NEWTON, Mass.--(BUSINESS WIRE)--July 27, 2004--HRPT Properties Trust (NYSE: HRP) today announced that it has priced an offering of $400 million of 6.25% Senior Notes due 2016 in an underwritten public offering. The notes were issued at a discount so that the effective yield is 6.387%. The settlement of this sale is expected to occur on August 5, 2004. HRPT intends to use the net proceeds of this offering to reduce amounts outstanding under its revolving credit facility.

The offering was originally marketed for $250 million, but HRPT and the underwriters determined to increase the offering to $400 million in response to investor interest.

The joint book-running managers for the offering are Merrill Lynch & Co., RBC Capital Markets, and Wachovia Securities. The co-managing underwriters for this offering are Advest, Inc.; Bank of America Securities LLC; BB&T Capital Markets; BNY Capital Markets, Inc.; Comerica Securities; Commerzbank Securities; Ferris, Baker Watts Incorporated; Harris Nesbit; J.J.B. Hilliard, W.L. Lyons, Inc.; KeyBanc Capital Markets; Legg Mason Wood Walker Incorporated; Morgan Keegan & Company, Inc.; Piper Jaffrey; Raymond James; Stifel, Nicolaus & Company Incorporated; SunTrust Robinson Humphrey; Wedbush Morgan Securities; and Wells Fargo Securities, LLC.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state. Copies of the prospectus may be obtained from the offices of: Merrill Lynch & Co., 4 World Financial Center, New York, New York 10080; RBC Capital Markets, One Liberty Plaza, 165 Broadway, New York, New York 10006; or Wachovia Securities, 7 St. Paul Street, 1st Floor, Baltimore, Maryland 21202.

HRPT Properties Trust is a real estate investment trust that is headquartered in Newton, MA. HRPT currently owns $4.5 billion of office and industrial properties with approximately 42 million square feet of space located in 30 states and Washington, DC.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THE FOREGOING PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND THE FEDERAL SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON HRPT'S PRESENT BELIEFS AND EXPECTATIONS BUT THEY MAY NOT OCCUR. FOR EXAMPLE, THIS PRESS RELEASE STATES THAT THE SETTLEMENT IS EXPECTED TO OCCUR ON AUGUST 5, 2004. IN FACT, THE SETTLEMENT OF THIS NOTES ISSUANCE IS GOVERNED BY AN UNDERWRITING AGREEMENT AND THAT AGREEMENT INCLUDES CONDITIONS WHICH MAY DELAY OR PREVENT SETTLEMENT, SUCH AS CLOSURE OF MARKETS FOLLOWING A TERRORIST ATTACK OR OTHERWISE. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.

    CONTACT: HRPT Properties TrustAdam Portnoy, 617-332-3990
             EVP
             or
             John Popeo, 617-332-3990
             CFO
             www.hrpreit.com

    SOURCE: HRPT Properties Trust