Exhibit 99.2

Trammell Crow Company

Statements of Income

(in thousands, except share and per share data)

	For the Year Ended December 31,						(UNAUDITED) For the Three Months Ended December 31,
	2005			2004			2005			2004
	(A)			(A)						(A)
Revenues:
User Services:
Facilities management	$	237,659		$	211,062		$	64,055		$	57,117
Corporate advisory services	186,847			143,266			72,560			52,846
Project management services	118,678			91,599			33,175			30,694
	543,184			445,927			169,790			140,657
Investor Services:
Property management	136,665			137,193			33,864			33,539
Brokerage	138,416			114,478			41,664			37,702
Construction management	11,973			11,187			3,592			4,200
	287,054			262,858			79,120			75,441
Development and construction	47,159			38,346			20,907			14,073
	877,397			747,131			269,817			230,171
Gain on disposition of real estate	18,553			26,742			8,794			15,172
Total Revenues	895,950			773,873			278,611			245,343
Costs and expenses:
Salaries, wages and benefits	553,552			493,404			154,310			144,489
Commissions	151,721			120,345			52,882			43,727
General and administrative	140,618			127,758			38,372			38,154
Depreciation and amortization	9,995			11,344			2,537			2,668
Interest	5,441			4,195			1,538			1,202
Total Expenses	861,327			757,046			249,639			230,240
Operating income	34,623			16,827			28,972			15,103
Interest and other income	2,835			2,797			761			673
Income from continuing operations before income taxes, minority interest and income from investments in unconsolidated subsidiaries	37,458			19,624			29,733			15,776
Income tax expense	(13,856		)	(7,452		)	(11,044		)	(5,897		)
Minority interest, net of income taxes (B)	2,528			(3,006		)	1,207			(3,223		)
Income from investments in unconsolidated subsidiaries, net of income taxes (B)	15,154			10,971			9,090			2,620
Income from continuing operations	41,284			20,137			28,986			9,276
Income from discontinued operations, net of income taxes (B)	18,123			18,982			5,587			18,676
Net income	$	59,407		$	39,119		$	34,573		$	27,952
Diluted income per share:
Income from continuing operations	$	1.13		$	0.54		$	0.79		$	0.26
Income from discontinued operations	0.50			0.51			0.15			0.51
Net income	$	1.63		$	1.05		$	0.94		$	0.77
Weighted average common shares outstanding	36,440,940			37,239,801			36,880,842			36,205,412
Net income	$	59,407		$	39,119		$	34,573		$	27,952
Depreciation and amortization (C)	10,627			11,604			2,652			2,707
Interest(D)	7,344			4,830			1,672			1,425
Income tax expense	34,880			23,954			20,662			16,379
EBITDA (E)	$	112,258		$	79,507		$	59,559		$	48,463

(A) In accordance with the discontinued operations provisions of FAS 144, certain revenues and expenses for the nine months ended September 30, 2005, and for the three months and year ended December 31, 2004, have been reclassified to conform to the presentation for the three months ended December 31, 2005. These reclassifications did not have any impact on net income or EBITDA.

(B) Income tax expense has been calculated using an effective tax rate applicable to these line items.

(C)  Includes depreciation and amortization related to discontinued operations of $115 and $632 for the three months and year ended December 31, 2005, respectively, and $39 and $260 for the three months and year ended December 31, 2004, respectively.

(D)  Includes interest related to discontinued operations of $134 and $1,903 for the three months and year ended December 31, 2005, respectively, and $223 and $635 for the three months and year ended December 31, 2004, respectively.

(E) EBITDA represents earnings before interest, income taxes and depreciation and amortization. The Company believes that EBITDA is a meaningful measure of the Company’s operating performance, cash generation and ability to service debt. However, EBITDA should not be considered as an alternative to: (1) net earnings (determined in accordance with accounting principles generally accepted in the United States (“GAAP”)); (2) operating cash flow (determined in accordance with GAAP); or (3) liquidity. The Company also believes that EBITDA is sometimes useful to compare the operating results of companies within an industry due to the fact that it eliminates the effects of certain financing and accounting decisions. The Company’s calculation of EBITDA may, however, differ from similarly titled items reported by other companies.