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, 2011, 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.
Franklin Street Properties Corp. Earnings Release Supplementary Information Table of Contents Franklin Street Properties Corp. Financial Results A-C Real Estate Portfolio Summary Information D Portfolio and Other Supplementary Information E Quarterly Information - Prior Four Quarters F Percentage of Leased Space G Largest 20 Tenants - FSP Owned Portfolio H Definition of Funds From Operations (FFO) I Franklin Street Properties Corp. Financial Results Supplementary Schedule A Condensed Consolidated Income (Loss) Statements (Unaudited) For the For the Three Months Ended Nine Months Ended September 30, September 30, -------------------- --------------------(in thousands, except per share amounts) 2012 2011 2012 2011 --------- --------- --------- ---------Revenue: Rental $ 38,251 $ 33,398 $ 110,124 $ 97,494Related party revenue: Management fees and interest income from loans 3,485 1,037 9,146 2,995Other 39 7 112 20 --------- --------- --------- --------- Total revenue 41,775 34,442 119,382 100,509 --------- --------- --------- ---------Expenses: Real estate operating expenses 9,639 8,889 26,940 25,590 Real estate taxes and insurance 5,764 4,950 16,952 14,757 Depreciation and amortization 13,572 12,183 39,647 34,671 Selling, general and administrative 3,141 1,654 7,454 4,901 Interest 4,187 3,419 11,901 9,405 --------- --------- --------- --------- Total expenses 36,303 31,095 102,894 89,324 --------- --------- --------- ---------Income before interest income, equity in earnings ofnon-consolidated REITs and taxes 5,472 3,347 16,488 11,185Interest income 5 3 17 19Equity in earnings of non- consolidated REITs 176 573 1,061 2,707 --------- --------- --------- ---------Income before taxes on income 5,653 3,923 17,566 13,911Taxes on income 80 67 236 185 --------- --------- --------- --------- Income from continuing operations 5,573 3,856 17,330 13,726 --------- --------- --------- --------- Discontinued operations: Income (loss) from discontinued operations, net of income tax (271) (542) (856) 2,797 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 --------- --------- --------- --------- Total discontinued operations (14,571) (542) (15,156) 24,736 --------- --------- --------- ---------Net income (loss) $ (8,998) $ 3,314 $ 2,174 $ 38,462 --------- --------- --------- ---------Weighted average number of shares outstanding, basic and diluted 82,937 81,600 82,937 81,492 --------- --------- --------- ---------Earnings (loss) per share, basic and diluted, attributable to: Continuing operations $ 0.07 $ 0.05 $ 0.21 $ 0.17 Discontinued operations (0.18) (0.01) (0.18) $ 0.30 --------- --------- --------- ---------Net income per share, basic and diluted $ (0.11) $ 0.04 $ 0.03 $ 0.47 --------- --------- --------- ---------
