WAKEFIELD, Mass.--(BUSINESS WIRE)--
Franklin Street Properties Corp. (the "Company" or "FSP") (NYSE MKT:
FSP) today announced that the Company was assigned a Baa3 issuer rating
from Moody’s Investors Service.
Moody’s indicated in their announcement that the Baa3 issuer rating
reflects FSP’s solid credit metrics, as exhibited by the Company’s
modest overall leverage, high fixed charge coverage and fully
unencumbered asset pool. The rating also reflects FSP’s well-occupied
portfolio of office assets in select urban infill and CBD districts
across the US.
“Receiving an investment grade rating is an important accomplishment in
the evolution of our Company. It is the result of a disciplined approach
to managing our growth and balance sheet with a reasonable amount of
unsecured leverage and a sustained effort to improve our portfolio
quality. It also reflects the strength of our team and the quality of
our tenant base” stated John G. Demeritt, FSP’s Executive Vice President
and Chief Financial Officer. “Access to the investment grade, unsecured
market enhances the Company’s financial flexibility to manage our
balance sheet and debt maturities as we continue to grow.”
More information regarding FSP’s rating assignment can be found in the
Moody’s Investors Service press release on its website at www.moodys.com.
Lewis Corporate Advisors, LLC acted as the Company's advisor during the
ratings process.
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, 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, 2013, as the same may be updated from time to time in subsequent
filings with the U.S. 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.
John Demeritt, 877-686-9496
Investor
Relations
Source: Franklin Street Properties Corp.