NEWTON, Mass.--(BUSINESS WIRE)--Feb. 2, 2006--HRPT Properties Trust (NYSE: HRP) today announced the public offering of 6,000,000 shares of the company's Series C Cumulative Redeemable Preferred Shares for gross proceeds of $150 million. The Series C Preferred Shares have a liquidation preference of $25.00 per share and the offering is expected to close on February 9, 2006. HRPT anticipates listing the shares on the New York Stock Exchange.

The dividend rate on the preferred shares will be 7.125% of the liquidation preference per year, or $1.7813 per share per year. Dividends will be payable quarterly in arrears.

HRPT intends to use the net proceeds of this offering plus borrowings under its revolving credit facility to redeem all $200 million of its 9.875% Series A Cumulative Redeemable Preferred Shares which it has previously called for redemption on or about March 2, 2006.

The joint book-running managers for the offering are Merrill Lynch & Co. and UBS Investment Bank. The joint lead managers for this offering are RBC Capital Markets and Wachovia Securities. The co-managers for this offering are Stifel, Nicolaus & Company, Ferris, Baker Watts, Janney Montgomery Scott LLC, Morgan Keegan & Company, Inc. and Oppenheimer & Co. Inc.

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. An electronic copy of the preliminary prospectus supplement and accompanying prospectus may be obtained from the offices of Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, or UBS Investment Bank, 677 Washington Blvd., Stamford, CT 06901.

    CONTACT: HRPT Properties Trust
             Timothy A. Bonang, 617-796-8149
             www.hrpreit.com

    SOURCE: HRPT Properties Trust