed as part of
      the Original NationsBank Loans to include the New NationsBank Loans (the
      Original NationsBank Loans and the New NationsBank Loans are hereafter
      collectively referred to as the "NationsBank Loans"). The intercreditor
      and subordination agreement provides that the holder of the 14% Debentures
      agrees (i) to subordinate payment on the 14% Debentures to the NationsBank
      Loans, (ii) that in certain circumstances

                                        5

<PAGE>   8
                                   RCPI TRUST
                     NOTES TO FINANCIAL STATEMENTS (CONT'D)
                                   (UNAUDITED)

      interest would accrue but not be paid on the 14% Debentures, and (iii)
      that NationsBank may take certain actions on behalf of the holder of the
      14% Debentures upon the occurrence of certain bankruptcy-related events in
      respect of the Company.

      In addition, certain members of the Investor Group and/or certain of their
      affiliates entered into a Limited Recourse Agreement dated as of April 12,
      1999, in favor of NationsBank.

      On April 13, 2000, the Company exercised its option to extend the maturity
      date of the New NationsBank Loans to December 31, 2000. Such loans bear
      interest based on LIBOR plus 2.5% during the extension period. Pursuant to
      the New NationsBank Credit Agreement, the Company was required to make
      principal payments of $10 million on each of June 30, 2000 and September
      30, 2000 and a final principal payment of $12 million on December 31,
      2000. On June 29, 2000, the Company entered into a waiver agreement with
      BOA, whereby BOA waived the provision of the New NationsBank Credit
      Agreement that required the Company to make a principal payment on June
      30, 2000. Under this agreement, the Company is now only required to make
      principal payments of $10 million on September 30, 2000 and a final
      principal payment of $22 million on December 31, 2000.

      In connection with the extension of the New NationsBank Loans, the Company
      purchased an interest rate protection agreement from Goldman Sachs capping
      LIBOR at 7.5%.

                                       6
<PAGE>   9
                                   RCPI TRUST

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES - RCPI TRUST

Land and Building

At June 30, 2000, Rockefeller Center (the "Property"), exclusive of 1.5 million
square feet owned directly by the National Broadcasting Company, Inc. and NBC
Trust No. 1996A, was approximately 95.1% occupied. Occupancy rates for the
Property at various dates are presented in the following table:

March 31, 2000                95.1%             June 30, 1999          92.5%
December 31, 1999             94.0%             March 31, 1999         92.4%
September 30, 1999            93.2%             December 31, 1998      93.0%

The following table shows selected lease expirations and vacancy of the Property
as of June 30, 2000. Area, as presented below and discussed above, is measured
based on standards promulgated by the New York Real Estate Board in 1987. Lease
turnover could offer an opportunity to increase the revenue of the Property or
might have a negative impact on the Property's revenue. Actual renewal and
rental income will be affected significantly by market conditions at the time
and by the terms at which the Company can then lease space.

<TABLE>
<CAPTION>
                            Square Feet                     Percent
Year                          Expiring                      Expiring
----                          --------                      --------
<S>                         <C>                             <C>
2000                           365,589                         6.2%
2001                           148,155                         2.5%
2002                           224,544                         3.8%
2003                           170,920                         2.9%
2004                           545,424                         9.3%
Thereafter                   4,436,475                        75.3%
                            ----------                        -----

Total                        5,891,107                       100.0%
                            ==========                       ======
</TABLE>

Consideration of Possible Sale or Recapitalization of the Property

On May 22, 2000, the Company announced that it had decided to explore a possible
sale or recapitalization of the Property. The Company has retained Goldman,
Sachs & Co. to identify and evaluate possible alternatives and potential
purchasers. The Company has not made any decision about when such a possible
transaction may occur or about whether such a transaction would be a sale,
recapitalization or other type of transaction. There is no assurance that the
Company will either sell or recapitalize the Property.

Debt

The Zero Coupon Convertible Debentures (the "Zero Coupons") due December 31,
2000, accrete to a face value of approximately $586.2 million at an effective
annual interest rate of 12.10%. At June 30, 2000 and December 31, 1999, the
carrying value of the Zero Coupons, net of unamortized discount, was
approximately $551.9 million and $519.7 million, respectively.

The Zero Coupons were issued under an


                                        7
<PAGE>   10
                                   RCPI TRUST

ITEM 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations (Continued)

Indenture, dated as of September 15, 1985 (as supplemented, the "Indenture"),
between Rockefeller Center Properties, Inc. ("RCPI") and The United States Trust
Company of New York (as successor to Manufacturers Hanover Trust Company), as
Trustee. As of July 10, 1996, the Company became the successor to RCPI under the
Indenture. The Zero Coupons were originally convertible into shares of common
stock of RCPI on December 31, 2000 (the "Conversion Date") and upon the
occurrence of certain other events specified in the Indenture. Holders of the
Zero Coupons also originally had the right to exchange their Zero Coupons on the
Conversion Date for nonconvertible floating rate notes of the Company (the
"Floating Rate Notes") in an equal aggregate principal amount.

On July 10, 1996, the Indenture was amended to provide that instead of being
convertible into RCPI common stock as described above, each Zero Coupon is
convertible, on the Conversion Date and upon the other events specified in the
Indenture, only into cash in an amount equal to eight dollars ($8.00) for each
share of common stock of RCPI into which the Zero Coupon was originally
convertible. Under this formula, each $1,000 principal amount of Zero Coupons
became convertible on the Conversion Date into $368.48 (the "Conversion
Payment"), subject to the holder's giving notice of election to convert his Zero
Coupons into cash not more than 180 days nor less than 150 days prior to the
Conversion Date. The amendment of the Indenture did not change the right of
holders of Zero Coupons to exchange the Zero Coupons upon maturity for Floating
Rate Notes as described above. Holders were required under the terms of the
Indenture to give notice of their election either to convert their Zero Coupons
into cash or to exchange their Zero Coupons for Floating Rate Notes, and to
surrender their Zero Coupons for such conversion or exchange, by August 3, 2000.

Under the terms of the Indenture, a holder of a Zero Coupon who failed to timely
surrender the Zero Coupon for conversion or exchange will be deemed to have
elected to exchange the Zero Coupon for Floating Rate Notes on the Conversion
Date. As a result of the foregoing, all Zero Coupons will be exchanged for
Floating Rate Notes on the Conversion Date except for Zero Coupons whose holders
elected by August 3, 2000 to convert their Zero Coupons into the Conversion
Payment.

The Floating Rate Notes to be exchanged for the Zero Coupons will mature on
December 31, 2007. The Company will have the right to prepay the Floating Rate
Notes at any time, at par. The Floating Rate Notes will bear interest at the
three-month LIBOR plus a spread of 1.00%.

The 14% Debentures have a principal balance of $75 million and mature on
December 31, 2007. At the time the Property was acquired by the Company, the
carrying value of the 14% Debentures was adjusted to reflect their estimated
fair value at that date, resulting in a premium. The effective interest rate,
which is net of the amortization of this premium, is approximately 9.03%.
Interest payments are made semi-annually on July 31 and January 31. As of June
30, 2000 and December 31, 1999, the carrying value of the 14% Debentures was
approximately $95.5 million and $96.4 million, respectively.

As of June 30, 2000, the Original NationsBank Loans have an aggregate principal
balance of $45 million and mature on December 31, 2000. The Company may elect
interest periods based on one, two, three or six month LIBOR. Interest accrues
at LIBOR plus 2.125% and is payable monthly in arrears.

As of June 30, 2000, the New NationsBank Loans have an aggregate principal
balance of $32 million and mature on December 31, 2000. The Company may elect
interest periods based upon one, two, three or six month LIBOR. Interest accrues
at LIBOR plus 2.50% and is payable monthly in arrears.


                                        8
<PAGE>   11
                                   RCPI TRUST

ITEM 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations (Continued)

Cash Flow

During the six months ended June 30, 2000, the Company received cash flows of
approximately $45.6 million from operations of the Property. The Company used
this cash flow from operations to fund tenant improvements, building
improvements and other leasing costs totaling approximately $33.5 million. The
Company also used a portion of its existing working capital to make an $18
million principal payment on the NationsBank Loans on March 31, 2000.

The Company believes that its current cash balance and future cash flows from
operations will be sufficient to fund its capital and debt service requirements
for the foreseeable future. Deficiencies, if any, are expected to be covered by
additional financing or equity contributions.

Inflation

Inflation and changing prices during the current period did not significantly
affect the markets in which the Company conducts its business. In view of the
moderate rate of inflation, its impact on the Company's business has not been
significant.


RESULTS OF OPERATIONS - RCPI TRUST

Base rent for the six months ended June 30, 2000 increased approximately $1.8
million from the six months ended June 30, 1999 and is due mainly to higher
rental rates on new leases, which did not exist in the prior year. Additionally,
the Company signed several new retail leases which had lease and rent
commencement dates after the first six months of 1999, and the occupancy level
for the Property increased to 95.1%, as compared to 92.5% as of June 30, 1999.

Interest expense increased by approximately $3.2 million and $5.3 million for
the quarter and six months ended June 30, 2000, as compared to the quarter and
six months ended June 30, 1999, primarily due to the increase in the outstanding
debt balance. Total outstanding debt as of June 30, 2000 was approximately
$724.4 million as compared to $684.1 million as of June 30, 1999. The increase
is due primarily to accretion of the Zero Coupons.

Utilities expense for the six months ended June 30, 2000 increased by
approximately $1.4 million as compared to the six months ended June 30, 2000,
primarily due to an increase in fuel adjustments.

General and administrative costs have increased for both the quarter and six
months ended June 30, 2000, as compared to the quarter and six months ended June
30, 1999, by approximately $2.0 million. The increase is primarily due to a
one-time negotiated retail consulting fee.

The increase in payroll and benefits of approximately $0.9 million and $1.8
million during the quarter and six months ended June 30, 2000, respectively, as
compared to the quarter and six months ended June 30, 1999, is a result of
increased security and mechanical services.

The increase in depreciation and amortization expense of approximately $1.0
million from the first six months of 1999 to the first six months of 2000 is
primarily due to additional capital expenditures being


                                        9
<PAGE>   12
                                   RCPI TRUST

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS (CONTINUED)

placed into service at the Property between the first six months of 1999 and the
first six months of 2000. Additionally, amortization expense for the first six
months of 1999 included the adoption of the provisions of SOP 98-5 "Reporting on
the Costs of Start-up Activities". This required the write-off of the Company's
remaining organizational costs of approximately $1.34 million.


                                       10
<PAGE>   13
                                   RCPI TRUST

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


The Company has no material exposure to market risk sensitive instruments other
than the NationsBank Loans. The market risk associated with this floating rate
loan is minimized by an interest rate protection agreement which capped the
floating rate on the Original NationsBank Loans at 7.69% during the first two
years of the initial term and 8.69% thereafter. The floating rate on the New
NationsBank Loans was capped at 7.85% during the entire term by an interest rate
protection agreement. In connection with the extension of the NationsBank Loans,
the Company purchased additional interest rate protection agreements, capping
LIBOR at 8.0% and 7.5% on the Original NationsBank Credit Agreement and the New
NationsBank Credit Agreement, respectively, for the extension term. The Company
enters into derivative instruments only to hedge its exposure to changes in
interest rates on some of its outstanding indebtedness, not for speculative or
trading purposes, and does not enter into leveraged derivatives. See Note 5 to
the Financial Statements included in the Company's Form 10-K for the year ended
December 31, 1999 for additional information about the Company's interest rate
protection agreements.


                                       11
<PAGE>   14
                                   RCPI TRUST

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

There has been no material change to the status of existing litigation as
reported in the Company's Form 10-K for the year ended December 31, 1999.


                                       12
<PAGE>   15
ITEM 6.  (a) EXHIBITS

         (3.1)    Certificate of Trust of RCPI Trust, dated March 22, 1996 is
                  incorporated by reference to Exhibit 3.1 to the Company's
                  Quarterly Report on Form 10-Q for the fiscal quarter ended
                  June 30, 1996.

         (4.1)    Amended and Restated Debenture Purchase Agreement dated as of
                  July 17, 1996 between the Company and WHRC Real Estate Limited
                  Partnership is incorporated by reference to Exhibit 4.1 to the
                  Company's Annual Report on Form 10-K for the year ended
                  December 31, 1996 (the "1996 10-K").

         (4.2)    Indenture dated as of September 15, 1985 between the
                  Predecessor and Manufacturers Hanover Trust Company, as
                  Trustee, including the forms of Current Coupon Convertible
                  Debenture, Zero Coupon Convertible Debenture and Floating Rate
                  Note, is incorporated by reference to Exhibit 4 to Rockefeller
                  Center Properties, Inc.'s Quarterly Report on Form 10-Q for
                  the period ended September 30, 1985.

         (4.3)    First Supplemental Indenture dated as of December 15, 1985
                  between the Predecessor and the Trustee, is incorporated by
                  reference to the Predecessor's Annual Report on Form 10-K for
                  the year ended December 31, 1985.

         (4.4)    Second Supplemental Indenture dated as of July 10, 1996
                  between the Company and the United States Trust Company of New
                  York, as Trustee, is incorporated by reference to Exhibit 4.4
                  to the 1996 10-K.

         (4.5)    Instrument of Resignation, Appointment and Acceptance dated as
                  of December 1, 1993 among the Predecessor, Chemical Bank,
                  successor by merger to Manufacturers Hanover Trust Company,
                  and United States Trust Company of New York is incorporated by
                  reference to Exhibit 4.21 to the Predecessor's Annual Report
                  on Form 10-K for the year ended December 31, 1993.

         (10.1)   Amended and Restated Loan Agreement dated as of July 17, 1996
                  among the Company, the lenders parties thereto and Goldman
                  Sachs Mortgage Company, as agent, is incorporated by reference
                  to Exhibit 10.1 to the 1996 10-K.

         (10.2)   Guarantee dated July 17, 1996 by Whitehall Street Real Estate
                  Limited Partnership V, Exor Group S.A., Tishman Speyer Crown
                  Equities, David Rockefeller, Troutlet Investments Corporation,
                  Gribble Investments (Tortola) BVI, Inc. and Weevil Investments
                  (Tortola) BVI, Inc., as guarantors in favor of GSMC, as agent
                  and lender, is incorporated by reference to Exhibit 10.2 to
                  the 1996 10-K.

         (10.3)   Agreement and Plan of Merger dated as of November 7, 1995
                  among the Predecessor, RCPI Holdings Inc., RCPI Merger Inc.,
                  Whitehall Street Real Estate Limited Partnership V, Rockprop,
                  L.L.C., David Rockefeller, Exor Group S.A. and Troutlet
                  Investments Corporation is incorporated by reference to
                  Exhibit 10.28 to the Predecessor's Current Report on Form
                  8-K dated November 13, 1995.


                                       13
<PAGE>   16
ITEM 6.  (a) EXHIBITS

         (10.4)   Amendment No. 1 dated as of February 12, 1996 to the Agreement
                  and Plan of Merger dated as of November 7, 1995 among the
                  Predecessor, RCPI Holdings Inc., RCPI Merger Inc., Whitehall
                  Street Real Estate Limited Partnership V, Rockprop, L.L.C.,
                  David Rockefeller, Exor Group S.A. and Troutlet Investments
                  Corporation is incorporated by reference to Exhibit 10.31 to
                  the Predecessor's Current Report on Form 8-K dated February
                  22, 1996.

         (10.5)   Amendment No. 2 to the Agreement and Plan of Merger, dated as
                  of April 25, 1996 is incorporated herein by reference to the
                  Predecessor's Current Report on Form 8-K, filed on April 25,
                  1996.

         (10.6)   Amendment No. 3 to the Agreement and Plan of Merger, dated as
                  of May 29, 1996 is incorporated herein by reference to the
                  Predecessor's Current Report on Form 8-K, filed on May 29,
                  1996.

         (10.7)   Amendment No. 4 to the Agreement and Plan of Merger, dated as
                  of June 30, 1996 is incorporated herein by reference to the
                  Predecessor's Current Report on Form 8-K, filed on July 1,
                  1996.

         (10.8)   Credit Agreement, dated as of May 16, 1997, between the
                  Company and NationsBank of Texas, N.A. is incorporated by
                  reference to Exhibit 4.6 to the Company's Quarterly Report on
                  Form 10-Q for the period ended June 30, 1997.

         (10.9)   Intercreditor and Subordination Agreement, dated as of May 16,
                  1997, between the Company and Whitehall is incorporated by
                  reference to Exhibit 4.7 to the Company's Quarterly Report on
                  Form 10-Q for the period ended June 30, 1997.

         (10.10)  Limited Recourse Agreement, dated as of May 16, 1997, is
                  incorporated by reference to Exhibit 4.8 to the Company's
                  Quarterly Report on Form 10-Q for the period ended June 30,
                  1997.

         (10.11)  Amendment to the May 16, 1997 Credit Agreement, dated as of
                  April 12, 1999, between the Company and NationsBank, N.A. is
                  incorporated by reference to Exhibit 10.11 to the Company's
                  Quarterly Report on Form 10-Q for the period ended June 30,
                  1999.

         (10.12)  Credit Agreement, dated as of April 12, 1999, between the
                  Company and NationsBank, N.A. is incorporated by reference to
                  Exhibit 10.12 to the Company's Quarterly Report on Form 10-Q
                  for the period ended June 30, 1999.

         (10.13)  Amended and Restated Intercreditor and Subordination
                  Agreement, dated as of April 12, 1999, between the Company and
                  WHRC Real Estate Limited Partnership is incorporated by
                  reference to Exhibit 10.13 to the Company's Quarterly Report
                  on Form 10-Q for the period ended June 30, 1999.

         (27.1)   Company's Financial Data Schedule.


         (b)   REPORTS ON FORM 8-K

         No Current Reports on Form 8-K have been filed during the last fiscal
         quarter.


                                       14
<PAGE>   17
                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                           RCPI TRUST




Date:   August 14, 2000                    By: /s/ David Augarten
                                               ----------------------------
                                               David Augarten
                                               Vice President
                                               (Principal Financial Officer)


                                       15