Posted at 10:17 a.m., Tuesday, June 19, 2007
S&P gives BBB rating to REIT that owns O'ahu property
Advertiser Staff
Standard & Poor's Ratings Services assigned a BBB rating to the $250 million unsecured notes issued by HRPT Properties Trust, a Newton, Mass.-based real estate investment trust that owns more than 400 acres of industrially zoned property on O'ahu.Standard & Poor's said in a news release the ratings acknowledge the company's solid financial position governed by conservative financial policies, steady operating strategy focused primarily on income growth from its existing portfolio along with some acquisitions, and a relatively stable portfolio with strong occupancy and greater geographic diversification resulting from recent acquisitions.
It said the strengths are tempered by some continuing softness in several of HRPT's core markets and high tenant improvement and leasing commission expenditures that are still are not fully covered by cash flow from operations.
