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Factbookq104 Ver May 4 Supplemental Operating and Financial Data for the Quarter ended March 31, 2004 www.trz.com This Supplemental Operating and Financial Data is not an offer to sell or solicitation to buy any securities of the Company and should be read in conjunction with the financial statements and related notes of the Company and all of the public filings of the Company with the Securities and Exchange Commission. Any offers to sell or solicitations of the Company shall be made by means of a prospectus. First Quarter 2004 Trizec Properties, Inc., a real estate investment trust (REIT) headquartered in Chicago, is one of North America's largest owners and operators of commercial office properties. The Company has ownership interests in and manages a high- quality portfolio of 64 office properties totaling approximately 43 million square feet concentrated in the metropolitan areas of seven major U.S. cities. The Company trades on the New York Stock Exchange under the symbol TRZ. For more information, visit Trizec's web site at www.trz.com. Table of Contents Page Page Appendix: Investor Information 1 A) Straight Line Adjustment Summary 19 Financial Highlights 2 B) Financial Information 20-24 Segmented Financial Information 3 Consolidated Balance Sheet Information 4 Same-Property Performance 5 Unconsolidated Real Estate Joint Venture Information 6-7 Office Portfolio Analysis 8-13 Property Listing 14-15 Mortgage Debt and Other Loans 16-17 2004 Acquisition/Disposition Summary 18 This report contains forward-looking statements relating to our business and financial outlook, which are based on our current expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any such statement to reflect new information, the occurrence of future events or circumstances or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Such factors include those set forth in more detail in the Risk Factors section in our Form 10-K for the year ended December 31, 2003 filed with the U.S. Securities and Exchange Commission. Investor Information First Quarter 2004 Corporate Office: Stock Exchange Listing: NYSE Trizec Properties, Inc. Tel: (312) 798-6000 233 South Wacker Drive, Suite 4600 Fax: (312) 798-6270 Trading Symbol: TRZ Chicago, IL 60606 Toll Free: (800) 891-7017 Index Listings: Morgan Stanley REIT Index Web site: www.trz.com Wilshire REIT Index E-mail: [email protected] Russell 1000 Index Dividend per share: Selected Corporate Officers: Amount Declared Record Paid Peter Munk Chairman Q1-04: $0.20 10-Mar 31-Mar 15-Apr Timothy Callahan President and Chief Executive Officer Mike Colleran Chief Financial Officer Casey Wold Chief Operating Officer Shares outstanding (March 31, 2004) : 151,684,024 Research Coverage: Banc of America Securities Lee Schalop / Dan Oppenheim (212) 847-5677/5733 Total Market Cap ($ mil.): $5,081 Goldman Sachs Carey Callaghan (212) 902-4351 Green Street Advisors Jim Sullivan (949) 640-8780 Share Activity (NYSE): Lehman Brothers David Shulman / Alexander Goldfarb (212) 526-3413/5232 Source: Bloomberg 12 Months Merrill Lynch Steve Sakwa / John Stewart (212) 449-0335/1920 Ended Morgan Stanley Dean Witter Greg Whyte (212) 761-6331 Q2-03 Q3-03 Q4-03 Q1-04 3/31/04 Wachovia Securities Christopher Haley / Greg Korondi (443) 263-6773/6579 Canaccord Capital Shant Poladian (416) 869-6595 Share Prices: CIBC World Markets Rossa O'Reilly / Nelson Mah (416) 594-7296/8179 High 11.64 12.50 15.97 17.15 17.15 Griffiths McBurney Anoop Prihar (416) 943-6127 Low 8.58 11.04 12.25 14.98 8.58 National Bank Financial Michael Smith / Jimmy Shan (416) 869-8022/8025 Close 11.37 12.26 15.40 17.15 17.15 Raymond James Harry Rannala / Gail Mifsud (416) 777-7042/7084 RBC Capital Markets Neil Downey (416) 842-7835 TD Newcrest Sam Damiani / Brad Cutsey (416) 983-9640/4767 Avg. Daily Vol. (000's) 276 211 260 218 241 Investor Relations: Dennis C. Fabro Trustee: Mellon Investor Services LLC Senior Vice President, Investor Relations 85 Challenger Road 233 South Wacker Drive, Suite 4600 Ridgefield Park, NJ 07660 Chicago, IL 60606 Toll Free: (800) 852-0037 Tel: (312) 798-6290 Fax: (312) 798-6270 e-mail: [email protected] E-mail: [email protected] Page 1 Financial Highlights ($ 000's, except per share amounts) Three Months Ended 31-Mar-04 31-Mar-03 % Change Total Revenues $ 200,384 $ 206,212 -3% Operating Expenses 67,671 68,461 -1% Property Taxes 22,575 24,125 -6% Property Expenses 90,246 92,586 -3% Consolidated Property Revenues Less Property Expenses 110,138 113,626 -3% Property Revenues Less Property Expenses from Unconsolidated Joint Ventures (Pro rata) 13,918 16,449 -15% Property Revenues Less Property Expenses from Discontinued Operations 7,749 15,065 -49% Total Property Revenues Less Property Expenses $ 131,805 $ 145,140 -9% Net Income Available to Common Stockholders $ 83,303 $ 58,039 44% Net Income Available To Common Stockholders per Weighted Average Common Share Outstanding Basic $ 0.55 $ 0.39 42% Diluted $ 0.55 $ 0.39 41% Funds from Operations Available to Common Stockholders (FFO) 1, 2 $ 82,729 $ 88,416 -6% FFO per share Basic $ 0.55 $ 0.59 -7% Diluted $ 0.54 $ 0.59 -8% Weighted Average Common Shares Outstanding: Basic 151,124,515 149,785,046 Diluted 152,767,608 149,809,100 (1) FFO is a non-GAAP financial measure. See Appendix B for a reconciliation of FFO and FFO per share to net income available to common stockholders and net income available to common stockholders per share, the most directly comparable GAAP measures. (2) Effective fourth quarter 2003, the Company adopted the NAREIT definition of FFO and has revised its historical calculation of FFO in accordance with NAREIT's definition. Page 2 Segmented Financial Information ($ 000's) (Includes Trizec's pro rata share of unconsolidated real estate joint ventures and discontinued operations) Three Months Ended Secondary Total Corporate Atlanta Chicago Dallas Houston Los Angeles New York Washington, D.C. Markets Office & Other Total March 31, 2004 Property revenues$ 21,895 18,256 21,885 29,018 13,999 50,216 28,838 34,825 218,932 18,474 $ 237,406 Property expenses (8,624) (8,942) (10,927) (13,436) (6,232) (21,522) (10,985) (18,569) (99,237) (6,364) (105,601) Property revenues less property expenses $ 13,271 9,314 10,958 15,582 7,767 28,694 17,853 16,256 119,695 12,110 $ 131,805 March 31, 2003 Property revenues$ 21,812 17,627 22,750 30,717 16,020 51,020 31,085 49,515 240,546 24,818 $ 265,364 Property expenses (8,846) (8,335) (12,908) (13,853) (6,934) (20,570) (11,449) (24,274) (107,169) (13,055) (120,224) Property revenues less property expenses $ 12,966 9,292 9,842 16,864 9,086 30,450 19,636 25,241 133,377 11,763 $ 145,140 Page 3 Consolidated Balance Sheet Information First Quarter 2004 Real Estate ($ 000's - As of March 31, 2004) Properties Held for Development Net Book Value Rental properties$ 4,705,161 Properties held for development 33,165 Buckhead Land$ 12,796 Accumulated depreciation (662,672) Other 20,369 Real Estate, net $ 4,075,654 Total Properties Held for Development $ 33,165 Other Assets and Investments Other Liabilities ($ 000's - As of March 31, 2004) ($ 000's - As of March 31, 2004) Cash and cash equivalents$ 30,648 Trade, construction and tenant improvements payables$ 67,273 Escrows and restricted cash 45,851 Accrued interest expense 10,240 Investment in unconsolidated real estate joint ventures 253,212 Accrued operating expenses and property taxes 66,221 Office tenant receivables, net 6,862 Other accrued liabilities 91,192 Other receivables, net 29,923 Dividends payable 31,797 Deferred rent receivables, net 149,255 Taxes payable 47,474 Deferred charges, net 119,228 Total Other Liabilities $ 314,197 Prepaid expenses and other assets 108,674 Total Other Assets and Investments $ 743,653 Page 4 Same-Property Performance First Quarter 2004 Same-Property Revenues Less Expenses 1 ($ 000's) Three Months Ended 31-Mar Change 2004 2003 $% Including impact of straight-line rent Property revenues excl. termination fees$ 219,196 222,263 (3,067) -1.4% Property expenses (99,001) (100,015) 1,014 -1.0% Property revenues excl. termination fees less property expenses$ 120,195 122,248 (2,053) -1.7% Excluding impact of straight-line rent Property revenues excl. termination fees and impact of straight-line rent$ 211,709 213,615 (1,906) -0.9% Property expenses (98,212) (99,469) 1,257 -1.3% Property revenues excl. termination fees and impact of straight-line rent less property expenses$ 113,497 114,146 (649) -0.6% Same-Property Occupancy 1 31-Mar 2004 2003 Change Period End 85.9% 87.1% -1.2% Average - Quarter 86.2% 87.5% -1.3% No. of properties represented: 64 (1) Including Trizec's pro rata share of unconsolidated real estate joint ventures. Page 5 Unconsolidated Real Estate Joint Venture Financial Information First Quarter 2004 Unconsolidated Real Estate Joint Venture Assets (As of March 31, 2004) Property Location Ownership Occupancy (1) Total Area Owned Area 1. Bank One Center Dallas, TX 50% 81.5% 1,531,000 765,000 2.
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