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<SEC-DOCUMENT>0001171520-09-000419.txt : 20090624
<SEC-HEADER>0001171520-09-000419.hdr.sgml : 20090624
<ACCEPTANCE-DATETIME>20090624140309
ACCESSION NUMBER:		0001171520-09-000419
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090619
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20090624
DATE AS OF CHANGE:		20090624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN STREET PROPERTIES CORP /MA/
		CENTRAL INDEX KEY:			0001031316
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				042724223
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32470
		FILM NUMBER:		09907159

	BUSINESS ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880
		BUSINESS PHONE:		7815571300

	MAIL ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN STREET PARTNERS LP
		DATE OF NAME CHANGE:	20010301
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>eps3452.htm
<DESCRIPTION>FRANKLIN STREET PROPERTIES CORP.
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Washington, D.C. 20549</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">FORM 8-K</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">CURRENT REPORT</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(Exact name of registrant as specified in its charter)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">001-32470</font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Identification No.)</font></div></td></tr></table></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">401 Edgewater Place, Suite 200, Wakefield, Massachusetts</font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Item 8.01.&#160;&#160;Other Events.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline">Franklin Street Properties Corp. (&#8220;FSP&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;) owns an office property located in Glen Allen, Virginia, a suburb of Richmond, that includes three buildings containing </font>an aggregate of approximately 297,789 rentable
square feet of space<font style="DISPLAY: inline"> (the &#8220;Property&#8221;).&#160;&#160;Capital One Services, Inc. (&#8220;CapOne&#8221;) currently leases 100% of the Property from FSP pursuant to a lease (the &#8220;CapOne Lease&#8221;) that expires on October 31, 2009.&#160;&#160;LandAmerica Financial Group, Inc. (&#8220;LandAm&#8221;) currently subleases 100% of the Property from CapOne pursuant to a sublease that also expires on October 31, 2009.&#160;&#160;</font>Commencing on November 1, 2009, LandAm
was scheduled to directly lease 100% of the Property from FSP pursuant to a lease (the &#8220;LandAm Lease&#8221;) that was due to expire on October 31, 2016.</font></div>
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<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On November 26, 2008, LandAm filed a voluntary motion for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division (the &#8220;Bankruptcy Court&#8221;).&#160;&#160;On June 19, 2009, LandAm filed a notice of rejection
of the LandAm Lease with the Bankruptcy Court.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The rejection of the LandAm Lease was expected and we are actively engaged in leasing efforts to find a replacement tenant or tenants.&#160;Significantly, the CapOne Lease remains in effect, and CapOne continues to be financially obligated to us for all payments
of rent due under the CapOne Lease through October 31, 2009.&#160;&#160;As a result, management does not believe that the rejection of the LandAm Lease will have a material impact on our results of operations for the second quarter, the third quarter and a portion of the fourth quarter of 2009.&#160;&#160;We intend to use this time to continue our leasing efforts to find a replacement tenant or tenants.&#160;&#160;We have received expressions of interest in the Property from several potential replacement tenants
and are optimistic that our leasing efforts will be successful.&#160;&#160;However, we cannot predict how long it will take to lease the vacant space or what the terms and conditions of any new lease or leases will be, although we would expect to sign new leases at current market rates which may be below the expiring rates.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statements made in this report regarding FSP&#8217;s expected operating results for the second, third and fourth quarter of 2009, as well as its beliefs relating to the leasing of the Property, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.&#160;&#160;These
forward-looking statements are 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, including without limitation, general economic conditions, the financial health of CapOne, the rental market in Richmond and other &#8220;Risk Factors&#8221; set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December
31, 2008, as the same may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission.&#160;&#160;Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and investors are cautioned not to place undue reliance on such forward-looking statements.&#160;&#160;We will not update any of the forward-looking statements after the date of this report
to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">FRANKLIN STREET PROPERTIES CORP.</font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Date:&#160;&#160;June 24, 2009</font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">By:&#160;&#160;<font style="TEXT-DECORATION: underline">/s/ George J. Carter<font id="TAB2" style="LETTER-SPACING: 6pt">&#160;&#160;&#160;</font></font></font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">George J. Carter</font></div>
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