It wasn't a flashy first quarter for Motley Fool Income Investor selection HRPT Properties Trust (NYSE:HRP), but it was pretty good nonetheless.

This REIT focuses on office and industrial properties, primarily in suburban areas in the Boston, Washington D.C., Southern California, Atlanta, and Philadelphia markets. Its largest amount of industrial properties are in Oahu, Hawaii.

Rental revenues increased 13.8% for the quarter, largely thanks to lease renewals and new property purchases. Earnings per share increased to $0.63 per share from $0.12 a year ago. The large gain in EPS stemmed from the company's sale of its equity positions in Hospitality Properties Trust (NYSE:HPT) and SeniorHousing Properties Trust (NYSE:SNH). The funds from operations (FFO) figure, which removes the effects of gains and losses from property sales, was a penny less than last year, $0.31 per diluted share.

The cash the company received from its equity sales was reinvested into two acquisitions in the first quarter. Both are in upstate New York, and both appear to fit the portion of the company's strategy focusing on growth from multi-tenant properties. The other portion of the company's strategy involves long-term leases to stable tenants such as government and medical providers. That won't provide strong growth, but it will provide a steady stream of income. The company's largest tenants include Tyco International (NYSE:TYC), Motorola (NYSE:MOT), and Comcast (NASDAQ:CMCSA).

When valuing HRPT Properties Trust, the current dividend yield of 7.7% is an important part of the equation. From an FFO perspective, the company's quarterly dividend of $0.21 per share is more than well-covered. However, the dividend coverage gets a bit tighter when you adjust FFO for recurring capital expenditures, straight-line rents, tenant improvements, and leasing commissions. I interpret that to mean that dividend growth isn't immediately in the cards. Overall, though, the company looks healthy, and a number of metrics I follow are trending in the right direction. Since the company sells for a discount to the net asset values I've seen, I think the combination of yield and potential appreciation make this an interesting opportunity in the long term. All the same, it will likely require some patience.

Further REIT-related Foolishness:

HRPT Properties Trust is a Motley Fool Income Investor recommendation, and Tyco International is a Motley Fool Inside Value selection.

Nathan Parmelee has no financial interest in any of the companies mentioned. The Motley Fool has an ironclad disclosure policy.