Back to FSP
Franklin Street Properties Corp. Announces First Quarter 2012 Results

WAKEFIELD, MA -- (Marketwire) -- 05/01/12 -- Franklin Street Properties Corp. (the "Company," "FSP," "we" or "our") (NYSE Amex: FSP), an investment firm specializing in real estate, announced today Funds From Operations (FFO) of $19.6 million or $0.24 per share for the first quarter ended March 31, 2012. The Company also announced Net Income of $5.7 million and Earnings Per Share (EPS) of $0.07 for the first quarter and provided an update on other activities.

The Company evaluates its performance based on Net Income, EPS and FFO and believes each is an important measure. A reconciliation of Net Income to FFO, which is a non-GAAP financial measures, is provided on page 3 of this press release.


(in thousands except per share
 data)                                   Three Months Ended March 31,
                                  -----------------------------------------
                                                                 Increase
                                       2012          2011       (Decrease)
                                  ------------- ------------- -------------

Net Income                        $       5,738 $      24,767 $     (19,029)
                                  ============= ============= =============

FFO                               $      19,571 $      16,250 $       3,321
                                  ============= ============= =============

Per Share Data:
EPS                               $        0.07 $        0.30 $       (0.23)
FFO                               $        0.24 $        0.20 $        0.04

Weighted ave shares (diluted)            82,937        81,437         1,500
                                  ------------- ------------- -------------

Comparing results for the first quarter of 2012 to 2011, Net Income and EPS decreased $19.0 million or $0.23 per share and FFO increased $2.9 million or $0.04 per share. The decrease in Net Income and EPS was primarily from the gain on sale of a property in Falls Church, Virginia in January 2011, which contributed $19.6 million or $0.24 per share to the first quarter of 2011. We did not sell any properties during the first quarter of 2012. The increase in FFO was primarily from the benefits of five property acquisitions made in 2011 (including three acquisitions made in March 2011), all of which we had for the full first quarter of 2012. We also had the benefit of interest income from a real estate loan investment as of March 31, 2012 that was made initially in December 2011 and was increased during the first quarter of 2012 to $106.2 million outstanding and had the benefit of increased occupancy in the real estate portfolio at March 31, 2012, which was 89.0% compared to 88.4% at March 31, 2011.

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

"For the first quarter of 2012, FSP's profits as represented by FFO totaled approximately $19.6 million or $0.24 per share, an increase of approximately $1.1 million or $0.02 per share compared to the fourth quarter of 2011. Dividend distributions declared for the first quarter of 2012, which are payable on May 17, 2012, will be approximately $15.8 million or $0.19 per share.

"Our directly-owned real estate portfolio of 36 properties totaling 7,052,068 square feet was approximately 89.0% leased as of March 31, 2012, up from approximately 88.7% leased as of December 31, 2011. Our property portfolio is primarily suburban office assets. Most of the rental/leasing markets where our properties are located remained stable during the first quarter, with some markets showing moderate improvement in occupancy and rental rate levels. Within this environment, we continue to make steady leasing progress. Our property portfolio has relatively modest lease expirations over the next three years and we have as our objective to move overall occupancy levels to the 90+% range during 2012.

"There was one additional real estate investment completed in the first quarter of 2012 for a total capital contribution of approximately $30 million. The investment was made as an additional funding amount to our original $76.2 million two-year bridge loan on a central business district office/retail property in Minneapolis, Minnesota. The total loan provided to this property by FSP now totals $106.2 million and is secured by a first mortgage. The property is owned by FSP 50 South Tenth Street Corp., a single-asset REIT affiliate of FSP. The property is a 12-story Class A multi-tenant office/retail property, built in 2001, containing approximately 498,768 rentable square feet of which approximately 90% is office space. The additional funding amount was used primarily to help secure a lease with Target Corporation for effectively 100% of the property's office space for 18 years through March 2030. As of March 31, 2012, the property was approximately 99% leased, and is located between and connected by a sky bridge directly to the Target Corporation and U.S. Bancorp corporate headquarters buildings in downtown Minneapolis. FSP has four office properties in the greater Minneapolis area, either owned directly or through affiliates, totaling approximately 1.4 million square feet. Now that the 50 South Tenth Street property is stabilized by a long term lease with a credit tenant, FSP 50 South Tenth Street Corp. is exploring the opportunities available for a possible sale of the property and/or third party permanent financing which, among other things, if consummated could repay or replace FSP's existing bridge loan. Additional real estate investments during 2012 are a major objective of FSP.

"There were no property sales in the first quarter of 2012, although we continuously review and evaluate our directly-owned portfolio of 36 properties for potentially advantageous disposition opportunities. In addition, certain properties owned by some of our single-asset REIT affiliates, and in which FSP may have a financial interest, could become possible candidates for sale as they stabilize their occupancies and the markets in which they are located become more attractive to potential acquirers. FSP Phoenix Tower Corp., a single-asset REIT affiliate of FSP, owns a 34-story multi-tenant, Class A office building containing approximately 629,054 square feet located in Houston, Texas that is currently being offered for sale. FSP has both an equity and first mortgage debt investment in FSP Phoenix Tower Corp.

"We are very much looking forward to the balance of 2012 and beyond."

Dividend Announcement

On April 13, 2012, the Company announced that its Board of Directors declared a regular quarterly dividend for the three months ended March 31, 2012 of $0.19 per share of common stock payable on May 17, 2012 to stockholders of record on April 27, 2012.

Real Estate Update

Supplementary Schedules D and E provide property information for our continuing real estate portfolio of 36 properties and for three non-consolidated REITs that we had preferred stock interests in as of March 31, 2012. The Company will also be filing a supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.franklinstreetproperties.com.

A reconciliation of Net Income to FFO is shown below and a definition of FFO is provided on Supplementary Schedule I. We believe FFO is used broadly throughout the real estate investment trust (REIT) industry as a measurement of performance. Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that define FFO differently.

Reconciliation of Net Income to FFO:
                                                      Three Months Ended
                                                           March 31,
                                                   ------------------------
(In thousands, except per share amounts)               2012         2011
                                                   -----------  -----------

Net Income                                         $     5,738  $    24,767
  Less gain on sale of property                              -      (19,592)
  GAAP (income) loss from non-consolidated REITs          (391)      (1,773)
  Distributions from non-consolidated REITs                929        1,767
  Acquisitions costs                                         -          269
  Depreciation of real estate & intangible
   amortization                                         13,295       10,812
                                                   -----------  -----------
Funds From Operations (FFO)                        $    19,571  $    16,250
                                                   ===========  ===========

Per Share Data
EPS                                                $      0.07  $      0.30
FFO                                                $      0.24  $      0.20

Weighted average shares (basic and diluted)             82,937       81,437
                                                   -----------  -----------

Today's news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.franklinstreetproperties.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

A conference call is scheduled for May 2, 2012 at 10:00 a.m. (ET) to discuss the first quarter 2012 results. To access the call, please dial 1-877-317-6789. Internationally, the call may be accessed by dialing 1-412-317-6789. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company's website (www.franklinstreetproperties.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.

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. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. 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, risks of a lessening of demand for the types of real estate owned by us, changes in government regulations and regulatory uncertainty, geopolitical events 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, 2011, 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.


                      Franklin Street Properties Corp.
                              Earnings Release
                          Supplementary Information
                              Table of Contents

     Franklin Street Properties Corp. Financial Results                 A-C
     Real Estate Portfolio Summary Information                           D
     Portfolio and Other Supplementary Information                       E
     Quarterly Information                                               F
     Percentage of Leased Space                                          G
     Largest 20 Tenants - FSP Owned Portfolio                            H
     Definition of Funds From Operations (FFO) and FFO+GOS               I


             Franklin Street Properties Corp. Financial Results
                          Supplementary Schedule A
                  Condensed Consolidated Income Statements
                                 (Unaudited)

                                                       For the Three Months
                                                         Ended March 31,
                                                     -----------------------
(in thousands, except per share amounts)                 2012        2011
                                                     ----------- -----------

Revenue:
  Rental                                             $    36,668 $    31,099
Related party revenue:
  Management fees and interest income from loans           2,616         808
Other                                                         34           7
                                                     ----------- -----------
    Total revenue                                         39,318      31,914
                                                     ----------- -----------

Expenses:
  Real estate operating expenses                           9,077       8,732
  Real estate taxes and insurance                          5,813       4,759
  Depreciation and amortization                           13,256      10,745
  Selling, general and administrative                      2,077       1,644
  Interest                                                 3,677       2,408
                                                     ----------- -----------

    Total expenses                                        33,900      28,288
                                                     ----------- -----------

Income before interest income, equity in earnings of
 non-consolidated REITs and taxes                          5,418       3,626
Interest income                                                8          11
Equity in earnings of non-consolidated REITs                 391         968
                                                     ----------- -----------

Income before taxes on income                              5,817       4,605
Taxes on income                                               79          50
                                                     ----------- -----------

  Income from continuing operations                        5,738       4,555
                                                     ----------- -----------

  Discontinued operations:
  Income from discontinued operations, net of income
   tax                                                         -         620
  Gain on sale of property less applicable income
   tax                                                         -      19,592
                                                     ----------- -----------
  Total discontinued operations                                -      20,212
                                                     ----------- -----------

Net income                                           $     5,738 $    24,767
                                                     ----------- -----------

Weighted average number of shares outstanding, basic
 and diluted                                              82,937      81,437
                                                     ----------- -----------

Earnings per share, basic and diluted, attributable
 to:
  Continuing operations                              $      0.07 $      0.05
  Discontinued operations                                      -        0.25
                                                     ----------- -----------
Net income per share, basic and diluted              $      0.07 $      0.30
                                                     ----------- -----------


             Franklin Street Properties Corp. Financial Results
                          Supplementary Schedule B
                   Condensed Consolidated Balance Sheets
                                (Unaudited)


(in thousands, except share and par value        March 31,     December 31,
 amounts)                                           2012           2011
                                               -------------  -------------
Assets:
Real estate assets, net                        $   1,001,863  $   1,006,221
Acquired real estate leases, less accumulated
 amortization
of $29,303 and $31,189, respectively                  87,073         91,613
Investment in non-consolidated REITs                  87,061         87,598
Cash and cash equivalents                             29,283         23,813
Restricted cash                                          511            493
Tenant rent receivables, less allowance for
 doubtful accounts of $1,300 and $1,235,
 respectively                                          1,090          1,460
Straight-line rent receivable, less allowance
 for doubtful accounts of $135 and $135,
 respectively                                         31,932         28,545
Prepaid expenses                                       1,164          1,223
Related party mortgage loan receivable               172,286        140,516
Other assets                                           3,528          4,070
Office computers and furniture, net of
 accumulated depreciation of $470 and $428,
 respectively                                            478            468
Deferred leasing commissions, net of
 accumulated amortization of $10,174 and
 $9,220, respectively                                 22,259         22,641
                                               -------------  -------------
Total assets                                   $   1,438,528  $   1,408,661
                                               =============  =============

Liabilities and Stockholders' Equity:
Liabilities:
Bank note payable                              $     494,000  $     449,000
Accounts payable and accrued expenses                 23,311         26,446
Accrued compensation                                     446          2,222
Tenant security deposits                               2,181          2,008
Acquired unfavorable real estate leases, less
 accumulated amortization of $4,069 and
 $3,759, respectively                                  7,243          7,618
                                               -------------  -------------
      Total liabilities                              527,181        487,294
                                               -------------  -------------

Commitments and contingencies

Stockholders' Equity:
  Preferred stock, $.0001 par value,
   20,000,000 sharesauthorized, none issued or
   outstanding                                             -              -
  Common stock, $.0001 par value, 180,000,000
   shares authorized,82,937,405 and 82,937,405
   shares issued and outstanding, respectively             8              8
  Additional paid-in capital                       1,042,876      1,042,876
  Accumulated distributions in excess of
   accumulated earnings                             (131,537)      (121,517)
                                               -------------  -------------
    Total stockholders' equity                       911,347        921,367
                                               -------------  -------------
    Total liabilities and stockholders' equity $   1,438,528  $   1,408,661
                                               =============  =============


             Franklin Street Properties Corp. Financial Results
                          Supplementary Schedule C
              Condensed Consolidated Statements of Cash Flows
                                (Unaudited)

                                                For the Three Months Ended
                                                         March 31,
                                               ----------------------------
(in thousands)                                      2012           2011
                                               -------------  -------------
Cash flows from operating activities:
  Net income                                   $       5,738  $      24,767
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depreciation and amortization expense             13,763         11,109
    Amortization of above market lease                    40             (6)
    Gain on sale of real estate assets                     -        (19,592)
    Equity in earnings of non-consolidated
     REITs                                              (391)        (1,066)
    Distributions from non-consolidated REITs            487          1,283
    Increase (decrease) in bad debt reserve               65           (375)
  Changes in operating assets and liabilities:
    Restricted cash                                      (18)           (20)
    Tenant rent receivables, net                         305            609
    Straight-line rents, net                          (1,517)        (2,303)
    Prepaid expenses and other assets, net                93             88
    Accounts payable and accrued expenses             (3,388)        (1,212)
    Accrued compensation                              (1,776)        (1,200)
    Tenant security deposits                             173            603
  Payment of deferred leasing commissions               (641)        (2,819)
                                               -------------  -------------
      Net cash provided by operating
       activities                                     12,933          9,866
                                               -------------  -------------
Cash flows from investing activities:
  Purchase of real estate assets, office
   computers and furniture                            (5,376)      (124,307)
  Acquired real estate leases                              -        (45,032)
  Investments in non-consolidated REITs                   (1)            (9)
  Distributions in excess of earnings from
   non-consolidated REITs                                442            484
  Investment in related party mortgage loan
   receivable                                        (31,770)        (2,432)
  Changes in deposits on real estate assets                -            200
  Investment in assets held for syndication,
   net                                                     -        (45,186)
  Proceeds received on sales of real estate
   assets                                                  -         89,382
                                               -------------  -------------
      Net cash used in investing activities          (36,705)      (126,900)
                                               -------------  -------------
Cash flows from financing activities:
  Distributions to stockholders                      (15,758)       (15,473)
  Proceeds from equity offering, net                       -            (90)
  Borrowings under bank note payable                  45,000        404,000
  Repayment of bank note payable                           -       (209,968)
  Repayment of term loan payable                           -        (74,850)
  Deferred financing costs                                 -         (4,328)
  Swap termination payment                                 -           (982)
                                               -------------  -------------
      Net cash provided by financing
       activities                                     29,242         98,309
                                               -------------  -------------
Net decrease in cash and cash equivalents              5,470        (18,725)
Cash and cash equivalents, beginning of period        23,813         68,213
                                               -------------  -------------
Cash and cash equivalents, end of period       $      29,283  $      49,488
                                               =============  =============


             Franklin Street Properties Corp. Earnings Release
                          Supplementary Schedule D
                 Real Estate Portfolio Summary Information
                         (Unaudited & Approximated)

                 Commercial portfolio lease expirations (1)
                            As of March 31, 2012

                                                    Total          % of
                     Year                        Square Feet     Portfolio
                                               --------------- ------------
                     2012                              221,088          3.1%
                     2013                              474,097          6.7%
                     2014                              428,487          6.1%
                     2015                              802,138         11.4%
                     2016                              923,880         13.1%
                Thereafter (2)                       4,202,378         59.6%
                                               --------------- ------------
                                                     7,052,068        100.0%
                                               =============== ============

(1) Percentages are determined based upon square footage of expiring commercial leases.
(2) Includes 774,565 square feet of current vacancies.



(dollars & square feet
 in thousands)                         As of March 31, 2012
                       ----------------------------------------------------
                          # of                   % of     Square     % of
State                  Properties  Investment Portfolio    Feet   Portfolio
                       ---------- ----------- ---------  -------- ---------

Texas                          10 $   292,871      29.2%    2,028      28.8%
Colorado                        4     125,152      12.5%      789      11.2%
Virginia                        4     102,008      10.2%      685       9.7%
Minnesota                       2      38,067       3.8%      626       8.9%
Missouri                        3      67,510       6.7%      477       6.8%
North Carolina                  3      68,290       6.8%      431       6.1%
Georgia                         1      71,307       7.1%      387       5.5%
Illinois                        2      50,593       5.1%      372       5.2%
Maryland                        1      54,135       5.4%      325       4.6%
Michigan                        1      14,859       1.5%      215       3.0%
Florida                         1      46,581       4.7%      213       3.0%
Indiana                         1      34,403       3.4%      205       2.9%
California                      2      21,843       2.2%      182       2.6%
Washington                      1      14,244       1.4%      117       1.7%
                       ---------- ----------- ---------  -------- ---------
                               36 $ 1,001,863     100.0%    7,052     100.0%
                       ========== =========== =========  ======== =========


              Franklin Street Properties Corp. Earnings Release
                          Supplementary Schedule E
                Portfolio and Other Supplementary Information
                         (Unaudited & Approximated)

Capital Expenditures
Owned Portfolio                                       Three Months Ended
                                                 ---------------------------
(in thousands)                                     31-Mar-12     31-Mar-11
                                                 ------------- -------------

Tenant improvements                              $       3,014 $       2,506
Deferred leasing costs                                   2,196         2,819
Building improvements                                      746           449
                                                 ------------- -------------
                                                 $       5,956 $       5,774
                                                 ============= =============


Square foot & leased percentages                   March 31,   December 31,
                                                     2012          2011
                                                 ------------  ------------

Owned portfolio of commercial real estate
     Number of properties                                  36            36
     Square feet                                    7,052,068     7,052,068
     Leased percentage                                     89%           89%

Investments in non-consolidated REITs
     Number of properties                                   3             3
     Square feet                                    2,004,953     2,001,542
     Leased percentage                                     90%           87%

Single Asset REITs (SARs) managed
     Number of properties                                  13            13
     Square feet                                    3,322,570     3,322,639
     Leased percentage                                     84%           80%

Total owned, investments & managed properties
     Number of properties                                  52            52
     Square feet                                   12,379,591    12,376,249
     Leased percentage                                     88%           86%

The following table shows property information for our investments in non-consolidated REITs:

                                                                      %
                                               Square   % Leased   Interest
Single Asset REIT name     City        State    Feet   31-Mar-12     Held
                           ----------- ----- --------- ---------  ---------
FSP 303 East Wacker Drive
 Corp.                     Chicago     IL      844,953      93.8%      43.7%
FSP Grand Boulevard Corp.  Kansas City MO      536,056      82.2%      27.0%
FSP Phoenix Tower Corp.    Houston     TX      623,944      90.8%       4.6%
                                             --------- ---------
                                             2,004,953      89.8%
                                             --------- ---------


             Franklin Street Properties Corp. Earnings Release
              Supplementary Schedule F: Quarterly Information
                                (Unaudited)

(in thousands)
                                     Q1         Q2         Q3         Q4
Revenue:                            2011       2011       2011       2011
                                 ---------  ---------  ---------  ---------
  Rental                         $  31,099  $  33,606  $  33,672  $  37,014
  Related party revenue:
    Management fees and interest
     income from loans                 808      1,150      1,037      1,051
  Other                                  6          7          7         29
                                 ---------  ---------  ---------  ---------
      Total revenues                31,913     34,763     34,716     38,094
                                 ---------  ---------  ---------  ---------
Expenses:
  Real estate operating expenses     8,730      8,765      9,328      9,862
  Real estate taxes and
   insurance                         4,759      5,228      5,020      5,426
  Depreciation and amortization     10,745     12,029     12,351     13,124
  Selling, general and
   administrative                    1,645      1,602      1,654      2,012
  Interest                           2,408      3,578      3,419      3,261
                                 ---------  ---------  ---------  ---------
      Total expenses                28,287     31,202     31,772     33,685
                                 ---------  ---------  ---------  ---------

  Income before interest income,
   equity in earnings of non-
   consolidated REITs and taxes
   on income                         3,626      3,561      2,944      4,409
  Interest income                       11          5          3          3
  Equity in earnings of non-
   consolidated REITs                  968      1,166        573        978
                                 ---------  ---------  ---------  ---------

  Income before taxes on income      4,605      4,732      3,520      5,390
  Taxes on income                       50         68         67         82
                                 ---------  ---------  ---------  ---------

  Income from continuing
   operations                        4,555      4,664      3,453      5,308
                                 ---------  ---------  ---------  ---------
  Discontinued operations:
  Income (loss) from
   discontinued operations, net
   of tax                              619      3,371       (139)      (246)
  Gain on sale of properties,
   less applicable income tax       19,593      2,346          -          -
                                 ---------  ---------  ---------  ---------
  Total discontinued operations     20,212      5,717       (139)      (246)
                                 ---------  ---------  ---------  ---------

  Net income                     $  24,767  $  10,381  $   3,314  $   5,062
                                 =========  =========  =========  =========


FFO and FFO+GOS calculations:

Net income                       $  24,767  $  10,381  $   3,314  $   5,062
                                 ---------  ---------  ---------  ---------
  (Gain) Loss on sale of assets    (19,593)    (2,346)         -          -
  GAAP income from non-
   consolidated REITs               (1,773)    (1,166)      (573)      (978)
  Distributions from non-
   consolidated REITs                1,767      1,215      1,104        970
  Acquisition costs                    269          9        185        157
  Depreciation of real estate &
   intangible amortization          10,812     12,047     12,332     13,248

                                 ---------  ---------  ---------  ---------
Funds From Operations (FFO)         16,249     20,140     16,362     18,459
  Plus gains on sales of assets     19,593      2,346          -          -
                                 ---------  ---------  ---------  ---------
FFO+GOS                          $  35,842  $  22,486  $  16,362  $  18,459
                                 =========  =========  =========  =========


             Franklin Street Properties Corp. Earnings Release
                          Supplementary Schedule G
                         Percentage of Leased Space
                          (Unaudited & Estimated)

                                                   Fourth            First
                                                  Quarter           Quarter
                                         % Leased Average  % Leased Average
                                           (1)       %       (1)       %
   Property                     Square    as of    Leased   as of    Leased
    Name        Location         Feet   31-Dec-11   (2)   31-Mar-12   (2)
   ------------ ------------- --------- --------- ------- --------- -------

1  PARK SENECA  Charlotte, NC   109,550      80.6%   80.6%     80.5%   79.9%
2  HILLVIEW
    CENTER      Milpitas, CA     36,288     100.0%  100.0%    100.0%  100.0%
3  SOUTHFIELD   Southfield,
                MI              214,697      39.2%   39.2%     39.2%   39.2%
4  FOREST PARK  Charlotte, NC    62,212     100.0%  100.0%    100.0%  100.0%
5  CENTENNIAL   Colorado
                Springs, CO     110,405      85.4%   73.0%     85.4%   85.4%
6  MEADOW POINT Chantilly, VA   138,537     100.0%  100.0%    100.0%  100.0%
7  TIMBERLAKE   Chesterfield,
                MO              232,766      97.7%   97.7%     97.7%   97.7%
8  FEDERAL WAY  Federal Way,
                WA              117,010      47.0%   44.3%     47.0%   47.0%
9  NORTHWEST    Elk Grove
    POINT       Village, IL     176,848     100.0%  100.0%    100.0%  100.0%
10 TIMBERLAKE   Chesterfield,
    EAST        MO              116,197      85.9%   85.9%     85.9%   85.9%
11 PARK TEN     Houston, TX     155,715      81.2%   81.2%     81.2%   81.2%
12 MONTAGUE     San Jose, CA    145,951     100.0%  100.0%    100.0%  100.0%
13 ADDISON      Addison, TX     293,787      95.8%   95.8%     95.8%   95.8%
14 COLLINS      Richardson,
    CROSSING    TX              298,766      88.4%   88.4%     87.8%   87.8%
15 GREENWOOD
    PLAZA       Englewood, CO   197,527      48.9%   48.4%     48.9%   48.9%
16 RIVER        Indianapolis,
    CROSSING    IN              205,059      93.5%   93.5%     93.9%   93.1%
17 LIBERTY
    PLAZA       Addison, TX     218,934      77.9%   74.8%     76.4%   77.4%
18 INNSBROOK    Glen Allen,
                VA              298,456      98.3%   90.7%     98.3%   98.3%
19 380          Broomfield,
    INTERLOCKEN CO              240,184      85.1%   85.1%     89.5%   86.5%
20 BLUE LAGOON  Miami, FL       212,619     100.0%  100.0%    100.0%  100.0%
21 ELDRIDGE
    GREEN       Houston, TX     248,399     100.0%  100.0%    100.0%  100.0%
22 WILLOW BEND  Plano, TX       116,622      83.1%   83.1%     77.4%   77.4%
23 ONE OVERTON
    PARK        Atlanta, GA     387,267      89.3%   90.0%     91.7%   90.9%
24 390          Broomfield,
    INTERLOCKEN CO              241,516      93.4%   94.3%     96.4%   94.6%
25 EAST
    BALTIMORE   Baltimore, MD   325,445      55.7%   55.7%     56.2%   55.9%
26 PARK TEN
    PHASE II    Houston, TX     156,746     100.0%  100.0%    100.0%  100.0%
27 LAKESIDE     Maryland
    CROSSING I  Heights, MO     127,778     100.0%  100.0%    100.0%  100.0%
28 LOUDOUN TECH Dulles, VA      135,888     100.0%  100.0%    100.0%  100.0%
29 4807
    STONECROFT  Chantilly, VA   111,469     100.0%  100.0%    100.0%  100.0%
30 EDEN BLUFF   Eden Prairie,
                MN              153,028     100.0%  100.0%    100.0%  100.0%
31 121 SOUTH    Minneapolis,
    EIGHTH ST   MN              472,616      93.6%   93.6%     93.8%   93.8%
32 EMPEROR
    BOULEVARD   Durham, NC      259,531     100.0%  100.0%    100.0%  100.0%
33 LEGACY
    TENNYSON
    CTR         Plano, TX       202,600     100.0%  100.0%    100.0%  100.0%
34 ONE LEGACY   Plano, TX       214,110     100.0%  100.0%    100.0%  100.0%
35 909 DAVIS    Evanston, IL    195,245      94.8%   94.8%     94.8%   94.8%
36 1410 EAST    Richardson,
    RENNER      TX              122,300     100.0%  100.0%    100.0%  100.0%

                              --------- --------- ------- --------- -------
   TOTAL WEIGHTED AVERAGE     7,052,068      88.7%   88.1%     89.0%   88.8%
                              --------- --------- ------- --------- -------

(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.



             Franklin Street Properties Corp. Earnings Release
                          Supplementary Schedule H
                  Largest 20 Tenants - FSP Owned Portfolio
                          (Unaudited & Estimated)

The following table includes the largest 20 tenants in FSP's owned
 portfolio based on leased square feet:

   As of March 31, 2012
                                                                     % of
                      Tenant                     Sq Ft   SIC Code Portfolio
                                               --------- -------- ---------
1  TCF National Bank                             267,470       60       3.8%
2  Quintiles Transnational Corp                  259,531       87       3.7%
3  CITGO Petroleum Corporation                   248,399       29       3.5%
4  Burger King Corporation                       212,619       58       3.0%
5  Denbury Onshore LLC                           202,600       13       2.9%
6  RGA Reinsurance Company                       185,501       63       2.6%
7  SunTrust Bank                                 182,888       60       2.6%
8  Citicorp Credit Services, Inc                 176,848       61       2.5%
9  C.H. Robinson Worldwide, Inc                  153,028       47       2.2%
10 Houghton Mifflin Harcourt Publishing
    Company                                      150,050       27       2.1%
11 Murphy Exploration & Production Company       144,677       13       2.1%
12 Giesecke & Devrient America, Inc.             135,888       73       1.9%
13 Monsanto Company                              127,778       28       1.8%
14 AT&T Services, Inc.                           122,300       48       1.7%
15 Vail Holdings, Inc.                           122,232       79       1.7%
16 Northrop Grumman Systems Corporation          111,469       73       1.6%
17 Argo Data Resource Corporation                109,990       73       1.6%
18 Alliance Data Systems                          96,749       73       1.4%
19 Federal National Mortgage Association          92,358       61       1.3%
20 Amdocs, Inc                                    91,928       73       1.3%
                                               ---------          ---------
   Total                                       3,194,303               45.3%
                                               ---------          ---------


              Franklin Street Properties Corp. Earnings Release
                          Supplementary Schedule I
                Definition of Funds From Operations ("FFO"),

The Company evaluates the performance based on several measures, including Funds From Operations, or FFO, because management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income (determined in accordance with GAAP), excluding gains (or losses) from sales of property and acquisition costs of newly acquired properties that are not capitalized, plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, and after adjustments to exclude non-cash income (or losses) from non-consolidated or Sponsored REITs, plus distributions received from non-consolidated or Sponsored REITs.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP), nor 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 and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.

Back to FSP
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki