Franklin Street Properties Corp. 2013 Annual Report
Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE MKT: FSP) is a real estate investment trust that owns and operates a portfolio of high-quality office buildings in select major markets in the U.S. We are focused on long-term value creation, as well as achieving current income, through investments in select urban infill and central business district (CBD) commercial properties, with primary emphasis on our top five core markets of Atlanta, Dallas, Denver, Houston and Minneapolis. As of December 31, 2013, FSP owned 39 office properties in 13 states, consisting of approximately 9.7 million rentable square feet. More specifically, approximately 70% of FSP’s owned portfolio (in square feet) is within our top five core markets. FSP’s portfolio was approximately 94.1% leased as of December 31, 2013. The principal revenue sources from our real estate operations include rental income from tenants who lease our office space, interest income from secured loans made on office properties and fee income from asset/property management. In order to create value for shareholders, the Company seeks to grow revenue through higher occupancies in its owned portfolio, increasing rents on new and renewal leases, and by acquiring additional high-quality assets below replacement cost with some amount of existing vacancy that can be leased up over time. The Company also continuously reviews and evaluates its real estate property portfolio for potentially advantageous dispositions.
Based in Wakefield, Massachusetts, FSP is a Maryland corporation. The Company was originally founded in 1997 and has been publicly-traded since mid-2005. To learn more about FSP please visit our website at: www.franklinstreetproperties.com
This Annual Report contains “forward-looking statements” within the meaning of federal securities laws. For more information, please refer to the discussion in the first paragraph of Item 7 in the attached Annual Report on Form 10-K for the year ended December 31, 2013.