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HRPT's Q2 Records $47M Net Income

NEWTON, MA-The real estate trust posted a net income basic of $0.21 per share for the Q2, as well as a $63.9-million in FFO.

By Ryan Clark | Updated on August 12, 2009

NEWTON, MA-HRPT Property Trust’s net income came in at $46.9 million during its second quarter, ended June 30, while FFO was at $63.9-million. The net income bump was the result of a $20.3-million gain from asset sales and $13.2 million from early extinguished debt.

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.

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