SOURCE: Franklin Street Properties Corp.

October 22, 2007 11:20 ET

Franklin Street Properties Corp. Increases and Extends Revolving Line of Credit Facility

WAKEFIELD, MA--(Marketwire - October 22, 2007) - Franklin Street Properties Corp. ("FSP")(AMEX: FSP), an investment firm specializing in real estate, announced today it has entered into an amended revolving line of credit facility with RBS Citizens, National Association, Bank of America, N.A., Wachovia Bank, National Association and Chevy Chase Bank, F.S.B. The amended revolving line of credit facility is for borrowings of up to $250,000,000, representing a $100,000,000 increase. The expiration date on the amended facility is August 2011, representing a three-year extension. FSP expects that borrowings under the amended revolving line of credit facility will be used primarily for property acquisitions, other real estate related or general corporate purposes.

George J. Carter, President and Chief Executive Officer of FSP, said, "We are pleased to continue and expand our banking relationships with RBS Citizens, Bank of America and Chevy Chase Bank. We are also pleased that Wachovia Bank is now participating and look forward to building a banking relationship with Wachovia Bank. We are excited about the opportunities which this increased facility allows us to pursue."

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is 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, with select investments in certain central business district properties. FSP's subsidiary, FSP Investments LLC (member, FINRA and SIPC), is a real estate investment banking firm and a registered broker/dealer. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.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 Annual Report on Form 10-K for the year ended December 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 Annual Report on Form 10-K for the year ended December 31, 2006, as the same may be updated from time to time in 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.

Contact Information

  • Contact:
    Donna Brownell
    877-686-9496