Thomas Properties Group, Inc. Announces Second Quarter 2005 Results

The results of operations presented in this release include TPGI'sresults of operations for the three and six months ended June 30,2005, and the results of operations of TPGI's predecessor entities forthe three and six months ended June 30, 2004. The consolidated netincome for the three months ended June 30, 2005 was $6,066,000compared to a combined net loss of $2,748,000 for the three monthsended June 30, 2004. The consolidated net income for the six monthsended June 30, 2005 was $5,290,000 compared to a combined net loss of$3,403,000 for the six months ended June 30, 2004.

Financial schedules follow. Further information is available inthe Supplemental Financial Information for the Three and Six MonthsEnded June 30, 2005, which is available in the Investor Relationssection (Financial Information) on TPGI's website at www.tpgre.com, orby calling Diana Laing, Chief Financial Officer, at the number below.

Teleconference and Webcast

TPGI will hold a quarterly earnings conference call on FridayAugust 5, 2005, at 11:00 a.m. Pacific Time. To participate in thecall, dial 800-599-9816 (US) or 617-847-8705 (International), andprovide confirmation code 28120405. A live webcast (listen only mode)of the conference call will also be available at this time. Ahyperlink to the live webcast will be available from the InvestorRelations section of our website at www.tpgre.com. A replay of thecall will be available through August 26, 2005 by calling 888-286-8010(US) or 617-801-6888 (International), and providing confirmation code74589403. A webcast replay of the call will also be available from theInvestor Relations section of our website at www.tpgre.com.

The webcast is also being distributed through the ThomsonStreetEvents Network to both institutional and individual investors.Individual investors can listen to the call at www.fulldisclosure.com,Thomson/CCBN's individual investor portal, powered by StreetEvents.Institutional investors can access the call via Thomson'spassword-protected event management site, StreetEvents(www.streetevents.com).

About Thomas Properties Group, Inc.

Thomas Properties Group, Inc. is a full-service real estatecompany that owns, acquires, develops and manages office, retail andmulti-family properties throughout the United States. The company hasfour primary areas of focus: property operations, propertyacquisitions, property development and redevelopment, and investmentmanagement. The company seeks to capitalize on opportunities forabove-average risk-adjusted investment returns from real estateownership, while managing the volatility associated with the realestate industry through joint-venture ownership structures. For moreinformation on Thomas Properties Group, Inc., visit the company'swebsite at www.tpgre.com.

Forward Looking Statements

Statements made in this press release or during the conferencecall that are not historical may contain forward-looking statements.Although TPGI believes the expectations reflected in anyforward-looking statements are based on reasonable assumptions, thesestatements are subject to numerous risks and uncertainties. Factorsthat could cause actual results to differ materially from TPGI'sexpectations include actual and perceived trends in various nationaland economic conditions that affect global and regional markets forcommercial real estate services, including interest rates, theavailability of credit to finance commercial real estate transactions,and the impact of tax laws affecting real estate. For a discussion ofsome of the factors that may cause our results to differ frommanagement's expectations, see the information under the captions"Risk Factors" and "Management's Discussion and Analysis of FinancialCondition and Results of Operations -- Factors That May InfluenceFuture Results of Operations" in our 10-K for the year ended December31, 2004, which has been filed with the SEC. TPGI disclaims anyintention or obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise.
THOMAS PROPERTIES GROUP, INC AND SUBSIDIARIES AND THOMAS
PROPERTIES GROUP, INC. PREDECESSOR

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

TPGI
The Company Predecessor
------------ ------------
Three Months Ended
June 30,
-------------------------
2005 2004
------------ ------------

Revenues:
Rental $ 8,273 $ 6,158
Tenant reimbursements 4,668 3,100
Parking and other 953 640
Investment advisory, management, leasing,
and development services 1,084 1,145
Investment advisory, management, leasing,
and development services--
unconsolidated/uncombined real estate
entities 1,610 1,062
------------ ------------

Total revenues 16,588 12,105
------------ ------------

Expenses:
Rental property operating and maintenance 3,710 2,578
Real estate taxes 1,433 931
Investment advisory, management, leasing,
and development services 1,817 3,090
Rent -- unconsolidated/uncombined real
estate entities 59 50
Interest 4,941 5,719
Depreciation and amortization 3,110 1,787
General and administrative 2,584 --
------------ ------------

Total expenses 17,654 14,155
------------ ------------

Loss before gain on sale of real estate, gain
on purchase of other secured loan, interest
income, equity in net loss of
unconsolidated/uncombined real estate
entities, and minority interests (1,066) (2,050)
Gain on sale of real estate -- --
Gain on purchase of other secured loan 25,776 --
Interest income 304 2
Equity in net loss of
unconsolidated/uncombined real estate
entities (2,410) (297)
Minority interests -- unitholders in the
Operating Partnership (12,167) --
Minority interests in consolidated/combined
real estate entities 33 (403)
------------ ------------
Income (loss) before provision for
income taxes 10,470 (2,748)
Provision for income taxes (4,404) --
------------ ------------

Net income (loss) $ 6,066 $ (2,748)
============ ============

Earnings per share -- basic $ 0.42
Earnings per share -- diluted 0.42

Weighted average common shares
outstanding -- basic 14,297,909
Weighted average common shares
outstanding -- diluted 14,301,017


TPGI
The Company Predecessor
------------ ------------
Six Months Ended
June 30,
-------------------------
2005 2004
------------ ------------

Revenues:
Rental $ 16,553 $ 11,209
Tenant reimbursements 9,582 5,691
Parking and other 2,396 1,136
Investment advisory, management, leasing,
and development services 2,453 2,610
Investment advisory, management, leasing,
and development services--
unconsolidated/uncombined real estate
entities 3,237 2,051
------------ ------------

Total revenues 34,221 22,697
------------ ------------

Expenses:
Rental property operating and maintenance 7,644 4,457
Real estate taxes 2,892 1,747
Investment advisory, management, leasing,
and development services 3,790 5,625
Rent -- unconsolidated/uncombined real
estate entities 117 121
Interest 11,253 11,007
Depreciation and amortization 6,427 3,188
General and administrative 5,065 --
------------ ------------

Total expenses 37,188 26,145
------------ ------------

Loss before gain on sale of real estate, gain
on purchase of other secured loan, interest
income, equity in net loss of
unconsolidated/uncombined real estate
entities, and minority interests (2,967) (3,448)
Gain on sale of real estate -- 975
Gain on purchase of other secured loan 25,776 --
Interest income 721 2
Equity in net loss of
unconsolidated/uncombined real estate
entities (3,738) (529)
Minority interests -- unitholders in the
Operating Partnership (10,656) --
Minority interests in consolidated/combined
real estate entities 33 (403)
------------ ------------
Income (loss) before provision for
income taxes 9,169 (3,403)
Provision for income taxes (3,879) --
------------ ------------

Net income (loss) $ 5,290 $ (3,403)
============ ============

Earnings per share -- basic 0.37
Earnings per share -- diluted 0.37

Weighted average common shares
outstanding -- basic 14,295,339
Weighted average common shares
outstanding -- diluted 14,301,151



THOMAS PROPERTIES GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

June 30, December 31,
2005 2004

(unaudited)
ASSETS
Investments in real estate:
Land and improvements $ 61,644 $ 60,882
Buildings and improvements 253,541 252,009
Tenant improvements 65,579 64,638
------------- -------------

380,764 377,529
Less accumulated depreciation (99,863) (95,044)
------------- -------------

280,901 282,485
Investments in unconsolidated real estate
entities 33,738 31,624
Cash and cash equivalents 50,435 56,506
Restricted cash 11,274 12,949
Short-term investments -- 14,000
Rents and other receivables, net 2,016 2,731
Receivables--unconsolidated real estate
entities 405 381
Deferred rents 26,088 28,453
Deferred leasing and loan costs, net 15,452 16,871
Deferred tax asset 36,259 40,138
Other assets 7,957 5,464
------------- -------------

Total assets $ 464,525 $ 491,602
============= =============


LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgage loans $ 203,084 $ 206,373
Other secured loans 50,597 89,517
Accounts payable and other liabilities 9,898 9,177
Dividends and distributions payable 1,905 --
Due to affiliate 61 1,852
Prepaid rent 2,770 841
------------- -------------

Total liabilities 268,315 307,760
------------- -------------

Minority interests:
Unitholders in the Operating Partnership 85,153 76,458
Minority interests in consolidated real
estate entities 1,418 1,451
------------- -------------

Total minority interests 86,571 77,909
------------- -------------


Commitments and contingencies

Stockholders' equity:
Preferred stock, $.01 par value,
25,000,000 shares authorized, none
issued or outstanding as of June 30,
2005 and December 31, 2004 -- --
Common stock, $.01 par value, 75,000,000
shares authorized, 14,347,465 and
14,342,481 shares issued and
outstanding as of June 30, 2005 and
December 31, 2004, respectively 143 143
Limited voting stock, $.01 par value,
20,000,000 shares authorized,
16,666,666 shares issued and
outstanding as of June 30, 2005 and
December 31, 2004 167 167
Additional paid-in capital 106,714 106,673
Retained earnings (deficit) and
dividends 2,990 (581)
Unearned compensation, net (375) (469)
------------- -------------

Total stockholders' equity 109,639 105,933
------------- -------------

Total liabilities and stockholders'
equity $ 464,525 $ 491,602
============= =============