WAKEFIELD, Mass.--(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
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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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151026006402/en/
For Franklin Street Properties Corp.
Georgia Touma, 877-686-9496
Source: Franklin Street Properties Corp.