WAKEFIELD, Mass.--(BUSINESS WIRE)--
Franklin Street Properties Corp. (the “Company”, “FSP”, “our” or “we”)
(NYSE MKT: FSP), a real estate investment trust (REIT), announced today
a series of leadership changes. As previously announced, Janet P.
Notopoulos retired from the Company and resigned her position as
Executive Vice President, effective May 12, 2016. As part of her
retirement, Ms. Notopoulos also resigned all of her other positions in
our various subsidiaries and affiliates, including as President of FSP
Property Management LLC (“FSPPM”), effective May 12, 2016.
“Janet was a strong and valued leader inside FSP for nearly 20 years,
and made outstanding contributions to our business. We thank Janet for
her service and wish her the best in the future,” said FSP Chairman and
Chief Executive Officer, George J. Carter.
“We are also pleased to elevate our next generation of talent into more
prominent leadership roles,” said George J. Carter.
Specifically, the Company announced the following leadership changes:
- Jeffrey B. Carter has been elected President. He assumed the title of
President from George J. Carter, who will remain as Chairman and Chief
Executive Officer. In this new role, Mr. Jeffrey B. Carter will
oversee the day-to-day execution of the Company’s strategic objectives
and business plan. Mr. Jeffrey B. Carter will continue to serve as
Chief Investment Officer. Mr. Jeffrey B. Carter joined FSP in 1998.
Prior to joining FSP, Mr. Jeffrey B. Carter was employed by Northern
Trust.
- John F. Donahue has been elected Executive Vice President. In
addition, Mr. Donahue has been elected President and Chief Executive
Officer of FSPPM. He assumed these titles upon Ms. Notopoulos’
retirement on May 12, 2016. Mr. Donahue joined FSP in 2001. Prior to
joining FSP, Mr. Donahue worked in the pension fund advisory business
for GE Capital and AEW Capital Management.
- Eriel Anchondo has been elected Executive Vice President and Chief
Operating Officer. Mr. Anchondo joined FSP in 2015 as Senior Vice
President/Operations. Prior to joining FSP, Mr. Anchondo worked at
several financial services firms, including Mercer, New York Life
Investment Management and Putnam Investments.
-
Leo “Toby” H. Daley has been elected Senior Vice President. In
addition, Mr. Daley has been elected Executive Vice President of
FSPPM. Mr. Daley joined FSP in 2004. Prior to joining FSP, Mr. Daley
worked at several real estate services companies, including RREEF,
Cabot Industrial Trust and Leggat McCall Properties.
- Patricia A. McMullen has been elected Senior Vice President. In
addition, Ms. McMullen has been elected Executive Vice President of
FSPPM. Ms. McMullen joined FSP in 1998. Prior to joining FSP, Ms.
McMullen was employed by Boston Financial and GE Capital.
- William S. Friend has been elected Senior Vice President. In addition,
Mr. Friend has been elected Executive Vice President of FSPPM. Mr.
Friend joined FSP in 2003. Prior to joining FSP, Mr. Friend was
employed by RREEF and Cabot Industrial Trust.
- Andrew J. Klouse has been elected Senior Vice President – Finance and
Assistant Treasurer. Mr. Klouse joined FSP in 2004. Prior to joining
FSP, Mr. Klouse was employed by RREEF and Cabot Industrial Trust.
“As FSP’s original founders and other senior leadership retire, our
Board of Directors has extended its succession planning to include
senior leadership with proven experience from both inside and outside
the Company to help lead us into the future. Succession planning efforts
are ongoing. We are very excited about our senior management team
leading FSP into 2017 and beyond, and are optimistic about the prospects
for resumption of meaningful FFO profit growth as we near completion of
our planned property portfolio transition later this year,” said George
J. Carter.
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, including our views as to FFO profit growth in
future periods, 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, 2015, 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/20160517006563/en/
Franklin Street Properties Corp.
Georgia Touma, 877-686-9496
Source: Franklin Street Properties Corp.