Franklin Street Properties, Corp.
Franklin Street Properties Corp. (the "Company", "FSP", "we" or "our") (NYSE American: FSP) is a real estate investment trust that owns and operates a portfolio of office buildings in select major markets in the U.S. We are focused on long-term value creation, as well as achieving current income, by making property investments in select urban-infill and central business district (CBD) locations where we possess long-term first-hand knowledge and experience. Additionally, we seek to invest in markets that exhibit what FSP believes are long-term sustainable, domestic and global macroeconomic drivers that have the potential to result in above-average employment growth within those markets. Cities attracting attention from FSP also demonstrate a track record of committed investment into infill and CBD infrastructure, as well as a diversified local economy. Primary emphasis has been placed on our five core markets of Atlanta, Dallas, Denver, Houston and Minneapolis. As of December 31, 2017, FSP owned 34 office properties in 10 states, consisting of approximately 9.8 million rentable square feet. Approximately 78% of FSP's owned portfolio (in square feet) is located within our five core markets. FSP's portfolio was approximately 89.7% leased as of December 31, 2017.
The principal revenue sources from our real estate operations include rental income from tenants who lease our office space, interest income from secured first mortgage loans made on some of our sponsored office properties, and fee income from asset/property management and development services. In order to create value for our stockholders, the Company seeks to grow revenue through higher occupancies and rental rate levels in its directly-owned portfolio, acquire additional high-quality assets below replacement cost with attractive future value-add opportunities and engage in select new development of properties. The Company also continuously reviews and evaluates its real estate property portfolio for potentially advantageous property dispositions that may realize investment returns through gains on sale.
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.fspreit.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 Part II, Item 7 in the attached Annual Report on Form 10-K for the year ended December 31, 2017.