<Page>
EXHIBIT 99.2
[HERITAGE PROPERTY INVESTMENT TRUST, INC, LOGO]
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
MARCH 31, 2003
(UNAUDITED)
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
NOTICE
Some of the statements contained in the supplemental operating and financial
data 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 it'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 report, and the Company cautions
readers not to place undue reliance on such statements.
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
INDEX
<Table>
<Caption>
Page
----
Corporate Profile 3
Investor Information 4
Financial Highlights 5
Consolidated Balance Sheets 6
Consolidated Income Statements 7
Funds From Operations 8
EBITDA 9
Selected Ratios & Bond Covenant Ratios 10
Capital Structure 11
Debt Analysis 12-14
Other Securities 15
Property Overview Summary 16
Portfolio Overview - Geographic Distribution 17
Top Tenants 18
Anchor Lease Expiration Roll Out 19
Non-Anchor Lease Expiration Roll Out 20
Total Lease Expiration Roll Out 21
Historical Leasing Production 22
Historical Capital Expenditures, Tenant Improvement
Costs and Leasing Commissions 23
Same Property Analysis 24
Property Listing 25-35
Property Listing Notes 36
Value Creation Pipeline - 2003 Acquisitions / Dispositions 37
Value Creation Pipeline - 2003 Acquisitions Detail 38
Definitions 39
</Table>
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
CORPORATE PROFILE
GENERAL DESCRIPTION
We are a fully integrated, self-administered and self-managed real estate
investment trust, or REIT, that acquires, owns, manages, leases and redevelops
primarily grocer-anchored neighborhood and community shopping centers in the
Eastern and Midwestern United States. As of March 31, 2003, we had a portfolio
of 153 shopping centers totaling approximately 26.1 million square feet of
company-owned gross leasable area, located in 27 states. Our shopping center
portfolio was approximately 93% leased as of March 31, 2003. We also own 4
office buildings.
CORPORATE OFFICE
535 Boylston Street
Boston, MA 02116
617-247-2200
REGIONAL OFFICES
Lighthouse Point, Florida
Northbrook, Illinois
Peoria, Illinois
Hanover Park, Illinois
Speedway, Indiana
Lenexa, Kansas
Louisville, Kentucky
Redford, Michigan
Roseville, Minnesota
Florissant, Missouri
Omaha, Nebraska
Great Neck, New York
Charlotte, North Carolina
Mequon, Wisconsin
STOCK LISTING
New York Stock Exchange: HTG
CREDIT RATINGS
Standard & Poor's: BBB-
Moody's: Baa3
3
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
INQUIRIES:
Heritage Property Investment Trust, Inc. welcomes any questions or comments
from stockholders, analysts, investment managers, media or any prospective
investor. Please address all inquires to the following:
Cayce Montero
Director, Corporate Development
535 Boylston Street
Boston, MA 02116
Phone: 617-247-2200
Email: cmontero@heritagerealty.com
HERITAGE WEBSITE: www.heritagerealty.com
RESEARCH COVERAGE:
MERRILL LYNCH Steve Sakwa 212-449-0335
Craig Schmidt 212-449-1944
GOLDMAN SACHS David Kostin 212-902-6781
MORGAN STANLEY Matthew Ostrower 212-761-6284
Alan Calderon 212-761-8564
UBS WARBURG Ian Weissman 212-713-8602
WACHOVIA SECURITIES Jeffrey Donnelly 617-603-4262
Eric Rothman 617-603-4263
LEGG MASON David Fick 410-454-5018
Elizabeth Watson 410-454-5520
DEUTSCHE BANK Louis Taylor 212-469-4912
John Perry 212-469-5182
US BANCORP PIPER JAFFRAY Andrew Rosivach 212-284-9304
Brian Prenoveau 212-284-9308
GREEN STREET ADVISORS John Herald 949-640-8780
Barbara Hoogland 949-640-8780
4
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
FINANCIAL HIGHLIGHTS
(UNAUDITED AND IN THOUSANDS OF DOLLARS, EXCEPT PER-SHARE DATA)
<Table>
<Caption>
Three months ended
March 31,
----------------------------------
2003 2002
--------------- ---------------
Diluted Funds from Operations (FFO) $ 29,407 $ 20,799
FFO per share - Diluted $ 0.70 $ 0.76
Funds Available for Distribution (FAD) $ 26,290 $ 13,670
FAD per share - Diluted $ 0.63 $ 0.50
EBITDA $ 48,221 $ 43,983
EBITDA per share - Diluted $ 1.15 $ 1.61
Net Income (Loss) Attributable to Common Shareholders $ 11,220 $ (6,197)
Basic $ 0.27 $ (0.91)
Diluted $ 0.27 $ (0.91)
Dividends Paid per Share and Unit $ 0.53 $ 0.87
Payout ratio of diluted FFO per share 75% 114%
Payout ratio of diluted FAD per share 84% 174%
Other Income/Expense Items:
Total real estate revenue $ 75,579 $ 66,467
Straight line rent $ 953 $ 643
Lease termination fees $ 449 $ 100
Amortization of stock compensation $ 1,638 $ 442
Capitalized interest expense $ - $ 46
</Table>
5
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE AND PER-SHARE DATA)
<Table>
<Caption>
March 31, 2003 December 31, 2002
-------------- -----------------
(unaudited)
ASSETS
Real estate investments $ 2,201,855 $ 2,178,533
Less: accumulated depreciation (187,791) (170,029)
-------------- -----------------
Real estate investments, net 2,014,064 2,008,504
Cash and cash equivalents 18,451 1,491
Accounts receivable, net of allowance for doubtful accounts of
$7,169 in 2003 and $6,389 in 2002 23,048 22,836
Prepaids and other assets 10,712 11,162
Deferred financing and leasing costs 15,271 15,564
-------------- -----------------
Total assets $ 2,081,546 $ 2,059,557
============== =================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgage loans payable $ 582,456 $ 569,663
Unsecured notes payable 201,490 201,490
Line of credit facility 251,000 234,000
Accrued expenses and other liabilities 69,563 68,275
Accrued distributions 22,112 21,968
-------------- -----------------
Total liabilities 1,126,621 1,095,396
-------------- -----------------
Minority interests:
Series B Preferred Units 50,000 50,000
Series C Preferred Units 25,000 25,000
Exchangeable limited partnership units 7,969 8,128
Other minority interests 2,425 2,425
-------------- -----------------
Total minority interests 85,394 85,553
-------------- -----------------
Shareholders' equity:
Common stock, $.001 par value; 200,000,000 shares
authorized; 41,778,708 and 41,504,208 shares issued
and outstanding at March 31, 2003 and December 31,
2002, respectively 42 42
Additional paid-in capital 1,012,448 1,006,416
Cumulative distributions in excess of net income (137,517) (126,803)
Unearned compensation (5,442) (1,047)
-------------- -----------------
Total shareholders' equity 869,531 878,608
-------------- -----------------
Total liabilities and shareholders' equity $ 2,081,546 $ 2,059,557
============== =================
</Table>
6
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS OF DOLLARS, EXCEPT PER-SHARE DATA)
<Table>
<Caption>
Three Months Ended
March 31,
------------------------
2003 2002
---------- ----------
(unaudited)
Real estate revenue:
Rentals $ 55,716 $ 48,352
Percentage rent 1,982 2,768
Recoveries 17,325 14,782
Other property 556 565
---------- ----------
Total revenue $ 75,579 $ 66,467
---------- ----------
Real estate operating expenses:
Property operating expenses 12,044 9,932
Real estate taxes 10,471 9,524
---------- ----------
Net operating income 53,064 47,011
---------- ----------
Other operating expense (income):
Depreciation and amortization 19,121 17,380
Interest 16,877 21,121
General and administrative 5,003 3,246
Interest and other income (12) (15)
---------- ----------
Total other operating expense (income) 40,989 41,732
---------- ----------
Income before net gains (losses) 12,075 5,279
Net gains on sales of real estate investments - 1,374
Net derivative losses - (150)
---------- ----------
Income before allocation to minority interests 12,075 6,503
Income allocated to exchangeable limited partnership units (20) -
Income allocated to Series B & C Preferred Units (1,664) (1,664)
---------- ----------
Income before discontinued operations 10,391 4,839
Discontinued operations:
Operating income from discontinued operations 20 63
Gains on sales of discontinued operations 809 -
---------- ----------
Income from discontinued operations 829 63
---------- ----------
Net income 11,220 4,902
Preferred stock distributions - (10,850)
Accretion of redeemable equity - (249)
---------- ----------
Net income (loss) attributable to common shareholders $ 11,220 $ (6,197)
========== ==========
Basic per share data:
Income (loss) before discontinued operations $ 0.25 $ (0.92)
Income from discontinued operations 0.02 0.01
---------- ----------
Income (loss) attributable to common shareholders $ 0.27 $ (0.91)
========== ==========
Diluted per share data:
Income (loss) before discontinued operations $ 0.25 $ (0.92)
Income from discontinued operations 0.02 0.01
---------- ----------
Income (loss) attributable to common shareholders $ 0.27 $ (0.91)
========== ==========
</Table>
7
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
FUNDS FROM OPERATIONS
(UNAUDITED AND IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
Three Months Ended
March 31,
--------------------
2003 2002
-------- --------
FUNDS FROM OPERATIONS:
Net income $ 11,220 $ 4,902
Add (deduct):
Depreciation and amortization (real estate-related) 18,976 17,271
Net gains on sales of real estate investments
and equipment (809) (1,374)
Preferred stock dividends - (10,850)
Accretion of redeemable equity - (249)
-------- --------
Funds from Operations (FFO) $ 29,387 $ 9,700
======== ========
FUNDS FROM OPERATIONS - DILUTED:
FFO $ 29,387 $ 9,700
Add:
Assumed conversion of Series A 8.5% Cumulative
Convertible Participating Preferred Stock - 11,099
Income allocated to exchangeable limited partnership units 20 -
-------- --------
FFO - Diluted $ 29,407 $ 20,799
======== ========
</Table>
FUNDS AVAILABLE FOR DISTRIBUTION
(UNAUDITED AND IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
Three Months Ended
March 31,
--------------------
2003 2002
-------- --------
Funds from Operations - Diluted $ 29,407 $ 20,799
Add (deduct):
Straight line rent (953) (643)
Maintenance capital expenditures (757) (3,501)
Tenant improvement and leasing commissions (3,390) (4,635)
Capitalized interest - $ (46)
Amortization of financing costs 462 1,254
Amortization of debt premiums (117) -
Amortization of stock based compensation $ 1,638 $ 442
-------- --------
Funds Available for Distribution $ 26,290 $ 13,670
======== ========
</Table>
WEIGHTED AVERAGE SHARES OUTSTANDING
(UNAUDITED AND IN THOUSANDS OF SHARES)
<Table>
<Caption>
Three Months Ended
March 31,
--------------------
2003 2002
-------- --------
Weighted average shares outstanding for basic net income
(loss) attributable to common shareholders and
FFO per share 41,593 6,845
======== ========
DILUTIVE COMMON STOCK EQUIVALENTS FOR EPS:
Weighted average exchangeable limited partnership units 340 -
-------- --------
Weighted average shares outstanding for diluted EPS 41,933 6,845
======== ========
DILUTIVE COMMON STOCK EQUIVALENTS FOR FFO PER SHARE:
Assumed conversion of Series A 8.5% Cumulative Convertible
Participating Preferred Stock - 20,423
Effect of dilutive stock-based compensation - -
Weighted average exchangeable limited partnership units 340 26
-------- --------
Weighted average shares outstanding for diluted FFO
per share 41,933 27,294
======== ========
</Table>
8
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
EBITDA
(UNAUDITED AND IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
Three Months Ended
March 31,
--------------------
2003 2002
-------- --------
EBITDA:
Net income $ 11,220 $ 4,902
Add (deduct):
Net gains on sales of real estate investments
and equipment (809) (1,374)
Net derivative losses (gains) - 150
Income allocated to exchangeable limited
partnership units 20 -
Income allocated to Series B & C Preferred Units 1,664 1,664
Depreciation and amortization 19,121 17,380
Interest 16,877 21,121
Taxes 128 140
-------- --------
EBITDA $ 48,221 $ 43,983
======== ========
</Table>
9
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
SELECTED RATIOS
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31, 2003
--------------------
COVERAGE RATIOS
Fixed Charge Coverage Ratio 2.34
EBITDA /(Interest+Principal+ Preferred Distributions)
Interest Coverage Ratio 2.86
EBITDA /Interest
OPERATING RATIOS
General and administrative expense as % of total revenue 6.6%
Net operating income margin 70%
Property operating expense recovery ratio 77%
</Table>
BOND COVENANT RATIOS
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31, 2003
--------------------
LIMITATIONS ON INDEBTEDNESS
Total debt / Total asset cost (GAAP basis) 47.0%
Test level 60.0%
INTEREST COVERAGE
Income available for debt service / Annual service charge 2.86
Test level 1.50
ENCUMBERED ASSETS
Secured debt / Total asset cost (GAAP basis) 26.5%
Test level 40.0%
UNENCUMBERED ASSETS
Unencumbered asset cost (GAAP basis) / Total unsecured debt 272.2%
Test level 150.0%
</Table>
10
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
CAPITAL STRUCTURE
DEBT
(IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
AGGREGATE PRINCIPAL
MARCH 31, 2003
-------------------
Mortgage loans payable $ 582,456
Unsecured notes payable 201,490
Line of credit facility 251,000
-------------------
Total Debt $ 1,034,946
===================
</Table>
EQUITY
(IN THOUSANDS)
<Table>
<Caption>
SHARES & UNITS $ VALUE
OUTSTANDING AT 3/31/2003 EQUIVALENT(1)
------------------------ --------------
Common Stock 41,779 $ 1,046,564
Operating Partnership Units 340 8,517
Preferred Operating Partnership Units 3,000 75,000
--------------
$ 1,130,081
==============
Total Market Capitalization $ 2,165,027
==============
Total Debt to Total Market Capitalization 47.80%
==============
</Table>
(1) Value based on stock price of $25.05 per share as of the market close on
March 31, 2003.
11
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
DEBT ANALYSIS
(IN THOUSANDS OF DOLLARS)
DEBT MATURITIES AND PRINCIPAL PAYMENTS
<Table>
<Caption>
YEAR 2003(1) 2004 2005 2006 2007 THEREAFTER TOTAL(2)
------ -------- --------- --------- -------- -------- ---------- -----------
Amount $ 10,405 $ 125,698 $ 294,670 $ 19,717 $ 34,348 $ 545,496 $ 1,030,334
</Table>
(1) Represents the period from April 1, 2003 through December 31, 2003.
(2) The aggregate repayment amount of $1,030,334 does not reflect the
unamortized mortgage loan premiums totaling $4,612 related to the assumption of
four mortgage loans with above-market contractual interest rates.
UNSECURED LINE OF CREDIT - DUE APRIL 29, 2005
<Table>
<Caption>
TOTAL OUTSTANDING LETTERS OF REMAINING
FACILITY AT 3/31/03 CREDIT CAPACITY
--------- ----------- ---------- ---------
$ 350,000 $ 251,000 $ - $ 99,000
</Table>
UNSECURED AND SECURED DEBT ANALYSIS
<Table>
<Caption>
WEIGHTED
WEIGHTED AVERAGE
AMOUNT % OF DEBT AVERAGE RATE MATURITY
----------- --------- ------------ ---------
Unsecured Debt $ 452,490 43.72% 4.52% 2.6 years
Secured Debt 582,456 56.28% 7.72% 4.1 years
----------- --------- ------------ ---------
Total Debt $ 1,034,946 100.00% 6.32% 5.2 years
=========== ========= ============ =========
</Table>
FLOATING AND FIXED RATE DEBT ANALYSIS
<Table>
<Caption>
WEIGHTED
WEIGHTED AVERAGE
AMOUNT % OF DEBT AVERAGE RATE MATURITY
----------- --------- ------------ --------
Floating Rate Debt $ 266,567 25.76% 2.49% 2.5 years
Fixed Rate Debt 768,379 74.24% 7.65% 6.2 years
----------- --------- ------------ --------
Total Debt $ 1,034,946 100.00% 6.32% 5.2 years
=========== ========= ============ ========
</Table>
12
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
DEBT ANALYSIS (CONTINUED)
DEBT MATURITIES AND PRINCIPAL PAYMENTS
(IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
PROPERTY 2003(1) 2004 2005 2006 2007 THEREAFTER TOTAL
--------- --------- --------- --------- --------- ---------- ---------
MORTGAGE LOANS PAYABLE:
Martin's Bittersweet Plaza $ 2,946 - - - - - 2,946
Miracle Hills Park 65 3,594 - - - - 3,659
The Commons of Chancellor Park 281 12,374 - - - - 12,655
Franklin Square 303 436 13,583 - - - 14,322
Williamson Square 261 337 10,831 - - - 11,429
Riverchase Village Shopping Center 217 310 9,764 - - - 10,291
Spring Mall 76 109 120 8,021 - - 8,326
Southport Centre - - 76 160 9,764 - 10,000
Innes Street Market 253 326 352 380 12,098 - 13,409
Southgate Shopping Center 77 101 110 119 2,166 - 2,573
Salem Consumer Square 325 425 471 520 576 8,724 11,041
St. Francis Plaza 123 176 191 207 225 243 1,165
8 shopping centers, cross collaterialized 1,223 1,577 1,705 1,843 1,993 74,287 82,628
Montgomery Commons(2) 53 71 79 86 94 7,536 7,919
Warminster Towne Center(2) 160 233 258 281 305 19,010 20,247
545 Boylston Street and
William J. McCarthy Building 422 603 655 711 772 32,645 35,808
29 shopping centers, cross collateralized 1,579 2,276 2,520 2,728 2,955 227,261 239,319
Spradlin Farm(2) 119 172 189 203 219 16,672 17,574
Bedford Grove 270 349 377 408 441 2,929 4,774
Berkshire Crossing 421 580 601 622 643 12,700 15,567
Grand Traverse Crossing 161 215 232 249 269 12,773 13,899
Salmon Run Plaza(2) 224 292 319 349 381 3,609 5,174
Elk Park Center 214 275 298 322 346 7,279 8,734
Grand Traverse Crossing - Wal-Mart 108 154 166 180 193 4,620 5,421
Montgomery Towne Center 270 351 382 416 452 5,793 7,664
Bedford Grove - Wal-Mart 99 141 152 164 178 3,573 4,307
Berkshire Crossing - Home Depot/Wal-Mart 155 221 239 258 278 5,842 6,993
--------- --------- --------- --------- --------- ---------- ---------
Total mortgage loans payable $ 10,405 25,698 43,670 18,227 34,348 445,496 577,844
--------- --------- --------- --------- --------- ---------- ---------
Unsecured notes payable - 100,000 - 1,490 - 100,000 201,490
Line of credit facility - - 251,000 - - - 251,000
--------- --------- --------- --------- --------- ---------- ---------
Total indebtedness(2) $ 10,405 125,698 294,670 19,717 34,348 545,496 1,030,334
========= ========= ========= ========= ========= ========== =========
</Table>
(1) Represents the period from April 1, 2003 through December 31, 2003.
(2) The aggregate repayment amount of $1,030,334 does not reflect the
unamortized mortgage loan premiums totaling $4,612 related to the assumption
of four mortgage loans with above-market contractual interest rates.
13
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
DEBT ANALYSIS (CONTINUED)
SUMMARY OF MORTGAGE LOANS PAYABLE
(IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
EFFECTIVE
INTEREST BALANCE OUTSTANDING AT
PROPERTY LENDER RATE MATURITY MARCH 31, 2003
- ----------------------------------------- ----------------------------------------- --------- --------- ----------------------
Martin's Bittersweet Plaza Nationwide Life Insurance 8.88% Jun-03 $ 2,946
Miracle Hills Park Lutheran Brotherhood 8.28% Aug-04 3,659
The Commons of Chancellor Park Principal Mutual Life Insurance 8.48% Nov-04 12,655
Franklin Square Principal Mutual Life Insurance 9.00% Jun-05 14,322
Williamson Square GMAC Commercial Mortgage 8.00% Aug-05 11,429
Riverchase Village Shopping Center Allstate Life Insurance 7.62% Sep-05 10,291
Spring Mall Wells Fargo 9.39% Oct-06 8,326
Southport Centre Lutheran Brotherhood 6.94% Jul-07 10,000
Innes Street Market Metropolitan Life Insurance Company 7.63% Oct-07 13,409
Southgate Shopping Center American Express Financial 8.38% Oct-07 2,573
Salem Consumer Square Great West Life Insurance 10.13% Sep-08 11,041
St. Francis Plaza American United Life Insurance 8.13% Dec-08 1,165
8 shopping centers, cross collateralized Metropolitan Life Insurance Company 7.82% Dec-09 82,628
Montgomery Commons(1) LaSalle Bank 6.38% Jan-10 8,831
Warminster Towne Center(2) LaSalle Bank 6.01% Feb-10 22,789
545 Boylston Street and
William J. McCarthy Building American General 8.26% Oct-10 35,808
29 shopping centers, cross collateralized Prudential Mortgage Capital Corporation 7.88% Oct-10 239,319
Spradlin Farm(3) PNC Bank 6.53% Jan-12 18,420
Bedford Grove Sun America Life Insurance 7.86% Mar-12 4,774
Berkshire Crossing M & T Bank 3.34% Nov-12 15,567
Grand Traverse Crossing First Union Bank 7.42% Jan-13 13,899
Salmon Run Plaza(4) Nationwide Life Insurance 8.10% Sep-13 5,486
Elk Park Center American Express Financial 7.64% Aug-16 8,734
Grand Traverse Crossing - Wal-Mart Principal Mutual Life Insurance 7.75% Oct-16 5,421
Montgomery Towne Center Security Life of Denver Insurance Company 8.50% Mar-19 7,664
Bedford Grove - Wal-Mart National Life Insurance Company 7.63% Nov-19 4,307
Berkshire Crossing - Home Depot/Wal-Mart Bankers Life & Casualty Insurance Company 7.63% Mar-20 6,993
----------- ------------------------
Total/Weighted average 7.72% $ 582,456
=========== ========================
</Table>
(1) The balance outstanding at March 31, 2003, includes unamortized mortgage
loan premium of $912. The premium was recorded upon assumption of the mortgage
at the time of the acquisition to account for an above-market contractual
interest rate. The stated principal balance at March 31, 2003 was $7,919 and the
contractual interest rate was 8.48%.
(2) The balance outstanding at March 31, 2003, includes unamortized mortgage
loan premium of $2,542. The premium was recorded upon assumption of the mortgage
at the time of the acquisition to account for an above-market contractual
interest rate. The stated principal balance at March 31, 2003 was $20,247 and
the contractual interest rate was 8.24%.
(3) The balance outstanding at March 31, 2003, includes unamortized mortgage
loan premium of $846. The premium was recorded upon assumption of the mortgage
at the time of the acquisition to account for an above-market contractual
interest rate. The stated principal balance at March 31, 2003 was $17,574 and
the contractual interest rate was 7.25%.
(4) The balance outstanding at March 31, 2003, includes unamortized mortgage
loan premium of $312. The premium was recorded upon assumption of the mortgage
at the time of the acquisition to account for an above-market contractual
interest rate. The stated principal balance at March 31, 2003 was $5,174 and the
contractual interest rate was 8.95%.
14
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
OTHER SECURITIES
SECURITY ISSUED: UNSECURED NOTES PAYABLE ISSUED BY BRADLEY OP(1)
Carrying value at 3/31/03 - $100,000,000
Maturity - November 15, 2004
Interest rate - 7.00%
SECURITY ISSUED: UNSECURED NOTES PAYABLE ISSUED BY BRADLEY OP(1)
Carrying value at 3/31/03 - $100,000,000
Maturity - March 15, 2006
Interest rate - 7.20%
SECURITY ISSUED: UNSECURED NOTES PAYABLE ISSUED BY BRADLEY OP(1)
PERPETUAL PREFERRED
Carrying value at 3/31/03 - $1,490,000
Maturity - January 15, 2008
Interest rate - 8.875%
SECURITY ISSUED: SERIES B CUMULATIVE REDEEMABLE UNITS OF BRADLEY
OP(1) PERPETUAL PREFERRED
Carrying value at 3/31/03 - $50,000,000
Units Outstanding - 2,000,000
Conversion - Convertible into Heritage
Preferred Stock 1:1 in 2009
Dividend - 8.875%
Callable by Bradley OP - Five years from date of issuance
(February 23, 1999)
SECURITY ISSUED: SERIES C CUMULATIVE REDEEMABLE UNITS OF BRADLEY
OP(1) PERPETUAL PREFERRED
Carrying value at 3/31/03 - $25,000,000
Units Outstanding - 1,000,000
Conversion - Convertible into Heritage
Preferred Stock 1:1 in 2009
Dividend - 8.875%
Callable by Bradley OP - Five years from date of issuance
(September 7, 1999)
SECURITY ISSUED: BRADLEY OP(1) EXCHANGEABLE LIMITED PARTNERSHIP
UNITS
Carrying value at 3/31/03 - $7,969,000
Units Outstanding - 340,270 OP Units
Conversion - Convertible into Heritage
Common Stock 1:1
Dividend - Equal to current common dividend
(1) Bradley Operating Limited Partnership is a subsidiary of the Company that
owns 105 properties at March 31, 2003.
15
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
PORTFOLIO OVERVIEW SUMMARY - MARCH 31, 2003
<Table>
<Caption>
Number of shopping centers 153
Number of office buildings 4
----------
Total real estate owned 157
==========
Company-owned shopping center GLA 26,115,787
Company-owned office building net rentable square feet 281,208
----------
Total 26,396,995
==========
% Leased - Total Portfolio 93.1%
Average square foot size of shopping centers - Company-owned GLA 171,000
Average square foot size of shopping centers - Total GLA 204,000
Average number of shopping center anchor tenants 2.8
Grocer-anchored shopping centers as a % of total shopping centers 78%
% of total NOI produced by grocer-anchored shopping centers 75%
</Table>
16
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
PORTFOLIO OVERVIEW - SQUARE FOOTAGE
GEOGRAPHIC DISTRIBUTION - TOTAL PORTFOLIO
<Table>
<Caption>
NUMBER OF TOTAL % OF ANNUALIZED % OF
GEOGRAPHIC AREA PROPERTIES OWNED GLA TOTAL BASED RENT TOTAL
- ----------------- ------------ ------------ --------- ------------- -------
EAST:
North Carolina 11 2,939,650 11.14% $ 26,130,529 11.61%
New York 16 1,223,380 4.63% 17,794,816 7.91%
Massachusetts 6 1,102,202 4.18% 15,180,632 6.75%
Florida 5 1,036,299 3.93% 8,000,473 3.56%
Tennessee 3 887,826 3.36% 6,215,790 2.76%
New Hampshire 4 811,234 3.07% 5,932,505 2.64%
Pennsylvania 3 665,804 2.52% 4,985,007 2.22%
New Jersey 2 530,582 2.01% 5,760,239 2.56%
Alabama 3 450,172 1.71% 4,865,243 2.16%
Maine 1 254,378 0.96% 1,396,438 0.62%
Vermont 1 224,514 0.85% 1,811,428 0.80%
Virginia 1 181,055 0.69% 2,267,482 1.01%
Georgia 1 141,072 0.53% 685,088 0.30%
Connecticut 1 125,730 0.48% 1,169,029 0.52%
------------ ------------ --------- ------------- -------
Subtotal 58 10,573,898 40.05% $ 102,194,699 45.41%
------------ ------------ --------- ------------- -------
MIDWEST:
Illinois 17 3,264,920 12.37% $ 29,104,628 12.93%
Minnesota 17 2,614,098 9.90% 24,273,529 10.79%
Indiana 12 2,470,952 9.36% 15,689,014 6.97%
Missouri 8 1,395,765 5.29% 10,649,612 4.73%
Wisconsin 11 1,318,763 5.00% 10,011,837 4.45%
Kansas 6 932,186 3.53% 5,352,498 2.38%
Michigan 4 920,283 3.49% 6,978,771 3.10%
Iowa 7 726,552 2.75% 4,096,350 1.82%
Ohio 3 669,712 2.54% 5,179,118 2.30%
Kentucky 5 653,777 2.48% 4,925,899 2.19%
Nebraska 7 626,683 2.37% 4,739,678 2.11%
South Dakota 1 195,526 0.74% 1,429,844 0.64%
New Mexico 1 35,800 0.14% 401,669 0.18%
------------ ------------ --------- ------------- -------
Subtotal 99 15,825,017 59.95% $ 122,832,447 54.59%
------------ ------------ --------- ------------- -------
TOTAL 157 26,398,915 100.00% $ 225,027,146 100.00%
============ ============ ========= ============= =======
</Table>
17
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
TOP TENANTS BY ANNUALIZED BASE RENT
<Table>
<Caption>
TENANT % OF TOTAL
ANNUALIZED ANNUALIZED
TENANT # OF STORES TOTAL GLA GLA AS A % OF TOTAL BASE RENT(1) BASE RENT (2)
-------------------------------- ----------- --------- ------------------- -------------- -------------
1 TJX Companies(3) 43 1,290,949 4.89% $ 11,552,051 5.13%
2 Kroger(4) 13 695,799 2.64% 5,114,434 2.27%
3 Fleming Companies(5) 13 692,996 2.63% 4,894,262 2.17%
4 Supervalu(6) 9 609,154 2.31% 4,367,711 1.94%
5 Wal-Mart 9 842,962 3.19% 3,554,692 1.58%
6 Kmart(7) 7 641,130 2.43% 3,182,957 1.41%
7 Home Depot 4 459,073 1.74% 2,978,360 1.32%
8 OfficeMax 11 281,020 1.06% 2,869,868 1.28%
9 Barnes & Noble 7 178,386 0.68% 2,852,390 1.27%
10 Charming Shoppes(8) 37 311,810 1.18% 2,689,141 1.20%
11 Hy-Vee 9 535,066 2.03% 2,598,957 1.15%
12 Hallmark 40 208,738 0.79% 2,462,143 1.09%
13 Staples 9 236,974 0.90% 2,334,527 1.04%
14 Albertson's(9) 7 319,122 1.21% 2,320,485 1.03%
15 Walgreens 15 192,330 0.73% 2,318,768 1.03%
16 PetsMart 8 195,836 0.74% 2,183,052 0.97%
17 Blockbuster 22 137,946 0.52% 2,171,719 0.97%
18 Circuit City 6 181,149 0.69% 2,165,841 0.96%
19 Associated Wholesale Grocers(10) 6 401,848 1.52% 2,145,528 0.95%
20 Linens N Things 6 179,705 0.68% 2,109,807 0.94%
<Caption>
TENANT TYPE OF BUSINESS
------------------------------------------------------
1 TJX Companies(3) Off Price/Soft Goods
2 Kroger(4) Grocer
3 Fleming Companies(5) Grocer
4 Supervalu(6) Grocer
5 Wal-Mart Discount
6 Kmart(7) Discount
7 Home Depot Home Improvement
8 OfficeMax Office Products
9 Barnes & Noble Books
10 Charming Shoppes(8) Discount/Apparel
11 Hy-Vee Grocer
12 Hallmark Cards/Gifts
13 Staples Office Products
14 Albertson's(9) Grocer
15 Walgreens Drug Store
16 PetsMart Pet Supplies
17 Blockbuster Video Sales/Rentals
18 Circuit City Electronics
19 Associated Wholesale Grocers(10) Grocer
20 Linens N Things Soft Goods
</Table>
(1) We calculate annualized base rent for all leases in place in which tenants
are in occupancy at March 31, 2003 as follows: total base rent to be
received during the entire term of each lease, divided by the terms in
months for such leases, multiplied by 12. For any leases relating to
properties we acquire, we calculate total base rent to be received
beginning from the date we acquired the property.
(2) Represents total Tenant Annualized Base Rent divided by Total Annualized
Base Rent of $225,027,146.
(3) TJX Companies include: TJ Maxx (19), Marshalls (17), A.J. Wright (5) and
Homegoods (2).
(4) The Kroger Co. includes: Kroger (11), Pay Less Supermarket (1) and Dillons
(1).
(5) Fleming Companies Inc. has indicated that it plans to reject leases at 3 of
the Company's locations totaling approximately 177,517 square feet.
Following the rejection of these leases, Fleming's store locations will
total 515,479 square feet, representing 1.95% of total GLA, and will
contribute $3,650,466 of annualized base rent, representing 1.62% of total
annualized base rent.
(6) Supervalu Inc. includes: Cub Foods (6), Shop n' Save (1), Shop Rite (1) and
Ray's Supermarket (1).
(7) In April 2003, 3 of the Company's Kmart locations totaling approximately
290,120 square feet were rejected and the Company took possession of the
space. Subsequently, Kmart occupies 351,010 square feet, representing 1.33%
of total GLA, and contributes $1,558,664 of annualized base rent,
representing 0.69% of total annualized base rent.
(8) Charming Shoppes includes: Fashion Bug (30), Lane Bryant (4) and
Catherine's (3).
(9) Albertson's includes: Albertson's (1), Jewel/Osco (3), Osco Drug (2) and
Acme Markets (1).
(10) Associated Wholesale Grocers includes: Price Chopper (5) and Food 4 Less
(1).
18
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
ANCHOR LEASE EXPIRATION ROLL OUT - MARCH 31, 2003 (1)
<Table>
<Caption>
LEASE NUMBER OF EXPIRING
EXPIRATION EXPIRING EXPIRING % OF TOTAL EXPIRING % OF TOTAL BASE RENT /
YEAR LEASES SQUARE FEET SQ. FT. EXPIRING BASE RENT(2) BASE RENT SQ. FT.(3)
---------- --------- ------------ ---------------- -------------- ---------- -----------
2003 10 358,057 2.3% $ 1,943,929 1.7% $ 5.43
(remaining)
2004 33 1,120,049 7.2% 7,214,235 6.3% 6.44
2005 27 750,049 4.8% 4,809,615 4.2% 6.41
2006 30 1,214,521 7.8% 6,642,802 5.8% 5.47
2007 32 1,155,136 7.4% 7,328,810 6.4% 6.34
2008 34 1,315,671 8.4% 8,823,194 7.7% 6.71
2009 33 1,264,478 8.1% 10,304,729 9.0% 8.15
2010 24 906,231 5.8% 7,638,855 6.7% 8.43
2011 27 1,123,021 7.2% 9,548,489 8.3% 8.50
2012 20 729,109 4.7% 6,499,529 5.7% 8.91
2013 and
Thereafter 111 5,709,219 36.5% 43,635,207 38.1% 7.64
--------- ------------ ---------------- -------------- ---------- -----------
TOTALS 381 15,645,541 100.0% $ 114,389,394 100.0% $ 7.31
</Table>
(1) We define anchor tenants as single tenants which lease 15,000 square
feet or more at a property.
(2) Represents the last 12 months of rent payable immediately prior to the
expiration of the lease.
(3) Represents Expiring Base Rent divided by Expiring Square Feet.
19
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
NON-ANCHOR LEASE EXPIRATION ROLL OUT - MARCH 31, 2003
<Table>
<Caption>
LEASE NUMBER OF EXPIRING
EXPIRATION EXPIRING EXPIRING % OF TOTAL EXPIRING % OF TOTAL BASE RENT /
YEAR LEASES SQUARE FEET SQ. FT. EXPIRING BASE RENT(1) BASE RENT SQ. FT.(2)
- ---------------- --------- ------------ ---------------- -------------- ----------- -------------
2003 388 968,441 10.86% $ 11,516,337 9.60% $ 11.89
(remaining)
2004 468 1,265,864 14.19% 17,023,939 14.19% 13.45
2005 535 1,697,993 19.04% 23,278,211 19.40% 13.71
2006 413 1,435,193 16.09% 19,022,444 15.85% 13.25
2007 306 1,122,410 12.58% 15,317,804 12.77% 13.65
2008 211 850,929 9.54% 11,028,571 9.19% 12.96
2009 71 337,779 3.79% 5,140,948 4.28% 15.22
2010 69 301,087 3.38% 4,674,202 3.90% 15.52
2011 60 268,092 3.01% 3,690,955 3.08% 13.77
2012 56 239,327 2.68% 3,916,941 3.26% 16.37
2013 and
Thereafter 80 432,226 4.85% 5,371,587 4.48% 12.43
--------- ------------ ---------------- -------------- ----------- -------------
TOTALS 2,657 8,919,341 100.00% $ 119,981,939 100.00% $ 13.45
</Table>
(1) Represents the last 12 months of rent payable immediately prior to the
expiration of the lease.
(2) Represents Expiring Base Rent divided by Expiring Square Feet.
20
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
TOTAL LEASE EXPIRATION ROLL OUT - MARCH 31, 2003
<Table>
<Caption>
LEASE NUMBER OF EXPIRING
EXPIRATION EXPIRING EXPIRING % OF TOTAL EXPIRING % OF TOTAL BASE RENT /
YEAR LEASES SQUARE FEET SQ. FT. EXPIRING BASE RENT(1) BASE RENT SQ. FT.(2)
- ---------------- --------- ------------ ---------------- -------------- ----------- -------------
2003 398 1,326,498 5.4% $ 13,460,266 5.7% $ 10.15
(remaining)
2004 501 2,385,913 9.7% 24,238,174 10.3% 10.16
2005 562 2,448,042 10.0% 28,087,826 12.0% 11.47
2006 443 2,649,714 10.8% 25,665,246 11.0% 9.69
2007 338 2,277,546 9.3% 22,646,614 9.7% 9.94
2008 245 2,166,600 8.8% 19,851,765 8.5% 9.16
2009 104 1,602,257 6.5% 15,445,677 6.6% 9.64
2010 93 1,207,318 4.9% 12,313,057 5.3% 10.20
2011 87 1,391,113 5.7% 13,239,444 5.6% 9.52
2012 76 968,436 3.9% 10,416,470 4.4% 10.76
2013 and
Thereafter 191 6,141,445 25.0% 49,006,794 20.9% 7.98
--------- ------------ ---------------- -------------- ----------- -------------
TOTALS 3,038 24,564,882 100.0% $ 234,371,333 100.0% $ 9.54
</Table>
(1) Represents the last 12 months of rent payable immediately prior to the
expiration of the lease.
(2) Represents Expiring Base Rent divided by Expiring Square Feet.
21
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
HISTORICAL LEASING PRODUCTION (3) - CASH BASIS
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
THREE MONTHS ENDED ------------------------------------------------------------
MARCH 31, 2003 2002 2001 2000 1999
----------------------------------------------------------------------------------
NEW LEASES
Number of new leases signed 43 268 231 127 76
GLA leased (sq. ft. at end of period) 223,664 1,061,614 849,453 484,814 482,215
New base rent/sq. ft.(1) $ 7.78 $ 10.48 $ 10.44 $ 12.16 $ 12.22
Expiring base rent/sq. ft.(2) $ 7.36 $ 9.55 $ 9.04 $ 10.39 $ 9.50
Percentage growth in base rent 5.7% 9.7% 15.5% 17.0% 28.7%
RENEWALS
Number of renewals signed 83 398 337 150 118
GLA leased (sq. ft. at end of period) 325,580 1,577,270 1,144,299 439,509 365,786
New base rent/sq. ft. $ 10.79 $ 11.04 $ 10.92 $ 14.63 $ 15.29
Expiring base rent/sq. ft. $ 10.26 $ 10.51 $ 9.89 $ 12.92 $ 14.20
Percentage growth in base rent 5.2% 5.0% 10.4% 13.3% 7.7%
TOTAL NEW LEASES AND RENEWALS
Number of new leases and renewals signed 126 666 568 277 194
GLA leased (sq. ft. at end of period) 549,244 2,638,884 1,993,752 924,323 848,001
New base rent/sq. ft. $ 9.56 $ 10.81 $ 10.72 $ 13.34 $ 13.55
Expiring base rent/sq. ft. $ 9.08 $ 10.12 $ 9.53 $ 11.59 $ 11.53
Percentage growth in base rent 5.3% 6.8% 12.5% 15.1% 17.5%
</Table>
(1) New Base Rent represents the base rent payable for the first 12 months of
the lease.
(2) Expiring Base Rent represents the last 12 months of the rent payable
immediately prior to the expiration of the lease.
(3) Leasing production amounts presented represent comparable square footage and
exclude leasing of vacant space at newly acquired centers, leasing of anchor
space vacant greater than 24 months and new developed square footage.
22
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
HISTORICAL CAPITAL EXPENDITURES,
TENANT IMPROVEMENT COSTS AND LEASING COMMISSIONS
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
THREE MONTHS ENDED ----------------------------------------------------------------
MARCH 31, 2003 2002 2001 2000 1999
--------------------------------------------------------------------------------------
Average number of square feet
26,362,000 25,117,000 23,308,000 13,303,000 7,639,000
Maintenance capital expenditures $ 757,000 $ 8,145,000 $ 5,466,000 $ 4,089,000 $ 2,229,000
Per square foot $ 0.03 $ 0.32 $ 0.23 $ 0.31 $ 0.29
Tenant improvements $ 2,460,000 $ 11,876,000 $ 12,615,000 $ 6,529,000 $ 3,855,000
Leasing commissions 930,000 4,461,000 2,030,000 1,035,000 737,000
------------- ------------- ------------- ------------- -------------
Total $ 3,390,000 $ 16,337,000 $ 14,645,000 $ 7,564,000 $ 4,592,000
============= ============= ============= ============= =============
Per square foot $ 0.13 $ 0.65 $ 0.63 $ 0.57 $ 0.60
</Table>
23
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
SAME PROPERTY ANALYSIS
(IN THOUSANDS OF DOLLARS)
<Table>
<Caption>
Three Months Ended
March 31,
----------------------------
2003 2002
------------ ------------
Total income $ 67,872 $ 66,045
Operating expenses (20,783) (19,297)
------------ ------------
Net operating income $ 47,089 $ 46,748
============ ============
Same property NOI increase 0.7%
</Table>
24
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
SHOPPING CENTERS:
ALABAMA
MONTGOMERY COMMONS 1999 100% 95,300 299,050 257,550
MONTGOMERY TOWNE CENTER 1996 99% 176,361 266,895 225,415
RIVERCHASE VILLAGE SC 1994 90% 178,511 190,611 128,225
CONNECTICUT
TORRINGTON PLAZA 1963/1994 90% 125,730 132,930 42,037
FLORIDA
BARTON COMMONS 1989 81% 215,049 218,049 138,518
NAPLES SHOPPING CENTER 1962/1997 98% 198,904 202,404 162,486
PARK SHORE SHOPPING CENTER 1973/1993 100% 231,830 240,330 188,180
SHOPPERS HAVEN SHOPPING CENTER 1959/1998 74% 207,049 207,049 88,404
VENETIAN ISLE SHOPPING CENTER(9) 1959/1992 100% 183,467 186,967 111,831
GEORGIA
SHENANDOAH PLAZA 1987 98% 141,072 144,072 113,922
ILLINOIS
BARTONVILLE SQUARE 1972 99% 61,678 61,678 41,824
BUTTERFIELD SQUARE 1997 98% 106,767 121,370 51,677
THE COMMONS OF CHICAGO RIDGE 1992/1999 91% 324,080 324,080 233,405
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
SHOPPING CENTERS:
ALABAMA
MONTGOMERY COMMONS Super Wal-Mart (Non-owned) $ 1,027,539 $ 10.78
Marshalls
Michaels
MONTGOMERY TOWNE CENTER Winn Dixie Supermarket (Non-Owned) $ 2,182,627 $ 12.38
Bed, Bath & Beyond
Circuit City
Carmike Cinemas (Non-Owned)
Just for Feet
Barnes & Noble
Office Max
RIVERCHASE VILLAGE SC Bruno's Supermarket $ 1,655,077 $ 9.27
Best Buy
Barnes & Noble
CONNECTICUT
TORRINGTON PLAZA TJ Maxx $ 1,169,029 $ 9.30
Staples
FLORIDA
BARTON COMMONS K-Mart(8) $ 1,035,984 $ 4.82
Bealls Dept. Store
Bealls Outlet
NAPLES SHOPPING CENTER Publix Supermarket $ 1,942,763 $ 9.77
Marshalls
Linens N Things
Office Depot
Books A Million
PARK SHORE SHOPPING CENTER Fresh Market Supermarket $ 1,819,304 $ 7.85
K-Mart
Rhodes Furniture
Homegoods
Sound Advice
SHOPPERS HAVEN SHOPPING CENTER Winn Dixie Supermarket $ 1,568,522 $ 7.58
Walgreens
Bealls Outlet
VENETIAN ISLE SHOPPING CENTER(9) Publix Supermarket $ 1,633,900 $ 8.91
TJ Maxx
Linens N Things
PetsMart
GEORGIA
SHENANDOAH PLAZA Ingles Market $ 685,088 $ 4.86
Wal-Mart/Big Lots/ACS
ILLINOIS
BARTONVILLE SQUARE Kroger Supermarket $ 281,408 $ 4.56
BUTTERFIELD SQUARE Sunset Foods $ 1,428,318 $ 13.38
THE COMMONS OF CHICAGO RIDGE Home Depot $ 3,662,180 $ 11.30
Office Depot
Marshalls
Pep Boys (Ground Lease)
Old Navy
Michaels
</Table>
25
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
THE COMMONS OF CRYSTAL LAKE 1995/1998 98% 273,060 365,335 210,569
CROSSROADS CENTRE 1975/1988 98% 242,470 247,970 129,468
FAIRHILLS SHOPPING CENTER 1971/1989 78% 107,614 117,714 49,330
HERITAGE SQUARE 1992 100% 210,852 210,852 164,706
HIGH POINT CENTRE 1988 97% 240,032 240,032 141,068
PARKWAY POINTE 1996 100% 38,737 222,037 179,300
RIVERCREST 1992/1999 99% 488,680 847,635 711,859
ROLLINS CROSSING 1995/1998 93% 150,576 344,696 283,704
SANGAMON CENTER NORTH 1970/1996 98% 139,907 151,107 79,257
SHERIDAN VILLAGE 1954/1995 93% 303,896 303,896 177,409
STERLING BAZAAR 1992 84% 84,621 84,621 52,337
TWIN OAKS CENTRE 1991 96% 98,197 98,197 59,682
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
THE COMMONS OF CRYSTAL LAKE Jewel Foods/Osco Drugs $ 3,084,947 $ 11.30
Marshalls
Toys R Us
Hobby Lobby (Non-Owned)
CROSSROADS CENTRE Malan Realty Investors, Inc./Hobby Lobby $ 1,622,535 $ 6.69
(Ground Lease)
TJ Maxx
FAIRHILLS SHOPPING CENTER Jewel Foods/Osco Drugs $ 537,366 $ 4.99
HERITAGE SQUARE Circuit City $ 2,622,940 $ 12.44
Carson Furniture Gallery
DSW Shoe Warehouse
Rhodes Furniture
HIGH POINT CENTRE Cub Foods $ 2,233,073 $ 9.30
Office Depot
Babies R Us
Big Lots
PARKWAY POINTE Wal-Mart (Non-Owned) $ 476,796 $ 12.31
Target (Non-Owned)
Party Tree (Non-Owned)
RIVERCREST Dominick's Supermarket $ 4,212,106 $ 8.62
Best Buy
PetsMart
TJ Maxx
Kimco Realty Corp./K-Mart
Sears
OfficeMax
Hollywood Park
Target (Non-Owned)
Kohl's (Non-Owned)
Menards (Non-Owned)
Sony Theaters (Non-Owned)
ROLLINS CROSSING Super K-Mart (Non-Owned) $ 929,509 $ 6.17
Sears Paint & Hardware
Regal Cinema (Ground Lease)
SANGAMON CENTER NORTH Schnuck's Supermarket $ 1,140,752 $ 8.15
U.S. Post Office
SHERIDAN VILLAGE Bergner's Dept Store $ 2,387,061 $ 7.85
Cohen's Furniture Co.
STERLING BAZAAR Kroger Supermarket $ 694,808 $ 8.21
TWIN OAKS CENTRE Hy-Vee Supermarket $ 698,202 $ 7.11
</Table>
26
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
WARDCLIFFE SHOPPING CENTER 1976/1977 100% 67,681 67,681 48,341
WESTVIEW CENTER 1992 94% 326,072 416,872 244,265
INDIANA
APPLE GLEN CROSSING 2001/2002 97% 150,322 440,963 384,526
COUNTY LINE MALL 1976/1991 88% 263,353 266,153 186,434
DOUBLE TREE PLAZA 1996 95% 98,342 110,342 45,000
GERMANTOWN SHOPPING CENTER 1985 71% 230,640 237,840 114,905
KING'S PLAZA 1965 87% 102,788 104,888 60,200
LINCOLN PLAZA 1968 100% 95,814 95,814 39,104
MARTIN'S BITTERSWEET PLAZA 1992 96% 78,245 81,255 61,079
RIVERGATE SHOPPING CENTER 1982 94% 133,086 137,486 108,086
SAGAMORE PARK CENTRE 1982 84% 102,487 102,487 41,154
SPEEDWAY SUPERCENTER 1960/1998 91% 567,014 567,014 237,399
THE VILLAGE 1950 78% 312,187 314,987 98,025
WASHINGTON LAWNDALE COMMONS 1957/1993 82% 336,674 336,674 131,089
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
WARDCLIFFE SHOPPING CENTER CVS $ 368,114 $ 5.44
Big Lots
WESTVIEW CENTER Cub Foods $ 2,724,513 $ 8.36
Marshalls
Mara Furniture
Value City Dept. Store (Non-Owned)
INDIANA
APPLE GLEN CROSSING Super Wal-Mart (Non-owned) $ 1,695,785 $ 11.28
Kohl's (Non-owned)
Dick's Sporting Goods
Best Buy
PetsMart
COUNTY LINE MALL Kroger Supermarket $ 990,939 $ 3.76
OfficeMax
Old Time Pottery
DOUBLE TREE PLAZA Amelia's Supermarket $ 714,638 $ 7.27
GERMANTOWN SHOPPING CENTER Beuhlers Supermarket $ 1,017,900 $ 4.41
Elder Beerman Dept Store
Peebles Dept Store
KING'S PLAZA Cub Foods $ 442,236 $ 4.30
LINCOLN PLAZA Kroger Supermarket $ 743,122 $ 7.76
MARTIN'S BITTERSWEET PLAZA Martin's Supermarket $ 550,776 $ 7.04
Osco Drug
RIVERGATE SHOPPING CENTER Super Foods $ 503,024 $ 3.78
Wal-Mart
SAGAMORE PARK CENTRE Payless Supermarket $ 852,421 $ 8.32
SPEEDWAY SUPERCENTER Kroger Supermarket $ 4,687,569 $ 8.27
AJ Wright
Kohl's
Sears
Factory Card Outlet
Old Navy
THE VILLAGE US Factory Outlet $ 1,723,598 $ 5.52
AJ Wright
Ind. Dept of Employment
WASHINGTON LAWNDALE COMMONS Stein Mart $ 1,767,006 $ 5.25
Dunham's Sporting Goods
Sears/Bedland
Jo-Ann Fabrics
Books A Million
</Table>
27
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
IOWA
BURLINGTON PLAZA WEST 1989 83% 88,118 92,118 52,468
DAVENPORT RETAIL CENTER 1996 100% 62,588 229,588 214,433
KIMBERLY WEST 1987/1997 96% 113,713 116,513 76,896
PARKWOOD PLAZA 1992 89% 126,369 126,369 63,108
SOUTHGATE SHOPPING CENTER 1972/1996 86% 155,399 155,399 102,065
SPRING VILLAGE 1980/1991 88% 90,263 92,763 45,763
WARREN PLAZA 1980/1993 96% 90,102 187,135 148,525
KANSAS
MID STATE PLAZA 1971 86% 286,601 293,101 152,692
SANTA FE SQUARE 1987 100% 133,698 133,698 55,820
SHAWNEE PARKWAY PLAZA 1979/1995 91% 92,213 92,213 59,128
VILLAGE PLAZA 1975 96% 55,698 55,698 31,431
WESTCHESTER SQUARE 1968/1998 88% 164,944 168,644 63,000
WEST LOOP SHOPPING CENTER 1986/1998 98% 199,032 199,032 98,558
KENTUCKY
CAMELOT SHOPPING CENTER 1969/1997 68% 150,461 150,461 61,500
DIXIE PLAZA 1987 100% 48,021 82,804 59,383
MIDTOWN MALL 1970/1994 90% 153,828 153,828 96,171
PLAINVIEW VILLAGE CENTER 1977 94% 164,454 186,254 39,249
STONY BROOK 1988 100% 137,013 238,213 169,775
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
IOWA
BURLINGTON PLAZA WEST Festival Foods(8) $ 498,080 $ 5.65
DAVENPORT RETAIL CENTER Staples $ 645,534 $ 10.31
PetsMart
Super Target (Non-Owned)
KIMBERLY WEST Hy-Vee Supermarket $ 628,209 $ 5.52
PARKWOOD PLAZA Albertson's Supermarket $ 721,326 $ 5.71
SOUTHGATE SHOPPING CENTER Hy-Vee Supermarket $ 483,179 $ 3.11
Big Lots
SPRING VILLAGE Eagle Foods(8) $ 440,313 $ 4.88
WARREN PLAZA Hy-Vee Supermarket $ 679,709 $ 7.54
Target (Non-Owned)
KANSAS
MID STATE PLAZA Food 4 Less $ 694,213 $ 2.42
Sutherlands Lumber
Hobby Lobby
SANTA FE SQUARE Hy-Vee Supermarket/Office Depot $ 1,274,696 $ 9.53
SHAWNEE PARKWAY PLAZA Price Chopper Supermarket $ 580,895 $ 6.30
VILLAGE PLAZA Falley's Food 4 Less $ 243,631 $ 4.37
WESTCHESTER SQUARE Hy-Vee Supermarket $ 1,273,244 $ 7.72
WEST LOOP SHOPPING CENTER Dillons Supermarket $ 1,285,819 $ 6.46
West Loop 6 Theaters
Waters True Value
KENTUCKY
CAMELOT SHOPPING CENTER Winn Dixie Supermarket $ 742,127 $ 4.93
Gatti's Pizza
DIXIE PLAZA Winn Dixie Supermarket $ 382,893 $ 7.97
Frank's Nursery (Non-Owned)
MIDTOWN MALL Kroger Supermarket $ 868,876 $ 5.65
Big Lots/Odd Lots
Gatti's Pizza
PLAINVIEW VILLAGE CENTER Kroger Supermarket $ 1,358,038 $ 8.26
STONY BROOK Kroger Supermarket $ 1,573,965 $ 11.49
H.H. Gregg (Non-Owned)
</Table>
28
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
MAINE
PINE TREE SHOPPING CENTER 1958/1973 100% 254,378 254,378 200,178
MASSACHUSETTS
BERKSHIRE CROSSING 1996 99% 441,412 441,412 389,561
LYNN MARKET PLACE 1966/1993 100% 78,092 78,092 52,620
WATERTOWER PLAZA 1988/1998 89% 296,320 296,320 194,078
WESTGATE PLAZA 1969/1996 100% 103,903 103,903 77,768
MICHIGAN
CHERRY HILL MARKETPLACE 1992/1999 88% 122,132 125,032 53,739
GRAND TRAVERSE CROSSING 1996 99% 387,273 387,273 339,156
THE COURTYARD 1989 96% 125,965 265,620 219,421
REDFORD PLAZA 1956/1987 96% 284,913 284,913 194,014
MINNESOTA
AUSTIN TOWN CENTER 1999 98% 110,680 200,680 170,789
BROOKDALE SQUARE 1971/1994 93% 185,883 185,883 159,402
BURNING TREE PLAZA 1987/1998 100% 173,929 173,929 117,716
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
MAINE
PINE TREE SHOPPING CENTER Shaw's Supermarket (Ground Lease) $ 1,396,438 $ 5.49
Ames Department Stores, Inc.
Mardens
Jo-Ann Fabrics
AJ Wright
MASSACHUSETTS
BERKSHIRE CROSSING Price Chopper $ 3,194,990 $ 7.24
Wal-Mart (Ground Lease)
Home Depot (Ground Lease)
Staples
Michaels
Barnes & Noble
LYNN MARKET PLACE Shaw's Supermarket $ 608,336 $ 7.79
WATERTOWER PLAZA Shaw's Supermarket $ 3,617,514 $ 12.21
TJ Maxx
OfficeMax
Barnes & Noble
Linens 'N Things
Petco
Michaels
WESTGATE PLAZA Stop & Shop/Staples/Ocean State Job Lot $ 1,007,197 $ 9.69
TJ Maxx
MICHIGAN
CHERRY HILL MARKETPLACE Farmer Jacks $ 1,198,888 $ 9.82
GRAND TRAVERSE CROSSING Wal-Mart (Ground Lease) $ 2,453,629 $ 6.34
Home Depot (Ground Lease)
Borders (Ground Lease)
Toys R Us
Staples
PetsMart
THE COURTYARD V.G. Food Center $ 986,196 $ 7.83
OfficeMax
Dunhams Sporting Goods
Home Depot (Non-Owned)
REDFORD PLAZA Kroger Supermarket $ 2,340,058 $ 8.21
Burlington Coat Factory
Bally Total Fitness
AJ Wright
Aco Hardware
The Resource Network
MINNESOTA
AUSTIN TOWN CENTER Rainbow Foods(8) $ 957,300 $ 8.65
Staples
Target (Non-Owned)
BROOKDALE SQUARE Circuit City $ 1,181,558 $ 6.36
Office Depot
Brookdale Theater
Pep Boys
Heart Alive
Hennepin County
BURNING TREE PLAZA Best Buy $ 1,575,620 $ 9.06
TJ Maxx
Hancock Fabrics
Dunham's Sporting Goods
</Table>
29
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
CENTRAL VALU CENTER 1961/1984 96% 123,350 123,350 90,946
DIVISION PLACE 1991 98% 129,353 134,353 24,016
ELK PARK CENTER 1995/1999 100% 204,992 302,635 192,843
HAR MAR MALL 1965/1992 92% 434,355 434,355 226,838
HUB WEST(10)
RICHFIELD HUB 1952/1992 100% 214,855 217,655 129,400
MARKETPLACE AT 42 1999 97% 120,377 150,577 72,371
ROSEVILLE CENTER 1950/2000 80% 76,810 155,610 65,000
SOUTHPORT CENTRE 1992 100% 124,937 426,985 346,566
SUN RAY SHOPPING CENTER 1958/1992 81% 256,154 256,154 95,767
TEN ACRES CENTER 1972/1986 99% 162,364 162,364 133,894
TERRACE MALL 1979/1993 90% 135,031 250,031 212,430
WESTWIND PLAZA 1985 97% 87,933 147,933 80,245
WHITE BEAR HILLS 1990/1996 100% 73,095 81,895 45,679
MISSOURI
ELLISVILLE SQUARE 1990 98% 146,052 149,552 107,772
GRANDVIEW PLAZA 1961/1991 90% 296,008 296,008 200,075
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
CENTRAL VALU CENTER Rainbow Foods $ 778,406 $ 6.31
Slumberland Clearance
DIVISION PLACE TJ Maxx $ 1,449,572 $ 11.21
ELK PARK CENTER Cub Foods $ 1,983,140 $ 9.67
Target (Non-Owned)
OfficeMax
HAR MAR MALL Cub Foods $ 4,415,613 $ 10.17
Barnes & Noble
Marshalls
TJ Maxx
AMC Theatres
Michaels
HUB WEST(10)
RICHFIELD HUB Rainbow Foods $ 2,373,639 $ 11.05
Bally Total Fitness
Marshalls
Michaels
MARKETPLACE AT 42 Rainbow Foods $ 1,496,788 $ 12.43
Walgreens (Non-owned)
ROSEVILLE CENTER Rainbow Foods (Non-Owned) $ 778,694 $ 10.14
SOUTHPORT CENTRE Cub Foods (Non-Owned) $ 1,616,944 $ 12.94
Best Buy
Frank's Nursery
Super Target (Non-Owned)
OfficeMax (Non-Owned)
SUN RAY SHOPPING CENTER TJ Maxx $ 1,919,902 $ 7.50
Bally Total Fitness
Michaels
Petters Warehouse Direct
TEN ACRES CENTER Cub Foods $ 1,079,408 $ 6.65
Burlington Coat Factory
TERRACE MALL Rainbow Foods $ 982,525 $ 7.28
Montgomery Ward (Non-owned)
North Memorial Medical
WESTWIND PLAZA Cub Foods (Non-Owned) $ 1,049,630 $ 11.94
Northern Hydraulics
WHITE BEAR HILLS Festival Foods $ 634,790 $ 8.68
MISSOURI
ELLISVILLE SQUARE K-Mart $ 1,361,782 $ 9.32
Lukas Liquors
GRANDVIEW PLAZA Schnuck's Supermarket $ 1,781,066 $ 6.02
Old Time Pottery
OfficeMax
Walgreens
</Table>
30
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
HUB SHOPPING CENTER 1972/1995 97% 163,072 163,072 103,322
LIBERTY CORNERS 1987/1996 98% 125,432 214,932 136,500
MAPLEWOOD SQUARE 1998 100% 71,590 75,590 57,575
MARKETPLACE AT INDEPENDENCE 1988 97% 241,898 253,398 133,942
PROSPECT PLAZA 1979/1999 100% 189,996 189,996 136,566
WATTS MILL PLAZA 1973/1997 100% 161,717 169,717 91,989
NEBRASKA
BISHOP HEIGHTS 1971/1997 100% 34,388 128,448 106,992
CORNHUSKER PLAZA 1988 95% 84,083 163,063 121,723
EASTVILLE PLAZA 1986 100% 68,546 139,636 99,046
EDGEWOOD SHOPPING CENTER 1980/1994 91% 172,729 399,279 295,020
THE MEADOWS 1998 97% 67,840 70,840 50,000
MIRACLE HILLS PARK 1988 79% 69,638 139,638 66,000
STOCKYARDS PLAZA 1988 96% 129,459 148,659 85,649
NEW HAMPSHIRE
BEDFORD GROVE 1989 100% 216,941 216,941 175,745
BEDFORD MALL 1963/1999 86% 264,375 264,375 188,607
CAPITOL SHOPPING CENTER 1961/1999 96% 182,971 189,971 129,551
TRI CITY PLAZA 1968/1992 100% 146,947 146,947 84,920
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
HUB SHOPPING CENTER Price Chopper Supermarket $ 816,594 $ 5.01
LIBERTY CORNERS Price Chopper Supermarket $ 942,869 $ 7.52
Sutherlands (Non-Owned)
MAPLEWOOD SQUARE Shop n' Save Supermarket $ 526,619 $ 7.36
MARKETPLACE AT INDEPENDENCE Price Chopper Supermarket $ 2,207,377 $ 9.13
Old Navy
PROSPECT PLAZA Hen House Grocery $ 1,554,163 $ 8.18
Hobby Lobby
Factory Oak Outlet
WATTS MILL PLAZA Price Chopper Supermarket $ 1,459,142 $ 9.02
Westlake Hardware
NEBRASKA
BISHOP HEIGHTS Russ's IGA Supermarket $ 188,296 $ 5.48
Shopko (Non-Owned)
CORNHUSKER PLAZA Hy-Vee Supermarket $ 447,241 $ 5.32
Wal-Mart (Non-Owned)
EASTVILLE PLAZA Hy-Vee Supermarket $ 562,250 $ 8.20
Menard's (Non-Owned)
EDGEWOOD SHOPPING CENTER SuperSaver Supermarket $ 1,350,763 $ 7.82
Osco Drug
Target (Non-Owned)
K-Mart (Non-Owned)
THE MEADOWS Russ' IGA Supermarket $ 498,849 $ 7.35
MIRACLE HILLS PARK Cub Foods (Non-Owned) $ 697,897 $ 10.02
STOCKYARDS PLAZA Hy-Vee Supermarket $ 994,382 $ 7.68
Movies 8
NEW HAMPSHIRE
BEDFORD GROVE Shop N' Save $ 1,682,126 $ 7.75
Wal-Mart (Ground Lease)
BEDFORD MALL Marshalls $ 2,435,235 $ 9.21
Bob's Stores
Staples
Linens N Things
Decathalon Sports (Ground Lease)
Hoyts Cinemas
CAPITOL SHOPPING CENTER Demoulas Market Basket $ 865,047 $ 4.73
Ames Department Stores, Inc.
Marshalls
TRI CITY PLAZA Demoulas Market Basket $ 950,097 $ 6.47
TJ Maxx
</Table>
31
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
NEW JERSEY
CROSS KEYS COMMON 1995 84% 371,128 371,128 196,968
MORRIS HILLS SHOPPING CENTER 1957/1994 100% 159,454 159,454 109,161
NEW MEXICO
ST. FRANCIS PLAZA 1992/1993 100% 35,800 35,800 20,850
NEW YORK
COLLEGE PLAZA 1975/1994 96% 175,086 175,086 126,812
DALEWOOD I SHOPPING CENTER 1966/1995 100% 58,969 58,969 36,989
DALEWOOD II SHOPPING CENTER 1970/1995 100% 81,326 81,326 59,326
DALEWOOD III SHOPPING CENTER 1972/1995 100% 48,390 48,390 28,361
FALCARO'S PLAZA 1968/1993 100% 61,295 63,295 29,887
KINGS PARK SHOPPING CENTER 1963/1985 100% 71,940 73,940 48,870
NESCONSET SHOPPING CENTER 1961/1999 100% 122,996 124,996 33,460
PARKWAY PLAZA 1973/1992 97% 89,704 89,704 31,600
ROANOKE PLAZA 1972/1994 100% 87,161 89,661 43,590
ROCKVILLE CENTRE SHOPPING CENTER 1975 100% 44,131 44,131 27,781
SALMON RUN PLAZA 1993 100% 68,761 181,195 164,614
SUFFOLK PLAZA 1967/1998 100% 84,480 89,680 56,759
THREE VILLAGE PLAZA 1964/1991 100% 77,458 77,458 40,455
TURNPIKE PLAZA 1971/1994 100% 52,950 52,950 30,700
NORTH CAROLINA
THE COMMONS AT CHANCELLOR PARK 1994 100% 341,860 351,460 312,497
CROWN POINT SHOPPING CENTER 1990 100% 147,200 164,200 135,200
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
NEW JERSEY
CROSS KEYS COMMON Acme Markets $ 3,454,570 $ 9.31
Wal-Mart
Staples
MORRIS HILLS SHOPPING CENTER Mega Marshalls $ 2,305,669 $ 14.46
Clearview Cinema (Ground Lease)
Michaels
NEW MEXICO
ST. FRANCIS PLAZA Wild Oats Market $ 401,669 $ 11.22
NEW YORK
COLLEGE PLAZA Bob's Stores $ 1,388,305 $ 7.93
Marshalls
Eckerd Drugs
Staples
DALEWOOD I SHOPPING CENTER Pathmark $ 893,283 $ 15.15
DALEWOOD II SHOPPING CENTER Turco's Supermarket $ 1,841,963 $ 22.65
Bed, Bath & Beyond
DALEWOOD III SHOPPING CENTER TJ Maxx $ 1,164,334 $ 24.06
FALCARO'S PLAZA OfficeMax $ 969,276 $ 15.81
KINGS PARK SHOPPING CENTER Key Foods $ 916,419 $ 12.74
TJ Maxx
NESCONSET SHOPPING CENTER Office Depot/HomeGoods $ 1,647,689 $ 13.40
PARKWAY PLAZA TJ Maxx $ 1,781,864 $ 19.86
ROANOKE PLAZA Produce Warehouse $ 979,770 $ 11.24
TJ Maxx
ROCKVILLE CENTRE SHOPPING CENTER HomeGoods $ 577,920 $ 13.10
SALMON RUN PLAZA Hannaford's Supermarket $ 1,081,688 $ 15.73
K-Mart (Non-Owned)
SUFFOLK PLAZA Waldbaum's Supermarket $ 666,867 $ 7.89
THREE VILLAGE PLAZA Swezey and Newins $ 913,277 $ 11.79
TURNPIKE PLAZA Waldbaum's Supermarket $ 932,793 $ 17.62
NORTH CAROLINA
THE COMMONS AT CHANCELLOR PARK Home Depot (Ground Lease) $ 2,341,969 $ 6.85
K-Mart(8)
Circuit City
Marshalls
Gold's Gym
CROWN POINT SHOPPING CENTER Lowe's of Crown Point $ 1,022,890 $ 6.95
Babies R US
</Table>
32
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
FRANKLIN SQUARE 1990 97% 318,435 517,735 379,568
INNES STREET MARKET 1998 100% 349,356 349,356 296,740
MCMULLEN CREEK SHOPPING CENTER(11) 1988 93% 283,638 293,238 98,222
NEW CENTRE MARKET 1998 98% 143,763 266,263 202,040
RIVER RIDGE MARKETPLACE 1984/1996 93% 214,454 214,454 104,541
TARRYMORE SQUARE 1989 76% 260,405 260,405 85,447
UNIVERSITY COMMONS 1989 73% 231,943 231,943 79,272
UNIVERSITY COMMONS GREENVILLE 1996 100% 232,821 338,021 270,249
WENDOVER PLACE 1997 98% 415,775 547,075 441,954
OHIO
30TH STREET PLAZA 1951/1999 96% 157,085 157,085 111,251
CLOCK TOWER PLAZA 1989 99% 237,975 244,475 172,300
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
FRANKLIN SQUARE Super Wal-Mart (Non-Owned) $ 2,870,794 $ 9.02
Best Buy
Ross Dress for Less
Bed, Bath & Beyond
Dollar Tree
Pep Boys (Ground Lease)
OfficeMax
Michaels
INNES STREET MARKET Food Lion Supermarket $ 3,354,079 $ 9.60
Lowe's Home Centers
Tinseltown Cinema
Marshalls
Staples
Circuit City
Old Navy
MCMULLEN CREEK SHOPPING CENTER(11) Winn Dixie Supermarket $ 2,818,145 $ 9.94
Burlington Coat Factory
NEW CENTRE MARKET Target (Non-Owned) $ 1,635,474 $ 11.38
Marshalls
PetsMart
OfficeMax
RIVER RIDGE MARKETPLACE Food Lion Supermarket $ 1,458,052 $ 6.80
Hamricks
Kitchen & Company
TARRYMORE SQUARE Marshalls $ 1,964,379 $ 7.54
Dick's Sporting Goods
UNIVERSITY COMMONS Lowes Foods $ 1,691,106 $ 7.29
TJ Maxx
AC Moore
UNIVERSITY COMMONS GREENVILLE Kroger Supermarket $ 2,637,066 $ 11.33
TJ Maxx
Circuit City
Barnes & Noble
Target (Non-Owned)
Linens N Things
WENDOVER PLACE Harris-Teeter/Michaels $ 4,336,575 $ 10.43
Kohl's
Dick's Sporting Goods
Babies R Us
PetsMart
Old Navy
Linens N Things
Target (Non-Owned)
OHIO
30TH STREET PLAZA Giant Eagle Supermarket $ 1,452,985 $ 9.25
Marc's Pharmacy
CLOCK TOWER PLAZA Ray's Supermarket $ 1,441,360 $ 6.06
Wal-Mart
</Table>
33
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
SALEM CONSUMER SQUARE 1988 93% 274,652 274,652 131,650
PENNSYLVANIA
BOYERTOWN PLAZA 1961 33% 83,229 88,629 N/A
LEHIGH SHOPPING CENTER 1955/1999 73% 343,432 347,432 191,920
WARMINSTER TOWNE CENTER 1997 97% 237,223 317,906 260,066
SOUTH DAKOTA
BAKEN PARK 1962/1997 98% 195,526 195,526 95,039
TENNESSEE
OAKWOOD COMMONS(12) 1989/1997 95% 291,535 294,285 192,279
WATSON GLEN SHOPPING CENTER 1989 100% 264,360 264,360 206,427
WILLIAMSON SQUARE(13) 1988/1993 79% 331,931 342,181 143,700
VERMONT
RUTLAND PLAZA 1966/1996 100% 224,514 224,514 182,264
VIRGINIA
SPRADLIN FARM 2000/2001 98% 181,055 442,055 366,962
WISCONSIN
FAIRACRES SHOPPING CENTER 1992 99% 79,736 82,486 58,678
FITCHBURG RIDGE 1980 73% 50,067 61,317 16,631
FOX RIVER PLAZA 1987 100% 169,883 173,383 137,113
GARDEN PLAZA 1990 95% 80,099 80,099 49,564
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
SALEM CONSUMER SQUARE Cub Foods $ 2,284,773 $ 8.32
Office Depot
Michigan Sporting Goods
AJ Wright
PENNSYLVANIA
BOYERTOWN PLAZA N/A $ 346,140 $ 4.16
LEHIGH SHOPPING CENTER Giant Foods $ 1,812,716 $ 5.28
Mega Marshalls
Staples
D&D Budget & Clearance
Frank's Nursery
WARMINSTER TOWNE CENTER Shop Rite Supermarket $ 2,826,151 $ 11.91
Kohl's (Non-owned)
Ross Dress for Less
PetsMart
OfficeMax
Pep Boys
Rag Shop
Old Navy
SOUTH DAKOTA
BAKEN PARK Nash Finch Supermarket $ 1,429,844 $ 7.31
Ben Franklin
Boyd's Drug
TENNESSEE
OAKWOOD COMMONS(12) Publix Supermarket $ 2,063,706 $ 7.08
K-Mart(8)
Peebles Dept. Store
WATSON GLEN SHOPPING CENTER Bi-Lo Foods $ 1,854,972 $ 7.02
K-Mart
Goody's Family Clothing
World Gym
WILLIAMSON SQUARE(13) Kroger Supermarket $ 2,297,112 $ 6.92
Hobby Lobby
USA Baby
VERMONT
RUTLAND PLAZA Price Chopper Supermarket $ 1,811,428 $ 8.07
Wal-Mart
TJ Maxx
Plaza Movie Plex
VIRGINIA
SPRADLIN FARM Home Depot (Non-Owned) $ 2,267,482 $ 12.52
Target (Non-Owned)
TJ Maxx
Barnes & Noble
Michaels
Goody's Family Clothing
WISCONSIN
FAIRACRES SHOPPING CENTER Pick 'N Save Supermarket $ 685,234 $ 8.59
FITCHBURG RIDGE Wisconsin Dialysis $ 284,886 $ 5.69
FOX RIVER PLAZA Pick 'N Save Supermarket $ 821,689 $ 4.84
K-Mart
GARDEN PLAZA Pick 'N Save Supermarket $ 525,974 $ 6.57
</Table>
34
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
MADISON PLAZA 1988/1994 91% 127,584 127,584 68,309
MEQUON PAVILIONS 1967/1991 90% 211,425 211,425 65,995
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
MADISON PLAZA SuperSaver Foods(8) $ 910,735 $ 7.14
MEQUON PAVILIONS Jewel Foods / Osco Drugs $ 2,554,481 $ 12.08
Bed, Bath & Beyond
</Table>
35
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
<Table>
<Caption>
YEAR % LEASED
PROPERTY NAME BUILT/ AS OF COMPANY TOTAL ANCHOR
AND LOCATION RENOVATED(1) 3/31/2003 OWNED GLA(2) GLA(3) SF(4)
- ------------------------------------------------------------------------------------------------
MOORLAND SQUARE 1990 95% 98,288 195,388 149,674
OAK CREEK CENTRE 1988 99% 91,510 99,510 50,000
PARK PLAZA 1959/1993 96% 114,678 114,678 74,063
SPRING MALL 1967/1994 84% 210,421 210,421 140,041
TAYLOR HEIGHTS 1989 100% 85,072 223,862 158,630
-----------------------------------------------
TOTAL SHOPPING CENTERS 93% 26,115,787 31,149,824 20,181,635
-----------------------------------------------
OFFICE BUILDINGS:
WILLIAM J. MCCARTHY BUILDING 1963/1995 93% 93,335 93,335
545 BOYLSTON STREET 1972/1996 89% 89,140 89,140
EXECUTIVE OFFICE BUILDING 1970 87% 40,230 40,230
FORTUNE OFFICE BUILDING 1969 90% 58,503 58,503
-----------------------------------------------
TOTAL OFFICE BUILDINGS 90% 281,208 281,208
-----------------------------------------------
TOTAL PORTFOLIO 93% 26,396,995 31,431,032
===============================================
<Caption>
ANNUALIZED
PROPERTY NAME ANNUALIZED BASE
AND LOCATION ANCHORS(5) BASE RENT(6) RENT/SQ. FT.(7)
- -------------------------------------------------------------------------------------------------------------
MOORLAND SQUARE Pick 'N Save Supermarket $ 757,917 $ 7.71
K-Mart (Non-Owned)
OAK CREEK CENTRE Sentry Supersaver $ 617,299 $ 6.75
PARK PLAZA Sentry Foods $ 685,094 $ 5.97
Big Lots
SPRING MALL Pick 'N Save Supermarket $ 1,272,368 $ 6.05
TJ Maxx
Walgreens
TAYLOR HEIGHTS Piggly Wiggly Foods $ 896,160 $ 10.53
Wal-Mart (Non-Owned)
--------------------------------------------------------------------------
TOTAL SHOPPING CENTERS 216,235,183 $ 8.28
--------------------------------------------------------------------------
OFFICE BUILDINGS:
WILLIAM J. MCCARTHY BUILDING NETT $ 3,467,398 $ 37.15
Heritage
Clarke & Company
545 BOYLSTON STREET Allied Advertising $ 3,285,197 $ 36.85
EXECUTIVE OFFICE BUILDING Lipner Gordon & Co. $ 900,211 $ 22.38
Norca
Sol G Atlas Realty
Heritage
FORTUNE OFFICE BUILDING N/A $ 1,139,157 $ 19.47
--------------------------------------------------------------------------
TOTAL OFFICE BUILDINGS $ 8,791,963 $ 31.26
--------------------------------------------------------------------------
TOTAL PORTFOLIO $ 225,027,146 $ 8.52
==========================================================================
</Table>
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<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
PROPERTY LISTING NOTES
(1) Represents the year the property originally opened for business and, if
applicable, the year in which a substantial renovation was completed. These
dates do not include years in which tenant improvements were made to the
properties.
(2) Represents gross leasable area owned by us, including 1,151,803 square feet
of gross leaseable area subject to ground leases and excludes 5,034,037
square feet of non-owned gross leasable area.
(3) Some of our shopping centers contain space not owned by us and space leased
to tenants under ground leases. In addition to Company Owned GLA, Total GLA
includes approximately 5.0 million square feet of this non-owned gross
leasable area, which generally is owned directly by the anchor occupying
this space, and 1.2 million square feet of ground leased gross leaseable
area.
(4) Represents square feet of gross leasable area at a property that an anchor
tenant either leases or owns.
(5) We define anchor tenants as single tenants which lease 15,000 square feet
or more at a property.
(6) We calculate Annualized Base Rent for all leases in place in which tenants
are in occupancy at March 31, 2003 as follows: total base rent to be
received during the entire term of each lease, divided by the terms in
months for such leases, multiplied by 12. For any leases relating to
properties we acquired from NETT's real estate company upon our formation
or relating to properties acquired from Bradley, we calculate total base
rent to be received beginning from the date we acquired the property.
(7) Represents Annualized Base Rent divided by Company Owned GLA at March 31,
2003.
(8) The Company has received notice that the tenant has requested to reject its
lease subject to approval by the Bankruptcy Court.
(9) Property contains 11,697 square feet of office space.
(10) Property is comprised of two shopping centers.
(11) Property contains 32,406 square feet of office space.
(12) We hold a leasehold interest in this property pursuant to a ground lease
that expires in 2088.
(13) Williamson Square is owned in a joint venture of which we own 60%.
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<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
VALUE CREATION PIPELINE - 2003 ACQUISITIONS/DISPOSITIONS
ACQUISITIONS
<Table>
<Caption>
COMPANY INITIAL PERCENT
PROPERTY DATE ACQUIRED OWNED GLA TOTAL GLA INVESTMENT LEASED
- -------- ------------- --------- --------- ---------- ------
Spradlin Farm Jan-03 181,055 442,055 $ 23,723,000 98%
--------- --------- ------------ ------
TOTAL ACQUISITIONS 181,055 442,055 $ 23,723,000 98%
========= ========= ============ ======
</Table>
DISPOSITIONS
<Table>
<Caption>
PROPERTY TYPE OF PROPERTY DATE DISPOSED NET PROCEEDS NET BOOK VALUE NET GAIN
- -------- ---------------- ------------- ------------ -------------- --------
General Host (6 properties) and
Sambo's Restaurants (3 properties) Single Tenant Properties Jan-03 $ 2,196,000 $ 1,575,000 $ 621,000
Subway Single Tenant Properties Feb-03 188,000 - 188,000
----------- ----------- ---------
TOTAL DISPOSITIONS $ 2,384,000 $ 1,575,000 $ 809,000
=========== =========== =========
</Table>
37
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
PROPERTY NAME: Spradlin Farm
LOCATION: Christianburg, VA
COMPANY OWNED GLA: 181,055
TOTAL GLA: 442,055
YEAR BUILT/RENOVATED: 2000/2001
PURCHASE PRICE: $23.7 million
CLOSING DATE: January 23, 2003
% LEASED : 98%
FUNDING SOURCE: Line of credit & assumed mortgage loan payable
ANCHOR TENANTS:
<Table>
<Caption>
TENANT SF LEASE EXPIRATION
------ -- ----------------
Goody's Family Clothing 35,000 1/31/11
TJ Maxx 30,000 10/31/10
Barnes & Noble 20,925 2/1/14
Michael's 20,037 2/28/11
Home Depot (Non-owned) 137,000
Target (Non-owned) 124,000
</Table>
38
<Page>
HERITAGE PROPERTY INVESTMENT TRUST, INC.
DEFINITIONS
This section contains a brief explanation of certain non-GAAP financial measures
we provide in other sections of this document, and a statement of the reasons
management believes these measures provide useful information to investors about
the company's financial condition or results of operations. Additional detail
can be found in the company's annual report on Form 10-K for the year ended
December 31, 2002, and other documents filed with the Securities and Exchange
Commission from time to time.
FUNDS FROM OPERATIONS
Pursuant to the revised definition of Fund from Operations adopted by the Board
of Governors of the National Association of Real Estate Investment Trusts
(NAREIT), we calculate Funds from Operations (FFO) by adjusting net income
(loss) (computed in accordance with GAAP, including non-recurring items) for
gains (losses) from sales of properties, real estate-related depreciation and
amortization, and after adjustment for unconsolidated partnerships and joint
ventures. FFO should not be considered as an alternative to net income
(determined in accordance with GAAP) as an indicator of our financial
performance or to cash flow from operating activities (determined in accordance
with GAAP) as a measure of our liquidity, nor is it indicative of funds
available to fund our cash needs, including our ability to make distributions.
We believe that FFO is helpful to investors as a measure of our performance as
an equity REIT because, along with cash flows from operating activities,
financing activities and investing activities, it provides investors with an
understanding of our ability to incur and service debt and make capital
expenditures. Our computation of FFO may, however, differ from the methodology
for calculating FFO utilized by other REITs and, therefore, may not be
comparable to such other REITs.
FUNDS AVAILABLE FOR DISTRIBUTION
In addition to FFO, we present Funds Available for Distribution (FAD) calculated
from FFO by (1) adding non-real estate-related depreciation and amortization,
(2) eliminating the effect of straight line rent and non-cash interest expense
items, (3) adding non-cash stock compensation and (4) subtracting maintenance
capital expenditures, tenant improvements and leasing commissions. We believe
FAD provides a meaningful indicator of our ability to fund cash needs and to
make cash distributions to equity owners. In addition, we feel to further
understand our liquidity, FAD should be compared with our cash flow from
operating activities determined in accordance with GAAP, as presented in our
consolidated financial statements. Our computation of FAD may not be comparable
to FAD reported by other REITs or real estate companies and FAD does not
represent cash generated from operating activities determined in accordance with
GAAP, and should not be considered as an alternative to net income (determined
in accordance with GAAP) as an indication of our performance, or as an
alternative to net cash flow from operating activities (determined in accordance
with GAAP), as a measure of our liquidity.
EBITDA
EBITDA represents net income (loss) (determined in accrodance with GAAP)
adjusted for non-cash income or expenses such as depreciation, amortization and
other non-cash items, and for income taxes, interest expense and minority
interest. EBITDA is intended to show unleveraged, pre-tax operating results. We
believe EBITDA provides a meaningful measure of our performance because we
believe it provides investors with a more complete understanding of our
financial condition and operating results. We use EBITDA to calculate various
financial ratios and we believe some financial analysts and equity investors
also utilize the calculation for similar purposes. In addition to EBITDA, the
impact of investing and financing transactions, as well as income taxes, should
also be considered in evaluating overall results. EBITDA is not intended to
represent any measure of performance in accordance with GAAP and our calculation
and use of this measure may differ from other REITs or real estate companies.
This non-GAAP measure should not be considered as an alternative to net income
(determined in accordance with GAAP) as an indication of our performance or as
an alternative to net cash flow from operating activities (determined in
accordance with GAAP) as a measure of our liquidity.
TOTAL DEBT TO TOTAL MARKET CAPITALIZATION RATIO
Total debt to total market capitalization ratio, defined as total consolidated
debt as a percentage of the market value of our outstanding equity securities
plus our total consolidated debt, is a measure of leverage commonly used by
analysts in the REIT sector. Total market capitlization is the sum of our total
indebtedness outstanding on a consolidated basis and the market value of our
outstanding equity securities calculated using the closing stock price per share
of common stock of the company multiplied by the actual aggregate number of
outstanding common shares and common partnership units of one of our operating
partnerships. We are presenting this ratio because our degree of leverage could
affect our ability to obtain additional financing for working capital, capital
expenditures, acquisitions, development or other general corporate purposes.
Investors should understand that our debt to market capitalization ratio is, in
part, a function of the market price of the common stock of the company and, as
such, will fluctuate with changes in such price and does not necessarily reflect
our capacity to incur additional debt to finance our activities or our ability
to manage our existing debt obligations. However, for a company like ours, whose
assets are primarily income-producing real estate, the total debt to total
market capitalization ratio may provide investors with an alternate indication
of leverage, so long as it t is evaluated with the ratio of indebtedness to
other measures of asset value used by financial analysts and other financial
ratios, as well as the various components of our outstanding indebtedness.
39