Franklin Street Properties Corp (FSP) has seen its leased percentage increase to 94.4% in the most recent quarter, and the company anticipates continued growth in same-store rents and funds from operations, says George J. Carter, Chief Executive Officer, President and Chairman of Franklin Street Properties Corp.
“Our most recent quarter continued to see our leased percentage increase from 94% of the portfolio in the fourth quarter to about 94.4% leased at the end of the first quarter. That is a fairly high percentage for office portfolios like ours in the marketplace, and we actually believe that the possibility, going forward between now and year end, of that leased percentage getting higher is excellent,” Carter said.
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FSP saw same-store rent growth at 5% in 2012, and is expecting more growth in this area due to new leasing in the second half of 2013, Carter says. He also anticipates continued FFO growth for the remainder of the year.
“We had about 5% same-store rent growth in 2012, and in the first quarter of the year we had continued same-store rent growth of about 1%, and we have done some leasing that will come online in the second half of this year that we believe will continue our growth in same-store rents. And lastly, our year-over-year funds from operation growth grew over $1 million dollars; that was exciting, and we anticipate continued FFO growth for the balance of this year as well,” Carter said.
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