Prentiss Properties Trust Declares Regular Quarterly Dividend for the

    Business Editors/Real Estate Writers

    DALLAS--(BUSINESS WIRE)--March 10, 2005--Prentiss Properties Trust (NYSE:PP) Board of Trustees today declared a regular quarterly dividend of $0.56 per share for the period from January 1, 2005, through March 31, 2005. At $2.24 per share on an annualized basis, this dividend represents a 6.3% annualized yield based on yesterday's closing price of $35.50 per share.
    The dividend will be paid on April 8, 2005, to owners of record as of March 31, 2005. Prentiss Properties' next dividend will be announced in June of 2005.

    About Prentiss Properties Trust

    Prentiss Properties Trust is a self-administered and self-managed real estate investment trust ("REIT"). It owns interests in 133 operating properties with approximately 18.4 million square feet - 16.2 million of office properties and 2.2 million of industrial properties. The Company also has a 158,000 square foot development project in construction at this time. The Company, through various management subsidiaries, manages approximately 28.2 million square feet of office and industrial properties owned by Prentiss, its affiliates and third parties.
    With its headquarters in Dallas, Prentiss Properties focuses on the ownership of office properties in Metropolitan Washington D.C., Chicago, Dallas, Austin, Northern California and Southern California. It is a full service real estate company with in-house expertise in areas such as acquisitions, development, facilities management, property management and leasing.
    Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intent," "predict," "project" and similar expressions as they relate to Prentiss Properties Trust or our management. When we make forward-looking statements, we are basing them on our management's beliefs and assumptions, using information currently available to us. Although we believe that the expectations reflected in the forward-looking statements are reasonable, these forward-looking statements are subject to risks, uncertainties and assumptions including the risks discussed in our filings with the Securities and Exchange Commission. If one or more of these risks materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements contained in this press release reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We have no current intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

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CONTACT: Prentiss Properties Trust, Dallas Thomas F. August, 214-654-0886

KEYWORD: TEXAS INDUSTRY KEYWORD: BANKING REAL ESTATE BUILDING/CONSTRUCTION DIVIDEND SOURCE: Prentiss Properties Trust

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