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Franklin Street Properties Corp. reports developments as a REIT focused on commercial office real estate and real estate operations. News commonly covers operating and financial results, leasing and property operations, property dispositions, common-stock dividends and annual distribution tax composition. Company updates also address capital-structure actions, including secured credit financing used to refinance outstanding indebtedness, and governance or strategic-review matters at the portfolio, asset and corporate levels.
FSP's business disclosures center on rental income from real estate leasing, office-market conditions, property-level investment needs, and services provided through subsidiaries, including asset management, property management, property accounting, investor services and development services for its portfolio and Sponsored REIT activities.
Franklin Street Properties Corp. (FSP) announced the successful sale of three properties for total gross proceeds of $219.5 million. This transaction is expected to generate a gain of approximately $23 million in Q2 2021. The sale contributes significantly to FSP's target of $350 million to $450 million in asset disposals for the year, with proceeds primarily aimed at debt reduction. CEO George J. Carter expressed satisfaction with the completion of this strategic divestment, aligning with the company's focus on long-term growth and value-oriented investments.
Franklin Street Properties Corp. (FSP) reported its Q1 2021 results, revealing a GAAP net loss of $6.5 million and funds from operations (FFO) of $18.0 million. The company aims to achieve $350-$450 million in property sales for debt reduction. Leasing activities are showing signs of recovery, with 800,000 square feet of prospective tenants. The portfolio's occupancy rate stands at 81.0%. A quarterly dividend of $0.09 per share was declared, payable on May 7, 2021. The company has suspended full-year Net Income and FFO guidance due to uncertainties regarding property dispositions.
Franklin Street Properties Corp. (FSP) will announce its Q1 2021 financial results on May 4, 2021, after market close. A conference call to discuss these results is scheduled for May 5, 2021, at 11:00 AM ET. Interested parties can join the call via phone or through a live audio webcast on the company’s website. FSP focuses on investing in U.S. Sunbelt and Mountain West office properties and aims for long-term growth and income as a real estate investment trust (REIT). Investors are encouraged to check the Investor Relations section of their website for updates.
Franklin Street Properties Corp. (FSP) has declared a quarterly dividend of $0.09 per share for the period January 1, 2021 to March 31, 2021. This dividend is payable on May 7, 2021, to stockholders recorded as of April 16, 2021. The company focuses on infill and CBD office properties, aiming for long-term growth and current income. FSP operates as a real estate investment trust (REIT) for federal income tax purposes.
Franklin Street Properties Corp. (FSP) announced a lease amendment with CITGO Petroleum Corporation, extending the lease term of CITGO's 250,000 square foot headquarters at Eldridge Green in Houston, Texas, for approximately 11 years, from February 28, 2022, to March 31, 2033. FSP's CEO, George J. Carter, expressed satisfaction with the ongoing relationship with CITGO. FSP is focused on value-oriented investments in U.S. markets, operating as a real estate investment trust (REIT) for federal income tax purposes.
Franklin Street Properties Corp. (FSP) reported its fourth-quarter and 2020 results, highlighting a net income of $37.4 million with full-year rental collections averaging 99%. The company achieved 1.13 million square feet of leasing for the year and completed a significant property sale for $89.7 million to reduce debt. FSP plans to pursue additional dispositions in 2021, targeting gross proceeds of $350-450 million, focusing on increasing economic occupancy and negotiating lease renewals amid potential office space demand growth post-COVID-19.
Franklin Street Properties Corp. (FSP) will release its fourth quarter and full-year 2020 results after market close on February 16, 2021. A conference call/webcast is scheduled for February 17, 2021, at 11:00 AM ET to discuss the results. Investors can access the call by dialing various international numbers or via a live audio webcast on the Company’s website. FSP focuses on U.S. Sunbelt and Mountain West office properties, aiming for long-term growth and current income as a real estate investment trust (REIT).
Franklin Street Properties Corp. (FSP) has disclosed the tax composition of its 2020 distributions, advising shareholders to consult their tax advisors regarding the treatment of these distributions. The press release highlights the breakdown of various distribution types for the year, ensuring transparency for investors on taxable and non-taxable components. This information is crucial for shareholders to accurately report their income tax obligations and optimize their financial strategies.
Franklin Street Properties Corp. (FSP) has declared a regular quarterly dividend of $0.09 per share for the period of October 1, 2020, to December 31, 2020. This dividend will be payable on February 18, 2021, to stockholders recorded by January 29, 2021. FSP focuses on infill and central business district office properties in the U.S. Sunbelt and Mountain West, seeking long-term growth alongside current income.
Franklin Street Properties Corp. (FSP) announced leasing updates at its Timberlake Corporate Center in Chesterfield, Missouri, and Meadow Point in Chantilly, Virginia. Centene Management Company has extended and expanded its lease by approximately 100,000 rentable square feet, bringing the property to 100% leased until June 30, 2030. Booz Allen Hamilton also expanded its lease at Meadow Point by approximately 29,000 rentable square feet, now at 91.1% leased, expiring on July 31, 2027. These developments enhance FSP's portfolio stability and long-term growth potential.