HTG Heritage Property Investment

BOSTON, Aug. 29 /PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc. (NYSE:HTG) ("Heritage" or the "Company"), today announced that it has scheduled a special meeting of its shareholders to approve the merger of Heritage with an affiliate of Centro Properties Group, an Australian publicly-traded real estate company, pursuant to the Agreement and Plan of Merger, dated as of July 9, 2006, by and among Heritage and certain Centro Properties Group affiliates. The special meeting will be held on Tuesday, October 3, 2006 at 10:00 a.m. local time, at The Westin Copley Place, 10 Huntington Avenue, Boston, Massachusetts 02116. Holders of Heritage common stock of record on the close of business on August 28, 2006, the record date for the special meeting, will be entitled to vote at the meeting. Completion of the merger and the other transactions contemplated by the merger agreement remains subject to the affirmative vote of holders of at least a majority of Heritage's outstanding common stock and other customary closing conditions. 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 15 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/. SAFE HARBOR LANGUAGE 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 that are, in some cases, beyond the Company's control and that could materially affect actual results. Such factors include, among others, the following: the satisfaction of the conditions to consummate the merger with Centro, including the Company's receipt of the requisite stockholder approval; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; the failure of the merger to close for any other reason; and the amount of the costs, fees, expenses and charges related to the merger. For further discussion of these and other factors that could impact the Company's future results, performance, achievements or transactions, see the documents filed by the Company from time to time with the Securities and Exchange Commission, and in particular Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005. The forward-looking statements contained in this release represent the Company's judgment as of the date of this release, and the Company cautions readers not to unduly rely on such statements. ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT This communication is being made in respect of the proposed merger involving the Company and affiliates of Centro Properties Group. In connection with the transaction, the Company has filed a definitive proxy statement with the SEC. Stockholders are urged to read the definitive proxy statement carefully and in its entirety because it contains important information about the proposed transaction. The final proxy statement will be mailed to the Company's stockholders. In addition, the proxy statement and other documents will be available free of charge on the SEC's Internet Web site, http://www.sec.gov/. The definitive proxy statement and other pertinent documents also may be obtained free of charge at the Company's website, http://www.heritagerealty.com/. The Company and its directors and officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect to the proposed transactions. Information regarding the Company's directors and executive officers is detailed in its proxy statements and annual reports on Form 10-K, previously filed with the SEC, and the definitive proxy statement relating to the proposed transactions. 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 Claire Koeneman, Analyst Info, +1-312-640-6745, or Joe Calabrese, General Info, +1-212-827-3772, both of Financial Relations Board Web site: http://www.heritagerealty.com/

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