HRPT Properties Trust, Hawaii's largest owner of industrial property, said yesterday that third-quarter profit jumped more than fourfold on gains from the sale of properties.

Net income was $73.1 million, or 32 cents a share, for the quarter ending Sept. 30, 2008, compared to $16.8 million, or 8 cents a share, for the same quarter last year. Net income includes a $57.7 million, or 25 cents a share, gain on sale of properties.

Rental income was $211.7 million, up 7.5 percent from $197 million a year earlier.

The Newton, Mass.-based company has 17 million square feet of leased industrial and commercial lands on Oahu, including the properties of the Damon Estate, which it purchased in 2003 for $480 million.

That land now encompasses more than 180 businesses, some of which formed a nonprofit group in September called Citizens for Fair Valuation to help ensure lease agreements provide fair and reasonable rent.

HRPT said in its second-quarter earnings call in August that it has about 400,000 square feet of space in Hawaii scheduled to expire through the end of the year. About 300,000 square feet are set to expire in both 2009 and 2010.

During the third quarter, HRPT acquired 44 office and industrial properties with 2,647,000 square feet of space for $160 million, excluding closing costs, and sold 23 properties with 672,000 square feet of space for $149 million, excluding closing costs.

As of Sept. 30, the company owned 533 operating properties with 66.1 million square feet across the United States. The amount of leased space represented 90.6 percent of HRPT's total square feet, compared to 90.9 percent as of June 30.

HRPT signed lease renewals for 559,000 square feet and new leases for 395,000 square feet during the quarter for weighted average rental rates that were 16 percent above prior rents for the same space.

Average lease terms for leases signed during the third quarter were 5.6 years.

In the second quarter, Adam Portnoy, managing trustee of HRPT, said the company was negotiating rent renewals on Oahu from $8 to $10 a square foot, more than double when it purchased the properties.

HRPT is expected to hold a conference call today to discuss its third-quarter results, available through www.hrpreit.com.