Exhibit 99.2

SUPPLEMENTAL OPERATING & FINANCIAL DATA

FOR THE QUARTER ENDED DECEMBER 31, 2004

Where to Get More Information

Prentiss Properties welcomes questions or comments from stockholders, analysts, investment managers, media or any prospective investor. Please address all inquiries to our Investor Relations Department at the following:

By phone
Switchboard	214.654.0886
Investor Relations	214.654.5720
By facsimile	214.350.2437
By email	ir@pplinc.com
By mail	Prentiss Properties Trust
	Investor Relations
	3890 W. Northwest Hwy.
	Suite 400
	Dallas, Texas 75220
Web site	www.prentissproperties.com

Tentative Earnings Announcements and Dividend Declarations

	2005 Q1	2005 Q2	2005 Q3	2005 Q4
Earnings Announcements	4/18	7/19	10/18	1/31
Dividend Declarations	3/9	6/8	9/7	12/7

Prentiss Properties Trust

Supplemental Information

4th Quarter 2004

Overview and Highlights
Financial Highlights	1
Calculation of FFO and FAD	2
Calculation of NOI	3
Consolidated Balance Sheets	4
Consolidated Statements of Income	5
Joint Venture Financial Summary	6
Same Store Growth	7
Portfolio Analysis	8
Significant Tenants	9
Industry Diversification	10
Leasing
Leasing Activity Summary	11
Year-To-Date Renewal Analysis	12
Lease Expirations	13-16
Capital Expenditures
Development, Leasing and Capital Expenditure Summary	17
Capital Expenditures	18
Year-to-Date Non Incremental Leasing Cost Analysis	19
Non-Incremental Leasing Cost Analysis by City	20
Development
Summary of Land Held for Future Development	21
Summary of Development Activity	22
Description and Facts for Properties Under Development	23
Other Information
Acquisition and Disposition Activity	24
Description and Facts for Properties Acquired	25-26
Summary of Properties Owned and Managed	27
Selected Property Data	28-30
Summary of Financing	31
Return on Invested Capital/Stock Performance	32
Definitions of Non-GAAP Financial Measures	33-35

Financial Highlights

(dollar in thousands, except per share amounts, shares and units in thousands)

	For the Three Months Ended or as of
	12/31/2004			9/30/2004			6/30/2004			3/31/2004			12/31/2003
Financial Information (1)
Assets		2,306,522			2,240,255			2,283,555			2,186,998			2,271,932
Gross Book Value of Real Estate Assets		2,227,015			2,173,045			2,211,098			2,139,087			2,194,683
Unsecured Debt		406,260			367,830			413,900			307,450			300,000
Secured Debt		807,047			781,393			772,635			810,884			813,290
Weighted Average Maturity (years) (2)		4.1			4.4			4.4			4.6			4.6
NOI		57,048			58,462			57,560			58,961			58,662
Total Property Revenues (3)		94,732			93,477			93,326			92,949			90,640
Total Property Expenses (4)		36,257			32,421			33,413			32,829			31,536
Property NOI		58,475			61,056			59,913			60,120			59,104
Property Operating Margin		61.73	%		65.32	%		64.20	%		64.68	%		65.21	%
Adjusted FFO/Share (5)	$	0.75		$	0.77		$	0.76		$	0.77		$	0.77
Capitalization
Total Debt (1)		1,213,307			1,149,223			1,186,535			1,118,334			1,113,290
Total Common Shares Outstanding (6)		45,063			44,925			44,846			44,313			42,696
Total Convertible Preferred Shares Outstanding		3,774			3,774			3,774			3,774			3,774
Total OP Units Outstanding		1,335			1,417			1,437			1,437			1,475
Combined Shares and OP Units Outstanding		50,172			50,116			50,057			49,524			47,945
Share Price at Quarter End	$	38.20		$	36.00		$	33.52		$	36.90		$	32.99
Equity Value of Common and Common Equivalents		1,916,570			1,804,176			1,677,911			1,827,436			1,581,706
Perpetual Preferred Equity								—			—			105,000
Total Market Capitalization		3,129,877			2,953,399			2,864,446			2,945,770			2,799,996
Debt/Total Market Capitalization		38.8	%		38.9	%		41.4	%		38.0	%		39.8	%
Financial Ratios
Interest Coverage		3.01			3.02			2.99			3.11			2.98
Fixed Charge Coverage (including preferred dividends)		2.71			2.72			2.69			2.65			2.47
Adjusted FFO Pay-out (6)		75.07	%		72.62	%		74.20	%		74.00	%		73.29	%
FAD Pay-out		135.30	%		105.23	%		101.32	%		106.26	%		115.81	%
FAD Less Dividends		(7,330	)		(1,395	)		(365	)		(1,394	)		(3,662	)
ROIC - Annualized NOI / Operating Real Estate		10.33	%		10.86	%		10.71	%		10.89	%		10.70	%
ROIC - Annualized NOI / (Op. Real Estate + Net Deferred Leasing Cost)		9.36	%		9.95	%		9.87	%		10.04	%		9.84	%
Annualized NOI / Total Assets (book value before depreciation)		8.87	%		9.36	%		9.08	%		9.67	%		9.06	%
Debt / Total Assets (book value before depreciation)		47.17	%		46.02	%		46.79	%		45.84	%		43.01	%
Debt / Annualized NOI		5.32			4.91			5.15			4.74			4.74

(1)  - Amounts adjusted to Prentiss Properties’ ownership percentage for unconsolidated and consolidated joint ventures.

(2)  - Excludes our line of credit.

(3)  - Includes property revenues from discontinued operations.

(4)  - Includes property expenses from discontinued operations.

(5)  - Adjusted to add back impairment losses and debt defeasance related to real estate.

(6)  - Includes 80,952 shares in treasury related to our deferred compensation plan.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 1

Calculation of FFO and FAD

For Common Shares and Common Share Equivalents

(000s, except per share data)

	Twelve Months Ended						Three Months Ended
	12/31/2004			12/31/2003			12/31/2004			9/30/2004			6/30/2004			3/31/2004			12/31/2003
Funds from Operations (FFO):
Net income	$	62,423		$	59,417		$	14,078		$	12,554		$	18,792		$	16,999		$	21,177
Adjustments:
Real estate depreciation and amortization (1)		95,429			79,972			24,294			24,368			23,785			22,982			21,524
Minority interests (2)		1,733			1,875			366			333			538			496			670
Minority interest share of depreciation and amortization		(4,682	)		—			(1,377	)		(1,181	)		(1,303	)		(821	)		—
Pro rata share of joint venture depreciation and amortization		2,985			2,960			756			749			744			736			750
Issue costs of preferred units redeemed		(1,600	)		—			—			—			—			(1,600	)		—
(Gain)/loss on sale of real estate		(13,179	)		(4,978	)		(3,593	)		1,821			(10,091	)		(1,316	)		(7,525	)
FFO applicable to common and common equivalents	$	143,109		$	139,246		$	34,524		$	38,644		$	32,465		$	37,476		$	36,596
Impairment losses and debt defeasance related to real estate		8,216			1,792			2,900			—			5,316			—			—
Adjusted FFO applicable to common and common equivalents	$	151,325		$	141,038		$	37,424		$	38,644		$	37,781		$	37,476		$	36,596
Weighted average common shares, units and common shares equivalents (diluted)		49,727			45,533			50,174			50,086			49,738			48,896			47,510
Adjusted FFO per weighted average shares outstanding (diluted)	$	3.04		$	3.10		$	0.75		$	0.77		$	0.76		$	0.77		$	0.77
Funds Available for Distribution (FAD):
Adjusted FFO	$	151,325		$	141,038		$	37,424		$	38,644		$	37,781		$	37,476		$	36,596
Adjustments:
Straight-line rent adjustment		(8,962	)		(7,946	)		(2,053	)		(2,199	)		(2,231	)		(2,479	)		(2,438	)
FAS 141 adjustment		(752	)		(390	)		(162	)		(344	)		(256	)		10			(5	)
Amortization of deferred financing fees		2,351			2,340			544			646			582			579			575
Capital expenditures		(42,758	)		(31,816	)		(14,987	)		(10,077	)		(8,209	)		(9,485	)		(11,570	)
FAD	$	101,204		$	103,226		$	20,766		$	26,670		$	27,667		$	26,101		$	23,158
Weighted average common shares, units and common shares equivalents (diluted)		49,727			45,533			50,174			50,086			49,738			48,896			47,510
Dividend per share	$	2.240		$	2.240		$	0.560		$	0.560		$	0.560		$	0.560		$	0.560
Total dividend declared	$	111,927		$	102,860		$	28,096		$	28,065		$	28,032		$	27,734		$	26,820
Payout ratio of Adjusted FFO		73.96	%		72.93	%		75.07	%		72.62	%		74.20	%		74.00	%		73.29	%
Payout ratio of FAD		110.60	%		99.65	%		135.30	%		105.23	%		101.32	%		106.26	%		115.81	%

(1)  - Excludes depreciation and amortization not related to real estate.

(2)  - Represents the minority interest attributable to holders of common partnership units. The units are included in the share count.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 2

Calculation of NOI

(dollars in thousands)

	Twelve Months Ended						Three Months Ended
NOI	12/31/2004			12/31/2003			12/31/2004			9/30/2004			6/30/2004			3/31/2004			12/31/2003
Net income	$	62,423		$	59,417		$	14,078		$	12,554		$	18,792		$	16,999		$	21,177
Adjustments:
Interest expense and amortization of financing		71,362			72,098			17,992			18,231			17,736			17,403			18,092
Real estate depreciation and amortization		95,429			79,972			24,294			24,368			23,785			22,982			21,524
Minority interests share of interest expense and deferred financing		(946	)		—			(574	)		(372	)		—			—			—
Minority interests share of depreciation and amortization		(4,682	)		—			(1,377	)		(1,181	)		(1,303	)		(821	)		—
Other depreciation and amortization		559			284			163			144			123			129			11
Tax expenses		349			1,059			524			276			(43	)		(408	)		403
Minority interests applicable to common units		1,733			1,875			366			333			538			496			670
Minority interests applicable to preferred units		1,204			8,448			—			—			—			1,204			1,971
Loss on investment in securities		420			—			—			—			420			—			—
(Gain)/loss on sales, net of related defeasance cost		(7,863	)		(4,978	)		(3,593	)		1,821			(4,775	)		(1,316	)		(7,525	)
Loss on impairment of mortgage loan		2,900			—			2,900			—			—			—			—
Loss on impairment of discontinued operations		—			1,792			—			—			—			—			—
Equity in income of unconsolidated joint ventures		(2,429	)		(2,555	)		(639	)		(616	)		(596	)		(578	)		(622	)
Net operating income of unconsolidated joint ventures		11,572			11,921			2,914			2,904			2,883			2,871			2,961
NOI	$	232,031		$	229,333		$	57,048		$	58,462		$	57,560		$	58,961		$	58,662

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 3

Prentiss Properties Trust

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	12/31/2004			9/30/2004			6/30/2004			3/31/2004			12/31/2003
Assets
Operating real estate:
Land	$	341,321		$	336,245		$	345,089		$	325,623		$	325,623
Buildings and improvements		1,789,043			1,731,346			1,779,810			1,728,823			1,727,056
Less: accumulated depreciation		(234,007	)		(224,748	)		(221,575	)		(222,080	)		(210,944	)
		1,896,357			1,842,843			1,903,324			1,832,366			1,841,735
Construction in progress		23,417			18,085			12,594			—			—
Land held for development		59,014			58,871			43,678			47,462			47,202
Deferred charges and other assets, net		260,283			236,392			233,238			209,744			210,420
Notes receivable, net		1,500			5,440			5,942			6,440			15,904
Receivables, net		55,772			54,841			51,030			49,451			47,412
Cash and cash equivalents		8,586			6,956			10,035			11,215			5,945
Escrowed cash		9,584			9,579			10,149			13,062			11,913
Investments in securities and insurance contracts		3,279			2,928			3,030			3,395			2,579
Investments in unconsolidated joint ventures		12,943			12,906			12,774			14,274			14,215
Interest rate hedges		2,804			2,107			5,099			475			1,768
Total assets	$	2,333,539		$	2,250,948		$	2,290,893		$	2,187,884		$	2,199,093
Liabilities and Shareholders’ Equity
Liabilities:
Mortgages and notes payable	$	1,191,911		$	1,115,534		$	1,103,992		$	1,034,934		$	1,029,035
Interest rate hedges		3,850			6,775			5,277			10,476			9,842
Accounts payable and other liabilities		105,304			93,255			82,706			70,492			84,366
Mandatorily redeemable preferred units		—			—			—			—			10,000
Distributions payable		28,103			28,072			28,041			27,742			28,986
Total liabilities		1,329,168			1,243,636			1,220,016			1,143,644			1,162,229
Minority interest in operating partnership		24,990			26,790			27,738			27,476			123,058
Minority interest in real estate partnerships		35,792			30,858			77,843			69,841			1,565
Commitments and contingencies
Shareholders’ equity:
Preferred shares $.01 par value, 20,000,000 shares authorized, 3,773,585 shares issued and outstanding		100,000			100,000			100,000			100,000			100,000
Common shares $.01 par value, 100,000,000 shares authorized, 48,268,845 and 45,772,383 (includes 3,286,957 and 3,159,089 in treasury) shares issued and outstanding at December 31, 2004 and December 31, 2003, respectively		483			481			480			475			458
Additional paid-in capital		1,020,917			1,017,744			1,014,116			997,537			942,644
Common shares in treasury, at cost, 3,286,957 and 3,159,089 shares at December 31, 2004 and December 31, 2003, respectively		(82,694	)		(82,505	)		(82,159	)		(82,115	)		(78,000	)
Unearned compensation		(3,386	)		(3,827	)		(4,254	)		(4,782	)		(2,176	)
Accumulated other comprehensive income		(302	)		(4,061	)		564			(9,176	)		(7,198	)
Retained earnings/(distributions in excess of earnings)		(91,429	)		(78,168	)		(63,451	)		(55,016	)		(43,487	)
Total shareholders’ equity		943,589			949,664			965,296			946,923			912,241
Total liabilities and shareholders’ equity	$	2,333,539		$	2,250,948		$	2,290,893		$	2,187,884		$	2,199,093

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 4

Prentiss Properties Trust

Consolidated Statements of Income

(in thousands, except per share amounts)

	Twelve Months Ended						Three Months Ended
	12/31/2004			12/31/2003			12/31/2004			9/30/2004			6/30/2004			3/31/2004			12/31/2003
Revenues:
Rental income	$	356,825		$	314,718		$	93,897		$	91,008		$	87,622		$	84,298		$	81,384
Service business and other income		13,909			16,769			4,277			3,216			2,928			3,488			4,615
		370,734			331,487			98,174			94,224			90,550			87,786			85,999
Expenses:
Property operating and maintenance		91,681			80,583			25,604			22,685			22,015			21,377			22,795
Real estate taxes		39,406			31,274			10,894			9,396			9,780			9,336			5,875
General and administrative and personnel cost		11,803			10,988			3,010			3,423			2,785			2,585			2,613
Expenses of service business		9,998			10,513			3,213			2,670			2,466			1,649			2,914
Interest expense		68,037			67,232			17,433			17,580			16,825			16,199			16,882
Amortization of deferred financing costs		2,343			2,284			559			651			568			565			561
Depreciation and amortization		92,315			72,483			24,393			24,171			22,467			21,284			19,985
		315,583			275,357			85,106			80,576			76,906			72,995			71,625
Income from continuing operations before minority interests and equity in income of unconsolidated joint ventures		55,151			56,130			13,068			13,648			13,644			14,791			14,374
Minority interests		(2,744	)		(10,227	)		(258	)		(323	)		(563	)		(1,600	)		(2,578	)
Equity in income of unconsolidated joint ventures		2,429			2,555			639			616			596			578			622
Loss on investment in securities		(420	)		—			—			—			(420	)		—			—
Loss from impairment of mortgage loan		(2,900	)		—			(2,900	)		—			—			—			—
Income from continuing operations		51,516			48,458			10,549			13,941			13,257			13,769			12,418
Discontinued operations:
Income from discontinued operations including impairment losses		3,354			6,034			44			390			942			1,978			1,277
Gain/(loss) from disposition of discontinued operations		11,957			(4,457	)		3,593			(1,821	)		10,185			—			—
Loss from debt defeasance related to sale of real estate		(5,316	)		—			—			—			(5,316	)		—			—
Minority interest related to discontinued operations		(310	)		(53	)		(108	)		44			(182	)		(64	)		(43	)
		9,685			1,524			3,529			(1,387	)		5,629			1,914			1,234
Income before gain on sale of properties		61,201			49,982			14,078			12,554			18,886			15,683			13,652
Gain/(loss) on sale of land		1,222			9,435			—			—			(94	)		1,316			7,525
Net income		62,423			59,417			14,078			12,554			18,792			16,999			21,177
Preferred dividends		(10,052	)		(8,452	)		(2,113	)		(2,113	)		(2,113	)		(3,713	)		(2,113	)
Net income applicable to common shareholders	$	52,371		$	50,965		$	11,965		$	10,441		$	16,679		$	13,286		$	19,064
Net income per common share - basic	$	1.18		$	1.27		$	0.27		$	0.23		$	0.38		$	0.31		$	0.45
Weighted average number of common shares outstanding - basic		44,330			40,068			44,799			44,691			44,386			43,426			42,059
Net income per common share - diluted	$	1.18		$	1.27		$	0.27		$	0.23		$	0.37		$	0.30		$	0.45
Weighted average number of common shares and common share equivalents outstanding-diluted		44,529			40,270			45,024			44,882			44,527			43,670			42,255

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 5

Joint Venture Financial Summary

As of and for the Quarter Ended December 31, 2004

(dollars in thousands)

	Unconsolidated Joint Ventures									Consolidated Joint Ventures
	Prentiss Ownership %									Prentiss Ownership %
	Broadmoor Austin 50%			Tysons International 25%			Unconsolidated Joint Ventures Total			Prentiss Office Investors 51%			Del Mar Heights 70%			Consolidated Joint Ventures Total
Results of Operations
Rental income before straight-line	$	2,621		$	784		$	3,405		$	2,967		$	—		$	2,967
Straight-line adjustment		(131	)		4			(127	)		111			—			111
Other income		1			4			5			4			1			5
Revenues		2,491			792			3,283			3,082			1			3,083
Property operating expense		(78	)		(291	)		(369	)		(1,061	)		(2	)		(1,063	)
Depreciation and amortization		(533	)		(223	)		(756	)		(1,433	)		—			(1,433	)
Interest expense		(1,221	)		(284	)		(1,505	)		(568	)		—			(568	)
Amortization of deferred financing cost		(10	)		(4	)		(14	)		(30	)		—			(30	)
Net income	$	649		$	(10	)	$	639		$	(10	)	$	(1	)	$	(11	)
Add:
Depreciation		533			223			756			1,433			—			1,433
Funds from operation	$	1,182		$	213		$	1,395		$	1,423		$	(1	)	$	1,422
Add:
Interest expense		1,221			284			1,505			568			—			568
Amortization of deferred financing cost		10			4			14			30			—			30
NOI	$	2,413		$	501		$	2,914		$	2,021		$	(1	)	$	2,020
Balance Sheet Information
Real estate book value	$	70,034		$	24,967		$	95,001		$	77,139		$	15,555		$	92,694
Accumulated depreciation		(29,023	)		(4,259	)		(33,282	)		(1,501	)		—			(1,501	)
Real estate book value after depreciation	$	41,011		$	20,708		$	61,719		$	75,638		$	15,555		$	91,193
Assets	$	48,981		$	22,317		$	71,298		$	94,858		$	16,743		$	111,601
Debt (1)	$	65,990		$	14,778		$	80,768		$	59,007		$	6,250		$	65,257
Equity	$	(17,407	)	$	7,229		$	(10,178	)	$	32,722		$	8,562		$	41,284

(1) - All joint venture debt is non-recourse

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 6

Same Store Growth

(in thousands, except per share amounts)

	Three Months Ended December 31,
	2004			2003
Revenues:
Rental income	$	80,873		$	79,889
Less:
Straight-line rent adjustment		1,138			2,326
Termination fee income		34			1,146
Management and other fees, net		16			11
		79,717			76,428		4.3	%
Expenses:
Property operating and maintenance		21,663			21,555		0.5	%
Real estate taxes		9,333			5,895		58.3	%
		30,996			27,450		12.9	%
		48,721			48,978		-0.5	%
Occupancy		87.3	%		90.0	%

Properties	109
Square Feet	15,474

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 7

Portfolio Analysis: Operating Properties

	Percentage of NOI by Location and Building Type For the Quarter Ended 12/31/04						Percentage Leased by Location and Building Type at December 31, 2004						Rentable Square Footage (000s) of Properties by Location and Building Type at December 31, 2004
	Office		Industrial		Total		Office		Industrial		Total		Office		Industrial		Total		% of Total
Core Markets
Metropolitan Washington, D.C.	27.6	%			27.6	%	87.9	%			87.9	%	4,000				4,000		21.8	%
Dallas / Fort Worth	20.8	%			20.8	%	85.4	%			85.4	%	4,718				4,718		25.7	%
Chicago	12.2	%	1.0	%	13.2	%	87.8	%	82.1	%	86.5	%	2,227		682		2,909		15.8	%
Northern California	12.6	%			12.6	%	88.4	%			88.4	%	1,772				1,772		9.7	%
Austin	11.9	%			11.9	%	96.7	%			96.7	%	1,673				1,673		9.1	%
San Diego	6.3	%	1.1	%	7.4	%	91.0	%	100.0	%	93.3	%	814		268		1,082		5.9	%
Other Markets
Los Angeles			2.7	%	2.7	%			88.3	%	88.3	%			1,253		1,253		6.8	%
Denver	2.4	%			2.4	%	85.5	%			85.5	%	709				709		3.9	%
Detroit	1.4	%			1.4	%	89.3	%			89.3	%	242				242		1.3	%
	95.2	%	4.8	%	100.0	%	88.2	%	87.8	%	88.1	%	16,155		2,203		18,358		100.0	%
							Percentage of Total						88.0	%	12.0	%	100.0	%

Notes:

(1)  - Analysis relates to operating properties owned at the end of the period only.

(2)  - Jointly owned properties are included at Prentiss Properties Trust's ownership share.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 8

Significant Tenants

December 31, 2004

Tenants	Number of Properties	Annualized Base Rental Revenue ($000)’s	Percentage of Company Annualized Base Rental Revenue		Square Feet Leased (000)’s	Percentage of Company Leased Sq. Ft.		Month of Lease Expiration (Sq.Ft. in 000’s)
IBM	4	18,576	6	%	973	6	%	3/06 (169); 1/08 (24); 8/08 (150); 9/09 (163); 3/11 (387); 1/13 (80)
Kaiser Foundation Health Plan	2	11,848	4	%	382	2	%	11/05 (23); 8/08 (24); 3/09 (23) ;2/11 (312)
7-11, Inc.	1	9,425	3	%	504	3	%	4/07
Northrop Grumman Corporation	4	7,247	2	%	267	2	%	8/07 (73); 3/08 (168); 4/08 (26)
General Services Administration-U.S. Govt	5	5,786	2	%	301	2	%	1/05 (19); 1/06 (60); 2/06 (20); 2/07 (36); 4/07 (3); 10/12 (9); 2/13 (51); 9/13 (103)
AT & T	2	5,328	2	%	205	1	%	12/05 (38); 4/06 (1); 5/09 (166)
CGI Group, Inc.	1	5,008	2	%	264	2	%	2/11
R.R. Donnelley	1	4,872	2	%	257	2	%	8/11
Aspen Systems Corporation	1	4,625	1	%	208	1	%	9/07
Burlington Resources	1	4,266	1	%	199	1	%	6/13
Perot Systems	2	4,253	1	%	161	1	%	12/11 (71); 7/15 (90)
Americredit	1	4,165	1	%	238	1	%	5/11
World Savings & Loan	2	4,056	1	%	157	1	%	12/07 (148); 2/10 (9)
Brandes Investments	1	4,000	1	%	128	1	%	9/11
National Union Fire Insurance (AIG)	1	3,915	1	%	193	1	%	2/09
Thomson Corporation	2	3,671	1	%	210	1	%	5/11 (82); 7/13 (128)
HMSHost	1	3,365	1	%	102	1	%	12/06
Hoechst Celanese	2	3,337	1	%	185	1	%	7/07
Verizon Communications	3	3,209	1	%	182	1	%	4/06 (173); 8/08 (9)
The Lewin Group	1	3,179	1	%	103	1	%	2/09
Total:		114,131	37	%	5,219	32	%
Total Company		310,915			16,181

The above table sets forth a schedule of the Company's 20 largest tenants including subsidiaries for the Operating Properties as of December 31, 2004, based upon annualized base rents. Annualized base rental revenue is based on actual December 2004 billings times 12. For leases whose rent commences after January 1, 2005, annualized base rental revenue is based on the first month's billing times 12. As annualized base rental revenue is not derived from the historical GAAP results, historical results may differ from those set forth above.

The above table includes office and industrial properties, with Broadmoor Austin, 8260 Greensboro Drive, 1676 International Drive and Prentiss Office Investors, LP listed at their ownership percentage.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 9

Industry Diversification

December 31, 2004

Industry Classification	Annualized Base Rental Revenue ($000)’s	Percentage of Company Annualized Base Rental Revenue		Square Feet Leased (000)’s	Percentage of Total Company Leased Sq. Ft.
Computer Systems Design	54,415	18	%	2,686	17	%
Management / Scientific & Technical	25,536	8	%	1,158	7	%
Insurance Carriers	21,504	7	%	1,118	7	%
Legal Services	16,105	5	%	713	4	%
Ambulatory Health Care Services	15,686	5	%	559	3	%
Other Professional - Scientific	12,132	4	%	582	4	%
Securities, Commodity / Other	11,929	4	%	517	3	%
Commercial Banking	9,981	3	%	510	3	%
Food & Beverage Stores	9,607	3	%	525	3	%
Architectural / Engineering	9,563	3	%	391	2	%
Broadcasting / Telecommunication	8,785	3	%	415	3	%
Real Estate	8,225	3	%	405	3	%
Monetary Authority - Central Bank	8,222	3	%	326	2	%
Information Services / Data Processing	6,742	2	%	340	2	%
Funds, Trusts & Other Financial	6,239	2	%	336	2	%
Accounting / Tax Preparation / Payroll	5,863	2	%	236	1	%
Printing & Related Support	5,807	2	%	334	2	%
Computer/Electronic Product Manufacturing	5,753	2	%	314	2	%
Chemical Manufacturing	5,007	2	%	293	2	%
Warehousing / Storage Facilities	4,547	1	%	890	6	%
Food Services / Drinking Places	4,436	1	%	247	2	%
Publishing Industries	4,092	1	%	196	1	%
Specialized Design Services	4,059	1	%	210	1	%
Oil & Gas Extraction	3,574	1	%	233	1	%
Food Manufacturing	3,217	1	%	206	1	%
Administration / Support Service	2,834	1	%	140	1	%
Educational Services	2,728	1	%	185	1	%
Accommodations	2,159	1	%	83	1	%
Housing/Urban Planning/Development	2,111	1	%	112	1	%
Building, Developing & General Contracting	2,060	1	%	83	1	%
Other	27,997	9	%	1,838	11	%
Total:	310,915	100	%	16,181	100	%

The above table lists the Company’s 30 largest industry classifications based on annualized contractual base rent of the Operating Properties.

The Company’s tenants are classified according to the U.S. Government’s new North American Industrial Classification System (NAICS) which is replacing the Standard Industrial Code (SIC) system.

The above table includes office and industrial properties, with Broadmoor Austin, 8260 Greensboro Drive, 1676 International Drive and Prentiss Office Investors, LP listed at their ownership percentage.

Annualized base rental revenue is based on actual December 2004 billings times 12. For leases whose rent commences after January 1, 2005, annualized base rental revenue is based on the first month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 10

Leasing Activity Summary

For the Quarter Ended December 31, 2004

	12/31/04			% Leased at 9/30/04		KSF Leased at 9/30/04	KSF Expiring During Period		Leasing Activity (KSF) :				KSF Leased at 12/31/04	% Leased at 12/31/04		Cash Net Rent / SF				Straight-lined Net Rent /SF				% Increase of SL Net Rent
	KSF	%							Renew	Expand	New	Acquire				Expiring Leases		Leasing Activity		Expiring Leases		Leasing Activity
Office Properties
Oakland	1,466	8	%	97	%	980	(28	)	28	3	6	357	1,346	92	%	$	24.17	$	16.72	$	23.25	$	16.63	-28	%
Silicon Valley	306	2	%	72	%	220	0		0	0	0	0	220	72	%
San Diego	814	4	%	92	%	750	(38	)	11	7	11	0	741	91	%	$	18.90	$	17.90	$	18.17	$	18.71	3	%
Chicago	2,227	12	%	85	%	1,832	(98	)	56	23	42	101	1,956	88	%	$	16.35	$	12.61	$	16.35	$	13.41	-18	%
Austin	1,673	9	%	97	%	1,623	(14	)	8	0	1	0	1,618	97	%	$	18.75	$	11.89	$	18.41	$	12.56	-32	%
Dallas	3,693	20	%	81	%	3,002	(91	)	70	13	50	0	3,044	82	%	$	12.43	$	9.73	$	12.41	$	9.73	-22	%
Fort Worth	1,025	6	%	96	%	984	(4	)	3	0	0	0	983	96	%	$	10.85	$	5.05	$	10.85	$	5.91	-46	%
Northern Virginia	2,737	15	%	92	%	2,508	(114	)	65	4	96	0	2,559	93	%	$	17.12	$	14.09	$	16.26	$	15.63	-4	%
Suburban Maryland	1,263	7	%	85	%	1,072	(140	)	6	10	9	0	957	76	%	$	15.39	$	14.36	$	13.70	$	15.38	12	%
Subtotal - Core Markets	15,204	83	%	88	%	12,971	(527	)	247	60	215	458	13,424	88	%	$	16.25	$	12.96	$	15.78	$	13.73	-13	%
Denver	709	4	%	89	%	633	(31	)	4	0	0	0	606	85	%	$	9.95	$	9.55	$	9.51	$	9.55	0	%
Detroit	242	1	%	88	%	214	(5	)	5	2	0	0	216	89	%	$	15.29	$	12.41	$	14.36	$	13.11	-9	%
Subtotal - Other Markets	951	5	%	89	%	847	(36	)	9	2	0	0	822	86	%	$	13.35	$	11.37	$	12.60	$	11.82	-6	%
Total - Office Properties	16,155	88	%	88	%	13,818	(563	)	256	62	215	458	14,246	88	%	$	16.19	$	12.92	$	15.72	$	13.69	-13	%
Industrial Properties
Los Angeles	1,253	7	%	88	%	1,107	(45	)	0	0	45	0	1,107	88	%	$	5.87	$	6.24	$	5.75	$	6.63	15	%
San Diego	268	1	%	100	%	268	0		0	0	0	0	268	100	%
Chicago	682	4	%	98	%	669	(122	)	0	0	13	0	560	82	%	$	4.60	$	5.28	$	4.60	$	5.28	15	%
Total - Industrial Props.	2,203	12	%	93	%	2,044	(167	)	0	0	58	0	1,935	88	%	$	5.59	$	6.02	$	5.49	$	6.33	15	%
Total Properties	18,358	100	%	89	%	15,862	(730	)	256	62	273	458	16,181	88	%

Notes:   The Leasing Activity Summary reflects activity for all operating properties. Rates for “Expiring Leases” relate to the lease previously occupying the space.

“Net Rent” means the fixed base rental amount paid by tenants under the terms of the related lease agreement less any portion of that base rent used by landlord to offset real estate taxes, utility charges, and other operating expenses incurred in connection with the leased space. Square footage shown at Prentiss Properties Trust’s ownership percentage.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 11

Year-To-Date Renewal Analysis

For the Period Ended December 31, 2004

Percentage of Tenants Retained on a Square Footage Basis	Q1 2004			Q2 2004			Q3 2004			Q4 2004			YTD 2004
	Expiring SF	Renewal Rate		Expiring SF	Renewal Rate		Expiring SF	Renewal Rate		Expiring SF	Renewal Rate		Expiring SF	Renewal Rate
Office	332	45	%	312	71	%	803	22	%	563	47	%	2,010	40	%
Industrial	90	32	%	100	58	%	276	47	%	167	0	%	633	34	%
Total	422	42	%	412	67	%	1,079	28	%	730	36	%	2,643	39	%
Percentage of Tenants Retained on a Number of Leases Basis	Q1 2004			Q2 2004			Q3 2004			Q4 2004			YTD 2004
	Expiring Leases	Renewal Rate		Expiring Leases	Renewal Rate		Expiring Leases	Renewal Rate		Expiring Leases	Renewal Rate		Expiring Leases	Renewal Rate
Office	54	61	%	51	63	%	47	45	%	72	60	%	224	58	%
Industrial	9	44	%	6	83	%	4	75	%	3	0	%	22	55	%
Total	63	59	%	57	65	%	51	47	%	75	0	%	246	57	%

Notes : The calculation is based upon the percentage of expiring leases in the appropriate building with a tenant or subtenant being retained in the expiring space or an existing tenant expanding into the expiring space.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 12

Lease Expirations

From January 1, 2005

Office Properties

		2005			2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter
Southwest Office	Square Feet Expiring (000’s)		527			610			1,049			470			892			380			1,098			143			650			109			323
	Square Feet as a % of NRA		7	%		9	%		15	%		7	%		13	%		5	%		15	%		2	%		9	%		2	%		5	%
	Annualized Base Rent in Expiring Year (000’s)	$	9,423		$	12,350		$	19,827		$	7,701		$	18,381		$	7,018		$	22,512		$	3,130		$	11,922		$	1,897		$	5,475
	Annualized Base Rent PSF in Expiring Year	$	17.88		$	20.25		$	18.90		$	16.39		$	20.61		$	18.47		$	20.50		$	21.89		$	18.34		$	17.40		$	16.95
	Number of Leases Expiring		54			39			45			47			44			16			13			5			9			4			3
Mid-Atlantic Office	Square Feet Expiring (000’s)		309			647			608			299			538			197			495			111			9			164			139
	Square Feet as a % of NRA		8	%		16	%		15	%		7	%		13	%		5	%		12	%		3	%		0	%		4	%		3	%
	Annualized Base Rent in Expiring Year (000’s)	$	8,249		$	16,730		$	15,100		$	8,256		$	14,772		$	5,220		$	11,849		$	3,534		$	232		$	4,641		$	4,310
	Annualized Base Rent PSF in Expiring Year	$	26.70		$	25.86		$	24.84		$	27.61		$	27.46		$	26.50		$	23.94		$	31.84		$	25.78		$	28.30		$	31.01
	Number of Leases Expiring		39			40			35			18			38			12			12			3			2			5			4
Midwest Office	Square Feet Expiring (000’s)		116			197			137			191			181			144			405			203			236			61			301
	Square Feet as a % of NRA		5	%		8	%		6	%		8	%		7	%		6	%		16	%		8	%		10	%		2	%		12	%
	Annualized Base Rent in Expiring Year (000’s)	$	2,226		$	4,326		$	3,349		$	3,354		$	3,663		$	2,848		$	9,896		$	4,612		$	5,107		$	1,369		$	6,345
	Annualized Base Rent PSF in Expiring Year	$	19.19		$	21.96		$	24.45		$	17.56		$	20.24		$	19.78		$	24.43		$	22.72		$	21.64		$	22.44		$	21.08
	Number of Leases Expiring		28			23			23			19			24			9			10			9			9			9			8
Northern California Office	Square Feet Expiring (000’s)		106			101			231			205			216			81			335			55			0			220			16
	Square Feet as a % of NRA		6	%		6	%		13	%		12	%		12	%		5	%		19	%		3	%		0	%		12	%		1	%
	Annualized Base Rent in Expiring Year (000’s)	$	3,453		$	2,865		$	6,670		$	6,187		$	6,195		$	2,854		$	11,025		$	1,609		$	0		$	3,823		$	541
	Annualized Base Rent PSF in Expiring Year	$	32.58		$	28.37		$	28.87		$	30.18		$	28.68		$	35.23		$	32.91		$	29.25		$	0.00		$	17.38		$	33.81
	Number of Leases Expiring		32			15			21			11			17			3			2			2			0			1			1
Southern California Office	Square Feet Expiring (000’s)		126			111			117			87			95			51			128			1			12			14			0
	Square Feet as a % of NRA		15	%		14	%		14	%		11	%		12	%		6	%		16	%		0	%		1	%		2	%		0	%
	Annualized Base Rent in Expiring Year (000’s)	$	3,325		$	2,810		$	3,255		$	2,424		$	2,775		$	1,775		$	4,461		$	58		$	469		$	497		$	0
	Annualized Base Rent PSF in Expiring Year	$	26.39		$	25.32		$	27.82		$	27.86		$	29.21		$	34.80		$	34.85		$	58.00		$	39.08		$	35.50		$	0.00
	Number of Leases Expiring		48			37			33			13			17			5			2			1			1			2			0
Total Office Properties	Square Feet Expiring (000’s)		1,184			1,666			2,142			1,252			1,922			853			2,461			513			907			568			779
	Square Feet as a % of NRA		7	%		10	%		13	%		8	%		12	%		5	%		15	%		3	%		6	%		4	%		5	%
	Annualized Base Rent in Expiring Year (000’s)	$	26,676		$	39,081		$	48,201		$	27,922		$	45,786		$	19,715		$	59,743		$	12,943		$	17,730		$	12,227		$	16,671
	Annualized Base Rent PSF in Expiring Year	$	22.53		$	23.46		$	22.50		$	22.30		$	23.82		$	23.11		$	24.28		$	25.23		$	19.55		$	21.53		$	21.40
	Number of Leases Expiring		201			154			157			108			140			45			39			20			21			21			16

Note: “Base Rent” means the fixed base rental amount paid by tenants under the terms of the related lease agreement. Base Rent may or may not include payments on account of base year real estate taxes, utility charges, and other operating expenses, according to the terms of the specific lease.

Note: The above schedule represents remaining leasing exposure (expiring space with no signed lease to take the place of the expiring lease).

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 13

Lease Expirations

From January 1, 2005

Industrial Properties

		2005			2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter
Midwest Industrial	Square Feet Expiring (000’s)		13			202			28			267			50			0			0			0			0			0			0
	Square Feet as a % of NRA		2	%		30	%		4	%		39	%		7	%		0	%		0	%		0	%		0	%		0	%		0	%
	Annualized Base Rent in Expiring Year (000’s)	$	92		$	711		$	165		$	988		$	262		$	0		$	0		$	0		$	0		$	0		$	0
	Annualized Base Rent PSF in Expiring Year	$	7.08		$	3.52		$	5.89		$	3.70		$	5.24		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
	Number of Leases Expiring		1			2			2			1			1			0			0			0			0			0			0
Southern California Industrial	Square Feet Expiring (000’s)		306			144			429			184			290			22			0			0			0			0			0
	Square Feet as a % of NRA		20	%		9	%		28	%		12	%		19	%		1	%		0	%		0	%		0	%		0	%		0	%
	Annualized Base Rent in Expiring Year (000’s)	$	2,190		$	1,957		$	2,962		$	1,403		$	2,164		$	172		$	0		$	0		$	0		$	0		$	0
	Annualized Base Rent PSF in Expiring Year	$	7.16		$	13.59		$	6.90		$	7.63		$	7.46		$	7.82		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
	Number of Leases Expiring		7			3			6			4			8			1			0			0			0			0			0
Total Industrial Properties	Square Feet Expiring (000’s)		319			346			457			451			340			22			0			0			0			0			0
	Square Feet as a % of NRA		14	%		16	%		21	%		20	%		15	%		1	%		0	%		0	%		0	%		0	%		0	%
	Annualized Base Rent in Expiring Year (000’s)		2,282			2,668			3,127			2,391			2,426			172			0			0			0			0			0
	Annualized Base Rent PSF in Expiring Year	$	7.15		$	7.71		$	6.84		$	5.30		$	7.14		$	7.82		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00
	Number of Leases Expiring		8			5			8			5			9			1			0			0			0			0			0

Note: “Base Rent” means the fixed base rental amount paid by tenants under the terms of the related lease agreement. Base Rent may or may not include payments on account of base year real estate taxes, utility charges, and other operating expenses, according to the terms of the specific lease.

Note: The above schedule represents remaining leasing exposure (expiring space with no signed lease to take the place of the expiring lease).

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 14

Lease Expirations for the Next Four Quarters

From January 1, 2005

Office Properties

		Qtr 1 2005			Qtr 2 2005			Qtr 3 2005			Qtr 4 2005			Total
Southwest Office	Square Feet Expiring (000’s)		91			228			85			123			527
	Square Feet as a % of NRA		1	%		3	%		1	%		2	%		7	%
	Annualized Base Rent in Expiring Year (000’s)	$	1,635		$	3,904		$	1,600		$	2,284		$	9,423
	Annualized Base Rent PSF in Expiring Year	$	17.97		$	17.12		$	18.82		$	18.57		$	17.88
	Number of Leases Expiring		14			14			11			15			54
Mid-Atlantic Office	Square Feet Expiring (000’s)		56			73			61			119			309
	Square Feet as a % of NRA		1	%		2	%		2	%		3	%		8	%
	Annualized Base Rent in Expiring Year (000’s)	$	1,546		$	2,017		$	1,508		$	3,178		$	8,249
	Annualized Base Rent PSF in Expiring Year	$	27.61		$	27.63		$	24.72		$	26.71		$	26.70
	Number of Leases Expiring		10			7			7			15			39
Midwest Office	Square Feet Expiring (000's)		44			6			13			53			116
	Square Feet as a % of NRA		2	%		0	%		1	%		2	%		5	%
	Annualized Base Rent in Expiring Year (000’s)	$	1,067		$	120		$	109		$	930		$	2,226
	Annualized Base Rent PSF in Expiring Year	$	24.25		$	20.00		$	8.38		$	17.55		$	19.19
	Number of Leases Expiring		8			1			4			15			28
Northern California Office	Square Feet Expiring (000’s)		21			22			3			60			106
	Square Feet as a % of NRA		1	%		1	%		0	%		3	%		6	%
	Annualized Base Rent in Expiring Year (000’s)	$	650		$	622		$	137		$	2,044		$	3,453
	Annualized Base Rent PSF in Expiring Year	$	30.95		$	28.27		$	45.67		$	34.07		$	32.58
	Number of Leases Expiring		5			4			2			21			32
Southern California Office	Square Feet Expiring (000’s)		20			35			24			47			126
	Square Feet as a % of NRA		2	%		4	%		3	%		6	%		15	%
	Annualized Base Rent in Expiring Year (000’s)	$	520		$	980		$	593		$	1,232		$	3,325
	Annualized Base Rent PSF in Expiring Year	$	26.00		$	28.00		$	24.71		$	26.21		$	26.39
	Number of Leases Expiring		8			14			12			14			48
Total Office Properties	Square Feet Expiring (000’s)		232			364			186			402			1,184
	Square Feet as a % of NRA		1	%		2	%		1	%		2	%		7	%
	Annualized Base Rent in Expiring Year (000’s)	$	5,418		$	7,643		$	3,947		$	9,668		$	26,676
	Annualized Base Rent PSF in Expiring Year	$	23.35		$	21.00		$	21.22		$	24.05		$	22.53
	Number of Leases Expiring		45			40			36			80			201

Note: “Base Rent” means the fixed base rental amount paid by tenants under the terms of the related lease agreement. Base Rent may or may not include payments on account of base utility charges, and other operating expenses, according to the terms of the specific lease.

Note: The above schedule represents remaining leasing exposure (expiring space with no signed lease to take the place of the expiring lease).

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 15

Lease Expirations for the Next Four Quarters

From January 1, 2005

Industrial Properties

		Qtr 1 2005			Qtr 2 2005			Qtr 3 2005			Qtr 4 2005			Total
Midwest Industrial	Square Feet Expiring (000’s)		0			0			13			0			13
	Square Feet as a % of NRA		0	%		0	%		2	%		0	%		2	%
	Annualized Base Rent in Expiring Year (000’s)	$	0		$	0		$	92		$	0		$	92
	Annualized Base Rent PSF in Expiring Year	$	0.00		$	0.00		$	7.08		$	0.00		$	7.08
	Number of Leases Expiring		0			0			1			0			1
Southern California Industrial	Square Feet Expiring (000's)		23			150			67			66			306
	Square Feet as a % of NRA		2	%		10	%		4	%		4	%		20	%
	Annualized Base Rent in Expiring Year (000’s)	$	284		$	1,059		$	452		$	395		$	2,190
	Annualized Base Rent PSF in Expiring Year	$	12.35		$	7.06		$	6.75		$	5.98		$	7.16
	Number of Leases Expiring		1			3			2			1			7
Total Industrial Properties	Square Feet Expiring (000’s)		23			150			80			66			319
	Square Feet as a % of NRA		1	%		7	%		4	%		3	%		14	%
	Annualized Base Rent in Expiring Year (000’s)		284			1,059			544			395		$	2,282
	Annualized Base Rent PSF in Expiring Year	$	12.35		$	7.06		$	6.80		$	5.98		$	7.15
	Number of Leases Expiring		1			3			3			1			8

Note: “Base Rent” means the fixed base rental amount paid by tenants under the terms of the related lease agreement. Base Rent may or may not include payments on account of base utility charges, and other operating expenses, according to the terms of the specific lease.

Note: The above schedule represents remaining leasing exposure (expiring space with no signed lease to take the place of the expiring lease).

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 16

Development, Leasing and

Capital Expenditures Summary

					(000s)
	For the Three Months Ended
	12/31/2004		9/30/2004		6/30/2004		3/31/2004		12/31/2003
Development (1)	$	3,866	$	3,901	$	655	$	37	$	4,615
Re-development (2)		491		1,020		453		1,450		1,319
Subtotal Developments		4,357		4,921		1,108		1,487		5,934
Incremental Leasing Costs (3)		4,127		2,904		1,843		908		972
Incremental Capital Expenditures (4)		690		188		73		319		1,204
Subtotal Incremental		4,817		3,092		1,916		1,227		2,176
Non-incremental Leasing Costs (5)		13,179		9,008		7,449		7,748		10,370
Non-incremental Capital Expenditures (5)		1,808		1,069		760		1,737		1,200
Subtotal Non-Incremental		14,987		10,077		8,209		9,485		11,570
Total Capital Expenditures	$	24,161	$	18,090	$	11,233	$	12,199	$	19,680

(1) Development includes all new construction costs related to base building and all costs associated with leasing these new properties.

(2) Redevelopment costs are related to 123 North Wacker and 5480 Great America Parkway. We classify projects as redevelopments if we make substantial improvements to the property, which change the character of the asset and result in development type returns on capital. Since our IPO, 123 North Wacker, Park West at Dulles and 5480 Great America Parkway are the only redevelopments we have done.

(3) Incremental Leasing Costs include costs to lease any shell space in our developments after they have been moved to our operating portfolio. Incremental Leasing Costs also include costs to lease shell or vacant space acquired by acquisition.

(4) Incremental Capital Expenditures include costs incurred to expand rentable square footage in a project or are capital improvements that we identified as necessary at the time of acquisition and are then completed as soon as practicable and possible after acquisition. Additionally, costs of major renovations that raise the class level of the property are considered Incremental Capital Expenditures.

(5) Non-incremental leasing costs are all leasing costs that are not incremental leasing costs. All capital expenditures that are not incremental capital expenditures are non-incremental capital expenditures.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 17

Capital Expenditures Detail

For the Quarter Ended December 31, 2004

(000s)

Incremental

	Common Area		Landscaping & Parking Lot		Base Building		Roofing		Other		Total
Office	$	58	$	4	$	625	$	0	$	3	$	690
Industrial		—		—		—		—		—		—
Total	$	58	$	4	$	625	$	0	$	3	$	690

Non-Incremental

	Common Area		Landscaping & Parking Lot		Base Building		Roofing (1)			Other		Total
Office	$	102	$	469	$	945	$	164		$	39	$	1,719
Industrial		—		76		19		(6	)		—		89
Total	$	102	$	545	$	964	$	158		$	39	$	1,808

(1) Negative amounts result from the reclassification of previously capitalized expenditures.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 18

Year-To-Date Non-Incremental Leasing Cost Analysis

For the Period Ended December 31, 2004

	Q1 2004					Q2 2004					Q3 2004					Q4 2004					Total 2004
		Leasing Cost /Sq Ft					Leasing Cost /Sq Ft					Leasing Cost /Sq Ft					Leasing Cost /Sq Ft					Leasing Cost /Sq Ft
Office	KSF	for Term		per Year		KSF	for Term		per Year		KSF	for Term		per Year		KSF	for Term		per Year		KSF	for Term		per Year
Renewals	108	$	5.42	$	1.56	124	$	11.94	$	1.98	129	$	3.08	$	1.17	256	$	6.09	$	1.27	617	$	6.52	$	1.44
Expansions	34	$	15.29	$	2.30	124	$	20.90	$	3.35	53	$	14.02	$	2.75	43	$	10.98	$	2.00	254	$	17.03	$	2.86
New Leases	72	$	17.89	$	2.89	138	$	20.38	$	2.89	244	$	31.40	$	3.19	202	$	26.52	$	4.63	656	$	26.10	$	3.54
	214	$	11.18	$	2.13	386	$	17.84	$	2.75	426	$	20.66	$	2.52	501	$	14.75	$	2.69	1,527	$	16.68	$	2.58
	Q1 2004					Q2 2004					Q3 2004					Q4 2004					Total 2004
		Leasing Cost /Sq Ft					Leasing Cost /Sq Ft					Leasing Cost /Sq Ft					Leasing Cost /Sq Ft					Leasing Cost /Sq Ft
Industrial	KSF	for Term		per Year		KSF	for Term		per Year		KSF	for Term		per Year		KSF	for Term		per Year		KSF	for Term		per Year
Renewals	29	$	1.67	$	0.84	58	$	1.52	$	0.39	130	$	2.84	$	0.60	—	$	0.00	$	0.00	217	$	2.33	$	0.58
Expansions	1	$	9.46	$	4.73	1	$	3.14	$	1.05	0	$	0.00	$	0.00	—	$	0.00	$	0.00	2	$	6.30	$	2.89
New Leases	45	$	3.37	$	0.67	44	$	2.64	$	0.54	13	$	1.77	$	0.88	58	$	3.08	$	0.79	160	$	2.93	$	0.69
	75	$	2.79	$	0.79	103	$	2.01	$	0.46	143		2.74	$	0.63	58		3.08	$	0.79	379	$	2.61	$	0.64

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 19

Non-Incremental Leasing Cost Analysis By City

For the Quarter Ended December 31, 2004

	Renewals										Expansions									New Leases
Property	NRA KSF	No. of Leases	KSF	Ave. Term in Years	Weighted Average Leasing Costs				S/L Net Rent		No. of Leases	KSF	Ave. Term in Years	Weighted Average Leasing Costs				S/L Net Rent		No. of Leases	KSF	Ave. Term in Years	Weighted Average Leasing Costs				S/L Net Rent
					/SF		/SF/Yr							/SF		/SF/Yr							/SF		/SF/Yr
Office Properties
Oakland Properties	1,466	6	28	2	$	0.76	$	0.38	$	15.43	1	3	2	$	1.53	$	0.77	$	9.77	3	6	4	$	11.55	$	2.89	$	16.60
Silicon Valley	306	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00
San Diego Properties	814	6	11	4	$	8.56	$	2.14	$	19.05	3	7	4	$	15.66	$	3.92	$	19.26	6	10	3	$	16.94	$	5.65	$	17.59
Denver Properties	709	1	4	3	$	7.33	$	2.44	$	9.55	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00
Chicago Properties	2,227	7	56	5	$	8.06	$	1.61	$	13.29	3	15	7	$	3.93	$	0.56	$	11.45	2	42	5	$	26.03	$	5.21	$	13.18
Detroit Properties	242	2	5	3	$	7.35	$	2.45	$	11.23	1	2	6	$	22.09	$	3.68	$	17.82	0	0	0	$	0.00	$	0.00	$	0.00
Austin Properties	1,673	3	8	5	$	6.37	$	1.27	$	12.88	0	0	0	$	0.00	$	0.00	$	0.00	1	1	5	$	32.46	$	6.49	$	10.00
Dallas Properties	3,693	6	70	5	$	7.44	$	1.49	$	10.19	1	2	9	$	33.56	$	3.73	$	9.12	8	38	4	$	15.41	$	3.85	$	7.66
Fort Worth Properties	1,025	1	3	10	$	26.58	$	2.66	$	5.91	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00
Northern Virginia Properties	2,737	5	65	5	$	4.20	$	0.84	$	13.90	3	4	5	$	14.75	$	2.95	$	13.13	9	96	7	$	35.30	$	5.04	$	16.90
Suburban Maryland	1,263	2	6	1	$	0.17	$	0.17	$	10.52	4	10	6	$	12.88	$	2.15	$	16.95	1	9	3	$	1.98	$	0.66	$	16.88
Subtotal - Office Properties	16,155	39	256	5	$	6.09	$	1.27	$	12.82	16	43	6	$	10.98	$	2.00	$	14.23	30	202	6	$	26.52	$	4.63	$	14.38
Industrial Properties
Los Angeles Properties	1,253	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00	1	45	5	$	3.69	$	0.74	$	6.63
San Diego Properties	268	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00
Chicago Properties	682	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00	1	13	1	$	0.98	$	0.98	$	6.95
Subtotal - Industrial Properties	2,203	0	0	0	$	0.00	$	0.00	$	0.00	0	0	0	$	0.00	$	0.00	$	0.00	2	58	4	$	3.08	$	0.79	$	6.70
Total Properties	18,358	39	256	5							16	43	6							32	260	5

Note : Square footage shown at Prentiss' ownership percentage. Straight-lined Net Rent represents base rent straight-lined over the term of the lease, net of any operating cost recovery portion of base rent.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 20

Summary of Land Held for Future Development

Quarter Ended December 31, 2004

(in thousands, except acres)

Project	Market	Acres		Buildable Square Feet	Month of Acquisition	Cost Basis (1)		Comments
Land for Office Development
Park West Commerce Center	Dallas/Fort Worth	7.400		160	Jun-97	$	1,449	Adjacent to IBM Call Center and Lakeview Center.
Park West C-1	Dallas/Fort Worth	4.700		350	Jun-97		1,851	Adjacent to Park West C-2.
Oakland B Site	San Francisco Bay Area	0.867		300	Mar-98		2,312	Adjacent to World Savings Center in Lake Merritt Financial District.
WestPoint II	Dallas/Fort Worth	5.300		150	Apr-98		2,757	Adjacent to WestPoint I.
Natomas Corporate Center IV	Sacramento	10.933		176	Apr-98		3,484	Within the Natomas Corporate Center office park.
Millennium Center	Dallas/Fort Worth	4.500		89	Sep-98		—	Adjacent to previously developed building. Cost carried by developed bldg.
South Lake at Dulles Corner	Metro. Washington, DC	7.476		265	Dec-00		11,170	Adjacent to Park West at Dulles Corner.
The Park at Barton Creek	Austin	20.630		211	Jun-01		5,155	Located in Southwest Austin near Barton Skyway.
Westlake at Dulles Corner II	Metro. Washington, DC	see note	(2)	200	Jul-01		1,113	Adjacent to Park West at Dulles Corner.
Two Kaiser Plaza (see note 3)	San Francisco Bay Area	1.025		300	Dec-03		6,061	Adjacent to the Ordway in Lake Merritt Financial District.
Cityplace	Dallas/Fort Worth	3.000		600	May-04		1,900	Adjacent to Cityplace.
Great America Parkway	Silicon Valley	see note	(2)	230	May-04		6,670	Adjacent to 5500 Great America Parkway.
Gateway at Torrey Hills	San Diego	7.700		200	Jul-04		15,092	Located in Del Mar Heights.
Total Land Held for Future Development		73.531		3,231		$	59,014

NOTES:	In addition to the land listed above, the Company owns 5.7 acres which can accommodate a 147,000 sf expansion of its 16801 S. Exchange Industrial Property in Chicago.
	The Company also entered into a contract on October 8, 2004 to purchase approximately .6 acres of land in Northern California.

(1)  - The cost basis includes purchase price plus development costs. Interest and carry cost are not capitalized.

(2)  - Not yet subdivided.

(3)  - Purchase price includes the right to lease spaces in a parking structure.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 21

Summary of Development Activity

Quarter Ended December 31, 2004

(in thousands)

Currently Under Construction

Project	Market	Square Feet	Start Date	Shell Completion Date	% Leased		% Leased & Committed		Estimated Cost		Cost-to- Date		Projected Stabilized Cash on Cash Return
High Bluff at Del Mar	San Diego	158	Jun-04	Jul-05	50	%	50	%	$	48,064	$	23,417	8.8	%
Office Developments in Process		158			50	%	50	%	$	48,064	$	23,417	8.8	%

NOTES:	- Additional information on this project is provided on the following page.
	- Leasing figures are updated through January 31, 2005.
	- Capitalized interest for the quarter totaled approximately $280,000.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 22

High Bluff Ridge at Del Mar

Del Mar, California

Property Description

High Bluff Ridge will consist of one three-story and one four-story Class “A” office buildings both with subterranean parking and a stand-alone 152-stall parking structure. Upon completion, the project will total approximately 157,859 net rentable square feet and provide a total of 616 parking spaces. High Bluff Ridge will be constructed on 7.8 acres of the San Diego Corporate Center, a 102-acre master planned office park.

High Bluff Ridge will be constructed of structural steel framing and stone exteriors. The floor plates, which range from 21,000 square feet to 23,000 square feet, are designed with saw-toothed corners to maximize corner office window lines. Each floor will provide the capability to design up to 12 potential corner offices. Bay depths are an ideal size, ranging for the most part between 40 and 45 feet. The lobbies will feature multi-level atriums with stone tiled floors. Suites will be individually metered. Tenant controlled energy efficient water loop heat pump systems will provide heating, ventilation and air conditioning. The building will be fully sprinklered and offer enclosed hydraulic elevators. A centralized courtyard and water feature located between the two buildings will offer tenants exterior seating areas in a parklike setting.

High Bluff Ridge is located in Del Mar Heights, one of the best performing and most desirable office submarkets in San Diego. The project is located on High Bluff Drive at the northern entrance of the San Diego Corporate Center and can access Interstate 5 from either the Del Mar Heights Road or Carmel Valley off ramps. Excellent views and visibility are achieved by virtue of the location at Interstate 5.

Property Facts

Location:	12481-12531 High Bluff Drive
Type:	Office
Buildings:	2
Floors:	3/4
Net Rentable SF:	157,859
Construction Start Date:	June 2004
Completion Date:	July 2005
Percentage Pre-leased:	49.5%

Major Tenants

Tenant	SF	% of Building
Morrison Foerster	78,198	49.5	%

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 23

Acquisition and Disposition Activity

Rolling Twelve Months Ended December 31, 2004

(in thousands)

Acquisitions	Market	Submarket	No. of Buildings	Square Feet	Transaction Month	Price
Cityplace	Dallas/Fort Worth	Central Expressway	1	1,296	Apr-04	$	124,000
The Bluffs	San Diego	Carlsbad	1	69	May-04		17,700
Great America Parkway	Northern California	Silicon Valley	3	306	May-04		34,625
2101 Webster	Northern California	Lake Merritt	1	459	Oct-04		64,750
Lakeside Point I&II	Chicago	North Suburbs	2	198	Oct-04		32,600
			8	2,328		$	273,675
Dispositions
Natomas	Sacramento	South Natomas	6	566	Jun-04	$	80,746
Shadowridge Business Center	San Diego	Vista	4	91	Jul-04		10,200
One Westchase	Houston	Westchase	1	466	Aug-04		44,250
1800 Sherman	Chicago	North Suburbs	1	136	Nov-04		18,200
			12	1,259		$	153,396

Represents 100% of square footage and purchase price, including joint venture assets.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 24

2101 Webster Street

Oakland, California

Property Facts
Location:	2101 Webster Street
Type:	Office
Buildings:	1
Floors:	20
Net Rentable SF:	464,424
Construction:	Steel frame
Year Developed:	1985
Date Acquired:	October 2004
Purchase Price:	$64,750,000
Percentage Leased at 12/31/04:	78.0%

Property Description

2101 Webster Street is a 20 story Class A office building constructed by Charles Pankow Builders in 1985. It consists of concrete and steel frame construction containing approximately 464,424 net rentable square feet. The standard floor plate is approximately 23,000 square feet and finished ceiling height is 8 feet 6 inches. The building contains a single basement level parking garage, which has 65 parking spaces.

The HVAC system on each of the above ground floors contains a variable air volume A/C unit with a base 40 ton cooling capacity and an 22 zone design capability.

Telecommunication features include two major fiber optic mains (MCI and AGC) connected to a sonnet ring around the entire building which provides continuous redundancy.

The entire building is sprinklered with automatic smoke and fire detection equipment and a state of the art notifier emergency panel installed in 2002.

The building is located in Oakland, which is the geographic center of the Bay area. Oakland has become the most critical transportation hub in the region. Oakland is the focal point of the Bay Area Rapid Transit System (BART) with all trains passing through the City Center and 19th Street stations, giving Oakland capacity and service well beyond other communities serviced by BART. Oakland is also home to Oakland International Airport and the nation’s fourth largest shipping port, the Port of Oakland.

Major Tenants
Tenant	SF	% of Building
Kaiser FHP	69,934	15.1	%
Morgan Stanley	68,270	14.7	%
Geomatrix	44,074	9.5	%
SBC	36,413	7.8	%
Octagon Risk	27,897	6.0	%
Earth Tech	23,470	5.1	%
City National	19,750	4.2	%

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 25

Lakeside Point I & II

Waukegan, Illinois

Property Facts
Location:	1615/1675 Lakeside Point Dr.
Type:	Office
Buildings:	2
Floors:	3
Net Rentable SF:	197,976
Construction:	Brick w/precast ornamentation
Year Developed:	1990&1998
Date Acquired:	October 2004
Purchase Price:	$32,565,000
Percentage Leased at 12/31/04:	100%

Property Description

Lakeside Point I & II are attractively designed three-story, single-tenant office buildings completed in 1990 and 1998, respectively. Lakeside Point I contains approximately 99,657 square feet of net rentable area and is situated upon a 5.688-acre site, and Lakeside Point II contains approximately 98,319 square feet of net rentable area is situated upon a 6.332-acre site.

The buildings are situated prominently on a corner site along the east side of the Amhurst Lake Business Park. Site features include mature landscaping, outdoor patios, well maintained detention ponds and enjoys close proximity to the park’s sculpted entrance.

Amhurst Lake Business Park is a 432-acre master-planned business campus. Bordered by Skokie Highway (Route 41) and Waukegan Road (Route 43), tenants in the Park have easy access to Interstate 94. Chicago’s CBD is 45 miles south on the Interstate. O’Hare International Airport is 37 miles south via Interstates 94 and 294. Waukegan Regional Airport is 3.5 miles north of the City of Waukegan and serves as a prominent base of operations for “Chicagoland’s Fortune 500 Flyers.” The site is within one mile of Abbott Laboratories’ Worldwide Headquarters. The nearby and new Waukegan train station provides 400 parking spaces and access to Metra’s Chicago and Northwest commuter line.

In addition to these buildings, Abbott leases seven other properties within the Park. The balance of the park is largely occupied by businesses commercially tied to Abbott.

Major Tenants
Tenant	SF	% of Building
Abbott	197,976	100	%

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 26

Summary of Properties Owned and Managed

December 31, 2004

	Rentable Square Footage (000s)
Core Markets	Owned	Managed	Total
Metropolitan Washington, D.C.	4,000	5,899	9,899
Dallas/Fort Worth	4,718	646	5,364
Northern California	1,772	1,769	3,541
Chicago	2,909	328	3,237
Austin	1,673	556	2,229
San Diego	1,082	220	1,302
Subtotal - Core Markets	16,154	9,418	25,572
Other Markets
Los Angeles	1,253	217	1,470
Denver	709	189	898
Suburban Detroit	242	3	245
Houston		1	1
Subtotal - Other Markets	2,204	410	2,614
Total - All Markets	18,358	9,828	28,186

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 27

Selected Property Data

As of December 31, 2004

Operating Properties	Submarket	# of Bldgs.	Rentable SF (000’s)	% Leased		Rent Per SF (2)		# of Leases	Major Tenants (3) :
Office Properties in Core Markets
1676 International Drive(1) (4)	Tysons Corner	1	75	100	%	$	29.83	5	Bearing Point (59); Shaw Pittman Potts (6)
2411 Dulles Corner Road	Herndon	1	177	96	%	$	28.03	6	Grumman (130); Lockheed Martin(21)
13825 Sunrise Valley Drive	Herndon	1	106	98	%	$	26.31	3	Northrup Grumman (64); Federal Network (27)
3130 Fairview Park Drive	Merrifield	1	183	100	%	$	32.36	3	Lewin Quintiles (103); Microstrategy (78)
3141 Fairview Park Drive	Merrifield	1	192	92	%	$	26.75	31	Hewlett Packard (18); AXA Advisors (17)
4401 Fair Lakes Court	Fairfax	1	59	95	%	$	30.59	6	CC Pace Resources (35); Leonard Wolf (5)
6600 Rockledge Drive	Bethesda	1	156	100	%	$	32.64	3	Host Marriott (102); Crestline Capital (27)
7101 Wisconsin Avenue	Bethesda	1	237	60	%	$	30.22	32	BDO Seidman (34); Medtap (15)
8260 Greensboro (1) (4)	Tysons Corner	1	40	70	%	$	23.97	29	DDL Omni Engineering (7); F Five Network (4)
8521 Leesburg Pike	Tysons Corner	1	151	89	%	$	22.70	10	Lessard Architects (44); Hyland Financial (33)
12601 Fair Lakes Circle	Fairfax	1	264	100	%	$	26.87	1	CGI Group, Inc.(264)
Calverton Office Park	Beltsville	3	307	52	%	$	22.03	13	FBI (60); AT&T (38)
Campus Point	Reston	1	172	100	%	$	19.45	1	Verizon (172)
Fairmont Building	Bethesda	1	124	93	%	$	28.36	8	Chevy Chase Bank (60); Gallager (21)
Greenwood Center	Fairfax	1	150	100	%	$	24.97	8	Mantech Int'l (60); Logicon (32)
Oakwood Center	Fairfax	1	128	98	%	$	23.51	18	Logicon (41); SI Int'l (36)
Park West at Dulles	Herndon	1	152	100	%	$	28.46	2	Deltek Systems, Inc. (81); Perot Systems Corp (70)
Plaza 1900	Tysons Corner	1	203	100	%	$	27.15	2	AT&T (167); Nat'l Captioning Institute (36)
Research Office Center	North Rockville	3	439	87	%	$	25.96	11	Aspen (208); BCE (85); Marriott (43)
Computer Associates(1) (5)	Herndon	1	116	100	%	$	26.42	1	Computer Associates (116)
Willow Oaks I - III	Merrifield	3	569	79	%	$	25.56	15	SRA (106); Perot (90)
Metro. Washington, D.C.		27	4,000	88	%	$	26.45	208
Bachman East & West	Preston Center	2	196	90	%	$	18.45	19	Prentiss Properties (37); First Worthing (37)
Burnett Plaza	Ft. Worth CBD	1	1,025	96	%	$	22.72	37	AmeriCredit (238); Burlington Resources (199); GSA/HUD (102); Practitioners
									Publishing (82); Voyager Indemnity (73); Cantey Hanger (63); SEC (51).
Cityplace Center	Central Expressway	1	1,296	87	%	$	18.64	20	7-Eleven (504); Homecomings Financial (177); RBC Dain Rauscher (105);
									AON (57); Silber Pearlman (55)
Cottonwood Office Center	Las Colinas	3	165	90	%	$	15.12	5	Liberty Mutual Life (120); Lexington Service Associates (26)
IBM Call Center	Las Colinas	1	150	100	%	$	17.34	1	IBM (150)
Lakeview Center	Las Colinas	1	101	100	%	$	14.74	5	Value Options (62); Aramark Services (13)
Millennium Center	Richardson/ Plano	1	99	0	%	$	—	—
Park West C2	Las Colinas	1	349	85	%	$	26.79	13	IBM (163); Seibel Systems (36)
Park West C3	Las Colinas	1	339	79	%	$	21.44	22	IBM (104); Summit Alliance (20)
Park West E1	Las Colinas	1	183	100	%	$	19.91	1	Celanese (183)
Park West E2	Las Colinas	1	201	10	%	$	12.89	7	Computer Task Group (5), Dewey's Café (4)
Walnut Glen Tower	Central Expressway	1	464	95	%	$	21.20	38	AIG (157); Metro PCS (33)
WestPoint Office Property	Las Colinas	1	150	91	%	$	21.18	4	GenPass Technologies (79); MedSynergies (27)
Dallas/Fort Worth		16	4,718	85	%	$	19.82	172
123 North Wacker	West Loop (Chicago CBD)	1	541	92	%	$	34.27	42	Morton Int'l (79); Meckler Bulger (57)
1717 Deerfield Road	North Suburbs	1	141	100	%	$	19.71	2	Dade Behring (117); Warady & Davis (24)
Lakeside Point I & II (1) (5)	North Suburbs	2	101	100	%	$	24.23	2	Abbott Labs (91); Infotrust (10)
701 Warrenville Road	East-West Tollway	1	67	93	%	$	22.20	7	T-Systems (36); Zenith Insurance (10)
Bannockburn Centre	North Suburbs	1	257	100	%	$	23.72	1	Moore North America (257)
Corporetum Office Campus	East-West Tollway	5	322	84	%	$	20.05	25	Nat'l Louis Univ (86); United Healthcare Services (41)
O'Hare Plaza II	O'Hare	1	236	71	%	$	29.85	19	Lincoln Financial (25); T-6 Partners (23)
One O'Hare Centre	O'Hare	1	380	74	%	$	26.39	33	First Union (34); Colliers, Bennett (31)
410 Warrenville	East-West Tollway	1	60	100	%	$	16.31	1	Ikon (60)
Corporate Lakes III (1) (5)	East-West Tollway	1	63	100	%	$	26.07	3	Unilever (61); GE Polymerland (3)
Salton	North Suburbs	1	59	100	%	$	31.16	1	Salton, Inc. (59)
Chicago		16	2,227	88	%	$	26.64	136

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 28

Selected Property Data

As of December 31, 2004

Operating Properties	Submarket	# of Bldgs.	Rentable SF (000's)	% Leased		Rent Per SF (2)		# of Leases	Major Tenants (3) :
5500 Great America Parkway	Silicon Valley (Santa Clara)	3	306	72	%	$	18.63	1	Hyperion Solutions (220)
Lake Merritt Tower I	Lake Merritt (Oakland CBD)	1	204	95	%	$	32.05	9	Health Net (67); CH2MHill (63)
The Ordway	Lake Merritt (Oakland CBD)	1	531	99	%	$	33.18	50	Kaiser FHP (312); KPMG (27)
2101 Webster	Lake Merritt (Oakland CBD)	1	459	78	%	$	29.09	27	Kaiser (69); Morgan Stanley DW (68);
World Savings Center	Lake Merritt (Oakland CBD)	1	272	99	%	$	30.48	18	World Saving & Loan Assoc. (148); Burnham/Brown (48)
Northern California		7	1,772	88	%	$	29.06	105
Carlsbad Pacific Center I - II	Carlsbad	3	130	93	%	$	28.15	29	National University (19); HQ Global Workplace (17)
Carlsbad Pacifica	Carlsbad	1	49	69	%	$	26.92	8	UBS PaineWebber (10); Atvantage (6)
Del Mar Gateway	Del Mar	1	164	100	%	$	33.43	4	Brandes (123); US Bank (29)
Executive Center Del Mar	Del Mar	2	113	83	%	$	30.14	17	Oracle Corp. (16); Granite (13)
Plaza I & II	Carlsbad	2	89	89	%	$	26.31	17	Camp, Dresser & McKee (23); Mobile Systems (13)
The Campus	Carlsbad	1	45	93	%	$	24.77	10	Physical Rehab (11); Technology Associates (11)
The Bluffs (1) (5)	Rancho Bernardo	1	35	91	%	$	29.64	12	1st Choice Executive Suites (9); The University of Phoenix (6)
Camino West Corporate Park(1) (5)	Carlsbad	1	28	93	%	$	21.70	7	Verizon CA (9), Nat’l Search Assoc. (5)
Carlsbad Airport Plaza (1) (5)	Carlsbad	1	32	94	%	$	25.28	17	Pacific Bonding Corp (7), Careercast, Inc. (4)
La Place Court (1) (5)	Carlsbad	2	41	90	%	$	22.52	17	First Community Bank (9); Nexprise, Inc. (5)
Pacific Ridge Corporate Ctr. (1) (5)	Carlsbad	2	62	92	%	$	27.58	13	The McGraw-Hill Company (16); Western Pacific (11)
Pacific View Plaza (1) (5)	Carlsbad	1	26	96	%	$	27.32	8	HI/FN (9); GMS Realty LLC (8)
San Diego		18	814	91	%	$	28.40	159
Barton Skyway I	Southwest Austin	1	195	97	%	$	27.23	11	Intel (123); Blakely, Sokaloff & Zaf (21)
Barton Skyway II	Southwest Austin	1	196	89	%	$	21.90	3	Billing Concepts/Aptis (76); Sigmatel (72)
Barton Skyway III	Southwest Austin	1	173	100	%	$	30.83	9	Gray Cary (60); Humana (38)
Barton Skyway IV	Southwest Austin	1	223	100	%	$	27.91	6	Vignette (110); Oneok, Inc.(53)
Broadmoor Austin(1) (6)	Northwest Austin	7	556	100	%	$	18.99	2	IBM (556)
Cielo Center	Southwest Austin	3	271	90	%	$	23.14	39	Partner’s Holdings (42); Arm Inc. (34)
Spyglass Point	Southwest Austin	1	59	100	%	$	28.53	5	Davis & Wilkerson (30); Keller Williams (15)
Austin		15	1,673	97	%	$	23.71	75
Subtotal Office Properties in Core Markets		99	15,204	88	%	$	24.53	855
Office Properties in Other Markets
Carrara Place	Southeast Denver	1	234	89	%	$	17.70	6	Thomson Healthcare (128); American Medical Response (55)
Highland Court	Southeast Denver	1	93	84	%	$	18.53	12	Veco Engineering (28); TXU (21)
Orchard Place I & II	Southeast Denver	2	105	94	%	$	20.33	7	Security Title (44); GSA-DOD (19)
PacifiCare Building	Southeast Denver	1	198	79	%	$	19.80	3	PacfiCare (140); SS&C (8)
Panorama Point	Southeast Denver	1	79	82	%	$	17.25	4	Western Stone (39); Stanley Consultants (20)
Denver		6	709	85	%	$	18.73	32
One Northwestern Plaza	Southfield	1	242	89	%	$	24.63	35	Watson Wyatt (65); Novell (12)
Suburban Detroit		1	242	89	%	$	24.63	35
Subtotal Office Properties in Other Markets		7	951	86	%	$	20.23	67
Total Office Properties		106	16,155	88	%	$	24.28	922

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 29

Selected Property Data

As of December 31, 2004

Operating Properties	Submarket	# of Bldgs.	Rentable SF (000’s)	% Leased		Rent Per SF (2)		# of Leases	Major Tenants (3) :
Industrial Properties
Chicago		4	682	82	%	$	5.83	7	Reliable/Silverline (267); Office Depot (189)
Los Angeles		18	1,253	88	%	$	7.10	21	Nippon Express (499); Fujitsu-Ten (76)
San Diego		5	268	100	%	$	16.37	8	24-Hour Fitness (50); AP Labs (45)
Subtotal Industrial Properties in Core Markets		27	2,203	88	%	$	7.83	36
Total Industrial Properties		27	2,203	88	%	$	7.83	36
Total Operating Properties		133	18,358	88	%			958

(1)  - Represents our pro rata square footage of joint venture assets or our pro-rata share of rents.

(2)  - “Rent” includes annualized base rents, recoveries, and escalations divided by occupied square feet. Rent does not include an straight-line rent adjustment. If currently in free rent period, first cash rent is used.

(3)  - Major Tenants include office tenants greater than 50,000 sf, industrial tenants greater than 150,000 sf or the 2 largest per building.

(4)  - Properties owned by Tyson’s International Partners, of which Prentiss Properties owns 25%.

(5)  - Properties owned by Prentiss Office Investors, L.P., of which Prentiss Properties owns 51%.

(6)  - Properties owned by Broadmoor Austin Associates, of which Prentiss Properties owns 50%.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 30

Summary of Financing

December 31, 2004

Description	Number of Bldgs. Encumbered	Balance (000s)		Maturity	Interest Rate		Current Debt Service
Burnett Plaza	1	$	66,000	9-Jul-05	LIBOR + 1.500	%	Interest Only
2101 Webster (1)	1		47,039	1-Nov-05	8.22	%	Amortizing
Highland Court	1		4,354	1-Apr-06	7.27	%	Amortizing
Plaza I & II	2		6,861	1-Jan-07	7.75	%	Amortizing
PPREFI Portfolio Loan (2)	36		180,100	26-Feb-07	7.58	%	Interest Only
High Bluffs (3)	1		6,250	1-Sep-07	LIBOR + 1.400	%	Interest Only
Collateralized Term Loan (4)	2		30,000	30-Sep-07	LIBOR + 1.150	%	Amortizing
Corporetum Office Campus	5		24,350	1-Feb-09	7.02	%	Amortizing
The Bluffs (3)	1		5,457	23-Jul-09	LIBOR + 1.300	%	Interest Only
7101 Wisconsin Avenue	1		20,095	1-Apr-09	7.25	%	Amortizing
Prentiss Office Investors, L.P. (3) (5)	9		43,350	1-Aug-09	LIBOR + 0.850	%	Interest Only
Lakeside Point (3)	2		10,200	1-Dec-09	LIBOR + 1.100	%	Interest Only
Ordway	1		47,425	1-Aug-10	7.95	%	Amortizing
1676 International (6)	1		10,882	30-Aug-10	7.63	%	Amortizing
8260 Greensboro (6)	1		3,896	30-Aug-10	7.78	%	Amortizing
World Savings Center	1		28,202	1-Nov-10	7.91	%	Amortizing
Park West C2	1		32,926	10-Nov-10	6.63	%	Amortizing
One O'Hare Centre	1		39,112	10-Jan-11	6.80	%	Amortizing
3130 Fairview Park Drive	1		21,926	1-Apr-11	7.00	%	Amortizing
Broadmoor Austin (6)	7		65,990	10-Apr-11	7.04	%	Amortizing
Research Office Center	3		43,419	1-Oct-11	7.64	%	Amortizing
Bannockburn Centre	1		25,838	1-Jun-12	8.05	%	Amortizing
Del Mar Loan	3		43,375	1-Jun-13	7.41	%	Amortizing
Total Properties Encumbered	83		807,047
Unsecured Financing
Line of Credit			217,500	19-Feb-07	LIBOR + 1.250	%
Unsecured Term Loan - Commerz			75,000	15-Mar-09	LIBOR + 1.250	%
Unsecured Term Loan - EuroHypo - I			100,000	22-May-08	LIBOR + 1.250	%
Unsecured Term Loan - EuroHypo - II			13,760	15-Jul-09	7.46	%
Total Financing/Weighted Average Rate		$	1,213,307		6.04	% (7)
Total Real Estate Buildings							133
Percent of Total Real Estate Book Value Encumbered							55	%

Counterparty	Notional Amount		Maturity	Fixed Rate Paid (8)		Fair Value (000s)
Commerzbank		25,000	10-Jul-05	4.345	%	$	(212	)
SunTrust		15,000	10-Jul-05	4.345	%		(127	)
Fleet National Bank		20,000	1-Mar-06	5.985	%		(676	)
EuroHypo		30,000	1-Mar-06	5.990	%		(1,015	)
SunTrust		50,000	1-Aug-07	2.270	%		1,500
Bank of Montreal		25,000	1-Aug-07	2.277	%		746
PNC Bank (9)		35,700	1-Aug-08	4.139	%		(1,136	)
Bank of America		30,000	30-Sep-08	3.857	%		(175	)
PNC Bank		30,000	1-Oct-08	3.819	%		(134	)
Bank of America		20,000	1-Oct-08	3.819	%		(89	)
Societe Generale		50,000	1-May-09	3.935	%		(286	)
Union Bank of California		30,000	1-Oct-09	3.443	%		558
Variable to Fixed Interest Rate Swaps (10)	$	360,700				$	(1,046	)

(1)  - Interest is being recorded at 3.70%, representing a market interest rate for one year debt at the date of acquisition.

(2)  - The PPREFI Loan is collateralized by the following 36 properties: the Los Angeles Industrial properties (18 properties), the Chicago Industrial properties (four properties), the Cottonwood Office Center properties (three properties), Park West E1 and E2 (two properties), One Northwestern Plaza, 3141 Fairview Park Drive, 13825 Sunrise Valley Drive, O’Hare Plaza II, 1717 Deerfield Road, 2411 Dulles Corner Road, 4401 Fair Lakes Court, the Westpoint Office property and the PacifiCare Building.

(3)  - Represents our pro rata share of consolidated joint venture debt.

(4)  - The Term Loan is collateralized by the following two properties: 8521 Leesburg Pike and IBM Call Center.

(5)  - The Prentiss Office Investors, L.P. Loan is collateralized by the following 9 properties: Camino West Corporate Park, Carlsbad Airport Plaza, La Place Court (2 properties), Pacific Ridge Corporate Centre (2 properties), Pacific View Plaza, Corporate Lakes III, and Computer Associates.

(6)  - Represents our pro rata share of unconsolidated joint venture debt.

(7)  - Includes the effect of interest rate swaps, the amortization of interest rate hedge contracts and usage fees on the line of credit.

(8)  - Represents the fixed rate paid before the spread over LIBOR.

(9)  - Represents our pro rata share of consolidated joint venture swap.

(10) - Represents the amount of variable rate debt converted to fixed rate debt.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 31

Return on Invested Capital

Our calculation of return on invested capital (ROIC) annualizes current quarter stabilized property NOI (after deducting G & A) and divides the number by book value of stabilized properties before depreciation. Management income, interest income and other non-property income are excluded from the calculation. We believe that this measure is extremely important in evaluating the effectiveness of management’s capital allocation decisions. Studies by various investment banks have demonstrated that we rank very high relative to our office and industrial peers by this measure. The chart below shows our measure of ROIC since the third quarter of 1998.

Stock Performance

A dollar invested in Prentiss Properties at our IPO on October 16, 1996 would be worth $3.33 at December 31, 2004 (including dividends). This compares very favorably to a similar investment in the NAREIT Equity Index which would now be worth $3.03, or in the average return of our peer group (ARI, BDN, CLI, CRE, DRE, EOP, HIW, KRC, LRY and RA) which would now be worth $2.90.

Annual Returns	4Q96(1)			1997			1998			1999			2000			2001			2002			2003			2004
Prentiss		26.6	%		18.2	%		(14.4	%)		3.5	%		34.9	%		9.7	%		11.1	%		24.6	%		22.6	%
NAREIT		18.9	%		20.3	%		(17.5	%)		(4.6	%)		26.4	%		13.9	%		3.8	%		37.1	%		31.6	%
Peer Grp Average		17.8	%		25.3	%		(14.7	%)		(0.3	%)		32.6	%		7.3	%		0.2	%		32.8	%		21.5	%
Cumul. Returns	4Q96(1)			1997			1998			1999			2000			2001			2002			2003			2004
Prentiss	$	1.27		$	1.50		$	1.28		$	1.32		$	1.79		$	1.96		$	2.18		$	2.72		$	3.33
NAREIT	$	1.19		$	1.43		$	1.18		$	1.12		$	1.42		$	1.62		$	1.68		$	2.31		$	3.03
Peer Grp Average	$	1.18		$	1.48		$	1.26		$	1.26		$	1.66		$	1.78		$	1.79		$	2.38		$	2.90

(1) 10/16/96 to 12/31/96.

(2) Value of $1.00 invested on 10/16/96, including dividends.

The market price of our stock was $38.20 per share as of December 31, 2004 and was $36.12 as of the close on January 28, 2005. Based on the December 31, 2004 and the January 28, 2005, closing prices, our dividend represents a yield of approximately 5.9% and 6.2%, respectively.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 32

Definitions of Non-GAAP Financial Measures

We use non-GAAP financial measures in our filings and other public disclosures. These non-GAAP financial measures are defined below.

Funds from Operations (FFO)

FFO is a widely recognized measure of REIT operating performance. FFO is a non-GAAP financial measure and as defined by the National Association of Real Estate Investment Trusts, means net income, computed in accordance with GAAP excluding extraordinary items, as defined by GAAP, and gains (or losses) from sales of property, plus depreciation and amortization on real estate assets, and after adjustments for unconsolidated partnerships, joint ventures and subsidiaries. We believe that FFO is helpful to investors and our management as a measure of our operating performance because it excludes depreciation and amortization, gains and losses from property dispositions, and extraordinary items, and, as a result, when compared year over year, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income. In addition, we believe that FFO provides useful information to the investment community about our financial performance when compared to other REITs since FFO is generally recognized as the industry standard for reporting the operating performance of REITs. However, our FFO may not be comparable to FFO reported by other REITs that do not define FFO exactly as we do. We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income as presented in our consolidated financial statements and notes thereto. We believe that net income is the most directly comparable GAAP financial measure to FFO. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of liquidity or ability to make distributions.

FFO does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs that could materially impact our results of operations.

Adjusted FFO

Adjusted FFO is a non-GAAP financial measure that we define as FFO (defined above) excluding (adding back) impairment losses related to real estate assets and debt defeasance losses related to real estate assets sold. We believe that our Adjusted FFO provides useful information to the investment community about our financial performance when compared to other REITs as it eliminates FFO differences caused by the timing and classification within the income statement of real estate and real estate debt related losses. However, our Adjusted FFO may not be comparable to FFO or Adjusted FFO reported by other REITs that do not define FFO or Adjusted FFO exactly as we do. We believe that in order to facilitate a clear understanding of our operating results, Adjusted FFO should be examined in conjunction with net income as presented in our consolidated financial statements and notes thereto. We believe that net income is the most directly comparable GAAP financial measure to Adjusted FFO. Adjusted FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of liquidity or ability to make distributions.

Like FFO, our Adjusted FFO does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs that could materially impact our results of operations.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 33

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that we define as FFO (as defined above) less non-incremental capital expenditures, straight-line rent adjustments, rental income adjustments recognized in accordance with Statement of Financial Accounting Standards No. 141 (SFAS No. 141) and the amortization of financing costs. We believe that FAD is helpful to investors and our management as a measure of the performance of an equity REIT because, along with cash flow from operating activities, financing and investing activities, it provides investors with an indication of our ability to incur and service debt and to fund dividends and other cash needs. Our FAD may not be comparable to FAD reported by other REITs that do not define FAD exactly as we do. We believe that in order to facilitate a clear understanding of our operating results, FAD should be examined in conjunction with net income as presented in our consolidated financial statements and notes thereto.

We believe that net income is the most directly comparable GAAP financial measure to FAD. FAD does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of liquidity or ability to make distributions.

Net Operating Income (NOI)

NOI is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus depreciation and amortization, interest expense, losses from property dispositions, including impairment losses, and extraordinary expense items less gains from property dispositions and extraordinary income items. Our management uses NOI internally as a performance measure and believes NOI is useful to investors as a performance measure because NOI reflects only those income and expense items that are incurred at the property level and is therefore a useful measure for evaluating a property’s performance. Using NOI on a comparative basis, it allows investors to evaluate property level performance to: (a) hold management accountable for maintaining or increasing property level NOI from period to period and (b) compare the operating performance of our properties in a given market with the operating performance of other real estate companies in the same market, and consequently allocate their own investment capital accordingly. Our management uses NOI to evaluate regional property level performance and to make decisions about resource allocations. Investors are able to evaluate whether management has appropriately allocated or re-allocated resources to better performing properties.

Further, we use NOI internally as a performance measure and believe NOI is useful to investors as a performance measure because, when compared year over year, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition and development activity, and general and administrative expenses, on an un-leveraged basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. Certain items such as interest expense, while included in net income, do not affect the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level. In addition, it is useful to our management and investors that depreciation and amortization are excluded from NOI because historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time, and, instead, real estate values have historically risen or fallen with market conditions.

NOI presented by us may not be comparable to NOI reported by other REITs that do not define NOI exactly as we do. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income as presented in our consolidated financial statements and notes thereto. NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of liquidity or ability to make distributions.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 34

Same Store NOI and Same Store Growth

Same store NOI is similar to property level NOI, but excludes termination fees, which are generally one-time payments that may distort results of operations for comparable periods and straight-line rent adjustments, which eliminates the impact of rental rate increases or decreases from in-place leases. Same Store Growth represents the percentage change in property level NOI for properties that have been fully operational for two comparable reporting periods. Same Store Growth allows analysts, investors and management to analyze property operations and evaluate the growth trend of our portfolio. We use Same Store NOI internally as a performance measure and believe Same Store NOI is useful to investors as a performance measure because, when compared period over period, Same Store NOI reflects the impact on operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income.

Same Store NOI presented by us may not be comparable to Same Store NOI reported by other REITs that do not define Same Store NOI exactly as we do. We believe that in order to facilitate a clear understanding of our operating results, Same Store NOI should be examined in conjunction with our other performance measures including net income as presented in our consolidated financial statements and notes thereto. Same Store NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of liquidity or ability to make distributions.

Supplemental Operating and Financial Data Prentiss Properties Trust 4th Quarter 2004 Page 35

INVESTOR INFORMATION

RESEARCH COVERAGE

• AG EDWARDS

Dave AuBuchon

314.955.5452

• BANK OF AMERICA

Ross Nussbaum

212.847.5668

John Kim

212.847.5761

• CITIGROUP

Jon Litt

212.816.0231

John Stewart

212.816.1685

• DEUTSCHE BANK

Lou Taylor

212.469.4912

• FRIEDMAN, BILLINGS, RAMSEY & CO. INC.

David Loeb

703.469.1289

Gustavo Sarago

703.469.1042

• GREEN STREET ADVISORS

Jim Sullivan

949.640.8780

• LEHMAN BROTHERS

David Shulman

212.526.3413

David Harris

212.526.1790

• MCDONALD INVESTMENTS

Frank Greywitt

216.443.4795

• PRUDENTIAL SECURITIES

Jim Sullivan

212.778.2515

Jamie Feldman

212.778.1724

• RAYMOND JAMES

Paul Puryear

727.573.3800

x 32253

Bill Crow

727.573.8963

• UBS WARBURG

Keith Mills

212.713.3098

3890 West Northwest Highway, Suite 400

Dallas, Texas 75220

214.654.0886

This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company. Any offers to sell or solicitations to buy any securities of the Company shall be made by means of a prospectus.