NEWTON, MA-HRPT Properties Trust, as of July 1, 2010 will be no more. The locally based REIT will continue to exist, however it will undergo a name change. The new moniker for the publicly-traded real estate trust will be "CommonWealth REIT." The switch will happen on July 1, 2010, at which point the ticker symbol for the New York Stock Exchange will switch from HRP to CWH.

HRPT is also agreeing to divest of 15 properties to Government Properties Income Trust for $231 million, all of which are majority leased by the government. HRPT is anticipating net capital gains of about $20 million from the sale. HRPT owns 31.8% of GOV's total common shares and will receive an additional $10 million in capital gains from the deal, as well. The property was sold with an 8.5% cap rate of cash NOI.

A storied history of name changes, the original HRP was "Health and Rehabilitation Properties Trust" owning healthcare and rehabilitation facilities, primarily. That was 1986, but by 1994 senior housing was incorporated, which led to a simple change, swapping "Rehabilitation" for "Retirement." As the REIT incorporated office properties in 1998, the name was truncated to simply be HRPT Properties Trust and now with a move away from health facilities, the trust will take on its new name. HRPT did not return GlobeSt inquiries by deadline.