SOURCE: Franklin Street Properties Corp.

May 19, 2011 14:33 ET

Franklin Street Properties Corp. Announces Increase in Total Availability Under Its Credit Facility From $500 Million to $600 Million

WAKEFIELD, MA--(Marketwire - May 19, 2011) - Franklin Street Properties Corp. (the "Company", "FSP", "its", "our" or "we") (NYSE Amex: FSP), an investment firm specializing in real estate, today announced that it increased total availability under its credit facility entered into in February 2011 (the "New Revolver") from $500 million to $600 million by fully exercising its $100 million accordion feature. The increase in total availability was achieved through increased commitment levels from Regions Bank and BBVA Compass and the addition of a new participating bank, Comerica Bank. There were no other changes to the terms or maturity of the New Revolver.

George Carter, President and Chief Executive Officer of FSP, said, "We are pleased to have this increase in capacity on our unsecured credit facility and appreciate the confidence shown in FSP by each of the participating banks. We proactively decided to increase the size of the New Revolver to strengthen our ability to capitalize on additional acquisition opportunities that we believe could enhance long-term value for our shareholders."

Bank of America, N.A. continues to serve as Administrative Agent for the New Revolver. FSP was represented by Wilmer Cutler Pickering Hale and Dorr LLP and Bank of America, N.A. was represented by Goulston & Storrs PC. Participating banks include:

Name of InstitutionTitle
Bank of America, N.A.Administrative Agent
RBS Citizens, National AssociationSyndication Agent
Regions BankSyndication Agent
BBVA Compass Documentation Agent
PNC Bank, National Association Lender
U.S. Bank National Association Lender
Capital One, N.A.Lender
Branch Banking and Trust CompanyLender
Comerica BankLender
TD Bank, N.A.Lender

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. 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 regarding potential future acquisitions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current judgments and current knowledge of FSP's 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, including without limitation, economic conditions in the United States, disruptions in the debt markets, economic conditions in the markets in which FSP owns 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, 2010), risks of a lessening of demand for the types of real estate owned by FSP, 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 Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent periodic reports filed with the SEC. 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:
    Investor Relations
    (877) 686-9496