FRANKLIN STREET PROP

FSP
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Franklin Street Properties : Q1 2021 Supplemental Operating Data

05/04/2021 | 05:55pm

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300.~ www.fspreit.com

First Quarter 2021

Table of Contents

Page

Page

Company Information

3

Tenant Analysis and Leasing Activity

Tenants by Industry

18

Key Financial Data

20 Largest Tenants with Annualized Rent and Remaining Term

19-20

Financial Highlights

4

Leasing Activity

21

Income Statements

5

Lease Expirations by Square Feet

22

Balance Sheets

6

Lease Expirations with Annualized Rent per Square Foot

23

Cash Flow Statements

7

Redevelopment Activity

24

Property Net Operating Income (NOI)

8

Capital Expenditures

25

Reconciliation

Transaction Activity

26

FFO & AFFO

9

EBITDA

10

Loan Portfolio of Secured Real Estate

27

Property NOI

11

Net Asset Value Components

28

Debt Summary

12

Appendix: Non-GAAP Financial Measures Definitions

Capital Analysis

13

FFO

29

EBITDA and NOI

30

Owned and Managed Portfolio Overview

14-17

AFFO

31

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP's current expectations include adverse changes in general economic or local market conditions, including as a result of the COVID-19 pandemic and other potential infectious disease outbreaks and terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, increasing interest rates, 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, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, any inability to dispose of properties on acceptable terms and any delays in the timing of any such anticipated dispositions, 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, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Dominion Towers, Denver, CO

March 31, 2021| Page 2

Company Information

Overview

Snapshot (as of March 31, 2021)

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business

Corporate Headquarters

Wakefield, MA

Fiscal Year-End

31-Dec

district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets.

Total Properties

34 (1)

FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current

Total Square Feet

9.7 Million (1)

income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment

Trading Symbol

FSP

trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and

Exchange

NYSE

dispositions, short-term financing, leasing, development and asset management.

American

Common Shares Outstanding 107,328,199

Our Business

Quarterly Dividend

$0.09

Dividend Yield

6.6%

As of March 31, 2021, the Company owned and operated a portfolio of real estate consisting of 33 operating

Total Market Capitalization

$1.5 Billion (2)

properties, one redevelopment property and two managed Sponsored REITs. From time-to-time, the Company

Insider Holdings

4.72%

may acquire, develop or redevelop real estate, make additional secured loans or acquire one of its Sponsored REITs.

The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value

creation and demand for its properties, or for geographic or property specific reasons.

Management Team

George J. Carter

Jeffrey B. Carter

Chief Executive Officer and

President and Chief Investment

Chairman of the Board

Officer

John G. Demeritt

Scott H. Carter

Executive Vice President, Chief

Executive Vice President, General

Financial Officer and Treasurer

Counsel and Secretary

John F. Donahue

Eriel Anchondo

Executive Vice President

Executive Vice President and

Pershing Park Plaza, Atlanta, GA

Chief Operating Officer

Inquiries

Inquiries should be directed to: Georgia Touma

877.686.9496 or InvestorRelations@fspreit.com

  1. Includes both operating and redevelopment properties.
  2. Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.

March 31, 2021| Page 3

Summary of Financial Highlights

(in thousands except per share amounts, SF & number of properties)

31-Mar-21

31-Dec-20

30-Sep-20

30-Jun-20

31-Mar-20

Income Items:

Rental revenue

$

58,623

$

59,408

$

61,834

$

60,398

$

62,567

Total revenue

59,039

59,810

62,247

60,808

62,983

Net income (loss)

(6,460)

37,440

(1,679)

(2,075)

(1,071)

Adjusted EBITDA (a)*

26,556

26,409

29,334

29,139

30,325

FFO*

18,005

17,466

20,446

20,194

21,292

AFFO*

4,384

4,867

3,452

165

3,101

Per Share Data:

EPS

$

(0.06)

$

0.35

$

(0.02)

$

(0.02)

$

(0.01)

FFO*

$

0.17

$

0.16

$

0.19

$

0.19

$

0.20

AFFO*

$

0.04

$

0.05

$

0.03

$

0.00

$

0.03

Weighted Average Shares (diluted)

107,328

107,328

107,328

107,287

107,269

Closing share price

$

5.45

$

4.37

$

3.66

$

5.09

$

5.73

Dividend declared

$

0.09

$

0.09

$

0.09

$

0.09

$

0.09

Balance Sheet Items:

Real estate, net

$

1,601,613

$

1,602,016

$

1,649,649

$

1,645,898

$

1,639,196

Other assets, net

187,820

191,168

190,372

189,537

208,431

Total assets, net

1,789,433

1,793,184

1,840,021

1,835,435

1,847,627

Total liabilities, net

1,033,849

1,025,093

1,102,556

1,089,432

1,090,309

Shareholders' equity

755,584

768,091

737,465

746,003

757,318

Market Capitalization and Debt:

Total Market Capitalization (b)

$

1,532,439

$

1,392,524

$

1,392,821

$

1,546,301

$

1,614,653

Total debt outstanding (excluding unamortized financing costs)

$

947,500

$

923,500

$

1,000,000

$

1,000,000

$

1,000,000

Debt to Total Market Capitalization

61.8%

66.3%

71.8%

64.7%

61.9%

Net Debt to Adjusted EBITDA ratio (a)*

8.9

8.7

8.5

8.6

8.1

Operating Properties Leasing Statistics (c):

Operating properties assets

33

32

32

32

32

Operating properties total SF

9,548,810

9,331,489

9,526,822

9,508,226

9,506,513

Operating properties % leased

81.9%

85.0%

85.6%

84.5%

85.4%

  1. Includes a $3,084 (or $12,336 annualized) charge during the three months ended December 31, 2020 from a lease write-off of a tenant in the travel industry that filed for bankruptcy on December 21, 2020, and includes accrued rent (all of which was included within rental revenue). Management believes excluding the impact of this write-off may be more useful in making period to period comparisons of our leverage ratio, and if such write-off were excluded, our Net Debt-to-Adjusted EBIDTA* ratio would have been 7.8 at December 31, 2020.
  2. Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding on that date.
  3. Excludes redevelopment properties.
  • See pages 9 & 10 for reconciliations of Net income or loss to FFO, AFFO and Adjusted EBITDA, respectively, and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 29.

March 31, 2021| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)

For the

For the Three Months Ended

For the Three Months Ended

Year Ended

31-Mar-21

31-Mar-20

30-Jun-20

30-Sep-20

31-Dec-20

31-Dec-20

Revenue:

Rental

$

58,623

$

62,567

$

60,398

$

61,834

$

59,408

$

244,207

Related party revenue:

Management fees and interest income from loans

410

403

405

400

402

1,610

Other

6

13

5

13

-

31

Total revenue

59,039

62,983

60,808

62,247

59,810

245,848

Expenses:

Real estate operating expenses

15,939

17,298

15,470

16,730

17,442

66,940

Real estate taxes and insurance

12,366

11,762

12,307

12,279

12,042

48,390

Depreciation and amortization

24,381

22,338

22,245

22,076

21,899

88,558

General and administrative

4,146

3,525

3,817

3,817

3,838

14,997

Interest

8,600

9,063

8,980

8,953

9,030

36,026

Total expenses

65,432

63,986

62,819

63,855

64,251

254,911

Gain on sale of property

-

-

-

-

41,928

41,928

Income (loss) before taxes on income

(6,393)

(1,003)

(2,011)

(1,608)

37,487

32,865

Tax expense on income

67

68

64

71

47

250

Net income (loss)

$

(6,460)

$

(1,071)

$

(2,075)

$

(1,679)

$

37,440

$

32,615

Weighted average number of shares outstanding, basic and diluted

107,328

107,269

107,287

107,328

107,328

107,303

Net income (loss) per share, basic and diluted

$

(0.06)

$

(0.01)

$

(0.02)

$

(0.02)

$

0.35

$

0.30

March 31, 2021| Page 5

Disclaimer

Franklin Street Properties Corporation published this content on 03 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 21:54:08 UTC.

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