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CHICAGO-Equity Office Properties Trust, the nation’s largest office REIT, joins the parade of companies projecting lower than expected earnings for 2002 because of a slowing economy exacerbated by the Sept. 11 terrorist attacks on the US. Among REITs forecasting earnings lower than previous targets include Equity Residential Properties as well as another local multifamily REIT, AMLI Residential.

Equity Office says its 2002 funds from operations will fall in a range of $3.40 to $3.50 per share, down from its previously stated $3.57 to $3.62 per share.

“We stated on our second quarter earnings call that our 2002 FFO guidance was predicated on an increase in office space demand beginning in the latter part of 2001 and into 2002,” says President and CEO Tim Callahan. “The continued general economic weakness across U.S. markets, and the added uncertainty from the tragic events of September 11th, have caused us to revise certain of the assumptions in our earlier 2002 FFO guidance.”

With its merger with Speiker Properties, Equity Office’s portfolio now consists of 670 buildings totaling 125 million sf.

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