SOURCE: Franklin Street Properties Corp.

April 05, 2011 11:43 ET

Franklin Street Properties Corp. Updates the Percentage of Leased Space in Its Directly-Owned Property Portfolio

WAKEFIELD, MA--(Marketwire - April 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 35 properties as of March 31, 2011:

                        FRANKLIN STREET PROPERTIES
                        Percentage of Leased Space


                                                       Square
   Property Name                     Location          Feet
                               --------------------- ----------
1 PARK SENECA                          Charlotte, NC    109,550
2 HILLVIEW CENTER                       Milpitas, CA     36,288
3 SOUTHFIELD                          Southfield, MI    214,697
4 BOLLMAN PLACE                           Savage, MD     98,745
5 FOREST PARK                          Charlotte, NC     62,212
6 CENTENNIAL                    Colorado Springs, CO    110,730
7 MEADOW POINT                         Chantilly, VA    138,537
8 TIMBERLAKE                        Chesterfield, MO    232,766
9 FEDERAL WAY                        Federal Way, WA    117,010
10 NORTHWEST POINT             Elk Grove Village, IL    176,848
11 TIMBERLAKE EAST                  Chesterfield, MO    116,197
12 PARK TEN                              Houston, TX    155,715
13 MONTAGUE                             San Jose, CA    145,951
14 ADDISON                               Addison, TX    293,787
15 COLLINS CROSSING                   Richardson, TX    298,766
16 GREENWOOD PLAZA                     Englewood, CO    197,527
17 RIVER CROSSING                   Indianapolis, IN    205,059
18 LIBERTY PLAZA                         Addison, TX    218,934
19 INNSBROOK                          Glen Allen, VA    308,771
20 380 INTERLOCKEN                    Broomfield, CO    240,184
21 BLUE LAGOON                            Miami, FLA    212,619
22 ELDRIDGE GREEN                        Houston, TX    248,399
23 WILLOW BEND                             Plano, TX    116,622
24 ONE OVERTON PARK                      Atlanta, GA    387,267
25 390 INTERLOCKEN                    Broomfield, CO    241,516
26 EAST BALTIMORE                      Baltimore, MD    325,445
27 PARK TEN PHASE II                     Houston, TX    156,746
28 LAKESIDE CROSSING I          Maryland Heights, MO    127,778
29 LOUDOUN TECH                           Dulles, VA    135,888
30 4807 STONECROFT                     Chantilly, VA    111,469
31 EDEN BLUFF                       Eden Prairie, MN    153,028
32 121 S. EIGHTH STREET              Minneapolis, MN    473,884
33 EMPEROR BOULEVARD                      Durham, NC    259,531
34 LEGACY TENNYSON                         Plano, TX    202,600
35 ONE LEGACY CIRCLE                       Plano, TX    214,110

                                                     ----------

     TOTAL WEIGHTED AVERAGE                           6,845,176
                                                     ----------



                                            Fourth                First
                               % Leased    Quarter   % Leased    Quarter
                                 as of    Average %    as of    Average %
                               12/31/10     Leased    3/31/11     Leased
   Property Name                  (1)        (2)        (1)        (2)
                               ---------  ---------  ---------  ---------

1 PARK SENECA                       81.0%      82.9%      78.5%      78.5%
2 HILLVIEW CENTER                  100.0%     100.0%     100.0%     100.0%
3 SOUTHFIELD                        58.6%      58.6%      61.1%      61.0%
4 BOLLMAN PLACE                    100.0%     100.0%     100.0%     100.0%
5 FOREST PARK                      100.0%     100.0%      77.5%      77.5%
6 CENTENNIAL                        66.9%      66.9%      66.9%      66.9%
7 MEADOW POINT                      97.9%      97.9%     100.0%      98.6%
8 TIMBERLAKE                        99.0%      99.0%      97.7%      97.7%
9 FEDERAL WAY                       33.6%      31.8%      42.0%      38.5%
10 NORTHWEST POINT                 100.0%     100.0%     100.0%     100.0%
11 TIMBERLAKE EAST                 100.0%     100.0%     100.0%     100.0%
12 PARK TEN                         48.2%      48.2%      98.8%      95.4%
13 MONTAGUE                        100.0%     100.0%     100.0%     100.0%
14 ADDISON                          95.8%      95.8%      95.8%      95.8%
15 COLLINS CROSSING                 79.1%      58.3%      79.1%      79.1%
16 GREENWOOD PLAZA                  26.6%      26.6%      60.1%      60.1%
17 RIVER CROSSING                   97.5%      97.7%      93.8%      93.8%
18 LIBERTY PLAZA                    73.7%      73.7%      75.6%      74.3%
19 INNSBROOK                        61.4%      41.9%      60.8%      61.0%
20 380 INTERLOCKEN                  85.1%      85.1%      85.1%      85.1%
21 BLUE LAGOON                     100.0%     100.0%     100.0%     100.0%
22 ELDRIDGE GREEN                  100.0%     100.0%     100.0%     100.0%
23 WILLOW BEND                      55.5%      55.5%      67.0%      63.2%
24 ONE OVERTON PARK                 92.4%      92.4%      92.4%      92.4%
25 390 INTERLOCKEN                  98.3%      98.3%      95.9%      95.9%
26 EAST BALTIMORE                   84.5%      91.4%      84.5%      84.3%
27 PARK TEN PHASE II                97.8%      97.8%     100.0%      99.1%
28 LAKESIDE CROSSING I             100.0%     100.0%     100.0%     100.0%
29 LOUDOUN TECH                    100.0%     100.0%     100.0%     100.0%
30 4807 STONECROFT                 100.0%     100.0%     100.0%     100.0%
31 EDEN BLUFF                      100.0%     100.0%     100.0%     100.0%
32 121 S. EIGHTH STREET             92.1%      92.1%      92.2%      92.2%
33 EMPEROR BOULEVARD                 n/a        n/a      100.0%     100.0%
34 LEGACY TENNYSON                   n/a        n/a      100.0%     100.0%
35 ONE LEGACY CIRCLE                 n/a        n/a       89.7%      89.7%

                               ---------  ---------  ---------  ---------
     TOTAL WEIGHTED AVERAGE         85.6%      84.1%      88.4%      87.4%
                               ---------  ---------  ---------  ---------

(1) % Lease as of month's end includes all leases that expire on the last
day of the quarter.  A major lease (approximately 88,736 square feet) with
Ober Kaler at East Baltimore expired on 3/31/11, and the space became
vacant 4/1/11.
(2) Average quarterly percentage is the average of the end of the month
leased percentage for each of the 3 months during the quarter.
(3) Fourth Quarter Totals included 3150 Fairview Park Drive (252,613 sf)
located in Virginia, which was sold in January.


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, 2010), 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, 2010, 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