Exhibit 99.2

 

 

Supplemental Operating and Financial Data Fourth Quarter 2011

 

 

 

Franklin Street Properties Corp. ● 401 Edgewater Place ● Wakefield, MA 01880 ● (781) 557-1300

 

www.franklinstreetproperties.com

 

 

	Page			Page
Company Overview	3-5		Tenant Analysis
			20 Largest tenants with annualized rent and remaining term	20
Key Financial Data			20 Largest Tenants, Industry Profile	21
Financial Highlights	6		Lease Expirations by Square Feet	22
Management’s Key Operating Measures	7		Lease Expirations with annualized rent per square foot	23
Income Statements	8		Percentage of Leased Space by Property	24
EPS, FFO, GOS and FFO+GOS	9
Balance Sheets	10		Transactional Drivers
Cash Flow Statements	11		Capital Recycling	25
Segment Information	12		Investment Banking Performance	26
Property Net Operating Income (NOI): Cash and GAAP Basis	13
Capital Analysis	14		FFO and FFO+GOS Reconciliations	27
			FFO and FFO+GOS Definitions	28
Portfolio Overview			FAD Reconciliation and Definition	29
Property by Form of FSP Participation	15		EBITDA Reconciliation and Definition	30
Regional Analysis and Map	16		NOI Reconciliation and Definition	31
Owned Property List	17
Properties with annualized rent per square foot	18
Capital Expenditures	19

 

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP’s current expectations include general economic conditions, local real estate conditions, the performance of properties that FSP has acquired or may acquire, the timely lease-up of properties and other risks, detailed from time to time in FSP’s SEC reports. FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 

 

Overview

 

Franklin Street Properties Corp. (“FSP”, “we”, “our” or the “Company”) (NYSE Amex: FSP) is an investment firm focused on achieving current income and long-term growth through investments in commercial properties. FSP’s portfolio of real estate assets consists primarily of suburban office buildings and includes select investments in central business district (CBD) properties. FSP’s real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. FSP’s subsidiary, FSP Investments LLC (member, FINRA and SIPC), is a real estate investment banking firm and registered broker/dealer that previously sponsored the organization of single-purpose entities that own real estate and the private placement of equity in those entities, which we refer to as “Sponsored REITs”.

 

Our Business

 

As of December 31, 2011, the Company owned and operated a portfolio of real estate consisting of 36 properties, managed 16 Sponsored REITs and held seven promissory notes secured by mortgages on real estate owned by Sponsored REITs. From time-to-time, the Company may acquire real estate, make additional secured loans or acquire one of its Sponsored REITs. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, or for geographic or property specific reasons.

 

Strategy

 

FSP’s investment strategy is to make direct investments in real estate assets. Our primary type of real estate asset is suburban office properties. The Company believes that real estate, in general, and suburban office real estate, in particular, is a cyclical asset class, and FSP tries to minimize the risk of investing in that cyclical asset class by maintaining a low to moderate level of debt at the corporate level and historically has not had secured debt at the property level. FSP believes that matching a low to moderate leverage ratio with investments in the cyclical suburban office asset class will allow it to take advantage of disposition opportunities during peaks in the cycles and protect its investments from foreclosure or refinancing risk during the lows of the cycles. In addition to maintaining modest leverage, FSP believes that it can lower investment risk while enhancing current income and long-term appreciation potential through geographical diversification by owning a portfolio of properties in varied markets that have sound long-term economic growth potential.

 

Snapshot
(as of December 31, 2011)
Corporate Headquarters	Wakefield, MA
Fiscal Year-End	31-Dec
Total Properties	36
Total Square Feet	7.1 Million
Common Shares Outstanding	82,937,405
Quarterly Dividend	$0.19
Dividend Yield	7.64%
Total Market Capitalization	$1.3 Billion
Insider Holdings	11.9%

 

 

FSP selects acquisitions based on market and/or property specific criteria, and actively manages the properties to maximize current income and long term appreciation in value. Attempting to invest more heavily in property near the perceived bottom of market cycles and likewise disposing of properties near the perceived top of the market cycles is a natural consequence of our flexible lower leverage model. Proceeds from property sales are redeployed into other specific real estate assets, used for other corporate purposes and/or paid out to shareholders as special dividends

 

Structure of the Company

 

FSP has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of our adjusted taxable income to our shareholders. Management intends to continue to adhere to these requirements and to maintain our REIT status. As a REIT we are entitled to a tax deduction for some or all of the dividends we pay to shareholders. Accordingly, we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income to shareholders.

 

Dividend Philosophy

 

FSP has been able to offer shareholders high-quality, risk-adjusted returns. The ongoing and recurring rental revenue stream provides stability to our regular quarterly dividend. In addition, the possibility exists for the payment of annual special dividends resulting from the sale of properties in the portfolio.

 

Board of Directors and Management
George J. Carter		Dennis J. McGillicuddy		Scott H. Carter
President, Chief Executive Officer		Director, Member, Audit Committee  and		Executive Vice President, General
Chairman of the Board		Member, Compensation Committee		Counsel and Assistant Secretary
Barbara J. Fournier		Georgia Murray		Jeffrey B. Carter
Executive Vice President,  Chief Operating Officer,		Director, Chair, Compensation Committee and		Executive Vice President and
Treasurer, Secretary and Director		Member, Audit Committee		Chief Investment Officer
Janet Notopoulos		Barry Silverstein		John G. Demeritt
Executive Vice President and Director		Director, Member, Audit Committee  and		Executive Vice President and
		Member, Compensation Committee		Chief Financial Officer
John N. Burke
Director, Chair, Audit Committee and
Member, Compensation Committee

 

 

Corporate Headquarters		Trading Symbol		Inquiries
401 Edgewater Place, Suite 200		NYSE Amex		Inquiries should be directed to:
Wakefield, MA 01880		Symbol: FSP		John Demeritt, CFO
(t) 781-557-1300				877-686-9496 or InvestorRelations@
(f) 781-246-2807				franklinstreetproperties.com
www.franklinstreetproperties.com

 

Common Stock Data (NYSE Amex: FSP)
	For the Three Months Ended
	31-Dec-11	30-Sep-11	30-Jun-11	31-Mar-11	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10
High Price	$      13.08	$      13.91	$      14.25	$      15.63	$      14.42	$      12.86	$      15.70	$    15.01
Low Price	$        9.90	$      10.49	$      12.00	$      13.52	$      12.20	$      10.99	$      11.04	$    11.64
Closing Price, at the end of the quarter	$        9.95	$      11.31	$      12.91	$      14.07	$      14.25	$      12.42	$      11.81	$    14.43
Dividends paid per share – quarterly	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
Closing dividend yield – annualized	7.64%	6.72%	5.89%	5.40%	5.33%	6.12%	6.44%	5.27%
Common shares outstanding (millions)	82.94	82.94	81.44	81.44	81.44	79.84	79.68	79.68

 

 

Timing

 

Quarterly and Annual results are expected to be announced during the week ending on these dates:

 

First Quarter:	4-May-12		Third Quarter:	2-Nov-12
Second Quarter:	3-Aug-12		Fourth Quarter:	1-Mar-13

 

 

																		For the																				For the
		For the Three Months Ended																Year Ended				For the Three Months Ended																Year Ended
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Dec-11				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				31-Dec-10
Income Items:
Revenue:
Rental		$	31,100			$	33,605			$	33,672			$	37,014			$	135,391			$	28,588			$	27,046			$	29,222			$	29,782			$	114,638
Related party revenue			808				1,150				1,037				1,051				4,046				533				559				629				719				2,440
Other			6				7				7				29				49				8				6				20				54				88
Total revenue			31,914				34,762				34,716				38,094				139,486				29,129				27,611				29,871				30,555				117,166
Total expenses			28,288				31,201				31,772				33,685				124,946				24,448				23,408				26,231				27,428				101,515
Income before interest income, equity in earnings in non-consolidated REITs and taxes			3,626				3,561				2,944				4,409				14,540				4,681				4,203				3,640				3,127				15,651
Interest income			11				5				3				3				22				8				9				4				4				25
Equity in earnings in non-consolidated REITs			968				1,166				573				978				3,685				253				380				405				228				1,266
Income before taxes			4,605				4,732				3,520				5,390				18,247				4,942				4,592				4,049				3,359				16,942
Income tax expense (benefit)			50				68				67				82				267				57				57				48				55				217
Income from continuing operations			4,555				4,664				3,453				5,308				17,980				4,885				4,535				4,001				3,304				16,725
Income from discontinued operations			619				3,371				(139	)			(246	)			3,605				677				1,418				758				2,515				5,368
Gain on sale of assets			19,593				2,346				—				—				21,939				—				—				—				—				—
Net income		$	24,767			$	10,381			$	3,314			$	5,062			$	43,524			$	5,562			$	5,953			$	4,759			$	5,819			$	22,093
FFO+GOS*:
FFO		$	16,250			$	20,140			$	16,362			$	18,457			$	71,209			$	16,650			$	16,702			$	16,052			$	17,519			$	66,923
GOS			19,593				2,346				—				—				21,939				—				—				—				—				—
FFO+GOS		$	35,843			$	22,486			$	16,362			$	18,457			$	93,148			$	16,650			$	16,702			$	16,052			$	17,519			$	66,923
Per Share Data:
EPS		$	0.30			$	0.13			$	0.04			$	0.06			$	0.53			$	0.07			$	0.07			$	0.06			$	0.07			$	0.28
FFO			0.20				0.25				0.20				0.22				0.87				0.21				0.21				0.20				0.22				0.84
GOS			0.24				0.03				—				—				0.27				—				—				—				—				—
FFO+GOS			0.44				0.28				0.20				0.22				1.14				0.21				0.21				0.20				0.22				0.84
Weighted Average Shares (diluted)			81,437				81,437				81,600				82,937				81,857				79,681				79,681				79,751				80,187				79,826
Balance Sheet Items:
Real estate, net		$	979,560			$	976,131			$	997,258			$	1,006,221			$	867,608			$	778,409			$	798,058			$	796,289			$	862,698			$	862,698
Other assets, net			387,342				327,633				348,526				402,440				402,440				372,139				387,141				391,270				376,037				376,037
Total assets, net			1,366,902				1,303,764				1,345,784				1,408,661				1,238,735				1,150,548				1,185,199				1,187,559				1,238,735				1,238,735
Total liabilities, net			435,801				377,374				413,784				487,294				487,294				222,771				266,347				277,272				317,177				317,177
Shareholders' equity			931,101				926,390				932,000				921,367				921,367				927,777				918,852				910,287				921,558				921,558

 

* See page 27 for a reconciliation of Net Income to FFO and FFO+GOS and page 28 for definitions of FFO and FFO+GOS

 

 

 

 

 

* See page 27 for a reconciliation of Net Income to FFO and FFO+GOS (Total Profits) and page 28 for definitions of FFO and FFO+GOS

 

 

																		For the																				For the
		For the Three Months Ended																Year Ended				For the Three Months Ended																Year Ended
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Dec-11				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				31-Dec-10
Revenue:
Rental		$	31,099			$	33,606			$	33,672			$	37,014			$	135,391			$	28,588			$	27,046			$	29,222			$	29,782			$	114,638
Related party revenue:
Management fees and interest income from loans			808				1,150				1,037				1,051				4,046				533				559				629				719				2,440
Other			6				7				7				29				49				8				6				20				54				88
Total revenue			31,913				34,763				34,716				38,094				139,486				29,129				27,611				29,871				30,555				117,166
Expenses:
Real estate operating expenses			8,730				8,765				9,328				9,862				36,685				7,949				7,335				8,714				9,602				33,600
Real estate taxes and insurance			4,759				5,228				5,020				5,426				20,433				4,973				4,038				4,636				4,430				18,077
Depreciation and amortization			10,745				12,029				12,351				13,124				48,249				8,427				8,446				9,589				9,694				36,156
Selling, general and administrative			1,645				1,602				1,654				2,012				6,913				1,447				1,854				1,400				1,698				6,399
Interest			2,408				3,578				3,419				3,261				12,666				1,652				1,735				1,892				2,004				7,283
Total expenses			28,287				31,202				31,772				33,685				124,946				24,448				23,408				26,231				27,428				101,515
Income before interest income, equity in earnings of non-consolidated REITs and taxes			3,626				3,561				2,944				4,409				14,540				4,681				4,203				3,640				3,127				15,651
Interest income			11				5				3				3				22				8				9				4				4				25
Equity in earnings of non-consolidated REITs			968				1,166				573				978				3,685				253				380				405				228				1,266
Income before taxes on income			4,605				4,732				3,520				5,390				18,247				4,942				4,592				4,049				3,359				16,942
Income tax expense (benefit)			50				68				67				82				267				57				57				48				55				217
Income from continuing operations			4,555				4,664				3,453				5,308				17,980				4,885				4,535				4,001				3,304				16,725
Income from discontinued operations			619				3,371				(139	)			(246	)			3,605				677				1,418				758				2,515				5,368
Gain on sale of assets			19,593				2,346				—				—				21,939				—				—				—				—				—
Net income		$	24,767			$	10,381			$	3,314			$	5,062			$	43,524			$	5,562			$	5,953			$	4,759			$	5,819			$	22,093
Weighted average number of shares outstanding, basic and diluted			81,437				81,437				81,600				82,937				81,857				79,681				79,681				79,751				80,187				79,826
Earnings per share, basic and diluted, attributable to:
Continuing operations		$	0.06			$	0.06			$	0.04			$	0.06			$	0.22			$	0.06			$	0.06			$	0.05			$	0.04			$	0.21
Discontinued operations			0.01				—				(0.00	)			(0.00	)			0.04				0.01				0.02				0.01				0.03				0.07
Gains on sales of assets			0.24				0.03				—				—				0.27				—				—				—				—				—
Net income per share, basic and diluted		$	0.30			$	0.13			$	0.04			$	0.06			$	0.53			$	0.07			$	0.07			$	0.06			$	0.07			$	0.28

 

 

 

 

* See page 27 for a reconciliation of Net Income to FFO and FFO+GOS (Total Profits) and page 28 for definitions of FFO and FFO+GOS

 

 

		March 31,				June 30,				September 30,				December 31,				March 31,				June 30,				September 30,				December 31,
		2011				2011				2011				2011				2010				2010				2010				2010
Assets:
Real estate assets:
Land		$	129,800			$	129,800			$	134,711			$	137,503			$	113,092			$	121,720			$	121,720			$	121,720
Buildings and improvements			978,876				982,821				1,006,814				1,020,449				840,963				857,445				861,269				863,317
Fixtures and equipment			600				726				761				856				354				458				458				578
			1,109,276				1,113,347				1,142,286				1,158,808				954,409				979,623				983,447				985,615
Less accumulated depreciation			129,716				137,216				145,028				152,587				103,745				110,033				116,348				122,917
Real estate assets, net			979,560				976,131				997,258				1,006,221				850,664				869,590				867,099				862,698
Acquired real estate leases, net			85,290				81,455				91,585				91,613				30,822				45,871				43,185				40,578
Investment in non-consolidated REITs			88,652				88,654				88,225				87,598				91,787				90,782				89,995				89,327
Assets held for syndication, net			47,630				11,206				4,720				—				2,791				—				—				2,976
Assets held for sale			5,108				—				—				—				76,879				76,234				75,590				74,947
Cash and cash equivalents			49,488				28,881				44,047				23,813				22,815				21,487				20,554				68,213
Restricted cash			440				459				477				493				50				59				55				420
Tenant rent receivables, net			1,688				1,846				1,418				1,460				1,385				900				2,123				1,922
Straight-line rent receivable, net			20,838				23,745				26,067				28,545				13,805				14,463				15,583				18,584
Prepaid expenses			1,400				1,255				2,553				1,223				2,236				2,280				2,511				1,654
Related party mortgage loan receivable			60,116				61,916				61,916				140,516				41,325				46,270				53,756				57,684
Other assets			6,339				6,237				5,219				4,538				1,220				1,620				1,387				1,356
Deferred leasing commissions, net			20,353				21,979				22,299				22,641				15,652				16,494				16,540				18,376
Total assets		$	1,366,902			$	1,303,764			$	1,345,784			$	1,408,661			$	1,151,431			$	1,186,050			$	1,188,378			$	1,238,735
Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable		$	404,000			$	345,000			$	375,000				449,000			$	119,968			$	162,968			$	167,968			$	209,968
Term loan payable			—				—				—				—				75,000				75,000				75,000				74,850
Accounts payable and accrued expenses			20,562				21,431				28,258				26,446				20,467				18,766				25,064				22,435
Accrued compensation			603				1,070				1,383				2,222				274				1,040				1,334				1,803
Tenant security deposits			2,533				2,476				2,453				2,008				1,696				2,004				1,922				1,930
Other liabilities: derivative termination value			828				447				63				—				1,995				1,735				1,416				1,077
Acquired unfavorable real estate leases, net			7,275				6,950				6,627				7,618				4,254				5,685				5,387				5,114
Total liabilities			435,801				377,374				413,784				487,294				223,654				267,198				278,091				317,177
Commitments and contingencies
Stockholders’ Equity:
Preferred stock			—				—				—				—				—				—				—				—
Common stock			8				8				8				8				8				8				8				8
Additional paid-in capital			1,025,491				1,025,491				1,042,876				1,042,876				1,003,712				1,003,712				1,005,211				1,025,491
Accumulated other comprehensive loss			(828	)			(447	)			(63	)			—				(1,995	)			(1,735	)			(1,416	)			(1,077	)
Accumulated distributions in excess of accumulated earnings			(93,570	)			(98,662	)			(110,821	)			(121,517	)			(73,948	)			(83,133	)			(93,516	)			(102,864	)
Total stockholders’ equity			931,101				926,390				932,000				921,367				927,777				918,852				910,287				921,558
Total liabilities and stockholders’ equity		$	1,366,902			$	1,303,764			$	1,345,784			$	1,408,661			$	1,151,431			$	1,186,050			$	1,188,378			$	1,238,735

 

 

		Twelve Months ended December 31
		2011				2010				2009
Cash flows from operating activities:
Net income		$	43,524			$	22,093			$	27,872
Adjustments to reconcile net income to net cash         provided by  operating activities:
Gains on assets sold			(21,939	)			—				(424	)
Depreciation and amortization expense			50,261				39,627				36,561
Amortization of above market lease			(47	)			1,362				3,359
Equity in earnings (losses) from non-consolidated REITs			(3,086	)			(1,183	)			(2,012	)
Distributions from non-consolidated REITs			3,474				1,633				2,283
Increase in bad debt reserve			(365	)			980				111
Changes in operating assets and liabilities:
Restricted cash			(73	)			(86	)			2
Tenant rent receivables			827				(1,120	)			(564	)
Straight-line rents			(9,878	)			(4,249	)			(1,879	)
Prepaid expenses and other assets			1,611				865				907
Accounts payable and accrued expenses			4,213				(351	)			2,760
Accrued compensation			419				387				(238	)
Tenant security deposits			78				122				(66	)
Payment of deferred leasing commissions			(8,058	)			(10,515	)			(2,659	)
Net cash provided by operating activities			60,961				49,565				66,013
Cash flows from investing activities:
Purchase of real estate assets, office computers and furniture, capitalized merger costs and acquired real estate leases			(236,250	)			(54,344	)			(132,323	)
Investment in non-consolidated REITs			(10	)			(11	)			(13,218	)
Distributions in excess of earnings from non-consolidated REITs			1,582				3,537				3,345
Investment in related party mortgage loan receivable			(82,832	)			(21,149	)			(35,410	)
Changes in deposits on real estate assets			200				(200	)			—
Investment in assets held for syndication, net			2,230				1,319				8,159
Proceeds received on sales of real estate assets			96,790				—				672
Net cash used in investing activities			(218,290	)			(70,848	)			(168,775	)
Cash flows from financing activities:
Distributions to stockholders			(62,177	)			(60,586	)			(55,313	)
Proceeds (costs) from equity offering, net			17,295				21,868				114,695
Borrowings under New Revolver, net			449,000				—				—
Borrowings (repayments) under Revolver			(209,968	)			100,960				41,540
Borrowing (repayment) of term loan payable, net			(74,850	)			(150	)			—
Deferred Financing Costs			(5,388	)			—				—
Swap termination payment			(983	)			—				—
Net cash provided by (used in) financing activities			112,929				62,092				100,922
Net decreases in cash and cash equivalents			(44,400	)			40,809				(1,840	)
Cash and cash equivalents, beginning of period			68,213				27,404				29,244
Cash and cash equivalents, end of period		$	23,813			$	68,213			$	27,404

 

 

		Year Ended December 31, 2011												Year Ended December 31, 2010												Year Ended December 31, 2009
		Real				Investment								Real				Investment								Real				Investment
		Estate				Banking (a)				Total				Estate				Banking (a)				Total				Estate				Banking (a)				Total
Revenue:
Rental Income		$	135,391			$	—			$	135,391			$	114,638			$	—			$	114,638			$	119,341			$	—			$	119,341
Syndication Fees			—				4,670				4,670				—				2,544				2,544				—				2,428				2,428
Transaction Fees			—				4,454				4,454				—				2,727				2,727				—				2,080				2,080
Management Fees & Interest Income			4,046				—				4,046				2,439				—				2,439				1,740				—				1,740
Other Income			49				42				91				89				—				89				61				—				61
Total Revenue			139,486				9,166				148,652				117,166				5,271				122,437				121,142				4,508				125,650
Expenses
Rental Operating Expenses			36,685				—				36,685				33,600				—				33,600				30,807				—				30,807
Real Estate Taxes and Insurance			20,433				—				20,433				18,077				—				18,077				18,892				—				18,892
Depreciation and Amortization			48,249				166				48,415				36,156				173				36,329				35,303				123				35,426
Selling, general  and administrative			7,291				3,052				10,343				6,399				2,887				9,286				4,452				4,062				8,514
Commissions and  Broker Expenses			—				2,535				2,535				—				1,477				1,477				—				1,801				1,801
Interest & Commitment Fees			12,666				—				12,666				7,283				—				7,283				6,570				—				6,570
Total Expenses			125,324				5,753				131,077				101,515				4,537				106,052				96,024				5,986				102,010
Income before Equity, Interest and Taxes			14,162				3,413				17,575				15,651				734				16,385				25,118				(1,478	)			23,640
Interest Income			22				14				36				24				1				25				92				4				96
Equity Income SARs			3,685				—				3,685				1,266				—				1,266				1,994				—				1,994
Income before Taxes			17,869				3,427				21,296				16,941				735				17,676				27,204				(1,474	)			25,730
Income Taxes			267				—				267				217				—				217				248				(827	)			(579	)
Income from continuing operations			17,602				3,427				21,029				16,724				735				17,459				26,956				(647	)			26,309
Income from discontinued operations			556				—				556				4,634				—				4,634				1,139				—				1,139
Gain on sale of assets			21,939				—				21,939				—				—				—				424				—				424
Net Income		$	40,097			$	3,427			$	43,524			$	21,358			$	735			$	22,093			$	28,519			$	(647	)		$	27,872
Funds From Operations (FFO)*
Net Income		$	40,097			$	3,427			$	43,524			$	21,358			$	735			$	22,093			$	28,519			$	(647	)		$	27,872
Gain on sale of assets, net			(21,939	)			—				(21,939	)			—				—				—				(424	)			—				(424	)
Equity in income of SARs			(4,490	)			—				(4,490	)			(1,190	)			—				(1,190	)			(2,012	)			—				(2,012	)
Cash received from SARs			5,056				—				5,056				5,170				—				5,170				5,628				—				5,628
Acquisition costs			620				—				620				125				—				125				643				—				643
Depreciation and amortization			48,273				166				48,439				40,551				173				40,724				39,529				123				39,652
Funds From Operations (FFO)*			67,617				3,593				71,210				66,014				908				66,922				71,883				(524	)			71,359
EPS		$	0.49			$	0.04			$	0.53			$	0.27			$	0.01			$	0.28			$	0.39			$	(0.01	)		$	0.38
FFO per Share*		$	0.83			$	0.04			$	0.87			$	0.83			$	0.01			$	0.84			$	0.99			$	(0.01	)		$	0.98
Weighted Average Shares											81,857												79,826												73,001

 

(a) Investment Banking was reclassified to Discontinued Operations for GAAP presentation, this presentation is for informational purposes. Discontinued Operations above are for properties sold only.

*See page 27 for a reconciliation of Net Income to FFO and FFO+GOS and page 28 for definitions of FFO and FFO+GOS

 

 

Property NOI Cash*

																										Year																				Year
										Three Months Ended																Ended				Three Months Ended																Ended
						31-Dec-11
Region			Division				Sq Feet				31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				2011				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				2010
Eastern			Mideast				1,441			$	3,476			$	3,840			$	3,573			$	4,139			$	15,028			$	4,031			$	4,390			$	5,551			$	4,931			$	18,903
Midwest			East North Central				792				1,586				1,057				1,116				1,691				5,450				1,103				1,574				1,184				1,123				4,984
			West North Central				1,102				2,405				2,909				3,010				2,887				11,211				2,034				2,000				2,991				3,028				10,053
							1,894				3,991				3,966				4,126				4,578				16,661				3,137				3,574				4,175				4,151				15,037
South			Southeast				600				2,068				2,023				2,027				1,893				8,011				2,307				2,251				2,285				1,917				8,760
			Southwest				2,028				3,747				4,907				5,399				6,189				20,242				4,234				4,238				3,597				3,564				15,633
							2,628				5,815				6,930				7,426				8,082				28,252				6,541				6,489				5,882				5,481				24,393
West			Mountain				790				922				1,311				1,144				1,619				4,996				3,254				2,212				810				894				7,170
			Pacific				299				518				523				518				530				2,089				443				491				498				480				1,912
							1,089				1,440				1,834				1,662				2,149				7,085				3,697				2,703				1,308				1,374				9,082
Total							7,052			$	14,722			$	16,570			$	16,787			$	18,948			$	67,026			$	17,406			$	17,156			$	16,916			$	15,937			$	67,415

 

Property NOI GAAP*

																										Year																				Year
										Three Months Ended																Ended				Three Months Ended																Ended
						31-Dec-11
Region			Division				Sq Feet				31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				2011				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				2010
Eastern			Mideast				1,441			$	4,007			$	4,486			$	4,427			$	5,157			$	18,077			$	4,666			$	5,002			$	5,992			$	5,362			$	21,022
Midwest			East North Central				792				1,552				1,027				1,164				2,017				5,760				1,110				1,602				1,210				1,166				5,088
			West North Central				1,102				2,886				2,986				3,040				2,935				11,847				2,164				2,106				3,136				3,135				10,541
							1,894				4,438				4,013				4,204				4,952				17,607				3,274				3,708				4,346				4,301				15,629
South			Southeast				600				1,572				2,093				2,117				1,988				7,770				2,356				2,355				2,359				2,033				9,103
			Southwest				2,028				4,629				6,558				6,173				6,777				24,137				4,404				4,395				3,797				3,778				16,374
							2,628				6,201				8,651				8,290				8,765				31,907				6,760				6,750				6,156				5,811				25,477
West			Mountain				790				1,162				1,715				1,494				1,927				6,298				3,229				2,502				1,100				1,231				8,062
			Pacific				299				555				577				600				621				2,353				497				533				524				513				2,067
							1,089				1,717				2,292				2,094				2,548				8,651				3,726				3,035				1,624				1,744				10,129
Total							7,052			$	16,363			$	19,442			$	19,015			$	21,422			$	76,242			$	18,426			$	18,495			$	18,118			$	17,218			$	72,257

 

*See page 31 for a reconciliation and definition of Net Income to Property NOI cash and Property NOI GAAP.

 

 

		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10
Market Data:
Shares Outstanding			81,437				81,437				82,937				82,937				79,681				79,681				79,837				81,437
Closing market price per share		$	14.07			$	12.91			$	11.31			$	9.95			$	14.43			$	11.81			$	12.42			$	14.25
Market capitalization		$	1,145,824			$	1,051,357			$	938,022			$	825,227			$	1,149,793			$	941,029			$	991,581			$	1,160,483
Total Debt			404,000				345,000				375,000				449,000				194,968				237,968				242,968			$	284,118
Total Market Capitalization		$	1,549,824			$	1,396,357			$	1,313,022			$	1,274,227			$	1,344,761			$	1,178,997			$	1,234,549			$	1,444,601
Dividend Data:
Total dividends paid		$	15,473			$	15,473			$	15,473			$	15,758			$	15,139			$	15,139			$	15,139			$	15,169
Common dividend per share		$	0.19			$	0.19			$	0.19			$	0.19			$	0.19			$	0.19			$	0.19			$	0.19
Quarterly dividend as a % of FFO*			95%				76%				95%				86%				90%				90%				95%				86%
Liquidity:
Cash and cash equivalents		$	49,488			$	28,881			$	44,047			$	23,813			$	22,815			$	21,487			$	20,554			$	68,213
Revolving credit facilities:
Gross potential available under current credit facilities			500,000				600,000				600,000				600,000				250,000				250,000				250,000				250,000
Less:
Outstanding balance			(404,000	)			(345,000	)			(375,000	)			(449,000	)			(119,968	)			(162,968	)			(167,968	)			(209,968	)
Total Liquidity		$	145,488			$	283,881			$	269,047			$	174,813			$	152,847			$	108,519			$	102,586			$	108,245

 

*See page 27 for a reconciliation of Net Income to FFO and FFO+GOS and page 28 for definitions of FFO and FFO+GOS

 

 

Property by Form of FSP Participation

 

	31-Dec-11	30-Sep-11	30-Jun-11	31-Mar-11	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10
Owned portfolio of commercial real estate:
Number of properties (1)	36	35	34	35	33	33	33	32
Square feet	7,052,068	6,929,891	6,747,815	6,845,176	6,422,357	6,417,299	6,418,835	5,942,299
Leased percentage	89%	88%	87%	88%	86%	82%	85%	85%
Investments in non-consolidated commercial real estate:
Number of properties	3	3	3	3	3	3	3	3
Square feet	2,001,542	1,998,575	1,996,457	1,995,932	1,995,913	1,998,519	1,998,519	1,995,041
Leased percentage	87%	83%	82%	85%	77%	76%	77%	78%
Single Asset REITs (SARs) managed:
Number of properties	13	13	13	13	12	11	11	11
Square feet *	3,322,639	3,322,638	3,322,569	3,325,694	2,915,896	2,702,287	2,406,370	2,406,370
Leased percentage*	80%	80%	79%	79%	75%	73%	76%	76%
Total owned, investments and managed properties:
Number of properties	52	51	50	51	48	47	47	46
Square feet *	12,376,249	12,251,104	12,066,841	12,166,802	11,334,166	11,118,105	10,823,724	10,343,710
Leased percentage*	86%	85%	84%	85%	81%	79%	82%	82%

 

(1) Includes asset held for sale for 12/31/10 and prior periods

*Prior to September 30, 2010, excludes a property that completed construction on July 9, 2010 with approximately 295,891 square feet

 

 

Owned:
Name	City	State	Region	Square Feet
Park Seneca	Charlotte	NC	East	109,550
Forest Park	Charlotte	NC	East	62,212
Emperor Boulevard	Durham	NC	East	259,531
Meadow Point	Chantilly	VA	East	138,537
Stonecroft	Chantilly	VA	East	111,469
Innsbrook	Glen Allen	VA	East	298,456
East Baltimore	Baltimore	MD	East	325,445
Loudoun Tech Center	Dulles	VA	East	135,888
Southfield Centre	Southfield	MI	MidWest	214,697
Northwest Point	Elk Grove Village	IL	MidWest	176,848
909 Davis	Evanston	IL	MidWest	195,245
River Crossing	Indianapolis	IN	MidWest	205,059
Timberlake	Chesterfield	MO	MidWest	232,766
Timberlake East	Chesterfield	MO	MidWest	116,197
Lakeside Crossing	Maryland Heights	MO	MidWest	127,778
Eden Bluff	Eden Prairie	MN	MidWest	153,028
121 South 8th Street	Minneapolis	MN	MidWest	472,616
Blue Lagoon Drive	Miami	FL	South	212,619
One Overton Place	Atlanta	GA	South	387,267
Willow Bend Office Center	Plano	TX	South	116,622
Legacy Tennyson Center	Plano	TX	South	202,600
One Legacy Circle	Plano	TX	South	214,110
Park Ten	Houston	TX	South	155,715
Addison Circle	Addison	TX	South	293,787
Collins Crossing	Richardson	TX	South	298,766
East Renner Road	Richardson	TX	South	122,300
Eldridge Green	Houston	TX	South	248,399
Park Ten Phase II	Houston	TX	South	156,746
Liberty Plaza	Addison	TX	South	218,934
Centennial Technology Center	Colorado Springs	CO	West	110,405
380 Interlocken	Broomfield	CO	West	240,184
Greenwood Plaza	Englewood	CO	West	197,527
390 Interlocken	Broomfield	CO	West	241,516
Hillview Center	Milpitas	CA	West	36,288
Federal Way	Federal Way	WA	West	117,010
Montague Business Center	San Jose	CA	West	145,951
Total				7,052,068
Managed:
Name	City	State	Region	Square Feet
1441 Main Street	Columbia	SC	East	264,857
303 East Wacker Drive	Chicago	IL	MidWest	844,953
Monument Circle	Indianapolis	IN	MidWest	213,609
505 Waterford	Plymouth	MN	MidWest	256,417
50 South Tenth Street	Minneapolis	MN	MidWest	498,768
Grand Boulevard	Kansas City	MO	MidWest	535,717
Lakeside Crossing II	Maryland Heights	MO	MidWest	116,000
Centre Pointe V	West Chester	OH	MidWest	135,936
Union Centre	West Chester	OH	MidWest	409,798
Satellite Place	Duluth	GA	South	134,785
5601 Executive Drive	Irving	TX	South	152,121
Galleria North	Dallas	TX	South	379,518
Energy Tower I	Houston	TX	South	325,797
Phoenix Tower	Houston	TX	South	620,872
Highland Place I	Centennial	CO	West	139,142
385 Interlocken	Broomfield	CO	West	295,891
Total				5,324,181

 

Properties by Division/Region
($ in thousands)
							NBV (a)		% Leased
	# of Properties		Square Feet		% of Portfolio		31-Dec-11		31-Dec-11
Mideast Division	8		1,441,088		20.4%		$    224,621		88.2%
East Region Total	8		1,441,088		20.4%		224,621		88.2%
East North Central Division	4		791,849		11.2%		100,186		80.6%
West North Central	5		1,102,385		15.7%		106,251		95.3%
Midwest Region Total	9		1,894,234		26.9%		206,437		89.1%
Southeast	2		599,886		8.5%		118,546		93.1%
Southwest	10		2,027,979		28.8%		295,264		92.9%
South Region Total	12		2,627,865		37.3%		413,810		92.9%
Mountain	4		789,632		11.2%		125,615		78.6%
Pacific	3		299,249		4.2%		35,738		79.3%
West Region Total	7		1,088,881		15.4%		161,353		78.8%
Grand Total	36		7,052,068		100.0%		$  1,006,221		88.7%

 

(a) NBV is for real estate assets, excluding intangibles

 

 

 

 

 

						NBV (1)	% Leased
Division	Name	City		State	S.F.	31-Dec-11	31-Dec-11
Pacific	Hillview Center	Milpitas		CA	36	$     4,101	100.0%
Pacific	Montague	San Jose		CA	146	17,401	100.0%
Mountain	380 Interlocken	Broomfield		CO	240	41,870	85.1%
Mountain	390 Interlocken	Broomfield		CO	242	41,828	93.4%
Mountain	Centennial Technology Center	Colorado Springs		CO	110	11,046	85.4%
Mountain	Greenwood Plaza	Englewood		CO	197	30,871	48.9%
Southeast	Blue Lagoon Drive	Miami		FL	213	46,919	100.0%
Southeast	One Overton Place	Atlanta		GA	387	71,628	89.3%
East North Central	Northwest Point	Elk Grove Village		IL	177	27,499	100.0%
East North Central	909 Davis	Evanston		IL	195	23,023	94.8%
East North Central	River Crossing	Indianapolis		IN	205	34,668	93.5%
Mideast	East Baltimore	Baltimore		MD	325	54,344	55.7%
East North Central	Southfield Centre	Southfield		MI	215	14,995	39.2%
West North Central	Eden Bluff	Eden Prairie		MN	153	14,120	100.0%
West North Central	121 South 8th Street	Minneapolis		MN	473	24,054	93.6%
West North Central	Timberlake	Chesterfield		MO	233	33,988	97.7%
West North Central	Timberlake East	Chesterfield		MO	116	17,275	85.9%
West North Central	Lakeside Crossing	Maryland Heights		MO	128	16,814	100.0%
Mideast	Park Seneca	Charlotte		NC	110	7,364	80.6%
Mideast	Forest Park	Charlotte		NC	62	6,058	100.0%
Mideast	Emperor Boulevard	Durham		NC	259	55,319	100.0%
Southwest	Addison Circle	Addison		TX	294	46,522	95.8%
Southwest	Liberty Plaza	Addison		TX	219	24,222	77.9%
Southwest	Park Ten	Houston		TX	156	18,750	81.2%
Southwest	Eldridge Green	Houston		TX	248	42,356	100.0%
Southwest	Park Ten Phase II	Houston		TX	157	30,194	100.0%
Southwest	Willow Bend Office Center	Plano		TX	117	18,618	83.1%
Southwest	Legacy Tennyson Center	Plano		TX	203	24,660	100.0%
Southwest	One Legacy Circle	Plano		TX	214	39,341	100.0%
Southwest	Collins Crossing	Richardson		TX	299	42,628	88.4%
Southwest	East Renner Road	Richardson		TX	122	7,973	100.0%
Mideast	Meadow Point	Chantilly		VA	139	22,935	100.0%
Mideast	Stonecroft	Chantilly		VA	111	18,950	100.0%
Mideast	Loudoun Tech Center	Dulles		VA	136	17,077	100.0%
Mideast	Innsbrook	Glen Allen		VA	298	42,575	98.3%
Pacific	Federal Way	Federal Way		WA	117	14,235	47.0%
					7,052	$ 1,006,221	88.7%

(1) NBV is for real estate assets, excluding intangibles

 

 

												Percentage		Annualized Rent		Average
						Year Built						Leased as of		as of		Annualized
						or		Net Rentable		Leased		December 31,		December 31,		Rent per Leased
Property Name		City		State		Renovated		Square Feet		Sq. Ft.		2011 (a)		2011 (b)		Square Feet (c)
Park Seneca		Charlotte		NC		1969		109,550		88,262		80.6%		$    1,360,747		$      15.42
Forest Park		Charlotte		NC		1999		62,212		62,212		100.0%		768,213		12.35
Meadow Point		Chantilly		VA		1999		138,537		138,537		100.0%		3,522,057		25.42
Innsbrook		Glen Allen		VA		1999		298,456		293,410		98.3%		547,029		1.86
East Baltimore		Baltimore		MD		1989		325,445		181,298		55.7%		4,645,204		25.62
Loudoun Tech Center		Dulles		VA		1999		135,888		135,888		100.0%		1,788,430		13.16
Stonecroft		Chantilly		VA		2008		111,469		111,469		100.0%		4,035,422		36.20
Emperor Boulevard		Durham		NC		2009		259,531		259,531		100.0%		8,190,181		31.56
East total								1,441,088		1,270,607		88.2%		24,857,283		19.56
Southfield Centre		Southfield		MI		1977		214,697		84,205		39.2%		848,349		10.07
Northwest Point		Elk Grove Village		IL		1999		176,848		176,848		100.0%		3,511,335		19.86
909 Davis Street		Evanston		IL		2002		195,245		185,125		94.8%		7,004,667		37.84
River Crossing		Indianapolis		IN		1998		205,059		191,769		93.5%		3,478,521		18.14
Timberlake		Chesterfield		MO		1999		232,766		227,292		97.7%		4,378,988		19.27
Timberlake East		Chesterfield		MO		2000		116,197		99,801		85.9%		2,438,149		24.43
Lakeside Crossing		Sl. Louis		MO		2008		127,778		127,778		100.0%		3,153,561		24.68
Eden Bluff		Eden Praire		MN		2006		153,028		153,028		100.0%		3,984,757		26.04
121 South 8th Street		Minneapolis		MN		1974		472,616		442,228		93.6%		6,700,367		15.15
Midwest total								1,894,234		1,688,074		89.1%		35,498,694		21.03
Blue Lagoon Drive		Miami		FL		2002		212,619		212,619		100.0%		4,440,795		20.89
One Overton Place		Atlanta		GA		2002		387,267		345,733		89.3%		6,492,646		18.78
Willow Bend Office Center		Plano		TX		1999		116,622		96,912		83.1%		1,160,781		11.98
Park Ten		Houston		TX		1999		155,715		126,391		81.2%		2,649,747		20.96
Addison Circle		Addison		TX		1999		293,787		281,503		95.8%		6,851,358		24.34
Collins Crossing		Richardson		TX		1999		298,766		264,010		88.4%		5,896,461		22.33
Eldridge Green		Houston		TX		1999		248,399		248,399		100.0%		7,150,326		28.79
Park Ten Phase II		Houston		TX		2006		156,746		156,746		100.0%		4,199,249		26.79
Liberty Plaza		Addison		TX		1985		218,934		170,549		77.9%		2,721,512		15.96
Legacy Tennyson Center		Plano		TX		1999/2008		202,600		202,600		100.0%		3,440,040		16.98
One Legacy Circle		Plano		TX		2008		214,110		214,110		100.0%		5,987,580		27.96
East Renner Road		Richardson		TX		1999		122,300		122,300		100.0%		958,812		7.84
South Total								2,627,865		2,441,872		92.9%		51,949,307		21.27
Centennial Technology Center		Colorado Springs		CO		1999		110,405		94,296		85.4%		1,291,880		13.70
380 Interlocken		Broomfield		CO		2000		240,184		204,347		85.1%		5,533,635		27.08
Greenwood Plaza		Englewood		CO		2000		197,527		96,518		48.9%		385,199		3.99
390 Interlocken		Broomfield		CO		2002		241,516		225,576		93.4%		6,257,808		27.74
Hillview Center		Milpitas		CA		1984		36,288		36,288		100.0%		538,494		14.84
Federal Way		Federal Way		WA		1982		117,010		54,965		47.0%		712,107		12.96
Montague Business Center		San Jose		CA		1982		145,951		145,951		100.0%		1,787,393		12.25
West Total								1,088,881		857,941		78.8%		16,506,516		19.24
Grand Total								7,052,068		6,258,494		88.7%		$  128,811,800		$    20.58

 

(a) Based on all leases in effect, including month-to-month tenants, divided by the Property's net rentable square footage.

(b) Represents gross rental charges for the month of December 2011 (including month-to-month leases) multiplied by 12, which can result in unusual per square foot amounts calculated when there are free rent periods (usually with new leases).

(c) Represents the annualized rent as of December 2011 divided by leased square feet.

 

 

																		Year
		For the Three Months Ended																Ended
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Dec-11
Tenant improvements		$	2,506			$	3,215			$	5,092			$	8,219			$	19,032
Deferred leasing costs			2,819				2,567				1,324				1,348				8,058
Building improvements			449				876				754				747				2,826
Total		$	5,774			$	6,658			$	7,170			$	10,314			$	29,916

 

																		Year
		For the Three Months Ended																Ended
		31-Mar-10				30-Jun-10				29-Sep-10				31-Dec-10				31-Dec-10
Tenant improvements		$	1,305			$	935			$	3,634			$	1,126			$	7,000
Deferred leasing costs			5,566				1,519				808				2,622				10,515
Building improvements			380				498				671				1,053				2,602
Total		$	7,251			$	2,952			$	5,113			$	4,801			$	20,117

 

																		Year
		For the Three Months Ended																Ended
		31-Mar-09				30-Jun-09				30-Sep-09				31-Dec-09				31-Dec-09
Tenant improvements		$	1,373			$	912			$	931			$	1,528			$	4,744
Deferred leasing costs			162				1,395				645				457				2,659
Building improvements			466				116				265				619				1,466
Total		$	2,001			$	2,423			$	1,841			$	2,604			$	8,869

 

																		Year
		For the Three Months Ended																Ended
		31-Mar-08				30-Jun-08				30-Sep-08				31-Dec-08				31-Dec-08
Tenant improvements		$	2,337			$	560			$	1,667			$	823			$	5,387
Deferred leasing costs			817				1,313				305				919				3,354
Building improvements			197				372				740				419				1,728
Total		$	3,351			$	2,245			$	2,712			$	2,161			$	10,469

 

 

			Remaining	Aggregate	% of Aggregate	Annualized	% of
	Tenant	Number of	Lease Term	Leased	Leased	Rent (1)	Aggregate
	Name	Leases	in Months	Square Feet	Square Feet	(in 000's)	Annualized Rent
1	TCF National Bank	2	48	267,470	3.79%	$   2,883,511	2.24%
2	Quintiles Transnational Corporation	1	87	259,531	3.68%	8,143,405	6.32%
3	CITGO Petroleum Corporation	1	122	248,399	3.52%	7,150,326	5.55%
4	Burger King Corporation	1	81	212,619	3.01%	4,440,795	3.45%
5	Denbury Onshore, LLC	2	55	202,600	2.87%	3,440,040	2.67%
6	RGA Reinsurance Company	2	36	185,501	2.63%	3,870,017	3.00%
7	SunTrust Bank	2	58, 117	182,888	2.59%	1,425,370	1.11%
8	Citicorp Credit Services, Inc	1	60	176,848	2.51%	3,511,335	2.73%
9	C.H. Robinson Worldwide, Inc	1	114	153,028	2.17%	3,984,757	3.09%
10	Houghton Mifflin Company	1	63	150,050	2.13%	5,561,713	4.32%
11	Murphy Exploration & Production Company	1	64	144,677	2.05%	3,914,253	3.04%
12	Giesecke & Devrient America, Inc.	1	38	135,888	1.93%	1,788,430	1.39%
13	Monsanto Company	1	37	127,778	1.81%	3,153,561	2.45%
14	Vail Holdings, Inc. (a)	1	87, 135	125,632	1.78%	3,449,296	2.68%
15	AT&T Services, Inc.	1	79	122,300	1.73%	958,812	0.74%
16	Argo Data Resource Corporation (b)	1	77	111,687	1.58%	2,735,492	2.12%
17	Northrop Grumman Systems Corporation	1	76	111,469	1.58%	4,035,422	3.13%
18	Alliance Data Systems	1	101, 114	96,749	1.37%	2,437,686	1.89%
19	Federal National Mortgage Association	1	20	92,358	1.31%	1,847,160	1.43%
20	Amdocs, Inc. (c)	1	5, 60	91,928	1.30%	1,746,632	1.36%
				3,199,400	45.37%	$  70,478,013	54.71%

 

(1) Annualized rent represents the monthly rent, including tenant reimbursements, for each lease in effect at December 31, 2011 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(a ) Vail Holdings temporarily leases 3,400 sf to expire 12/31/11

(b ) Argo Data temporarily leases 1,697 sf to expire 12/31/11

(c ) Amdocs, Inc provided notice to contract by 10,388 sf as of 5/31/12

 

 

 

 

 

 

 

 

 

 

Year		Total Square Feet		% of Square Feet Commercial
2012		287,371		4.1%
2013		444,965		6.3%
2014		425,504		6.0%
2015		796,239		11.3%
2016		922,543		13.1%
2017		721,307		10.2%
2018		653,126		9.3%
2019		637,782		9.0%
2020		163,844		2.3%
2021		590,748		8.4%
2022		475,730		6.7%
2023		139,335		2.0%
Vacant		793,574		11.3%
Total		7,052,068		100.0%

 

 

				Rentable				Annualized		Percentage
	Number of			Square				Rent		of Total Final
Year of	Leases			Footage		Annualized		Per Square		Annualized
Lease	Expiring			Subject to		Rent Under		Foot Under		Rent Under
Expiration	Within the			Expiring		Expiring		Expiring		Expiring
December 31,	Year			Leases		Leases (a)		Leases		Leases
2012	113	(b)		287,371		$   5,781,298		$    20.12		4.49%
2013	48			444,965		9,995,449		22.46		7.76%
2014	41			425,504		7,840,983		18.43		6.09%
2015	36			796,239		16,572,611		20.81		12.87%
2016	34			922,543		16,428,461		17.81		12.75%
2017	23			721,307		17,625,312		24.44		13.68%
2018	12			653,126		14,670,172		22.46		11.39%
2019	12			637,782		15,202,536		23.84		11.80%
2020 and thereafter	31			1,369,657		24,694,977		18.03		19.17%
	350			6,258,494		$128,811,800		$    20.58		100.00%
Vacancies as of 12/31/11				793,574
Total Portfolio Square Footage				7,052,068

 

(a) Annualized rent represents the monthly rent, including tenant reimbursements, for each lease in effect at December 31, 2011 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

 

(b) Includes 42 Month to Month leases with 22,417 of rentable square feet and annualized rent of $14.09 per square foot.

 

 

					First		Second		Third		Fourth
				% Leased (1)	Quarter	% Leased (1)	Quarter	% Leased (1)	Quarter	% Leased (1)	Quarter
			Square	as of	Average %	as of	Average %	as of	Average %	as of	Average %
	Property Name	Location	Feet	31-Mar-11	Leased (2)	30-Jun-11	Leased (2)	30-Sep-11	Leased (2)	31-Dec-11	Leased (2)
1	PARK SENECA	Charlotte, NC	109,550	78.5%	78.5%	80.1%	79.1%	80.9%	80.5%	80.6%	80.6%
2	HILLVIEW CENTER	Milpitas, CA	36,288	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
3	SOUTHFIELD	Southfield, MI	214,697	61.1%	61.0%	39.2%	41.7%	39.2%	39.2%	39.2%	39.2%
4	FOREST PARK	Charlotte, NC	62,212	77.5%	77.5%	100.0%	85.0%	100.0%	100.0%	100.0%	100.0%
5	CENTENNIAL	Colorado Springs, CO	110,405	66.9%	66.9%	66.9%	66.9%	66.9%	66.9%	85.4%	73.0%
6	MEADOW POINT	Chantilly, VA	138,537	100.0%	98.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
7	TIMBERLAKE	Chesterfield, MO	232,766	97.7%	97.7%	97.7%	97.7%	97.7%	97.7%	97.7%	97.7%
8	FEDERAL WAY	Federal Way, WA	117,010	42.0%	38.5%	42.0%	42.0%	42.0%	42.0%	47.0%	44.3%
9	NORTHWEST POINT	Elk Grove Village, IL	176,848	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
10	TIMBERLAKE EAST	Chesterfield, MO	116,197	100.0%	100.0%	100.0%	100.0%	85.9%	90.6%	85.9%	85.9%
11	PARK TEN	Houston, TX	155,715	98.8%	95.4%	98.8%	98.8%	98.8%	98.8%	81.2%	81.2%
12	MONTAGUE	San Jose, CA	145,951	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
13	ADDISON	Addison, TX	293,787	95.8%	95.8%	95.8%	95.8%	95.8%	95.8%	95.8%	95.8%
14	COLLINS CROSSING	Richardson, TX	298,766	79.1%	79.1%	79.7%	79.3%	88.4%	88.4%	88.4%	88.4%
15	GREENWOOD PLAZA	Englewood, CO	197,527	60.1%	60.1%	54.3%	58.2%	54.3%	54.3%	48.9%	48.4%
16	RIVER CROSSING	Indianapolis, IN	205,059	93.8%	93.8%	93.5%	93.4%	93.5%	93.5%	93.5%	93.5%
17	LIBERTY PLAZA	Addison, TX	218,934	75.6%	74.3%	75.6%	75.6%	68.6%	68.0%	77.9%	74.8%
18	INNSBROOK	Glen Allen, VA	298,456	60.8%	61.0%	63.7%	67.3%	86.8%	78.8%	98.3%	90.7%
19	380 INTERLOCKEN	Broomfield, CO	240,184	85.1%	85.1%	85.1%	85.1%	85.1%	85.1%	85.1%	85.1%
20	BLUE LAGOON	Miami, FLA	212,619	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
21	ELDRIDGE GREEN	Houston, TX	248,399	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
22	WILLOW BEND	Plano, TX	116,622	67.0%	63.2%	83.1%	76.8%	83.1%	83.1%	83.1%	83.1%
23	ONE OVERTON PARK	Atlanta, GA	387,267	92.4%	92.4%	91.1%	91.5%	90.4%	90.6%	89.3%	90.0%
24	390 INTERLOCKEN	Broomfield, CO	241,516	95.9%	95.9%	95.9%	95.9%	96.6%	96.9%	93.4%	94.3%
25	EAST BALTIMORE	Baltimore, MD	325,445	84.5%	84.3%	55.7%	55.5%	55.7%	55.7%	55.7%	55.7%
26	PARK TEN PHASE II	Houston, TX	156,746	100.0%	99.1%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
27	LAKESIDE CROSSING I	Maryland Heights, MO	127,778	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
28	LOUDOUN TECH	Dulles, VA	135,888	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
29	4807 STONECROFT	Chantilly, VA	111,469	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
30	EDEN BLUFF	Eden Prairie, MN	153,028	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
31	121 SOUTH EIGHTH ST	Minneapolis, MN	472,616	92.2%	92.2%	92.5%	92.1%	93.6%	93.1%	93.6%	93.6%
32	EMPEROR BOULEVARD	Durham, NC	259,531	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
33	LEGACY TENNYSON CTR	Plano, TX	202,600	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
34	ONE LEGACY	Plano, TX	214,110	89.7%	89.7%	100.0%	94.6%	100.0%	100.0%	100.0%	100.0%
35	909 DAVIS	Evanston, IL	195,245	n/a	n/a	n/a	n/a	94.8%	94.8%	94.8%	94.8%
36	1410 EAST RENNER	Richardson, TX	122,300	n/a	n/a	n/a	n/a	n/a	n/a	100.0%	100.0%
	TOTAL WEIGHTED AVERAGE  (3)		7,052,068	88.4%	87.4%	86.9%	86.9%	88.1%	87.7%	88.7%	88.1%

 

(1) % Leased as of month's end includes all leases that expire on the last day of the quarter.

(2) Average quarterly percentage is the average of the end of the month leased percentage for each of the 3 months during the quarter.

(3) First & Second Quarter Totals include Bollman Place (98,745 sf) located Maryland, which sold in June.

 

 

Recent Acquisitions:

State/Region

Property Type

Square Feet

Date Acquired

Purchase Price

2011

Emperor Boulevard

NC/East

Office

259,531

3/4/11

$        75,800

Legacy Tennyson Center

TX/South

Office

202,600

3/10/11

37,000

One Legacy Circle

TX/South

Office

214,110

3/24/11

52,983

909 Davis

IL/Midwest

Office

195,245

9/30/11

37,062

East Renner Road

TX/South

Office

122,300

10/6/11

11,282

2010

121 South 8th Street

MN/Midwest

Office

474,646

6/29/10

39,405

2009

Stonecroft-Chantilly

VA/East

Office

111,469

6/26/09

29,000

Eden Bluff - Eden Prairie

MN/Midwest

Office

153,028

6/30/09

22,784

Fairview

VA/East

Office

252,613

9/30/09

73,000

2008

Park Ten Phase II

TX/South

Office

156,746

5/15/08

35,079

Lakeside Crossing

MO/Midwest

Office

127,778

12/11/08

20,003

Loudoun Tech Center

VA/East

Office

135,888

12/23/08

18,628

2007

East Baltimore

MD/East

Office

325,298

6/13/07

63,592

Recent Dispositions:

Net Sales

Gain (Loss)

State/Region

Property Type

Square Feet

Date Sold

Proceeds

on Sale

2011

Fairview

VA/East

Office

252,613

1/21/11

$        89,382

$        19,592

Bolman

MD/East

Industrial

98,745

6/24/11

7,408

2,346

2007

Piedmont Center

SC/East

Office

144,029

1/31/07

5,830

(4,849)

Royal Ridge

GA/South

Office

161,366

6/21/07

32,535

6,601

Goldentop Technology Center

CA/West

Office

141,405

6/27/07

36,199

14,741

Lyberty Way

MA/East

Office

104,711

7/16/07

10,861

1,942

Austin N.W. (Canyon Hills)

TX/South

Office

68,533

12/20/07

10,429

257

 

 

 

 

 

In December 2011, we discontinued our investment banking segment from which Gross Syndication Proceeds (or “GSP”) were achieved and we earned fees primarily based on a percentage of GSP. Our investment banking segment generated brokerage commissions, loan origination fees, development services and other fees related to the organization of single-purpose entities that own real estate and the private placement of equity in those entities. We refer to these entities which are organized as corporations and operated in a manner intended to qualify as REITs, as Sponsored REITs. On December 15, 2011, we announced that our broker/dealer subsidiary, FSP Investments LLC, would no longer sponsor the syndication of shares of preferred stock in newly-formed Sponsored REITs.

 

 

		For the three months ended:																																																For the year ended:
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				31-Mar-09				30-Jun-09				30-Sep-09				31-Dec-09				2011				2010				2009
Net income		$	24,767			$	10,381			$	3,314			$	5,062			$	5,562			$	5,954			$	4,757			$	5,820			$	7,808			$	4,865			$	6,942			$	8,257			$	43,524			$	22,093			$	27,872
(Gain) Loss on sale of assets			(19,593	)			(2,346	)			—				—				—				—				—				—				—				—				—				(424	)			(21,939	)			—				(424	)
GAAP income from non-consolidated REITs			(1,773	)			(1,166	)			(573	)			(978	)			(253	)			(380	)			(404	)			(153	)			(792	)			(443	)			(476	)			(301	)			(4,490	)			(1,190	)			(2,012	)
Distributions from non-consolidated REITs			1,767				1,215				1,104				970				1,407				1,324				1,192				1,247				1,615				1,523				1,119				1,371				5,056				5,170				5,628
Acquisition costs			269				9				185				157				—				129				(4	)			—				—				248				391				4				620				125				643
Depreciation & amortization			10,812				12,047				12,332				13,248				9,934				9,675				10,510				10,605				8,707				11,216				9,561				10,168				48,439				40,724				39,652
Funds From Operations (FFO)			16,249				20,140				16,362				18,459				16,650				16,702				16,051				17,519				17,338				17,409				17,537				19,075				71,210				66,922				71,359
Plus gains on sales of assets (GOS)			19,592				2,346				—				—				—				—				—				—				—				—				—				424				—				—				424
FFO+GOS (Total Profits)		$	35,841			$	22,486			$	16,362			$	18,459			$	16,650			$	16,702			$	16,051			$	17,519			$	17,338			$	17,409			$	17,537			$	19,499			$	71,210			$	66,922			$	71,783
Per Share Data:
EPS		$	0.30			$	0.13			$	0.04			$	0.06			$	0.07			$	0.07			$	0.06			$	0.07			$	0.11			$	0.07			$	0.10			$	0.10			$	0.55			$	0.28			$	0.38
FFO			0.20				0.25				0.20				0.23				0.21				0.21				0.20				0.22				0.25				0.25				0.25				0.24				0.89				0.84				0.98
GOS			0.24				0.03				—				—				—				—				—				—				—				—				—				—				—				—				—
FFO+GOS			0.44				0.28				0.20				0.23				0.21				0.21				0.20				0.22				0.25				0.25				0.25				0.24				0.89				0.84				0.98
Weighted Average Shares (basic and diluted)			81,437				81,437				81,600				81,600				79,681				79,681				79,751				80,187				70,481				70,481				71,281				79,681				79,826				79,826				73,001

 

 

Definition of Funds From Operations (“FFO”), and FFO plus Gains on Sales (“FFO+GOS”)

 

The Company evaluates the performance of its reportable segments based on several measures, including Funds From Operations (“FFO”) and FFO plus Gains on Sales (“FFO+GOS” or “Total Profits”), because management believes they represent important measures of activity and are an important consideration in determining distributions paid to equity holders. The Company defines FFO as net income (computed in accordance with generally accepted accounting principles, or GAAP), excluding gains (or losses) from sales of property, and acquisition costs of newly acquired properties that are not capitalized, plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, and after adjustments to exclude non-cash income (or losses) from non-consolidated or Sponsored REITs, plus distributions received from non-consolidated or Sponsored REITs. The Company defines FFO+GOS as FFO as defined above, plus gains (or losses) from sales of properties and provisions for assets held for sale, if applicable.

 

FFO and FFO+GOS should not be considered as alternatives to net income (determined in accordance with GAAP), nor as indicators of the Company’s financial performance, nor as alternatives to cash flows from operating activities (determined in accordance with GAAP), nor as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define these terms in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, FFO and FFO+GOS should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.

 

 

		For the three months ended:
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				31-Mar-09				30-Jun-09				30-Sep-09				31-Dec-09
Net income		$	24,767			$	10,381			$	3,314			$	5,062			$	5,562			$	5,954			$	4,757			$	5,820			$	7,808			$	4,865			$	6,941			$	8,258
(Gain) Loss on sale of assets			(19,593	)			(2,346	)			—				—				—				—				—				—				—				—				—				(424	)
GAAP income from non-consolidated REITs			(1,773	)			(1,166	)			(573	)			(978	)			(253	)			(380	)			(404	)			(153	)			(792	)			(443	)			(475	)			(301	)
Distributions from non-consolidated REITs			1,767				1,215				1,104				970				1,407				1,324				1,192				1,247				1,615				1,522				1,119				1,371
Acquisition costs			269				9				185				157				—				129				(4	)			—				—				248				391				4
Depreciation & amortization			10,812				12,047				12,332				13,248				9,934				9,675				10,510				10,605				8,707				11,217				9,561				10,167
Funds From Operations (FFO)			16,249				20,140				16,362				18,459				16,650				16,702				16,051				17,519				17,338				17,409				17,537				19,075
Plus gains on sales of assets (GOS)			19,592				2,346				—				—				—				—				—				—				—				—				—				424
FFO+GOS (Total Profits)		$	35,841			$	22,486			$	16,362			$	18,459			$	16,650			$	16,702			$	16,051			$	17,519			$	17,338			$	17,409			$	17,537			$	19,499
Funds Available for Distribution:
Funds From Operations (FFO)			16,249				20,140				16,362				18,459				16,650				16,702				16,051				17,519				17,338				17,409				17,537				19,075
Straight-line rent			(2,303	)			(2,873	)			(2,228	)			(2,474	)			(1,018	)			(740	)			(1,203	)			(1,288	)			(374	)			(69	)			(405	)			(1,030	)
Capital expenditures			(449	)			(876	)			(754	)			(747	)			(380	)			(498	)			(671	)			(1,053	)			(466	)			(115	)			(265	)			(619	)
Funds Available for Distribution (FAD)		$	13,497			$	16,391			$	13,380			$	15,238			$	15,252			$	15,464			$	14,177			$	15,178			$	16,498			$	17,225			$	16,867			$	17,426
Per Share Data:
EPS		$	0.30			$	0.13			$	0.04			$	0.06			$	0.07			$	0.07			$	0.06			$	0.07			$	0.11			$	0.07			$	0.10			$	0.10
FFO			0.20				0.25				0.20				0.22				0.21				0.21				0.20				0.22				0.25				0.25				0.25				0.24
GOS			0.24				0.03				—				—				—				—				—				—				—				—				—				—
FFO+GOS			0.44				0.28				0.20				0.22				0.21				0.21				0.20				0.22				0.25				0.25				0.25				0.24
FAD			0.17				0.20				0.16				0.18				0.19				0.19				0.18				0.19				0.23				0.24				0.24				0.22
Weighted Average Shares (basic and diluted)			81,437				81,437				81,600				82,937				79,681				79,681				79,751				80,187				70,481				70,481				71,281				79,681

 

The Company defines FAD as the sum of (1) FFO, (2) less the effect of straight-line rent, (3) less recurring capital expenditures that are generally for maintenance of properties and are not recovered through rental income from tenants, and (4) plus non-cash compensation expenses, if any. FAD should not be considered as an alternative to net income (determined in accordance with GAAP), as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, FAD should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.

 

 

		For the three months ended:																Year Ended				For the three months ended:																Year Ended				For the three months ended:																Year Ended
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				31-Dec-11				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				31-Dec-10				31-Mar-09				30-Jun-09				30-Sep-09				31-Dec-09				31-Dec-09
Net income		$	24,767			$	10,381			$	3,314			$	5,062			$	43,524			$	5,562			$	5,954			$	4,757			$	5,820			$	22,093			$	7,808			$	4,865			$	6,941			$	8,258			$	27,872
Interest expense			2,408				3,578				3,419				3,261				12,666				1,652				1,735				1,892				2,004				7,283				1,577				1,599				1,744				1,650				6,570
Depreciation and amortization			10,812				12,047				12,332				13,248				48,439				9,934				9,675				10,510				10,605				40,724				8,707				11,216				9,561				10,167				39,651
Income taxes			50				68				67				82				267				(68	)			5				(37	)			317				217				(299	)			(75	)			(270	)			65				(579	)
EBITDA			38,037				26,074				19,132				21,653				104,896				17,080				17,369				17,122				18,746				70,317				17,793				17,605				17,976				20,140				73,514
Interest expense		$	2,408			$	3,578			$	3,419			$	3,261			$	12,666			$	1,652			$	1,735			$	1,892			$	2,004			$	7,283			$	1,577			$	1,599			$	1,744			$	1,650			$	6,570
Scheduled principal payments (1)			—				—				—				—				—				—				—				—				150				150				—				—				—				—				—
Interest and scheduled principal payments		$	2,408			$	3,578			$	3,419			$	3,261			$	12,666			$	1,652			$	1,735			$	1,892			$	2,154			$	7,433			$	1,577			$	1,599			$	1,744			$	1,650			$	6,570
Interest coverage ratio			15.80				7.29				5.60				6.64				8.28				10.34				10.01				9.05				9.35				9.65				11.28				11.01				10.31				12.21				11.19
Debt service coverage ratio			15.80				7.29				5.60				6.64				8.28				10.34				10.01				9.05				8.70				9.46				11.28				11.01				10.31				12.21				11.19

 

(1) Scheduled principal payments exclude repayment of our Term Loan on February 22, 2011 in its entirety.

 

EBITDA, a non-GAAP financial measure, is defined as net income, plus interest expense, income tax expense and depreciation and amortization expense. EBITDA is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA the same way, this presentation of EBITDA may not be comparable to similarly titled measures of other companies. The Company believes that net income is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to EBITDA.

 

 

		Three Months Ended																2011				Three months ended																2010
		31-Mar-11				30-Jun-11				30-Sep-11				31-Dec-11				Total				31-Mar-10				30-Jun-10				30-Sep-10				31-Dec-10				Total
Net Income		$	24,767			$	10,381			$	3,314			$	5,062			$	43,524			$	5,562			$	5,954			$	4,757			$	5,820			$	22,093
Add (deduct):
Investment banking segment net loss (income)			(160	)			(3,274	)			139				(132	)			(3,427	)			479				(263	)			401				(1,352	)			(735	)
Gain on sale of assets			(19,592	)			(2,346	)			—				—				(21,938	)			—				—				—				—				—
Management fees (before elimination)			(364	)			(428	)			(439	)			(563	)			(1,794	)			(484	)			(359	)			(362	)			(535	)			(1,740	)
Depreciation and Amortization			10,781				12,065				12,279				13,195				48,320				9,184				9,205				10,348				10,453				39,190
Amortization of favorable leases			(39	)			(23	)			(57	)			72				(47	)			716				432				96				119				1,363
Selling, general and administrative			1,644				1,602				1,656				2,011				6,913				1,447				1,854				1,400				1,698				6,399
Interest expense			2,408				3,578				3,419				3,260				12,665				1,652				1,736				1,892				2,003				7,283
Interest income			(600	)			(910	)			(790	)			(810	)			(3,110	)			(338	)			(374	)			(431	)			(491	)			(1,634	)
Equity in earnings of nonconsolidated REITs			(968	)			(1,166	)			(573	)			(978	)			(3,685	)			(253	)			(380	)			(404	)			(229	)			(1,266	)
Non-property specific income and expenses, net			(1,514	)			(37	)			67				305				(1,179	)			461				690				421				(268	)			1,304
GAAP Property NOI			16,363				19,442				19,015				21,422				76,242				18,426				18,495				18,118				17,218				72,257
Straight-line rent			(1,641	)			(2,872	)			(2,228	)			(2,474	)			(9,216	)			(1,020	)			(1,339	)			(1,202	)			(1,281	)			(4,842	)
Cash Property NOI		$	14,722			$	16,570			$	16,787			$	18,948			$	67,026			$	17,406			$	17,156			$	16,916			$	15,937			$	67,415

 

GAAP Property NOI is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus selling, general and administrative expenses, depreciation and amortization, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, gains or losses on the sale of assets and excludes non-property specific income and expenses. The Company also presents this on a cash basis (Cash Property NOI), which is GAAP Property NOI after eliminating the effects of straight-line rent. GAAP Property NOI and Cash Property NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.

 

 

Investor Relations Contact   (877) 686-9496 InvestorRelations@franklinstreetproperties.com

 

 

 

Franklin Street Properties Corp. ● 401 Edgewater Place ● Wakefield, MA 01880 ● (781) 557-1300

 

www.franklinstreetproperties.com