WAKEFIELD, Mass.--(BUSINESS WIRE)--Franklin Street Properties Corp. (the "Company" or "FSP") (NYSE MKT: FSP) today announced that the Company was assigned a Baa3 issuer rating from Moody’s Investors Service.
Moody’s indicated in their announcement that the Baa3 issuer rating reflects FSP’s solid credit metrics, as exhibited by the Company’s modest overall leverage, high fixed charge coverage and fully unencumbered asset pool. The rating also reflects FSP’s well-occupied portfolio of office assets in select urban infill and CBD districts across the US.
“Receiving an investment grade rating is an important accomplishment in the evolution of our Company. It is the result of a disciplined approach to managing our growth and balance sheet with a reasonable amount of unsecured leverage and a sustained effort to improve our portfolio quality. It also reflects the strength of our team and the quality of our tenant base” stated John G. Demeritt, FSP’s Executive Vice President and Chief Financial Officer. “Access to the investment grade, unsecured market enhances the Company’s financial flexibility to manage our balance sheet and debt maturities as we continue to grow.”
More information regarding FSP’s rating assignment can be found in the Moody’s Investors Service press release on its website at www.moodys.com. Lewis Corporate Advisors, LLC acted as the Company's advisor during the ratings process.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on investing in institutional-quality office properties in the U.S. FSP’s strategy is to invest in select urban infill and central business district (CBD) properties, with primary emphasis on our top five markets of Atlanta, Dallas, Denver, Houston, and Minneapolis. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. 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.
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, 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, 2013, as the same may be updated from time to time in subsequent filings with the U.S. 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.