Net income to common stockholders per diluted share was $0.13 for the quarter ended September 30, 2005 compared to $0.18 for the same period in 2004, a per share decrease of approximately 27.8%. For the nine months ended September 30, 2005, net income to common stockholders per diluted share was $0.41, down from $0.58 one year ago, a per share decrease of approximately 29.3%.

In July 2005, the Company obtained a $125 million secured fully amortizing 20 year mortgage loan from Allianz Life Insurance Company of North America that bears annual fixed interest rate of 5.22%. The mortgage loan is secured by eight properties. The Company paid approximately $838,000 in loan fees and financing costs and used the proceeds to primarily pay off short-term debt and the Berg Group line of credit.

In October 2005, the Company completed the sale of a 239,000 rentable square foot R&D property at 800 Embedded Way, San Jose, California. A gain of approximately $0.8 million will be realized on the total sales price of $15.1 million.

Mission West Properties, Inc. operates as a self-managed, self-administered and fully integrated REIT engaged in the management, leasing, marketing, development and acquisition of commercial R&D properties, primarily located in the Silicon Valley portion of the San Francisco Bay Area. Currently, the Company manages 107 properties totaling approximately 7.8 million square feet. For additional information, please contact Investor Relations at 408-725-0700.

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