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Exhibit 99.1
PRESS RELEASE |
Franklin Street Properties Corp. |
401 Edgewater Place Suite 200 Wakefield, Massachusetts 01880 (781) 557-1300 www.fspreit.com
Contact: Georgia Touma (877) 686-9496 |
For Immediate Release |
Franklin Street Properties Corp. Announces
Fourth Quarter and Annual 2016 Results
Wakefield, MA—February 14, 2017—Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE MKT: FSP), a real estate investment trust (REIT), announced its results for the fourth quarter and year ended December 31, 2016.
George J. Carter, Chairman and Chief Executive Officer, commented as follows:
“As 2017 begins, FSP expects to see Funds From Operations (FFO) growth for the full year, resulting in between $1.04 and $1.09 per fully diluted share. We expect growth to be led by contributions from increased leasing activity at our properties, full year contribution from our 2016 acquisitions and anticipated successful results from our redevelopment of 801 Marquette in downtown Minneapolis. Over the past several years, the portfolio transition efforts at FSP have resulted in positioning a significant portion of our portfolio into more urban and infill locations. Over 75% of our portfolio is now located within our five core markets of Atlanta, Dallas, Denver, Houston, and Minneapolis. We are optimistic about our prospects for long-term growth and look forward with anticipation to 2017 and beyond.”
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FFO was $26.9 million and $106.3 million or $0.25 and $1.03 per share for the fourth quarter and year ended December 31, 2016, respectively. Net Income was $1.7 million and $8.4 million or $0.02 and $0.08 per share for the fourth quarter and year ended December 31, 2016, respectively. |
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We are maintaining our full year FFO guidance for 2017 to be in the range of approximately $1.04 to $1.09 per diluted share and, for the first quarter of 2017, we estimate FFO to be in the range of approximately $0.25 to $0.26 per diluted share. |
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Adjusted Funds From Operations (AFFO) was $0.13 and $0.70 per diluted share for the fourth quarter and year ended December 31, 2016. |
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Portfolio was approximately 89.3% leased as of December 31, 2016. |
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On December 1, 2016, we acquired an approximately 613,527 square foot property known as Dominion Towers located at 600 17th Street in Denver, Colorado for approximately $154 million. We funded the acquisition with the proceeds of a $150 million unsecured, two-year bridge loan that closed on November 30, 2016 and existing cash on hand. |
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On December 16, 2016, we sold a property located in Federal Way, Washington and received approximately $7.3 million in net proceeds, and on January 6, 2017, we sold a property located in Milpitas, California and received approximately $6.2 million in net proceeds. |
Leasing and Development Update
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Our directly owned real estate portfolio of 36 properties totaling approximately 10.2 million square feet was approximately 89.3% leased as of December 31, 2016. |
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During the quarter, we leased approximately 325,000 square feet, of which approximately 88,000 square feet was with new tenants. During 2016, we leased approximately 1,194,000 square feet, which represents nearly 12% of the total portfolio. Renewals accounted for approximately 75%, or approximately 895,000 square feet of the total leasing during 2016. |
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Executed an expansion and extension with Alliance Data Systems, the anchor tenant at One Legacy Circle in Plano, Texas, for approximately 107,700 square feet until June 2026. |
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The 801 Marquette Avenue demolition is complete and the building is open for tours. Delivery of the completed project is expected by the end of the second quarter of 2017. Leasing activity and |
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Ticker: FSP
CIK: 1031316
Form Type: 10-K Annual Report
Accession Number: 0001558370-17-000607
Submitted to the SEC: Tue Feb 14 2017 5:37:43 PM EST
Accepted by the SEC: Wed Feb 15 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts