HRPT Properties Trust, a major owner of industrial space on O'ahu, reported net income available to shareholders fell to $8.9 million in the fourth quarter from $23.2 million a year earlier.

The company, which owns about 17 million square feet of leased industrial and commercial lands in Hawai'i, said 92.9 percent of its total square feet was leased at the end of 2007. A year earlier, the percentage was 93.1 percent.

The Newtown, Mass.-based company owns 535 properties with 64.5 million square feet of space throughout the country.