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FINANCIAL HIGHLIGHTS  
($ millions except per share data)
For the years ended December 31 2005 2004 2003 2002
Total Revenues1 $722.0 $647.4 $646.4 $651.9
Property Revenues Less Property Expenses1 $384.6 $357.9 $339.4 $354.8
Net Income Available to Common Stockholders2 $201.0 $96.5 $198.5 $(188.8)
Funds from Operations Available to Common Stockholders (FFO) 2, 3 $266.7 $141.8 $334.4 $(16.1)
Net Income Available to Common Stockholders
per Diluted Share2		 $1.27 $0.63 $1.32 $(1.26)
FFO per Diluted Share 2, 3 $1.69 $0.93 $2.22 $(0.11)
Dividends per Share $0.80 $0.80 $0.80 $0.355
As of December 31
Total Debt4 $2,624.0 $2,639.4 $3,099.7 $3,688.9
Total Market Capitalization4 $6,209.1 $5,517.8 $5,425.7 $5,097.7
Leverage Ratio4 42% 48% 57% 72%

OPERATING HIGHLIGHTS
Occupancy4 88.2% 89.5% 86.6% 89.0%
Leasing Activity7 (mil. of sq. ft.) 5.9 5.9 6.9 6.9
Weighted Average Term on Leasing7 (years) 7.7 6.8 6.4 5.7
Retention Ratio7 49% 57% 42% 36%
Tenant Installation Costs (per sq. ft.)8 $18.98 $20.69 $14.83 $17.75
Weighted Average Gross Rental Rate
on Leasing (per sq. ft.)7		 $25.04 $21.81 $20.75 $n/a9

(1) Excluding unconsolidated real estate joint ventures and discontinued operations.
(2) Results for the year ended December 31, 2004 include the impact of a provision for loss on real estate and investment and loss on early debt retirement totaling $148.3 million, or $0.97 per diluted share.
(3) FFO is a non-GAAP financial measure. The GAAP measurement most directly comparable to FFO is net income available to common stockholders. Please see pages REC-1 to REC-2 after the Form 10-K included in this annual report for a reconciliation between net income available to common stockholders and FFO as well as a discussion of why we believe FFO is useful information to investors.
(4) Including debt related to unconsolidated joint ventures.
(5) Annualized rate.
(6) As of December 31. Weighted average, based on owned area.
(7) For year ended December 31. Represents 100% of portfolio, rather than Trizec’s proportionate share.
(8) For year ended December 31. Represents owned area and office leasing activity based on Trizec's proportionate share.
(9) Not reported on a gross rent basis until 2003.