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Franklin Street Properties Corp (FSP) is a prominent real estate investment trust (REIT) headquartered in Wakefield, Massachusetts. Specializing in institutional-quality office properties, FSP's primary focus lies in major U.S. markets, particularly in urban infill and central business district (CBD) areas. The company’s core markets include Atlanta, Dallas, Denver, Houston, and Minneapolis, regions known for their strong economic fundamentals and growth potential.
Founded in 1997 and publicly traded since June 2005, FSP has established a robust strategy centered on acquiring and managing value-oriented investments aimed at long-term growth and current income. The company’s primary real estate operations encompass property acquisitions, leasing, development, asset management, and dispositions. These activities generate rental income, interest income from secured loans, and fee income from asset management services.
FSP prides itself on a selective investment approach, focusing on properties that promise value appreciation and stable income streams. This approach has facilitated significant achievements, including the development of high-quality office spaces and strategic partnerships that enhance property value and tenant satisfaction.
Recent endeavors include the acquisition and development of key office properties in target markets, aligning with FSP's vision of fostering urban growth and facilitating business operations in thriving economic hubs. The company continuously seeks opportunities for property upgrades and efficient asset management to maximize shareholder value.
Financially, FSP maintains a stable condition characterized by prudent financial management and strategic capital allocation. The company's revenue streams from leasing activities, property sales, and management fees underscore its diversified income portfolio, ensuring resilience against market fluctuations.
Franklin Street Properties Corp. (FSP) has reported a strong execution of its 2021 strategy, focusing on debt reduction and property leasing. The company reduced its total debt by approximately 53% to about $475 million through significant repayments.
FSP also sold eight properties for around $563 million, exceeding expectations, and increased its disposition guidance range to approximately $563 million to $600 million. Positive leasing activity included 329,000 square feet leased in Q3 2021, with a new lease of 100,000 square feet in Atlanta. FSP anticipates declaring a special dividend in January 2022.
Franklin Street Properties Corp. (FSP) will release its third-quarter 2021 results on November 8, 2021, after market close. A conference call/webcast is scheduled for November 9, 2021, at 11:00 AM ET to discuss the results. Investors can access the call by dialing 1-800-464-8240 or internationally at 1-412-902-6521. The live audio webcast will be available on the Company's website.
Based in Wakefield, Massachusetts, FSP focuses on office properties in the U.S. Sunbelt and Mountain West regions, seeking value-oriented investments.
Franklin Street Properties Corp. (FSP) has declared a regular quarterly dividend of $0.09 per share for the period from July 1, 2021 to September 30, 2021. The dividend is payable on November 11, 2021 to stockholders of record as of October 22, 2021. This decision reflects FSP's ongoing commitment to providing income to its shareholders while focusing on infill and CBD office properties across the U.S. Sunbelt and Mountain West regions.
Franklin Street Properties Corp. (FSP) reported its second-quarter results for 2021, focusing on debt reduction and leasing efforts. Key highlights include:
- Sold 4 properties, raising $237 million, primarily used to repay $155 million of term loans and $47.5 million under a credit line.
- GAAP net income of $16.2 million ($0.15 per share) and FFO of $14.8 million ($0.14 per share).
- Leased 563,000 square feet in H1 2021; 78.5% of properties leased as of June 30, 2021.
- Dividend of $0.09 per share declared for Q2 2021, payable on August 5, 2021.
Franklin Street Properties Corp. (FSP) will announce its second quarter 2021 results after market close on August 3, 2021. A conference call/webcast to discuss these results is scheduled for August 4, 2021, at 11:00 AM ET. Interested participants can access the call by dialing 1-800-464-8240 or listen via a live audio webcast on the company’s website. FSP focuses on value-oriented office properties in the U.S. Sunbelt and Mountain West regions, aiming for long-term growth and current income.
Franklin Street Properties Corp. (FSP) has declared a quarterly dividend of $0.09 per share for the period from April 1, 2021, to June 30, 2021. This dividend is payable on August 5, 2021 to stockholders of record as of July 16, 2021. The company focuses on value-oriented investments in U.S. Sunbelt and Mountain West office properties, aiming for long-term growth and current income. For more details, visit www.fspreit.com.
Franklin Street Properties Corp. (FSP) has authorized a share buyback program of up to $50 million. Purchases will occur in the open market or through other permissible means, determined by market conditions and legal requirements. CEO George J. Carter stated that part of the proceeds from previously announced asset sales, expected to yield between $350 million and $450 million, might be allocated for this buyback. The goal is to enhance shareholder value by addressing the discrepancy between the stock price and the intrinsic value of assets.
Franklin Street Properties Corp. (FSP) announced the successful sale of three properties for total gross proceeds of $219.5 million. This transaction is expected to generate a gain of approximately $23 million in Q2 2021. The sale contributes significantly to FSP's target of $350 million to $450 million in asset disposals for the year, with proceeds primarily aimed at debt reduction. CEO George J. Carter expressed satisfaction with the completion of this strategic divestment, aligning with the company's focus on long-term growth and value-oriented investments.
Franklin Street Properties Corp. (FSP) reported its Q1 2021 results, revealing a GAAP net loss of $6.5 million and funds from operations (FFO) of $18.0 million. The company aims to achieve $350-$450 million in property sales for debt reduction. Leasing activities are showing signs of recovery, with 800,000 square feet of prospective tenants. The portfolio's occupancy rate stands at 81.0%. A quarterly dividend of $0.09 per share was declared, payable on May 7, 2021. The company has suspended full-year Net Income and FFO guidance due to uncertainties regarding property dispositions.
Franklin Street Properties Corp. (FSP) will announce its Q1 2021 financial results on May 4, 2021, after market close. A conference call to discuss these results is scheduled for May 5, 2021, at 11:00 AM ET. Interested parties can join the call via phone or through a live audio webcast on the company’s website. FSP focuses on investing in U.S. Sunbelt and Mountain West office properties and aims for long-term growth and income as a real estate investment trust (REIT). Investors are encouraged to check the Investor Relations section of their website for updates.
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