SOURCE: Franklin Street Properties Corp.

August 02, 2006 09:12 ET

Franklin Street Properties Corp. Announces Second Quarter and First Half 2006 Results

WAKEFIELD, MA -- (MARKET WIRE) -- August 2, 2006 -- Franklin Street Properties Corp. (the "Company" or "FSP") (AMEX: FSP) announced today net income and Earnings Per Share (EPS) for the three and six months ended June 30, 2006. The Company also announced Adjusted Funds From Operations (AFFO) and provided an update on recent property acquisitions.

The Company evaluates its performance based on net income, EPS and AFFO, and believes each is an important measure. The Company considers these measurements in determining distributions paid to equity holders. A reconciliation of net income to AFFO, a non-GAAP financial measure, is provided on page 2 of this press release.

--  EPS for the three months ended June 30, 2006 increased $0.43 per share
    to $0.60 per share compared to the three months ended June 30, 2005. Net
    income was $40.5 million or $0.60 per share (based on 67.1 million shares),
    compared to $9.5 million or $0.17 per share (based on 56.8 million shares)
    in 2005.
--  AFFO for the three months ended June 30, 2006 increased $0.02 per
    share to $0.30 per share compared to the three months ended June 30, 2005.
    AFFO was $20.1 million or $0.30 per share (based on 67.1 million shares),
    compared to $15.7 million or $0.28 per share (based on 56.8 million shares)
    in 2005.
--  EPS for the six months ended June 30, 2006 increased $0.47 per share
    to $0.84 per share compared to the six months ended June 30, 2005.  Net
    income was $53.6 million or $0.84 per share (based on 63.5 million shares),
    compared to $19.9 million or $0.37 per share (based on 53.2 million shares)
    in 2005.
--  AFFO for the six months ended June 30, 2006 increased $0.09 per share
    to $0.64 per share compared to the six months ended June 30, 2005. AFFO was
    $40.4 million or $0.64 per share (based on 63.5 million shares), compared
    to $29.3 million or $0.55 per share (based on 53.2 million shares) in 2005.
    
The following significant factors affected net income, EPS and AFFO for the three and six months ended June 30, 2006 compared to results for the same periods in 2005:
--  Gain on sale of three properties during the three months ended June
    30, 2006 generated sales proceeds of approximately $87.8 million and
    resulted in a gain of approximately $28.1 million.
--  Increased net operating income from the real estate portfolio
    included:
    --  The benefits of four properties acquired by merger in April 2005 and
        five properties acquired by merger in April 2006, which were accretive
        to our per share calculations in all periods.
    --  The benefits of two suburban office properties acquired in 2005 and
        two suburban office properties acquired in 2006.
    --  Termination payments of $0.2 million in the second quarter of 2006
        from a tenant at a FSP property in Texas and $4.6 million received in
        the first quarter of 2006 from a tenant at a FSP property in Illinois.
        Both properties have subsequently been re-leased.
--  Improved investment banking results compared to the same periods in
    2005. Gross proceeds on the sale of securities increased $30.9 million and
    $23.1 million for the three and six months of 2006, compared to the same
    periods in 2005.
--  Interest income increased $0.4 million and $0.7 million in the three
    and six months ended June 30, 2006, respectively, compared to the same
    periods in 2005 as a result of higher bank balances during the periods and
    rising interest rates.
--  These benefits were partially offset by increases in general and
    administrative costs of approximately $0.2 million in the three and $0.2
    million in the six months ended June 30, 2006 compared to 2005, which were
    primarily from costs of monitoring and managing a larger portfolio of REITs
    and expenses incurred related to the public listing of our stock on the
    American Stock Exchange, which commenced on June 2, 2005.
--  Net increase of 10.2 million weighted average shares of FSP common
    stock for the three and six months ended June 30, 2006 compared to 2005 due
    to the merger completed on April 30, 2006.
    
A reconciliation of net income to AFFO is shown below and a definition of AFFO is provided on Supplemental Schedule F. We believe AFFO is used broadly throughout the REIT industry as a measurement of liquidity and is generally calculated in a similar manner to our calculation.
                                           Three Months      Six Months
                                              Ended             Ended
                                             June 30,          June 30,
                                        ----------------  ----------------
(In thousands except per share amounts)   2006     2005     2006     2005
                                        -------  -------  -------  -------
Net income                              $40,477  $ 9,454  $53,616  $19,877
  (Gain) Loss on sale of assets         (28,108)   1,055  (28,108)   1,055
   GAAP income from
    non-consolidated REITs                 (156)    (303)    (431)    (968)
   Distributions from
    non-consolidated REITs                  491      381      609      980
   Depreciation of real estate &
    intangible amortization               7,513    5,485   14,646    9,117
   Straight-line rent                      (139)    (417)      61     (724)
   Capital expenditures                  (1,516)  (1,601)  (1,784)  (1,928)
   Payments of deferred leasing costs    (2,617)    (216)  (2,773)    (311)
   Proceeds from funded reserves          4,133    1,817    4,557    2,239
                                        -------  -------  -------  -------
Adjusted Funds From Operations (AFFO)   $20,078  $15,655  $40,393  $29,337
                                        =======  =======  =======  =======

Per Share Data
EPS                                     $  0.60  $  0.17  $  0.84  $  0.37
AFFO                                    $  0.30  $  0.28  $  0.64  $  0.55

Weighted average shares (basic
 and diluted)                            67,149   56,815   63,492   53,242
                                        =======  =======  =======  =======
Dividend announcement:

On July 14, 2006 the Board of Directors of the Company declared a cash distribution of $0.31 per share of common stock payable on August 21, 2006 to stockholders of record as of July 31, 2006.

Real Estate Update

During April 2006 we acquired five suburban office properties by merger with a total of approximately 1.1 million square feet of rentable space. Two properties are located in Texas, and the other three are located in Colorado, Florida and Virginia. In late June 2006 we acquired a suburban office building in Atlanta, Georgia with approximately 0.4 million square feet of rentable space. This purchase was financed by property sales. In May 2006 we sold an apartment property located in Katy, Texas, and office properties located in Fairfax, Virginia and Santa Clara, California, each at a gain. The gain recognition from the sale of the properties in Texas and Virginia was deferred for tax purposes through the use of a Section 1031 exchange. We also have another property under agreement to be sold, which we expect to close during the third quarter of 2006. As of June 30, 2006, this property was classified on our balance sheet as an asset held-for-sale. Supplemental Schedule D presents our continuing real estate portfolio of 31 properties as of June 30, 2006.

George J. Carter, President and CEO, commented as follows:

"Net Income/EPS and AFFO levels for the first half of 2006 were anticipated and, consequently, planned for within the FSP business/investment model. Six-month earnings of $0.84 per share and AFFO of $0.64 per share showed measurable increases over the same period last year. Quarterly dividends paid during the first half, and declared for the third quarter, remain unchanged at $0.31 per share/per quarter, or an annual rate of $1.24 per share. I continue to be confident about the Company's current competitive position within the broader capital/real estate markets and optimistic about its financial performance for the balance of 2006.

More specifically, results for the first half of 2006 reflected: (#1) solid performance in rental operations from the Company's portfolio of properties; (#2) real estate dispositions totaling approximately $88 million, and the reinvestment of the bulk of those sale proceeds; and (#3) the closing of real estate investment banking business totaling $84.4 million.

#1. As of June 30, 2006, the Company's continuing portfolio of 31 properties was 91% leased. Most of FSP's properties are suburban office buildings, and, in most markets, we are continuing to find improving conditions for both occupancy and rental rates. However, there are still tenant leases which were signed at the height of the most recent office market cycle (approximately 1997-2001). Consequently, FSP and many other office property owners continue to face some rent roll downs as old leases expire and new ones are signed. National occupancy levels continue to improve, but rent levels in most office markets are still only modestly increasing from a very low level. We believe that significant broad-based rental increases, above the 1997-2001 peak, are probably one to three years away, assuming continued overall U.S. economic growth and traditional cyclical real estate dynamics. FSP is aggressively managing its lease turnover to maximize rental operations' contribution as the office markets continue to climb back up their cyclical curve. Concern always remains about the possibility of a new, significant downturn in the broader economy that would reverse the positive trends our markets are starting to see. Lofty worldwide energy prices, inflation and interest rates, as well as geopolitical events, are likely to be influencing factors.

#2. During the first half of 2006, the Company disposed of three properties. Proceeds from the property sales totaled approximately $88 million and, along with some remaining proceeds from fourth quarter 2005 property sales, have been substantially reinvested in other properties. All properties acquired directly for the FSP portfolio (i.e., not held for investment banking syndication) were purchased for all cash and continue to be owned without any mortgage debt, as is every other property in FSP's portfolio. There continue to be existing real estate assets in our portfolio which we believe are potential sale candidates, either because of property specific or market driven reasons. In general, property sales will be considered only if we believe the potential exists to reinvest the sale proceeds in new assets that have better near-term or long-term return potential than the assets we sold. Without any permanent mortgage debt, cash from property sales can be used to acquire new real estate assets, purchase stock under our stock repurchase plan and/or add to property reserves if needed. Current high market pricing and competition for potentially acceptable property acquisitions continue to present challenges, but new opportunities are always being reviewed. Upgrading FSP's portfolio is an ongoing objective.

#3. First half investment banking business closed on $84.4 million of investor capital consisting of the partial syndication of one office property. FSP's Investment Banking group has had a difficult time during the last few years finding properties that meet its investment criteria. Higher pricing and greater competition for quality commercial real estate have reduced the number of attractive potential acquisitions we would consider. The prospects for property acquisitions for FSP's Investment Banking group remain uncertain."

Today's news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.franklinstreetproperties.com.

A conference call is scheduled for August 3, 2006 at 10:00 a.m. (ET) to discuss the second quarter and first half 2006 results. The toll free number is 1-866-770-7146, passcode 59304669. Internationally, the call may be accessed by dialing 1-617-213-8068, passcode 59304669. The call will also be available via a live webcast, which can be accessed at least 10 minutes before the start time through the Webcasts & Presentations section of our Investor Relations section at www.franklinstreetproperties.com. A replay of the conference call will be available on the Company's website one hour after the call.

About Franklin Street Properties Corp.

Franklin Street Properties Corp. is a real estate investment trust based in Wakefield, Massachusetts, focused on achieving current income and long-term growth through investments in commercial properties. FSP operates in two business segments: real estate operations and investment banking/investment services. FSP owns an unleveraged portfolio of real estate. The majority of FSP's property portfolio is suburban office buildings. FSP's subsidiary, FSP Investments LLC (member, NASD and SIPC), is a real estate investment banking firm and a registered broker/dealer. To learn more about FSP please visit our website at www.franklinstreetproperties.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 are 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, including without limitation changes in economic conditions in the markets in which we own properties, changes in the demand by investors for investment in Sponsored REITs (as defined in our Quarterly Report on Form 10-Q for the three months ended March 31, 2006), risks of a lessening of demand for the types of real estate owned by us, changes in government regulations, and expenditures that cannot be anticipated such as utility rate and usage increases, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the "Risk Factors" set forth in Item 1A of our Quarterly Report on Form 10-Q for the three months ended March 31, 2006 and subsequent filings with the 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. 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.

                       Franklin Street Properties
                            Earnings Release
                       Supplementary information
                            Table of contents

           Franklin Street Properties Financial Results    A-C
           Real estate portfolio summary information        D
           Other supplementary information                  E
           Definition of Adjusted Funds From Operations     F



              Franklin Street Properties Financial Results
                        Supplementary Schedule A
                            Income Statement
                               (Unaudited)

                                             For the           For the
                                           Three Months      Six Months
                                              Ended             Ended
                                             June 30,          June 30,
                                        ----------------  ----------------
(In thousands, except per share amounts)  2006     2005     2006     2005
                                        -------  -------  -------  -------
Revenue:
   Rental                               $21,463  $16,191  $44,844  $27,791
Related party revenue:
   Syndication fees                       3,505    1,603    5,426    4,122
   Transaction fees                       3,469    1,595    5,408    4,038
   Management fees and interest
    income from loans                       698      481      869    1,451
Other                                         1        –       22        –
                                        -------  -------  -------  -------
         Total revenue                   29,136   19,870   56,569   37,402
                                        -------  -------  -------  -------

Expenses:
   Real estate operating expenses         5,010    3,253    9,783    5,593
   Real estate taxes and insurance        3,357    2,205    5,944    3,874
   Depreciation and amortization          5,569    3,487   10,733    5,896
   Selling, general and administrative    1,954    1,741    3,758    3,567
   Commissions                            1,809      867    2,832    2,191
   Interest                                 546      788    1,140    1,743
                                        -------  -------  -------  -------
      Total expenses                     18,245   12,341   34,190   22,864
                                        -------  -------  -------  -------

Income before interest income, equity
 in earnings of non-consolidated REITs
 and taxes on income                     10,891    7,529   22,379   14,538
Interest income                             756      367    1,345      597
Equity in earnings of
 non-consolidated REITs                     156      302      236      968
                                        -------  -------  -------  -------

Income before taxes on income            11,803    8,198   23,960   16,103
Income tax expense                          347       70      404      114
                                        -------  -------  -------  -------
   Income from continuing operations     11,456    8,128   23,556   15,989
   Income (Loss) from discontinued
    operations                              913    2,381    1,952    4,943
   Gain on sale of assets, net           28,108        –   28,108        –
   Estimated loss on asset held
    for sale                                  –   (1,055)       –   (1,055)
                                        -------  -------  -------  -------

Net income                              $40,477  $ 9,454  $53,616  $19,877
                                        -------  -------  -------  -------

Weighted average number of shares
 outstanding, basic and diluted          67,149   56,815   63,492   53,242
                                        -------  -------  -------  -------

Earnings per share, basic and diluted,
 attributable to:
   Continuing operations                $  0.17  $  0.15  $  0.37  $  0.30
   Discontinued operations                 0.01     0.04     0.03     0.09
   Gains (losses) on sales of
    assets, net                            0.42    (0.02)    0.44    (0.02)
                                        -------  -------  -------  -------
Net income per share, basic and diluted $  0.60  $  0.17  $  0.84  $  0.37
                                        -------  -------  -------  -------



                Franklin Street Properties Financial Results
                        Supplementary Schedule B
                         Condensed Balance Sheet
                               (Unaudited)

(in thousands, except shares and
 par value amounts)                               June 30,     December 31,
                                                    2006           2005
                                                  --------       --------
Assets:
Real estate investments, net                      $799,305       $491,399
Acquired real estate leases,
 less accumulated amortization
  of $15,804 and $10,402, respectively              49,014         30,172
Investment in non-consolidated REITs                   877          5,006
Assets held for syndication, net                     9,197              -
Assets held for sale                                 9,628         69,952
Cash and cash equivalents                           57,605         69,715
Restricted cash                                        466            461
Tenant rent receivables, less allowance
 for doubtful accounts of $350 and $350,
 respectively                                          592          1,447
Straight-line rent receivable. Less
 allowance for doubtful accounts of
 $163 and $163, respectively                         4,512          4,569
Prepaid expenses                                       940            805
Other assets                                           320          1,200
Office computers and furniture, net of
 accumulated depreciation of $795 and
 $729, respectively                                    305            311
Deferred leasing commissions, net of
 accumulated amortization of $1,008,
 and $731, respectively                              4,632          2,136
                                                  --------       --------
Total assets                                      $937,393       $677,173
                                                  ========       ========

Liabilities and Stockholders' Equity:
Liabilities:
Bank note payable                                 $  9,192       $      -
Accounts payable and accrued expenses               14,359         11,583
Accrued compensation                                 1,301          1,891
Tenant security deposits                             1,479          1,293
Acquired unfavorable real estate leases,
 less accumulated amortization of $288,
 and $134, respectively                              2,538            823
                                                  --------       --------
Total liabilities                                   28,869         15,590
                                                  --------       --------

Commitments and contingencies

Stockholders' Equity:
Preferred stock, $.0001 par value,
 20,000,000 shares authorized, none
 issued or outstanding                                   -              -
Common stock, $.0001 par value,
 180,000,000 shares authorized,
 70,766,305 and 59,794,608 shares
 issued and outstanding, respectively                    7              6
Additional paid-in capital                         907,794        677,397
Treasury stock, 731,898 and 731,898
 shares at cost, respectively                      (14,008)       (14,008)
Earnings (distributions) in excess of
 accumulated earnings/distributions                 14,731         (1,812)
                                                  --------       --------

   Total stockholders' equity                      908,524        661,583
                                                  --------       --------

   Total liabilities and stockholders' equity     $937,393       $677,173
                                                  ========       ========



                Franklin Street Properties Financial Results
                        Supplementary Schedule C
                    Condensed Statement of Cash Flows
                              (Unaudited)

                                                 For the six months ended
                                                         June 30,
                                                  -----------------------
                                                    2006           2005
                                                  --------       --------
Cash flows from operating activities:
   Net income                                     $ 53,616       $ 19,877
   Adjustments to reconcile net
    income to net cash provided by
    operating activities:
      (Gains) and estimated loss on assets
       sold or held for sale                       (28,108)         1,055
      Depreciation and amortization expense         11,407          8,230
      Amortization of above market lease             3,240            887
      Equity in earnings from
       non-consolidated REITs                         (431)          (968)
      Distributions from
       non-consolidated REITs                          609            980
      Shares issued as compensation                      -             31
   Changes in operating assets and
    liabilities:
      Restricted cash                                   (5)          (293)
      Tenant rent receivables, net                     855             90
      Straight-line rents, net                          61           (724)
      Operations of assets held
       for syndication, net                              -         (1,295)
      Prepaid expenses and other assets, net         1,232           (843)
      Accounts payable and accrued expenses         (1,226)        (1,144)
      Accrued compensation                            (590)           235
      Tenant security deposits                         186            293
   Payment of deferred leasing commissions          (2,773)          (311)
                                                  --------       --------
        Net cash provided by
         operating activities                       38,073         26,100
                                                  --------       --------

Cash flows from investing activities:
      Cash acquired through issuance of
       common stock in merger transaction           13,849         10,621
      Purchase of real estate assets,
       office computers and furniture,
       capitalized merger costs                   (108,280)       (45,928)
      Merger costs paid                               (838)          (402)
      Purchase of acquired favorable and
       unfavorable leases                           (5,108)             -
      Investment in non-consolidated REITs             (11)            43
      Investment in assets held
       for syndication, net                         (9,545)        50,265
      Proceeds received on sale of
       real estate assets                           87,750              -
                                                  --------       --------
      Net cash provided by (used for)
       investing activities                        (22,183)        14,599
                                                  --------       --------

Cash flows from financing activities:
      Distibutions to stockholders                 (37,073)       (35,734)
      Purchase of treasury shares                        -            (16)
      Offering Costs                                  (119)             -
      Borrowings (repayments) under
       bank note payable, net                        9,192         (6,226)
                                                  --------       --------
      Net cash used for financing activities       (28,000)       (41,976)
                                                  --------       --------

Net decrease in cash and cash equivalents          (12,110)        (1,277)
Cash and cash equivalents, beginning of period      69,715         52,752
                                                  --------       --------
Cash and cash equivalents, end of period          $ 57,605       $ 51,475
                                                  ========       ========



               Franklin Street Properties Earnings Release
                       Supplementary Schedule D
                     Real Estate Portfolio Summary
                               (Unaudited)
                              June 30, 2006

                                      30-Jun-2006   31-Dec-2005
                                      -----------   -----------
           Commercial real estate
              Number of properties            31            26
              Square feet              5,301,380     3,978,264
              Leased percentage               91%           92%

           Residential real estate
              Number of properties             -             1
              Number of apartments             -           228
              Square feet                      -       231,363
              Leased percentage                -            97%

           Combined portfolio
              Number of properties            31            27
              Square feet              5,301,380     4,209,627
              Leased percentage               91%           92%



(In Thousands)                      As of June 30, 2006
                                    -------------------
                       # of                    % of    Square     % of
State               Properties  Investment  Portfolio  Feet    Portfolio
-----               ----------  ----------  ---------  ------  ---------
Texas                    7      $  218,875    27.4%     1,401    26.4%
Georgia                  2         104,590    13.1%       549    10.4%
Virginia                 3         92,951     11.6%       591    11.1%
Colorado                 3         87,588     11.0%       550    10.4%
Missouri                 2         58,528      7.3%       349     6.6%
Florida                  1         52,235      6.5%       213     4.0%
California               3         40,922      5.1%       324     6.1%
Indiana                  1         39,004      4.9%       205     3.9%
Illinois                 1         27,231      3.4%       177     3.3%
Massachusetts            2         16,699      2.1%       197     3.7%
North Carolina           2         15,194      1.9%       172     3.2%
Michigan                 1         14,959      1.9%       215     4.1%
Washington               1         14,686      1.8%       117     2.2%
South Carolina           1         10,515      1.3%       144     2.7%
Maryland                 1          5,293      0.7%        99     1.9%
Total                   31      $ 799,271    100.0%     5,301   100.0%



               Franklin Street Properties Earnings Release
                       Supplementary Schedule E
                               (Unaudited)
                              June 30, 2006

Property by type:
(In Thousands)                      As of June 30, 2006
                                    -------------------
                       # of                    % of    Square     % of
Type                Properties  Investment  Portfolio  Feet    Portfolio
----                ----------  ----------  ---------  ------  ---------
Office                  30      $  793,978    99.3%     5,203    98.1%
Industrial               1           5,293     0.7%        99     1.9%
                    ----------  ----------  ---------  ------  ---------
Total                   31      $  799,271   100.0%     5,301   100.0%
                    ==========  ==========  =========  ======  =========


             Commercial portfolio lease expirations (1)(2)

                                    Total         % of
                 Year            Square Feet   Portfolio
                 ----            -----------   ---------
                 2006               384,276        7.3%
                 2007               631,414       11.9%
                 2008               500,855        9.5%
                 2009               718,052       13.5%
                 2010               717,345       13.5%
                 2011               205,733        3.9%
                 Thereafter       2,143,705       40.4%
                                 -----------   ---------
                                  5,301,380      100%
                                 ===========   =========

        (1) Percentages are determined based upon square footage of
            expiring commercial leases.
        (2) Includes current vacancies.



               Franklin Street Properties Earnings Release
                        Supplementary Schedule F
          Definition of Adjusted Funds From Operations ("AFFO")

The Company evaluates the performance of its reportable segments based on several measures including Adjusted Funds From Operations ("AFFO") as management believes that AFFO represents an important measure of the reportable segment's activity and is an important consideration in determining distributions paid to equity holders. The Company defines AFFO as: net income as computed in accordance with accounting principles generally accepted in the United States of America ("GAAP"); excluding gains or losses on the sale of real estate and non-cash income from Sponsored REITs; plus certain non-cash items included in the computation of net income (depreciation and amortization and straight-line rent adjustments); plus distributions received from Sponsored REITs; plus the net proceeds from the sale of land; less recurring purchases of property and equipment incurred to maintain the assets' value or for tenant improvements ("Capital Expenditures") and payments for deferred leasing commissions, plus proceeds from (payments to) cash reserves. Depreciation and amortization, gain or loss on the sale of real estate and straight-line rents are an adjustment to AFFO, as these are non-cash items included in net income. Capital Expenditures, payments of deferred leasing commissions and the proceeds from (payments to) the funded reserve are an adjustment to AFFO, as they represent cash items not reflected in net income.

The cash reserve represents funds that the Company has set aside from time to time in anticipation of future capital needs. These reserves are typically used for the payment of Capital Expenditures, deferred leasing commissions and certain tenant allowances; however, there are no legal restrictions on their use and they may be used for any Company purpose. AFFO 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 AFFO in a different manner. It is at the Company's discretion to retain a portion of AFFO for operational needs. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.

Contact Information

  • Contact:
    Franklin Street Properties Corp.
    Donna Brownell
    877-686-9496