We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Franklin Street Properties Corp | AMEX:FSP | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.04 | 2.12% | 1.93 | 1.95 | 1.90 | 1.92 | 214,744 | 22:55:24 |
Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE MKT: FSP), a real estate investment trust (REIT), announced today Funds From Operations (FFO) of $27.2 million or $0.27 per share for the second quarter ended June 30, 2015; and net income of $3.9 million or $0.04 per share for the second quarter ended June 30, 2015.
The Company evaluates its performance based on FFO, Net Income and EPS and believes each is an important measure. A reconciliation of Net Income to FFO, which is a non-GAAP financial measure, is provided on page 3 of this press release.
Three Months Ended June 30,Six Months Ended June 30, (in 000's except per share data)
2015
2014
Increase(Decrease)
2015
2014
Increase(Decrease)
Net Income $ 3,903 $ 3,713 $ 190 $ 16,436 $ 7,286 $ 9,150 FFO $ 27,188 $ 28,254 $ (1,066 ) $ 52,860 $ 57,033 $ (4,173 ) Per Share Data: EPS $ 0.04 $ 0.04 $ 0.00 $ 0.16 $ 0.07 $ 0.09 FFO $ 0.27 $ 0.28 $ (0.01 ) $ 0.53 $ 0.57 $ (0.04 ) Weighted average shares (diluted) 100,187 100,187 - 100,187 100,187 -Comparing results for the second quarter of 2015 to the same period in 2014, FFO decreased $1.1 million or $0.01 per share to $27.2 million or $0.27 per share in 2015. The FFO decrease was primarily from lower property income as a result of asset sales, loan repayments achieved in the last twelve months and lower occupancy, which was partially offset by the acquisition of a property on April 8, 2015. We recorded a $0.9 million gain on the sale of a property in the second quarter of 2015. Net Income and EPS was $3.9 million or $0.04 per share for the second quarter of 2015 compared to a net income of $3.7 million or $0.04 per share for the second quarter of 2014.
Comparing results for the six months ended June 30, 2015 to the same period in 2014, FFO decreased $4.2 million or $0.04 per share to $52.9 million or $0.53 per share. The FFO decrease was primarily from lower property income as a result of asset sales and loan repayments achieved in the last twelve months and from lower occupancy, which was partially offset by the acquisition of a property on April 8, 2015. We recorded a $11.4 million gain on the sale of three properties during the six months ended June 30, 2015. Net Income and EPS was $16.4 million or $0.16 per share for the six months ended June 30, 2015 compared to net income of $7.3 million or $0.07 per share for the six months ended June 30, 2014.
George J. Carter, President and CEO, commented as follows:
“For the second quarter of 2015, FSP’s profits as represented by FFO totaled approximately $27.2 million, or $0.27 per share. Our directly owned real estate portfolio of 36 properties totaling approximately 9.6 million square feet was 90.6% leased as of June 30, 2015. We are updating our full-year 2015 FFO guidance to the range of $1.04 to $1.08 per share.
During the first half of 2015, we continued to lease vacant space, totaling approximately 547,000 square feet, in our property portfolio. The largest lease completed occurred on June 30, 2015 at our “Timberlake” property in Chesterfield, Missouri for approximately 117,618 square feet to Centene Management Company, LLC. The lease is guaranteed by Centene Corporation. This lease brings the entire three building Timberlake office complex to the 77.2% leased level. However, our overall portfolio leased percentage remained relatively unchanged at approximately 90.6%, primarily because of our $78 million purchase during the quarter of the 442,130 square foot “Two Ravinia” office property in Atlanta, Georgia, which is an approximately 80% leased value-add opportunity. Also, on May 13, 2015, we completed the disposition of a property known as Park Seneca, a 109,699 square foot suburban office property located in Charlotte, North Carolina, for $8.2 million. A total gain of $0.9 million was realized as a result of the sale. Park Seneca had been owned by FSP or an FSP affiliate since 1997.
We continue to actively pursue further potential dispositions of other suburban office assets that we believe are no longer core to our long-term strategy of acquiring larger, multi-tenant, urban in-fill, CBD or town-center office properties. We believe selective acquisitions, such as Two Ravinia located in the Central Perimeter submarket of Atlanta, could provide shareholders with better risk/reward adjusted returns over an extended slow growth period in the U.S. business cycle. Potential target acquisition opportunities are primarily being pursued in our five core markets of Atlanta, Dallas, Denver, Houston and Minneapolis. Along with our existing property portfolio’s ongoing leasing activity, we believe the results, size, timing and execution of our current capital recycling efforts could meaningfully affect value creation and results for full year 2015 and beyond.
We remain very positive about our prospects and opportunities.”
Dividend Update
On July 10, 2015, the Company announced that its Board of Directors declared a regular quarterly dividend for the three months ended June 30, 2015 of $0.19 per share of common stock that will be paid on August 13, 2015 to stockholders of record on July 24, 2015.
FFO Guidance
Our full year FFO guidance for 2015 has been updated to be in the range of $1.04 to $1.08 per diluted share. This guidance (a) excludes the impact of future acquisitions, dispositions, debt financings or repayments or other capital market transactions; (b) reflects estimates from our ongoing portfolio of properties, other real estate investments and G&A expenses; and (c) reflects our current expectations of economic conditions. We will update guidance quarterly in our earnings releases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
Real Estate Update
Supplementary schedules provide property information for the Company’s owned real estate portfolio and for two non-consolidated REITs in which the Company holds preferred stock interests as of June 30, 2015. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.franklinstreetproperties.com.
Funds From Operations (FFO)
A reconciliation of Net Income to FFO is shown below and a definition of FFO is provided on Supplementary Schedule H. Management believes FFO is used broadly throughout the real estate investment trust (REIT) industry as a measurement of performance. Management also believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company has included the NAREIT FFO definition in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that define FFO differently.
Reconciliation of Net Income to FFO:
Three Months EndedJune 30,
Six Months EndedJune 30,
(In thousands, except per share amounts)2015
2014
2015
2014
Net income $ 3,903 $ 3,713 $ 16,436 $ 7,286 Gain on sale of assets, less applicable income tax (948 ) - (11,410 ) - GAAP loss from non-consolidated REITs 38 552 360 1,036 FFO from non-consolidated REITs 885 351 1,486 770 Depreciation & amortization 23,168 23,638 45,846 47,927 NAREIT FFO 27,046 28,254 52,718 57,019 Acquisition costs of new properties 142 - 142 14 Funds From Operations (FFO) $ 27,188 $ 28,254 $ 52,860 $ 57,033 Per Share Data EPS $ 0.04 $ 0.04 $ 0.16 $ 0.07 FFO $ 0.27 $ 0.28 $ 0.53 $ 0.57 Weighted average shares (basic and diluted) 100,187 100,187 100,187 100,187Today’s news release, along with other news about Franklin Street Properties Corp., 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.
Earnings Call
A conference call is scheduled for July 29, 2015 at 10:00 a.m. (ET) to discuss the second quarter 2015 results. To access the call, please dial 1-877-507-4376. Internationally, the call may be accessed by dialing 1-412-317-6014. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company's website (www.franklinstreetproperties.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.
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.
Franklin Street Properties Corp.
Earnings Release
Supplementary Information
Table of Contents
Franklin Street Properties Corp. Financial Results A-C Real Estate Portfolio Summary Information D Portfolio and Other Supplementary Information E Percentage of Leased Space F Largest 20 Tenants – FSP Owned Portfolio G Definition of Funds From Operations (FFO) HFranklin Street Properties Corp. Financial Results
Supplementary Schedule A
Condensed Consolidated Income (Loss) Statements
(Unaudited)
For theThree Months Ended
June 30,
For theSix Months Ended
June 30,
(in thousands, except per share amounts) 2015 2014 2015 2014 Revenue: Rental $ 58,801 $ 60,994 $ 117,814 $ 122,591 Related party revenue: Management fees and interest income from loans 1,412 1,671 2,885 3,314 Other 20 76 41 99 Total revenue 60,233 62,741 120,740 126,004 Expenses: Real estate operating expenses 14,644 14,995 30,000 30,066 Real estate taxes and insurance 9,469 9,763 19,517 19,014 Depreciation and amortization 23,207 23,563 45,879 47,863 Selling, general and administrative 3,401 3,148 7,092 6,420 Interest 6,365 6,891 12,552 14,067 Total expenses 57,086 58,360 115,040 117,430 Income before interest income, equity in losses of non-consolidated REITs and taxes 3,147 4,381 5,700 8,574 Interest income - 1 1 2 Equity in losses of non-consolidated REITs (38 ) (552 ) (360 ) (1,036 ) Gain on sale of properties, less applicable income tax 948 - 11,410 - Income before taxes on income 4,057 3,830 16,751 7,540 Taxes on income 154 117 315 254 Net income $ 3,903 $ 3,713 $ 16,436 $ 7,286 Weighted average number of shares outstanding, basic and diluted 100,187 100,187 100,187 100,187 Earnings per share, basic and diluted: Net income per share, basic and diluted $ 0.04 $ 0.04 $ 0.16 $ 0.07Franklin Street Properties Corp. Financial Results
Supplementary Schedule B
Condensed Consolidated Balance Sheets
(Unaudited)
June 30,2015
December 31,2014
(in thousands, except share and par value amounts) Assets: Real estate assets: Land $ 180,271 $ 183,930 Buildings and improvements 1,636,444 1,604,984 Fixtures and equipment 1,800 1,677 1,818,515 1,790,591 Less accumulated depreciation 279,172 266,284 Real estate assets, net 1,539,343 1,524,307 Acquired real estate leases, less accumulated amortization of $110,884 and $101,838, respectively 126,926 138,714 Investment in non-consolidated REITs 78,164 78,611 Cash and cash equivalents 15,841 7,519 Restricted cash 48 742 Tenant rent receivables, less allowance for doubtful accounts of $250 and $325, respectively 2,886 4,733 Straight-line rent receivable, less allowance for doubtful accounts of $50 and $162, respectively 46,168 47,021 Prepaid expenses and other assets 9,096 10,292 Related party mortgage loan receivables 93,641 93,641 Other assets: derivative asset 918 3,020 Office computers and furniture, net of accumulated depreciation of $1,183 and $1,036, respectively 562 609 Deferred leasing commissions, net of accumulated amortization of $18,386 and $16,944, respectively 26,508 27,181 Total assets $ 1,940,101 $ 1,936,390 Liabilities and Stockholders’ Equity: Liabilities: Bank note payable $ 300,000 $ 268,000 Term loans payable 620,000 620,000 Accounts payable and accrued expenses 39,199 42,561 Accrued compensation 2,327 3,758 Tenant security deposits 4,315 4,248 Other liabilities: derivative liability 7,632 7,268 Acquired unfavorable real estate leases, less accumulated amortization of $9,779 and $8,687, respectively 11,082 10,908 Total liabilities 984,555 956,743 Commitments and contingencies Stockholders’ Equity: Preferred stock, $.0001 par value, 20,000,000 sharesauthorized, none issued or outstanding
- - Common stock, $.0001 par value, 180,000,000 shares authorized,100,187,405 and 100,187,405 shares issued and outstanding, respectively
10 10 Additional paid-in capital 1,273,556 1,273,556 Accumulated other comprehensive loss (6,714 ) (4,248 ) Accumulated distributions in excess of accumulated earnings (311,306 ) (289,671 ) Total stockholders’ equity 955,546 979,647Total liabilities and stockholders’ equity
$ 1,940,101 $ 1,936,390
Franklin Street Properties Corp. Financial Results
Supplementary Schedule C
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For theSix Months Ended
June 30,
(in thousands) 2015 2014 Cash flows from operating activities: Net income $ 16,436 $ 7,286 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 46,913 48,854 Amortization of above market lease (32 ) 63 Equity in losses of non-consolidated REITs 360 1,036 Gain on sale of properties, less applicable income tax (11,410 ) - Increase (decrease) in allowance for doubtful accounts (75 ) 125 Changes in operating assets and liabilities: Restricted cash 694 (85 ) Tenant rent receivables 1,922 2,110 Straight-line rents (643 ) (3,323 ) Lease acquisition costs (231 ) (437 ) Prepaid expenses and other assets 196 503 Accounts payable, accrued expenses and other items (4,306 ) (8,405 ) Accrued compensation (1,431 ) (933 ) Tenant security deposits 66 232 Payment of deferred leasing commissions (2,737 ) (3,908 ) Net cash provided by operating activities 45,722 43,118 Cash flows from investing activities: Property acquisitions (66,104 ) - Acquired real estate leases (10,604 ) - Property improvements, fixtures and equipment (10,333 ) (7,578 ) Distributions in excess of earnings from non-consolidated REITs 54 54 Repayment of related party mortgage loan receivable - 13,880 Investment in related party mortgage loan receivable - (2,570 ) Proceeds received on sales of real estate assets 55,659 - Net cash provided by (used in) investing activities (31,328 ) 3,786 Cash flows from financing activities: Distributions to stockholders (38,072 ) (38,072 ) Borrowings under bank note payable 95,000 10,000 Repayments of bank note payable (63,000 ) (20,000 ) Net cash used in financing activities (6,072 ) (48,072 ) Net increase in cash and cash equivalents 8,322 (1,168 ) Cash and cash equivalents, beginning of year 7,519 19,623 Cash and cash equivalents, end of period $ 15,841 $ 18,455
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule D
Real Estate Portfolio Summary Information
(Unaudited & Approximated)
Commercial portfolio lease expirations (1) TotalSquare Feet
% ofPortfolio
Year
2015 218,762 2.3 %
2016 1,084,573 11.3 %
2017 1,122,704 11.6 %
2018 956,527 9.9 %
2019 1,485,457 15.4 %
Thereafter (2)
4,771,717 49.5 %
9,639,740 100.0 %
(1) Percentages are determined based upon square footage of expiring commercial leases.
(2) Includes 902,447 square feet of current vacancies.
(dollars & square feet in 000's) As of June 30, 2015# ofProperties
Investment
% ofPortfolio
SquareFeet
% ofPortfolio
State
Texas 9 $ 370,346 24.1 % 2,418 25.1 % Colorado 5 433,687 28.2 % 2,010 20.8 % Georgia 4 286,384 18.6 % 1,838 19.1 % Virginia 4 95,585 6.2 % 685 7.1 % Minnesota 1 29,852 1.9 % 475 4.9 % Missouri 3 61,107 4.0 % 478 4.9 % North Carolina 2 55,953 3.6 % 322 3.4 % Illinois 2 45,371 2.9 % 372 3.9 % Maryland 1 52,023 3.4 % 325 3.4 % Florida 1 42,461 2.8 % 213 2.2 % Indiana 1 32,193 2.1 % 205 2.1 % California 2 20,671 1.3 % 182 1.9 % Washington 1 13,710 0.9 % 117 1.2 % 36 $ 1,539,343 100.0 % 9,640 100.0 %
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule E
Portfolio and Other Supplementary Information
(Unaudited & Approximated)
Recurring Capital Expenditures Owned PortfolioFor the SixMonths Ended
(in thousands) For the Three Months Ended31-Mar-15
30-Jun-15
30-Jun-15
Tenant improvements $ 2,936 $ 3,420 $ 6,356 Deferred leasing costs 830 1,539 2,369 Non-investment capex 643 1,418 2,061 $ 4,409 $ 6,377 $ 10,786 For the Three Months Ended: Year ended31-Mar-14
30-Jun-14
30-Sep-14
31-Dec-14
31-Dec-14
Tenant improvements $ 1,132 $ 1,837 $ 2,612 $ 4,244 $ 9,825 Deferred leasing costs 1,080 2,786 577 1,405 5,848 Non-investment capex 364 1,621 700 851 3,536 $ 2,576 $ 6,244 $ 3,889 $ 6,500 $ 19,209 Square foot & leased percentagesJune 30,2015
December 31,2014
Owned portfolio of commercial real estate Number of properties 36 38 Square feet 9,639,740 9,580,057 Leased percentage 90.6 % 92.8 % Investments in non-consolidated REITs Number of properties 2 2 Square feet 1,396,071 1,395,780 Leased percentage 69.7 % 71.3 % Single Asset REITs (SARs) managed Number of properties 7 8 Square feet 1,487,026 1,897,801 Leased percentage 73.5 % 84.7 % Total owned, investments & managed properties Number of properties 45 48 Square feet 12,522,837 12,873,638 Leased percentage 86.3 % 89.3 %The following table shows property information for our investments in non-consolidated REITs:
State
SquareFeet
% Leased30-Jun-15
% Interest
Held
Single Asset REIT name
City
FSP 303 East Wacker Drive Corp. Chicago IL 861,000 59.0% 43.7%
FSP Grand Boulevard Corp. Kansas City MO 535,071 86.9% 27.0% 1,396,071 69.7%
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule F
Percentage of Leased Space
(Unaudited & Estimated)
First Second % Leased (1) Quarter % Leased (1) Quarter as of Average % as of Average %
Property Name
Location
Square Feet
31-Mar-15
Leased (2)
30-Jun-15
Leased (2)
1 PARK SENECA Charlotte, NC - 91.9% 90.4% Sold May 13, 20152 HILLVIEW CENTER Milpitas, CA 36,288 100.0% 100.0% 100.0% 100.0% 3 FOREST PARK Charlotte, NC 62,212 100.0% 100.0% 100.0% 100.0% 4 MEADOW POINT Chantilly, VA 138,537 92.6% 92.6% 100.0% 100.0% 5 TIMBERLAKE Chesterfield, MO 234,023 43.8% 43.8% 93.8% 60.4% 6 FEDERAL WAY Federal Way, WA 117,010 57.1% 57.1% 58.9% 58.9% 7 NORTHWEST POINT Elk Grove Village, IL 176,848 100.0% 100.0% 100.0% 100.0% 8 TIMBERLAKE EAST Chesterfield, MO 116,197 43.1% 35.8% 43.7% 43.5% 9 PARK TEN Houston, TX 157,460 63.1% 63.1% 63.1% 63.1% 10 MONTAGUE San Jose, CA 145,951 81.1% 81.1% 81.1% 81.1% 11 ADDISON Addison, TX 289,974 86.2% 88.5% 91.6% 88.6% 12 COLLINS CROSSING Richardson, TX 300,472 99.5% 99.5% 100.0% 99.7% 13 GREENWOOD PLAZA Englewood, CO 196,236 100.0% 100.0% 100.0% 100.0% 14 RIVER CROSSING Indianapolis, IN 205,059 100.0% 100.0% 90.6% 93.7% 15 LIBERTY PLAZA Addison, TX 218,934 90.7% 90.5% 84.2% 86.3% 16 INNSBROOK Glen Allen, VA 298,456 99.9% 99.9% 99.9% 99.9% 17 380 INTERLOCKEN Broomfield, CO 240,185 95.8% 95.8% 97.1% 96.7% 18 BLUE LAGOON Miami, FLA 212,619 100.0% 100.0% 100.0% 100.0% 19 ELDRIDGE GREEN Houston, TX 248,399 100.0% 100.0% 100.0% 100.0% 20 ONE OVERTON PARK Atlanta, GA 387,267 84.4% 84.4% 84.5% 83.8% 21 390 INTERLOCKEN Broomfield, CO 241,516 72.3% 72.3% 72.3% 72.3% 22 EAST BALTIMORE Baltimore, MD 325,445 81.3% 81.3% 81.3% 81.3% 23 PARK TEN PHASE II Houston, TX 156,746 100.0% 100.0% 100.0% 100.0% 24 LAKESIDE CROSSING I Maryland Heights, MO 127,778 100.0% 100.0% 100.0% 100.0% 25 LOUDOUN TECH Dulles, VA 136,658 92.0% 92.0% 92.0% 92.0% 26 4807 STONECROFT Chantilly, VA 111,469 100.0% 100.0% 100.0% 100.0% 27 121 SOUTH EIGHTH ST Minneapolis, MN 475,012 90.2% 90.6% 90.2% 90.2% 28 EMPEROR BOULEVARD Durham, NC 259,531 100.0% 100.0% 100.0% 100.0% 29 LEGACY TENNYSON CTR Plano, TX 202,600 100.0% 100.0% 100.0% 100.0% 30 ONE LEGACY Plano, TX 214,110 100.0% 100.0% 100.0% 100.0% 31 909 DAVIS Evanston, IL 195,245 97.9% 97.9% 100.0% 99.7% 32 ONE RAVINIA DRIVE Atlanta, GA 386,603 95.2% 95.2% 95.2% 95.2% 33 TWO RAVINIA Atlanta, GA 442,130 Purchased April 8, 2015 77.5% 77.5% 34 WESTCHASE I & II Houston, TX 629,025 97.1% 97.1% 95.9% 95.9% 35 1999 BROADWAY Denver, CO 676,379 87.7% 88.0% 86.2% 86.7% 36 999 PEACHTREE Atlanta, GA 621,946 98.2% 97.8% 95.1%
96.0%
37 1001 17th STREET Denver, CO 655,420 86.1% 85.7% 86.3% 86.5% TOTAL WEIGHTED AVERAGE (3) 9,639,740 90.4% 90.4% 90.6% 89.9% (1) % Leased as of month's end includes all leases that expire on the last day of the quarter. (2) Average quarterly percentage is the average of the end of the month leased percentage for each of the 3 months during the quarter. (3) Average lease totals include assets sold during the year.
Franklin Street Properties Corp. Earnings ReleaseSupplementary Schedule GLargest 20 Tenants – FSP Owned Portfolio(Unaudited & Estimated)
The following table includes the largest 20 tenants in FSP’s owned portfolio based on leased square feet:
As of June 30, 2015 % ofTenant
Sq Ft
Portfolio
1 TCF National Bank 263,111 3.0 % 2 Quintiles Transnational Corp 259,531 3.0 % 3 CITGO Petroleum Corporation 248,399 2.8 % 4 Newfield Exploration Company 234,495 2.7 % 5 US Government (a) 223,433 2.6 % 6 Sutherland Asbill Brennan LLP 222,422 2.5 % 7 Burger King Corporation 212,619 2.4 % 8 Denbury Onshore, LLC (b) 202,600 2.3 % 9 SunTrust Bank (c) 182,888 2.1 % 10 Citicorp Credit Services, Inc 176,848 2.0 % 11 T-Mobile South, LLC dba T-Mobile 151,792 1.7 % 12 Houghton Mifflin Harcourt Publishing Company 150,050 1.7 % 13 Petrobras America, Inc. 144,813 1.7 % 14 Murphy Exploration & Production Company 144,677 1.7 % 15 Argo Data Resource Corporation 140,246 1.6 % 16 Monsanto Company 127,778 1.5 % 17 Federal National Mortgage Association 123,144 1.4 % 18 Vail Corp d/b/a Vail Resorts (d) 122,232 1.4 % 19 Kaiser Foundation Health Plan 120,979 1.4 % 20 Centene Management Company, LLC (e) 117,618 1.3 % Total 3,569,675 40.9 % (a) Includes 180,444 and 27,398 square feet which expire in 2018 & 2017, respectively. The remaining 15,591 square feet expire between 2016 - 2020. (b) Includes 102,600 square feet which expire 7/31/16 and 100,000 square feet that expires 7/31/19. (c) Includes 55,388 square feet which expires October 31, 2016. The remaining 127,500 square feet expires September 30, 2021. (d) Includes 38,293 square feet which expires March 31, 2019. The remaining 83,939 square feet expires March 31, 2023. (e) The lease was executed June 30, 2015 and rent has not commenced.Franklin Street Properties Corp. Earnings ReleaseSupplementary Schedule HDefinition of Funds From Operations (“FFO”)
The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and acquisition costs of newly acquired properties that are not capitalized, plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.
FFO should not be considered as an alternative to net income (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.
Other real estate companies and NAREIT, may define this term in a different manner. We have included the NAREIT FFO definition in our table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.
We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150728006788/en/
Franklin Street Properties Corp.Georgia Touma, 877-686-9496
1 Year Franklin Street Properties Chart |
1 Month Franklin Street Properties Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions