Year-over-year the net income was down roughly $9 million on the quarter, but only a $7 million difference for the entire six months, in comparison. The full occupancy fell 40 basis points from March 30 to June 30 to 89.1% and was down 1.4% year over year. HRPT signed 992,000 square feet of renewals and 650,000 square feet of new leases during the quarter. The rental rates averaged 2% below previous rents for the same space.

HRPT transferred 29 properties, totaling 3.3 million square feet to Government Properties Income Trust, a wholly owned subsidiary. GPIT also entered into a $250-million secured credit facility, which was then used by HRPT to "repay amounts outstanding" under their revolving credit facility, according to a release. GPIT then completed an IPO for 11.5 million common shares and separated itself from HRPT, taking the $250-million facility with it, removing it from HRPT's sheets.

During a conference call, Tim Bonang, director of investor relations, noted that "capital expenditures will continue" because of dipping fundamentals nationwide and that the company had $2.8 billion in debts outstanding with no debt maturities until 2010. Bonang asserted that HRPT was comfortably within the qualifications for their debt requirements. The stock buyback, he noted, may not reach its full amount in light of the rising price of their stock.