HTG Heritage Property Investment

Heritage Property Investment Trust, Inc. Announces Exercise of Over-Allotment Option BOSTON, Dec 26 /PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc. today announced that Deutsche Bank Securities Inc., the underwriter for its recently completed equity offering, has exercised its over-allotment option and has purchased an additional 672,045 shares of our common stock. As a result, Heritage has sold an additional 432,736 shares and The Prudential Insurance Company of America, our second largest stockholder, has sold an additional 239,309 shares. The sale of these additional shares is expected to close on December 30, 2003. Heritage's largest stockholder, Net Realty Holding Trust, a subsidiary of The New England Teamsters and Trucking Industry Pension Fund, has agreed to purchase 172,045 shares, or approximately 40% of these additional shares being offered by Heritage, pursuant to a contractual right Heritage granted to Net Realty Holding Trust to permit it to maintain its ownership percentage in the Company. Net Realty Holding Trust will purchase these additional shares on the same terms and conditions as other purchasers. The net proceeds to Heritage from the sale of these additional shares, after deducting estimated offering expenses, will be approximately $12 million. Heritage intends to use the net proceeds of the offering to repay indebtedness. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Copies of the prospectus supplement relating to these securities may be obtained when available from Deutsche Bank Securities Inc., 60 Wall Street, 10th Floor, New York, New York, 10005. ABOUT HERITAGE PROPERTY INVESTMENT TRUST, INC. Heritage is a fully integrated, self-administered and self-managed REIT traded on the New York Stock Exchange under the symbol "HTG". Heritage acquires, owns, manages, leases and redevelops primarily grocer-anchored neighborhood and community shopping centers in the Eastern and Midwestern United States. As of September 30, 2003, the Company had a portfolio consisting principally of 154 shopping centers, located in 27 states and totaling 31.3 million square feet of total gross leasable area, of which 26.3 million square feet is company-owned gross leasable area. The Company's shopping center portfolio was 92.1% leased as of September 30, 2003. Heritage is headquartered in Boston Massachusetts and has an additional 16 regional offices located in the Eastern and Midwestern United States. Some of the statements contained in this press release constitute forward- looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements reflect the Company's current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could materially affect actual results. The factors that could cause actual results to differ materially from current expectations include the financial performance and operations of the Company's shopping centers, including the Company's tenants, real estate conditions, current and future bankruptcies of the Company's tenants, execution of shopping center redevelopment programs, the Company's ability to finance the Company's operations, successful completion of renovations, completion of pending acquisitions, the availability of additional acquisitions, changes in economic, business, competitive market and regulatory conditions, acts of terrorism or war and other risks detailed from time to time in filings with the Securities and Exchange Commission. The forward-looking statements contained herein represent the Company's judgment as of the date of this release, and the Company cautions readers not to place undue reliance on such statements. DATASOURCE: Heritage Property Investment Trust, Inc. CONTACT: Patrick O'Sullivan, Vice President, Finance and Accounting of Heritage Property Investment Trust, Inc., +1-617-247-2200, ; or Analyst Info, Claire Koeneman, +1-312-640-6745, or General Info, Joe Calabrese, +1-212-445-8434, both of Financial Relations Board

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