secwatch.observer — SEC 8-K summary
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Issuer:     FRANKLIN STREET PROPERTIES CORP /MA/ (FSP)
CIK:        0001031316
Form:       8-K
Filed at:   2022-02-15T23:59:59+00:00
Accession:  0001558370-22-001191
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1031316/000155837022001191/0001558370-22-001191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1031316/000155837022001191/fsp-20220215x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-001191

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer