When the deal was announced in April, the purchase price was at nearly $250 million but HRPT says that the price was adjusted as a result of matters disclosed during diligence and changes in Hallwood's working capital, pursuant to contract terms.

In addition to the $247-million equity purchase price, HRPT assumed approximately $207 million of Hallwood mortgage debt. Approximately $100 million of this mortgage debt was repaid simultaneously with the equity closing; the balance of this mortgage debt may be prepaid in 2005 and 2008.

Based upon HRPT's projected income and expenses of the Hallwood properties, as well as capital costs, HRPT expects its acquisition of Hallwood will be accretive to its funds from operations per share.