HTG Heritage Property Investment

Heritage Property Investment Trust, Inc. Announces Rule 10b-5-1 Stock Trading Plan BOSTON, March 11 /PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc. ("Heritage" or the "Company"), today announced that the Company amended its stocktrading policy applicable to employees, officers and directors to permit the adoption of pre-determined plans for trades of specified amounts of Company stock in accordance with Rule 10b-5-1 of the Securities Exchange Act of 1934 (the "Exchange Act"). The amended trading policy permits employees, officers and directors to implement pre-arranged trading plans when they are not in possession of material nonpublic information. These plans can allow individuals to gradually diversify their investment portfolio while minimizing the market effect of stock sales by spreading them out over an extended period of time and avoiding concerns about initiating stock transactions while in possession of material nonpublic information. Once a plan is established, the employee, officer or director does not retain or exercise any discretion over sales of stock under the plan and the pre-planned trades can be executed as set forth in the plan without regard to any subsequent material nonpublic information that the employee, officer or director might receive. The Company also announced that Thomas C. Prendergast, Chairman, President and Chief Executive Officer has adopted a Rule 10b-5-1 stock trading plan to sell a portion of his Company stock over time as partof his individual long-term strategy for asset diversification and liquidity. Mr. Prendergast's stock trading plan was adopted in accordance with guidelines specified under Rule 10b-5-1 of the Exchange Act and the Company's amended trading policy. Under his plan, Mr. Prendergast may sell up to 183,900 shares over a period of three years. As of the date of this release, Mr. Prendergast owns 663,898 shares of Company stock and options to purchase an additional 1,170,000 shares of Company stock. In accordance with Mr. Prendergast's trading plan, the sales will occur from time to time, and will be under the direction of Merrill Lynch Pierce Fenner & Smith. The transactions under his plan will commence no earlier than April 2004 and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on the Investor Relations section of the Company's website at http://www.heritagerealty.com/ . 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 principally in the Eastern and Midwestern United States. As of December 31, 2003, the Company had a portfolio consisting principally of 162 shopping centers, located in 29 states and totaling approximately 32.7 million square feet of total gross leasable area, of which 27.5 million square feet is company-owned gross leasable area. The Company's shopping center portfolio was approximately 92.0% leased as of December 31, 2003. Heritage is headquartered in Boston Massachusetts and has an additional 16 regional offices located principally 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 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, leasing 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. Website: http://www.heritagerealty.com 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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