"We are very optimistic about our prospects for growth during 2013 and beyond."
Dividend Announcement
On January 26, 2013, the Company announced that its Board of Directors declared a regular quarterly dividend for the three months ended December 31, 2012 of $0.19 per share of common stock payable on February 14, 2013 to stockholders of record on January 25, 2013.
Real Estate Update
Supplementary schedules provide property information for the Company's owned real estate portfolio and for three non-consolidated REITs in which the Company holds preferred stock interests as of December 31, 2012. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.franklinstreetproperties.com.
Earnings Call
A conference call is scheduled for February 20, 2013 at 10:00 a.m. (ET) to discuss the fourth quarter and 2012 results. To access the call, please dial 1-888-317-6016. Internationally, the call may be accessed by dialing 1-412-317-6016. 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.
A reconciliation of Net Income to FFO is shown below and a definition of FFO is provided on Supplementary Schedule I. Management believes FFO is used broadly throughout the real estate investment trust (REIT) industry as a measurement of performance. The Company has included the NAREIT FFO definition in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company's computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that define FFO differently.
Reconciliation of Net Income to FFO: Three Months Ended Year Ended December 31, December 31, -------------------- --------------------(In thousands, except per share amounts) 2012 2011 2012 2011 --------- --------- --------- ---------Net income $ 5,460 $ 5,062 $ 7,633 $ 43,524(Gain) loss on sale of or equity interest in properties, less applicable income tax 526 - 14,826 (21,939) GAAP (income) loss from non- consolidated REITs (972) (978) (2,033) (4,490) Distributions from non- consolidated REITs 76 971 2,810 5,056 Depreciation & amortization 15,239 13,247 55,518 48,439 --------- --------- --------- ---------NAREIT FFO 20,329 18,302 78,754 70,590 Acquisition costs of new properties 186 155 287 620 --------- --------- --------- ---------Funds From Operations (FFO) $ 20,515 $ 18,457 $ 79,041 $ 71,210 ========= ========= ========= =========Per Share DataEPS $ 0.07 $ 0.06 $ 0.09 $ 0.53FFO $ 0.25 $ 0.22 $ 0.95 $ 0.87Weighted average shares (basic and diluted) 82,937 82,937 82,937 81,857 ========= ========= ========= =========
