Franklin Street Properties Corp. Elects Two Independent Directors to Board of Directors
October 26 2015 - 4:02PM
Business Wire
Franklin Street Properties Corp. (the “Company”, “FSP”, “its”,
“our” or “we”) (NYSE MKT: FSP), a real estate investment trust
(REIT), today announced the election of Kathryn P. O’Neil and
Kenneth Hoxsie to the Company’s Board of Directors (the “Board”),
effective as of January 1, 2016, to fill vacancies created on the
Board as a result of the retirement of Barbara J. Fournier and
Barry Silverstein on May 14, 2015. Ms. O’Neil and Mr. Hoxsie were
elected to serve as Class II directors with terms expiring at the
Company’s 2018 annual meeting of stockholders. The Board has
determined that each of Ms. O’Neil and Mr. Hoxsie is an
“independent director” as defined under the rules of the NYSE MKT.
In addition, the Board appointed Ms. O’Neil to serve as a member of
the Compensation Committee and the Nominating and Corporate
Governance Committee and Mr. Hoxsie to serve as a member of the
Audit Committee and the Nominating and Corporate Governance
Committee. With the additions of Ms. O’Neil and Mr. Hoxsie to the
Board effective as of January 1, 2016, the Board will be comprised
of eight directors, six of whom will be independent.
George J. Carter, Chairman of the Board and Chief Executive
Officer, commented as follows: “We are delighted to welcome both
Kate and Ken to the FSP Board of Directors. Kate has extensive
investor relations and private equity experience, as well as broad
business operating experience and service on other boards. Ken has
extensive experience in real estate capital markets transactions,
securities regulation and advising public companies, including FSP
since its founding. We know that the breadth of their experiences
will make them valuable contributors to our board.”
About Kathryn P. O’Neil
Ms. O’Neil was a Director at Bain Capital in the Investor
Relations area where she focused on Private Equity and had
oversight of the Investment Advisory Community from 2011 until her
retirement in 2014. From 1999 to 2007, Ms. O’Neil was a Partner at
FLAG Capital Management LLC, a manager of fund-of-funds investment
vehicles in Private Equity, Venture Capital, Real Estate and
Natural Resources. Previously, Ms. O’Neil was an Investment
Consultant at Cambridge Associates where she specialized in
Alternative Assets. Ms. O’Neil is a Trustee Emeritus of Colby
College and currently serves on the board of directors of Horizon’s
for Homeless Children, the Advisory Council and Investment
Committee for the Trustees of Reservations, the Investment
Committee of The Governor’s Academy, the Board of Visitors of
McLean Hospital, and the Board of Overseers of the Peabody Essex
Museum. Ms. O’Neil is a former member of the boards of Beverly
Bootstraps and the Essex County Club as well as the Board of
Overseers of the Boston Museum of Science. Ms. O’Neil holds a BA
(Summa Cum Laude) and MA (Honorary) from Colby College where she
was elected to Phi Beta Kappa. Ms. O’Neil received her MBA from The
Harvard Graduate School of Business Administration.
About Kenneth Hoxsie
Mr. Hoxsie is a Partner at the international law firm of Wilmer
Cutler Pickering Hale and Dorr LLP (“WilmerHale”), from which he
will retire on December 31, 2015. He joined Hale and Dorr (the
predecessor of WilmerHale) in 1981, subsequently worked at Copley
Real Estate Advisors, an institutional real estate investment
advisory firm, and rejoined Hale and Dorr in 1994. Mr. Hoxsie has
over 30 years’ experience in real estate capital markets
transactions, fund formation, public company counselling and
mergers and acquisitions and has advised the Company since its
formation in 1997. Mr. Hoxsie earned his JD (Cum Laude) from the
Harvard Law School, his MA from Harvard University and his BA
(Summa Cum Laude) from Amherst College, where he was elected to Phi
Beta Kappa.
This press release, along with other news about FSP, 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.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield,
Massachusetts, is focused on investing in institutional-quality
office properties in the U.S. FSP’s strategy is to invest in select
urban infill and central business district (CBD) properties, with
primary emphasis on our top five markets of Atlanta, Dallas,
Denver, Houston, and Minneapolis. FSP seeks value-oriented
investments with an eye towards long-term growth and appreciation,
as well as current income. 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,
uncertainty about governmental fiscal policy, 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, 2014, 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.
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