News Column

FSP GALLERIA NORTH CORP FILES (8-K) Disclosing Regulation FD Disclosure

June 18, 2014

Item 7.01. Regulation FD Disclosure.

Voting Results

Pursuant to an information statement dated May 9, 2014 (the "Information Statement") and mailed to all holders of preferred stock in FSP Galleria North Corp. (the "Company") on or about May 16, 2014, the Board of Directors of the Company requested the consent of the holders of its preferred and common stock to the sale by the Company of the sixteen story Class "A" office tower, known as Galleria North, containing approximately 4.8 acres of land in Dallas, Texas (collectively, the "Property") to an unaffiliated third-party buyer, for a gross sales price in the aggregate of at least $86,000,000 as further described in the Information Statement (the "Sale" of the Property). "Gross sales price" includes any and all consideration received or receivable, in whatever form, including but not limited to assumption or release of existing liabilities. The Information Statement was filed with the U.S. Securities and Exchange Commission on May 9, 2014.

The affirmative vote of the holders of a majority of the Company's preferred stock and a majority of the Company's common stock, each voting as a separate class, is required to approve the Sale. As of June 17, 2014, the Company had received the following votes regarding the Sale from the holders of its preferred stock:

# of Shares of Preferred Stock1 % of Outstanding Preferred Stock2 Consent 606.739 70.551% Withhold Consent 33.750 3.924% Abstain 1.50 0.174%

1 Voting results do not reflect the vote of any common stock in the Company held

by Franklin Street Properties Corp. ("FSP Corp."). FSP Corp. is the sole

stockholder of the Company's one share of common stock and, pursuant to a

voting agreement, has agreed to vote that share in favor of the Sale if the

holders of a majority of the outstanding shares of preferred stock of the

Company vote in favor of the Sale.

2 Based on 860 shares of preferred stock in the Company issued and outstanding.

Update on the Potential Sale of the Property

The Company anticipates that the closing of the sale of the Property will take place on or about June 19, 2014. We will keep all shareholders informed of any further updates.


Safe Harbor for Forward-Looking Statements

Statements in this Current Report on Form 8-K regarding the potential Sale of the Property and any other statements about future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," estimates and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to consummate the proposed transaction, disruptions in the debt markets, economic conditions, risks of a lessening demand for the real estate owned by the Company, 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, and the other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and its most recent quarterly report filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this Current Report on Form 8-K.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Edgar Glimpses

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters