8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 26, 2009 (February 26, 2009)

HRPT PROPERTIES TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

1-11527	04-6558834
(Commission File Number)	(IRS Employer Identification No.)

400 Centre Street, Newton, Massachusetts  02458

(Address of Principal Executive Offices) (Zip Code)

617-332-3990

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On February 26, 2009, HRPT Properties Trust, or the Company, issued a press release setting forth the Company’s results of operations and financial condition for the quarter and year ended December 31, 2008, and also provided certain supplemental operating and financial data for the quarter and year ended December 31, 2008.  Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits

The Company hereby furnishes the following exhibits:

99.1	Press release dated February 26, 2009
99.2	Fourth Quarter 2008 Supplemental Operating and Financial Data

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HRPT PROPERTIES TRUST
	By:	/s/ John C. Popeo
	Name:		John C. Popeo
	Title:		Treasurer and Chief Financial Officer
Dated: February 26, 2009

3

EX-99.1

Exhibit 99.1

400 Centre Street, Newton, MA 02458-2076 tel: (617) 332-3990  fax: (617) 332-2261

FOR IMMEDIATE RELEASE
	Contacts:
	Timothy A. Bonang, Director of Investor Relations, or
	Katherine L. Johnston, Manager of Investor Relations
	(617) 796-8222
	www.hrpreit.com

HRPT Properties Trust Announces Results for the Periods

Ended December 31, 2008

Newton, MA (February 26, 2009): HRPT Properties Trust (NYSE: HRP) today announced financial results for the quarter and year ended December 31, 2008.

Results for the quarter ended December 31, 2008:

Net income available for common shareholders was $50.8 million for the quarter ended December 31, 2008, compared to $8.9 million for the same quarter last year.  Net income available for common shareholders per share, basic and diluted, (EPS) for the quarters ended December 31, 2008 and 2007 was $0.22 and $0.04, respectively.  Net income for the quarter ended December 31, 2008 includes a $39.5 million, or $0.17 per share, gain on sale of properties.

Funds from operations (FFO) available for common shareholders for the quarter ended December 31, 2008, was $62.2 million, or $0.27 per share basic and diluted, compared to FFO available for common shareholders for the quarter ended December 31, 2007, of $60.9 million, or $0.27 per share basic and diluted.

The weighted average number of basic and diluted common shares outstanding totaled 227,704,155 and 256,896,813, respectively, for the quarter ended December 31, 2008, and 222,926,710 and 252,119,368, respectively, for the quarter ended December 31, 2007.

Results for the year ended December 31, 2008:

Net income available for common shareholders was $194.0 million for the year ended December 31, 2008, compared to $59.5 million for the same period last year.  Net income available for common shareholders per share, basic and diluted, (EPS) for the year ended December 31, 2008 and 2007 was $0.86 and $0.28, respectively.  Net income for the year ended December 31, 2008, includes a $137.2 million, or $0.61 per share, gain on sale of properties.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.  No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Funds from operations (FFO) available for common shareholders for the year ended December 31, 2008, was $251.7 million, or $1.11 per share basic and $1.08 per share diluted, compared to FFO available for common shareholders for the year ended December 31, 2007, of $247.6 million, or $1.16 per share basic and $1.12 per share diluted.

The weighted average number of basic and diluted common shares outstanding totaled 226,467,736 and 255,660,394, respectively, for the year ended December 31, 2008, and 214,361,204 and 243,553,862, respectively, for the year ended December 31, 2007.

Occupancy and Leasing Results (excluding properties classified in discontinued operations):

As of December 31, 2008, 90.4% of HRP’s total square feet was leased, compared to 90.6% as of September 30, 2008.

HRP signed lease renewals for 638,000 square feet and new leases for 221,000 square feet during the quarter ended December 31, 2008, for weighted average rental rates that were 6% above prior rents for the same space.  Average lease terms for leases signed during the fourth quarter of 2008 were 5.7 years.  Commitments for tenant improvement and leasing commission (TI/LC) costs for leases signed during the quarter ended December 31, 2008, totaled $10.68 per square foot on a weighted average basis.

Investing Activities:

During the fourth quarter of 2008, HRP acquired seven office properties with 830,000 square feet of space for $134.3 million, excluding closing costs, and sold nine properties with 424,000 square feet of space for $114.0 million, excluding closing costs.

Conference Call:

On Thursday, February 26, 2009, at 10:00 a.m. Eastern Time, Adam Portnoy, Managing Trustee, and John Popeo, Chief Financial Officer, will host a conference call to discuss the fourth quarter 2008 results.

The conference call telephone number is (877) 704-5380.  Participants calling from outside the United States and Canada should dial (913) 312-1294.  No pass code is necessary to access either call.  Participants should dial in about 15 minutes prior to the scheduled start of the call.  A replay of the conference call will be available through 1:00 p.m. Eastern Time on Thursday, March 5, 2009.  To hear the replay, dial (719) 457-0820.  The replay pass code is 3473923.

A live audio webcast of the conference call will also be available in a listen only mode on HRP’s web site, which is located at www.hrpreit.com.  Participants wanting to access the webcast should visit the company’s web site about five minutes before the call.  The archived webcast will be available for replay on HRP’s web site for about one week after the call.

2

Supplemental Data:

A copy of HRP’s Fourth Quarter 2008 Supplemental Operating and Financial Data is available for download at HRP’s web site, www.hrpreit.com.

HRPT Properties Trust is a real estate investment trust, or REIT, which primarily owns office buildings located throughout the United States.  As of December 31, 2008, HRP owned 537 operating properties with 66.9 million square feet, including approximately 17 million square feet of leased industrial and commercial lands in Oahu, HI.  HRP is headquartered in Newton, Massachusetts.

Please see the pages attached hereto for a more detailed statement of our operating results and financial condition, along with an explanation of our calculation of FFO.  HRP’s web site is not incorporated as part of this press release.

3

HRPT Properties Trust

Consolidated Statements of Income and Funds from Operations

(amounts in thousands, except per share data)

	Quarter Ended December 31,						Year Ended December 31,
	2008			2007			2008			2007
Rental income	$	218,406		$	199,070		$	835,540		$	783,266
Expenses:
Operating expenses	93,920			81,598			347,958			315,131
Depreciation and amortization	49,032			44,218			185,657			170,321
General and administrative	9,775			8,548			36,812			33,711
Total expenses	152,727			134,364			570,427			519,163
Operating income	65,679			64,706			265,113			264,103
Interest income	539			852			1,442			2,293
Interest expense (including amortization of debt discounts, premiums and deferred financing fees of $1,522, $1,181, $5,479 and $4,426, respectively)	(45,616		)	(44,758		)	(180,193		)	(170,970		)
Loss on asset impairment	(2,283		)	—			(2,283		)	—
Loss on early extinguishment of debt	—			—			—			(711		)
Income from continuing operations before income tax expense	18,319			20,800			84,079			94,715
Income tax expense	(162		)	(395		)	(773		)	(395		)
Income from continuing operations	18,157			20,405			83,306			94,320
Discontinued operations:
Income from discontinued operations	5,757			7,261			24,165			27,714
Gain (loss) on sale of properties	39,549			(187		)	137,174			2,221
Net income	63,463			27,479			244,645			124,255
Preferred distributions	(12,667		)	(14,368		)	(50,668		)	(60,572		)
Excess redemption price paid over carrying value of preferred shares	—			(4,230		)	—			(4,230		)
Net income available for common shareholders	$	50,796		$	8,881		$	193,977		$	59,453
Calculation of Funds from Operations, or FFO (1):
Net income	$	63,463		$	27,479		$	244,645		$	124,255
Plus: depreciation and amortization from continuing operations	49,032			44,218			185,657			170,321
Plus: depreciation and amortization from discontinued operations	(404		)	3,385			6,948			12,695
Loss on early extinguishment of debt:
Add: amount included in expenses	—			—			—			711
Less: portion settled in cash	—			—			—			—
Loss on asset impairment	2,283			—			2,283			—
Gain (loss) on sale of properties:
Less: amount included in net income	(39,549		)	187			(137,174		)	(2,221		)
Add: land sales	—			—			—			2,408
FFO	74,825			75,269			302,359			308,169
Less: preferred distributions	(12,667		)	(14,368		)	(50,668		)	(60,572		)
FFO available for common shareholders	$	62,158		$	60,901		$	251,691		$	247,597
Weighted average common shares outstanding – basic	227,704			222,927			226,468			214,361
Weighted average common shares outstanding – diluted (2)	256,897			252,120			255,661			243,554
Earnings per common share:
Income from continuing operations available for common shareholders – basic and diluted	$	0.02		$	0.01		$	0.14		$	0.14
Income from discontinued operations – basic and diluted	$	0.20		$	0.03		$	0.71		$	0.14
Net income available for common shareholders – basic and diluted	$	0.22		$	0.04		$	0.86		$	0.28
FFO available for common shareholders – basic	$	0.27		$	0.27		$	1.11		$	1.16
FFO available for common shareholders – diluted	$	0.27		$	0.27		$	1.08		$	1.12
Common distributions paid	$	0.21		$	0.21		$	0.84		$	0.84

4

HRPT Properties Trust

Consolidated Statements of Income and Funds from Operations

(amounts in thousands, except per share data)

(1)We compute FFO as shown in the calculations above.  Our calculations of FFO differ from the National Association of Real Estate Investment Trusts, or NAREIT, definition because we add loss on early extinguishment of debt, unless settled in cash, and loss on asset impairment.  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 amounts, such as depreciation expense and gains or losses on sales of depreciated operating properties, FFO can facilitate a comparison of operating performance among REITs.  FFO 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.  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 credit facility, our public debt covenants, the availability of debt and equity capital to us and our expectations of future capital requirements and operating performance.

(2)As of December 31, 2008, our 15,180 outstanding series D preferred shares were convertible into 29,193 common shares.  The effect of a conversion of our series D convertible preferred shares on income from continuing operations available for common shareholders per share is anti-dilutive to income and FFO for the quarters ended December 31, 2008 and 2007, but dilutive to FFO for the years ended December 31, 2008 and 2007.  Set forth below is the calculation of diluted net income available for common shareholders, diluted FFO available for common shareholders and diluted weighted average common shares outstanding.

	Quarter Ended December 31,				Year Ended December 31,
	2008		2007		2008		2007
Net income available for common shareholders	$	50,796	$	8,881	$	193,977	$	59,453
Add - Series D convertible preferred distributions	6,167		6,167		24,668		24,668
Net income available for common shareholders – diluted	$	56,963	$	15,048	$	218,645	$	84,121
FFO available for common shareholders	$	62,158	$	60,901	$	251,691	$	247,597
Add - Series D convertible preferred distributions	6,167		6,167		24,668		24,668
FFO available for common shareholders – diluted	$	68,325	$	67,068	$	276,359	$	272,265
Weighted average common shares outstanding – basic	227,704		222,927		226,468		214,361
Effect of dilutive Series D preferred shares	29,193		29,193		29,193		29,193
Weighted average common shares outstanding – diluted	256,897		252,120		255,661		243,554

5

HRPT Properties Trust

Consolidated Balance Sheets

(amounts in thousands, except share data)

	December 31,
	2008			2007
				(audited)
ASSETS
Real estate properties:
Land	$	1,220,554		$	1,189,684
Buildings and improvements	5,021,703			4,966,610
	6,242,257			6,156,294
Accumulated depreciation	(862,958		)	(808,216		)
	5,379,299			5,348,078
Properties held for sale	145,849			—
Acquired real estate leases, net	164,308			150,672
Cash and cash equivalents	15,518			19,879
Restricted cash	10,837			18,027
Rents receivable, net of allowance for doubtful accounts of $8,492 and $6,290, respectively	196,839			197,967
Other assets, net	103,449			124,709
Total assets	$	6,016,099		$	5,859,332
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	$	201,000		$	140,000
Senior unsecured debt, net	2,241,225			2,239,784
Mortgage notes payable, net	447,693			394,376
Other liabilities related to properties held for sale	3,400			—
Accounts payable and accrued expenses	99,285			89,441
Acquired real estate lease obligations, net	47,839			41,607
Rent collected in advance	26,537			24,779
Security deposits	17,935			16,063
Due to affiliates	10,073			10,399
Total liabilities	3,094,987			2,956,449
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value:
50,000,000 shares authorized;
Series B preferred shares; 8 3/4% cumulative redeemable at par on or after September 12, 2007; 7,000,000 shares issued and outstanding, aggregate liquidation preference $175,000	169,079			169,079
Series C preferred shares; 7 1/8% cumulative redeemable at par on or after February 15, 2011; 6,000,000 shares issued and outstanding, aggregate liquidation preference $150,000	145,015			145,015
Series D preferred shares; 6 1/2% cumulative convertible; 15,180,000 shares issued and outstanding, aggregate liquidation preference $379,500	368,270			368,270
Common shares of beneficial interest, $0.01 par value:
350,000,000 shares authorized; 227,731,938 and 225,444,497 shares issued and outstanding, respectively	2,277			2,254
Additional paid in capital	2,937,986			2,923,455
Cumulative net income	2,072,254			1,827,609
Cumulative common distributions	(2,441,841		)	(2,251,539		)
Cumulative preferred distributions	(331,928		)	(281,260		)
Total shareholders’ equity	2,921,112			2,902,883
Total liabilities and shareholders’ equity	$	6,016,099		$	5,859,332

6

EX-99.2

Exhibit 99.2

HRPT PROPERTIES TRUST

Fourth Quarter 2008

Supplemental Operating and Financial Data

All amounts in this report are unaudited, except for the

December 31, 2007 Consolidated Balance Sheet.

TABLE OF CONTENTS

		Page
CORPORATE INFORMATION
	Company Profile	5
	Investor Information	6
	Research Coverage	7
FINANCIAL INFORMATION
	Key Financial Data	9
	Consolidated Balance Sheets	10
	Consolidated Statements of Income	11
	Consolidated Statements of Cash Flows	12
	Calculation of EBITDA	13
	Calculation and Reconciliation of Property Net Operating Income (NOI)	14
	Calculation of Funds from Operations (FFO)	15
	Calculation of Diluted Net Income, FFO and Weighted Average Common Shares Outstanding	16
	Summary Results of Operations by Property Type	17
	Summary Results of Operations by Major Market	18
	Same Property Results and Analysis by Property Type	19
	Same Property Results and Analysis by Major Market	20
	Debt Summary	21
	Debt Maturity Schedule	22
	Leverage Ratios, Coverage Ratios and Public Debt Covenants	23
	Tenant Improvements, Leasing Costs and Capital Improvements	24
	2008 Acquisitions and Dispositions Information	25
	2008 Financing Activities	26
PORTFOLIO AND LEASING INFORMATION
	Portfolio Summary by Property Type, Tenant and Major Market (Square Feet)	28
	Portfolio Summary by Property Type, Tenant and Major Market (Annualized Rental Income)	29
	Summary of Properties by Major Market	30
	Leasing Summary	31
	Occupancy and Leasing Analysis by Property Type and Major Market (3 Months Ended 12/31/2008)	32
	Occupancy and Leasing Analysis by Property Type and Major Market (12 Months Ended 12/31/2008)	33
	Tenants Representing 1% or More of Total Rent	34
	Three Year Lease Expiration Schedule by Property Type	35
	Three Year Lease Expiration Schedule by Major Market	36
	Portfolio Lease Expiration Schedule	37

2

WARNING REGARDING

FORWARD LOOKING STATEMENTS

THIS SUPPLEMENTAL OPERATING AND FINANCIAL DATA REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS.  WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS.  THESE FORWARD LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.   ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS.

IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN OUR FORWARD LOOKING STATEMENTS ARE:

·CHANGES IN THE ECONOMY AND THE CAPITAL MARKETS,

·COMPETITION WITHIN THE REAL ESTATE INDUSTRY OR THOSE INDUSTRIES IN WHICH OUR TENANTS OPERATE, AND

·      CHANGES IN FEDERAL, STATE AND LOCAL LEGISLATION.

FOR EXAMPLE:

·IF THE AVAILABILITY OF DEBT CAPITAL REMAINS RESTRICTED OR BECOMES MORE RESTRICTED, WE MAY BE UNABLE TO REPAY OUR DEBT OBLIGATIONS WHEN THEY BECOME DUE OR TO REFINANCE ON TERMS WHICH ARE AS FAVORABLE AS WE NOW HAVE,

·SOME OF OUR TENANTS MAY NOT RENEW EXPIRING LEASES, AND WE MAY BE UNABLE TO LOCATE NEW TENANTS TO MAINTAIN THE HISTORICAL OCCUPANCY RATES OF OUR PROPERTIES,

·RENTS THAT WE CAN CHARGE AT OUR PROPERTIES MAY DECLINE,

·OUR TENANTS MAY EXPERIENCE LOSSES AND BECOME UNABLE TO PAY OUR RENTS,

·CONTINGENCIES IN OUR COMMITTED ACQUISITIONS AND SALES MAY CAUSE THESE TRANSACTIONS  NOT TO OCCUR OR TO BE DELAYED,

·WE MAY BE UNABLE TO IDENTIFY PROPERTIES WHICH WE WANT TO BUY OR TO NEGOTIATE  ACCEPTABLE PURCHASE PRICES, AND

·WE MAY BE UNABLE TO MAINTAIN OUR CURRENT RATE OF DISTRIBUTIONS AND FUTURE DISTRIBUTIONS MAY BE SUSPENDED OR PAID AT A LESSER RATE THAN THE DISTRIBUTIONS WE NOW PAY.

OTHER RISKS MAY ADVERSELY IMPACT US, AS DESCRIBED MORE FULLY IN OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2007, UNDER “ITEM 1A. RISK FACTORS.”

YOU SHOULD NOT PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS.

EXCEPT AS REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

CORPORATE INFORMATION

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

COMPANY PROFILE

The Company:

HRPT Properties Trust, or HRP, is a real estate investment trust, or REIT, which primarily owns office buildings located throughout the United States.  The majority of our properties are commercial office buildings located in suburban areas and central business districts, or CBDs, of major metropolitan markets.  As of December 31, 2008, we also owned approximately 17 million square feet of leased industrial and commercial lands in Oahu, Hawaii.  We have been investment grade rated since 1994 and we are included in a number of financial indices, including the Russell 1000®, the MSCI US REIT Index, the S&P REIT Composite Index and the FTSE NAREIT Composite Index.

Strategy:

Our primary business strategy is to efficiently operate our properties to maintain high occupancies, at market rents, with strong credit quality tenants.  We attempt to maintain an investment portfolio that is balanced between “security” and “growth”.  The security part of our portfolio includes properties that are long term leased or leased to tenants we believe are likely to renew their occupancy, such as our leased lands in Hawaii.  The growth part of our portfolio includes our multi-tenant commercial office buildings, which we believe may generate higher rents and appreciate in value in the future because of their physical qualities and locations.  Although we sometimes sell properties, we generally consider ourselves to be a long term investor and are more interested in the long term earnings potential of our properties than selling properties for short term gains.  We currently do not have any investments in off balance sheet entities.

Management:

HRP is managed by Reit Management & Research LLC, or RMR.  RMR was founded in 1986 to manage public investments in real estate.  As of December 31, 2008, RMR managed one of the largest portfolios of publicly owned real estate in North America, including more than 1,300 properties, located in 45 states, Washington, DC, Puerto Rico and Ontario, Canada.  RMR has approximately 585 employees in its headquarters and regional offices located throughout the U.S.  In addition to managing HRP, RMR manages Hospitality Properties Trust, or HPT, a publicly traded REIT that owns hotels and travel centers, and Senior Housing Properties Trust, or SNH, a publicly traded REIT that primarily owns healthcare properties.  RMR also provides management services to Five Star Quality Care, Inc., a healthcare services company which is a tenant of SNH, and to Travel Centers of America, LLC, a tenant of HPT.  An affiliate of RMR, RMR Advisors, Inc., is the investment manager of several publicly traded mutual funds, the RMR Funds, which principally invest in securities of unaffiliated real estate companies.  The public companies managed by RMR and its affiliates had combined total gross assets of approximately $16 billion as of December 31, 2008.  We believe that being managed by RMR is a competitive advantage for HRP because RMR provides us with a depth and quality of management and experience which may be unequaled in the real estate industry.  We also believe RMR provides management services to HRP at costs that are lower than we would have to pay for similar quality services.

Corporate Headquarters:

400 Centre Street

Newton, MA  02458

(t)  (617) 332-3990

(f)  (617) 332-2261

Stock Exchange Listing:

New York Stock Exchange

Trading Symbols:

Common Stock – HRP

Preferred Stock Series B – HRP-B

Preferred Stock Series C – HRP-C

Preferred Stock Series D – HRP-D

Senior Unsecured Debt Ratings:

Moody’s – Baa2

Standard & Poor’s – BBB

Portfolio Data (as of 12/31/08) (1):

Total properties	537
Total sq. ft. (000s)	66,872
Percent leased	90.4	%

Portfolio Concentration by Sq. Ft. (as of 12/31/08) (1):

			Industrial
	Office		and Other		Total
CBD	18.5	%	0.2	%	18.7	%
Suburban	35.9	%	45.4	%	81.3	%
Total	54.4	%	45.6	%	100.0	%

Portfolio Concentration by NOI (Q4 2008) (1) (2):

			Industrial
	Office		and Other		Total
CBD	30.9	%	0.3	%	31.2	%
Suburban	47.5	%	21.3	%	68.8	%
Total	78.4	%	21.6	%	100.0	%

Portfolio Concentration by Major Market (1):

	12/31/08		Q4 2008
	Sq. Ft.		NOI
Metro Philadelphia, PA	7.9	%	11.6	%
Oahu, HI	26.8	%	9.2	%
Metro Washington, DC	3.6	%	9.0	%
Metro Boston, MA	3.9	%	5.5	%
Southern California	1.7	%	5.2	%
Other Markets	56.1	%	59.5	%
Total	100.0	%	100.0	%

(1) Excludes properties classified in discontinued operations.

(2) We compute NOI, or property net operating income, as rental income from real estate less property operating expenses; see page 14 for the calculation of NOI and a reconciliation of NOI to Net Income.

5

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

INVESTOR INFORMATION

Board of Trustees

Barry M. Portnoy

Managing Trustee

Patrick F. Donelan

Independent Trustee

William A. Lamkin

Independent Trustee

Adam D. Portnoy

Managing Trustee

Frederick N. Zeytoonjian

Independent Trustee

Senior Management

John A. Mannix

President & Chief Investment Officer

John C. Popeo

Treasurer & Chief Financial Officer

David M. Lepore

Senior Vice President & Chief Operating Officer

Contact Information

Investor Relations

HRPT Properties Trust

400 Centre Street

Newton, MA  02458

(t) (617) 332-3990

(f) (617) 332-2261

(e-mail) info@hrpreit.com

(website) www.hrpreit.com

Inquiries

Financial inquiries should be directed to John C. Popeo,

Treasurer and Chief Financial Officer, at (617) 332-3990

or jpopeo@hrpreit.com.

Investor and media inquiries should be directed to

Timothy A. Bonang, Director of Investor Relations, at

(617) 796-8222 or tbonang@hrpreit.com, or

Katherine L. Johnston, Manager of Investor Relations, at

(617) 796-8222 or kjohnston@hrpreit.com.

6

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

RESEARCH COVERAGE

Equity Research Coverage

B.G.B. Securities

David Shapiro

(703) 528-5782

Cantor Fitzgerald

Philip Martin

(312) 469-7485

Citigroup

Michael Bilerman

(212) 816-1383

Macquarie Research

Nick Pirsos

(212) 231-2457

Merrill Lynch

Ian Weissman

(212) 449-6255

Oppenheimer

Mark Biffert

(212) 667-7062

RBC Capital Markets

David Rodgers

(440) 715-2647

Raymond James

Paul Puryear

(727) 573-3800

Stifel, Nicolaus

John Guinee

(410) 454-5520

UBS

James Feldman

(212) 713-4932

Debt Research Coverage

Citigroup

Thomas Cook

(212) 723-1112

Credit Suisse

John Giordano

(212) 538-4935

Merrill Lynch

John Forrey

(212) 449-1812

Wachovia

Thierry Perrin

(704) 715-8455

Rating Agencies

Moody’s Investors Service

Lori Marks

(212) 553-1098

Standard and Poor’s

Linda Phelps

(212) 438-3059

HRPT is followed by the analysts and its publicly held debt and preferred shares are rated by the rating agencies listed above.  Please note that any opinions, estimates or forecasts regarding HRPT’s performance made by these analysts or agencies do not represent opinions, forecasts or predictions of HRPT or its management.  HRPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts or agencies.

7

FINANCIAL INFORMATION

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

KEY FINANCIAL DATA

(amounts in thousands, except per share data)

	As of and For the Three Months Ended
	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Shares Outstanding:
Common shares outstanding (at end of period)	227,732			227,696			225,464			225,444			225,444
Common shares outstanding (at end of period) — diluted (1)	256,925			256,889			254,657			254,637			254,637
Preferred shares outstanding (at end of period) (1)	28,180			28,180			28,180			28,180			28,180
Weighted average common shares and units outstanding - basic	227,704			227,251			225,449			225,444			222,927
Weighted average common shares and units outstanding - diluted (1)	256,897			256,444			254,642			254,637			252,120
Common Share Data:
Price at end of period	$	3.37		$	6.89		$	6.77		$	6.73		$	7.73
High during period	$	6.98		$	8.33		$	8.00		$	8.56		$	10.49
Low during period	$	1.57		$	6.43		$	6.75		$	6.58		$	7.40
Annualized dividends paid per share (2)	$	0.84		$	0.84		$	0.84		$	0.84		$	0.84
Annualized dividend yield (at end of period) (2)	24.9		%	12.2		%	12.4		%	12.5		%	10.9		%
Selected Balance Sheet Data:
Total assets	$	6,016,099		$	6,070,543		$	6,003,146		$	5,959,846		$	5,859,332
Total liabilities	$	3,094,987		$	3,152,435		$	3,124,668		$	3,089,567		$	2,956,449
Gross book value of real estate assets (3)	$	6,663,247		$	6,604,601		$	6,517,894		$	6,501,910		$	6,367,166
Total debt / gross book value of real estate (3)	43.4		%	44.4		%	45.0		%	44.8		%	43.6		%
Book Capitalization:
Total debt	$	2,889,918		$	2,930,955		$	2,932,959		$	2,911,699		$	2,774,160
Plus: total stockholders’ equity	2,921,112			2,918,108			2,878,478			2,870,279			2,902,883
Total book capitalization	$	5,811,030		$	5,849,063		$	5,811,437		$	5,781,978		$	5,677,043
Total debt / total book capitalization	49.7		%	50.1		%	50.5		%	50.4		%	48.9		%
Market Capitalization:
Total debt (book value)	$	2,889,918		$	2,930,955		$	2,932,959		$	2,911,699		$	2,774,160
Plus: market value of preferred shares (at end of period)	298,920			424,374			556,585			557,678			586,010
Plus: market value of common shares (at end of period)	767,457			1,568,825			1,526,391			1,517,238			1,742,682
Total market capitalization	$	3,956,295		$	4,924,154		$	5,015,935		$	4,986,615		$	5,102,852
Total debt / total market capitalization	73.0		%	59.5		%	58.5		%	58.4		%	54.4		%
Selected Income Statement Data (4):
Rental income	$	218,406		$	211,689		$	204,273		$	215,164		$	214,006
EBITDA (5)	$	120,603		$	120,597		$	121,328		$	121,157		$	120,608
Property net operating income (NOI) (6)	$	124,486		$	122,615		$	120,526		$	130,201		$	128,785
NOI margin (7)	57.0		%	57.9		%	59.0		%	60.5		%	60.2		%
Net income	$	63,463		$	85,724		$	68,052		$	27,406		$	27,479
Preferred distributions	$	(12,667	)	$	(12,667	)	$	(12,667	)	$	(12,667	)	$	(14,368	)
Excess redemption price paid over carrying value of preferred shares	$	—		$	—		$	—		$	—		$	(4,230	)
Net income available for common shareholders	$	50,796		$	73,057		$	55,385		$	14,739		$	8,881
Funds from operations (FFO) (8)	$	74,825		$	74,998		$	76,767		$	75,769		$	75,269
FFO available for common shareholders (8)	$	62,158		$	62,331		$	64,100		$	63,102		$	60,901
Common distributions paid	$	47,816		$	47,800		$	47,343		$	47,343		$	47,341
Per Share Data (1):
Net income available for common shareholders — basic and diluted	$	0.22		$	0.32		$	0.25		$	0.07		$	0.04
FFO available for common shareholders — basic (8)	$	0.27		$	0.27		$	0.28		$	0.28		$	0.27
FFO available for common shareholders — diluted (1) (8)	$	0.27		$	0.27		$	0.28		$	0.27		$	0.27
Common distributions paid (2)	$	0.21		$	0.21		$	0.21		$	0.21		$	0.21
FFO payout ratio (2)	76.9		%	76.7		%	73.9		%	75.0		%	77.7		%
Coverage Ratios:
EBITDA (5) / interest expense	2.6		x	2.7		x	2.7		x	2.7		x	2.7		x
EBITDA (5) / interest expense and preferred distributions	2.1		x	2.1		x	2.1		x	2.1		x	2.0		x

(1) As of 12/31/2008, we had 15,180 preferred shares outstanding that were convertible into 29,193 common shares.  See page 16 for calculations of diluted net income, FFO and weighted average common shares outstanding.

(2) The amounts stated are the amounts paid during the periods.  On January 9, 2009, HRP lowered its quarterly dividend rate to $0.12/share ($0.48/share annualized).  At this reduced dividend rate the annualized dividend yield and FFO payout for the fourth quarter 2008 would have been 14.2% and 44.0%, respectively.

(3) Gross book value of real estate assets is real estate properties, at cost, including purchase price allocations less impairment writedowns, if any.

(4) Prior periods reflect amounts previously reported and excludes retroactive adjustments for properties subsequently classified in discontinued operations.

(5) See page 13 for calculation of EBITDA.

(6) Property net operating income, or NOI, is defined as rental income from real estate less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to Net Income.

(7) NOI margin is defined as property net operating income, or NOI, as a percentage of rental income.

(8) See page 15 for calculation of FFO and FFO available for common shareholders.

9

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share data)

	As of December 31,
	2008			2007
				(audited)
ASSETS
Real estate properties:
Land	$	1,220,554		$	1,189,684
Buildings and improvements	5,021,703			4,966,610
	6,242,257			6,156,294
Accumulated depreciation	(862,958		)	(808,216		)
	5,379,299			5,348,078
Properties held for sale	145,849			—
Acquired real estate leases, net	164,308			150,672
Cash and cash equivalents	15,518			19,879
Restricted cash	10,837			18,027
Rents receivable, net of allowance for doubtful accounts of $8,492 and $6,290, respectively	196,839			197,967
Other assets, net	103,449			124,709
Total assets	$	6,016,099		$	5,859,332
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	$	201,000		$	140,000
Senior unsecured debt, net	2,241,225			2,239,784
Mortgage notes payable, net	447,693			394,376
Other liabilities related to properties held for sale	3,400			—
Accounts payable and accrued expenses	99,285			89,441
Acquired real estate lease obligations, net	47,839			41,607
Rent collected in advance	26,537			24,779
Security deposits	17,935			16,063
Due to affiliates	10,073			10,399
Total liabilities	3,094,987			2,956,449
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value:
50,000,000 shares authorized;
Series B preferred shares; 8 3/4% cumulative redeemable at par on or after September 12, 2007; 7,000,000 shares issued and and outstanding, aggregate liquidation preference $175,000	169,079			169,079
Series C preferred shares; 7 1/8% cumulative redeemable at par on or after February 15, 2011; 6,000,000 shares issued and outstanding, aggregate liquidation preference $150,000	145,015			145,015
Series D preferred shares; 6 1/2% cumulative convertible; 15,180,000 shares issued and outstanding, aggregate liquidation preference $379,500	368,270			368,270
Common shares of beneficial interest, $0.01 par value: 350,000,000 shares authorized; 227,731,938 and 225,444,497 shares issued and outstanding, respectively	2,277			2,254
Additional paid in capital	2,937,986			2,923,455
Cumulative net income	2,072,254			1,827,609
Cumulative common distributions	(2,441,841		)	(2,251,539		)
Cumulative preferred distributions	(331,928		)	(281,260		)
Total shareholders’ equity	2,921,112			2,902,883
Total liabilities and shareholders’ equity	$	6,016,099		$	5,859,332

10

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

	For the Three Months Ended						For the Year Ended
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Rental income (1)	$	218,406		$	199,070		$	835,540		$	783,266
Expenses:
Operating expenses	93,920			81,598			347,958			315,131
Depreciation and amortization	49,032			44,218			185,657			170,321
General and administrative	9,775			8,548			36,812			33,711
Total expenses	152,727			134,364			570,427			519,163
Operating income	65,679			64,706			265,113			264,103
Interest income	539			852			1,442			2,293
Interest expense (including amortization of debt discounts, premiums and deferred financing fees of $1,522, $1,181, $5,479 and $4,426, respectively)	(45,616		)	(44,758		)	(180,193		)	(170,970		)
Loss on asset impairment	(2,283		)	—			(2,283		)	—
Loss on early extinguishment of debt	—			—			—			(711		)
Income from continuing operations before income tax expense	18,319			20,800			84,079			94,715
Income tax expense	(162		)	(395		)	(773		)	(395		)
Income from continuing operations	18,157			20,405			83,306			94,320
Discontinued operations:
Income from discontinued operations (1)	5,757			7,261			24,165			27,714
Gain (loss) on sale of properties	39,549			(187		)	137,174			2,221
Net income	63,463			27,479			244,645			124,255
Preferred distributions	(12,667		)	(14,368		)	(50,668		)	(60,572		)
Excess redemption price paid over carrying value of preferred shares	—			(4,230		)	—			(4,230		)
Net income available for common shareholders	$	50,796		$	8,881		$	193,977		$	59,453
Weighted average common shares outstanding — basic	227,704			222,927			226,468			214,361
Weighted average common shares outstanding — diluted (2)	256,897			252,120			255,661			243,554
Earnings per common share:
Income from continuing operations available for common shareholders — basic and diluted (2)	$	0.02		$	0.01		$	0.14		$	0.14
Income from discontinued operations — basic and diluted (2)	$	0.20		$	0.03		$	0.71		$	0.14
Net income available for common shareholders — basic and diluted (2)	$	0.22		$	0.04		$	0.86		$	0.28
Additional Data:
General and administrative expenses / rental income	4.48		%	4.29		%	4.41		%	4.30		%
General and administrative expenses / total assets (at end of period)	0.16		%	0.15		%	0.61		%	0.58		%
Continuing Operations:
Non cash straight line rent adjustments (FAS 13) (1)	$	6,391		$	7,202		$	18,136		$	19,956
Lease value amortization (FAS 141) (1)	$	(1,514	)	$	(2,143	)	$	(8,563	)	$	(9,445	)
Lease termination fees included in rental income	$	536		$	231		$	2,819		$	1,156
Capitalized interest expense	$	—		$	—		$	—		$	489
Discontinued Operations:
Non cash straight line rent adjustments (FAS 13) (1)	$	113		$	1,231		$	865		$	3,314
Lease value amortization (FAS 141) (1)	$	60		$	(131	)	$	(235	)	$	(479	)

(1) We report rental income on a straight line basis over the terms of the respective leases; rental income and income from discontinued operations includes non-cash straight line rent adjustments. Rental income and income from discontinued operations also includes non-cash amortization of intangible lease assets and liabilities.

(2) As of 12/31/2008, we had 15,180 series D preferred shares outstanding that were convertible into 29,193 common shares.  See page 16 for calculations of diluted net income and weighted average common shares outstanding.

11

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

	For the Three Months Ended						For the Year Ended
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Cash flows from operating activities:
Net income	$	63,463		$	27,479		$	244,645		$	124,255
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	38,318			38,673			155,026			147,550
Amortization of debt discounts, premiums and deferred financing fees	1,521			1,170			5,458			4,377
Amortization of acquired real estate leases	7,449			7,392			29,937			30,966
Other amortization	4,314			3,812			16,440			14,424
Loss on asset impairment	2,283			—			2,283			—
Loss on early extinguishment of debt	—			—			—			711
(Gain) loss on sale of properties	(39,549		)	187			(137,174		)	(2,221		)
Change in assets and liabilities:
Decrease in restricted cash	2,282			769			7,190			4,691
(Increase) decrease in rents receivable and other assets	(8,299		)	2,272			(46,043		)	(49,319		)
(Decrease) increase in accounts payable and accrued expenses	(2,681		)	199			12,003			(6,829		)
(Decrease) increase in rent collected in advance	925			4,655			2,618			5,187
Increase in security deposits	341			32			6,385			91
Decrease in due to affiliates	(12,380		)	(12,829		)	(326		)	(2,309		)
Cash provided by operating activities	57,987			73,811			298,442			271,574
Cash flows from investing activities:
Real estate acquisitions and improvements	(80,773		)	(114,292		)	(416,461		)	(423,488		)
Proceeds from sale of properties	113,327			662			333,614			4,410
Decrease in restricted cash	66,825			—			—			—
Cash provided by (used in) investing activities	99,379			(113,630		)	(82,847		)	(419,078		)
Cash flows from financing activities:
Redemption of preferred shares	—			(125,000		)	—			(125,000		)
Proceeds from issuance of common shares, net	—			124,923			—			153,074
Proceeds from borrowings	48,000			155,000			406,000			1,220,340
Payments on borrowings	(153,397		)	(55,993		)	(384,159		)	(848,979		)
Deferred financing fees	(819		)	(408		)	(827		)	(4,124		)
Distributions to common shareholders	(47,816		)	(47,341		)	(190,302		)	(180,351		)
Distributions to preferred shareholders	(12,667		)	(15,736		)	(50,668		)	(64,277		)
Cash (used in) provided by financing activities	(166,699		)	35,445			(219,956		)	150,683
(Decrease) increase in cash and cash equivalents	(9,333		)	(4,374		)	(4,361		)	3,179
Cash and cash equivalents at beginning of period	24,851			24,253			19,879			16,700
Cash and cash equivalents at end of period	$	15,518		$	19,879		$	15,518		$	19,879
Supplemental cash flow information:
Interest paid (including capitalized interest paid of $0, $0, $0 and $489, respectively)	$	34,448		$	33,900		$	172,244		$	162,392
Non-cash investing activities:
Real estate acquisitions	$	(71,842	)	$	—		$	(125,569	)	$	(4,545	)
Real estate sales	—			—			10,782			—
Non-cash financing activities:
Issuance of common shares	$	24		$	23		$	14,554		$	303
Assumption of mortgage notes payable	71,842			—			111,396			4,545
Mortgage notes related to properties sold	—			—			(10,782		)	—

12

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CALCULATION OF EBITDA

(amounts in thousands)

	For the Three Months Ended					For the Year Ended
	12/31/2008			12/31/2007		12/31/2008			12/31/2007
Net income	$	63,463		$	27,479	$	244,645		$	124,255
Plus:  interest expense from continuing operations	45,616			44,758		180,193			170,970
Plus:  interest expense from discontinued operations	—			186		360			601
Plus:  income tax expense	162			395		773			395
Plus:  depreciation and amortization from continuing operations	49,032			44,218		185,657			170,321
Plus:  depreciation and amortization from discontinued operations	(404		)	3,385		6,948			12,695
Plus:  loss on asset impairment	2,283			—		2,283			—
Plus:  loss on early extinguishment of debt	—			—		—			711
Less:  (gain) loss on sale of properties	(39,549		)	187		(137,174		)	(2,221		)
EBITDA	$	120,603		$	120,608	$	483,685		$	477,727

We compute EBITDA, or earnings before interest, taxes, depreciation and amortization, as net income less gains on sales of properties, plus loss on asset impairment, loss on early extinguishment of debt, interest expense, income tax expense and depreciation and amortization.  We consider EBITDA to be an appropriate measure of our performance, along with net income and cash flow from operating, investing and financing activities.  We believe EBITDA provides useful information to investors because by excluding the effects of certain historical costs, such as interest, depreciation and amortization expense, EBITDA can facilitate a comparison of our current operating performance with our past operating performance and of operating performances among REITs.  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.  Also, some REITs may calculate EBITDA differently than us.

13

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CALCULATION AND RECONCILIATION OF PROPERTY NET OPERATING INCOME (NOI) 

(amounts in thousands)

	For the Three Months Ended						For the Year Ended
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Calculation of NOI (1):
Rental income	$	218,406		$	199,070		$	835,540		$	783,266
Operating expenses	(93,920		)	(81,598		)	(347,958		)	(315,131		)
Property net operating income (NOI)	$	124,486		$	117,472		$	487,582		$	468,135
Reconciliation of NOI to Net Income:
Property net operating income	$	124,486		$	117,472		$	487,582		$	468,135
Depreciation and amortization	(49,032		)	(44,218		)	(185,657		)	(170,321		)
General and administrative	(9,775		)	(8,548		)	(36,812		)	(33,711		)
Operating income	65,679			64,706			265,113			264,103
Interest income	539			852			1,442			2,293
Interest expense	(45,616		)	(44,758		)	(180,193		)	(170,970		)
Loss on asset impairment	(2,283		)	—			(2,283		)	—
Loss on early extinguishment of debt	—			—			—			(711		)
Income from continuing operations before income tax expense	18,319			20,800			84,079			94,715
Income tax expense	(162		)	(395		)	(773		)	(395		)
Income from continuing operations	18,157			20,405			83,306			94,320
Income from discontinued operations	5,757			7,261			24,165			27,714
Gain on sale of properties	39,549			(187		)	137,174			2,221
Net income	$	63,463		$	27,479		$	244,645		$	124,255

(1)  Excludes properties classified in discontinued operations.

We compute NOI as shown above.  We consider NOI to be an appropriate supplemental measure to net income because it helps both investors and management to understand the operations of our properties.  We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our results of operations because it reflects only those income and expense items that are incurred at the property level.  Our management also uses NOI to evaluate individual, regional and company wide property level performance.  NOI excludes certain components from net income available for common shareholders in order to provide results that are more closely related to our properties’ results of operations.  NOI does not represent cash generated by operating activities in accordance with GAAP, and should not be considered an alternative to net income, net income available for common shareholders or cash flow from operating activities as a measure of financial performance.

14

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CALCULATION OF FUNDS FROM OPERATIONS (FFO)

(amounts in thousands, except per share data)

	For the Three Months Ended						For the Year Ended
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Net income	$	63,463		$	27,479		$	244,645		$	124,255
Plus:  depreciation and amortization from continuing operations	49,032			44,218			185,657			170,321
Plus:  depreciation and amortization from discontinued operations	(404		)	3,385			6,948			12,695
Loss on early extinguishment of debt:
Add:   amount included in expenses	—			—			—			711
Less:   portion settled in cash	—			—			—			—
Loss on asset impairment	2,283			—			2,283			—
Gains and losses on sale of properties:
Less:   amount included in net income	(39,549		)	187			(137,174		)	(2,221		)
Add:   land sales	—			—			—			2,408
FFO	74,825			75,269			302,359			308,169
Less:  preferred distributions	(12,667		)	(14,368		)	(50,668		)	(60,572		)
FFO available for common shareholders	$	62,158		$	60,901		$	251,691		$	247,597
Weighted average common shares outstanding — basic	227,704			222,927			226,468			214,361
Weighted average common shares outstanding — diluted (1)	256,897			252,120			255,661			243,554
FFO available for common shareholders per share — basic	$	0.27		$	0.27		$	1.11		$	1.16
FFO available for common shareholders per share — diluted (1)	$	0.27		$	0.27		$	1.08		$	1.12

(1) At 12/31/2008, we had 15,180 series D preferred shares outstanding that were convertible into 29,193 common shares.  See page 16 for calculations of diluted FFO available for common shareholders and weighted average common shares outstanding.

We compute FFO, FFO available for common shareholders and diluted FFO available for common shareholders as shown above.  Our calculation of FFO differs from the National Association of Real Estate Investment Trusts, or NAREIT, definition because we add loss on early extinguishment of debt unless settled in cash and loss on asset impairment.  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 amounts, such as depreciation expense and gains or losses on sales of depreciated operating properties, FFO can facilitate a comparison of operating performances 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 credit facility and public debt covenants, the availability of debt and equity capital to us and our expectations of future capital requirements and operating performance.

15

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

CALCULATION OF DILUTED NET INCOME, FFO AND WEIGHTED AVERAGE

COMMON SHARES OUTSTANDING

(amounts in thousands)

	For the Three Months Ended				For the Year Ended
	12/31/2008		12/31/2007		12/31/2008		12/31/2007
Net income available for common shareholders	$	50,796	$	8,881	$	193,977	$	59,453
Add — Series D convertible preferred distributions (1)	6,167		6,167		24,668		24,668
Net income available for common shareholders — diluted	$	56,963	$	15,048	$	218,645	$	84,121
FFO available for common shareholders (2)	$	62,158	$	60,901	$	251,691	$	247,597
Add — Series D convertible preferred distributions (1)	6,167		6,167		24,668		24,668
FFO available for common shareholders — diluted	$	68,325	$	67,068	$	276,359	$	272,265
Weighted average common shares outstanding — basic	227,704		222,927		226,468		214,361
Effect of dilutive Series D preferred shares (1)	29,193		29,193		29,193		29,193
Weighted average common shares outstanding — diluted	256,897		252,120		255,661		243,554

(1) As of 12/31/2008, we had 15,180 series D preferred shares outstanding that were convertible into 29,193 common shares.

(2) See page 15 for calculation of FFO available for common shareholders.

16

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

SUMMARY RESULTS OF OPERATIONS BY PROPERTY TYPE

(dollars and sq. ft. in thousands)

	As of and For the Three Months Ended (1)						As of and For the Year Ended (1)
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Number of Properties:
Office	353			317			353			317
Industrial and Other	184			169			184			169
Total	537			486			537			486
CBD	46			42			46			42
Suburban	491			444			491			444
Total	537			486			537			486
Square Feet (2):
Office	36,360			33,086			36,360			33,086
Industrial and Other	30,512			29,112			30,512			29,112
Total	66,872			62,198			66,872			62,198
CBD	12,480			10,916			12,480			10,916
Suburban	54,392			51,282			54,392			51,282
Total	66,872			62,198			66,872			62,198
Percent Leased (3):
Office	87.4		%	89.5		%	87.4		%	89.5		%
Industrial and Other	94.1		%	96.4		%	94.1		%	96.4		%
Total	90.4		%	92.7		%	90.4		%	92.7		%
CBD	88.1		%	89.9		%	88.1		%	89.9		%
Suburban	90.9		%	93.3		%	90.9		%	93.3		%
Total	90.4		%	92.7		%	90.4		%	92.7		%
Rental Income (4):
Office	$	179,733		$	164,222		$	688,596		$	648,993
Industrial and Other	38,673			34,848			146,944			134,273
Total	$	218,406		$	199,070		$	835,540		$	783,266
CBD	$	77,100		$	66,954		$	297,778		$	269,126
Suburban	141,306			132,116			537,762			514,140
Total	$	218,406		$	199,070		$	835,540		$	783,266
Property Net Operating Income (NOI) (5):
Office	$	97,611		$	92,219		$	381,242		$	369,290
Industrial and Other	26,875			25,253			106,340			98,845
Total	$	124,486		$	117,472		$	487,582		$	468,135
CBD	$	38,844		$	35,308		$	156,950		$	146,282
Suburban	85,642			82,164			330,632			321,853
Total	$	124,486		$	117,472		$	487,582		$	468,135
NOI Margin (6):
Office	54.3		%	56.2		%	55.4		%	56.9		%
Industrial and Other	69.5		%	72.5		%	72.4		%	73.6		%
Total	57.0		%	59.0		%	58.4		%	59.8		%
CBD	50.4		%	52.7		%	52.7		%	54.4		%
Suburban	60.6		%	62.2		%	61.5		%	62.6		%
Total	57.0		%	59.0		%	58.4		%	59.8		%

(1) Excludes properties classified in discontinued operations.

(2) Prior periods exclude space remeasurements made during the current period.

(3) Percent leased includes (i) space being fitted out for occupancy pursuant to signed leases and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants.

(4) Includes some triple net lease rental income.

(5) Property net operating income, or NOI, is defined as property rental income less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to Net Income.

(6) NOI margin is defined as NOI as a percentage of rental income.

17

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

SUMMARY RESULTS OF OPERATIONS BY MAJOR MARKET

(dollars and sq. ft. in thousands)

	As of and For the Three Months Ended (1)						As of and For the Year Ended (1)
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Number of Properties:
Metro Philadelphia, PA	19			19			19			19
Oahu, HI	57			57			57			57
Metro Washington, DC	17			17			17			17
Metro Boston, MA	19			19			19			19
Southern California	19			19			19			19
Other markets	406			355			406			355
Total	537			486			537			486
Square Feet (2):
Metro Philadelphia, PA	5,277			5,292			5,277			5,292
Oahu, HI	17,914			17,914			17,914			17,914
Metro Washington, DC	2,402			2,401			2,402			2,401
Metro Boston, MA	2,599			2,599			2,599			2,599
Southern California	1,174			1,174			1,174			1,174
Other markets	37,506			32,818			37,506			32,818
Total	66,872			62,198			66,872			62,198
Percent Leased (3):
Metro Philadelphia, PA	87.0		%	89.7		%	87.0		%	89.7		%
Oahu, HI	95.7		%	97.4		%	95.7		%	97.4		%
Metro Washington, DC	92.4		%	91.1		%	92.4		%	91.1		%
Metro Boston, MA	85.1		%	95.8		%	85.1		%	95.8		%
Southern California	88.3		%	92.3		%	88.3		%	92.3		%
Other markets	88.7		%	90.6		%	88.7		%	90.6		%
Total	90.4		%	92.7		%	90.4		%	92.7		%
Rental Income (4):
Metro Philadelphia, PA	$	30,282		$	31,058		$	122,591		$	123,799
Oahu, HI	16,631			16,352			66,831			64,634
Metro Washington, DC	18,508			17,781			70,780			69,814
Metro Boston, MA	12,212			14,015			49,788			54,241
Southern California	9,841			9,401			38,714			37,978
Other markets	130,932			110,463			486,836			432,800
Total	$	218,406		$	199,070		$	835,540		$	783,266
Property Net Operating Income (NOI) (5):
Metro Philadelphia, PA	$	14,473		$	15,662		$	62,612		$	63,380
Oahu, HI	11,479			12,356			49,837			50,417
Metro Washington, DC	11,226			11,054			42,473			43,890
Metro Boston, MA	6,779			8,835			28,311			33,648
Southern California	6,500			5,985			26,068			25,482
Other markets	74,029			63,580			278,281			251,318
Total	$	124,486		$	117,472		$	487,582		$	468,135
NOI Margin (6):
Metro Philadelphia, PA	47.8		%	50.4		%	51.1		%	51.2		%
Oahu, HI	69.0		%	75.6		%	74.6		%	78.0		%
Metro Washington, DC	60.7		%	62.2		%	60.0		%	62.9		%
Metro Boston, MA	55.5		%	63.0		%	56.9		%	62.0		%
Southern California	66.1		%	63.7		%	67.3		%	67.1		%
Other markets	56.5		%	57.6		%	57.2		%	58.1		%
Total	57.0		%	59.0		%	58.4		%	59.8		%

(1) Excludes properties classified in discontinued operations.

(2) Prior periods exclude space remeasurements made during the current period.

(3) Percent leased includes (i) space being fitted out for occupancy pursuant to signed leases and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants.

(4) Includes some triple net lease rental income.

(5) Property net operating income, or NOI, is defined as property rental income less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to Net Income.

(6) NOI margin is defined as NOI as a percentage of rental income.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes properties located in Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

18

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

SAME PROPERTY RESULTS AND ANALYSIS BY PROPERTY TYPE

(dollars and sq. ft. in thousands)

	As of and For the Three Months Ended (1)						As of and For the Year Ended (2)
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Office:
Properties	317			317			307			307
Total sq. ft.	33,081			33,081			32,328			32,328
Percent leased (3)	87.2		%	89.5		%	87.0		%	89.3		%
Rental income (4)	$	165,845		$	164,223		$	644,533		$	642,341
Property net operating income (NOI) (5)	$	89,868		$	92,221		$	354,836		$	363,785
NOI % growth	-2.6		%				-2.5		%
Industrial and Other:
Properties	159			159			145			145
Total sq. ft.	28,389			28,389			25,095			25,095
Percent leased (3)	94.1		%	96.8		%	94.3		%	96.3		%
Rental income (4)	$	34,828		$	33,407		$	124,995		$	124,256
Property net operating income (NOI) (5)	$	23,783		$	24,098		$	87,707		$	89,847
NOI % growth	-1.3		%				-2.4		%
CBD:
Properties	42			42			42			42
Total sq. ft.	10,908			10,908			10,908			10,908
Percent leased (3)	87.3		%	89.9		%	87.3		%	89.9		%
Rental income (4)	$	68,698		$	66,954		$	273,691		$	269,127
Property net operating income (NOI) (5)	$	34,136		$	35,308		$	144,294		$	146,282
NOI % growth	-3.3		%				-1.4		%
Suburban:
Properties	434			434			410			410
Total sq. ft.	50,562			50,562			46,515			46,515
Percent leased (3)	91.1		%	93.5		%	90.8		%	92.9		%
Rental income (4)	$	131,975		$	130,676		$	495,837		$	497,470
Property net operating income (NOI) (5)	$	79,515		$	81,011		$	298,249		$	307,350
NOI % growth	-1.8		%				-3.0		%
Total:
Properties	476			476			452			452
Total sq. ft.	61,470			61,470			57,423			57,423
Percent leased (3)	90.4		%	92.8		%	90.2		%	92.4		%
Rental income (4)	$	200,673		$	197,630		$	769,528		$	766,597
Property net operating income (NOI) (5)	$	113,651		$	116,319		$	442,543		$	453,632
NOI % growth	-2.3		%				-2.4		%

(1) Based on properties owned continuously since 10/1/2007 and excludes properties classified in discontinued operations.

(2) Based on properties owned continuously since 1/1/2007 and excludes properties classified in discontinued operations.

(3) Percent leased includes (i) space being fitted out for occupancy pursuant to signed leases and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants.

(4) Includes some triple net lease rental income.

(5) Property net operating income, or NOI, is defined as property rental income less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to Net Income.

19

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

SAME PROPERTY RESULTS AND ANALYSIS BY MAJOR MARKET

(dollars and sq. ft. in thousands)

	As of and For the Three Months Ended (1)						As of and For the Year Ended (2)
	12/31/2008			12/31/2007			12/31/2008			12/31/2007
Metro Philadelphia, PA:
Properties	19			19			19			19
Total sq. ft.	5,277			5,277			5,277			5,277
Percent leased (3)	87.0		%	89.7		%	87.0		%	89.7		%
Rental income (4)	$	30,282		$	31,058		$	122,591		$	123,799
Property net operating income (NOI) (5)	$	14,473		$	15,662		$	62,612		$	63,380
NOI % growth	-7.6		%				-1.2		%
Oahu, HI:
Properties	56			56			56			56
Total sq. ft.	17,793			17,793			17,793			17,793
Percent leased (3)	95.9		%	97.9		%	95.9		%	97.9		%
Rental income (4)	$	16,431		$	16,282		$	66,205		$	64,542
Property net operating income (NOI) (5)	$	11,473		$	12,459		$	49,964		$	50,693
NOI % growth	-7.9		%				-1.4		%
Metro Washington, D.C.:
Properties	17			17			17			17
Total sq. ft.	2,402			2,402			2,402			2,402
Percent leased (3)	92.4		%	91.1		%	92.4		%	91.1		%
Rental income (4)	$	18,508		$	17,781		$	70,780		$	69,814
Property net operating income (NOI) (5)	$	11,226		$	11,054		$	42,473		$	43,890
NOI % growth	1.6		%				-3.2		%
Metro Boston, MA:
Properties	19			19			16			16
Total sq. ft.	2,599			2,599			2,237			2,237
Percent leased (3)	85.1		%	95.8		%	82.7		%	95.1		%
Rental income (4)	$	12,212		$	14,015		$	45,400		$	51,379
Property net operating income (NOI) (5)	$	6,779		$	8,835		$	24,225		$	30,945
NOI % growth	-23.3		%				-21.7		%
Southern California:
Properties	19			19			19			19
Total sq. ft.	1,174			1,174			1,174			1,174
Percent leased (3)	88.3		%	92.3		%	88.3		%	92.3		%
Rental income (4)	$	9,841		$	9,401		$	38,714		$	37,978
Property net operating income (NOI) (5)	$	6,500		$	5,985		$	26,068		$	25,482
NOI % growth	8.6		%				2.3		%
Other Markets:
Properties	346			346			325			325
Total sq. ft.	32,225			32,225			28,540			28,540
Percent leased (3)	88.3		%	90.5		%	87.7		%	89.3		%
Rental income (4)	$	113,399		$	109,093		$	425,838		$	419,085
Property net operating income (NOI) (5)	$	63,200		$	62,324		$	237,201		$	239,242
NOI % growth	1.4		%				-0.9		%
Total:
Properties	476			476			452			452
Total sq. ft.	61,470			61,470			57,423			57,423
Percent leased (3)	90.4		%	92.8		%	90.2		%	92.4		%
Rental income (4)	$	200,673		$	197,630		$	769,528		$	766,597
Property net operating income (NOI) (5)	$	113,651		$	116,319		$	442,543		$	453,632
NOI % growth	-2.3		%				-2.4		%

(1) Based on properties owned continuously since 10/1/2007 and excludes properties classified in discontinued operations.

(2) Based on properties owned continuously since 1/1/2007 and excludes properties classified in discontinued operations.

(3) Percent leased includes (i) space being fitted out for occupancy pursuant to signed leases and (ii) space which is leased, but is not occupied or is being offered for sublease by tenants.

(4) Includes some triple net lease rental income.

(5) Property net operating income, or NOI, is defined as property rental income less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to Net Income.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes properties located in Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

20

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

DEBT SUMMARY

(dollars in thousands)

	Coupon		Interest		Principal			Maturity	Due at		Years to
	Rate		Rate (1)		Balance			Date	Maturity		Maturity
Secured Fixed Rate Debt:
Secured debt  One property in Buffalo, NY	5.170	%	5.170	%	$	134		1/1/2009	$	134	0.0
Secured debt  See note (2)	6.814	%	7.842	%	234,791			1/31/2011	225,547		2.1
Secured debt  One property in Milwaukee, WI	7.435	%	7.000	%	30,416			6/1/2011	29,188		2.4
Secured debt  One property in Bannockburn, IL	8.050	%	5.240	%	24,386			6/1/2012	22,719		3.4
Secured debt  Two properties in Rochester, NY	6.000	%	6.000	%	5,088			10/11/2012	4,507		3.8
Secured debt  One property in Macon, GA	4.950	%	6.280	%	13,471			5/11/2014	11,930		5.4
Secured debt  One property in Lenexa, KS	5.760	%	7.000	%	8,794			5/1/2016	6,116		7.3
Secured debt  One property in Jacksonville, FL	6.030	%	8.000	%	41,600			5/11/2016	38,994		7.4
Secured debt  One property in Birmingham, AL	7.360	%	5.610	%	12,968			8/1/2016	9,333		7.6
Secured debt  One property in North Haven, CT	6.750	%	5.240	%	4,786			3/1/2022	—		13.2
Secured debt  One property in Morgan Hill, CA	6.140	%	8.000	%	15,867			1/5/2023	—		14.0
Secured debt  One property in East Windsor, CT	5.710	%	5.240	%	9,018			3/1/2026	—		17.2
Secured debt  Two properties in Morgan Hill, CA	6.060	%	8.000	%	14,249			11/10/2027	—		18.9
Secured debt  One property in Philadelphia, PA (3)	6.794	%	7.383	%	40,327			1/1/2029	2,478		20.0
Total / weighted average secured fixed rate debt	6.709	%	7.405	%	$	455,895			$	350,946	6.0
Unsecured Debt:
Unsecured Floating Rate Debt:
Revolving credit facility (LIBOR + 55 bps) (4)	1.010	%	1.010	%	$	201,000		8/22/2010	$	201,000	1.6
Senior notes due 2011 (3-MONTH LIBOR + 60 bps) (5)	2.500	%	2.500	%	200,000			3/16/2011	200,000		2.2
Total / weighted average unsecured floating rate debt	1.753	%	1.753	%	$	401,000			$	401,000	1.9
Unsecured Fixed Rate Debt:
Senior notes due 2010	8.875	%	9.000	%	$	30,000		8/1/2010	$	30,000	1.6
Senior notes due 2010	8.625	%	8.770	%	20,000			10/1/2010	20,000		1.8
Senior notes due 2012	6.950	%	7.179	%	200,000			4/1/2012	200,000		3.3
Senior notes due 2013	6.500	%	6.693	%	200,000			1/15/2013	200,000		4.0
Senior notes due 2014	5.750	%	5.828	%	250,000			2/15/2014	250,000		5.1
Senior notes due 2015	6.400	%	6.601	%	200,000			2/15/2015	200,000		6.1
Senior notes due 2015	5.750	%	5.790	%	250,000			11/1/2015	250,000		6.8
Senior notes due 2016	6.250	%	6.470	%	400,000			8/15/2016	400,000		7.6
Senior notes due 2017	6.250	%	6.279	%	250,000			6/15/2017	250,000		8.5
Senior notes due 2018	6.650	%	6.768	%	250,000			1/15/2018	250,000		9.0
Total / weighted average unsecured fixed rate debt	6.346	%	6.485	%	$	2,050,000			$	2,050,000	6.4
Total / weighted average unsecured debt	5.594	%	5.711	%	$	2,451,000			$	2,451,000	5.7
Summary Debt:
Total / weighted average secured fixed rate debt	6.709	%	7.405	%	$	455,895			$	350,946	6.0
Total / weighted average unsecured floating rate debt	1.753	%	1.753	%	401,000				401,000		1.9
Total / weighted average unsecured fixed rate debt	6.346	%	6.485	%	2,050,000				2,050,000		6.4
Total / weighted average debt	5.769	%	5.977	%	$	2,906,895	(6)		$	2,801,946	5.7

(1)	Includes the effect of interest rate protection, mark-to-market accounting for certain assumed mortgages, and discounts on certain mortgages and unsecured notes. Excludes effects of offering and transaction costs.
(2)	Eight properties in Austin, TX, one property in Philadelphia, PA, two properties in Los Angeles, CA and two properties in Washington, DC.
(3)	The loan becomes prepayable on 1/31/2011. On 1/31/2011, the interest rate increases to 8.794% and the loan becomes subject to accelerated amortization. We currently intend to prepay this loan in 2011.
(4)	Represents amounts outstanding on HRP’s $750 million revolving credit facility at 12/31/2008. Subject to certain conditions, at HRP’s option, this facility’s maturity date can be extended to 8/22/2011 with a payment of $1.125 million (15 b.p.). Interest rate at 12/31/2008.
(5)	The notes became prepayable, at par, on September 16, 2006. Interest rate at 12/31/2008.
(6)	Total debt as of 12/31/2008, net of unamortized premiums and discounts, equals $2,889,918.

21

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

DEBT MATURITY SCHEDULE

(dollars in thousands)

	Scheduled Principal Payments During Period
	Secured			Unsecured			Unsecured						Weighted
	Fixed Rate			Floating			Fixed						Average
Year	Debt			Rate Debt			Rate Debt			Total (1)			Interest Rate
2009	$	9,022		$	—		$	—		$	9,022		6.7	%
2010	9,507			201,000		(2)	50,000			260,507			2.7	%
2011	260,302			200,000			—			460,302			5.0	%
2012	32,335			—			200,000			232,335			7.0	%
2013	5,080			—			200,000			205,080			6.5	%
2014	17,119			—			250,000			267,119			5.7	%
2015	5,415			—			450,000			455,415			6.0	%
2016	59,219			—			400,000			459,219			6.2	%
2017	4,345			—			250,000			254,345			6.3	%
2018	4,632			—			250,000			254,632			6.6	%
2019	4,938			—			—			4,938			6.4	%
2020 and thereafter	43,981			—			—			43,981			6.5	%
Total	$	455,895		$	401,000		$	2,050,000		$	2,906,895		5.8	%
Percent	15.7		%	13.8		%	70.5		%	100.0		%

(1)	Total debt as of 12/31/2008, net of unamortized premiums and discounts, equals $2,889,918.
(2)	Represents amounts outstanding on HRP’s $750 million revolving credit facility at 12/31/2008. Subject to certain conditions, at HRP’s option, this facility’s maturity date can be extended to 8/22/2011 with a payment of $1.125 million (15 b.p.).

22

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

LEVERAGE RATIOS, COVERAGE RATIOS AND PUBLIC DEBT COVENANTS

	As of and For the Three Months Ended
	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
Leverage Ratios:
Total debt / total assets	48.0	%	48.3	%	48.9	%	48.9	%	47.3	%
Total debt / gross book value of real estate assets (1)	43.4	%	44.4	%	45.0	%	44.8	%	43.6	%
Total debt / total market capitalization	73.0	%	59.5	%	58.5	%	58.4	%	54.4	%
Total debt / total book capitalization	49.7	%	50.1	%	50.5	%	50.4	%	48.9	%
Secured debt / total assets	7.4	%	6.4	%	6.5	%	6.1	%	6.7	%
Variable rate debt / total debt	13.9	%	17.2	%	17.1	%	17.4	%	12.3	%
Variable rate debt / total assets	6.7	%	8.3	%	8.3	%	8.5	%	5.8	%
Coverage Ratios:
EBITDA / interest expense	2.6	x	2.7	x	2.7	x	2.7	x	2.7	x
EBITDA / interest expense + preferred distributions	2.1	x	2.1	x	2.1	x	2.1	x	2.0	x
Public Debt Covenants (2):
Debt / adjusted total assets (maximum 60%)	42.7	%	42.9	%	43.5	%	43.7	%	42.6	%
Secured debt / adjusted total assets (maximum 40%)	6.6	%	5.7	%	5.8	%	5.5	%	6.1	%
Consolidated income available for debt service / debt service (minimum 1.5x)	2.7	x	2.7	x	2.7	x	2.6	x	2.7	x
Total unencumbered assets / unsecured debt (minimum 150% / 200%)	238.9	%	231.9	%	227.4	%	229.0	%	234.9	%

(1)

Gross book value of real estate assets is real estate properties, at cost, including properties held for sale and purchase price allocations less impairment writedowns, if any.

(2)

Adjusted total assets and unencumbered assets includes original cost of real estate assets and excludes depreciation and amortization, accounts receivable and other intangible assets. Consolidated income available for debt service is earnings from operations excluding interest expense, depreciation and amortization, taxes, loss on asset impairment and gains and losses on sales of assets, determined together with debt service on a pro forma basis for the four consecutive fiscal quarters most recently ended.

23

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

TENANT IMPROVEMENTS, LEASING COSTS AND CAPITAL IMPROVEMENTS

(dollars and sq. ft. in thousands, except per sq. ft. data)

	For the Three Months Ended
	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
Tenant improvements (TI)	$	17,611	$	15,853	$	9,601	$	5,178	$	20,714
Leasing costs (LC)	4,622		3,906		4,091		3,859		3,156
Total TI and LC	22,233		19,759		13,692		9,037		23,870
Building improvements (1)	1,079		2,267		2,953		1,789		5,893
Development, redevelopment and other activities (2)	9,638		3,882		2,955		3,491		6,957
Total capital improvements, including TI and LC	$	32,950	$	25,908	$	19,600	$	14,317	$	36,720
Sq. ft. beginning of period	67,225		65,247		65,315		64,456		63,928
Sq. ft. end of period	67,586		67,225		65,247		65,315		64,456
Average sq. ft. during period	67,406		66,236		65,281		64,886		64,192
Building improvements per average sq. ft. during period	$	0.02	$	0.03	$	0.05	$	0.03	$	0.09

(1)	Building improvements generally include construction costs, expenditures to replace obsolete building components, and expenditures that extend the useful life of existing assets.
(2)	Development, redevelopment and other activities generally include non-recurring expenditures or expenditures that we believe increase the value of our existing properties.

24

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

2008 ACQUISITIONS AND DISPOSITIONS INFORMATION

(dollars and sq. ft. in thousands, except per sq. ft. amounts)

Acquisitions:

											Weighted
											Average
							Purchase				Remaining
Date		Office/	Number of		Purchase		Price (1) /		Cap		Lease	Percent
Acquired	Location	Industrial/Other	Properties	Sq. Ft.	Price (1)		Sq. Ft.		Rate (2)		Term (3)	Leased (4)		Major Tenant
Feb-08	Cleveland, OH	Office	2	878	$	123,700	$	140.89	9.0	%	8.2	90.7	%	Jones Day
	Q1 2008 Total / Weighted Average		2	878	123,700		140.89		9.0	%	8.2	90.7	%
Jun-08	Milwaukee, WI	Office	1	374	53,050		141.84		9.1	%	6.1	96.8	%	Marshall and Ilsley Trust Co
	Q2 2008 Total / Weighted Average		1	374	53,050		141.84		9.1	%	6.1	96.8	%
Jul-08	Lenexa, KS	Office/Industrial	42	1,828	113,710		62.20		11.8	%	4.1	88.4	%	Sprint Spectrum Realty Company, L.P.
Sep-08	Hanover, PA	Industrial	1	502	34,000		67.73		10.8	%	20.0	100.0	%	Bookspan
Sep-08	Newton, IA	Industrial	1	317	14,350		45.27		9.2	%	9.8	100.0	%	TIP Iowa, LLC
	Q3 2008 Total / Weighted Average		44	2,647	162,060		61.22		11.4	%	7.2	92.0	%
Oct-08	Kansas City, MO	Office	1	10	760		76.00		0.0	%	—	0.0	%	N/A
Nov-08	Morgan Hill, CA	Office	3	311	65,000		209.00		9.0	%	6.3	100.0	%	EDO Corporation
Nov-08	Jacksonville, FL	Office	1	319	51,400		161.13		9.2	%	4.6	99.3	%	Wachovia Bank, NA
Dec-08	Duluth, GA	Office	2	190	17,150		90.26		10.6	%	4.5	100.0	%	Primerica Life Insurance Company
	Q4 2008 Total / Weighted Average		7	830	134,310		161.82		9.2	%	5.3	98.5	%
	Total / Weighted Average		54	4,729	$	473,120	$	100.05	9.9	%	6.6	93.3	%

Dispositions:

													Sale Price
											Original		Multiple
							Original		Sale		Purchase		of Original		Book
Date		Office/	Number of		Sale		Purchase		Price (1)/		Price (1)/		Purchase		Gain (Loss)
Sold	Location	Industrial/Other	Properties	Sq. Ft.	Price (1)		Price (1)		Sq. Ft.		Sq. Ft.		Price		on Sale
			There were no dispositions during the three months ended March 31, 2008.
Jun-08	Pittsburgh, PA	Office	1	75	$	15,002	$	10,100	$	200.03	$	134.67	1.5	x	$	5,328
Jun-08	Fort Washington, PA	Office	1	124	9,594		6,794		77.37		54.79		1.4	x	4,495
Jun-08	Lincoln, RI	Office	1	62	12,336		8,000		198.97		129.03		1.5	x	5,173
Jun-08	Austin, TX	Office	1	71	28,134		7,200		396.25		101.41		3.9	x	16,182
Jun-08	Irving, TX	Office	1	117	18,713		8,414		159.94		71.91		2.2	x	8,807
	Q2 2008 Total / Weighted Average		5	449	83,779		40,508		186.59		90.22		2.1	x	39,985
Jul-08	Anaheim, CA	Office	1	34	10,540		6,869		310.00		202.03		1.5	x	5,312
Jul-08	Decatur, GA	Office	1	52	8,208		8,800		157.85		169.23		0.9	x	(766		)
Jul-08	East Syracuse, NY	Office	1	66	20,304		15,184		307.64		230.06		1.3	x	5,647
Aug-08	Various locations in MA	Office	18	419	91,949		57,205		219.45		136.53		1.6	x	40,394
Aug-08	Brooklyn, NY	Office	1	72	11,907		7,829		165.38		108.74		1.5	x	4,119
Aug-08	King of Prussia, PA	Office	1	29	6,055		3,439		208.79		118.59		1.8	x	2,904
	Q3 2008 Total / Weighted Average		23	672	148,963		99,326		221.67		147.81		1.5	x	57,610
Oct-08	Austin, TX	Office	1	80	29,829		15,075		372.86		188.44		2.0	x	17,180
Dec-08	Washington, DC	Office	1	82	23,578		18,400		287.54		224.39		1.3	x	3,858
Dec-08	Orlando, FL	Office	3	46	12,737		10,050		276.89		218.48		1.3	x	4,945
Dec-08	Pikesville, MD	Office	1	42	6,933		5,750		165.07		136.90		1.2	x	1,646
Dec-08	Lexington, MA	Office	1	57	19,475		10,500		341.67		184.21		1.9	x	1,252
Dec-08	Fairfax, VA	Office	1	47	10,327		5,675		219.72		120.74		1.8	x	5,204
Dec-08	Norfolk, VA	Office	1	70	11,138		5,535		159.11		79.07		2.0	x	5,334
	Q4 2008 Total / Weighted Average		9	424	114,017		70,985		268.91		167.42		1.6	x	39,419
	Total		37	1,545	$	346,759	$	210,819	$	224.44	$	136.45	1.6	x	$	137,014

(1)	Represents the gross contract purchase or sale price and excludes closing costs and purchase price allocations.
(2)	Represents the ratio of the estimated current GAAP based annual rental income less property operating expenses to the Purchase Price on the date of acquisition.
(3)	Average remaining lease term based on rental income as of the date acquired.
(4)	Percent leased as of the date acquired.

25

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

2008 FINANCING ACTIVITIES

(amounts in thousands, except share information)

	For the Three  Months Ended		For the Three  Months Ended			For the Three  Months Ended		For the Three  Months Ended
	12/31/2008		9/30/2008			6/30/2008		3/31/2008
Debt Transactions (1):
New debt raised	$	—	$	—		$	—	$	—
New debt assumed as part of acquisitions	$	71,842	$	8,915		$	30,639	$	—
Total new debt	71,842		8,915			30,639		—
Debt retired	$	—	$	(10,782	)	$	—	$	(28,600	)
Net debt	$	71,842	$	(1,867	)	$	30,639	$	(28,600	)
Equity Transactions:
New common shares issued (2)	—		2,153,941			—		—
New common equity, net (2)	$	—	$	14,173		$	—	$	—
New preferred shares issued	—		—			—		—
New preferred equity raised, net	$	—	$	—		$	—	$	—
Total new equity	$	—	$	14,173		$	—	$	—
Preferred equity retired	$	—	$	—		$	—	$	—
Net equity	$	—	$	14,173		$	—	$	—

(1) Excludes drawings and repayments on our revolving credit facility.

(2) The acquisition of 42 properties in Lenexa, KS in July 2008 was funded with cash on hand, borrowings under our revolving credit facility and the issuance of 2,153,941 common shares at a market price per share of $6.58.

26

PORTFOLIO AND LEASING INFORMATION

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

PORTFOLIO SUMMARY BY PROPERTY TYPE, TENANT AND MAJOR MARKET (SQUARE FEET) (1)

(sq. ft. in thousands)

	Metro				Metro		Metro		Southern		Other
	Philadelphia, PA		Oahu, HI		Washington, DC		Boston, MA		California		Markets		Total
Square Feet:
Office	5,277		—		2,402		2,599		1,174		24,908		36,360
Industrial and Other	—		17,914		—		—		—		12,598		30,512
Total	5,277		17,914		2,402		2,599		1,174		37,506		66,872
CBD	4,577		158		682		523		331		6,209		12,480
Suburban	700		17,756		1,720		2,076		843		31,297		54,392
Total	5,277		17,914		2,402		2,599		1,174		37,506		66,872
U.S. Government and other government tenants (2)	17		—		1,240		211		366		3,512		5,346
Land leases (2)	—		16,511		—		—		—		—		16,511
Other investment grade tenants (2)(3)	2,285		5		56		811		76		8,997		12,230
Other tenants (2)	2,287		626		923		1,191		594		20,751		26,372
Vacant	688		772		183		386		138		4,246		6,413
Total	5,277		17,914		2,402		2,599		1,174		37,506		66,872
Percent by Major Market:
Office	15	%	0	%	7	%	7	%	3	%	68	%	100	%
Industrial and Other	0	%	59	%	0	%	0	%	0	%	41	%	100	%
Total	8	%	27	%	4	%	4	%	2	%	55	%	100	%
CBD	37	%	1	%	6	%	4	%	3	%	49	%	100	%
Suburban	1	%	33	%	3	%	4	%	2	%	57	%	100	%
Total	8	%	27	%	4	%	4	%	2	%	55	%	100	%
U.S. Government and other government tenants	0	%	0	%	23	%	4	%	7	%	66	%	100	%
Land leases	0	%	100	%	0	%	0	%	0	%	0	%	100	%
Other investment grade tenants (3)	19	%	0	%	0	%	7	%	1	%	73	%	100	%
Other tenants	9	%	2	%	3	%	5	%	2	%	79	%	100	%
Vacant	11	%	12	%	3	%	6	%	2	%	66	%	100	%
Total	8	%	27	%	4	%	4	%	2	%	55	%	100	%
Percent by Property Type and Tenant:
Office	100	%	0	%	100	%	100	%	100	%	66	%	54	%
Industrial and Other	0	%	100	%	0	%	0	%	0	%	34	%	46	%
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
CBD	87	%	1	%	28	%	20	%	28	%	17	%	19	%
Suburban	13	%	99	%	72	%	80	%	72	%	83	%	81	%
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%
U.S. Government and other government tenants	1	%	0	%	52	%	8	%	31	%	9	%	8	%
Land leases	0	%	92	%	0	%	0	%	0	%	0	%	25	%
Other investment grade tenants (3)	43	%	0	%	2	%	31	%	7	%	24	%	18	%
Other tenants	43	%	4	%	38	%	46	%	50	%	56	%	39	%
Vacant	13	%	4	%	8	%	15	%	12	%	11	%	10	%
Total	100	%	100	%	100	%	100	%	100	%	100	%	100	%

(1) Excludes properties classified in discontinued operations.

(2) Sq. ft. is pursuant to signed leases as of 12/31/2008, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease.

(3) Excludes investment grade tenants included above.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes properties located in Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

28

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

PORTFOLIO SUMMARY BY PROPERTY TYPE, TENANT AND MAJOR MARKET (ANNUALIZED RENTAL INCOME) (1)

(dollars in thousands)

	Metro						Metro			Metro			Southern			Other
	Philadelphia, PA			Oahu, HI			Washington, DC			Boston, MA			California			Markets			Total
Annualized Rental Income (2):
Office	$	122,747		$	—		$	72,304		$	52,010		$	38,706		$	436,028		$	721,795
Industrial and Other	—			68,157			—			—			—			84,735			152,892
Total	$	122,747		$	68,157		$	72,304		$	52,010		$	38,706		$	520,763		$	874,687
CBD	$	112,215		$	2,207		$	29,347		$	20,867		$	22,833		$	121,361		$	308,830
Suburban	10,532			65,950			42,957			31,143			15,873			399,402			565,857
Total	$	122,747		$	68,157		$	72,304		$	52,010		$	38,706		$	520,763		$	874,687
U.S. Government and other government tenants	$	435		$	—		$	41,015		$	5,261		$	8,144		$	67,106		$	121,961
Land leases	—			61,297			—			—			—			—			61,297
Other investment grade tenants (3)	62,385			337			2,051			14,272			1,919			152,241			233,205
Other tenants	59,927			6,523			29,238			32,477			28,643			301,416			458,224
Total	$	122,747		$	68,157		$	72,304		$	52,010		$	38,706		$	520,763		$	874,687
Percent by Major Market:
Office	17		%	0		%	10		%	7		%	5		%	61		%	100		%
Industrial and Other	0		%	45		%	0		%	0		%	0		%	55		%	100		%
Total	14		%	8		%	7		%	6		%	4		%	61		%	100		%
CBD	36		%	1		%	10		%	7		%	7		%	39		%	100		%
Suburban	2		%	12		%	8		%	5		%	3		%	70		%	100		%
Total	14		%	8		%	7		%	6		%	4		%	61		%	100		%
U.S. Government and other government tenants	0		%	0		%	34		%	4		%	7		%	55		%	100		%
Land leases	0		%	100		%	0		%	0		%	0		%	0		%	100		%
Other investment grade tenants (3)	27		%	0		%	1		%	6		%	1		%	65		%	100		%
Other tenants	13		%	1		%	7		%	7		%	6		%	66		%	100		%
Total	14		%	8		%	7		%	6		%	4		%	61		%	100		%
Percent by Property Type and Tenant:
Office	100		%	0		%	100		%	100		%	100		%	84		%	82		%
Industrial and Other	0		%	100		%	0		%	0		%	0		%	16		%	18		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%
CBD	91		%	3		%	41		%	40		%	59		%	23		%	35		%
Suburban	9		%	97		%	59		%	60		%	41		%	77		%	65		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%
U.S. Government and other government tenants	0		%	0		%	57		%	10		%	21		%	13		%	14		%
Land leases	0		%	90		%	0		%	0		%	0		%	0		%	7		%
Other investment grade tenants (3)	51		%	0		%	3		%	27		%	5		%	29		%	27		%
Other tenants	49		%	10		%	40		%	63		%	74		%	58		%	52		%
Total	100		%	100		%	100		%	100		%	100		%	100		%	100		%

(1) Excludes properties classified in discontinued operations.

(2) Annualized rental income is rents pursuant to signed leases as of 12/31/2008, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

(3) Excludes investment grade tenants included above.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes properties located in Central Pennsylvania and  Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

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SUMMARY OF PROPERTIES BY MAJOR MARKET (1)

(dollars and sq. ft. in thousands)

	As of 12/31/2008				Annualized		% of Annualized
Market	Properties	Sq. Ft.	% Sq. Ft.		Rental Income (2)		Rental Income (2)
Metro Philadelphia, PA	19	5,277	7.9	%	$	122,747	14.0	%
Oahu, HI	57	17,914	26.8	%	68,157		7.8	%
Metro Washington, DC	17	2,402	3.6	%	72,304		8.3	%
Metro Boston, MA	19	2,599	3.9	%	52,010		6.0	%
Southern California	19	1,174	1.7	%	38,706		4.4	%
Other markets	406	37,506	56.1	%	520,763		59.5	%
Total	537	66,872	100.0	%	$	874,687	100.0	%

	Percent NOI For the Three Months Ended (3)
	12/31/2008		9/30/2008		6/30/2008		3/31/2008		12/31/2007
Metro Philadelphia, PA	11.6	%	13.5	%	12.3	%	13.2	%	12.4	%
Oahu, HI	9.2	%	10.2	%	10.6	%	10.1	%	9.6	%
Metro Washington, DC	9.0	%	7.3	%	9.4	%	9.4	%	9.6	%
Metro Boston, MA	5.5	%	6.4	%	5.8	%	6.6	%	8.6	%
Southern California	5.2	%	5.2	%	5.4	%	6.9	%	6.7	%
Other markets	59.5	%	57.4	%	56.5	%	53.8	%	53.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(1) Excludes properties classified in discontinued operations.

(2) Annualized rental income is rents pursuant to signed leases as of 12/31/2008, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

(3) NOI, or property net operating income, is defined as property rental income less property operating expenses; see page 14 for calculation of NOI and reconciliation of NOI to Net Income.  Prior periods reflect amounts previously reported and excludes retroactive adjustments for properties subsequently reclassified in discontinued operations.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes properties located in Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

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December 31, 2008

LEASING SUMMARY (1)

(dollars and sq. ft. in thousands, except per sq. ft. data)

	As of and For the Three Months Ended
	12/31/2008			9/30/2008			6/30/2008			3/31/2008			12/31/2007
Properties	537			533			489			537			535
Total sq. ft. (2)	66,872			66,087			63,438			65,315			64,456
Percentage leased	90.4		%	90.6		%	90.9		%	91.6		%	92.9		%
Leasing Activity (sq. ft.):
New leases	221			395			379			273			405
Renewals	638			559			1,316			553			833
Total	859			954			1,695			826			1,238
% Change in GAAP Rent (3):
New leases	10		%	20		%	23		%	2		%	12		%
Renewals	5		%	13		%	5		%	3		%	2		%
Weighted average	6		%	16		%	9		%	2		%	5		%
Capital Commitments (4):
New leases	$	2,857		$	7,036		$	9,039		$	6,325		$	6,583
Renewals	6,313			2,334			4,252			3,091			4,969
Total	$	9,170		$	9,370		$	13,291		$	9,416		$	11,552
Capital Commitments per Sq. Ft. (4):
New leases	$	12.93		$	17.81		$	23.85		$	23.17		$	16.25
Renewals	$	9.89		$	4.18		$	3.23		$	5.59		$	5.97
Total	$	10.68		$	9.82		$	7.84		$	11.40		$	9.33
Weighted Average Lease Term by Sq. Ft. (years):
New leases	5.1			6.6			6.3			6.0			6.3
Renewals	5.9			4.8			5.4			5.4			5.3
Total	5.7			5.6			5.6			5.6			5.6
Capital Commitments per Sq. Ft. per Year:
New leases	$	2.53		$	2.70		$	3.79		$	3.86		$	2.58
Renewals	$	1.68		$	0.87		$	0.60		$	1.04		$	1.13
Total	$	1.87		$	1.75		$	1.40		$	2.04		$	1.67

(1) Prior periods reflect amounts previously reported and excludes retroactive adjustments for properties subsequently classified in discontinued operations.

(2) Sq. ft. measurements are subject to modest changes when space is re-measured or re-configured for new tenants.

(3) Percent difference in prior rents charged for same space.  Rents include expense reimbursements and exclude lease value amortization.

(4) Represents commitments to tenant improvements (TI) and leasing costs (LC).

The above leasing summary is based on leases executed during the periods indicated.

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December 31, 2008

OCCUPANCY AND LEASING ANALYSIS BY PROPERTY TYPE AND MAJOR MARKET (3 MONTHS ENDED 12/31/2008) (1)

(dollars and sq. ft. in thousands)

	Total Sq. Ft.	Sq. Ft. Leases Executed During
	As of	Three Months Ended 12/31/2008
Property Type/Market	12/31/2008	New		Renewals		Total
Office	36,360	187		521		708
Industrial and Other	30,512	34		117		151
Total	66,872	221		638		859
CBD	12,480	26		125		151
Suburban	54,392	195		513		708
Total	66,872	221		638		859
Metro Philadelphia, PA	5,277	19		18		37
Oahu, HI	17,914	4		1		5
Metro Washington, DC	2,402	8		24		32
Metro Boston, MA	2,599	—		5		5
Southern California	1,174	1		61		62
Other markets	37,506	189		529		718
Total	66,872	221		638		859
	Sq. Ft. Leased
	As of	9/30/08				New and	Acquisitions /	As of	12/31/2008
	9/30/2008	% Leased (2)		Expired		Renewals	(Sales)	12/31/2008	% Leased
Office	31,004	87.3	%	(761	)	708	811	31,762	87.4	%
Industrial and Other	28,883	94.5	%	(337	)	151	—	28,697	94.1	%
Total	59,887	90.6	%	(1,098	)	859	811	60,459	90.4	%
CBD	10,725	88.2	%	(193	)	151	310	10,993	88.1	%
Suburban	49,162	91.2	%	(905	)	708	501	49,466	90.9	%
Total	59,887	90.6	%	(1,098	)	859	811	60,459	90.4	%
Metro Philadelphia, PA	4,572	86.7	%	(20	)	37	—	4,589	87.0	%
Oahu, HI	17,074	95.3	%	63		5	—	17,142	95.7	%
Metro Washington, DC	2,212	92.1	%	(25	)	32	—	2,219	92.4	%
Metro Boston, MA	2,213	85.1	%	(5	)	5	—	2,213	85.1	%
Southern California	1,044	88.9	%	(70	)	62	—	1,036	88.3	%
Other markets	32,772	89.2	%	(1,041	)	718	811	33,260	88.7	%
Total	59,887	90.6	%	(1,098	)	859	811	60,459	90.4	%

(1) Excludes properties classified in discontinued operations.

(2) Based on total sq. ft. as of September 30, 2008; excludes acquisitions and effects of space remeasurements during the period.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

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December 31, 2008

OCCUPANCY AND LEASING ANALYSIS BY PROPERTY TYPE AND MAJOR MARKET (12 MONTHS ENDED 12/31/2008)

(dollars and sq. ft. in thousands)

	Total Sq. Ft.	Sq. Ft. Leases Executed During
	As of	Year Ended 12/31/2008
Property Type/Market	12/31/2008	New		Renewals		Total
Office	36,360	1,073		1,993		3,066
Industrial and Other	30,512	195		1,073		1,268
Total	66,872	1,268		3,066		4,334
CBD	12,480	283		634		917
Suburban	54,392	985		2,432		3,417
Total	66,872	1,268		3,066		4,334
Metro Philadelphia, PA	5,277	164		158		322
Oahu, HI	17,914	15		214		229
Metro Washington, DC	2,402	59		46		105
Metro Boston, MA	2,599	31		8		39
Southern California	1,174	51		193		244
Other markets	37,506	948		2,447		3,395
Total	66,872	1,268		3,066		4,334
	Sq. Ft. Leased (1)
	As of	12/31/2007				New and	Acquisitions /		As of	12/31/2008
	12/31/2007	% Leased (2)		Expired		Renewals	(Sales)		12/31/2008	% Leased
Office	31,824	90.0	%	(3,989	)	3,066	861		31,762	87.4	%
Industrial and Other	28,073	96.4	%	(1,974	)	1,268	1,330		28,697	94.1	%
Total	59,897	92.9	%	(5,963	)	4,334	2,191		60,459	90.4	%
CBD	10,359	90.2	%	(1,206	)	917	923		10,993	88.1	%
Suburban	49,538	93.5	%	(4,757	)	3,417	1,268		49,466	90.9	%
Total	59,897	92.9	%	(5,963	)	4,334	2,191		60,459	90.4	%
Metro Philadelphia, PA	4,898	90.0	%	(477	)	322	(154	)	4,589	87.0	%
Oahu, HI	17,453	97.4	%	(540	)	229	—		17,142	95.7	%
Metro Washington, DC	2,427	91.3	%	(73	)	105	(240	)	2,219	92.4	%
Metro Boston, MA	2,990	96.5	%	(314	)	39	(502	)	2,213	85.1	%
Southern California	1,354	93.8	%	(292	)	244	(270	)	1,036	88.3	%
Other markets	30,775	90.8	%	(4,267	)	3,395	3,357		33,260	88.7	%
Total	59,897	92.9	%	(5,963	)	4,334	2,191		60,459	90.4	%

(1) Prior periods reflect amounts previously reported and excludes retroactive adjustments for properties classifed in discontinued operations.

(2) Based on total sq. ft. as of December 31, 2007; excludes acquisitions and effects of space remeasurements during the period.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

33

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

TENANTS REPRESENTING 1% OR MORE OF TOTAL RENT (1)

(sq. ft. in thousands)

			% of Total		% of Rental
Tenant		Sq. Ft. (2)	Sq. Ft. (2)		Income (3)		Expiration
1	U.S. Government	4,650	7.7	%	12.5	%	2009 to 2024
2	GlaxoSmithKline plc	608	1.0	%	1.7	%	2013
3	PNC Financial Services Group	460	0.8	%	1.3	%	2011, 2021
4	Jones Day	407	0.7	%	1.3	%	2012, 2019
5	Wells Fargo Bank	393	0.7	%	1.2	%	2009 to 2017
6	Flextronics International Ltd.	894	1.5	%	1.2	%	2014
7	ING	410	0.7	%	1.1	%	2011, 2018
8	JDA Software Group, Inc.	283	0.5	%	1.0	%	2012
	Total	8,105	13.6	%	21.3	%

(1)  Excludes properties classified in discontinued operations.

(2)  Sq. ft. is pursuant to signed leases as of 12/31/2008, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease.

(3) Rental income is rents pursuant to signed leases as of 12/31/2008, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

34

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

THREE YEAR LEASE EXPIRATION SCHEDULE BY PROPERTY TYPE (1)

(dollars and sq. ft. in thousands)

	Total as of  12/31/2008			2009			2010			2011			2012 and  Thereafter
Office:
Total sq. ft.	36,360
Leased sq. ft. (2)	31,762			3,397			3,719			4,575			20,071
Percent	100.0		%	10.7		%	11.7		%	14.4		%	63.2		%
Annualized rental income (3)	$	721,795		$	72,945		$	81,884		$	98,044		$	468,922
Percent	100.0		%	10.1		%	11.3		%	13.6		%	65.0		%
Industrial and Other:
Total sq. ft.	30,512
Leased sq. ft. (2)	28,697			1,116			2,978			1,540			23,063
Percent	100.0		%	3.9		%	10.4		%	5.4		%	80.3		%
Annualized rental income (3)	$	152,892		$	7,821		$	20,683		$	8,453		$	115,935
Percent	100.0		%	5.1		%	13.5		%	5.5		%	75.9		%
CBD:
Total sq. ft.	12,480
Leased sq. ft. (2)	10,993			837			934			867			8,355
Percent	100.0		%	7.6		%	8.5		%	7.9		%	76.0		%
Annualized rental income (3)	$	308,830		$	24,758		$	27,338		$	24,307		$	232,427
Percent	100.0		%	8.0		%	8.9		%	7.9		%	75.2		%
Suburban:
Total sq. ft.	54,392
Leased sq. ft. (2)	49,466			3,676			5,763			5,248			34,779
Percent	100.0		%	7.4		%	11.7		%	10.6		%	70.3		%
Annualized rental income (3)	$	565,857		$	56,008		$	75,229		$	82,190		$	352,430
Percent	100.0		%	9.9		%	13.3		%	14.5		%	62.3		%
Total:
Total sq. ft.	66,872
Leased sq. ft. (2)	60,459			4,513			6,697			6,115			43,134
Percent	100.0		%	7.5		%	11.1		%	10.1		%	71.3		%
Annualized rental income (3)	$	874,687		$	80,766		$	102,567		$	106,497		$	584,857
Percent	100.0		%	9.2		%	11.7		%	12.2		%	66.9		%

(1) Excludes properties classified in discontinued operations.

(2) Sq. ft. is pursuant to signed leases as of 12/31/2008, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease.

(3) Annualized rental income is rents pursuant to signed leases as of 12/31/2008, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

35

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

THREE YEAR LEASE EXPIRATION SCHEDULE BY MAJOR MARKET (1)

(dollars and sq. ft. in thousands)

	Total as of  12/31/2008			2009			2010			2011			2012 and  Thereafter
Metro Philadelphia, PA:
Total sq. ft.	5,277
Leased sq. ft. (2)	4,589			331			324			652			3,282
Percent	100.0		%	7.2		%	7.1		%	14.2		%	71.5		%
Annualized rental income (3)	$	122,747		$	7,441		$	8,074		$	16,033		$	91,199
Percent	100.0		%	6.1		%	6.6		%	13.1		%	74.2		%
Oahu, HI:
Total sq. ft.	17,914
Leased sq. ft. (2)	17,142			664			303			655			15,520
Percent	100.0		%	3.9		%	1.8		%	3.8		%	90.5		%
Annualized rental income (3)	$	68,157		$	2,902		$	1,510		$	2,663		$	61,082
Percent	100.0		%	4.3		%	2.2		%	3.9		%	89.6		%
Metro Washington, DC:
Total sq. ft.	2,402
Leased sq. ft. (2)	2,219			106			202			109			1,802
Percent	100.0		%	4.8		%	9.1		%	4.9		%	81.2		%
Annualized rental income (3)	$	72,304		$	3,995		$	6,822		$	3,891		$	57,596
Percent	100.0		%	5.5		%	9.4		%	5.4		%	79.7		%
Metro Boston, MA:
Total sq. ft.	2,599
Leased sq. ft. (2)	2,213			125			84			407			1,597
Percent	100.0		%	5.6		%	3.8		%	18.4		%	72.2		%
Annualized rental income (3)	$	52,010		$	3,757		$	2,496		$	9,944		$	35,813
Percent	100.0		%	7.2		%	4.8		%	19.1		%	68.9		%
Southern California:
Total sq. ft.	1,174
Leased sq. ft. (2)	1,036			151			83			100			702
Percent	100.0		%	14.6		%	8.0		%	9.7		%	67.7		%
Annualized rental income (3)	$	38,706		$	5,983		$	4,456		$	4,247		$	24,020
Percent	100.0		%	15.5		%	11.5		%	11.0		%	62.0		%
Other markets:
Total sq. ft.	37,506
Leased sq. ft. (2)	33,260			3,136			5,701			4,192			20,231
Percent	100.0		%	9.4		%	17.1		%	12.6		%	60.9		%
Annualized rental income (3)	$	520,763		$	56,688		$	79,209		$	69,719		$	315,147
Percent	100.0		%	10.9		%	15.2		%	13.4		%	60.5		%
Total:
Total sq. ft.	66,872
Leased sq. ft. (2)	60,459			4,513			6,697			6,115			43,134
Percent	100.0		%	7.5		%	11.1		%	10.1		%	71.3		%
Annualized rental income (3)	$	874,687		$	80,766		$	102,567		$	106,497		$	584,857
Percent	100.0		%	9.2		%	11.7		%	12.2		%	66.9		%

(1) Excludes properties classified in discontinued operations.

(2) Sq. ft. is pursuant to signed leases as of 12/31/2008, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease.

(3) Annualized rental income is rents pursuant to signed leases as of 12/31/2008, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

We define our major markets as markets which currently, or during either of the last two quarters, constitute 5% or more of our leaseable square feet, rental income or NOI.  Major markets are based on geographic market areas as defined by CoStar, except for the Metro Philadelphia, PA market, which excludes Central Pennsylvania and Wilmington, DE.  Southern California includes properties located in the Los Angeles, San Diego and Orange County markets, as defined by CoStar.  Oahu, HI includes all properties located on the island of Oahu.

36

HRPT Properties Trust

Supplemental Operating and Financial Data

December 31, 2008

PORTFOLIO LEASE EXPIRATION SCHEDULE (1)

(dollars and sq. ft. in thousands)

										Cumulative %
	Sq. Ft.  Expiring (2)	% of Sq. Ft.  Expiring		Cumulative %  of Sq. Ft.  Expiring		Annualized  Rental Income  Expiring (3)		% of Annualized  Rental Income  Expiring		of Annualized  Rental Income  Expiring
2009	4,513	7.5	%	7.5	%	$	80,766	9.2	%	9.2	%
2010	6,697	11.1	%	18.6	%	102,567		11.7	%	20.9	%
2011	6,115	10.1	%	28.7	%	106,497		12.2	%	33.1	%
2012	5,627	9.3	%	38.0	%	109,112		12.5	%	45.6	%
2013	5,657	9.3	%	47.3	%	99,134		11.3	%	56.9	%
2014	3,205	5.3	%	52.6	%	56,797		6.5	%	63.4	%
2015	3,806	6.3	%	58.9	%	69,753		8.0	%	71.4	%
2016	2,739	4.5	%	63.4	%	45,420		5.2	%	76.6	%
2017	2,103	3.5	%	66.9	%	43,530		5.0	%	81.6	%
2018	1,735	2.9	%	69.8	%	31,287		3.6	%	85.2	%
2019 and thereafter	18,262	30.2	%	100.0	%	129,824		14.8	%	100.0	%
Total	60,459	100.0	%			$	874,687	100.0	%
Weighted average remaining lease term (in years)	8.2					5.9

(1) Excludes properties classified in discontinued operations.

(2) Sq. ft. is pursuant to signed leases as of 12/31/2008, and includes (i) space being fitted out for occupancy and (ii) space which is leased, but is not occupied or is being offered for sublease.

(3) Annualized rental income is rents pursuant to signed leases as of 12/31/2008, plus expense reimbursements; includes some triple net lease rents and excludes lease value amortization.

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