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Franklin Street Properties Corp. Announces Establishment of Continuous, at-the-Market Equity Offering Program

^{Published on 2010-05-07 09:30:33 - Market Wire}
 

WAKEFIELD, MA--(Marketwire - May 7, 2010) - Franklin Street Properties Corp. ("FSP," "it," "our" or "we") (NYSE Amex: [ FSP ]), an investment firm specializing in real estate, announced today that it entered into a Baird On Demand Offering Sales Agreement, establishing a continuous equity offering program through which FSP may sell up to an aggregate of $75 million of its common stock. The stock would be offered through Robert W. Baird & Co. Incorporated ("Baird"), who will be acting as sales agent.

The program allows FSP to sell up to $75 million of its common stock from time to time through Baird as its sales agent. The sales, if any, would be made at the express direction of FSP in "at the market" offerings as defined in Rule 415 of the Securities Act of 1933. In addition, the common stock may be offered and sold through privately negotiated transactions. FSP intends to use the net proceeds from any sales under this program for anticipated potential real estate acquisitions and for other general corporate purposes.

FSP has filed a registration statement (including a prospectus and related prospectus supplement) with the U.S. Securities and Exchange Commission (the "SEC") for the offering of its common stock described in this press release. Before you invest, you should read the prospectus in that registration statement, the related prospectus supplement and other documents FSP has filed with the SEC for more complete information about FSP and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at [ www.sec.gov ]. Alternatively, FSP or the sales agent will arrange to send you the prospectus if you request it by contacting Robert W. Baird & Co. Incorporated, Attention: Equity Syndicate, 777 East Wisconsin Avenue, Galleria Level, Milwaukee, Wisconsin 53202-5391, or by calling 1-800-792-2413.

This press release is not an offer to sell, nor a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The sale of securities is being made only by means of a prospectus and related prospectus supplement.

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. FSP operates in two business segments: real estate operations and investment banking/investment services. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. FSP's subsidiary, FSP Investments LLC (member, FINRA and SIPC), is a real estate investment banking firm and a registered broker/dealer. 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 ].

Forward-Looking Statements

Statements made in this press release regarding anticipated potential future acquisitions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current judgments and current knowledge of FSP's 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, including without limitation, economic conditions in the United States, disruptions in the debt markets, economic conditions in the markets in which FSP owns properties, changes in the demand by investors for investment in Sponsored REITs (as defined in our Annual Report on Form 10-K for the year ended December 31, 2009), risks of a lessening of demand for the types of real estate owned by FSP, changes in government regulations, 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, 2009 and subsequent periodic reports filed with the SEC. 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.