NEWTON, Mass. ( TheStreet) -- HRPT Properties Trust ( HRP) is offering 20 million common shares, or approximately 11% of the level of the real estate investment trust's outstanding level of 223 million shares.

HRPT expects to use the net proceeds to repay amounts outstanding under its $750 million revolving credit facility and to fund general business activities, including possible future acquisitions, the REIT said in a public offering release.

HRPT has an almost 50% debt-to-total-assets ratio, with a little more than $6.1 billion in total assets at the end of the fourth quarter and just under $3 billion in debt.

HRPT shares were down slightly in the pre-market.

HRPT's most recent fourth quarter results continued to illustrate a difficult leasing environment for commercial and industrial property owners.

On a year-over-year basis, HRPT revenues fell 2% in the fourth quarter, and earnings fell 1%. Same-store net operating income fell 2.3% in the fourth quarter, with occupancy falling to 87.4%, 60 basis points lower than the third quarter's level, and 300 basis points lower than the end of 2008.

A Morningstar analyst report on the most recent HRPT earnings indicated that HRPT's results will continue to be pressured through 2010 as the real estate market remains in favor of tenants.

Morgan Stanley, Citi and Wells Fargo Securities are the joint book-running managers for this offering. Jefferies & Company, Morgan Keegan & Company, Inc., RBC Capital Markets and UBS Investment Bank are co-lead managers.

-- Reported by Eric Rosenbaum in New York.

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