Franklin Street Properties Corp. Announces Lease Extension with CITGO Petroleum Corporation
Franklin Street Properties Corp. (FSP) announced a lease amendment with CITGO Petroleum Corporation, extending the lease term of CITGO's 250,000 square foot headquarters at Eldridge Green in Houston, Texas, for approximately 11 years, from February 28, 2022, to March 31, 2033. FSP's CEO, George J. Carter, expressed satisfaction with the ongoing relationship with CITGO. FSP is focused on value-oriented investments in U.S. markets, operating as a real estate investment trust (REIT) for federal income tax purposes.
- Lease extension with CITGO enhances long-term rental income until March 31, 2033.
- Strengthens FSP's relationship with a major tenant, potentially stabilizing occupancy rates.
- None.
Franklin Street Properties Corp. (“FSP”, “its”, “our” or “we”) (NYSE American: FSP), a real estate investment trust (REIT), announced today that it entered into a lease amendment with existing tenant CITGO Petroleum Corporation at its Eldridge Green property in Houston, Texas. The amendment extends the primary term of CITGO’s approximately 250,000 square foot headquarters lease by approximately 11 years, from February 28, 2022 to March 31, 2033.
George J. Carter, Chairman and Chief Executive Officer of FSP, commented as follows:
“We greatly value and are pleased to continue our long-standing relationship with CITGO Petroleum Corporation.”
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.
Forward-Looking Statements
Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020, as the same may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
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