WAKEFIELD, Mass.--(BUSINESS WIRE)--
Franklin Street Properties Corp. (the “Company”, “FSP”, “its”, “our” or
“we”) (NYSE MKT: FSP), a real estate investment trust (REIT), announced
today that Janet P. Notopoulos has decided that, effective as of the
close of business on May 12, 2016, she will retire from FSP and resign
from her position as the Company’s Executive Vice President. In
addition, Ms. Notopoulos has decided that she will not stand for
re-election to the Board of Directors at the Company’s 2016 Annual
Meeting of Stockholders (the “2016 Annual Meeting”) and will resign from
the Board upon the conclusion of her term as a Class I director,
effective as of the 2016 Annual Meeting. Ms. Notopoulos has served on
the Board of Directors since 2002. In addition, the Board has approved a
decrease in the number of directors constituting the entire Board from
eight members to seven and the number of Class I directors from three to
two, effective as of the 2016 Annual Meeting. With this decrease, the
Board will be comprised of seven directors, six of whom will be
independent.
George J. Carter, Chairman and Chief Executive Officer, said, “Since
joining FSP in 1997, Janet has been the architect of the property
management platform that helped us achieve our many successes. Her
advice and counsel will be greatly missed. On behalf of the entire FSP
team, I would like to thank Janet for her enduring dedication and
contributions to the Company over the years. We will miss Janet and wish
her nothing but the best in the future.”
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/20160209006648/en/
For Franklin Street Properties Corp.
Georgia Touma, 877-686-9496
Source: Franklin Street Properties Corp.