<SEC-DOCUMENT>0001558370-19-000997.txt : 20190225
<SEC-HEADER>0001558370-19-000997.hdr.sgml : 20190225
<ACCEPTANCE-DATETIME>20190225163044
ACCESSION NUMBER:		0001558370-19-000997
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190220
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20190225
DATE AS OF CHANGE:		20190225

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
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32470
		FILM NUMBER:		19629929

	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>f8-k.htm
<DESCRIPTION>8-K
<TEXT>
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			fsp_Current Folio_8-K
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			<font style="display:inline;font-weight:bold;font-size:18pt;">UNITED STATES<br />SECURITIES AND EXCHANGE COMMISSION<br /></font><font style="display:inline;font-weight:bold;font-size:10pt;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-weight:bold;font-size:18pt;">FORM&nbsp;8-K</font>
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			<font style="display:inline;font-weight:bold;">CURRENT REPORT<br />Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font>
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			<font style="display:inline;font-size:10pt;">Date of Report (Date of earliest event reported):&nbsp; </font><font style="display:inline;font-weight:bold;font-size:10pt;">February 20, 2019</font>
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			<font style="display:inline;font-weight:bold;font-size:18pt;">Franklin Street Properties Corp.</font>
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			<font style="display:inline;font-size:10pt;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">Maryland</font></p>
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						<font style="display:inline;font-weight:bold;font-size:10pt;">001-32470</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;font-size:10pt;">04-3578653</font></p>
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						<font style="display:inline;font-size:10pt;">(Commission<br />File Number)</font></p>
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						<font style="display:inline;font-size:10pt;">(IRS Employer<br />Identification No.)</font></p>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;font-size:10pt;">401 Edgewater Place, Suite&nbsp;200, Wakefield,<br />Massachusetts</font></p>
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						<font style="display:inline;font-weight:bold;font-size:3pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;font-size:10pt;">01880</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">(Address of principal executive offices)</font></p>
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						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:10pt;">(Zip Code)</font></p>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Registrant&#x2019;s telephone number, including area code:&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-size:10pt;">(781) 557-1300</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">(Former name or former address, if changed since last report.)</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><font style="display:inline;font-size:10pt;text-decoration:underline;">see</font><font style="display:inline;font-size:10pt;"> General Instruction A.2. below):</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Emerging growth company &#x2610;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act. &#x2610;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman,Times,serif;font-size: 4pt;">
			<font style="display:inline;font-size:4pt;">&nbsp;</font>
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			<font style="display:inline;font-size:4pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font><font style="display:inline;font-size:10pt;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%">

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			<font style="display:inline;font-weight:bold;font-size:10pt;">Item 1.01. Entry into a Material Definitive Agreement.</font>
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			<font style="display:inline;font-size:10pt;">On February 20, 2019, Franklin Street Properties Corp. (the &#x201C;Company&#x201D;) </font><font style="display:inline;color:#000000;font-size:10pt;">executed forward interest rate swap transactions in an initial aggregate notional amount of $220,000,000 with various financial institutions (the &#x201C;Swap Counterparties&#x201D;), pursuant to ISDA Master Agreements and Schedules thereto with each of the Swap Counterparties (the &#x201C;Swap Transactions&#x201D;). &nbsp; &nbsp;The Swap Transactions are not effective until August 26, 2020, when the existing interest rate swap agreement expires, and were entered into in order to hedge the future interest rate risk under the Second Amended and Restated Credit Agreement among the Company, the lending institutions party thereto and Bank of Montreal, as administrative agent (the &#x201C;BMO Credit Agreement&#x201D;).&nbsp; The BMO Credit Agreement entered into on September 27, 2018 provides for a single, unsecured term loan borrowing in the amount of $220,000,000 (the &#x201C;BMO Term Loan&#x201D;), consisting of a $55,000,000 tranche A term loan that matures on November 30, 2021 and a $165,000,000 tranche B term loan that matures on January 31, 2024.&nbsp;&nbsp;The BMO Term Loan bears interest at either (i) a number of basis points over LIBOR depending on the Company&#x2019;s credit rating (125 basis points over LIBOR at December 31, 2018) or (ii) a number of basis points over the base rate depending on the Company&#x2019;s credit rating (25 basis points over the base rate at December 31, 2018).&nbsp; </font><font style="display:inline;font-size:10pt;">Although the interest rate on the BMO Term Loan is variable under the BMO Credit Agreement, the Company fixed the base LIBOR interest rate at 2.32% per annum until August 26, 2020 pursuant to the existing interest rate swap agreement.&nbsp; On August 26, 2020, when the existing interest rate swap agreement expires, the Swap Transactions will fix&nbsp;the base LIBOR interest rate at 2.385% per annum until the BMO Term Loan matures on January 31, 2024.&nbsp;&nbsp;Based upon the Company&#x2019;s credit rating as of December 31, 2018, on August 26, 2020, the effective interest rate on the BMO Term Loan will change from 3.57% per annum to 3.635% per annum and, subject to any changes in the Company&#x2019;s credit rating, will remain fixed at that rate until maturity on January 31, 2024. &nbsp;&nbsp;</font><font style="display:inline;color:#000000;font-size:10pt;">In addition, under the Swap Transactions, the initial aggregate notional amount of $220,000,000 will be reduced to $165,000,000 on November 30, 2021, which is the maturity date of the tranche A term loan under the BMO Credit Agreement.&nbsp; &nbsp;</font>
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			<font style="display:inline;color:#000000;font-size:10pt;">Certain of the Swap Counterparties, and their respective affiliates, have performed, and may in the future perform for the Company and its subsidiaries, various commercial banking, investment banking, underwriting and other financial advisory services, for which they have received, and will receive, customary fees and expenses.</font>
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			<font style="display:inline;font-weight:bold;font-size:10pt;">Item&nbsp;2.03</font><font style="display:inline;font-size:3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display:inline;font-weight:bold;font-size:10pt;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. </font>
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			<font style="display:inline;font-size:10pt;">The information under Item&nbsp;1.01 of this Current Report on Form&nbsp;8-K is incorporated into this Item&nbsp;2.03 by reference.</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;">SIGNATURES</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">FRANKLIN STREET PROPERTIES CORP.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Date:&nbsp; February 25, 2019</font></p>
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						<font style="display:inline;font-size:10pt;">By:</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">/s/ George J. Carter</font></p>
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						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">George J. Carter</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Chief Executive Officer</font></p>
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