UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 22, 2021
Franklin Street Properties Corp.
(Exact Name of Registrant as Specified in Charter)
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Maryland |
| 001-32470 |
| 04-3578653 |
(State or Other Jurisdiction of Incorporation) |
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| (I.R.S. Employer Identification No.) |
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401 Edgewater Place, Suite 200, Wakefield, Massachusetts 01880
(Address of Principal Executive Offices, and Zip Code)
(781) 557-1300
Registrant’s Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| ☐ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐ 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 13(a) of the Exchange Act. ☐ |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $.0001 par value per share | FSP | NYSE American |
ITEM 2.01. Completion of Acquisition or Disposition of Assets.
On October 22, 2021, FSP 999 Peachtree Street LLC (the “Seller”), a wholly-owned subsidiary of Franklin Street Properties Corp. (the “Registrant”), closed on the previously announced sale of the office building located at 999 Peachtree Street, Atlanta, Georgia (the “Property”) to Piedmont 999 Peachtree One, LLC and Piedmont 999 Peachtree Two, LLC (as successors-by-assignment to Piedmont Operating Partnership, LP, and together, the “Buyer”), pursuant to a Purchase and Sale Agreement dated October 13, 2021 (as amended, the “Agreement”). There were no material relationships, other than in respect of the Agreement, among the Seller and the Buyer, or any of their respective affiliates. The aggregate gross purchase price for the Property was $223,900,000. The Registrant expects to record a gain of approximately $86,800,000 in the fourth quarter of 2021 in connection with the sale of the Property.
ITEM 9.01. Financial Statements and Exhibits.
(b)Pro forma financial information.
The pro forma financial information of the Registrant as adjusted to give effect to the sale of the Property is presented in the unaudited pro forma condensed consolidated financial statements filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
(d)Exhibits.
The following exhibits are filed herewith:
EXHIBIT NO.DESCRIPTION OF EXHIBITS
99.1 | Unaudited Pro Forma Condensed Consolidated Financial Statements. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
FRANKLIN STREET PROPERTIES CORP.
By: /s/ Scott H. Carter
Scott H. Carter
Executive Vice President, General Counsel and Secretary
Date: October 28, 2021