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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.

And recently, the company is making a push into the Australian market with its purchase of MacarthurCook Industrial Property Fund. The REIT commands 10 industrial properties of 1.4 million square feet that are 90% leased. The fund was a subsidiary of Sydney-headquartered AIMS Financial Group. The leases are average weighted for five years in five Australian states: three properties in New South Wales, two properties in Victoria, two properties in Western Australia, two properties in Tasmania and a single property in Queensland. The company is anticipating making further moves into the Australian market, using the REIT as a foothold for future endeavors.

The trust also raised net proceeds of $239.1 million in a public officering to repay outstanding balances under its revolving credit facility. As of the end of Q1, HRPT has all $750 million available under its unsecured revolving credit facility.

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