ARGUS Reiterates 'Buy' Rating on HRPT Properties Trust (HRP)

July 9, 2008 12:27 PM EDT

ARGUS reiterates a 'Buy' rating on HRPT Properties Trust (NYSE: HRP). Price target $9.

ARGUS analyst says, "Although we do not expect dramatic growth in the stock, we feel that HRP shares are oversold on a both a short- and long-term basis. HRPT has demonstrated an ability to grow its portfolio of office properties while maintaining the financial discipline necessary to secure funding from lenders. We believe that HRPT's earning assets have stabilized, and we expect essentially flat FFO per share in 2008 and 2009. The company's annualized dividend of $0.84 carries an extremely attractive yield of about 12.7%, which offers significant support to our BUY rating. We feel that the dividend yield alone makes the stock attractive on both a short- and long-term basis, and believe that the company will be able to maintain the current rate over the next several years. As we move through the current market correction and credit crisis, we expect the share price to gradually improve."

HRPT Properties Trust is a real estate investment trust (REIT). The Company’s primary business is the ownership and operation of real estate, including office and industrial buildings and leased industrial land.

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