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HRPT Suffers Q1 Drop in FFO, Income

NEWTON, MA-The trust, however, had a few key purchases, one of which will see them making a foray into the Australian market.

By Ryan Clark | Updated on May 06, 2010

NEWTON, MA-HRPT Properties Trust ended the first quarter with FFO of $59.98 million, down $2.9 million year-over-year. The net income was also down clocking $24.6 million for Q1, compared to $30.4 million in 1Q09. Despite the down numbers, the trust has shown a flurry of activity in the initial months of 2010, aiming for growth over the coming year.

Boasting a high occupancy of 86.6% of its entire portfolio, it is only slightly lower than the fourth quarter of 2009′s ending 87.4% and down overall YOY from 89.4%. Lease renewals came in for 1.098 million square feet and added 425,000 square feet of additional leases with average lease terms at 6.4 years.

Although there have been few deals to speak of in 2010, HRPT made a few moves picking up a fully leased office in Denver totaling 248,493 square feet, which holds RE/MAX Realty’s headquarters. HRPT picked up the property for $75 million.The trust also purchased an office property in Colorado Springs for $10.8 million and two properties in Carson, CA for $27.9 million with a combined square footage of 212,000 square feet. All three of those properties are fully leased.

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