HRPT Properties Trust Announces Results For The Period Ended March 31, 2010

HRPT Properties Trust (NYSE: HRP) today announced financial results for the quarter ended March 31, 2010.

Results for the quarter ended March 31, 2010:

Funds from operations (FFO) available for common shareholders for the quarter ended March 31, 2010 was $60.0 million, or $0.26 per share basic and diluted, compared to FFO available for common shareholders for the quarter ended March 31, 2009 of $62.8 million, or $0.28 per share basic and $0.27 per share diluted.

Net income available for common shareholders was $24.6 million for the quarter ended March 31, 2010, compared to $30.4 million for the same quarter last year. Net income available for common shareholders per share, basic and diluted, (EPS) for the quarters ended March 31, 2010 and 2009 was $0.11 and $0.13, respectively.

The weighted average number of basic and diluted common shares outstanding totaled 226,926,908 and 256,119,566, respectively, for the quarter ended March 31, 2010, and 225,619,502 and 254,812,160, respectively, for the quarter ended March 31, 2009.

Occupancy and Leasing Results (excluding properties classified in discontinued operations):

As of March 31, 2010, 86.6% of HRP’s total square feet was leased, compared to 87.4% as of December 31, 2009 and 89.5% as of March 31, 2009.

HRP signed lease renewals for 1,098,000 square feet and new leases for 425,000 square feet during the quarter ended March 31, 2010 which had weighted average rental rates that were 2% above prior rents for the same space. Average lease terms for leases signed during the first quarter of 2010 were 6.4 years. Commitments for tenant improvement and leasing commission (TI/LC) costs for leases signed during the quarter ended March 31, 2010 totaled $11.27 per square foot on average.

Recent Investment Activities:

Since April 1, 2010, HRP has acquired two properties and it has entered agreements to acquire 12 additional properties for an aggregate purchase price of $192.9 million, which excludes closing costs:

• In April 2010, HRP acquired an office property located in Denver, CO with 248,493 square feet. This property is 100% leased to RE/MAX Realty as its corporate headquarters through 2028. The purchase price was $75.0 million, excluding closing costs.
• In April 2010, HRP acquired an office property located in Colorado Springs, CO with 77,411 square feet. The property is 100% leased to two tenants for a weighted (by rents) average lease term of approximately 4.7 years. The purchase price is $10.8 million, excluding closing costs.
• In May 2010, HRP entered a purchase and sale agreement to acquire two office properties located in Carson, CA with a combined 212,000 square feet. These properties are 100% leased to Northrop Grumman through 2016. The purchase price is $27.9 million, excluding closing costs. HRP expects to acquire these properties during the second quarter of 2010; however, this acquisition is subject to customary closing conditions and no assurance can be given that this acquisition will be consummated in that time period or at all.

• In May 2010, HRP entered an agreement to acquire MacarthurCook Industrial Property Fund, an Australian listed property trust with units publicly traded on the Australian Securities Exchange under the symbol “MIF”. MIF currently owns 10 industrial properties with approximately 1.4 million square feet which are approximately 90% leased to 16 tenants for a weighted (by rents) average lease term of approximately five years. The MIF properties are located in five Australian states: New South Wales (3 properties), Victoria (2 properties), Western Australia (2 properties), Tasmania (2 properties) and Queensland (1 property). The total consideration is approximately $79.2 million, excluding closing costs, and closing is expected during the second half of 2010. HRP’s acquisition of MIF is conditioned upon approval of MIF’s unitholders and other customary conditions, including certain conditions applicable to cross border transactions such as Foreign Investment Review Board approval in Australia and various tax rulings; accordingly, these conditions may not be satisfied, the required approvals may not be obtained and this transaction may not close.

Recent Financing Activities:

During the first quarter of 2010, HRP issued 34.5 million common shares in a public offering, raising net proceeds of approximately $239.1 million. HRP used the net proceeds from this offering to repay amounts outstanding under its revolving credit facility and for general business purposes, including property acquisitions completed after March 31, 2010.