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HRPT Properties’ results unchanged

Associated Press / February 24, 2010

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NEWTON - HRPT Properties Trust posted fourth-quarter funds from operations that were little changed from a year earlier as occupancy in its office buildings and industrial properties slipped.

The real estate investment trust said FFO for the last three months of 2009 was $62.6 million, or 27 cents per share, compared with $62.2 million, or 27 cents, in the 2008 fourth quarter.

Analysts polled by Thomson Reuters, on average, expected 26 cents per share.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other nonoperating items, back to net income.

Rental income slipped to $213.3 million, from $218.5 million.

The company posted a net loss on income after paying preferred dividends of $22.9 million, or 10 cents per share, compared with net income of $50.8 million, or 22 cents per share, in the 2008 fourth quarter. The most recent quarter’s results included 14 cents per share of loss on asset impairment. The prior year included 17 cents per share gain on the sale of properties.

For the year, HRPT posted FFO of $250.1 million, or $1.08 per share, compared with 2008 FFO of $251.7 million, or $1.08 per share.

Net income for the year was $114 million, or 51 cents per share, compared with $194 million, or 86 cents per share, for 2008.