(1) % Leased as of month's end includes all leases that expire on the last day of the quarter.
(2) Average quarterly percentage is the average of the end of the month leased percentage for each of the 3 months during the quarter.
(3) Third & Fourth Quarter Total Weighted Averages include asset sold in December 2012 located in Southfield, Michigan with 214,697 sf
Franklin Street Properties Corp. Earnings Release Supplementary Schedule H Largest 20 Tenants - FSP Owned Portfolio (Unaudited & Estimated)The following table includes the largest 20 tenants in FSP's owned portfolio based on leased square feet: As of December 31, 2012 SIC % of Tenant Sq Ft Code Portfolio ---------------------------------------------- --------- ----- ---------1 TCF National Bank 268,252 60 3.4%2 Quintiles Transnational Corp 259,531 87 3.3%3 CITGO Petroleum Corporation 248,399 29 3.2%4 Burger King Corporation 212,619 58 2.7%5 Denbury Onshore LLC 202,600 13 2.6%6 RGA Reinsurance Company 197,354 63 2.5%7 SunTrust Bank 182,888 60 2.3%8 Citicorp Credit Services, Inc 176,848 61 2.3%9 C.H. Robinson Worldwide, Inc 153,028 47 1.9%10 T-Mobile South, LLC dba T-Mobile 151,792 48 1.9%11 Houghton Mifflin Harcourt Publishing Company 150,050 27 1.9%12 Petrobras America, Inc. 144,813 13 1.8%13 Murphy Exploration & Production Company 144,677 13 1.8%14 Giesecke & Devrient America, Inc. 135,888 73 1.7%15 Monsanto Company 127,778 28 1.6%16 Federal National Mortgage Association 123,144 61 1.6%17 AT&T Services, Inc. 122,300 48 1.6%18 Vail Holdings, Inc. 122,232 79 1.6%19 Kaiser Foundation Health Plan, Inc. 120,979 64 1.5%20 Northrop Grumman Systems Corporation 111,469 73 1.5% --------- --------- Total 3,356,641 42.7% --------- ---------
(a) Based on rentable square footage
Franklin Street Properties Corp. Earnings Release Supplementary Schedule I Definition of Funds From Operations ("FFO"),The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and acquisition costs of newly acquired properties that are not capitalized, plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, and after adjustments to exclude non-cash income (or losses) from non-consolidated or Sponsored REITs, plus distributions received from non-consolidated or Sponsored REITs.
FFO should not be considered as an alternative to net income (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs.
Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO definition in our table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.
We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.
Contact:
John Demeritt
(877) 686-9496
