Heritage Property Investment Trust, Inc. CEO Adopts New Rule 10B5-1 Stock Trading Plan

BOSTON, Aug. 18  /PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc. (NYSE:HTG) ("Heritage" or the "Company"), today announced that Thomas C. Prendergast, Chairman, President and Chief Executive Officer, has adopted a new stock trading plan to sell a portion of his company stock over time as part of a strategy for asset diversification and liquidity.  The trading plan was adopted in accordance with guidelines specified by the Securities and Exchange Commission's Rule 10b5-1 under the Securities Exchange Act of 1934.  Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non- public information.  Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock.

Mr. Prendergast's new Rule 10b5-1 Plan replaces his existing three-year Rule 10b5-1 Plan, which was adopted in March 2004, and which Mr. Prendergast terminated simultaneously with the adoption of his new plan.  Under his new plan, Mr. Prendergast may sell up to 180,000 shares over a period of three years.  In addition, shares received upon exercise of 396,000 employee stock options may be sold over a period of three years.  Like his prior Rule 10b5-1 Plan, Mr. Prendergast's new Rule 10b5-1 Plan has a series of laddered price triggers for the sale of shares.  If Mr. Prendergast completes all the planned sales of shares under his Rule 10b5-1 Plan, he would beneficially own approximately 1.1 million shares of Heritage's outstanding stock (including shares subject to currently exercisable options).

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 October 2005 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 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.  Heritage is headquartered in Boston Massachusetts and has an additional 16 regional offices located in the Eastern, Midwestern and Southwestern United States.  For more information about Heritage, please refer to Heritage's website, http://www.heritagerealty.com/ .

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. 

DATASOURCE: Heritage Property Investment Trust, Inc.



CONTACT:  Patrick O'Sullivan, Vice President, Finance and Accounting of

Heritage Property Investment Trust, Inc., [phone],

 ; or Analysts, Claire Koeneman, [phone],

or General, Joe Calabrese, [phone], both of Financial Relations Board



Web site:  http://www.heritagerealty.com/ 

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