Page

CORPORATE INFORMATION

Company Profile

5

Investor Information

6

Research Coverage

7

FINANCIAL INFORMATION

Key Financial Data

9

Consolidated Balance Sheets

10

Consolidated Statements of Income

11

Consolidated Statements of Cash Flows

12

Calculation and Reconciliation of Property Net Operating Income (NOI)

13

Calculation of EBITDA

14

Calculation of Funds from Operations (FFO)

15

Calculation of Diluted Net Income, FFO and Weighted Average Common Shares Outstanding

16

Summary Results of Operations by Property Type

17

Summary Results of Operations by Major Market

18

Same Property Results and Analysis by Property Type

19

Same Property Results and Analysis by Major Market

20

Summary of Equity Investments

21

Debt Summary

22

Debt Maturity Schedule

23

Leverage Ratios, Coverage Ratios and Public Debt Covenants

24

Tenant Improvements, Leasing Costs and Capital Improvements

25

2009 Acquisitions and Dispositions Information

26

PORTFOLIO AND LEASING INFORMATION

Portfolio Summary by Property Type, Tenant and Major Market (Square Feet)

28

Portfolio Summary by Property Type, Tenant and Major Market (Annualized Rental Income)

29

Summary of Properties by Major Market

30

Leasing Summary

31

Occupancy and Leasing Analysis by Property Type and Major Market (3 Months Ended12/31/2009)

32

Occupancy and Leasing Analysis by Property Type and Major Market (12 Months Ended 12/31/2009)

33

Tenants Representing 1% or More of Total Rent

34

Three Year Lease Expiration Schedule by Property Type

35

Three Year Lease Expiration Schedule by Major Market

36

Portfolio Lease Expiration Schedule

37

·

THE CREDIT QUALITY OF OUR TENANTS,

·

THE LIKELIHOOD THAT OUR TENANTS WILL PAY RENT, RENEW LEASES, SIGN NEW LEASES OR BE AFFECTED BY CYCLICAL ECONOMIC CONDITIONS,

·

OUR ACQUISITIONS AND SALES OF PROPERTIES,

·

OUR ABILITY TO COMPETE EFFECTIVELY,

·

OUR ABILITY TO PAY INTEREST ON AND PRINCIPAL OF OUR DEBT,

·

OUR ABILITY TO PAY DISTRIBUTIONS TO SHAREHOLDERS, AND THE AMOUNT OF SUCH DISTRIBUTIONS,

·

OUR POLICIES AND PLANS REGARDING INVESTMENTS AND FINANCINGS,

·

THE FUTURE AVAILABILITY OF BORROWINGS UNDER, AND OUR ABILITY TO RENEW OR REFINANCE, OUR REVOLVING CREDIT FACILITY,

·

OUR TAX STATUS AS A REAL ESTATE INVESTMENT TRUST, OR REIT,

·

OUR ABILITY TO RAISE EQUITY OR DEBT, AND

·

OTHER MATTERS.

·

THE IMPACT OF CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS ON US AND OUR TENANTS,

·

COMPETITION WITHIN THE REAL ESTATE INDUSTRY OR THOSE INDUSTRIES IN WHICH OUR TENANTS OPERATE,

·

ACTUAL AND POTENTIAL CONFLICTS OF INTEREST WITH OUR MANAGING TRUSTEES AND REIT MANAGEMENT & RESEARCH, LLC, OR RMR, AND ITS RELATED ENTITIES AND CLIENTS,

·

COMPLIANCE WITH, AND CHANGES TO, FEDERAL, STATE AND LOCAL LAWS AND REGULATIONS, ACCOUNTING RULES, TAX RATES AND SIMILAR MATTERS, AND

·

LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY AS A REIT FOR U.S. FEDERAL INCOME TAX PURPOSES.

·

IF THE AVAILIBILITY OF DEBT CAPITAL REMAINS OR BECOMES MORE RESTRICTED, WE MAY BE UNABLE TO REFINANCE OR REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE OR ON TERMS WHICH ARE AS FAVORABLE AS WE NOW HAVE,

·

THE CURRENT HIGH UNEMPLOYMENT RATE IN THE U.S. MAY CONTINUE FOR A LONG TIME OR BECOME WORSE IN THE FUTURE. SUCH CIRCUMSTANCES MAY FURTHER REDUCE DEMAND FOR LEASING OFFICE AND INDUSTRIAL SPACE. IF THE DEMAND FOR LEASING OFFICE AND INDUSTRIAL SPACE BECOMES SERIOUS OR FURTHER DEPRESSED, OCCUPANCY AND OPERATING RESULTS OF OUR PROPERTIES MAY DECLINE,

·

CONTINGENCIES IN OUR COMMITTED ACQUISITIONS MAY CAUSE THESE TRANSACTIONS NOT TO OCCUR OR TO BE DELAYED,

·

OUR ABILITY TO MAKE FUTURE DISTRIBUTIONS DEPENDS UPON A NUMBER OF FACTORS, INCLUDING OUR FUTURE EARNINGS. WE MAY BE UNABLE TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS ON OUR COMMON SHARES OR PREFERRED SHARES AND FUTURE DISTRIBUTIONS MAY BE SUSPENDED OR PAID AT A LESSER RATE THAN THE DISTRIBUTIONS WE NOW PAY,

·

OUR ABILITY TO GROW OUR BUSINESS AND INCREASE OUR DISTRIBUTIONS DEPENDS IN LARGE PART UPON OUR ABILITY TO BUY PROPERTIES AND LEASE THEM FOR RENTS THAT EXCEED OUR CAPITAL COSTS. WE MAY BE UNABLE TO IDENTIFY PROPERTIES THAT WE WANT TO ACQUIRE OR TO NEGOTIATE ACCEPTABLE PURCHASE PRICES, ACQUISITION FINANCING OR LEASE TERMS FOR NEW PROPERTIES,

·

SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF OUR PROPERTIES, AND

·

OTHER RISKS MAY ADVERSELY IMPACT US, AS DESCRIBED MORE FULLY UNDER “ITEM 1A. RISK FACTORS” IN OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2008.

INVESTOR INFORMATION

Board of Trustees

Barry M. Portnoy

Adam D. Portnoy

Managing Trustee

Managing Trustee

Patrick F. Donelan

Frederick N. Zeytoonjian

Independent Trustee

Independent Trustee

William A. Lamkin

Independent Trustee

Senior Management

John A. Mannix

David M. Lepore

President & Chief Investment Officer

Senior Vice President & Chief Operating Officer

John C. Popeo

Treasurer & Chief Financial Officer

Contact Information

Investor Relations

Inquiries

HRPT Properties Trust

Financial inquiries should be directed to John C. Popeo,

400 Centre Street

Treasurer and Chief Financial Officer, at (617) 332-3990

Newton, MA 02458

or jpopeo@hrpreit.com.

(t) (617) 332-3990

(f) (617) 332-2261

Investor and media inquiries should be directed to

(e-mail) info@hrpreit.com

Timothy A. Bonang, Vice President of Investor Relations, at

(website) www.hrpreit.com

(617) 796-8222 or tbonang@hrpreit.com, or

Carlynn Finn, Manager of Investor Relations, at

(617) 796-8222 or cfinn@hrpreit.com.

RESEARCH COVERAGE

Equity Research Coverage

Citigroup

Raymond James

Michael Bilerman

Paul Puryear

(212) 816-1383

(727) 573-3800

Bank of America / Merrill Lynch

Stifel Nicolaus

James Feldman

John Guinee

(212) 449-6339

(443) 224-1307

RBC Capital Markets

David Rodgers

(440) 715-2647

Debt Research Coverage

Citigroup

Bank of America / Merrill Lynch

Thomas Cook

John Forrey

(212) 723-1112

(212) 449-1812

Credit Suisse

Wells Fargo Securities

John Giordano

Thierry Perrin

(212) 538-4935

(704) 715-8455

Rating Agencies

Moody’s Investors Service

Standard and Poor’s

Lori Marks

Linda Phelps

(212) 553-1098

(212) 438-3059

As of and For the Three Months Ended

12/31/2009

9/30/2009

6/30/2009

3/31/2009

12/31/2008

Shares Outstanding:

Common shares outstanding (at end of period)

223,860

223,860

223,708

223,683

227,732

Common shares outstanding (at end of period) — diluted (1)

253,053

253,053

252,901

252,876

256,925

Preferred shares outstanding (at end of period) (1)

28,180

28,180

28,180

28,180

28,180

Weighted average common shares and units outstanding - basic

223,860

223,730

223,697

225,619

227,704

Weighted average common shares and units outstanding - diluted (1)

253,053

252,923

252,890

254,812

256,897

Common Share Data:

Price at end of period

$

6.47

$

7.52

$

4.06

$

3.19

$

3.37

High during period

$

7.55

$

8.13

$

5.13

$

4.19

$

6.98

Low during period

$

6.04

$

3.95

$

3.00

$

2.48

$

1.57

Annualized dividends paid per share (2)

$

0.48

$

0.48

$

0.48

$

0.48

$

0.84

Annualized dividend yield (at end of period) (2)

7.4%

6.4%

11.8%

15.0%

24.9%

Selected Balance Sheet Data:

Total assets

$

6,121,321

$

6,007,527

$

5,926,090

$

6,070,451

$

6,016,099

Total liabilities

$

3,232,255

$

3,044,362

$

2,996,131

$

3,160,699

$

3,094,987

Gross book value of real estate assets (3)

$

6,625,390

$

6,463,324

$

6,346,454

$

6,709,405

$

6,663,247

Equity investments (book value)

$

158,822

$

161,045

$

158,053

$

—

$

—

Total debt / gross book value of real estate assets, plus equity investments (3)

44.1%

42.5%

42.7%

44.0%

43.4%

Book Capitalization:

Total debt

$

2,992,650

$

2,816,201

$

2,777,703

$

2,952,509

$

2,889,918

Plus: total stockholders’ equity

2,889,066

2,963,165

2,929,959

2,909,752

2,921,112

Total book capitalization

$

5,881,716

$

5,779,366

$

5,707,662

$

5,862,261

$

5,811,030

Total debt / total book capitalization

50.9%

48.7%

48.7%

50.4%

49.7%

Market Capitalization:

Total debt (book value)

$

2,992,650

$

2,816,201

$

2,777,703

$

2,952,509

$

2,889,918

Plus: market value of preferred shares (at end of period)

563,722

567,990

412,455

274,658

298,920

Plus: market value of common shares (at end of period)

1,448,374

1,683,427

908,254

713,549

767,457

Total market capitalization

$

5,004,746

$

5,067,618

$

4,098,412

$

3,940,716

$

3,956,295

Total debt / total market capitalization

59.8%

55.6%

67.8%

74.9%

73.0%

Selected Income Statement Data (4):

Rental income

$

213,339

$

206,587

$

212,729

$

216,923

$

218,406

Property net operating income (NOI) (5)

$

124,073

$

118,283

$

126,043

$

125,184

$

124,486

EBITDA (6)

$

117,447

$

114,560

$

120,684

$

119,266

$

120,603

NOI margin (7)

58.2%

57.3%

59.3%

57.7%

57.0%

Net (loss) income

$

(10,253

)

$

72,199

$

59,616

$

43,112

$

63,463

Preferred distributions

$

(12,667

)

$

(12,667

)

$

(12,667

)

$

(12,667

)

$

(12,667

)

Net (loss) income available for common shareholders

$

(22,920

)

$

59,532

$

46,949

$

30,445

$

50,796

Funds from operations (FFO) (8)

$

75,298

$

73,455

$

76,528

$

75,514

$

74,825

FFO available for common shareholders (8)

$

62,631

$

60,788

$

63,861

$

62,847

$

62,158

Common distributions paid

$

26,863

$

26,845

$

26,842

$

27,328

$

47,816

Per Share Data (1):

Net (loss) income available for common shareholders — basic and diluted

$

(0.10

)

$

0.27

$

0.21

$

0.13

$

0.22

FFO available for common shareholders — basic (8)

$

0.28

$

0.27

$

0.29

$

0.28

$

0.27

FFO available for common shareholders — diluted (1) (8)

$

0.27

$

0.26

$

0.28

$

0.27

$

0.27

Common distributions paid (2)

$

0.12

$

0.12

$

0.12

$

0.12

$

0.21

FFO payout ratio (2)

42.9%

44.2%

42.0%

43.5%

76.9%

Coverage Ratios:

EBITDA (6) / interest expense

2.7x

2.7x

2.7x

2.7x

2.6x

EBITDA (6) / interest expense and preferred distributions

2.1x

2.1x

2.1x

2.1x

2.1x

(1)

As of 12/31/2009, we had 15,180 preferred shares outstanding that were convertible into 29,193 common shares. See page 16 for calculations of diluted net income, funds from operations, or FFO, and weighted average common shares outstanding.

(2)

The amounts stated are based on the amounts paid during the periods. On January 9, 2009, HRP lowered its quarterly dividend rate to $0.12/share ($0.48/share annualized).

(3)

Gross book value of real estate assets is real estate properties, at cost, including acquisition costs, purchase price allocations less impairment writedowns, if any.

(4)

Prior periods reflect amounts previously reported and excludes retroactive adjustments for one property reclassified from discontinued operations during the current period.

(5)

Property net operating income, or NOI, is defined as rental income from real estate less property operating expenses; see page 13 for calculation of NOI and reconciliation of NOI to Net Income.

(6)

See page 14 for calculation of EBITDA.

(7)

NOI margin is defined as property net operating income, or NOI, as a percentage of rental income.

(8)

See page 15 for calculation of FFO and FFO available for common shareholders.

As of December 31,

2009

2008

ASSETS

Real estate properties:

Land

$

1,237,842

$

1,220,554

Buildings and improvements

5,085,839

5,021,703

6,323,681

6,242,257

Accumulated depreciation

(884,421

)

(862,958

)

5,439,260

5,379,299

Properties held for sale

8,263

145,849

Acquired real estate leases, net

166,453

164,308

Equity investments

158,822

—

Cash and cash equivalents

18,204

15,518

Restricted cash

11,662

10,837

Rents receivable, net of allowance for doubtful accounts of $10,945 and $8,492, respectively

194,358

196,839

Other assets, net

124,299

103,449

Total assets

$

6,121,321

$

6,016,099

LIABILITIES AND SHAREHOLDERS’ EQUITY

Revolving credit facility

$

110,000

$

201,000

Senior unsecured debt, net

2,258,466

2,241,225

Mortgage notes payable, net

624,184

447,693

Other liabilities related to properties held for sale

14

3,400

Accounts payable and accrued expenses

103,608

99,285

Acquired real estate lease obligations, net

47,348

47,839

Distributions payable

26,863

—

Rent collected in advance

30,366

26,537

Security deposits

23,097

17,935

Due to affiliates

8,309

10,073

Total liabilities

3,232,255

3,094,987

Shareholders’ equity:

Preferred shares of beneficial interest, $0.01 par value:

50,000,000 shares authorized;

Series B preferred shares; 8 3/4% cumulative redeemable at par on or after September 12, 2007; 7,000,000 shares issued and and outstanding, aggregate liquidation preference $175,000

169,079

169,079

Series C preferred shares; 7 1/8% cumulative redeemable at par on or after February 15, 2011; 6,000,000 shares issued and outstanding, aggregate liquidation preference $150,000

145,015

145,015

Series D preferred shares; 6 1/2% cumulative convertible; 15,180,000 shares issued and outstanding, aggregate liquidation preference $379,500

368,270

368,270

Common shares of beneficial interest, $0.01 par value:

350,000,000 shares authorized; 223,860,241 and 227,731,938 shares issued and outstanding, respectively

2,239

2,277

Additional paid in capital

2,924,166

2,937,986

Cumulative net income

2,236,928

2,072,254

Cumulative common distributions

(2,576,582

)

(2,441,841

)

Cumulative preferred distributions

(382,596

)

(331,928

)

Accumulated other comprehensive income

2,547

—

Total shareholders’ equity

2,889,066

2,921,112

Total liabilities and shareholders’ equity

$

6,121,321

$

6,016,099

For the Three Months Ended

For the Year Ended

12/31/2009

12/31/2008

12/31/2009

12/31/2008

Rental income (1)

$

213,339

$

218,454

$

849,722

$

835,855

Expenses:

Operating expenses

89,266

93,922

356,001

347,968

Depreciation and amortization

49,522

49,029

195,681

185,693

General and administrative

10,508

9,779

39,427

36,828

Acquisition costs (2)

2,011

—

4,298

—

Total expenses

151,307

152,730

595,407

570,489

Operating income

62,032

65,724

254,315

265,366

Interest income

355

539

1,194

1,442

Interest expense (including amortization of debt discounts, premiums and deferred financing fees of $1,680, $1,522, $6,782 and $5,479, respectively)

(43,546

)

(45,616

)

(173,458

)

(180,193

)

Loss on asset impairment

(31,882

)

(2,283

)

(31,882

)

(2,283

)

Gain on early extinguishment of debt

—

—

20,686

—

Equity in earnings of equity investments

2,728

—

6,546

—

(Loss) income from continuing operations before income tax expense

(10,313

)

18,364

77,401

84,332

Income tax expense

(217

)

(162

)

(735

)

(773

)

(Loss) income from continuing operations

(10,530

)

18,202

76,666

83,559

Discontinued operations:

Income from discontinued operations (1)

301

5,712

8,875

23,912

(Loss) gain on sale of properties

(24

)

39,549

79,133

137,174

Net (loss) income

(10,253

)

63,463

164,674

244,645

Preferred distributions

(12,667

)

(12,667

)

(50,668

)

(50,668

)

Net (loss) income available for common shareholders

$

(22,920

)

$

50,796

$

114,006

$

193,977

Weighted average common shares outstanding — basic

223,860

227,704

224,220

226,468

Weighted average common shares outstanding — diluted (3)

253,053

256,897

253,413

255,661

Earnings per common share:

(Loss) income from continuing operations available for common shareholders — basic and diluted (3)

$

(0.10

)

$

0.02

$

0.12

$

0.15

Income from discontinued operations — basic and diluted (3)

$

—

$

0.20

$

0.39

$

0.71

Net (loss) income available for common shareholders — basic and diluted (3)

$

(0.10

)

$

0.22

$

0.51

$

0.86

Additional Data:

General and administrative expenses / rental income

4.93%

4.48%

4.64%

4.41%

General and administrative expenses / total assets (at end of period)

0.17%

0.16%

0.64%

0.61%

Continuing Operations:

Non cash straight line rent adjustments (1)

$

6,443

$

6,389

$

13,030

$

18,137

Lease value amortization (1)

$

(1,962

)

$

(1,514

)

$

(10,040

)

$

(8,563

)

Lease termination fees included in rental income

$

198

$

536

$

1,263

$

2,819

Capitalized interest expense

$

—

$

—

$

—

$

—

Discontinued Operations:

Non cash straight line rent adjustments (1)

$

1

$

115

$

338

$

864

Lease value amortization (1)

$

—

$

60

$

—

$

(235

)

(1)

We report rental income on a straight line basis over the terms of the respective leases; rental income and income from discontinued operations includes non-cash straight line rent adjustments. Rental income and income from discontinued operations also includes non-cash amortization of intangible lease assets and liabilities.

(2)

Acquisition costs have been expensed under the Business Combinations Topic of The FASB Accounting Standards CodificationTM since January 1, 2009.

(3)

As of 12/31/2009, we had 15,180 series D preferred shares outstanding that were convertible into 29,193 common shares. See page 16 for calculations of diluted net income and weighted average common shares outstanding.

For the Three Months Ended

For the Year Ended

12/31/2009

12/31/2008

12/31/2009

12/31/2008

Cash flows from operating activities:

Net (loss) income

$

(10,253

)

$

63,463

$

164,674

$

244,645

Adjustments to reconcile net (loss) income to cash provided by operating activities:

Depreciation

38,929