WAKEFIELD, Mass.--(BUSINESS WIRE)--
Franklin Street Properties Corp. (the “Company” or “FSP”) (NYSE MKT:
FSP) today announced that it has closed its previously announced
underwritten public offering of 17,250,000 shares of its common stock,
including 2,250,000 shares purchased by the underwriters pursuant to the
exercise in full of the underwriters’ option to purchase additional
shares. The Company received approximately $231.3 million in net
proceeds from the offering after deducting the underwriting discount and
other estimated offering expenses.
The Company intends to use the net proceeds of the offering to fund a
portion of its acquisition of 999 Peachtree, a Class-A office building
in Atlanta, GA, and 1999 Broadway, a Class-A office building in Denver,
CO. These properties are currently under contract and the acquisitions
are expected to close on or before July 1. Pending closing of the
acquisitions, the Company intends to use the net proceeds from this
offering to repay amounts outstanding under its revolving credit
facility and/or for general corporate purposes. In the event that either
or both acquisitions are not completed, the Company intends to use the
net proceeds of this offering to repay amounts outstanding from time to
time under its revolving credit facility and/or for general corporate
purposes, including funding future acquisitions and investments.
BofA Merrill Lynch, Baird and BMO Capital Markets acted as joint
book-running managers for the offering. PNC Capital Markets LLC, RBS,
Capital One Southcoast, Piper Jaffray, TD Securities and BB&T Capital
Markets acted as co-managers for the offering.
This offering was made pursuant to an effective shelf registration
statement and related prospectus and prospectus supplement filed by the
Company with the Securities and Exchange Commission. Copies of the
prospectus and prospectus supplement for this offering can be obtained
by contacting the underwriters as follows: BofA Merrill Lynch, 222
Broadway, New York, NY 10038, Attn: Prospectus Department or email at dq.prospectus_requests@baml.com;
Robert W. Baird & Co. Incorporated, 777 E. Wisconsin Avenue, Milwaukee,
WI 53202, Attn: Syndicate Department or by email at syndicate@rwbaird.com;
or BMO Capital Markets, 3 Times Square, 28th Floor, New York, NY 10036,
Attn: Syndicate Desk or by telephone at (800) 414-3627. You may also
obtain these documents by visiting the EDGAR database on the SEC’s web
site at www.sec.gov.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Franklin Street Properties
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is
focused on achieving current income and long-term growth through
investments in commercial properties. FSP’s property portfolio consists
of office properties. 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.
Forward-Looking Statements
Certain matters discussed in this press release are forward-looking
statements within the meaning of the federal securities laws and are
subject to uncertainties and risk and actual results may differ
materially from projections, including matters related to the commenced
public offering and intended use of proceeds. Readers should carefully
review the Company’s financial statements and notes thereto, as well as
the risk factors described in Part I, Item 1A of the Company’s Annual
Report on Form 10-K for the year ended December 31, 2012 and other
documents the Company files from time to time with the Securities and
Exchange Commission. Such forward-looking statements are based on
current expectations and speak as of the date of such statements. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events, new
information or otherwise.
Franklin Street Properties
John Demeritt, 877-686-9496
Source: Franklin Street Properties Corp.