CORRECTING and REPLACING AmeriVest Properties Announces Tax Treatment

    Business Editors
    CORRECTION...by Business Wire

    DENVER--(BUSINESS WIRE)--Jan. 24, 2005--In BW5451 issued Jan. 21, 2005: In the table from release dated Jan. 21, 2005, at PAYMENT DATE 1/17/2005, TAXABLE ORDINARY DIVIDEND should read $0.0152 (sted $0.1148) and RETURN OF CAPITAL should read $0.1148 (sted $0.0152).

    The corrected release reads:

    AMERIVEST PROPERTIES ANNOUNCES TAX TREATMENT OF 2004 DISTRIBUTIONS

    AmeriVest Properties Inc. (AMEX: AMV) announced today the final tax treatment (Form 1099) for its 2004 dividend distributions.

====================================================================== SECURITY TICKER RECORD DESCRIPTION CUSIP SYMBOL DATE ---------------------------------------------------------------------- Common 03071L101 AMV 3/19/2004 ---------------------------------------------------------------------- Common 03071L101 AMV 6/25/2004 ---------------------------------------------------------------------- Common 03071L101 AMV 9/24/2004 ---------------------------------------------------------------------- Common 03071L101 AMV 12/23/2004 ---------------------------------------------------------------------- TOTALS ---------------------------------------------------------------------- PERCENTAGES ======================================================================

====================================================================== CASH TAXABLE RETURN SECURITY PAYMENT DISTRIBUTION ORDINARY OF DESCRIPTION DATE PER SHARE DIVIDEND CAPITAL ---------------------------------------------------------------------- Common 4/15/2004 $0.13000 $0.0152 $0.1148 ---------------------------------------------------------------------- Common 7/15/2004 $0.13000 $0.0152 $0.1148 ---------------------------------------------------------------------- Common 10/15/2004 $0.13000 $0.0152 $0.1148 ---------------------------------------------------------------------- Common 1/17/2005 $0.13000 $0.0152 $0.1148 ---------------------------------------------------------------------- TOTALS $0.52000 $0.0608 $0.4592 ---------------------------------------------------------------------- PERCENTAGES 11.7% 88.3% ======================================================================

    Shareholders are encouraged to consult their personal tax advisors as to their specific tax treatment of AmeriVest Properties Inc. distributions.

    Company Information

    AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(SM) in Denver, Phoenix, Dallas and Indianapolis through the acquisition, repositioning and operation of multi-tenant office buildings in those markets. To receive AmeriVest's latest news and information, visit our website at www.amvproperties.com.

    In addition to historical information, this press release contains forward-looking statements and information under the federal securities laws. These statements are based on expectations, estimates and projections about the industry and markets in which AmeriVest operates, management's beliefs and assumptions made by management. While AmeriVest management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. In particular, the factors that could cause actual operating results to differ materially include, without limitation, continued qualification as a real estate investment trust, the effects of general and local economic and market conditions, competition, regulatory changes, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, development and construction costs, insurance risks, the costs and availability of financing, potential liability relating to environmental matters and liquidity of real estate investments and other risks and uncertainties detailed in AmeriVest's 2003 Annual Report on Form 10-KSB and from time to time in the Company's filings with the Securities and Exchange Commission.

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CONTACT: AmeriVest Properties Inc. Kim P. Boswood, 303-297-1800, ext. 118 kimb@amvproperties.com

KEYWORD: COLORADO INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION SOURCE: AmeriVest Properties Inc.

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