Equity Office Reports 2Q Profits

Equity Office Properties Trust, Chicago, has reported net income of $87.9 million ($0.24 per share) for the second quarter, compared with a net loss of $205.4 million ($0.50 per share) for the comparable period of 2005.For the first six months of the year, the real estate investment trust reported net income of $133.5 million ($0.36 per share), compared with a loss of $104.6 million ($0.26 per share) for the first six months of 2005. EOPT said it believes the results "reflect significant improvement in virtually every market," citing strong leasing activity and an increase in market rents as well as improved occupancy and office space absorption. The largest REIT by market capitalization, EOPT also reported that it is exploring the sale of as much as $2.0-2.5 billion of assets over the next year. Certain assets in the Chicago, Denver, and Northern California markets are being considered for sale, EOPT said. The REIT may also exit the Atlanta market over time. It can be found online at http://www.equityoffice.com.