Franklin Street Properties Corp. · AMEX:FSP
Franklin Street Properties — Investor Presentation (June 2015)
22 slides from Franklin Street Properties's investor presentation, Jun 5, 2015
Slide 1: Investor Presentation June 2015
Two Ravinia Drive, Atlanta GA FRANKLIN STREET PROPERTIES Investor Presentation June 2015 999 Peachtree Street, Atlanta
Slide 2: Forward-looking statements
This presentation may 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. Accordin
Slide 3: Experienced & Aligned Management; High Quality Portfolio
v Experienced & Aligned Management v High Quality Portfolio in Growth Oriented Markets v Asset Management Focused on Value Creation v Strategic Objectives Include: @ Grow Urban Infill/CBD Portfolio in our 5 Core Markets of Atlanta, Dallas, Denver, Houston and Minneapolis Through Acquisition and/or D
Slide 4: Source: Public Company Filings and Disclosures.
____________________ Source: Public Company Filings and Disclosures.
Slide 5: National Platform in Top Office Markets
National Platform in Top Office Markets é Other Markets: 12% Richmond Denver 20% eatinor ono Wiakigton, DC. Owned SF A% Minneapolis we by Market ‘St. Louis 5% 12% Dallas-Fort Worth 13% a 69% in Top 5 Core Markets (O} FSP Core Market
Slide 6: Source: Public Company Filings and Disclosures. Note: Includes FSP owned portfolio only.
____________________ Source: Public Company Filings and Disclosures. Note: Includes FSP owned portfolio only.
Slide 7: A Portfolio Transformation is Underway
A Portfolio Transformation is Underway Emphasize investment in e urban infill and CBD Class “A” office properties primarily located within our top 5 core markets of Atlanta, Dallas, Denver, Houston and Minneapolis ly sell suburban properties, both in our 5 core markets and in our non-core markets, w
Slide 8: FSP's view of the US and global economy
Ad ™ FSP’s view of the US and global economy has SHUG SCINCURE I al 1 } influenced a strategic shift in the future i composition of our property portfolio, from largely suburban to increasingly urban infill and CBD office properties. We believe that there may be generational effects from the recent
Slide 9: Source: Public Company Filings and Disclosures.
____________________ Source: Public Company Filings and Disclosures.
Slide 10: Source: Public Company Filings and Disclosures.
____________________ Source: Public Company Filings and Disclosures.
Slide 11: (1) Source: CoStar
____________________ (1) Source: CoStar
Slide 12: A Flexible Balance Sheet Positioned for Growth and Stability
A Flexible Balance Sheet Positioned for Growth and Stability = Ee Sciin STREET PROPERTIES Investment grade rating of Baa3 and unencumbered debt structure provide significant flexibility in making portfolio decisions Capitalization Debt Maturity Schedule mRevolver mTermLoans {Revolver Capacity Revolv
Slide 13: primarily
primarily within our top 5 core markets of Atlanta, Dallas, Denver, Houston and Minneapolis. through selective dispositions when values have been deemed to be maximized. Disciplined balance sheet management efforts focused on in order to minimize risk and allow financial flexibility. 999 Peachtree S
Slide 14: (1) Peers include BDN, CLI, CXP, CUZ, EQC, HIW, OFC, PDM, PKY.
____________________ Source: SNL Financial as of May 18, 2015. (1) Peers include BDN, CLI, CXP, CUZ, EQC, HIW, OFC, PDM, PKY.
Slide 15: (1) Different REITs may calculate Adjusted EBITDA in different ways. Please refer to pages
____________________ Source: SNL Financial as of March 31, 2015. (1) Different REITs may calculate Adjusted EBITDA in different ways. Please refer to pages 19 & 20 for FSP’s definition of Adjusted EBITDA and a reconciliation of GAAP net income to Adjusted EDITDA. Adjusted EBITDA is a non-GAAP financ
Slide 16: (1) Peers include BDN, CLI, CXP, CUZ, EQC, HIW, OFC, PDM, PKY.
____________________ Source: SNL Financial as of May 18, 2015. (1) Peers include BDN, CLI, CXP, CUZ, EQC, HIW, OFC, PDM, PKY.
Slide 17: Definition of Funds From Operations (FFO)
Definition of Funds From Operations (FFO) The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as
Slide 18: Definition of Adjusted Funds From Operations (AFFO)
Definition of Adjusted Funds From Operations (AFFO) The Company defines AFFO as the sum of (1) FFO; (2) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs; (3) excluding the effect of straight-line rent; (4) plus deferred financing costs, (5) l
Slide 19: FFO & AFFO Reconciliation
FFO & AFFO Reconciliation (in thousands, except per share amounts) For the Three For the Months Ended For the Three Months Ended Year Ended 31-Mar-15 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Dec-14 Net income $ 12,533 $ 3,573 $ 3,713 $ 1,567 $ 4,295 $ 13,148 (Gain) loss on sale, less applicable in
Slide 20: Definition of EBITDA and Adjusted EBITDA
Definition of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA EBITDA is defined as net income plus interest expense, income tax expense and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA excluding gains and losses on sales of p
Slide 21: EBITDA Reconciliation
EBITDA Reconciliation (in thousands, except ratio amounts) Three Months Ended For the Three Months Ended Year Ended 31-Mar-15 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Dec-14 Net income $ 12,533 $ 3,573 $ 3,713 $ 1,567 $ 4,295 $ 13,148 Interest expense 6,187 7,176 6,891 6,883 6,483 27,433 Depreciat
Slide 22: Investor Relations contact
999 Peachtree Street, Atlanta Georgia Touma AVP, Director Investor Relations 877-686-9496 Gtouma@franklinstreetproperties.com InvestorRelations@franklinstreetproperties.com Franklin Street Properties Corp. www.franklinstreetproperties.com Two Ravinia Drive, Atlanta GA FRANKLIN STREET PROPERTIES
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