FSP reports FY2021 GAAP EPS $0.87; reduces debt 53% to $475M; disposes $603M in properties

FRANKLIN STREET PROPERTIES CORP /MA/

2021-FY EPS reported $0.87 revenue$209,358,000

Net income $92.7M ($0.87/sh); FFO $58.5M ($0.55/sh); AFFO $0.16/sh. Q4 net income $78.6M ($0.75/sh), FFO $0.10/sh.
Total debt reduced 53% from $1.0B to $475M; repaid $508M in 2021, $215M in Q4. New $237.5M revolving credit line (accordion up to $750M).
Sold 10 properties for $603M gross proceeds at 5.5% cap rate. Includes $223.9M sale of 999 Peachtree with $86.8M gain.
Portfolio 78.4% leased (down from 85.0% YoY). Leased 1,035,000 sq ft in 2021; weighted avg rent $30.86/sq ft, up 2.5%.
Regular dividend $0.09/sh; special dividend $0.32/sh paid Jan 2022. 2022 disposition guidance $250-$350M. $31.8M remaining for buybacks.

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