EXHIBIT 99                 

CRT PROPERTIES, INC.
225 NE Mizner Blvd., Suite 200
Boca Raton, Florida 33432

Contact:
Thomas C. Brockwell
Executive Vice President
CRT Properties, Inc.
(561) 395-9666

NEWS

CRT Properties Announces Third Quarter Earnings

—Reaffirms 2004 Guidance—

BOCA RATON, Fla.—(BUSINESS WIRE)—November 3, 2004—CRT Properties, Inc. (NYSE: CRO), formerly known as Koger Equity, Inc., today reported results for the third quarter ended September 30, 2004. Net income available to common shareholders for the third quarter 2004 totaled $580,000 or $0.02 per diluted share, compared to $3.3 million, or $0.15 per diluted share, for the third quarter 2003. FFO was $11.0 million or $0.41 per diluted share, versus $11.3 million, or $0.52 per diluted share a year ago. Results for the third quarter 2004 were impacted by certain one-time charges discussed in the Company’s second quarter conference call. The Company is reaffirming its 2004 net income and funds from operations (“FFO”) guidance as further discussed below.

During the third quarter ended September 30, 2004, the company executed 727,000 square feet of leases resulting in 113,000 square feet of net positive absorption. Most of the leasing activity occurred in the Company’s properties in Florida (380,000 square feet), Atlanta (100,000 square feet) and Houston (96,000 square feet). Virtually all of the net positive absorption for the quarter occurred in Tallahassee (51,000 square feet), Houston (43,000 square feet) and St. Petersburg (32,000 square feet). Expirations totaled 614,000 square feet of which 365,000 square feet or 59% were renewed. Significant leasing transactions during the quarter included:

• 51,000 square foot new five-year lease in Tallahassee with the State of Florida Department of Health.

• 39,000 square foot new five-year lease in St. Petersburg with Verizon Information Services.

• 58,000 square foot renewal with Anthem Blue Cross Blue Shield in Richmond.

• 55,000 square foot renewal with Blue Cross Blue Shield in Jacksonville.

• 50,000 square foot renewal with Best Software in St. Petersburg.

• 40,000 square foot renewal with Ford Motor Company in Atlanta.

The GAAP weighted average gross rental rate on backfill and renewal leases (excluding first generation space) for the quarter was $16.33 per square foot compared to $17.50 per square foot on expiring leases. The average annual cost per square foot on new and renewal leasing, for leases in excess of one year, was $2.34 for the third quarter 2004 compared to $2.80 for the second quarter 2004 and $2.11 for the third quarter 2003.

The Company’s portfolio ended the third quarter 2004 at 84.1% leased, compared to 83.0% at the end of the second quarter 2004 and 82.1% for the same period last year. The same store portfolio was 85.5% leased at the end of the third quarter 2004 compared to 84.9% at the end of the second quarter 2004 and from 84.8% for the same period last year. The Company’s properties acquired after December 31, 2001 (the “Acquisition Properties”), which are not included in the same-store universe, were 81.2% leased on September 30, 2004, compared to 79.4% on June 30, 2004 and 74.1% on September 30, 2003. Excluding the Company’s third quarter 2004 acquisitions, the Acquisition Properties were 79.0% leased at September 30, 2004 compared to 77.0% at June 30, 2004 and 74.1% at September 30, 2003.

CRT’s total operating revenues for the third quarter 2004 increased 16.8% to $41.1 million from $35.2 million in the third quarter 2003. Net operating income for the quarter increased 16.3% or $3.5 million, as compared to the same period last year.

These increases in total operating revenues and net operating income were primarily the result of acquisitions and were partially offset by lower results in the same-store universe, driven principally by declines in physical occupancy and rental rates.

Significant acquisitions and other capital transactions during the quarter included:

• On July 23, 2004 the Company acquired a five-story, 224,000 square foot, single-tenant, class “A” office building located at 7777 Baymeadows Way in Jacksonville, Florida, for a purchase price of $20.8 million, plus closing and other costs. (See Form 8-K filed July 30, 2004 for more information).

• On August 16, 2004, the Company acquired the Westchase Corporate Center located in Houston, Texas; a six-story, 184,000 square foot, class “A” office building for a purchase price of $20.3 million, plus closing and other costs. (See Form 8-K filed July 30, 2004 for more information).

• In August 2004, the Company replaced its previous $100 million secured revolving credit facility, which was scheduled to mature in December 2004, with a new $165 million secured revolving credit facility, which has a three-year term and a one-year extension option and is scheduled to expire on August 23, 2007.

Significant transactions subsequent to the quarter included:

• In October 2004, the Company entered into a joint venture with The Related Companies of New York to develop a $90 million, 20-story, 335,000-square-foot class “A” office tower in West Palm Beach, Florida.

• In October 2004, the Company entered into a purchase and sale agreement to acquire two class “A” office buildings known as the Las Olas Centre, located in Fort Lauderdale, Florida, comprising approximately 470,000 square feet for a purchase price of approximately $139 million, plus closing and other costs.

• In November 2004, the Company entered into a purchase and sale agreement to acquire a class “A” office building known as Signature Place, located in Dallas, Texas, comprising approximately 437,000 square feet for a purchase price of approximately $39.2 million, plus closing and other costs.

Results for the Nine Months Ended September 30, 2004

Net income available to common shareholders for the first nine months of 2004 totaled $6.8 million, or $0.25 per diluted share, compared to $11.0 million, or $0.52 per diluted share for the same period in 2003. During the first nine months of 2004, net operating income of acquisition properties increased $10.3 million as compared to same period in 2003, but same store net operating income decreased $2.9 million or 5.6% as compared to the same period in 2003.

FFO for the first nine months of 2004 was $36.5 million, or $1.35 per diluted share, compared to $34.7 million, or $1.62 per diluted share for the same period in 2003. For the first nine months of 2004, the Company increased total operating revenues 12.9% or $13.9 million to $121.6 million, from $107.7 million for the same period in 2003. This increase is principally due to the Company’s acquisitions after the third quarter 2003.

For the nine months ended September 30, 2004 as compared to the same period in 2003, net income available to common shareholders and FFO were impacted by declines in same-store operating profits, additional depreciation related to the 2004 acquisitions, and one-time general and administrative expenses in the third quarter 2004. Additionally, per share amounts were impacted by the dilutive effect of the Company’s January 2004 common stock offering.

The Company signed 1,537,000 square feet of leases in 314 transactions (excluding leases of one year or less) in the first nine months of 2004 at an average cost of $2.57 per square foot per year. The GAAP weighted average gross rental rate on new, backfill and renewal leases (excluding first generation space) was $16.74 per square foot compared to $17.44 per square foot on expiring leases. For the first nine months of 2004, the Company had positive net absorption totaling 78,000 square feet, most of which occurred in Houston, Texas and Tallahassee, Florida.

Earnings Estimates

Based on the current outlook and CRT’s results for the first nine months of 2004, the Company is maintaining its most recent net income and FFO per diluted share guidance for fiscal 2004. Management expects 2004 net income available to common shareholders will range between $0.47-$0.49 per diluted share while FFO is expected to range between $1.85-$1.87 per diluted share.

Non-GAAP Financial Measures

Funds from Operations (“FFO”) is a non-GAAP financial measure that is a widely used performance measure for real estate companies and is provided as a supplemental measure of operating performance. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. The National Association of Real Estate Investment Trusts (“NAREIT”) adopted the definition of FFO in order to promote an industry standard measure of REIT financial and operating performance. FFO adds back historical cost depreciation, which assumes the value of real estate assets diminishes predictably in Private Securities Litigation Reform Act of 1995. the future. NAREIT defines FFO as net income (loss) (computed in accordance with generally accepted accounting principles (GAAP), excluding gains (losses) from sales of property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

Given the nature of the Company’s business as a real estate owner and operator, the Company believes that FFO is helpful to investors as a starting point in measuring its operational performance because in excluding real estate related depreciation and amortization, and gains and losses from sales of property, it provides a supplemental performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. In addition, since most equity REITs provide FFO information to investors, FFO can also be a useful supplemental measure for comparing the Company’s results to other equity REITs.

FFO excludes depreciation and amortization, however, and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact the Company’s results from operations, the utility of FFO as a measure of performance is limited. Moreover, while the Company believes its computation of FFO conforms to the NAREIT definition, it may not be comparable to FFO reported by REITs that interpret the definition differently or that do not define FFO in accordance with the NAREIT definition at all. Accordingly, FFO (i) should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance, (ii) is not an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, and (iii) is not indicative of funds available to fund the Company’s cash needs, including its ability to pay dividends or make distributions, because of needed capital replacement or expansion, debt service obligations, or other cash commitments and uncertainties.

About CRT Properties

CRT Properties, Inc. owns or has interests in 134 office buildings, containing approximately 10.8 million rentable square feet, located primarily in 21 suburban office projects and two urban centers in twelve metropolitan areas in the Southeastern United States, Texas and Maryland.

Copies of the Company’s September 30, 2004 Third Quarter Supplemental Disclosure package are available upon request to Investor Relations, CRT Properties, Inc., 225 NE Mizner Blvd., Suite 200, Boca Raton, Florida 33432, or call 1-800-850-2037.

Additionally, the September 30, 2004 Third Quarter Supplemental Disclosure package and further information about CRT Properties, Inc. can be found on the Company’s Web site at www.crtproperties.com.

The Private Securities Litigation Reform Act of 1995

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The forward-looking statements contained in this release, including those that refer to management’s plans and expectations for future operations, prospects and financial condition, are subject to certain risks and uncertainties. Actual results could differ materially from current expectations. The words “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and can be affected by factors that are beyond the control of CRT Properties, Inc. Among the factors that could affect the Company’s actual results are changes in general economic conditions, including changes in the economic conditions affecting industries in which its principal tenants compete; its ability to timely lease or re-lease space at current or anticipated rents to creditworthy tenants; changes in interest rates; future demand for its debt and equity securities; and its ability to complete current and future development projects on schedule and on budget. A more detailed discussion of these and other factors is set forth in the “Risk Factors” section of the Company’s SEC reports and filings, including its Annual Report on Form

10-K for the year ended December 31, 2003. For forward-looking statements contained or incorporated by reference herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

CRT PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands except per Share Data)

	For the						For the
	Three Months Ended						Nine Months Ended
	9/30/04			9/30/03			9/30/04			9/30/03
Revenues
Rental and other rental services	$	40,974		$	35,163		$	121,373		$	107,407
Management fees		89			—			263			331
Other		—			—			—			5
Total operating revenues		41,063			35,163			121,636			107,743
Expenses
Property operations		16,114			13,907			47,686			41,949
Depreciation and amortization		10,479			7,925			29,615			24,537
General and administrative		4,146			2,385			10,157			8,415
Direct cost of management fees		—			—			—			88
Other		47			36			157			103
Total operating expenses		30,786			24,253			87,615			75,092
Operating Income		10,277			10,910			34,021			32,651
Other Income and Expense
Equity in earnings of unconsolidated entity		65			—			306			—
Interest income		53			39			315			179
Mortgage and loan interest		(8,155	)		(7,289	)		(22,981	)		(22,059	)
Total other income and expense		(8,037	)		(7,250	)		(22,360	)		(21,880	)
Income Before Gain on Sale or Disposition of Assets, Minority Interest and Income Taxes		2,240			3,660			11,661			10,771
Gain on sale or disposition of assets		—			—			—			589
Income Before Minority Interest and Income Taxes		2,240			3,660			11,661			11,360
Minority interest		72			—			72			—
Income tax expense (benefit)		—			(1	)		—			(22	)
Net Income		2,168			3,661			11,589			11,382
Dividends on preferred stock		(1,588	)		(371	)		(4,764	)		(371	)
Net Income Available to Common Shareholders	$	580		$	3,290		$	6,825		$	11,011
Earnings Per Share Available to Common Shareholders:
Basic	$	0.02		$	0.15		$	0.26		$	0.52
Diluted	$	0.02		$	0.15		$	0.25		$	0.52
Weighted Average Shares:
Basic		26,855			21,332			26,590			21,314
Diluted		27,180			21,455			26,919			21,377

CRT PROPERTIES, INC.
FUNDS FROM OPERATIONS
(In Thousands except per Share Data)

	For the						For the
	Three Months Ended						Nine Months Ended
	9/30/04			9/30/03			9/30/04			9/30/03
Net income	$	2,168		$	3,661		$	11,589		$	11,382
Dividends on preferred stock		(1,588	)		(371	)		(4,764	)		(371	)
Net income available to common shareholders	$	580		$	3,290		$	6,825		$	11,011
Depreciation – real estate		8,871			7,147			26,127			21,728
Depreciation – unconsolidated entity		58			—			329			—
Amortization — deferred tenant costs		692			436			2,019			1,264
Amortization – fair value of acquired leases		784			378			1,100			1,303
Minority interest		55			—			55			—
Gain on sale of non –operating assets		—			—			—			(589	)
Funds from operations	$	11,040		$	11,251		$	36,455		$	34,717
Weighted average shares/units outstanding – diluted		27,180			21,455			26,919			21,378
Funds from operations, per diluted share/unit	$	0.41		$	0.52		$	1.35		$	1.62

CRT PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)

	September 30,			December 31,
	2004			2003
ASSETS
Real estate investments:
Operating properties:
Land	$	149,853		$	119,973
Buildings		1,016,263			838,430
Furniture and equipment		3,734			3,599
Accumulated depreciation		(205,843	)		(179,569	)
Operating properties, net		964,007			782,433
Undeveloped land held for investment		14,575			10,975
Undeveloped land held for sale		3,039			3,041
Cash and cash equivalents		4,845			9,163
Restricted cash		14,024			11,114
Accounts receivable, net of allowance for uncollectible accounts of $1,196 and $939		19,378			16,236
Investment in unconsolidated affiliate		3,240			—
Other assets		30,935			15,239
TOTAL ASSETS	$	1,054,043		$	848,201
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Mortgages and loans payable	$	517,025		$	408,716
Accounts payable		2,784			4,299
Accrued real estate taxes payable		10,850			1,853
Other accrued liabilities		11,108			11,016
Dividends payable		9,700			7,824
Advance rents and security deposits		7,016			6,846
Total Liabilities		558,483			440,554
Minority interest		6,844			4,672
Shareholders’ equity:
Preferred Stock		30			30
Common stock		354			300
Capital in excess of par value		650,131			546,968
Notes receivable from stock sales		(1,292	)		(5,092	)
Accumulated other comprehensive loss		(241	)		(241	)
Dividends in excess of net income		(28,768	)		(7,405	)
Treasury stock, at cost		(131,498	)		(131,585	)
Total Shareholders’ Equity		488,716			402,975
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,054,043		$	848,201

CRT PROPERTIES, INC.
FORECASTED FUNDS FROM OPERATIONS
(per Diluted Share)

	Year Ending
	12/31/04
Net income available to common shareholders, per diluted share	$	0.47-0.49
Depreciation – real estate		1.27
Amortization — deferred tenant costs		0.09
Amortization – fair value of acquired leases		0.02
Gain on sale or disposition:
Non-operating assets
Funds from operations, per diluted share	$	1.85-1.87

#####

CRT PROPERTIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
TABLE OF CONTENTS / “SAFE HARBOR”
SEPTEMBER 30, 2004

			Page
I. Financial Data
	–	Consolidated Balance Sheets		2
	–	Consolidated Statement of Operations		3-4
	–	Funds from Operations		5
	–	Net Operating Income		6-7
	–	Capital Expenditures		8
	–	Summary of Outstanding Debt		9
II. Acquisition/Construction Summaries
	–	Operating Property Acquisitions		10
	–	Building Completions		11
	–	Buildings Under Construction		12
III. Portfolio Operating Statistics
	–	Twenty-Five Largest Tenants		13
	–	Industry Diversification		14
	–	Summary of Assets By City		15
	–	Occupancy/Leased Summary		16
	–	Occupancy Trend		17
	–	Leasing Summary		18
	–	Lease Distribution		19
	–	Lease Expirations		20
	–	Net Effective Rents		21
	–	Capital Expenditure Leasing Commitment		22
	–	Same Suite Analysis - GAAP Basis		23
	–	Same Suite Analysis - Cash Basis		24

This supplemental package may contain forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. Although CRT Properties, Inc. believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that the expectations will be attained. Forward-looking statements are not guarantees of future performance and therefore, undue reliance should not be placed on them. Please refer to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks that may have a direct bearing on our operating results, performance and financial condition. CRT Properties, Inc. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Page 1

CRT PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

Dollars in thousands
	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	09/30/04			6/30/04			3/31/04			12/31/03			9/30/03
ASSETS
Real estate investments:
Operating properties:
Land	$	149,853		$	146,035		$	129,973		$	119,973		$	116,658
Buildings		1,016,263			982,880			951,162			838,430			814,183
Furniture and equipment		3,734			3,713			3,672			3,599			3,533
Accumulated depreciation		(205,843	)		(196,893	)		(187,874	)		(179,569	)		(171,697	)
Operating properties, net		964,007			935,735			896,933			782,433			762,677
Undeveloped land held for investment		14,575			14,133			10,975			10,975			9,995
Undeveloped land held for sale		3,039			3,039			3,041			3,041			3,041
Cash and temporary investments		4,845			5,981			50,588			9,163			13,302
Restricted cash		14,024			11,923			12,681			11,114			14,520
Accounts receivable, net		19,378			17,742			17,703			16,236			14,575
Investment in an unconsolidated affiliate		3,240			3,389			3,369			0			0
Other assets		30,935			21,457			14,193			15,239			18,059
TOTAL ASSETS	$	1,054,043		$	1,013,399		$	1,009,483		$	848,201		$	836,169
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Mortgages and loan payable	$	517,025		$	472,866		$	468,241		$	408,716		$	394,128
Accounts payable		2,784			5,732			4,884			4,299			3,764
Accrued real estate taxes payable		10,850			9,721			4,864			1,853			9,893
Other accrued liabilities		11,108			10,085			10,255			11,016			10,846
Dividends payable		9,700			9,694			9,693			7,824			7,840
Advance rents and security deposits		7,016			7,218			7,147			6,846			5,343
Total Liabilities		558,483			515,316			505,084			440,554			431,814
Minority Interest		6,844			4,672			4,672			4,672			0
Shareholders’ Equity:
Preferred stock		30			30			30			30			30
Common stock		354			354			354			300			299
Capital in excess of par value		650,131			649,838			649,787			546,968			544,689
Notes receivable from stock sales to related parties		(1,292	)		(5,092	)		(5,092	)		(5,092	)		(5,266	)
Other comprehensive loss		(241	)		(241	)		(241	)		(241	)		(212	)
Retained earnings (Dividends in excess of net income)		(28,768	)		(19,949	)		(13,553	)		(7,405	)		(3,566	)
Treasury stock, at cost		(131,498	)		(131,529	)		(131,558	)		(131,585	)		(131,619	)
Total Shareholders’ Equity		488,716			493,411			499,727			402,975			404,355
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,054,043		$	1,013,399		$	1,009,483		$	848,201		$	836,169

Page 2

CRT PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

In thousands, except per share data
	Three Months Ended
	09/30/04			6/30/04			3/31/04			12/31/03			9/30/03
REVENUES
Rental and other rental services	$	40,974		$	40,931		$	39,468		$	38,664		$	35,163
Management fees		89			108			66			0			0
Total operating revenues		41,063			41,039			39,534			38,664			35,163
EXPENSES
Property operations		16,114			16,036			15,536			15,432			13,907
Depreciation and amortization		10,479			9,916			9,220			8,150			7,925
General and administrative		4,146			3,167			2,844			2,723			2,385
Other		47			58			52			44			36
Total operating expenses		30,786			29,177			27,652			26,349			24,253
OPERATING INCOME		10,277			11,862			11,882			12,315			10,910
OTHER INCOME AND EXPENSE
Equity in earnings of unconsolidated affiliate		65			110			131			0			0
Interest income		53			135			127			128			39
Mortgage and loan interest		(8,155	)		(7,520	)		(7,306	)		(7,190	)		(7,289	)
Total other income and expense		(8,037	)		(7,275	)		(7,048	)		(7,062	)		(7,250	)
INCOME BEFORE GAIN (LOSS) ON SALE OR DISPOSITION OF ASSETS		2,240			4,587			4,834			5,253			3,660
Gain (loss) on sale or disposition of assets		0			0			0			(16	)		0
INCOME BEFORE INCOME TAXES		2,240			4,587			4,834			5,237			3,660
Income taxes		0			0			0			(72	)		(1	)
INCOME BEFORE MINORITY INTEREST		2,240			4,587			4,834			5,309			3,661
Minority interest		72			0			0			0			0
NET INCOME	$	2,168		$	4,587		$	4,834		$	5,309		$	3,661
Dividends on preferred shares		(1,588	)		(1,588	)		(1,588	)		(1,624	)		(371	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	580		$	2,999		$	3,246		$	3,685		$	3,290
EARNINGS PER SHARE AVAILABLE TO COMMON SHAREHOLDERS — Diluted	$	0.02		$	0.11		$	0.12		$	0.17		$	0.15
WEIGHTED AVERAGE SHARES — Diluted		27,180			27,230			26,524			21,672			21,455
OPERATING MARGIN		60.7	%		60.8	%		60.6	%		60.1	%		60.4	%

Page 3

CRT PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

In thousands, except per share data
	Three Months Ended									Nine Months Ended
	09/30/04			09/30/03			Fav/(Unfav)			9/30/04			9/30/03			Fav/(Unfav)
REVENUES
Rental and other rental services	$	40,974		$	35,163		$	5,811		$	121,373		$	107,407		$	13,966
Management fees		89			0			89			263			331			(68	)
Other		0			0			0			0			5			(5	)
Total operating revenues		41,063			35,163			5,900			121,636			107,743			13,893
EXPENSES
Property operations		16,114			13,907			(2,207	)		47,686			41,949			(5,737	)
Depreciation and amortization		10,479			7,925			(2,554	)		29,615			24,537			(5,078	)
General and administrative		4,146			2,385			(1,761	)		10,157			8,415			(1,742	)
Direct cost of management fees		0			0			0			0			88			88
Other		47			36			(11	)		157			103			(54	)
Total operating expenses		30,786			24,253			(6,533	)		87,615			75,092			(12,523	)
OPERATING INCOME		10,277			10,910			(633	)		34,021			32,651			1,370
OTHER INCOME AND EXPENSE
Equity in earnings of unconsolidated affiliate		65			0			65			306			0			306
Interest income		53			39			14			315			179			136
Mortgage and loan interest		(8,155	)		(7,289	)		(866	)		(22,981	)		(22,059	)		(922	)
Total other income and expense		(8,037	)		(7,250	)		(787	)		(22,360	)		(21,880	)		(480	)
INCOME BEFORE GAIN (LOSS) ON SALE OR DISPOSITION OF ASSETS		2,240			3,660			(1,420	)		11,661			10,771			890
Gain (loss) on sale or disposition of assets		0			0			0			0			589			(589	)
INCOME BEFORE INCOME TAXES		2,240			3,660			(1,420	)		11,661			11,360			301
Income taxes		0			(1	)		(1	)		0			(22	)		(22	)
INCOME BEFORE MINORITY INTEREST		2,240			3,661			(1,421	)		11,661			11,382			279
Minority interest		72			0			(72	)		72			0			(72	)
NET INCOME	$	2,168		$	3,661		$	(1,493	)	$	11,589		$	11,382		$	207
Dividends on preferred shares		(1,588	)		(371	)		(1,217	)		(4,764	)		(371	)		(4,764	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	580		$	3,290		$	(2,710	)	$	6,825		$	11,011		$	(4,557	)
EARNINGS PER SHARE AVAILABLE TO COMMON SHAREHOLDERS — Diluted	$	0.02		$	0.15		$	(0.13	)	$	0.25		$	0.52		$	(0.27	)
WEIGHTED AVERAGE SHARES — Diluted		27,180			21,455			5,725			26,919			21,377			5,542
OPERATING MARGIN		60.7	%		60.4	%					60.7	%		60.9	%

Page 4

CRT PROPERTIES, INC. AND SUBSIDIARIES
FUNDS FROM OPERATIONS (“FFO”)
(Unaudited)

In thousands, except per share data
	Three Months Ended
	9/30/04			6/30/04			3/31/04			12/31/03			9/30/03
FFO available to common shareholders:
Net income	$	2,168		$	4,587		$	4,834		$	5,309		$	3,661
Dividends on preferred stock		(1,588	)		(1,588	)		(1,588	)		(1,624	)		(371	)
Depreciation — real property		8,871			8,909			8,347			7,818			7,147
Depreciation — unconsolidated affiliate		58			170			101			—			—
Amortization — deferred tenant costs		692			718			609			436			436
Amortization — fair value of acquired leases (c)		784			179			137			(766	)		378
Minority interest share of add-backs		55			—			—			—			—
Loss (gain) on sale of non-operating assets		—			—			—			16			—
FFO available to common shareholders (a)		11,040			12,975			12,440			11,189			11,251
Cash Available for Distribution:
Add (Deduct):
Rental income from straight-line rents		(1,492	)		(1,407	)		(1,249	)		(938	)		(801	)
Amortization of deferred financing costs		584			378			374			370			370
Revenue maintaining building improvements		(581	)		(744	)		(832	)		(618	)		(423	)
Revenue maintaining tenant improvements (b)		(999	)		(1,134	)		(973	)		(1,212	)		(804	)
Revenue maintaining leasing commissions (b)		(525	)		(737	)		(186	)		(158	)		(222	)
Cash Available for Distribution (a)	$	8,027		$	9,331		$	9,574		$	8,633		$	9,371
Weighted average common shares/units outstanding — diluted		27,180			27,230			26,524			21,672			21,455
Per share/unit — diluted:
Funds from operations	$	0.41		$	0.48		$	0.47		$	0.52		$	0.52
Cash available for distribution	$	0.30		$	0.34		$	0.36		$	0.40		$	0.44
Dividends paid	$	0.35		$	0.35		$	0.35		$	0.35		$	0.35
Dividend payout ratio:
Funds from operations		86.2	%		73.5	%		74.6	%		67.8	%		66.7	%
Cash available for distribution		118.5	%		102.1	%		97.0	%		87.9	%		80.1	%

(a) FFO available to common shareholders and cash available for distribution are non-GAAP financial measures and should not be considered as comparable to net income available to common shareholders or earnings per share.

(b) These amounts represent leasing costs associated with 2nd generation space.

(c) Due to the re-evaluation of the fair value of in-place leases by an independent third party, an adjustment of $1,144 was made in the fourth quarter of 2003.

Page 5

CRT PROPERTIES, INC. AND SUBSIDIARIES
NET OPERATING INCOME (a) (b)
(Unaudited)

In thousands, except SF and per share data
			Three Months Ended
			9/30/04			6/30/04			3/31/04			12/31/03			9/30/03
Same Store Sales:
Properties	120	Revenue	$	25,456		$	26,590		$	26,206		$	26,718		$	26,859
Square Feet	6,940,061	Expense		9,779			10,049			9,556			10,246			10,061
		NOI		15,677			16,541			16,650			16,472			16,798
Occupancy - Period End				81.9	%		83.1	%		82.8	%		84.3	%		84.0	%
Acquisitions:
Properties	13	Revenue (c)	$	15,498		$	14,077		$	13,143		$	10,357		$	8,422
Square Feet	3,552,472	Expense		6,392			6,470			5,944			5,121			3,845
		NOI		9,105			7,607			7,199			5,236			4,576
Occupancy - Period End				74.8	%		73.4	%		74.6	%		73.2	%		74.1	%
Development:
Properties	—	Revenue	$	—		$	—		$	—		$	—		$	—
Square Feet	—	Expense		—			—			—			—			—
		NOI		—			—			—			—			—
Occupancy - Period End				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Asset Sales:
Properties	—	Revenue	$	20		$	264		$	119		$	327		$	0
Square Feet	—	Expense		(58	)		(483	)		37			64			0
		NOI		78			747			82			263			(0	)
Occupancy - Period End				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Consolidated Portfolio
Properties	133	Revenue	$	40,973		$	40,931		$	39,468		$	37,402		$	35,281
Square Feet	10,492,533	Expense		16,113			16,036			15,537			15,431			13,907
		NOI		24,860			24,895			23,931			21,971			21,374
Occupancy - Period End				79.5	%		80.1	%		80.3	%		81.3	%		81.5	%

(a) Net Operating Income is defined as rental and other rental services revenue less property operating expense, excluding amortization of the fair value of acquired leases.

(b) Net Operating Income is a non-GAAP financial measure and should not be considered as comparable to Net Income.

(c) Excludes adjustments for the fair value of acquired leases.

Page 6

     CRT PROPERTIES, INC. AND SUBSIDIARIES NET OPERATING INCOME (a) (b) (Unaudited)

In thousands, except SF and per share data
			Three Months Ended									Nine Months Ended
			9/30/04			9/30/03			Fav/(Unfav)			9/30/04			9/30/03			Fav/(Unfav)
Same Store Sales:
Properties	120	Revenue	$	25,456		$	26,859		$	(1,403	)	$	78,251		$	81,774		$	(3,523	)
Square Feet	6,940,061	Expense		9,779			10,061			282			29,384			30,016			632
		NOI		15,677			16,798			(1,121	)		48,867			51,759			(2,891	)
Occupancy - Period End				81.9	%		84.0	%		-2.1	%		81.9	%		84.0	%		-2.1	%
Acquisitions:
Properties	13	Revenue (c)	$	15,498		$	8,422		$	7,076		$	42,718		$	25,645		$	17,073
Square Feet	3,552,472	Expense		6,392			3,845			(2,547	)		18,806			12,057			(6,749	)
		NOI		9,105			4,576			4,529			23,912			13,588			10,324
Occupancy - Period End				74.8	%		74.1	%		0.8	%		74.8	%		74.1	%		0.8	%
Development:
Properties	—	Revenue	$	—		$	—		$	—		$	—		$	—		$	—
Square Feet	—	Expense		—			—			—			—			—			—
		NOI		—			—			—			—			—			—
Occupancy - Period End				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Asset Sales:
Properties	—	Revenue	$	20		$	0		$	20		$	404		$	105		$	298
Square Feet	—	Expense		(58	)		0			59			(504	)		(142	)		362
		NOI		78			(0	)		78			908			247			661
Occupancy - Period End				0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Consolidated Portfolio
Properties	133	Revenue	$	40,973		$	35,281		$	5,692		$	121,373		$	107,525		$	13,848
Square Feet	10,492,533	Expense		16,113			13,907			(2,206	)		47,686			41,931			(5,755	)
		NOI		24,860			21,374			3,486			73,687			65,594			8,093
Occupancy - Period End				79.5	%		81.5	%		-2.0	%		79.5	%		81.5	%		-2.0	%

(a) Net Operating Income is defined as rental and other rental services revenue less property operating expense, excluding amortization of the fair value of acquired leases.

(b) Net Operating Income is a non-GAAP financial measure and should not be considered as comparable to Net Income.

(c) Excludes adjustments for the fair value of acquired leases.

Page 7

CRT PROPERTIES, INC. AND SUBSIDIARIES
CAPITAL EXPENDITURES
(Unaudited)

	Three Months Ended
	9/30/04			6/30/04		3/31/04		12/31/03		9/30/03			6/30/03
Revenue Maintaining:
Building Improvements	$	579,850		$	743,836	$	831,820	$	617,606	$	423,302		$	694,892
Tenant Improvements - 2001 Leasing		—			9,146		11,039		17,411		75,890			26,104
Tenant Improvements - 2002 Leasing		18,787			62,302		87,225		69,203		28,031			217,127
Tenant Improvements - 2003 Leasing		197,505			228,802		199,982		1,125,336		700,056			1,148,118
Tenant Improvements - 2004 Leasing		782,850			833,467		674,736		—		—			—
Leasing Commissions - 2001 Leasing		1,285			—		2,537		—		1,235			2,047
Leasing Commissions - 2002 Leasing		—			—		—		—		8,251			661
Leasing Commissions - 2003 Leasing		(9,186	)		3,778		38,359		157,790		212,803			263,379
Leasing Commissions - 2004 Leasing		532,584			733,763		144,748		—		—			—
Revenue Maintaining Capital Expenditures		2,103,675			2,615,094		1,990,446		1,987,345		1,449,568			2,352,328
Revenue Enhancing:
Building Improvements		1,455,494			4,804,356		1,559,782		970,930		1,207,945			781,462
Tenant Improvements - 2002 Leasing		42			157		—		7,436		(63,719	)		732,711
Tenant Improvements - 2003 Leasing		5,356			33,778		700,580		1,871,953		1,127,369			421,104
Tenant Improvements - 2004 Leasing		2,230,934			2,989,738		572,475		—		—			—
Leasing Commissions - 2002 Leasing		—			—		—		—		53,491			10,250
Leasing Commissions - 2003 Leasing		29,963			24,196		196,953		407,466		208,379			251,269
Leasing Commissions - 2004 Leasing		858,110			962,064		264,787		—		—			—
Revenue Enhancing Capital Expenditures		4,579,899			8,814,289		3,294,577		3,257,785		2,533,465			2,196,796
Total Capital Expenditures	$	6,683,574		$	11,429,383	$	5,285,023	$	5,245,130	$	3,983,033		$	4,549,124

Page 8

CRT PROPERTIES, INC. AND SUBSIDIARIES
SUMMARY OF OUTSTANDING DEBT
AS OF SEPTEMBER 30, 2004

							Monthly		Outstanding		Outstanding
	Interest						Debt		Balance		Balance
Description	Rate			Maturity			Service		9/30/04		12/31/03
							$(000)		$(000)		$(000)
Fixed Rate:
Northwestern Mutual — Tranche A		8.19	%		01/02/07			789		87,688		89,335
Northwestern Mutual — Tranche B		8.33	%		01/02/09			710		78,055		79,512
Northwestern Mutual — Tranche C		7.10	%		01/02/07			105		13,445		13,665
Northwestern Mutual — Tranche D		7.10	%		01/02/09			216		27,714		28,166
Allstate Life		8.20	%		12/01/06			165		18,279		18,592
Metropolitan Life		5.26	%		01/01/08			373		85,000		85,000
Innman Family		8.00	%		12/31/08			7		978		978
Nomura #1		5.55	%		08/11/14			64		13,800		—
Nomura #2		5.39	%		09/11/14			69		15,190		—
Total Fixed Rate Debt		7.13	%					2,498		340,149		315,248
Variable Rate:
GE Capital					06/30/21	(d)		0		0		1,468
Column Financial (a)		4.63	%		12/09/04	(b)		293		77,000		77,000
Fleet Secured Revolving Credit Facility - $100 Million					12/27/04	(f)		0		0		15,000
Wells Fargo Secured Revolving Credit Facility — $165 Million		3.35	%		08/23/07	(e)		16		24,000		0
Metropolitan Life		3.25	%		01/01/15	(c)		203		75,876		0
Total Variable Rate Debt		3.86	%					512		176,876		93,468
Total Debt		6.01	%					3,010		517,025		408,716
Market Capitalization:
Total Debt										517,025		408,716
Preferred Stock										78,787		80,730
Common Stock										576,083		449,910
Total Market Capitalization										1,171,895		939,356

	Amount
	$ (000)
Schedule of Mortgage Maturities by Year:
2004		78,463
2005		6,067
2006		23,657
2007		122,046
2008		89,545
Thereafter		197,247
Total		517,025

(a)	Interest rate capped at 287 basis points over maximum LIBOR of 5.45 percent.
(b)	Column Financial loan has three one-year extension options.
(c)	Loan will convert to a fixed interest rate loan of 5.49% on January 1, 2005.
(d)	This loan was prepaid in full without penalty on July 2, 2004.
(e)	Wells Fargo loan has a one-year extension option.

Page 9

CRT PROPERTIES, INC. AND SUBSIDIARIES
OPERATING PROPERTY ACQUISITIONS
2003 AND 2004

		Rentable						Percent
		Square		Date		Purchase		Leased
Property	Location	Feet		Purchased		Price (a)		9/30/04
2003
Dallas Cigna Plaza	Dallas, TX		127,226		9/11/2003	$	15,170,000		95	%
Dallas Tollway Crossing	Dallas, TX		152,163		9/11/2003	$	17,980,000		100	%
McGinnis Park (b)	Atlanta, GA		202,279		12/30/2003	$	19,690,000		58	%
			481,668			$	52,840,000		81	%
2004
Broward Financial Center (c)	Fort Lauderdale, FL		325,583		1/12/2004	$	5,100,000		86	%
Atlantic Center Plaza	Atlanta, GA		502,579		1/27/2004	$	116,500,000		88	%
Decoverly	Rockville, MD		154,787		4/2/2004	$	42,000,000		93	%
Baymeadows Way	Jacksonville, FL		224,281		7/23/2004	$	20,800,000		100	%
Westchase Corporate Center	Houston, TX		184,259		8/16/2004	$	20,300,000		94	%
			1,391,489			$	204,700,000		91	%

(a)	Purchase price consists of the contract price only and does not include closing costs.
(b)	Joint venture acquisition in which Koger is 75% partner with a cumulative preferred return.
(c)	The Company has a 30% interest in this joint venture that is accounted for using the equity method.

Page 10

CRT PROPERTIES, INC. AND SUBSIDIARIES
BUILDING COMPLETIONS
2003 and 2004

					Percent
		Square	Month		Leased
Property	Location	Feet	Completed	Total Cost (a)	9/30/04
2003
None.
2004
None.

(a) Includes land and building construction costs. Does not include tenant improvement costs.

Page 11

CRT PROPERTIES, INC. AND SUBSIDIARIES
BUILDINGS UNDER CONSTRUCTION
SEPTEMBER 30, 2004

		Square		Expected	Projected		Pre-Leasing
Property	Location	Feet		Completion	Cost		to Date
None.
			—		$	—

Page 12

CRT PROPERTIES, INC. AND SUBSIDIARIES
TWENTY-FIVE LARGEST TENANTS
BASED ON ANNUALIZED GROSS RENTS
AS OF SEPTEMBER 30, 2004

						Remaining					Annualized
	Number		Occupied			Term		Percent of			Gross		Percent
Tenant (a)	of Leases		Square Feet			(Months)		Occupied			Rent (b)		of Rent
US GOVERNMENT		46		934,517			74		11.3	%	$	17,507,433		11.2	%
STATE OF FLORIDA		35		650,752			30		7.9	%		11,259,434		7.2	%
BLUE CROSS & BLUE SHIELD		8		560,689			18		6.8	%		9,161,696		5.9	%
ALSTON & BIRD, LLP		1		229,394			109		2.8	%		6,544,407		4.2	%
BECHTEL CORPORATION		1		358,947			57		4.3	%		6,460,729		4.1	%
SIX CONTINENTS HOTELS		2		309,641			54		3.7	%		5,800,778		3.7	%
CIGNA GENERAL LIFE INSURANCE		1		116,423			54		1.4	%		2,995,970		1.9	%
CITIFINANCIAL		1		159,827			35		1.9	%		2,927,248		1.9	%
LANDSTAR SYSTEM HOLDINGS INC		1		176,000			122		2.1	%		2,600,905		1.7	%
SPIRENT		2		104,583			23		1.3	%		2,518,044		1.6	%
CITIGROUP		1		224,281			118		2.7	%		2,130,669		1.4	%
ZURICH INSURANCE COMPANY		2		97,913			28		1.2	%		1,934,221		1.2	%
NORTHERN TELECOM, INC.		1		62,155			21		0.8	%		1,742,526		1.1	%
WASHINGTON MUTUAL BANK		2		86,361			49		1.0	%		1,481,791		0.9	%
TRANSCORE		1		60,840			38		0.7	%		1,461,691		0.9	%
ACS STATE HEALTHCARE		1		52,689			53		0.6	%		1,191,372		0.8	%
FORD MOTOR COMPANY		3		65,485			45		0.8	%		1,170,723		0.7	%
SARA LEE CORP		1		51,188			9		0.6	%		978,854		0.6	%
NETWORK ASSOCIATES		1		31,484			22		0.4	%		836,400		0.5	%
CHECK SOLUTIONS COMPANY		1		40,307			52		0.5	%		830,679		0.5	%
NEXTIRA ONE		1		29,168			38		0.4	%		810,867		0.5	%
MERGENT — FIS INC.		1		45,040			35		0.5	%		806,034		0.5	%
BEST SOFTWARE INC		1		47,110			51		0.6	%		801,058		0.5	%
NAVISION SOFTWARE US, INC.		1		37,783			35		0.5	%		786,714		0.5	%
HUNTSMAN CORP		1		0	(c)		119		0.0	%		1,569,230		1.0	%
Total / Weighted Average		117		4,532,577			55		54.8	%	$	86,309,474		55.3	%

(a)	Actual tenant may be a subsidiary of, or an entity affiliated with, the named tenant.
(b)	Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of September 30, 2004 multiplied by 12.
(c)	Huntsman is Leased & Unoccupied effective 8/1/04, they are continuing to pay rent on 97,358 sq ft.through their Lease Expiration

Page 13

CRT PROPERTIES, INC. AND SUBSIDIARIES
INDUSTRY DIVERSIFICATION
AS OF SEPTEMBER 30, 2004

					Remaining					Annualized
	Number		Occupied		Term		Percent of			Gross		Percent
Industry (a)	of Leases		Square Feet		(Months)		Occupied			Rent (b)		of Rent
Professional, Scientific, and Technical Services		220		1,961,552		53		23.7	%	$	39,997,951		25.6	%
Finance and Insurance		176		2,113,749		39		25.6	%		36,961,763		23.7	%
Public Adminstration		91		1,636,922		55		19.8	%		29,592,493		18.9	%
Information		56		575,599		31		7.0	%		12,082,965		7.7	%
Manufacturing		53		431,185		52		5.2	%		9,840,847		6.3	%
Accomodation and Food Services		9		335,106		52		4.1	%		6,289,922		4.0	%
Transportation and Warehousing		7		228,587		107		2.8	%		3,390,815		2.2	%
Wholesale Trade		19		141,343		35		1.7	%		2,886,266		1.8	%
Administrative and Support Services		35		149,756		38		1.8	%		2,706,179		1.7	%
Construction		18		127,586		38		1.5	%		2,358,069		1.5	%
Other (c)		254		564,860		33		6.8	%		10,075,202		6.5	%
Total / Weighted Average		938		8,266,245		35		100.0	%	$	156,182,471		100.0	%

(a)	Classifications are based on the North American Indistrial Classification System (NAICS).
(b)	Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of September 30, 2004 multiplied by 12.
(c)	Includes leases whose classification does not total 1.0% or more of the portfolio’s annualized gross rent.

Page 14

CRT PROPERTIES, INC. AND SUBSIDIARIES
SUMMARY OF ASSETS BY CITY
AS OF SEPTEMBER 30, 2004

		# of		Age				% Square			%
City	State	Bldgs		(yrs)		Square Feet		Feet			NOI (a)
Atlanta	GA		29		13		3,081,915		29.4	%		30.6	%
Houston	TX		4		21		1,385,375		13.2	%		15.4	%
Orlando	FL		28		19		1,303,258		12.4	%		11.0	%
Jacksonville	FL		12		7		1,392,441		13.3	%		9.5	%
Tallahassee	FL		19		21		835,840		8.0	%		7.7	%
Charlotte	NC		15		17		709,299		6.8	%		6.5	%
St. Petersburg	FL		15		21		672,085		6.4	%		6.0	%
Memphis	TN		6		11		533,017		5.1	%		5.7	%
Dallas	TX		2		6		279,389		2.7	%		4.3	%
Richmond	VA		1		17		145,127		1.4	%		1.7	%
Rockville	MD		2		15		154,787		1.5	%		1.5	%
Total			133		15		10,492,533		100.0	%		100.0	%

(a) Based on Net Operating Income for the third quarter of 2004.

Page 15

CRT PROPERTIES, INC. AND SUBSIDIARIES
OCCUPANCY SUMMARY
AS OF SEPTEMBER 30, 2004

	Square Footage										Percentage
			Leased, Not		Leased,									Leased, Not			Leased,
	Occupied		Commenced (a)		Unoccupied		Vacant		Total		Occupied			Commenced (a)			Unoccupied			Vacant			Total
Atlanta		2,434,497		106,495		3,195		537,728		3,081,915		79.0	%		3.5	%		0.1	%		17.4	%		100.0	%
Jacksonville		1,342,834		0				49,607		1,392,441		96.4	%		0.0	%		0.0	%		3.6	%		100.0	%
Orlando		1,038,344		87,075		4,497		173,342		1,303,258		79.7	%		6.7	%		0.3	%		13.3	%		100.0	%
Houston		943,607		27,075		120,808		293,885		1,385,375		68.1	%		2.0	%		8.7	%		21.2	%		100.0	%
St. Petersburg		547,387		66,134				58,564		672,085		81.4	%		9.8	%		0.0	%		8.7	%		100.0	%
Tallahassee		612,873		22,589				200,378		835,840		73.3	%		2.7	%		0.0	%		24.0	%		100.0	%
Charlotte		400,190		31,520				277,589		709,299		56.4	%		4.4	%		0.0	%		39.1	%		100.0	%
Memphis		465,702		5,341				61,974		533,017		87.4	%		1.0	%		0.0	%		11.6	%		100.0	%
Dallas		274,761		0				4,628		279,389		98.3	%		0.0	%		0.0	%		1.7	%		100.0	%
Richmond		138,355		5,610				1,162		145,127		95.3	%		3.9	%		0.0	%		0.8	%		100.0	%
Rockville		143,812		0				10,975		154,787		92.9	%		0.0	%		0.0	%		7.1	%		100.0	%
Total		8,342,362		351,839		128,500		1,669,832		10,492,533		79.5	%		3.4	%		1.2	%		15.9	%		100.0	%

(a) Includes square footage of fully executed leases for vacant space that commence on a future date.

Page 16

CRT PROPERTIES, INC. AND SUBSIDIARIES
OCCUPANCY TREND

			As of
	MSA
	Square Feet		9/30/2004			6/30/2004			3/31/2004			12/31/2003			9/30/2003
Atlanta — SSS		1,573,275		1,363,284			1,379,866			1,396,485			1,390,533			1,396,604
				86.7	%		88.0	%		89.1	%		88.7	%		89.1	%
Orlando		1,303,258		1,038,344			1,028,813			1,023,348			1,090,309			1,082,934
				79.7	%		78.9	%		78.5	%		83.6	%		83.0	%
Jacksonville		1,168,160		1,118,553			1,145,696			1,107,116			1,160,504			1,160,630
				95.8	%		98.1	%		94.8	%		99.3	%		99.4	%
Charlotte		709,299		400,190			442,447			446,989			450,981			428,146
				56.4	%		62.4	%		63.0	%		63.6	%		60.4	%
St. Petersburg		672,085		547,387			583,874			592,001			593,381			587,761
				81.4	%		87.4	%		88.6	%		88.8	%		87.9	%
Tallahassee		835,840		612,873			589,073			594,955			587,201			593,429
				73.3	%		70.5	%		71.3	%		70.4	%		71.2	%
Memphis		533,017		465,702			457,300			436,888			430,435			426,170
				87.4	%		85.8	%		82.0	%		80.7	%		79.9	%
Richmond		145,127		138,355			133,165			136,839			136,534			143,184
				95.3	%		91.8	%		94.3	%		94.1	%		98.7	%
Same Store		6,940,061		5,684,688			5,760,234			5,734,621			5,839,878			5,818,858
				81.9	%		83.1	%		82.8	%		84.3	%		84.0	%
Houston		1,385,375		943,607			870,210			886,813			917,566			898,344
				68.1	%		72.2	%		73.6	%		76.2	%		74.6	%
Atlanta — ACQ		1,508,640		1,071,213			1,029,991			1,076,963			637,121			528,094
				71.0	%		68.2	%		71.3	%		63.3	%		65.6	%
Dallas — ACQ		279,389		274,761			268,586			268,586			268,586			268,586
				98.3	%		96.1	%		96.1	%		96.1	%		96.1	%
Jacksonville — ACQ		224,281		224,281
				100.0	%
Rockville — ACQ		154,787		143,812			141,809
				92.9	%		91.6	%
Acquisitions		3,552,472		2,657,674			2,310,596			2,232,362			1,823,273			1,695,024
				74.8	%		73.4	%		74.6	%		73.2	%		74.1	%
Total		10,492,533		8,342,362			8,070,830			7,966,983			7,663,151			7,513,882
				79.5	%		80.1	%		80.3	%		81.3	%		81.5	%

Page 17

CRT PROPERTIES, INC. AND SUBSIDIARIES
LEASING SUMMARY

			For The Three Months Ended 9/30/04
						Expirations (b) (c)
MSA	Square Feet		Leased 6/30/04 (a)			(d)		Renewals		Leasing Retention
Atlanta		3,081,915		2,533,001			89,069		62,560		70.2	%
Jacksonville		1,392,441		1,369,977			88,278		61,135		69.3	%
Orlando		1,303,258		1,137,529			95,424		27,206		28.5	%
Houston		1,385,375		1,048,582			52,694		34,520		65.5	%
Tallahassee		835,840		584,160			24,365		16,229		66.6	%
St.  Petersburg		672,085		581,395			122,921		82,012		66.7	%
Charlotte		709,299		442,537			74,759		16,063		21.5	%
Memphis		533,017		461,967			13,099		12,356		94.3	%
Richmond		145,127		139,836			53,644		52,978		98.8	%
Dallas		279,389		268,586			0		0		0.0	%
Rockville		154,787		141,809	(e)		0		0		0.0	%
Total		10,492,533		8,709,379			614,253		365,059		59.4	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	For The Three Months Ended 9/30/04
	New and Backfill		Gross Activity		Net Absorption			Leased 9/30/04 (a)		Leased 6/30/04			Leased 9/30/04
Atlanta		37,695		100,255		11,186			2,544,187		82.2	%		82.6	%
Jacksonville		0		61,135		(27,143	)		1,342,834		98.4	%		96.4	%
Orlando		60,605		87,811		(7,613	)		1,129,916		87.3	%		86.7	%
Houston		61,082		95,602		42,908			1,091,490		75.7	%		78.8	%
Tallahassee		59,438		75,667		51,302			635,462		69.9	%		76.0	%
St.  Petersburg		73,035		155,047		32,126			613,521		86.5	%		91.3	%
Charlotte		47,869		63,932		(10,827	)		431,710		62.4	%		60.9	%
Memphis		9,819		22,175		9,076			471,043		86.7	%		88.4	%
Richmond		4,795		57,773		4,129			143,965		96.4	%		99.2	%
Dallas		6,175		6,175		6,175			274,761		96.1	%		98.3	%
Rockville		2,003		2,003		2,003			143,812		91.6	%		92.9	%
Total		362,516		727,575		113,322			8,822,701		83.0	%		84.1	%

(a)	Leased figures include all leases in effect as of the period end date, including those leases expiring on the period end date, as well as fully executed leases for vacant space that commences on a future date.
(b)	Includes the rentable square footage of expired leases, as well as the square footage of future expirations for which renewal and backfills have been signed.
(c)	Expirations also include leases that ended due to a termination right or default.
(d)	Negative expirations indicate the resumed occupancy of buffered space.
(e)	Includes Decoverly which was acquired 4/2/04.

Page 18

CRT PROPERTIES, INC. AND SUBSIDIARIES
LEASE DISTRIBUTION
AS OF SEPTEMBER 30, 2004

						Tenant
						Occupied		Percent			Annualized		Average		Percent
	Number of		Percent of			Square		of Square			Gross		Annualized		of Total			Remaining
Category	Leases (a)		Leases			Feet (b)		Feet			Rent (c)		Rent PSF		Rents			Term
2,500 or Less		435		46.4	%		543,758		6.6	%	$	9,930,481	$	18.26		6.4	%		21
2,501 - 5,000		199		21.2	%		699,931		8.5	%		13,103,633	$	18.72		8.4	%		32
5,001 - 7,500		91		9.7	%		555,184		6.7	%		10,109,865	$	18.21		6.5	%		32
7,501 - 10,000		47		5.0	%		400,240		4.8	%		7,254,282	$	18.12		4.6	%		35
10,001 - 20,000		72		7.7	%		1,005,328		12.2	%		19,264,303	$	19.16		12.3	%		36
20,001 - 40,000		53		5.7	%		1,468,999		17.8	%		27,786,939	$	18.92		17.8	%		49
40,001 - 60,000		19		2.0	%		926,362		11.2	%		16,919,935	$	18.26		10.8	%		45
60,001 - 100,000		13		1.4	%		934,263		11.3	%		20,144,654	$	21.56		12.9	%		55
100,001 or Greater		9		1.0	%		1,732,180		21.0	%		31,668,378	$	18.28		20.3	%		71
Total / Weighted Average		938		100.0	%		8,266,245		100.0	%	$	156,182,471	$	18.89		100.0	%		47

	Square Feet		% of Total
Square footage occupied by tenants		8,266,245		78.8	%
Square footage attributable to vending/antenna		4,113		0.0	%
Square footage occupied by owner/building use		72,004		0.7	%
Total Occupied Square Footage		8,342,362		79.5	%
Leased square footage		351,839		3.4	%
Leased and unoccupied by tenants		128,500		1.2	%
Vacant square footage		1,669,832		15.9	%
Total Net Rentable Square Footage		10,492,533		100.0	%

(a)	Analysis does not include owner occupied space, vending leases and antenna leases.
(b)	Total net rentable square feet represented by existing leases.
(c)	Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of September 30, 2004 multiplied by 12.

Page 19

CRT PROPERTIES, INC. AND SUBSIDIARIES
LEASE EXPIRATIONS
AS OF SEPTEMBER 30, 2004

City	Item	2004			2005			2006			2007			2008
Atlanta	Square Feet (a)		53,314			181,631			104,992			231,599			306,704
	% Square Feet (b)		1.73	%		5.89	%		3.41	%		7.51	%		9.95	%
	Annualized Rent (c)		1,149,684			3,746,713			2,364,177			4,727,170			5,923,363
	Number of Leases (d)		25			42			42			36			29
	Rent PSF	$	21.56		$	20.63		$	22.52		$	20.41		$	19.31
Jacksonville	Square Feet (a)		71,741			172,771			239,300			293,292			97,729
	% Square Feet (b)		5.15	%		12.41	%		17.19	%		21.06	%		7.02	%
	Annualized Rent (c)		1,199,528			2,518,089			4,095,885			5,525,130			1,686,239
	Number of Leases (d)		3			4			8			10			4
	Rent PSF	$	16.72		$	14.57		$	17.12		$	18.84		$	17.25
Orlando	Square Feet (a)		166,490			183,799			174,097			196,343			168,766
	% Square Feet (b)		12.77	%		14.10	%		13.36	%		15.07	%		12.95	%
	Annualized Rent (c)		3,065,955			3,421,330			3,228,530			3,322,450			2,944,172
	Number of Leases (d)		45			55			45			36			15
	Rent PSF	$	18.42		$	18.61		$	18.54		$	16.92		$	17.45
Houston	Square Feet (a)		33,783			133,854			63,486			134,543			102,541
	% Square Feet (b)		2.44	%		9.66	%		4.58	%		9.71	%		7.40	%
	Annualized Rent (c)		676,760			2,939,950			1,376,644			2,723,421			1,972,669
	Number of Leases (d)		10			19			12			16			19
	Rent PSF	$	20.03		$	21.96		$	21.68		$	20.24		$	19.24
Tallahassee	Square Feet (a)		55,538			27,510			198,646			109,883			148,287
	% Square Feet (b)		6.64	%		3.29	%		23.77	%		13.15	%		17.74	%
	Annualized Rent (c)		979,360			495,358			3,402,366			2,036,529			2,630,132
	Number of Leases (d)		17			16			10			4			3
	Rent PSF	$	17.63		$	18.01		$	17.13		$	18.53		$	17.74
St. Petersburg	Square Feet (a)		48,399			125,572			80,178			104,255			109,533
	% Square Feet (b)		7.20	%		18.68	%		11.93	%		15.51	%		16.30	%
	Annualized Rent (c)		769,430			2,029,300			1,229,883			2,042,906			2,056,141
	Number of Leases (d)		19			35			17			24			8
	Rent PSF	$	15.90		$	16.16		$	15.34		$	19.60		$	18.77
Charlotte	Square Feet (a)		7,292			39,663			90,072			67,400			51,984
	% Square Feet (b)		1.03	%		5.59	%		12.70	%		9.50	%		7.33	%
	Annualized Rent (c)		160,185			678,078			1,495,950			1,078,641			848,562
	Number of Leases (d)		3			16			14			9			10
	Rent PSF	$	21.97		$	17.10		$	16.61		$	16.00		$	16.32
Memphis	Square Feet (a)		7,209			126,785			97,533			59,416			58,823
	% Square Feet (b)		1.35	%		23.79	%		18.30	%		11.15	%		11.04	%
	Annualized Rent (c)		138,115			2,497,284			1,812,439			1,066,684			1,157,920
	Number of Leases (d)		3			24			25			19			6
	Rent PSF	$	19.16		$	19.70		$	18.58		$	17.95		$	19.68
Richmond	Square Feet (a)		2,742			42,152			33,404			31,021			8,825
	% Square Feet (b)		1.89	%		29.04	%		23.02	%		21.38	%		6.08	%
	Annualized Rent (c)		54,992			830,520			702,057			618,194			168,658
	Number of Leases (d)		2			5			6			6			2
	Rent PSF	$	20.06		$	19.70		$	21.02		$	19.93		$	19.11
Dallas	Square Feet (a)		9,043			0			62,155			90,008			6,175
	% Square Feet (b)		3.24	%		0.00	%		22.25	%		32.22	%		2.21	%
	Annualized Rent (c)		206,542			0			1,742,526			2,272,558			92,625
	Number of Leases (d)		1			0			1			2			1
	Rent PSF	$	22.84		$	0.00		$	28.04		$	25.25		$	15.00
Rockville	Square Feet (a)		0			0			141,809			2,003			0
	% Square Feet (b)		0.00	%		0.00	%		91.62	%		1.29	%		0.00	%
	Annualized Rent (c)		0			0			3,512,203			50,476			0
	Number of Leases (d)		0			0			4			1			0
	Rent PSF	$	0.00		$	0.00		$	24.77		$	25.20		$	0.00
Total	Square Feet (a)		455,551			1,033,737			1,285,672			1,319,763			1,059,367
	% Square Feet (b)		4.34	%		9.85	%		12.25	%		12.58	%		10.10	%
	Annualized Rent (c)		8,400,552			19,156,622			24,962,659			25,464,158			19,480,481
	Number of Leases (d)		128			216			184			163			97
	Rent PSF	$	18.44		$	18.53		$	19.42		$	19.29		$	18.39

[Additional columns below]

[Continued from above table, first column(s) repeated]

City	Item	2009			2010			2011			2012			2013+			2014+			Total
Atlanta	Square Feet (a)		668,732			133,311			84,395			161,048			276,647			212,452			2,414,825
	% Square Feet (b)		21.70	%		4.33	%		2.74	%		5.23	%		8.98	%		6.89	%		78.35	%
	Annualized Rent (c)		12,637,633			2,462,549			1,528,524			3,874,346			7,181,377			3,630,325			49,225,861
	Number of Leases (d)		23			7			8			9			2			7			230
	Rent PSF	$	18.90		$	18.47		$	18.11		$	24.06		$	25.96		$	17.09		$	20.38
Jacksonville	Square Feet (a)		6,917			0			56,249			0			0			400,281			1,338,280
	% Square Feet (b)		0.50	%		0.00	%		4.04	%		0.00	%		0.00	%		28.75	%		96.11	%
	Annualized Rent (c)		133,469			0			1,001,351			0			0			4,731,575			20,891,266
	Number of Leases (d)		2			0			2			0			0			2			35
	Rent PSF	$	19.30		$	0.00		$	17.80		$	0.00		$	0.00		$	11.82		$	15.61
Orlando	Square Feet (a)		116,381			23,507			0			7,080			0			0			1,036,463
	% Square Feet (b)		8.93	%		1.80	%		0.00	%		0.54	%		0.00	%		0.00	%		79.53	%
	Annualized Rent (c)		1,745,719			392,216			0			174,992			0			0			18,295,363
	Number of Leases (d)		12			4			0			1			0			0			213
	Rent PSF	$	15.00		$	16.69		$	0.00		$	24.72		$	0.00		$	0.00		$	17.65
Houston	Square Feet (a)		417,933			29,092			0			26,346			0			110,502			1,052,080
	% Square Feet (b)		30.17	%		2.10	%		0.00	%		1.90	%		0.00	%		7.98	%		75.94	%
	Annualized Rent (c)		7,513,477			548,175			0			439,726			0			1,766,209			19,957,030
	Number of Leases (d)		14			4			0			2			0			2			98
	Rent PSF	$	17.98		$	18.84		$	0.00		$	16.69		$	0.00		$	15.98		$	18.97
Tallahassee	Square Feet (a)		30,161			9,791			26,696			0			0			0			606,512
	% Square Feet (b)		3.61	%		1.17	%		3.19	%		0.00	%		0.00	%		0.00	%		72.56	%
	Annualized Rent (c)		196,756			146,865			354,125			0			0			0			10,241,492
	Number of Leases (d)		2			1			1			0			0			0			54
	Rent PSF	$	6.52		$	15.00		$	13.27		$	0.00		$	0.00		$	0.00		$	16.89
St. Petersburg	Square Feet (a)		43,592			33,025			0			0			0			0			544,554
	% Square Feet (b)		6.49	%		4.91	%		0.00	%		0.00	%		0.00	%		0.00	%		81.02	%
	Annualized Rent (c)		652,998			477,835			0			0			0			0			9,258,492
	Number of Leases (d)		8			3			0			0			0			0			114
	Rent PSF	$	14.98		$	14.47		$	0.00		$	0.00		$	0.00		$	0.00		$	17.00
Charlotte	Square Feet (a)		90,229			18,443			29,895			0			0			0			394,978
	% Square Feet (b)		12.72	%		2.60	%		4.21	%		0.00	%		0.00	%		0.00	%		55.69	%
	Annualized Rent (c)		1,502,905			235,984			504,643			0			0			0			6,504,949
	Number of Leases (d)		9			3			3			0			0			0			67
	Rent PSF	$	16.66		$	12.80		$	16.88		$	0.00		$	0.00		$	0.00		$	16.47
Memphis	Square Feet (a)		21,515			18,188			69,165			0			4,500			0			463,134
	% Square Feet (b)		4.04	%		3.41	%		12.98	%		0.00	%		0.84	%		0.00	%		86.89	%
	Annualized Rent (c)		367,545			292,852			1,002,086			0			69,750			0			8,404,676
	Number of Leases (d)		6			3			4			0			1			0			91
	Rent PSF	$	17.08		$	16.10		$	14.49		$	0.00		$	15.50		$	0.00		$	18.15
Richmond	Square Feet (a)		18,870			0			0			0			0			0			137,014
	% Square Feet (b)		13.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		94.41	%
	Annualized Rent (c)		362,564			0			0			0			0			0			2,736,984
	Number of Leases (d)		4			0			0			0			0			0			25
	Rent PSF	$	19.21		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	19.98
Dallas	Square Feet (a)		107,380			0			0			0			0			0			274,761
	% Square Feet (b)		38.43	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		98.34	%
	Annualized Rent (c)		2,789,428			0			0			0			0			0			7,103,679
	Number of Leases (d)		1			0			0			0			0			0			6
	Rent PSF	$	25.98		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	25.85
Rockville	Square Feet (a)		0			0			0			0			0			0			143,812
	% Square Feet (b)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		92.91	%
	Annualized Rent (c)		0			0			0			0			0			0			3,562,679
	Number of Leases (d)		0			0			0			0			0			0			5
	Rent PSF	$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	0.00		$	24.77
Total	Square Feet (a)		1,521,710			265,357			266,400			194,474			281,147			723,235			8,406,413
	% Square Feet (b)		14.50	%		2.53	%		2.54	%		1.85	%		2.68	%		6.89	%		80.12	%
	Annualized Rent (c)		27,902,495			4,556,475			4,390,729			4,489,064			7,251,127			10,128,108			156,182,471
	Number of Leases (d)		81			25			18			12			3			11			938
	Rent PSF	$	18.34		$	17.17		$	16.48		$	23.08		$	25.79		$	14.00		$	18.58

(a)	Total net rentable square feet represented by expiring leases. Expiration date reflects renewal expiration if fully executed.
(b)	Percentage of total net rentable feet represented by expiring leases.
(c)	Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of September 30, 2004 multiplied by 12. Rent abatements are not included in this analysis.
(d)	Analysis does not include owner occupied space, vending leases and antenna leases.
(e)	includes leased and unoccupied suites

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CRT PROPERTIES, INC. AND SUBSIDIARIES
NET EFFECTIVE RENTS (a)

	9/30/2004			6/30/2004			3/31/2004			12/31/2003			Average
New/Backfill
Number of leases		66			53			40			48			52
Rentable square footage leased		353,524			265,959			167,078			181,905			242,117
Average per rentable square foot over the lease term:
Gross Rent	$	17.26		$	21.46		$	18.17		$	18.02		$	18.69
Tenant improvements		(2.46	)		(2.64	)		(2.72	)		(2.34	)		(2.53	)
Leasing commissions		(0.69	)		(1.06	)		(0.59	)		(0.75	)		(0.78	)
Other/concessions		(1.20	)		(0.72	)		(0.71	)		(0.44	)		(0.81	)
Effective Rent		12.91			17.04			14.15			14.49			14.57
Expense stop		(5.35	)		(6.41	)		(4.62	)		(5.46	)		(5.51	)
Equivalent effective net rent	$	7.56		$	10.63		$	9.53		$	9.03		$	9.07
Average term (yrs)		5.2			6.5			5.4			4.0			5.3

	9/30/2004			6/30/2004			3/31/2004			12/31/2003			Average
Renewals Number of leases		57			56			42			37			48
Rentable square footage leased		329,279			278,593			142,832			202,518			238,306
Average per rentable square foot over the lease term:
Gross Rent	$	17.32		$	18.97		$	16.68		$	18.02		$	17.78
Tenant improvements		(0.77	)		(0.84	)		(1.37	)		(0.39	)		(0.82	)
Leasing commissions		(0.26	)		(0.26	)		(0.28	)		(0.08	)		(0.22	)
Other/concessions		(0.21	)		(0.33	)		(0.08	)		(0.21	)		(0.22	)
Effective Rent		16.08			17.54			14.95			17.34			16.53
Expense stop		(4.81	)		(5.45	)		(5.54	)		(5.66	)		(5.31	)
Equivalent effective net rent	$	11.27		$	12.09		$	9.41		$	11.68		$	11.22
Average term (yrs)		3.4			3.3			3.4			2.5			3.2

	9/30/2004			6/30/2004			3/31/2004			12/31/2003			Average
Total Number of leases		123			109			82			85			100
Rentable square footage leased		682,803			544,552			309,910			384,423			480,422
Average per rentable square foot over the lease term:
Gross Rent	$	17.28		$	20.61		$	17.64		$	18.02		$	18.37
Tenant improvements		(1.82	)		(2.02	)		(2.24	)		(1.54	)		(1.89	)
Leasing commissions		(0.52	)		(0.78	)		(0.48	)		(0.47	)		(0.57	)
Other/concessions		(0.82	)		(0.59	)		(0.48	)		(0.34	)		(0.58	)
Effective Rent		14.12			17.22			14.43			15.67			15.33
Expense stop		(5.15	)		(6.08	)		(4.94	)		(5.54	)		(5.44	)
Equivalent effective net rent	$	8.97		$	11.14		$	9.49		$	10.13		$	9.89
Average term (yrs)		4.3			4.8			4.5			3.3			4.2

(a) Analysis does not include owner occupied space or leases with less than a one year term.

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CRT PROPERTIES, INC. AND SUBSIDIARIES
CAPITAL EXPENDITURES — LEASING ACTIVITY (a)

	Three Months Ended, Dollars (b)										Three Months Ended, PSF
	9/30/04		6/30/04		3/31/04		12/31/03		9/30/03		9/30/04		6/30/04		3/31/04		12/31/03		9/30/03
Renewal Leasing:
RSF Leased		329,279		278,593		142,832		202,518		134,632		329,279		278,593		142,832		202,518		134,632
Tenant Improvements	$	876,604	$	764,892	$	671,760	$	198,645	$	368,405	$	2.66	$	2.75	$	4.70	$	0.98	$	2.74
Leasing Commissions	$	297,886	$	238,207	$	138,663	$	40,153	$	96,107	$	0.90	$	0.86	$	0.97	$	0.20	$	0.71
Total Renewal	$	1,174,490	$	1,003,099	$	810,423	$	238,798	$	464,512	$	3.57	$	3.60	$	5.67	$	1.18	$	3.45
Backfill Leasing:
RSF Leased		137,179		64,345		45,853		47,586		73,355		137,179		64,345		45,853		47,586		73,355
Tenant Improvements	$	2,299,164	$	395,464	$	666,295	$	342,765	$	618,026	$	16.76	$	6.15	$	14.53	$	7.20	$	8.43
Leasing Commissions	$	495,973	$	263,069	$	119,045	$	113,057	$	129,522	$	3.62	$	4.09	$	2.60	$	2.38	$	1.77
Total Backfill	$	2,795,137	$	658,533	$	785,340	$	455,822	$	747,548	$	20.38	$	10.23	$	17.13	$	9.58	$	10.19
Sub-Total Revenue Maintaining:
RSF Leased		466,458		342,938		188,685		250,104		207,987		466,458		342,938		188,685		250,104		207,987
Tenant Improvements	$	3,175,768	$	1,160,356	$	1,338,055	$	541,410	$	986,431	$	6.81	$	3.38	$	7.09	$	2.16	$	4.74
Leasing Commissions	$	793,859	$	501,276	$	257,708	$	153,210	$	225,629	$	1.70	$	1.46	$	1.37	$	0.61	$	1.08
Total Revenue Maintaining	$	3,969,627	$	1,661,632	$	1,595,763	$	694,620	$	1,212,060	$	8.51	$	4.85	$	8.46	$	2.78	$	5.83
Revenue Enhancing — New/First Generation RSF Leased		216,345		201,614		121,225		134,319		37,438		216,345		201,614		121,225		134,319		37,438
Tenant Improvements	$	2,226,851	$	4,194,926	$	1,784,295	$	1,371,742	$	425,671	$	10.29	$	20.81	$	14.72	$	10.21	$	11.37
Leasing Commissions	$	767,027	$	1,576,313	$	410,100	$	436,085	$	94,002	$	3.55	$	7.82	$	3.38	$	3.25	$	2.51
Total New/First Generation	$	2,993,878	$	5,771,239	$	2,194,395	$	1,807,827	$	519,673	$	13.84	$	28.63	$	18.10	$	13.46	$	13.88
Total:
RSF Leased		682,803		544,552		309,910		384,423		245,425		682,803		544,552		309,910		384,423		245,425
Tenant Improvements	$	5,402,619	$	5,355,282	$	3,122,350	$	1,913,152	$	1,412,102	$	7.91	$	9.83	$	10.08	$	4.98	$	5.75
Leasing Commissions	$	1,560,886	$	2,077,589	$	667,808	$	589,296	$	319,631	$	2.29	$	3.82	$	2.15	$	1.53	$	1.30
Total	$	6,963,505	$	7,432,871	$	3,790,158	$	2,502,447	$	1,731,733	$	10.20	$	13.65	$	12.23	$	6.51	$	7.06

(a)	Analysis does not include owner occupied space or leases with less than a one year term.
(b)	These figures reflect the dollars committed for improvements under the terms of the leases executed during each period. Actual expenditures and the period in which they are expended will vary.

Page 22

CRT PROPERTIES, INC. AND SUBSIDIARIES
SAME SUITE ANALYSIS — GAAP BASIS
YEAR TO DATE SEPTEMBER 30, 2004

	New/Backfill (a)												Renewal												Total Leasing
	RSF		New		Expiring					Percent			RSF		New		Expiring					Percent			RSF		New		Expiring					Percent
	Leased		Gross Rent		Gross Rent		Change			Change			Leased		Gross Rent		Gross Rent		Change			Change			Leased		Gross Rent		Gross Rent		Change			Change
Atlanta		59,564	$	19.11	$	18.99	$	0.12			0.6	%		131,483	$	18.68	$	20.20		($1.52	)		-7.5	%		191,047	$	18.81	$	19.82		($1.01	)		-5.1	%
Orlando		113,979	$	17.17	$	17.81		($0.64	)		-3.6	%		84,126	$	17.57	$	16.68	$	0.89			5.3	%		198,105	$	17.34	$	17.33	$	0.01			0.1	%
Jacksonville		12,492	$	22.34	$	18.35	$	3.99			21.7	%		105,911	$	11.79	$	12.20		($0.41	)		-3.4	%		118,403	$	12.90	$	12.85	$	0.05			0.4	%
Houston		44,962	$	17.83	$	18.15		($0.32	)		-1.8	%		43,093	$	17.39	$	18.66		($1.27	)		-6.8	%		88,055	$	17.61	$	18.40		($0.78	)		-4.3	%
St. Petersburg		102,854	$	14.67	$	16.03		($1.36	)		-8.5	%		175,083	$	16.20	$	16.18	$	0.02			0.1	%		277,937	$	15.63	$	16.12		($0.49	)		-3.0	%
Tallahassee		70,237	$	17.79	$	19.10		($1.31	)		-6.9	%		35,207	$	14.65	$	18.15		($3.50	)		-19.3	%		105,444	$	16.74	$	18.78		($2.04	)		-10.9	%
Charlotte		61,670	$	13.36	$	16.73		($3.37	)		-20.1	%		60,428	$	19.03	$	18.64	$	0.39			2.1	%		122,098	$	16.17	$	17.68		($1.51	)		-8.5	%
Memphis		28,069	$	16.30	$	18.40		($2.10	)		-11.4	%		50,501	$	18.35	$	19.21		($0.86	)		-4.5	%		78,570	$	17.62	$	18.92		($1.30	)		-6.9	%
Richmond		1,369	$	13.37	$	12.79	$	0.58			4.5	%		47,236	$	20.36	$	19.77	$	0.59			3.0	%		48,605	$	20.16	$	19.57	$	0.59			3.0	%
Total		495,196	$	16.63	$	17.69		($1.07	)		-6.0	%		733,068	$	16.81	$	17.27		($0.46	)		-2.6	%		1,228,264	$	16.74	$	17.44		($0.70	)		-4.0	%

(a) Analysis includes leases fully executed from 1/1/04 to 9/30/04 for buildings owned at 9/30/04. Does not include First Generation space.

Page 23

CRT PROPERTIES, INC. AND SUBSIDIARIES
SAME SUITE ANALYSIS — CASH BASIS
YEAR TO DATE SEPTEMBER 30, 2004

	New/Backfill (a)												Renewal												Total Leasing
	RSF		New		Expiring					Percent			RSF		New		Expiring					Percent			RSF		New		Expiring					Percent
	Leased		Gross Rent		Gross Rent		Change			Change			Leased		Gross Rent		Gross Rent		Change			Change			Leased		Gross Rent		Gross Rent		Change			Change
Atlanta		59,564	$	18.17	$	19.60		($1.43	)		-7.3	%		131,483	$	18.83	$	20.66		($1.83	)		-8.9	%		191,047	$	18.62	$	20.33		($1.71	)		-8.4	%
Orlando		113,979	$	17.15	$	18.44		($1.29	)		-7.0	%		84,126	$	17.01	$	17.90		($0.89	)		-5.0	%		198,105	$	17.09	$	18.21		($1.12	)		-6.2	%
Jacksonville		12,492	$	22.22	$	18.42	$	3.80			20.6	%		105,911	$	11.73	$	12.24		($0.51	)		-4.2	%		118,403	$	12.84	$	12.89		($0.06	)		-0.4	%
Houston		44,962	$	17.85	$	18.24		($0.39	)		-2.1	%		43,093	$	16.93	$	18.80		($1.87	)		-9.9	%		88,055	$	17.40	$	18.51		($1.11	)		-6.0	%
St. Petersburg		102,854	$	14.78	$	16.41		($1.63	)		-9.9	%		175,083	$	15.53	$	16.35		($0.82	)		-5.0	%		277,937	$	15.25	$	16.37		($1.12	)		-6.8	%
Tallahassee		70,237	$	16.28	$	19.24		($2.96	)		-15.4	%		35,207	$	16.91	$	17.93		($1.02	)		-5.7	%		105,444	$	16.49	$	18.80		($2.31	)		-12.3	%
Charlotte		61,670	$	13.81	$	17.78		($3.97	)		-22.3	%		60,428	$	17.91	$	18.84		($0.93	)		-4.9	%		122,098	$	15.84	$	18.30		($2.47	)		-13.5	%
Memphis		28,069	$	15.67	$	19.38		($3.71	)		-19.1	%		50,501	$	18.03	$	19.75		($1.72	)		-8.7	%		78,570	$	17.19	$	19.62		($2.43	)		-12.4	%
Richmond		1,369	$	12.84	$	12.79	$	0.05			0.4	%		47,236	$	19.87	$	20.80		($0.93	)		-4.5	%		48,605	$	19.67	$	20.57		($0.90	)		-4.4	%
Total		495,196	$	16.34	$	18.21		($1.87	)		-10.3	%		733,068	$	16.54	$	17.65		($1.11	)		-6.3	%		1,228,264	$	16.46	$	17.88		($1.42	)		-7.9	%

(a) Analysis includes leases fully executed from 1/1/04 to 9/30/04 for buildings owned at 9/30/04. Does not include First Generation space.

Page 24