Equity Office Has Good Quarter

Equity Office Properties Trust, the largest office landlord in the nation, has reported favorable second-quarter 2000 figures. Funds from operations for the second quarter totaled $203.2 million, or 70¢ per fully diluted share on revenues of $496.9 million, as compared to FFO for the same period in 1999 of $186.6 million on revenues of $481.3 million. Net income for the 2Q 2000, before a $264,000 extraordinary charge, totaled $136.5 million, as compared to $105.4 million, a 30% increase. For the six months ended June 30, 2000, FFO totaled $398.8 million on revenues of $965.7 million compared with FFO of $366.4 million on revenues of $956.4 million for the same period in 1999. FFO per share on a fully diluted basis totaled $1.39 for the six month period in 2000, a 10.3% increase over $1.26 per fully diluted share for the same period in 1999.Occupancy for the total portfolio at June 30, 2000, was 94.1% and the portfolio was 95.9% leased. Leasing activity during the quarter totaled 4.3 million sf. Of this amount about 3 million sf related to expiring space and 1.3 million sf represented net absorption. The average gross rental rate on leases signed was $29.91, compared to $22.72 for the average rental rate on expiring leases, a 32% increase in rental rates.