Franklin Street Properties Corp. Announces the Completion of the Sale of Meadow Point and 4807 Stonecroft in Chantilly, Virginia for Aggregate Gross Proceeds of $40 Million

Rhea-AI Summary

Franklin Street Properties Corp. (FSP) has completed the sale of Meadow Point and 4807 Stonecroft in Chantilly, Virginia, yielding aggregate gross proceeds of $40 million. This brings total disposals for 2021 to approximately $600 million. The proceeds will be utilized for debt reduction, stock repurchases, potential special dividends to meet REIT requirements, and general corporate purposes, enhancing the company's financial flexibility.

Positive

• Completion of property sales totaling $40 million.
• Total disposals in 2021 reach approximately $600 million.
• Proceeds earmarked for debt reduction and stock repurchases.

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 Meadow Point and 4807 Stonecroft in Chantilly, Virginia (together, the “Properties”) for aggregate gross proceeds of $40 million.

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 Properties. We have now completed dispositions for aggregate gross proceeds of approximately $600 million to date in 2021. As previously communicated, we intend to use the proceeds from dispositions for debt reduction, repurchases of our common stock, any special dividends required to meet REIT requirements, and other general corporate purposes.”

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, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116006359/en/

For Franklin Street Properties Corp.

Georgia Touma, 877-686-9496

Source: Franklin Street Properties Corp.

FAQ

What is the recent property sale by Franklin Street Properties Corp. (FSP)?

FSP completed the sale of Meadow Point and 4807 Stonecroft in Chantilly, Virginia, for $40 million.

How much has Franklin Street Properties Corp. (FSP) raised from property sales in 2021?

FSP has raised approximately $600 million from property sales in 2021.

What will Franklin Street Properties Corp. (FSP) do with the proceeds from the property sale?

The proceeds will be used for debt reduction, stock repurchases, and meeting potential special dividend requirements.

Where can I find more information about Franklin Street Properties Corp. (FSP)?

More information about FSP is available on their Investor Relations website.