Franklin Street Properties Corp. Announces the Sale of San Jose, California Property
December 10 2015 - 11:10AM
Business Wire
Franklin Street Properties Corp. (the “Company”, “FSP”, “our” or
“we”) (NYSE MKT: FSP), a real estate investment trust (REIT),
announced today the sale of an approximately 145,951 square foot
suburban office property known as “Montague Business Center.” Gross
proceeds from the sale were $30.25 million. The Company expects to
recognize an approximately $12 million gain on sale from Montague
Business Center in fourth quarter 2015.
George J. Carter, President and Chief Executive Officer of FSP,
commented, “The sale of Montague Business Center continues FSP’s
ongoing strategy of selling non-core assets, when pricing is
appropriate. Montague Business Center is located in San Jose,
California, which is a non-core market to FSP, and as a
single-story, suburban, flex-office building, the property no
longer fits our current investment profile. FSP intends to reinvest
into larger, urban in-fill and/or CBD office assets within its core
markets over time.”
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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version on businesswire.com: http://www.businesswire.com/news/home/20151210005970/en/
For Franklin Street Properties Corp.Georgia Touma,
877-686-9496Investor Relations
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