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Reconciliation of Net Income to FFO: Three Months Ended Nine Months Ended September 30, September 30, -------------------- --------------------(In thousands, except per share amounts) 2012 2011 2012 2011 --------- --------- --------- ---------Net income (loss) $ (8,998) $ 3,314 $ 2,174 $ 38,462 (Gain) on sale of properties and Provision for loss on property held for sale of $14,300 less applicable income tax 14,300 - 14,300 (21,939) GAAP (income) loss from non- consolidated REITs (176) (573) (1,061) (3,511) Distributions from non- consolidated REITs 907 1,104 2,733 4,086 Depreciation & amortization 13,779 12,332 40,279 35,191 --------- --------- --------- ---------NAREIT FFO 19,812 16,177 58,425 52,289 Acquisition costs of new properties 101 185 101 463 --------- --------- --------- ---------Funds From Operations (FFO) $ 19,913 $ 16,362 $ 58,526 $ 52,752 ========= ========= ========= =========Per Share DataEPS $ (0.11) $ 0.04 $ 0.03 $ 0.47FFO $ 0.24 $ 0.20 $ 0.71 $ 0.65Weighted average shares (basic and diluted) 82,937 81,600 82,937 81,492 ========= ========= ========= =========
Today's news release, along with other news about Franklin Street Properties Corp., 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.
A conference call is scheduled for October 31, 2012 at 10:00 a.m. (ET) to discuss the third quarter 2012 results. To access the call, please dial 1-877-317-6789. Internationally, the call may be accessed by dialing 1-412-317-6789. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company's website (www.franklinstreetproperties.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments in commercial properties. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. 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.
