Franklin Street Properties Corp. Announces the Completion of the Sale of 50 Northwest Point in Elk Grove Village, Illinois for $29.1 Million

Rhea-AI Summary

Franklin Street Properties Corp. (NYSE American: FSP) has completed the sale of the property located at 50 Northwest Point in Elk Grove Village, Illinois, for gross proceeds of $29.1 million. The company anticipates recording a gain of approximately $8.4 million in Q1 2023 related to this sale. Proceeds from this transaction will primarily be utilized for debt reduction. The announcement underscores FSP's commitment to financial prudence and long-term growth strategies within the real estate market, specifically focusing on value-oriented investments in key U.S. regions.

Positive

• The sale of 50 Northwest Point generated gross proceeds of $29.1 million.
• Expected gain of $8.4 million from the sale will positively impact Q1 2023 earnings.
• Proceeds will be used for debt reduction, enhancing financial stability.

Negative

• None.

WAKEFIELD, Mass.--(BUSINESS WIRE)-- Franklin Street Properties Corp. (the “Company”, “FSP”, “our” or “we”) (NYSE American: FSP), a real estate investment trust (REIT), announced today the completion of the sale of 50 Northwest Point in Elk Grove Village, Illinois (the “Property”) for gross proceeds of $29.1 million.

The Company expects to record a gain of approximately $8.4 million in the first quarter of 2023 in connection with the sale of the Property.

George J. Carter, Chairman and Chief Executive Officer of FSP, commented as follows:

“We are pleased to announce the completion of the sale of the Property. We intend to use proceeds from the sale of the Property primarily for debt reduction.”

This press release, along with other news about FSP, is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

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, 2022, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005333/en/

For Franklin Street Properties Corp.

Georgia Touma, 877-686-9496

Source: Franklin Street Properties Corp.