Franklin Street Properties Corp. Declares Quarterly Dividend
April 06 2018 - 4:30PM
Business Wire
Franklin Street Properties Corp. (“FSP”, “our” or “we”) (NYSE
American: FSP) announced today that its Board of Directors declared
a regular quarterly dividend of $0.09 per share of common stock for
the period January 1, 2018 through March 31, 2018, payable on May
10, 2018 to stockholders of record as of April 20, 2018.
George J. Carter, Chairman and Chief Executive Officer of FSP,
commented as follows:
"The declared quarterly dividend of $0.09 per share of common
stock represents a $0.10 reduction from the $0.19 per share of
common stock quarterly dividend that FSP has paid since August
2008. As indicated in our fourth quarter 2017 earnings press
release, the transition of FSP’s property portfolio from a suburban
to a primarily urban orientation has generally resulted in higher
leasing costs per square foot but longer lease terms and higher
rental rates. We anticipate that we will have the opportunity to do
significant leasing in the property portfolio during 2018 and 2019
with the objective of achieving 92% to 94% stabilized occupancy.
While some of the leasing to be done is rollover space from
existing tenant lease expirations, a large amount is associated
with value-add opportunities that exist in currently vacant space
in many of our recently acquired urban-infill properties.
"The currently declared dividend of $0.09 per share of common
stock has been set at a level that our Board of Directors believes
will better enable us to fund anticipated capital expenditures and
leasing costs from internal cash flow and that will more closely
align our percentage of AFFO (adjusted funds from operations)
payout with other office REITs (real estate investment trusts).
"We believe that this action, together with the strength of our
balance sheet, which includes over $500 million in available
liquidity under our revolving line of credit, allows us to add
value to our property portfolio through competitive lease deals and
targeted capital improvements, while also enabling us to grow
property NOI (net operating income) over time.”
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 investing in institutional-quality
office properties in the U.S. FSP’s strategy is to invest in select
urban infill and central business district (CBD) properties, with
primary emphasis on our five core markets of Atlanta, Dallas,
Denver, Houston, and Minneapolis. 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, such as
expectations for dividend levels in future periods, our ability to
lease space in the future, expectations for property NOI and AFFO
levels in future periods, expectations for growth and leasing
activities in future periods, and expectations for future leasing
costs, capital expenditure amounts and rental rates, that are based
on current judgments and current knowledge of management and 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, including without limitation, economic conditions in
the United States, changes in interest rates, disruptions in the
debt markets, economic conditions in the markets in which we own
properties, risks of a lessening of demand for the types of real
estate owned by us, changes in government regulations and
regulatory uncertainty, uncertainty about governmental fiscal
policy, geopolitical events and expenditures that cannot be
anticipated such as utility rate and usage increases, delays in
construction schedules, unanticipated repairs, additional staffing,
insurance increases and real estate tax valuation reassessments.
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, 2017, 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, acquisitions, dispositions, performance or
achievements. We will not update any of the forward-looking
statements after the date of this press release to conform them to
actual results or to changes in our expectations that occur after
such date, other than as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180406005574/en/
For Franklin Street Properties Corp.Georgia Touma,
877-686-9496
Franklin Street Properties (AMEX:FSP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Franklin Street Properties (AMEX:FSP)
Historical Stock Chart
From Apr 2023 to Apr 2024