SOURCE: Franklin Street Properties Corp.

January 05, 2011 17:07 ET

Franklin Street Properties Corp. Updates the Percentage of Leased Space in Its Directly-Owned Property Portfolio and Provides Other Leasing Highlights

WAKEFIELD, MA--(Marketwire - January 5, 2011) - Franklin Street Properties Corp. ("FSP", "its", "our", "us" or "we") (NYSE Amex: FSP), an investment firm specializing in real estate, is providing the following updated information on the percentage of leased space in its directly-owned portfolio of 33 properties as of December 31, 2010:

FRANKLIN STREET PROPERTIES
Percentage of Leased Space
    Property Name   Location   Square Feet   % Leased as of 9/30/10 (1)   Third Quarter Average % Leased (2)   % Leased as of 12/31/10 (1)   Fourth Quarter Average % Leased (2)
                             
1   PARK SENECA   Charlotte, NC   109,550   84.0%   84.3%   81.0%   82.9%
2   HILLVIEW CENTER   Milpitas, CA   36,288   100.0%   100.0%   100.0%   100.0%
3   SOUTHFIELD   Southfield, MI   214,697   58.6%   57.6%   58.6%   58.6%
4   BOLLMAN PLACE   Savage, MD   98,745   100.0%   100.0%   100.0%   100.0%
5   FOREST PARK   Charlotte, NC   62,212   100.0%   100.0%   100.0%   100.0%
6   CENTENNIAL   Colorado Springs, CO   110,730   66.9%   66.9%   66.9%   66.9%
7   MEADOW POINT   Chantilly, VA   138,537   97.9%   96.1%   97.9%   97.9%
8   TIMBERLAKE   Chesterfield, MO   232,766   99.0%   99.0%   99.0%   99.0%
9   FEDERAL WAY   Federal Way, WA   117,010   28.3%   28.3%   33.6%   31.8%
10   NORTHWEST POINT   Elk Grove Village, IL   176,848   100.0%   100.0%   100.0%   100.0%
11   TIMBERLAKE EAST   Chesterfield, MO   116,197   100.0%   100.0%   100.0%   100.0%
12   PARK TEN   Houston, TX   155,715   48.2%   48.2%   48.2%   48.2%
13   MONTAGUE   San Jose, CA   145,951   100.0%   100.0%   100.0%   100.0%
14   ADDISON   Addison, TX   293,787   95.8%   93.7%   95.8%   95.8%
15   COLLINS CROSSING   Richardson, TX   298,766   28.8%   28.8%   79.1%   58.3%
16   GREENWOOD PLAZA   Englewood, CO   197,527   26.6%   23.6%   26.6%   26.6%
17   RIVER CROSSING   Indianapolis, IN   205,059   97.5%   97.5%   97.5%   97.7%
18   LIBERTY PLAZA   Addison, TX   218,934   76.9%   77.6%   73.7%   73.7%
19   INNSBROOK   Glen Allen, VA   308,803   31.3%   31.3%   61.4%   41.9%
20   380 INTERLOCKEN   Broomfield, CO   240,184   85.1%   85.1%   85.1%   85.1%
21   BLUE LAGOON   Miami, FLA   212,619   100.0%   100.0%   100.0%   100.0%
22   ELDRIDGE GREEN   Houston, TX   248,399   100.0%   100.0%   100.0%   100.0%
23   WILLOW BEND   Plano, TX   116,622   55.5%   53.6%   55.5%   55.5%
24   ONE OVERTON PARK   Atlanta, GA   387,267   92.4%   92.5%   92.4%   92.4%
25   390 INTERLOCKEN   Broomfield, CO   241,516   98.3%   98.3%   98.3%   98.3%
26   EAST BALTIMORE   Baltimore, MD   325,445   94.8%   95.1%   84.5%   91.4%
27   PARK TEN PHASE II   Houston, TX   156,746   97.8%   97.8%   97.8%   97.8%
28   LAKESIDE CROSSING I   Maryland Heights, MO   127,778   100.0%   100.0%   100.0%   100.0%
29   LOUDOUN TECH   Dulles, VA   135,888   100.0%   100.0%   100.0%   100.0%
30   4807 STONECROFT   Chantilly, VA   111,469   100.0%   100.0%   100.0%   100.0%
31   EDEN BLUFF   Eden Prairie, MN   153,028   100.0%   100.0%   100.0%   100.0%
32   3150 FAIRVIEW PARK DRIVE   Falls Church, VA   252,613   100.0%   100.0%   100.0%   100.0%
33   121 SOUTH EIGHTH STREET   Minneapolis, MN   474,661   92.1%   91.3%   92.1%   92.1%
    TOTAL WEIGHTED AVERAGE      6,422,357   82.4%   82.1%   85.6%   84.1%
                             
(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. 
                             

The following are some fourth quarter 2010 leasing highlights:

  • On October 7, 2010, we entered into a lease for approximately 57,100 square feet at our 298,766 square foot office property known as Collins Crossing located in Richardson, Texas.

  • On December 17, 2010, we extended a lease for approximately 50,060 square feet at our 205,059 square foot office property known as River Crossing located in Indianapolis, Indiana.

  • On December 20, 2010, we entered into a lease for approximately 85,650 square feet at our 298,766 square foot office property known as Collins Crossing located in Richardson, Texas.

  • On December 22, 2010, we entered into a lease for approximately 89,816 square feet at our 308,803 square foot office property known as Innsbrook located in Glen Allen, Virginia. 

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

"As discussed in our third quarter 2010 earnings press release and earnings call, we believe that FSP continues to be in an excellent environment to position itself for meaningful future growth in profits and dividends. Our company will continue to use its capabilities and conservative financial structure to take advantage of competitive tenant leasing requirements, opportunistic investment banking situations and attractive real estate investment opportunities that are presenting themselves as a result of the current cyclical downturn in the economy and commercial property market. Since the fourth quarter of 2007, we viewed 2010 as likely our most challenging year in dealing with a broad, financially-precipitated, cyclical, economic downturn. With the fourth quarter of 2010 behind us and looking ahead to 2011 and beyond, we are optimistic that FSP has managed its major challenges, while taking advantage of positioning opportunities that traditionally only present themselves during severe economic downturns. We are very much looking forward to our future growth potential." 

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 that state FSP's or management's intentions, beliefs, expectations, or predictions for the future may be 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, economic conditions in the United States, disruptions in the debt markets, 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, 2009), 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 Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2009, as the same may be updated from time to time in subsequent filings with the United States 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:
    Investor Relations
    (877) 686-9496