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FSP

Franklin Street

$8.25

(0.00%)

09:23
04/09/18
04/09
09:23
04/09/18
09:23

Franklin Street lowers dividend to 9c per share

Franklin Street Properties announced after the close on Friday that its board of directors declared a regular quarterly dividend of 9c per share of common stock for the period January 1, 2018 through March 31, 2018, payable on May 10 to stockholders of record as of April 20. Chairman and CEO George Carter said, "The declared quarterly dividend of $0.09 per share of common stock represents a $0.10 reduction from the $0.19 per share of common stock quarterly dividend that FSP has paid since August 2008. As indicated in our fourth quarter 2017 earnings press release, the transition of FSP's property portfolio from a suburban to a primarily urban orientation has generally resulted in higher leasing costs per square foot but longer lease terms and higher rental rates. We anticipate that we will have the opportunity to do significant leasing in the property portfolio during 2018 and 2019 with the objective of achieving 92% to 94% stabilized occupancy. While some of the leasing to be done is rollover space from existing tenant lease expirations, a large amount is associated with value-add opportunities that exist in currently vacant space in many of our recently acquired urban-infill properties. The currently declared dividend of $0.09 per share of common stock has been set at a level that our Board of Directors believes will better enable us to fund anticipated capital expenditures and leasing costs from internal cash flow and that will more closely align our percentage of AFFO, or adjusted funds from operations, payout with other office REITs."

FSP Franklin Street
$8.25

(0.00%)

04/09/18
JANY
04/09/18
DOWNGRADE
JANY
Neutral
Franklin Street downgraded to Neutral from Buy at Janney Capital
02/27/18
BMOC
02/27/18
DOWNGRADE
Target $8
BMOC
Underperform
Franklin Street cut to Underperform at BMO Capital after soft FY18 outlook
As reported earlier, BMO Capital analyst John Kim downgraded Franklin Street to Underperform from Market Perform and lowered his price target to $8 from $10.50. Kim says the company's soft FY18 outlook that showed a 6% decline in expected FFO suggests that the REIT's dividend could be cut by at least 40% to get its payout ratio in line with peers. The analyst believes that there is no clear path to near-term earnings recovery.
02/27/18
BMOC
02/27/18
DOWNGRADE
BMOC
Underperform
Franklin Street downgraded to Underperform from Market Perform at BMO Capital
02/15/18
02/15/18
DOWNGRADE
Target $7

Sell
Franklin Street downgraded to Sell on dividend concerns at Stifel
As previously reported, Stifel analyst John Guinee downgraded Franklin Street Properties to Sell from Hold as he thinks its dividend may be cut, believes its lease economics continue to indicate value erosion at the lease level and sees the significant value erosion in 2017 to become worse in 2018. The analyst, who said a dividend cut may possibly be required by lenders, thinks a 50c per share dividend would be appropriate to be in line with Franklin's peer group. Guinee lowered his price target on Franklin Street to $7 from $10.

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HSGX

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PLD

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