Exhibit 99.1

FOR IMMEDIATE RELEASE		Contact:
		John C. Popeo, Treasurer
		(617) 332-3990
		www.hrpreit.com

HRPT Properties Trust Announces Financial Results for the Periods Ended June 30, 2004

Newton, MA (August 4, 2004): HRPT Properties Trust (NYSE: HRP) today announced its financial results for the periods ended June 30, 2004, together with comparative results for the 2003 periods as follows:

(in thousands, except per share data)

	Quarter Ended June 30,				Six Months Ended June 30,
	2004		2003		2004		2003
Total revenues	$	138,945	$	121,720	$	275,523	$	242,353
Net income	35,060		27,371		84,435		54,663
Net income available for common shareholders	23,560		15,871		61,435		31,663
FFO	63,578		53,994		124,641		107,545
FFO available for common shareholders	52,078		42,494		101,641		84,545
Common distributions paid	35,455		25,783		70,909		51,548

Per common share:
Net income available for common shareholders	$	0.13	$	0.12	$	0.35	$	0.24
FFO available for common shareholders	0.29		0.33		0.58		0.65
Common distributions paid	0.20		0.20		0.40		0.40

Weighted average common shares outstanding	177,276		130,521		175,000		129,688

HRPT Properties Trust is a real estate investment trust headquartered in Newton, MA.

(end)

HRPT Properties Trust
Statement of Income, EBITDA and Funds From Operations
(in thousands, except per share data)

	Quarter Ended June 30,						Six Months Ended June 30,
	2004			2003			2004			2003
Revenues:
Rental income	$	138,801		$	121,613		$	275,259		$	242,203
Interest and other income	144			107			264			150
Total revenues	138,945			121,720			275,523			242,353
Expenses:
Operating expenses	51,537			45,686			102,553			91,711
Interest (including amortization of note discounts and deferred financing fees of $1,511, $1,513, $2,946 and $2,986, respectively)	25,201			25,062			51,426			50,141
Depreciation and amortization	25,048			20,895			50,091			41,169
General and administrative	5,830			4,872			11,528			9,372
Loss on early extinguishment of debt	—			1,487			2,866			3,238
Total expenses	107,616			98,002			218,464			195,631

Income before equity in earnings of equity investments	31,329			23,718			57,059			46,722
Equity in earnings of Senior Housing Properties Trust and Hospitality Properties Trust	3,731			3,653			7,531			7,941
Gain on equity transactions of equity investments (1)	—			—			19,845			—
Net income	35,060			27,371			84,435			54,663
Preferred distributions	(11,500		)	(11,500		)	(23,000		)	(23,000		)
Net income available for common shareholders	$	23,560		$	15,871		$	61,435		$	31,663

Calculation of Earnings before Interest, Taxes, Depreciation and Amortization, or EBITDA: (2)
Net income	$	35,060		$	27,371		$	84,435		$	54,663
Loss on early extinguishment of debt	—			1,487			2,866			3,238
Gain on equity transactions of equity investments	—			—			(19,845		)	—
Interest expense	25,201			25,062			51,426			50,141
Equity in earnings of equity investments	(3,731		)	(3,653		)	(7,531		)	(7,941		)
EBITDA from equity investments	9,219			10,419			18,759			20,998
Depreciation and amortization	25,048			20,895			50,091			41,169
EBITDA	$	90,797		$	81,581		$	180,201		$	162,268

Calculation of Funds From Operations, or FFO: (3)
Net income	$	35,060		$	27,371		$	84,435		$	54,663
Loss on early extinguishment of debt:
Add: amount included in total expenses	—			1,487			2,866			3,238
Less: portion settled in cash	—			—			—			—
Depreciation and amortization	25,048			20,895			50,091			41,169
Gain on equity transactions of equity investments	—			—			(19,845		)	—
Equity in earnings of Senior Housing and Hospitality Properties	(3,731		)	(3,653		)	(7,531		)	(7,941		)
FFO from equity investments in Senior Housing and Hospitality Properties	7,201			7,894			14,625			16,416
FFO	63,578			53,994			124,641			107,545
Preferred distributions	(11,500		)	(11,500		)	(23,000		)	(23,000		)
FFO available for common shareholders	$	52,078		$	42,494		$	101,641		$	84,545

Weighted average common shares outstanding	177,276			130,521			175,000			129,688

Per common share:
Net income available for common shareholders	$	0.13		$	0.12		$	0.35		$	0.24
FFO available for common shareholders	0.29			0.33			0.58			0.65
Common distributions paid	0.20			0.20			0.40			0.40

(1) We account for our common share investments in Senior Housing Properties Trust, or Senior Housing, and Hospitality Properties Trust, or Hospitality Properties, using the equity method of accounting. During the six months ended June 30, 2004, we sold 3,148 of our Senior Housing common shares for a gain of $14,805. In addition, we recognized gains of $5,040 during the six months ended June 30, 2004, as a result of share issuances by Senior Housing and Hospitality Properties at prices above our per share carrying value.

(2) We compute EBITDA as net income plus loss on early extinguishment of debt, gain on equity transactions of equity investments, interest expense, depreciation and amortization and the difference between EBITDA and earnings from equity investments. We consider EBITDA to be an appropriate measure of performance, along with net income and cash flow from operating, investing and financing activities. EBITDA does not represent cash generated by operating activities in accordance with generally accepted accounting principles, or GAAP, and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity.

(3) We compute FFO as shown in the calculation above. Our calculation of FFO differs from the NAREIT definition because we exclude loss on early extinguishment of debt not settled in cash. We consider FFO to be an appropriate measure of performance for a REIT, along with net income and cash flow from operating, investing and financing activities. We believe that FFO provides useful information to investors because by excluding the effects of certain historical costs, such as depreciation expense and gains or losses on sales of properties, FFO can facilitate comparison of current operating performance among REITs. FFO does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income or cash flow from operating activities as a measure of financial performance or liquidity. FFO is one important factor considered by our board of trustees in determining the amount of distributions to shareholders. Other important factors include, but are not limited to, requirements to maintain our status as a REIT, limitations in our revolving bank credit facility and public debt covenants, the availability of debt and equity capital to us and our expectation of future performance.

HRPT Properties Trust

Balance Sheet

(dollars in thousands)

	June 30, 2004			December 31, 2003
Assets
Real estate properties, at cost	$	3,962,888		$	3,891,966
Accumulated depreciation	(405,252		)	(363,015		)
	3,557,636			3,528,951
Acquired real estate leases	67,994			68,983
Equity investments	220,445			260,208
Cash and cash equivalents	19,553			11,526
Other assets	180,128			143,576
Total assets	$	4,045,756		$	4,013,244
Liabilities and Shareholders’ Equity
Indebtedness, net	$	1,596,654		$	1,876,821
Acquired real estate lease obligations	31,469			33,206
Other liabilities	91,777			91,566
Shareholders’ equity:
Preferred (20,000,000 shares outstanding)	482,935			482,935
Common (177,278,425 and 142,773,925 shares outstanding)	1,842,921			1,528,716
Total liabilities and shareholders’ equity	$	4,045,756		$	4,013,244

HRPT Properties Trust
Cash Flow Summary
(dollars in thousands)

	Six Months Ended June 30,
	2004			2003
Cash flow from (used in):
Operating activities	$	79,433		$	92,635
Investing activities	(17,778		)	(173,424		)
Financing activities	(53,628		)	87,103
Increase in cash	8,027			6,314
Cash at beginning of period	11,526			12,384
Cash at end of period	$	19,553		$	18,698

HRPT Properties Trust
Additional Data
(amounts in thousands)

• Equity in earnings, EBITDA, FFO and cash distributions from equity investments include earnings, EBITDA, FFO and cash distributions from Hospitality Properties and Senior Housing as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
	2004		2003		2004		2003

Equity in earnings of equity investments:
Hospitality Properties	$	1,572	$	1,567	$	3,162	$	3,248
Senior Housing (1)	2,159		2,086		4,369		4,693
	$	3,731	$	3,653	$	7,531	$	7,941

EBITDA from equity investments:
Hospitality Properties	$	3,883	$	3,797	$	7,615	$	7,955
Senior Housing (1)	5,336		6,622		11,144		13,043
	$	9,219	$	10,419	$	18,759	$	20,998

FFO from equity investments:
Hospitality Properties	$	3,633	$	3,452	$	7,060	$	7,296
Senior Housing (1)	3,568		4,442		7,565		9,120
	$	7,201	$	7,894	$	14,625	$	16,416

Cash distributions from equity investments:
Hospitality Properties	$	2,880	$	2,880	$	5,760	$	5,760
Senior Housing (1)	2,995		3,971		6,966		7,942
	$	5,875	$	6,851	$	12,726	$	13,702

(1)In 2003 we owned 12,809 shares of Senior Housing. In January and February 2004, we sold 3,148 of these shares in an underwritten public offering for $57,303 (net $54,413).

HRPT Properties Trust
Additional Data
(amounts in thousands unless otherwise stated)

• The geographic sources of property level revenue and net operating income (rental income less operating expenses) are as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
	2004		2003		2004		2003
Property Level Revenue (1)
Metro Philadelphia, PA	$	33,284	$	33,830	$	66,233	$	67,464
Metro Washington, DC	16,926		17,225		33,133		34,195
Metro Boston, MA	12,445		9,924		24,907		19,157
Southern California	12,089		11,831		24,478		23,744
Oahu, HI (2)	10,349		—		20,627		—
Metro Austin, TX	9,788		10,515		19,595		21,927
Other markets	43,920		38,288		86,286		75,716
Total	$	138,801	$	121,613	$	275,259	$	242,203

Property Level Net Operating Income (1)
Metro Philadelphia, PA	$	18,323	$	19,523	$	36,624	$	38,505
Metro Washington, DC	10,949		11,847		21,306		23,007
Metro Boston, MA	9,249		7,198		18,267		13,670
Southern California	8,143		8,253		16,906		16,883
Oahu, HI (2)	8,590		—		17,109		—
Metro Austin, TX	4,428		5,365		9,176		11,427
Other markets	27,582		23,741		53,318		47,000
Total	$	87,264	$	75,927	$	172,706	$	150,492

(1) Includes some triple net lease revenues.

(2) The Oahu properties were acquired in December 2003.

• Comparable property level revenue and net operating income (rental income less operating expenses) for properties owned by us continuously since April 1, 2003, for the quarter ended June 30, 2004 and 2003, are as follows:

	Property Level Revenue (1)				Property Level Net Operating Income
	Quarter Ended June 30,				Quarter Ended June 30,
	2004		2003		2004		2003
Metro Philadelphia, PA	$	33,284	$	33,830	$	18,323	$	19,523
Metro Washington, DC	16,838		17,225		10,894		11,847
Metro Boston, MA	9,986		9,924		7,434		7,198
Southern California	11,705		11,831		7,892		8,253
Oahu, HI (2)	—		—		—		—
Metro Austin, TX	9,788		10,515		4,428		5,365
Other markets	37,983		37,568		23,248		23,141
Total	$	119,584	$	120,893	$	72,219	$	75,327

(1) Includes some triple net lease revenues.

(2) The Oahu properties were acquired in December 2003.

• Rental income includes non cash straight line rent adjustments, FAS 141 lease value amortization and lease termination fees as follows:

	Quarter Ended June 30,					Six Months Ended June 30,
	2004			2003		2004		2003
Non cash straight line rent adjustments	$	4,706		$	3,806	$	9,237	$	7,666
Lease value amortization	(10		)	—		20		—
Lease termination fees	1,074			63		1,212		471

• Cash expenditures made and capitalized for tenant improvements, leasing costs, building improvements, and development and redevelopment activities are as follows:

	Quarter Ended June 30,				Six Months Ended June 30,
	2004		2003		2004		2003
Tenant improvements	$	6,072	$	6,211	$	9,132	$	11,876
Leasing costs	7,416		2,108		10,562		3,547
Building improvements	3,952		3,222		6,955		5,967
Development and redevelopment activities	2,666		927		4,241		6,691

• Rents charged for office space which were renewed or released during the quarter ended June 30, 2004, were approximately 11% lower than rents previously charged for the same space. Commitments made for expenditures in connection with leasing this space are as follows:

	Total		Renewals		New Leases
Square feet leased during the quarter	978		525		453
Total commitments for tenant improvements and leasing costs	$	35,682	$	12,830	$	22,852
Average lease term (years)	10.2		9.2		11.2
Leasing costs per square foot per year (whole dollars)	$	3.58	$	2.66	$	4.50

• Debt maturities and weighted average interest rates as of June 30, 2004, are as follows:

Year of Maturity	Scheduled Principal Payments During Period		Weighted Average Interest Rate
2004	$	3,395	6.8	%
2005	107,257		6.7	%
2006	34,769		3.0	%
2007	17,484		7.7	%
2008	24,006		6.9	%
2009	255,331		2.0	%
2010	55,567		8.6	%
2011	226,967		6.8	%
2012	201,115		6.9	%
2013 and thereafter	686,271		6.2	%
Total	$	1,612,162	5.8	%

• As of June 30, 2004, 12 tenants were individually responsible for more than 1% of total annualized rents. A division of our 10 largest tenants based on annualized rents is as follows:

Tenant or Subsidiary		Annualized Rent (1)		% of Annualized Rent
		(in millions)
1.	U. S. Government	$	88.6	15.9	%
2.	GlaxoSmithKline plc	14.8		2.7	%
3.	Towers, Perrin, Forster & Crosby, Inc.	13.1		2.4	%
4.	PNC Financial Services Group	11.8		2.1	%
5.	Tyco International Ltd	9.8		1.8	%
6.	Wachovia Corporation	9.3		1.7	%
7.	Solectron Corporation	9.3		1.7	%
8.	Motorola, Inc.	8.4		1.5	%
9.	Mellon Financial Corporation	7.5		1.3	%
10.	Ballard Spahr Andrews & Ingersoll, LLP	7.5		1.3	%
	Other tenants	375.6		67.6	%
	Over one thousand tenants	$	555.7	100.0	%

(1) Annualized rent is rents pursuant to signed leases as of June 30, 2004, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

• As of June 30, 2004, a division of our tenants based on annualized rent is as follows:

Tenant	Annualized Rent (1)		% of Annualized Rent
	(in millions)
U.S. Government and other governmental tenants	$	96.9	17	%
Medical related tenants	115.1		21	%
Industrial land leases (Oahu, HI)	41.6		7	%
Other investment grade rated tenants (2)	132.3		24	%
Other tenants	169.8		31	%
Total	$	555.7	100	%

(1)		Annualized rent is rents pursuant to signed leases as of June 30, 2004, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.
(2)		Excludes investment grade rated tenants included above.

HRPT Properties Trust
Additional Data
(dollars and square feet in thousands unless otherwise stated)

• Property and occupancy statistics as of June 30, 2004 and 2003, are as follows:

	All Properties				Comparable Properties (1)
	Quarter Ended June 30,				Quarter Ended June 30,
	2004		2003		2004		2003
Total properties (2)	243		215		213		213
Total square feet (2)	36,652		24,784		24,006		24,006
Square feet leased (3)	34,286		22,680		21,796		21,929
Percentage leased	93.5	%	91.5	%	90.8	%	91.3	%

(1)		Includes properties owned by us continuously since April 1, 2003.
(2)		Total properties and square feet at June 30, 2004, include 11 land parcels with 9,755 sq. ft. of developed industrial lands in Oahu, Hawaii acquired in December 2003.
(3)		Square feet leased includes space being fitted out for occupancy pursuant to signed leases and space which is leased but being offered for sublease by tenants.

• Properties acquired during the six months ended June 30, 2004, are as follows:

Date Acquired	Location	Number of Properties	Square Feet	Purchase Price (1)		Major Tenant
2/11/04	Arnold, MO	1	65	$	8,343	Convergys Customer Management Group, Inc.
2/24/04	Quincy, MA	1	46	7,739		American Express Company
4/28/04	Memphis, TN	1	125	21,127		Sparks Corporation, LLC
6/2/04	St. Paul, MN	1	423	13,030		The Sportsman’s Guide, Inc.
6/4/04	Virginia Beach, VA	1	75	6,818		Hayes Seay Mattern & Mattern, Inc.

		5	734	$	57,057

(1) Includes closing costs.

• Lease expiration data at June 30, 2004, is as follows:

	Total		2004			2005			2006			2007 and After
Leased properties:
Metro Philadelphia, PA
Total square feet	5,468
Leased square feet (1)	5,220		433			284			588			3,915
Annualized rent (2)	$	131,718	$	10,866		$	6,830		$	18,238		$	95,784
Metro Washington, DC
Total square feet	2,635
Leased square feet (1)	2,428		53			674			163			1,538
Annualized rent (2)	$	67,484	$	1,682		$	15,289		$	4,687		$	45,826
Metro Boston, MA
Total square feet	2,620
Leased square feet (1)	2,363		99			192			218			1,854
Annualized rent (2)	$	49,388	$	956		$	7,061		$	4,483		$	36,888
Southern California
Total square feet	1,797
Leased square feet (1)	1,724		37			54			179			1,454
Annualized rent (2)	$	49,067	$	2,105		$	2,986		$	6,886		$	37,090
Oahu, HI
Total square feet	9,755
Leased square feet (1)	9,642		—			—			—			9,642
Annualized rent (2)	$	41,522	$	—		$	—		$	—		$	41,522
Metro Austin, TX
Total square feet	2,843
Leased square feet (1)	2,263		176			202			60			1,825
Annualized rent (2)	$	38,819	$	3,368		$	4,789		$	1,253		$	29,409
Other markets
Total square feet	11,534
Leased square feet (1)	10,646		413			895			1,181			8,157
Annualized rent (2)	$	177,694	$	8,603		$	14,729		$	18,735		$	135,627

Totals:
Total square feet	36,652
Leased square feet (1)	34,286		1,211			2,301			2,389			28,385
Percent of leased square feet			3.5		%	6.7		%	7.0		%	82.8		%
Annualized rent (2)	$	555,692	$	27,580		$	51,684		$	54,282		$	422,146
Percent of annualized rent			5.0		%	9.3		%	9.8		%	75.9		%

(1)		Leased square feet includes space being fitted out for occupancy pursuant to signed leases and space which is leased but being offered for sublease by tenants.
(2)		Annualized rent is rents pursuant to signed leases as of June 30, 2004, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

• Leverage and coverage ratios are as follows:

Leverage Ratios	June 30, 2004		December 31, 2003
Total Debt / Total Assets	39.5	%	46.8	%
Total Debt / Real Estate Properties, at Cost	39.8	%	47.7	%
Total Debt / Total Book Capitalization	40.7	%	48.3	%
Mortgage Debt / Total Assets	8.1	%	8.2	%
Variable Rate Debt / Total Debt	17.3	%	22.0	%

	Quarter Ended June 30,				Six Months Ended June 30,
Coverage Ratios	2004		2003		2004		2003
EBITDA / Interest Expense	3.6	x	3.3	x	3.5	x	3.2	x
EBITDA / Interest Expense + Preferred Distributions	2.5	x	2.2	x	2.4	x	2.2	x

Maryland		04-6558834
(State of Organization)		(IRS Employer Identification No.)

	HRPT PROPERTIES TRUST

	By:	/s/ John C. Popeo
		John C. Popeo
		Treasurer and Chief Financial Officer
		Dated: August 6, 2004