HTG Heritage Property Investment

Heritage Property Investment Trust, Inc. Completes Acquisition of Colonial Commons Shopping Center Grocer-Anchored Regional Center Expands Presence in Mid-Atlantic BOSTON, Mass., July 1 /PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc. (NYSE:HTG) ("Heritage" or the "Company"), today announced that it has completed the acquisition of Colonial Commons Shopping Center, a regional shopping center located in Harrisburg, Pennsylvania, for a total purchase price of approximately $63 million. The center is unencumbered and Heritage funded the purchase price with borrowings under its line of credit. Colonial Commons is a 498,000 square foot shopping center situated on approximately 37 acres, and includes approximately 444,000 square feet of Company owned GLA and leasehold interests in an additional approximately 54,000 square feet. The center is 93% leased and contains an excellent tenant roster, including the top grocer in the marketplace and an attractive mix of major national retailers, including the following anchors: Giant Food Stores (68,000 SF) Dick's Sporting Goods (56,000 SF) Linens & Things (31,000 SF) Ross Dress for Less (30,000 SF) Marshalls (27,000 SF) TJ Maxx (25,000 SF) Office Max (24,000 SF) Ben Franklin (26,000 SF) Colonial Commons, which is located at the busy intersection of Route 22 and Devonshire Road in Harrisburg, Pennsylvania, has solid demographics within its trade area (5 miles), including an average population of 130,572 and average household income of approximately $58,000. "We are extremely pleased to have added another excellent property with such an impressive roster of tenants to our company," commented Thomas C. Prendergast, Chairman, President and Chief Executive Officer. "With this acquisition, we continue to execute on our long-term, core strategy of adding to our portfolio high quality grocer-anchored shopping centers with multiple retail anchors." Robert G. Prendergast, Senior Vice President and Chief Operating Officer added, "The fact that Colonial Commons is anchored by the top grocer in the marketplace made this acquisition especially attractive to us. We have an excellent relationship with Giant and we are very pleased that they anchor this center in such a large location. In addition, by expanding our existing presence in the mid-Atlantic region, we will be in a stronger position to take advantage of operational synergies within our portfolio." 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 is one of the largest owners and operators of neighborhood and community shopping centers in the United States. Heritage focuses on grocer-anchored shopping centers with multiple anchors. As of March 31, 2004, Heritage had a shopping center portfolio of 162 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. Heritage's shopping center portfolio was approximately 91.2% leased as of March 31, 2004. Heritage is headquartered in Boston Massachusetts and has an additional 16 regional offices located in the Eastern, Midwestern and Southwestern 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, execution of joint venture opportunities, 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. DATASOURCE: Heritage Property Investment Trust, Inc. CONTACT: Patrick O'Sullivan, Vice President, Finance and Accounting of Heritage Property Investment Trust, +1-617-247-2200, ; or (Analyst Info), Claire Koeneman, +1-312-640-6745, (General Info) Joe Calabrese, +1-212-445-8434, both of Financial Relations Board for Heritage Property Investment Trust

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