Franklin Street Properties Corp. Assesses Impact of Hurricane Beryl

Rhea-AI Summary

Franklin Street Properties Corp. (FSP) has announced the impact of Hurricane Beryl on its properties in Texas.

Properties in Houston experienced minimal effects and remain fully operational. Dallas properties were unaffected.

The company will provide updates if there are any material changes.

CEO George J. Carter extended gratitude to first responders and expressed sympathy for those affected by the hurricane.

For more information, visit FSP's Investor Relations section at www.fspreit.com.

Positive

• Properties in Houston were minimally impacted and are fully operational.
• Properties in Dallas were not affected by the hurricane.

Negative

• None.

WAKEFIELD, Mass.--(BUSINESS WIRE)-- Franklin Street Properties Corp. (the “Company” or “FSP”) (NYSE American: FSP) announced today that it has assessed the impact of Hurricane Beryl and its aftermath on its properties located in Texas. FSP’s properties in Houston were minimally impacted by Hurricane Beryl, have power, and are fully operational and open for business. FSP’s properties in Dallas were not impacted by Hurricane Beryl. The Company will provide updates in the event of a material change.

“On behalf of Franklin Street Properties, we extend our heartfelt thoughts and prayers to everyone impacted by Hurricane Beryl and its aftermath,” stated George J. Carter, Chairman and Chief Executive Officer of FSP. “We are especially grateful to the first responders who have worked and continue to work tirelessly to ensure the safety of the entire community.”

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, 2023, 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/20240710826712/en/

For Franklin Street Properties Corp.

Georgia Touma, 877-686-9496

Source: Franklin Street Properties Corp.

FAQ

How did Hurricane Beryl impact Franklin Street Properties' assets in Texas?

FSP's Houston properties were minimally impacted and are fully operational. Dallas properties were not affected.

Are Franklin Street Properties' Houston and Dallas assets operational after Hurricane Beryl?

Yes, both Houston and Dallas properties are operational. Houston properties experienced minimal impact and Dallas properties were not affected.

What has Franklin Street Properties said regarding Hurricane Beryl?

FSP reported minimal impact on its Houston properties, which are fully operational. Dallas properties were unaffected.

Will Franklin Street Properties provide updates on Hurricane Beryl's impact?

Yes, FSP will provide updates in the event of any material changes.