Exhibit 99.2

PRENTISS

PROPERTIES

TRUST

SUPPLEMENTAL OPERATING & FINANCIAL DATA

FOR THE QUARTER ENDED MARCH 31, 2005

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

Prentiss Properties Trust

Supplemental Information

1st Quarter 2005

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
Summary of Properties Owned and Managed	26
Selected Property Data	27-29
Summary of Financing	30
Return on Invested Capital/Stock Performance	31
Definitions of Non-GAAP Financial Measures	32-34

Financial Highlights

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

	For the Three Months Ended or as of
	3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004
Financial Information (1)
Assets		2,336,131			2,306,522			2,240,255			2,283,555			2,186,998
Gross Book Value of Real Estate Assets		2,255,773			2,227,015			2,173,045			2,211,098			2,139,087
Unsecured Debt		413,026			406,260			367,830			413,900			307,450
Secured Debt		855,268			807,047			781,393			772,635			810,884
Weighted Average Maturity (years) (2)		7.0			4.1			4.4			4.4			4.6
NOI		55,949			57,067			58,479			57,582			58,961
Total Property Revenues (3)		95,237			94,732			93,477			93,326			92,949
Total Property Expenses (4)		36,363			36,257			32,421			33,413			32,829
Property NOI		58,874			58,475			61,056			59,913			60,120
Property Operating Margin		61.82	%		61.73	%		65.32	%		64.20	%		64.68	%
Adjusted FFO/Share (5)	$	0.73		$	0.75		$	0.77		$	0.76		$	0.77
Capitalization
Total Debt (1)		1,268,294			1,213,307			1,149,223			1,186,535			1,118,334
Total Common Shares Outstanding (6)		45,189			45,063			44,925			44,846			44,313
Total Convertible Preferred Shares Outstanding		3,774			3,774			3,774			3,774			3,774
Total OP Units Outstanding		1,329			1,335			1,417			1,437			1,437
Combined Shares and OP Units Outstanding		50,292			50,172			50,116			50,057			49,524
Share Price at Quarter End	$	34.16		$	38.20		$	36.00		$	33.52		$	36.90
Equity Value of Common and Common Equivalents		1,717,975			1,916,570			1,804,176			1,677,911			1,827,436
Perpetual Preferred Equity											—			—
Total Market Capitalization		2,986,269			3,129,877			2,953,399			2,864,446			2,945,770
Debt/Total Market Capitalization		42.5	%		38.8	%		38.9	%		41.4	%		38.0	%
Financial Ratios
Interest Coverage		2.89			3.01			3.02			2.99			3.11
Fixed Charge Coverage (including preferred dividends)		2.60			2.71			2.72			2.69			2.65
Adjusted FFO Pay-out (6)		76.69	%		75.07	%		72.62	%		74.20	%		74.00	%
FAD Pay-out		114.68	%		135.30	%		105.23	%		101.32	%		106.26	%
FAD Less Dividends		(3,606	)		(7,330	)		(1,395	)		(365	)		(1,394	)
ROIC - Annualized NOI / Operating Real Estate		10.35	%		10.33	%		10.86	%		10.71	%		10.89	%
ROIC - Annualized NOI / (Op. Real Estate + Net Deferred Leasing Cost)		9.40	%		9.36	%		9.95	%		9.87	%		10.04	%
Annualized NOI / Total Assets (book value before depreciation)		8.56	%		8.87	%		9.36	%		9.08	%		9.67	%
Debt / Total Assets (book value before depreciation)		48.52	%		47.17	%		46.01	%		46.79	%		45.84	%
Debt / Annualized NOI		5.67			5.32			4.91			5.15			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 63,741 shares in treasury related to our deferred compensation plan.

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 1

Calculation of FFO and FAD

For Common Shares and Common Share Equivalents

(000s, except per share data)

	Three Months Ended
	3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004
Funds from Operations (FFO):
Net income	$	12,703		$	14,078		$	12,554		$	18,792		$	16,999
Adjustments:
Real estate depreciation and amortization(1)		24,407			24,294			24,368			23,785			22,982
Minority interests (2)		312			366			333			538			496
Minority interest share of depreciation and amortization		(1,431	)		(1,377	)		(1,181	)		(1,303	)		(821	)
Pro rata share of joint venture depreciation and amortization		747			756			749			744			736
Issue costs of preferred units redeemed		—			—			—			—			(1,600	)
(Gain)/loss on sale of real estate		(15	)		(3,593	)		1,821			(10,091	)		(1,316	)
FFO applicable to common and common equivalents	$	36,723		$	34,524		$	38,644		$	32,465		$	37,476
Impairment losses and debt defeasance related to real estate		—			2,900			—			5,316			—
Adjusted FFO applicable to common and common equivalents	$	36,723		$	37,424		$	38,644		$	37,781		$	37,476
Weighted average common shares, units and common shares equivalents (diluted)		50,214			50,174			50,086			49,738			48,896
Adjusted FFO per weighted average shares outstanding (diluted)	$	0.73		$	0.75		$	0.77		$	0.76		$	0.77
Funds Available for Distribution (FAD):
Adjusted FFO	$	36,723		$	37,424		$	38,644		$	37,781		$	37,476
Adjustments:
Straight-line rent adjustment		(2,221	)		(2,053	)		(2,199	)		(2,231	)		(2,479	)
FAS 141 adjustment		(155	)		(162	)		(344	)		(256	)		10
Amortization of deferred financing fees		689			544			646			582			579
Capital expenditures		(10,479	)		(14,987	)		(10,077	)		(8,209	)		(9,485	)
FAD	$	24,557		$	20,766		$	26,670		$	27,667		$	26,101
Weighted average common shares, units and common shares equivalents (diluted)		50,214			50,174			50,086			49,738			48,896
Dividend per share	$	0.560		$	0.560		$	0.560		$	0.560		$	0.560
Total dividend declared	$	28,163		$	28,096		$	28,065		$	28,032		$	27,734
Payout ratio of Adjusted FFO		76.69	%		75.07	%		72.62	%		74.20	%		74.00	%
Payout ratio of FAD		114.68	%		135.30	%		105.23	%		101.32	%		106.26	%

(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 1st Quarter 2005 Page 2

Calculation of NOI

(dollars in thousands)

	Three Months Ended
	3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004
NOI
Net income	$	12,703		$	14,078		$	12,554		$	18,792		$	16,999
Adjustments:
Interest expense and amortization of financing		18,593			17,992			18,231			17,736			17,403
Real estate depreciation and amortization		24,407			24,294			24,368			23,785			22,982
Minority interests share of interest expense and deferred financing		(686	)		(574	)		(372	)		—			—
Minority interests share of depreciation and amortization		(1,431	)		(1,377	)		(1,181	)		(1,303	)		(821	)
Other depreciation and amortization		152			163			144			123			129
Tax expenses		(336	)		524			276			(43	)		(408	)
Minority interests applicable to common units		312			366			333			538			496
Minority interests applicable to preferred units		21			19			17			22			1,204
Loss on investment in securities		—			—			—			420			—
(Gain)/loss on sales, net of related defeasance cost		(15	)		(3,593	)		1,821			(4,775	)		(1,316	)
Loss on impairment of mortgage loan		—			2,900			—			—			—
Equity in income of unconsolidated joint ventures		(698	)		(639	)		(616	)		(596	)		(578	)
Net operating income of unconsolidated joint ventures		2,927			2,914			2,904			2,883			2,871
NOI	$	55,949		$	57,067		$	58,479		$	57,582		$	58,961

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 3

Prentiss Properties Trust

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

	3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004
Assets
Operating real estate:
Land	$	349,779		$	341,321		$	336,245		$	345,089		$	325,623
Buildings and improvements		1,827,141			1,789,043			1,731,346			1,779,810			1,728,823
Less: accumulated depreciation		(245,518	)		(234,007	)		(224,748	)		(221,575	)		(222,080	)
		1,931,402			1,896,357			1,842,843			1,903,324			1,832,366
Construction in progress		28,963			23,417			18,085			12,594			—
Land held for development		59,084			59,014			58,871			43,678			47,462
Deferred charges and other assets, net		269,015			260,283			236,392			233,238			209,744
Notes receivable, net		1,500			1,500			5,440			5,942			6,440
Receivables, net		55,910			55,772			54,841			51,030			49,451
Cash and cash equivalents		10,785			8,586			6,956			10,035			11,215
Escrowed cash		7,151			9,584			9,579			10,149			13,062
Investments in securities and insurance contracts		5,110			3,279			2,928			3,030			3,395
Investments in unconsolidated joint ventures		14,648			12,943			12,906			12,774			14,274
Interest rate hedges		7,242			2,804			2,107			5,099			475
Total assets	$	2,390,810		$	2,333,539		$	2,250,948		$	2,290,893		$	2,187,884
Liabilities and Shareholders’ Equity
Liabilities:
Mortgages and notes payable	$	1,249,083		$	1,191,911		$	1,115,534		$	1,103,992		$	1,034,934
Interest rate hedges		1,222			3,850			6,775			5,277			10,476
Accounts payable and other liabilities		89,059			105,304			93,255			82,706			70,492
Distributions payable		28,192			28,103			28,072			28,041			27,742
Total liabilities		1,367,556			1,329,168			1,243,636			1,220,016			1,143,644
Minority interest in operating partnership		24,613			24,990			26,790			27,738			27,476
Minority interest in real estate partnerships		62,029			35,792			30,858			77,843			69,841
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, 48,394,871 and 48,268,845 (includes 3,269,746 and 3,286,957 in treasury) shares issued and outstanding at March 31, 2005 and December 31, 2004, respectively		484			483			481			480			475
Additional paid-in capital		1,024,545			1,020,917			1,017,744			1,014,116			997,537
Common shares in treasury, at cost, 3,269,746 and 3,286,957 shares at March 31, 2005 and December 31, 2004, respectively		(82,376	)		(82,694	)		(82,505	)		(82,159	)		(82,115	)
Unearned compensation		(6,491	)		(3,386	)		(3,827	)		(4,254	)		(4,782	)
Accumulated other comprehensive income		6,595			(302	)		(4,061	)		564			(9,176	)
Retained earnings/(distributions in excess of earnings)		(106,145	)		(91,429	)		(78,168	)		(63,451	)		(55,016	)
Total shareholders’ equity		936,612			943,589			949,664			965,296			946,923
Total liabilities and shareholders' equity	$	2,390,810		$	2,333,539		$	2,250,948		$	2,290,893		$	2,187,884

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 4

Prentiss Properties Trust

Consolidated Statements of Income

(in thousands, except per share amounts)

	Three Months Ended
	3/31/2005			12/31/2004			9/30/2004			6/30/2004			3/31/2004
Revenues:
Rental income	$	95,039		$	93,897		$	91,008		$	87,622		$	84,298
Service business and other income		3,050			4,277			3,216			2,928			3,488
		98,089			98,174			94,224			90,550			87,786
Operating expenses:
Property operating and maintenance		26,045			25,604			22,685			22,015			21,377
Real estate taxes		10,859			10,894			9,396			9,780			9,336
General and administrative and personnel cost		2,883			3,010			3,423			2,785			2,585
Expenses of service business		2,655			3,213			2,670			2,466			1,649
Depreciation and amortization		24,559			24,393			24,171			22,467			21,284
		67,001			67,114			62,345			59,513			56,231
Other expenses:
Interest expense		17,875			17,433			17,580			16,825			16,199
Amortization of deferred financing costs		718			559			651			568			565
Income from continuing operations before equity in income of unconsolidated joint ventures, loss on securities, impairment and minority interests		12,495			13,068			13,648			13,644			14,791
Equity in income of unconsolidated joint ventures		698			639			616			596			578
Loss on investment in securities		—			—			—			(420	)		—
Loss from impairment of mortgage loan		—			(2,900	)		—			—			—
Minority interests		(505	)		(258	)		(323	)		(563	)		(1,600	)
Income from continuing operations		12,688			10,549			13,941			13,257			13,769
Discontinued operations:
Income from discontinued operations including impairment losses		—			44			390			942			1,978
Gain/(loss) from disposition of discontinued operations		15			3,593			(1,821	)		10,185			—
Loss from debt defeasance related to sale of real estate		—			—			—			(5,316	)		—
Minority interest related to discontinued operations		—			(108	)		44			(182	)		(64	)
		15			3,529			(1,387	)		5,629			1,914
Income before (loss)/gain on sale of land and an interest in a real estate partnership		12,703			14,078			12,554			18,886			15,683
(Loss)/gain on sale of land and an interest in a real estate partnership		—			—			—			(94	)		1,316
Net income		12,703			14,078			12,554			18,792			16,999
Preferred dividends		(2,113	)		(2,113	)		(2,113	)		(2,113	)		(3,713	)
Net income applicable to common shareholders	$	10,590		$	11,965		$	10,441		$	16,679		$	13,286
Net income per common share - basic	$	0.24		$	0.27		$	0.23		$	0.38		$	0.31
Weighted average number of common shares outstanding - basic		44,884			44,799			44,691			44,386			43,426
Net income per common share - diluted	$	0.23		$	0.27		$	0.23		$	0.37		$	0.30
Weighted average number of common shares and common share equivalents outstanding-diluted		45,109			45,024			44,882			44,527			43,670

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 5

Joint Venture Financial Summary

As of and for the Quarter Ended March 31, 2005

(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	$	2,953		$	782		$	3,735		$	3,394		$	—	$	3,394
Straight-line adjustment		(131	)		5			(126	)		154			—		154
Other income		1			2			3			5			—		5
Revenues		2,823			789			3,612			3,553			—		3,553
Property operating expenses		(414	)		(271	)		(685	)		(1,276	)		—		(1,276	)
Depreciation and amortization		(527	)		(220	)		(747	)		(1,489	)		—		(1,489	)
Interest expense		(1,196	)		(283	)		(1,479	)		(681	)		—		(681	)
Amortization of deferred financing costs		—			(3	)		(3	)		(32	)		—		(32	)
Net income	$	686		$	12		$	698		$	75		$	—	$	75
Add:
Depreciation		527			220			747			1,489			—		1,489
Funds from operations	$	1,213		$	232		$	1,445		$	1,564		$	—	$	1,564
Add:
Interest expense		1,196			283			1,479			681			—		681
Amortization of deferred financing costs		—			3			3			32			—		32
NOI	$	2,409		$	518		$	2,927		$	2,277		$	—	$	2,277
Balance Sheet Information
Real estate book value	$	70,034		$	25,004		$	95,038		$	99,884		$	19,288	$	119,172
Accumulated depreciation		(29,561	)		(4,469	)		(34,030	)		(1,929	)		—		(1,929	)
Real estate book value after depreciation	$	40,473		$	20,535		$	61,008		$	97,955		$	19,288	$	117,243
Assets	$	48,656		$	22,340		$	70,996		$	121,691		$	20,433	$	142,124
Debt (1)	$	65,112		$	14,726		$	79,838		$	59,007		$	9,182	$	68,189
Equity	$	(17,237	)	$	7,241		$	(9,996	)	$	59,808		$	8,562	$	68,370

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

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 6

Same Store Growth

(in thousands, except per share amounts)

		Three Months Ended March 31,
		2005			2004
Revenues:
Rental income		$	82,802		$	84,233
Less:
Straight-line rent adjustment			1,877			2,453
Termination fee income			2,695			3,405
Management and other fees, net			24			45
			78,254			78,420		-0.2	%
Expenses:
Property operating and maintenance			21,380			20,754		3.0	%
Real estate taxes			9,355			9,305		0.5	%
			30,735			30,059		2.2	%
			47,519			48,361		-1.7	%
Occupancy			87.5	%		90.1	%
Properties	116
Square Feet	15,845

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 7

Portfolio Analysis: Operating Properties

	Percentage of NOI by Location and Building Type For the Quarter Ended 3/31/05						Percentage Leased by Location and Building Type at March 31, 2005						Rentable Square Footage (000s) of Properties by Location and Building Type at March 31, 2005
	Office		Industrial		Total		Office		Industrial		Total		Office		Industrial		Total		% of Total
Core Markets
Metropolitan Washington, D.C.	29.7	%			29.7	%	89.3	%			89.3	%	4,100				4,100		22.2	%
Dallas / Fort Worth	19.2	%			19.2	%	87.1	%			87.1	%	4,718				4,718		25.6	%
Chicago	12.7	%	0.7	%	13.5	%	87.3	%	82.1	%	86.1	%	2,227		682		2,909		15.8	%
Austin	12.2	%			12.2	%	98.2	%			98.2	%	1,673				1,673		9.1	%
Northern California	11.9	%			11.9	%	87.4	%			87.4	%	1,772				1,772		9.6	%
San Diego	6.0	%	1.3	%	7.3	%	92.8	%	85.1	%	90.9	%	814		268		1,082		5.9	%
Other Markets
Los Angeles			2.8	%	2.8	%			100.0	%	100.0	%			1,253		1,253		6.8	%
Denver	2.3	%			2.3	%	69.8	%			69.8	%	709				709		3.8	%
Detroit	1.1	%			1.1	%	90.1	%			90.1	%	242				242		1.3	%
	95.1	%	4.9	%	100.0	%	88.4	%	92.6	%	88.9	%	16,255		2,203		18,458		100.0	%
							Percentage of Total						88.1	%	11.9	%	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 1st Quarter 2005 Page 8

Significant Tenants

March 31, 2005

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	11,868	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	%	1/06 (80); 2/06 (19); 2/07 (36); 4/07 (3); 10/12 (9); 2/13 (51); 9/13 (103)
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
AT & T	2	4,596	1	%	205	1	%	4/06 (1); 12/06 (38); 5/09 (166)
SRA International	1	4,382	1	%	183	1	%	12/07 (107); 6/10 (76)
Perot Systems	2	4,303	1	%	161	1	%	12/11 (71); 7/15 (90)
Burlington Resources	1	4,266	1	%	199	1	%	6/13
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	3,997	1	%	128	1	%	9/11
National Union Fire Insurance (AIG)	1	3,993	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
The Lewin Group	1	3,243	1	%	103	1	%	2/09
Total:		114,781	37	%	5,220	32	%
Total Company		313,531			16,415

The above table sets forth a schedule of the Company’s 20 largest tenants including subsidiaries for the Operating Properties as of March 31, 2005, based upon annualized base rents. Annualized base rental revenue is based on actual March 2005 billings times 12. For leases whose rent commences after April 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 1st Quarter 2005 Page 9

Industry Diversification

March 31, 2005

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	54,774	17	%	2,702	16	%
Management / Scientific & Technical	26,460	8	%	1,228	7	%
Insurance Carriers	19,145	6	%	1,006	6	%
Legal Services	15,848	5	%	691	4	%
Ambulatory Health Care Services	15,446	5	%	546	3	%
Securities, Commodity / Other	13,713	4	%	593	4	%
Other Professional - Scientific	12,340	4	%	586	4	%
Architectural / Engineering	9,986	3	%	393	2	%
Commerical Banking	9,970	3	%	519	3	%
Food & Beverage Stores	9,608	3	%	525	3	%
Broadcasting / Telecommunication	8,563	3	%	380	2	%
Monetary Authority - Central Bank	8,523	3	%	335	2	%
Real Estate	8,134	3	%	405	2	%
Information Services / Data Processing	6,962	2	%	336	2	%
Printing & Related Support	6,176	2	%	356	2	%
Computer/Electronic Product Manufactuing	5,761	2	%	314	2	%
Accounting / Tax Preparation / Payroll	5,675	2	%	236	1	%
Chemical Manufacturing	5,190	2	%	303	2	%
Warehousing / Storage Facilities	4,574	1	%	891	5	%
Food Services / Drinking Places	4,469	1	%	245	1	%
Funds, Trusts & Other Financial	4,152	1	%	252	2	%
Publishing Industries	4,027	1	%	194	1	%
Specialized Design Services	4,007	1	%	205	1	%
Oil & Gas Extraction	3,756	1	%	242	1	%
Food Manufacturing	3,230	1	%	206	1	%
Educational Services	3,110	1	%	183	1	%
Housing/Urban Planning/Development	2,966	1	%	197	1	%
Administration / Support Service	2,748	1	%	133	1	%
Air Transportation	2,185	1	%	94	1	%
Miscellaneous Manufacturing	2,161	1	%	384	2	%
Other	29,872	10	%	1,735	11	%
Total:	313,531	100	%	16,415	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 March 2005 billings times 12. For leases whose rent commences after April 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 1st Quarter 2005 Page 10

Leasing Activity Summary

For the Quarter Ended March 31, 2005

	3/31/05		% Leased at 12/31/04		KSF Leased at 12/31/04	KSF Expiring During Period		Leasing Activity(KSF) :				KSF Leased at 3/31/05	% Leased at 3/31/05		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%	92	%	1,346	(36	)	16	0	3	0	1,329	91	%	$	18.26	$	17.63	$	17.64	$	18.72	6	%
Silicon Valley	306	2%	72	%	220	0		0	0	0	0	220	72	%
San Diego	814	4%	91	%	741	(39	)	28	7	18	0	755	93	%	$	19.05	$	19.02	$	18.83	$	19.81	5	%
Chicago	2,227	12%	88	%	1,956	(78	)	30	14	22	0	1,944	87	%	$	16.94	$	14.54	$	16.36	$	15.70	-4	%
Austin	1,673	9%	97	%	1,618	(11	)	7	26	3	0	1,643	98	%	$	17.41	$	12.00	$	17.41	$	12.99	-25	%
Dallas	3,693	20%	82	%	3,050	(44	)	12	6	103	0	3,127	85	%	$	8.97	$	10.11	$	8.93	$	9.35	5	%
Fort Worth	1,025	6%	96	%	983	(16	)	13	1	0	0	981	96	%	$	9.38	$	9.58	$	9.37	$	9.98	7	%
Northern Virginia	2,837	15%	93	%	2,559	(39	)	12	2	78	87	2,699	95	%	$	17.14	$	14.46	$	17.22	$	15.89	-8	%
Suburban Maryland	1,263	7%	76	%	959	(25	)	3	0	26	0	963	76	%	$	15.08	$	15.95	$	13.50	$	18.06	34	%
Subtotal - Core Markets	15,304	83%	88	%	13,432	(288	)	121	56	253	87	13,661	89	%	$	14.73	$	13.69	$	14.48	$	14.34	-1	%
Denver	709	4%	85	%	605	(206	)	89	0	7	0	495	70	%	$	10.31	$	8.05	$	10.29	$	8.66	-16	%
Detroit	242	1%	89	%	216	(4	)	0	1	5	0	218	90	%	$	17.63	$	10.28	$	16.12	$	9.96	-38	%
Subtotal - Other Markets	951	5%	86	%	821	(210	)	89	1	12	0	713	75	%	$	10.74	$	8.18	$	10.63	$	8.74	-18	%
Total - Office Properties	16,255	88%	88	%	14,253	(498	)	210	57	265	87	14,374	88	%	$	13.96	$	12.63	$	13.74	$	13.27	-3	%
Industrial Properties
Los Angeles	1,253	7%	88	%	1,107	0		0	0	146	0	1,253	100	%	$	5.69	$	2.06	$	5.51	$	2.06	-63	%
San Diego	268	1%	100	%	268	(40	)	0	0	0	0	228	85	%
Chicago	682	4%	82	%	560	0		0	0	0	0	560	82	%
Total - Industrial Props.	2,203	12%	88	%	1,935	(40	)	0	0	146	0	2,041	93	%	$	5.69	$	2.06	$	5.51	$	2.06	-63	%
Total Properties	18,458	100%	88	%	16,188	(538	)	210	57	411	87	16,415	89	%

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 1st Quarter 2005 Page 11

Year-To-Date Renewal Analysis

For the Period Ended March 31, 2005

	Q1 2005			YTD 2005
	Expiring SF	Renewal Rate		Expiring SF	Renewal Rate
Percentage of Tenants Retained on a Square Footage Basis
Office	498	46	%	498	46	%
Industrial	40	0	%	40	0	%
Total	538	43	%	538	43	%

	Q1 2005			YTD 2005
	Expiring Leases	Renewal Rate		Expiring Leases	Renewal Rate
Percentage of Tenants Retained on a Number of Leases Basis
Office	69	57	%	69	57	%
Industrial	1	0	%	1	0	%
Total	70	56	%	70	56	%

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 1st Quarter 2005 Page 12

Lease Expirations From April 1, 2005

Office Properties

		2005			2006			2007			2008			2009			2010			2011			2012			2013			2014			Thereafter
Southwest Office	Square Feet Expiring (000’s)		298			643			1,054			461			859			513			1,120			144			650			109			395
	Square Feet as a % of NRA		4	%		9	%		15	%		6	%		12	%		7	%		16	%		2	%		9	%		2	%		6	%
	Annualized Base Rent in Expiring Year (000’s)	$	5,394		$	12,980		$	19,897		$	7,509		$	17,648		$	9,432		$	22,824		$	3,130		$	11,922		$	1,897		$	6,591
	Annualized Base Rent PSF in Expiring Year	$	18.10		$	20.19		$	18.88		$	16.29		$	20.54		$	18.39		$	20.38		$	21.74		$	18.34		$	17.40		$	16.69
	Number of Leases Expiring		42			42			46			46			45			21			13			5			9			4			4
Mid-Atlantic Office	Square Feet Expiring (000’s)		218			659			622			307			513			404			495			111			9			167			157
	Square Feet as a % of NRA		5	%		16	%		15	%		7	%		13	%		10	%		12	%		3	%		0	%		4	%		4	%
	Annualized Base Rent in Expiring Year (000’s)	$	5,833		$	16,548		$	15,422		$	8,477		$	14,154		$	10,636		$	12,292		$	3,570		$	232		$	4,791		$	4,822
	Annualized Base Rent PSF in Expiring Year	$	26.76		$	25.11		$	24.79		$	27.61		$	27.59		$	26.33		$	24.83		$	32.16		$	25.78		$	28.69		$	30.71
	Number of Leases Expiring		28			40			40			20			37			19			12			4			2			5			6
Midwest Office	Square Feet Expiring (000’s)		40			200			138			211			176			148			405			221			240			60			323
	Square Feet as a % of NRA		2	%		8	%		6	%		9	%		7	%		6	%		16	%		9	%		10	%		2	%		13	%
	Annualized Base Rent in Expiring Year (000’s)	$	577		$	4,399		$	3,391		$	3,730		$	3,547		$	2,943		$	9,963		$	4,954		$	5,194		$	1,366		$	6,811
	Annualized Base Rent PSF in Expiring Year	$	14.43		$	22.00		$	24.57		$	17.68		$	20.15		$	19.89		$	24.60		$	22.42		$	21.64		$	22.77		$	21.09
	Number of Leases Expiring		16			24			26			19			23			12			10			10			9			9			9
Northern California Office	Square Feet Expiring (000’s)		84			100			231			204			188			109			335			54			8			220			16
	Square Feet as a % of NRA		5	%		6	%		13	%		12	%		11	%		6	%		19	%		3	%		0	%		12	%		1	%
	Annualized Base Rent in Expiring Year (000’s)	$	2,504		$	2,865		$	6,668		$	6,186		$	5,466		$	3,624		$	11,029		$	1,609		$	275		$	3,823		$	541
	Annualized Base Rent PSF in Expiring Year	$	29.81		$	28.65		$	28.87		$	30.32		$	29.07		$	33.25		$	32.92		$	29.80		$	34.38		$	17.38		$	33.81
	Number of Leases Expiring		28			15			21			11			16			4			2			2			1			1			1
Southern California Office	Square Feet Expiring (000’s)		99			120			123			106			94			58			128			1			12			14			0
	Square Feet as a % of NRA		12	%		15	%		15	%		13	%		12	%		7	%		16	%		0	%		1	%		2	%		0	%
	Annualized Base Rent in Expiring Year (000’s)	$	2,687		$	2,962		$	3,441		$	2,928		$	2,776		$	2,012		$	4,461		$	58		$	467		$	497		$	0
	Annualized Base Rent PSF in Expiring Year	$	27.14		$	24.68		$	27.98		$	27.62		$	29.53		$	34.69		$	34.85		$	58.00		$	38.92		$	35.50		$	0.00
	Number of Leases Expiring		40			38			38			19			20			7			2			1			1			2			0
Total Office Properties	Square Feet Expiring (000’s)		739			1,722			2,168			1,289			1,830			1,232			2,483			531			919			570			891
	Square Feet as a % of NRA		5	%		11	%		13	%		8	%		11	%		8	%		15	%		3	%		6	%		4	%		5	%
	Annualized Base Rent in Expiring Year (000’s)	$	16,995		$	39,754		$	48,819		$	28,830		$	43,591		$	28,647		$	60,569		$	13,321		$	18,090		$	12,374		$	18,765
	Annualized Base Rent PSF in Expiring Year	$	23.00		$	23.09		$	22.52		$	22.37		$	23.82		$	23.25		$	24.39		$	25.09		$	19.68		$	21.71		$	21.06
	Number of Leases Expiring		154			159			171			115			141			63			39			22			22			21			20

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 1st Quarter 2005 Page 13

Lease Expirations

From April 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)		385			144			429			144			290			22			0			67			0			0			0
	Square Feet as a % of NRA		25	%		9	%		28	%		9	%		19	%		1	%		0	%		4	%		0	%		0	%		0	%
	Annualized Base Rent in Expiring Year (000’s)	$	2,246		$	1,957		$	2,962		$	890		$	2,164		$	172		$	0		$	501		$	0		$	0		$	0
	Annualized Base Rent PSF in Expiring Year	$	5.83		$	13.59		$	6.90		$	6.18		$	7.46		$	7.82		$	0.00		$	7.48		$	0.00		$	0.00		$	0.00
	Number of Leases Expiring		7			4			6			3			8			1			0			1			0			0			0
Total Industrial Properties	Square Feet Expiring (000’s)		398			346			457			411			340			22			0			67			0			0			0
	Square Feet as a % of NRA		18	%		16	%		21	%		19	%		15	%		1	%		0	%		3	%		0	%		0	%		0	%
	Annualized Base Rent in Expiring Year (000’s)		2,338			2,668			3,127			1,878			2,426			172			0			501			0			0			0
	Annualized Base Rent PSF in Expiring Year	$	5.87		$	7.71		$	6.84		$	4.57		$	7.14		$	7.82		$	0.00		$	7.48		$	0.00		$	0.00		$	0.00
	Number of Leases Expiring		8			6			8			4			9			1			0			1			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 1st Quarter 2005 Page 14

Lease Expirations for the Next Four Quarters

From April 1, 2005

Office Properties

		Qtr 2 2005			Qtr 3 2005			Qtr 4 2005			Qtr 1 2006			Total
Southwest Office	Square Feet Expiring (000’s)		81			87			130			57			355
	Square Feet as a % of NRA		1	%		1	%		2	%		1	%		5	%
	Annualized Base Rent in Expiring Year (000’s)	$	1,477		$	1,648		$	2,269		$	1,121		$	6,515
	Annualized Base Rent PSF in Expiring Year	$	18.23		$	18.94		$	17.45		$	19.67		$	18.35
	Number of Leases Expiring		12			12			18			7			49
Mid-Atlantic Office	Square Feet Expiring (000’s)		76			62			80			110			328
	Square Feet as a % of NRA		2	%		1	%		2	%		3	%		8	%
	Annualized Base Rent in Expiring Year (000’s)	$	2,095		$	1,538		$	2,200		$	2,327		$	8,160
	Annualized Base Rent PSF in Expiring Year	$	27.57		$	24.81		$	27.50		$	21.15		$	24.88
	Number of Leases Expiring		7			10			11			10			38
Midwest Office	Square Feet Expiring (000’s)		3			12			25			55			95
	Square Feet as a % of NRA		0	%		0	%		1	%		2	%		4	%
	Annualized Base Rent in Expiring Year (000’s)	$	30		$	110		$	437		$	1,073		$	1,650
	Annualized Base Rent PSF in Expiring Year	$	10.00		$	9.17		$	17.48		$	19.51		$	17.37
	Number of Leases Expiring		1			4			11			6			22
Northern California Office	Square Feet Expiring (000’s)		28			3			53			31			115
	Square Feet as a % of NRA		2	%		0	%		3	%		2	%		6	%
	Annualized Base Rent in Expiring Year (000’s)	$	799		$	137		$	1,568		$	941		$	3,445
	Annualized Base Rent PSF in Expiring Year	$	28.54		$	45.67		$	29.58		$	30.35		$	29.96
	Number of Leases Expiring		7			2			19			5			33
Southern California Office	Square Feet Expiring (000’s)		33			20			46			48			147
	Square Feet as a % of NRA		4	%		2	%		6	%		6	%		18	%
	Annualized Base Rent in Expiring Year (000’s)	$	938		$	491		$	1,258		$	1,173		$	3,860
	Annualized Base Rent PSF in Expiring Year	$	28.42		$	24.55		$	27.35		$	24.44		$	26.26
	Number of Leases Expiring		13			12			15			14			54
Total Office Properties	Square Feet Expiring (000’s)		221			184			334			301			1,040
	Square Feet as a % of NRA		1	%		1	%		2	%		2	%		6	%
	Annualized Base Rent in Expiring Year (000’s)	$	5,339		$	3,924		$	7,732		$	6,635		$	23,630
	Annualized Base Rent PSF in Expiring Year	$	24.16		$	21.33		$	23.15		$	22.04		$	22.72
	Number of Leases Expiring		40			40			74			42			196

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 1st Quarter 2005 Page 15

Lease Expirations for the Next Four Quarters

From April 1, 2005

Industrial Properties

		Qtr 2 2005			Qtr 3 2005			Qtr 4 2005			Qtr 1 2006			Total
Midwest Industrial	Square Feet Expiring (000’s)		0			13			0			0			13
	Square Feet as a % of NRA		0	%		2	%		0	%		0	%		2	%
	Annualized Base Rent in Expiring Year (000’s)	$	0		$	92		$	0		$	0		$	92
	Annualized Base Rent PSF in Expiring Year	$	0.00		$	7.08		$	0.00		$	0.00		$	7.08
	Number of Leases Expiring		0			1			0			0			1
Southern California Industrial	Square Feet Expiring (000’s)		54			119			212			92			477
	Square Feet as a % of NRA		4	%		8	%		14	%		6	%		31	%
	Annualized Base Rent in Expiring Year (000’s)	$	624		$	927		$	695		$	1,316		$	3,562
	Annualized Base Rent PSF in Expiring Year	$	11.56		$	7.79		$	3.28		$	14.30		$	7.47
	Number of Leases Expiring		2			3			2			2			9
Total Industrial Properties	Square Feet Expiring (000’s)		54			132			212			92			490
	Square Feet as a % of NRA		2	%		6	%		10	%		4	%		22	%
	Annualized Base Rent in Expiring Year (000’s)		624			1,019			695			1,316		$	3,654
	Annualized Base Rent PSF in Expiring Year	$	11.56		$	7.72		$	3.28		$	14.30		$	7.46
	Number of Leases Expiring		2			4			2			2			10

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 1st Quarter 2005 Page 16

Development, Leasing and

Capital Expenditures Summary

	(000s) For the Three Months Ended
	3/31/2005		12/31/2004		9/30/2004		6/30/2004		3/31/2004
Development (1)	$	3,948	$	3,866	$	3,901	$	655	$	37
Re-development (2)		454		491		1,020		453		1,450
Subtotal Developments		4,402		4,357		4,921		1,108		1,487
Incremental Leasing Costs (3)		3,902		4,127		2,904		1,843		908
Incremental Capital Expenditures (4)		476		690		188		73		319
Subtotal Incremental		4,378		4,817		3,092		1,916		1,227
Non-incremental Leasing Costs (5)		8,170		13,179		9,008		7,449		7,748
Non-incremental Capital Expenditures (5)		2,309		1,808		1,069		760		1,737
Subtotal Non-Incremental		10,479		14,987		10,077		8,209		9,485
Total Capital Expenditures	$	19,259	$	24,161	$	18,090	$	11,233	$	12,199

(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 1st Quarter 2005 Page 17

Capital Expenditures Detail

For the Quarter Ended March 31, 2005

(000s)

Incremental

	Common Area		Landscaping & Parking Lot		Base Building		Roofing		Other		Total
Office	$	134	$	3	$	331	$	0	$	8	$	476
Industrial		—		—		—		—		—		—
Total	$	134	$	3	$	331	$	0	$	8	$	476

Non-Incremental

	Common Area		Landscaping & Parking Lot		Base Building		Roofing		Other		Total
Office	$	811	$	9	$	615	$	124	$	522	$	2,081
Industrial		1		227		—		—		—		228
Total	$	812	$	236	$	615	$	124	$	522	$	2,309

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 18

Year-To-Date Non-Incremental Leasing Cost Analysis

For the Period Ended March 31, 2005

	Q1 2005						Total 2005
	KSF	Ave. Term in Yrs	Leasing Cost /Sq Ft				KSF	Ave. Term in Yrs	Leasing Cost /Sq Ft
Office			for Term		per Year				for Term		per Year
Renewals	210	4.4	$	13.31	$	3.03	210	4.4	$	13.31	$	3.03
Expansions	53	5.1	$	24.14	$	4.72	53	5.1	$	24.14	$	4.72
New Leases	233	7.6	$	28.26	$	3.72	233	7.6	$	28.26	$	3.72
	496	6.0	$	21.49	$	3.59	496	6.0	$	21.49	$	3.59

	Q1 2005						Total 2005
	KSF	Ave. Term in Yrs	Leasing Cost /Sq Ft				KSF	Ave. Term in Yrs	Leasing Cost /Sq Ft
Industrial			for Term		per Year				for Term		per Year
Renewals	—	—	$	0.00	$	0.00	0	—	$	0.00	$	—
Expansions	—	—	$	0.00	$	0.00	0	—	$	0.00	$	—
New Leases	146	0.1	$	0.02	$	0.02	146	0.1	$	0.02	$	0.02
	146	0.1	$	0.02	$	0.02	146	0.1	$	0.02	$	0.02

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 19

Non-Incremental Leasing Cost Analysis By City

For the Quarter Ended March 31, 2005

		Renewals									Expansions									New Leases
	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
Property					/SF		/SF/Yr							/SF		/SF/Yr							/SF		/SF/Yr
Office Properties
Oakland Properties	1,466	4	16	4.5	$	1.04	$	0.23	$	19.04	0	0	0.0	$	0.00	$	0.00	$	0.00	1	3	1.0	$	0.00	$	0.00	$	17.00
Silicon Valley	306	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00
San Diego Properties	814	8	28	3.7	$	11.35	$	3.05	$	21.45	1	7	3.0	$	6.69	$	2.23	$	17.21	8	17	2.8	$	8.33	$	3.02	$	18.41
Denver Properties	709	4	89	4.4	$	17.54	$	4.01	$	8.77	0	0	0.0	$	0.00	$	0.00	$	0.00	1	7	1.0	$	1.16	$	1.16	$	7.23
Chicago Properties	2,227	4	30	5.4	$	16.81	$	3.12	$	14.10	1	10	3.5	$	2.66	$	0.76	$	14.39	1	1	1.0	$	0.91	$	0.91	$	12.43
Detroit Properties	242	0	0	0.0	$	0.00	$	0.00	$	0.00	1	1	2.7	$	9.01	$	3.37	$	8.67	2	5	5.1	$	22.91	$	4.48	$	10.22
Austin Properties	1,673	2	7	4.4	$	11.13	$	2.54	$	10.14	3	26	6.7	$	41.58	$	6.25	$	13.64	1	3	2.0	$	9.57	$	4.79	$	14.00
Dallas Properties	3,693	2	12	5.0	$	6.83	$	1.37	$	8.71	2	6	4.7	$	15.09	$	3.22	$	12.01	3	93	11.5	$	38.01	$	3.31	$	9.05
Fort Worth Properties	1,025	4	13	3.5	$	4.88	$	1.38	$	9.99	1	1	5.0	$	4.05	$	0.81	$	9.82	0	0	0.0	$	0.00	$	0.00	$	0.00
Northern Virginia Properties	2,837	4	12	4.2	$	14.10	$	3.33	$	14.90	2	2	3.1	$	10.53	$	3.36	$	15.18	2	78	5.2	$	22.28	$	4.32	$	16.06
Suburban Maryland	1,263	1	3	3.0	$	0.88	$	0.29	$	11.19	0	0	0.0	$	0.00	$	0.00	$	0.00	3	26	8.0	$	39.14	$	4.89	$	18.85
Subtotal - Office Properties	16,255	33	210	4.4	$	13.31	$	3.03	$	12.51	11	53	5.1	$	24.14	$	4.72	$	13.96	22	233	7.6	$	28.26	$	3.72	$	13.32
Industrial Properties
Los Angeles Properties	1,253	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00	1	146	0.1	$	0.02	$	0.02	$	2.06
San Diego Properties	268	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00
Chicago Properties	682	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00
Subtotal - Industrial Properties	2,203	0	0	0.0	$	0.00	$	0.00	$	0.00	0	0	0.0	$	0.00	$	0.00	$	0.00	1	146	0.1	$	0.02	$	0.02	$	2.06
Total Properties	18,458	33	210	4.4							11	53	5.1							23	379	4.7

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 1st Quarter 2005 Page 20

Summary of Land Held for Future Development

Quarter Ended March 31, 2005

(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		11,173	Adjacent to Park West at Dulles Corner.
The Park at Barton Creek	Austin	20.630		211	Jun-01		5,168	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		15,146	Located in Del Mar Heights.
Total Land Held for Future Development		73.531		3,231		$	59,084

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 1st Quarter 2005 Page 21

Summary of Development Activity

Quarter Ended March 31, 2005

(in thousands)

Currently Under Construction

Project	Market	Square Feet	Start Date	Shell Completion Date	% Leased		% Leased & Committe		Estimated Cost		Cost-to - Date		Projected Stabilized Cash on Cash Return
High Bluff at Del Mar	San Diego	158	Jun-04	Jul-05	50	%	63	%	$	48,064	$	28,963	8.8	%
Office Developments in Process		158			50	%	63	%	$	48,064	$	28,963	8.8	%

NOTES:   - The company owns 70% of this consolidated joint venture.

    - Additional information on this project is provided on the following page.

    - Leasing figures are updated through April 18, 2005.

    - Capitalized interest for the quarter totaled approximately $334,000 and is presented at 100%.

Supplemental Operating and
Financial Data Prentiss Properties Trust 1st Quarter 2005 Page 22

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 1st Quarter 2005 Page 32

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 1st Quarter 2005 Page 33

Same Store NOI and Same Store Growth

Same store NOI is similar to property level NOI, but excludes termination fees, which are generally onetime 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 1st Quarter 2005 Page 34