Exhibit 99.2

Supplemental Operating and Financial Information 

 Fourth Quarter 2004

Table of Contents

Corporate Information

Selected Financial Data
Company Overview
AmeriVest Properties Inc. is a real estate investment trust (REIT) which owns and operates commercial office buildings in selected markets catering to small and medium size businesses. At December 31, 2004, AmeriVest owned 30 properties totaling 2,732,957 square feet located in Colorado, Texas, Arizona and Indiana. The Company’s core portfolio (which excludes assets it owns less than 100% and smaller office buildings primarily leased to the State of Texas) included 16 properties totaling 2,450,854 square feet located in metropolitan Denver, Dallas, Phoenix and Indianapolis.
Strategy
We believe that office space for small to medium size businesses is a large and underserved market. According to a study compiled by the Office of Advocacy of the U.S. Small Business Administration, 89% of all U.S. businesses employed fewer than 20 employees. As a result, we believe that many businesses have office space requirements of no more than 4,000 square feet.
Small to medium size businesses often have specific needs and limitations that are different from larger businesses. For example, small and medium size businesses generally cannot afford large corporate staffs to manage their office leasing requirements. These businesses have needs similar to larger firms, such as access to cutting edge technology, conference facilities, high quality telecommunications services and other amenities, but may not have a comparable budget. Our strategy is to focus on providing an office product targeted to this large market and its unmet needs in a cost effective manner. The key elements of our strategy include:
	Provide a superior, consistent product - We seek to provide a level of amenities for small and medium size businesses in our office properties that usually only larger companies would be able to obtain, such as conference rooms with the latest telecommunication and presentation equipment, and high levels of common area and tenant finish, including well-designed, pre-built move-in ready space.
	Simplify the leasing process - Our leasing process is designed to meet the unique needs of a small to medium size customer base through our “no hassle” leasing philosophy which reduces the per lease cost for us and the customer.
	Provide a high level of service - With our deliberate focus on small and medium size businesses, we have developed a positive, service-oriented approach specifically tailored for our customer base.
	Target select cities - We target cities that have excellent small business growth demographics, where we hope to build meaningful multi-property portfolios over both the near and long term.
As a result of our focused strategy, we believe that our properties provide office space that is particularly attractive for small and medium size businesses. By executing on our strategy, we believe we have been able to maintain high occupancy rates while still maintaining strong rent per square foot trends in our core markets as compared to the general office market.

Directors and Executive Officers
Name	Position	Initial Date as Director
William T. Atkins	Chief Executive Officer, Director and Chairman of the Board	1999
Charles K. Knight	President, Chief Operating Officer and Director	1999
Kathryn L. Hale	Chief Financial Officer and Secretary	—
John B. Greenman	Chief Investment Officer and Vice President	—
Patrice Derrington	Outside Director	2003
Harry P. Gelles	Outside Director	2000
Alexander S. Hewitt	Director and Vice Chairman	2004
Robert W. Holman, Jr.	Lead Outside Director	2001
John A. Labate	Outside Director	1995
Jerry J. Tepper	Outside Director	2000
Corporate Headquarters	Investor Relations
1780 South Bellaire Street	Kim P. Boswood
Suite 100	(303) 297-1800 x 118
Denver, Colorado 80222	kimb@amvproperties.com
(303) 297-1800
Stock Exchange	Ticker
American Stock Exchange	AMV

2

Financial Information
Selected Financial Data
	As of and for the three months ended
	12/31/2004								9/30/2004							6/30/2004						3/31/2004							12/31/2003
	(amounts in thousands, except share, per share and property data)
Operating Data
Real estate operating revenue (1)	$			12,644				$			11,435				$			11,403					$		9,594					$	8,669
General and administrative expenses	1,348							1,106							984								933							1,171
G&A as a percentage of revenue	10.7						%	9.7						%	8.6						%		9.7					%		13.5						%
Loss Per Share
Net loss	$			(3,678			)	$			(1,302			)	$			(548			)		$		(375			)		$		(1,251				)
Loss per share - basic	(0.15						)	(0.05						)	(0.02						)		(0.02					)		(0.07						)
Loss per share - diluted	(0.15						)	(0.05						)	(0.02						)		(0.02					)		(0.07						)
Funds from Operations (FFO) (2)
FFO	$			654				$			2,351				$			2,796					$		1,878					$			1,317
FFO per share - basic	0.03							0.10							0.12								0.11							0.08
FFO per share - diluted	0.03							0.10							0.12								0.11							0.07
Balance Sheet Data
Net investment in real estate	$			330,814				$			301,152				$			277,569					$		259,921					$			223,894
Total assets	347,954							317,767							294,877								275,911							240,500
Total liabilities	252,904							216,074							188,824								166,477							170,396
Minority interest	1,580							1,671							1,775								1,836							—
Total stockholders’ equity	93,470							100,022							104,278								107,598							70,104
Common Stock Data
Common shares outstanding	23,982,233							23,948,056							23,928,849								23,859,639							17,401,309
Weighted average shares - basic	23,959,656							23,934,094							23,898,957								17,567,414							17,383,652
Weighted average shares - diluted	24,076,729							24,050,124							24,011,520								17,721,219							17,633,834
Closing share price	$	6.40						$		6.68					$		5.89						$	6.75						$			7.18
Share price range for period (high - low)	$	7.30 -			$	6.26		$		6.83 -		$	5.88		$		6.93 -		$	5.48			$	7.64 -		$	6.40			$			6.50 -	$	7.21
Dividends declared per share	$		0.13					$			0.13				$			0.13					$		0.13					$			0.13
Annualized dividend yield	8.1						%	7.8						%	8.8						%		7.7					%		7.2						%
Market value of common equity	$		153,486					$			159,973				$			140,941					$		161,053					$		124,941
Total liabilities	252,904							216,074							188,824								166,477							170,396
Total market capitalization	$		406,390					$			376,047				$			329,765					$		327,530					$		295,337
Property Data
Properties owned	30							29							28								27							30
Rentable square feet	2,732,957							2,628,044							2,480,232								2,365,640							2,222,079
Occupancy	88.3						%	86.2						%	85.1						%		84.5					%		84.2						%

(1) Excludes the revenues of assets classified as held of resale (Texas Bank Buildings - sold March 16, 2004).

(2) See page 6 for a reconciliation of FFO from net loss and a comparison of FFO per share to loss per share, the most directly comparable GAAP measures. FFO is not intended to be a measure of cash flow or liquidity. FFO was negatively impacted for the quarter ended December 31, 2004 as a result of an approximately $1.2 million impairment associated with the Texas State Buildings. For FFO purposes, the impairment is not added back to the Company’s net loss as specified by the NAREIT White Paper.

3

Consolidated Statement of Operations
	Three months ended December 31,						Twelve months ended December 31,
	2004			2003			2004			2003
Real Estate Operating Revenue
Rental revenue	$	12,643,553		$	8,669,240		$	45,075,225		$	28,793,825
Real Estate Operating Expenses
Property operating expenses -
Operating expenses	3,648,818			2,598,197			13,476,493			7,822,693
Real estate taxes	1,719,960			1,292,680			5,829,535			3,639,508
General and administrative expenses	1,347,938			1,170,315			4,370,403			3,526,097
Interest expense	3,820,749			2,430,114			12,443,610			7,747,017
Depreciation and amortization expense	4,423,826			2,513,239			14,387,431			6,892,207
Impairment of investment in real estate	1,160,000			—			1,160,000			1,465,932
Other expense - pursuit costs (1)	323,376			—			323,626			1,650
Total operating expenses	16,444,667			10,004,545			51,991,098			31,095,104
Loss From Continuing Operations	(3,801,114		)	(1,335,305		)	(6,915,873		)	(2,301,279		)
Other Income/(Loss)
Interest income	31,621			12,283			87,016			73,470
Equity in loss of affiliate	—			(16,502		)	(18,076		)	(54,953		)
Minority interest (2)	91,034			—			256,246			—
Total other income/(loss)	122,655			(4,219		)	325,186			18,517
Loss Before Discontinued Operations	(3,678,459		)	(1,339,524		)	(6,590,687		)	(2,282,762		)
Net Earnings from Discontinued Operations	—			87,659			687,735			302,342
Net Loss	$	(3,678,459	)	$	(1,251,865	)	$	(5,902,952	)	$	(1,980,420	)
Loss Per Share
Basic	$	(0.15	)	$	(0.07	)	$	(0.26	)	$	(0.13	)
Diluted	$	(0.15	)	$	(0.07	)	$	(0.26	)	$	(0.13	)
Weighted Average Common Shares Outstanding
Basic	23,959,656			17,383,652			22,348,811			14,686,369
Diluted	23,959,656			17,383,652			22,348,811			14,686,369
Reconcilation to Funds from Operations (FFO): (3)
Net Loss	$	(3,678,459	)	$	(1,251,865	)	$	(5,902,952	)	$	(1,980,420	)
Depreciation and amortization expense	4,332,521			2,569,314			14,157,113			7,108,783
Gain on sale	—			—			(574,276		)	—
FFO	$	654,062		$	1,317,449		$	7,679,885		$	5,128,363
Funds from Operations per share - diluted	$	0.03		$	0.07		$	0.34		$	0.34

(1) Represents costs which were previously capitalized in connection with anticipated acquisitions. These pursuits were terminated in the fourth quarter of 2004 and all previously capitalized costs associated with these acquisitions were expensed. At December 31, 2004, the Company has no pursuit costs included in its balance sheet.

(2) As a result of adopting FIN 46R, “Consolidation of Variable Interest Entities (VIE)”, the Company consolidated the operations of an entity management identified as a VIE in which the Company is the primary beneficiary. The Company recognizes minority interest equal to third party voting interests on the VIE’s reported earnings or loss.

(3) See page 6.

4

Same Store Property Results and Analysis
	Three months ended December 31, (1)											Twelve months ended December 31, (2)
	2004			2003			Change			% Change		2004			2003			Change			% Change
Real Estate Operating Revenue
Rental revenue	$	7,671,921		$	7,644,286		$	27,635		0.4	%	$	19,938,153		$	19,834,615		$	103,538		0.5	%
Real Estate Operating Expenses
Property operating expenses -
Operating expenses	2,168,435			2,177,491			9,056			0.4	%	5,334,853			5,007,279			(327,574		)	-6.5	%
Real estate taxes	944,694			818,573			(126,121		)	-15.4	%	2,523,671			2,641,773			118,102			4.5	%
Total property operating expenses	3,113,129			2,996,064			(117,065		)	-3.9	%	7,858,524			7,649,052			(209,472		)	-2.7	%
Net Operating Income (3)	$	4,558,792		$	4,648,222		$	(89,430	)	-1.9	%	$	12,079,629		$	12,185,563		$	(105,934	)	-0.9	%
Average rent per sq. foot at December 31,	$	20.70		$	21.13		$	(0.43	)	-2.0	%	$	19.91		$	20.84		$	(0.93	)	-4.5	%
Occupancy at December 31,	88.7		%	86.2		%				2.5	%	92.2		%	88.9		%				3.3	%

(1) Includes the following properties, which were operational during the entire three months ended December 31, 2003 and 2004:

Property	Sq Foot
Sheridan Center	139,578
AmeriVest Plaza at Inverness	118,720
Arrowhead Fountains	96,090
Kellogg Building	110,852
Keystone Office Park	114,822
Parkway Centre II	151,968
Centerra	186,582
Chateau Plaza	171,294
Southwest Gas Building	146,048
Financial Plaza	310,838
Total	1,546,792

(2) Includes the following properties, which were operational during the entire twelve months ended December 31, 2003 and 2004:

Property	Sq Foot
Sheridan Center	139,578
AmeriVest Plaza at Inverness	118,720
Arrowhead Fountains	96,090
Kellogg Building	110,852
Parkway Centre II	151,968
Centerra	186,582
Chateau Plaza	171,294
Total	975,084

(3) See page 6 for a reconciliation of Same Store Net Operating Income to Loss from Continuing Operations.

5

Non-GAAP Financial Measures
Funds from Operations -
Funds from Operations (FFO) is a non-GAAP financial measure. We believe FFO, as defined by the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT) in the October 1999 White Paper (amended in April 2002), to be an appropriate measure of performance for an equity REIT, for reasons, and subject to the qualifications, specified in the paragraphs entitled “Non-GAAP Financial Measures” below. The following table reflects the reconciliation of FFO from net loss and a comparison of FFO per share to loss per share, the most directly comparable GAAP measures:
	Three months ended
	12/31/2004				9/30/2004						6/30/2004						3/31/2004						12/31/2003
	(amounts in thousands, except share, per share and property data)
Funds from Operations (FFO) -
Net loss	$	(3,678	)		$		(1,302		)		$		(548		)		$		(375		)		$		(1,252		)
Depreciation and amortization expense	4,332				3,653						3,344						2,805						2,546
Share of depreciation and amortization expense of unconsolidated affiliate	—				—						—						22						23
Gain on sale	—				—						—						(574				)		—
FFO	$	654			$		2,351				$		2,796				$		1,878				$		1,317
Loss per share - diluted	$	(0.15	)		$		(0.05		)		$		(0.02		)		$		(0.02		)		$		(0.07		)
FFO per share - diluted	$	0.03			$		0.10				$		0.12				$		0.11				$		0.07
Common Stock Data -
Weighted average shares - diluted	24,076,729				24,050,124						24,011,520						17,721,219						17,633,834
Non-GAAP Financial Measures - Funds from Operations (FFO) is a non-GAAP financial measure.  FFO is defined as net income or loss, computed in accordance with generally accepted accounting principles (GAAP), excluding gains or losses from sale of properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.  We believe that FFO is helpful to investors as a measure of the performance of an equity REIT because, it facilitates an understanding of the operations performance of its properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time.  Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a more meaningful and accurate indication of our performance.  We compute FFO in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.  FFO does not represent cash generated from operating activities determined by GAAP and should not be considered as an alternative to net income or loss (determined in accordance with GAAP) as an indication of our financial performance or to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make cash distributions.  FFO may include funds that may not be available for our management’s discretionary use due to requirements to conserve funds for capital expenditures, debt repayments, debt repayments property acquisitions and other commitments and uncertainties.
Same Store Property Net Operating Income -
Net Operating Income (NOI) is defined as rental revenues less property operating expenses. We rely on NOI for assessing property performance. We also believe Same Store Property NOI is a valuable means of comparing period-to-period property performance. The following is a reconciliation of Same Store Property NOI to Loss From Continuing Operations:
				Three months ended December 31,												Twelve months ended December 31,
				2004						2003						2004						2003
				(amounts in thousands)
Same Store Property NOI				$		4,559				$		4,648				$		12,080				$		12,186
Non Same Store Property NOI				2,393						130						13,365						5,144
General and administrative expenses				(1,348				)		(1,170				)		(4,370				)		(3,526				)
Interest expense				(3,821				)		(2,430				)		(12,444				)		(7,747				)
Depreciation and amortization expense				(4,424				)		(2,513				)		(14,387				)		(6,892				)
Impairment of investment in real estate				(1,160				)		—						(1,160				)		(1,466				)
Loss from Continuing Operations				$		(3,801		)		$		(1,335		)		$		(6,916		)		$		(2,301		)

6

Consolidated Balance Sheets
	December 31, 2004					December 31, 2003
Assets
Investment in real estate -
Land	$			58,338,781		$		28,838,214
Buildings and improvements	256,128,341					184,519,890
Furniture, fixtures and equipment	1,451,152					799,730
Tenant improvements	15,157,570					6,144,440
Tenant leasing commissions	3,101,178					1,061,160
Intangible assets	23,019,763					11,468,120
Assets - held for sale	—					3,196,877
Less: accumulated depreciation and amortization	(26,383,036				)	(12,134,025				)
Net investment in real estate	330,813,749					223,894,406
Cash and cash equivalents	1,859,660					1,477,585
Escrow deposits	7,726,652					5,778,427
Investment in affiliate	—					1,364,032
Due from related party	—					3,371,526
Due from affiliate	—					262,347
Accounts receivable, net	671,251					296,377
Deferred rents receivable	3,430,609					1,401,455
Deferred financing costs, net	2,927,696					2,301,043
Prepaid expenses and other assets	524,072					353,264
Total assets	$	347,953,689				$			240,500,462
Liabilities
Secured mortgage loans and notes payable	$	211,729,328				$	143,087,936
Unsecured line of credit	24,857,063					15,149,725
Liabilities - held for sale	—					1,296,049
Accounts payable and accrued expenses	4,524,282					2,736,657
Accrued real estate taxes	4,486,712					3,169,183
Prepaid rents, deferred revenue and security deposits	4,190,202					2,694,335
Dividends payable	3,116,130					2,262,170
Total liabilities	252,903,717					170,396,055
Minority Interest	1,580,057					—
Stockholders’ Equity
Preferred stock, $.001 par value
Authorized - 5,000,000 shares
Issued and outstanding - none	—					—
Common stock, $.001 par value
Authorized - 75,000,000 shares
Issued and outstanding - 23,982,233 and 17,401,309 shares, respectively	23,982					17,401
Capital in excess of par value	132,585,840					91,706,371
Distributions in excess of accumulated earnings	(39,139,907				)	(21,619,365				)
Total stockholders’ equity	93,469,915					70,104,407
Total liabilities and stockholders’ equity	$		347,953,689			$	240,500,462

7

Debt Summary
		December 31, 2004											December 31, 2003
Lender	Mortgaged Property	Maturity Date			Principal Balance				Interest Rate (1)				Principal Balance				Interest Rate (1)
Fixed Rate -
Teachers Insurance and Annuity Association of America	AmeriVest Plaza at Inverness	1/10/2006			$		14,412,347		7.90		%		$		14,572,888		7.90	%
Greenwich Capital Financial Products	Parkway Centre II Centerra Southwest Gas Building	10/1/2008			38,115,018				5.13		%		38,876,849				5.13	%
Metropolitan Life Insurance Company	Parkway Centre III	9/10/2009			15,154,645				4.47		%		—				—
Allstate Life Insurance Company	Financial Plaza	10/5/2010			24,173,324				5.25		%		24,669,760				5.25	%
Southern Farm Bureau Life Insurance Company	Scottsdale Norte	4/1/2011			6,568,596				7.90		%		6,625,460				7.90	%
J. P. Morgan Chase	Hackberry View - 1st	9/1/2012			11,424,345				6.57		%		—				—
J. P. Morgan Chase	Hackberry View - 2nd (2)	9/1/2012			967,654				8.00		%		—				—
Teachers Insurance and Annuity Association of America	Sheridan Center Arrowhead Fountains Kellogg Building	1/1/2013			28,852,678				7.40		%		29,309,686				7.40	%
Allstate Life Insurance Company	Camelback - 1st	9/5/2014			15,928,449				5.82		%		—				—
Allstate Life Insurance Company	Camelback - 2nd	9/5/2014			4,977,640				5.82		%		—				—
Security Life of Denver Insurance Company	Keystone Office Park - 1st	5/1/2022			4,236,333				8.00		%		4,334,828				8.00	%
Security Life of Denver Insurance Company	Keystone Office Park - 2nd	5/1/2022			474,284				8.63		%		485,638				8.63	%
GEMSA	Hampton Court	11/1/2007			7,900,000				5.48		%		—				—
Transatlantic Capital Company, LLC (3)	Texas State Buildings	8/1/2028			5,579,891				7.66		%		5,660,436				7.66	%
		Subtotal			$	178,765,204			6.14		%		$		124,535,545		6.39	%
Variable Rate -
KeyBank National Association -	Chateau Plaza	11/12/2005			$		32,900,000		4.96		%		$		18,470,020		3.90	%
Senior Secured Line of Credit	Greenhill Park
KeyBank National Association -
Unsecured Line of Credit	Unsecured	11/12/2007			24,857,063				5.63		%		15,149,725				5.17	%
		Subtotal			$		57,757,063		5.25		%		$		33,619,745		4.47	%
Other notes payable -
Lease Capital Corporation	Phone system	10/31/2007			64,124				11.11		%		82,371				11.11	%
		Subtotal			64,124				11.11		%		82,371				11.11	%
Total debt, excluding “liabilities - held for sale’			$	236,586,391				5.92		%		$		158,237,661		5.98		%
Liabilities - held for sale
Jefferson Pilot	Texas Bank Buildings		$	—				—				$		1,296,049		9.00		%
Total including mortgage loan included in ‘liabilities - held for sale’			$	236,586,391				5.89		%		$		159,533,710		6.01		%

Scheduled maturities (for the years ended December 31,) -
2005	36,061,458
2006	17,416,022
2007	36,125,664
2008	38,166,576
2009	15,644,670
Thereafter	93,172,001
Total	$	236,586,391

Debt information, including ‘liabilites - held for sale’ (for the twelve months ended December 31, 2004) -
Additions	$	140,726,910
Repayments	(61,264,964		)
Scheduled principal payments	(2,409,265		)
Net change in mortgage payable	$	77,052,681

(1) Interest only, does not include amortization of deferred financing costs or unused facility fees.

(2) The amount recorded reflects a net present value calculation based on a fair market value rate of 8%. The actual loan balance assumed was $697,847 at an interest rate of 15%.

(3) On March 2, 2005, the Company completed a Deed-in-Lieu Agreement to return these properties to the lender.

8

Portfolio Information
Property Summary
				December 31, 2004				December 31, 2003
Building / Location	Year Acquired	Rentable Area (1)		Occupancy Rate (2)		Average Rent Per SF (3)		Occupancy Rate (2)		Average Rent Per SF (3)
Same Store -
Southwest Gas Building
Phoenix, AZ	2003	146,048		87.1	%	$	22.64	80.4	%	$	22.10
Chateau Plaza
Dallas, TX	2002	171,294		99.5	%	23.42		100.0	%	22.70
Centerra
Denver, CO	2002	186,582		85.2	%	18.09		72.9	%	19.89
Parkway Centre II
Plano, TX	2002	151,968		94.8	%	19.01		95.4	%	20.61
Kellogg Building
Littleton, CO	2001	110,852		93.0	%	19.56		85.8	%	21.04
Arrowhead Fountains
Peoria, AZ	2001	96,090		100.0	%	21.85		100.0	%	21.85
AmeriVest Plaza at Inverness
Englewood, CO	2001	118,720		93.9	%	21.03		91.3	%	23.10
Sheridan Center
Denver, CO	2000	139,578		82.0	%	15.94		82.7	%	16.36
Keystone Office Park
Indianapolis, IN	1999/2003	114,822		76.8	%	17.69		86.4	%	17.71
Greenhill Park
Addison, TX	2003	247,264		77.0	%	17.71		76.7	%	18.84
Scottsdale Norte
Scottsdale, AZ	2003	78,811		94.4	%	22.74		80.9	%	23.16
Financial Plaza
Mesa, AZ	2003	310,838		83.0	%	23.51		80.5	%	23.02
	Subtotal	1,872,867		87.4	%	$	20.44	84.7	%	$	20.93
2004 Acquisitions -
Hackberry View
Irving, TX	2004	114,598		100.0	%	19.78		N/A		N/A
Camelback Lakes
Phoenix, AZ	2004	203,179		98.9	%	21.97		N/A		N/A
Parkway Centre III
Plano, TX	2004	152,027		93.8	%	20.94		N/A		N/A
Hampton Court
Dallas, TX	2004	108,183		100.0	%	21.13		N/A		N/A
	Subtotal	577,987		98.0	%	$	21.11	N/A		N/A
Joint Ventures -
Panorama Falls (4)
Englewood, CO	2000	59,561		64.8	%	19.84		78.0	%	19.01
	Subtotal	59,561		64.8	%	$	19.84	78.0	%	$	19.01
Non-Core -
Texas Bank Buildings (5)
Texas	1998	N/A		N/A		N/A		100.0	%	$	15.88
Texas State Buildings (6)
Texas	1997/1998	222,542		77.1	%	9.06		76.8	%	9.00
	Subtotal	222,542		77.1	%	$	9.06	81.7	%	$	10.79
	Total	2,732,957	%	88.3		$	19.78	84.2	%	$	19.63

(1) Includes office space but excludes storage, telecommunications and garage space.

(2) Includes approximately 73,000 square feet (2.7% of total rentable area) that has been leased but is not yet occupied and approximately 28,000 square feet (1.0% of total rentable area) that is leased but has been vacated. Excludes approximately 9,000 square feet (0.3% of total rentable area) that expired on or about December 31, 2004.

(3) Annualized cash basis revenue divided by leased area.

(4) 20% of the property is owned by AmeriVest and 80% of the property is owned by one other investor as tenants in common. Beginning March 31, 2004, the balance sheet and results of operations for this joint venture are included in the Company’s consolidated financial statements.

(5) These buildings were sold March 16, 2004.

(6) On March 2, 2005, the Company completed a Deed-in-Lieu Agreement to return these properties to the lender.

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Lease Expiration Information
The following schedules detail the tenant (1)  lease expirations for our 100%-owned properties (2) at December 31, 2004 in total and by geographic region:
Consolidated
Year	Number of Leases	Square Footage	Annual Revenue (3)		Percentage of Total Annual Revenue
2005	112	542,290	10,911,933		23.9	%
2006	102	319,957	6,044,542		13.2	%
2007	110	460,815	9,370,199		20.5	%
2008	63	234,456	4,645,345		10.2	%
2009	56	328,665	7,042,497		15.4	%
2010	28	262,297	4,853,171		10.6	%
2011	10	70,272	1,389,027		3.0	%
2012	4	48,185	1,050,633		2.3	%
2013	—	—	—		—
2014	2	24,062	320,480		0.7	%
2015	3	7,884	109,706		0.2	%
Total	490	2,298,883	$	45,737,533	100.0	%
Denver
Year	Number of Leases	Square Footage	Annual Revenue (3)		Percentage of Total Annual Revenue
2005	59	131,091	2,783,771		33.1	%
2006	46	65,629	1,173,997		14.0	%
2007	46	80,501	1,456,313		17.3	%
2008	26	76,332	1,433,640		17.1	%
2009	19	44,560	795,196		9.5	%
2010	4	12,929	220,421		2.6	%
2011	3	11,223	197,196		2.3	%
2012	—	—	—		—
2013	—	—	—		—
2014	1	19,798	235,200		2.8	%
2015	3	7,884	109,706		1.3	%
Total	207	449,947	$	8,405,440	100.0	%
Phoenix
Year	Number of Leases	Square Footage	Annual Revenue (3)		Percentage of Total Annual Revenue
2005	19	101,945	2,291,613		13.6	%
2006	27	113,237	2,587,773		15.4	%
2007	33	155,561	3,507,098		20.8	%
2008	15	52,691	1,218,714		7.2	%
2009	21	163,976	3,901,457		23.2	%
2010	9	109,717	2,341,045		13.9	%
2011	2	19,119	437,497		2.6	%
2012	1	24,444	546,610		3.2	%
2013	—	—	—		—
2014	—	—	—		—
2015	—	—	—		—
Total	127	740,690	$	16,831,807	100.0	%

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Dallas
Year	Number of Leases	Square Footage	Annual Revenue (3)		Percentage of Total Annual Revenue
2005	23	220,706	4,961,132		28.4	%
2006	16	61,935	1,295,286		7.4	%
2007	26	213,698	4,213,590		24.1	%
2008	19	100,978	1,917,122		11.0	%
2009	11	107,658	2,139,739		12.2	%
2010	10	88,723	1,711,667		9.8	%
2011	3	31,020	649,671		3.7	%
2012	3	23,741	504,023		2.9	%
2013	—	—	—		—
2014	1	4,264	85,280		0.5	%
2015	—	—	—		—
Total	112	852,723	$	17,477,510	100.0	%
Indianapolis
Year	Number of Leases	Square Footage	Annual Revenue (3)		Percentage of Total Annual Revenue
2005	9	16,789	290,306		20.0	%
2006	9	30,358	551,016		37.9	%
2007	5	11,055	193,198		13.3	%
2008	3	4,455	75,869		5.2	%
2009	5	12,471	206,105		14.2	%
2010	1	5,343	96,174		6.6	%
2011	1	2,400	41,400		2.8	%
2012	—	—	—		—
2013	—	—	—		—
2014	—	—	—		—
2015	—	—	—		—
Total	33	82,871	$	1,454,068	100.0	%
Non-core (4)
Year	Number of Leases	Square Footage	Annual Revenue (3)		Percentage of Total Annual Revenue
2005	2	71,759	585,111		37.3	%
2006	4	48,798	436,470		27.8	%
2007	—	—	—		—
2008	—	—	—		—
2009	—	—	—		—
2010	4	45,585	483,864		30.8	%
2011	1	6,510	63,263		4.0	%
2012	—	—	—		—
2013	—	—	—		—
2014	—	—	—		—
2015	—	—	—		—
Total	11	172,652	$	1,568,708	100.0	%

(1) Excludes Kellogg Executive Suite and month-to-month tenants.

(2) Does not include Panorama Falls.

(3) Represents the annual base rent and excludes any adjustments for straight-line rent or expense recoveries.

(4) On March 2, 2005, the Company completed a Deed-in-Lieu Agreement to return these properties to the lender.

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Other Property Information
Geographic Distribution
The following chart illustrates the geographic distribution of our 100%-owned core properties (1) by square footage at December 31, 2004:
Portfolio by Lease Size (1)
Lease Size		Occupied Area			% of Occupied Area			Number of Leases		% of Total Leases
2,500 square feet and under		346,510			16.3		%	259		54.1		%
2,501 to 5,000 square feet		402,911			18.9		%	114		23.8		%
5,001 to 10,000 square feet		450,805			21.2		%	65		13.6		%
10,001 to 25,000 square feet		525,880			24.7		%	33		6.9		%
25,001 to 50,000 square feet		164,145			7.7		%	5		1.0		%
50,000 square feet and greater		235,980			11.2		%	3		0.6		%
		2,126,231			100.0		%	479		100.0		%
Ten Largest Customers
Tenant Name	Tenant Industry		Market	Lease Expiration		Square Feet			Annualized Rent (2)		% of Total Consolidated Annual Revenue (2)
Dean Foods Company	Wholesale trade/manufacturing		Dallas, TX	12/31/05		120,607			2,820,066		6.2		%
Southwest Gas Corporation	Energy		Phoenix, AZ	8/31/09		60,046			1,501,150		3.3		%
Capstar Radio Operating Co.	Entertainment		Phoenix, AZ	5/31/10		55,327			1,106,540		2.4		%
Hewitt Associates L.L.C.	Consulting/business services		Dallas, TX	1/31/10		43,137			938,230		2.1		%
First Health Group Corp.	Healthcare		Phoenix, AZ	4/30/05		36,833			791,910		1.7		%
Humana Health Plan, Inc.	Healthcare		Phoenix, AZ	3/14/06		29,848			597,830		1.3		%
DNA Productions	Computer systems and software		Dallas, TX	6/30/09		28,570			582,131		1.3		%
Allied Solutions	Financial services - insurance		Dallas, TX	12/31/09		25,757			450,747		1.0		%
Schlumberger Technology Corp.	Energy		Dallas, TX	7/31/07		24,606			472,284		1.0		%
Vision Offices Mesa, L.L.C.	Consulting/business services		Phoenix, AZ	10/31/12		24,444			546,610		1.2		%
						449,175			9,807,498		21.4		%
Tenant Diversification by Industry
The following table categorizes the leased area of our 100%-owned core properties (1)by our tenant’s industry at December 31, 2004:

Wholesale trade and manufacturing	11.0	%
Healthcare	10.1	%
Consulting and business services	9.8	%
Real estate	9.7	%
Financial services - advisement and brokerage	7.3	%
Financial services - mortgage	6.7	%
Financial services - insurance	6.7	%
Legal	6.5	%
Computer systems and software	6.5	%
Energy	5.8	%
Travel, entertainment and food service	3.9	%
Telecommunications	3.4	%
Accounting	2.8	%
Financial services - banking	2.6	%
Other	7.2	%

(1) Does not include the Texas State Buildings or Panorama Falls.

(2) Represents the annual base rent and excludes any adjustments for straight-line rent or expense recoveries.

12