Exhibit 99.1
FRANKLIN STREET PROPERTIES LETTERHEAD
To : Stockholders of Franklin Street Properties Corp. (the "Company" or "FSP")
Re : Important Information Regarding Your FSP Investment
Date : August 13, 2004
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As you know, the Company has announced its intention to effect a listing of its
shares of common stock on the American Stock Exchange. The listing is
anticipated to be effective on or around January 1, 2005. There are many
administrative items which need to be accomplished prior to the listing. The
purpose of this communication is to update you on two specific items and to tell
you how they will impact you.
#1. Transfer Agent. All publicly-traded companies utilize the services of a
transfer agent. The transfer agent maintains the list of stockholders and
assumes the responsibility for servicing those stockholders, including the
payment of dividends. FSP has chosen American Stock Transfer & Trust Co. ("AST")
to be its transfer agent, effective immediately.
Attached is the regular quarterly communication. It references the fact that the
Company has declared, and is paying, a dividend of $0.31/share. The processing
of the payment of this dividend is being handled by AST. If you receive your
dividends via check, your check will be arriving under separate cover, directly
from AST. If your dividend is directly deposited, the deposit date will be
August 16, 2004. All future dividend payments will be processed by AST.
AST will now be responsible for servicing your FSP account. If you need to
change an address or direct deposit information, you should address those
requests directly to AST. Their contact information is:
American Stock Transfer & Trust Company
59 Maiden Lane
New York, NY 10038
1-800-937-5449
www.amstock.com
NOTE, AST is assuming the responsibility for Franklin Street Properties Corp.
only. Any questions regarding your investment in any FSP-sponsored REIT should
still be directed to your Investment Executive.
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#2. Redemption of Fractional Shares. The American Stock Exchange will accept
only whole shares at the time of listing. Many FSP stockholders currently own
some fractional shares. Those fractional shares must be redeemed. The Company is
redeeming the fractional shares for cash in an amount equal to the product of
such fractional part of a share multiplied by $17.70, the estimated fair market
value of one share of FSP common stock as recently determined by the Company's
Board of Directors. The amount of the redemption, if any, will be added to your
August 16, 2004 dividend distribution.
Of course, until FSP is actually listed, your Investment Executive
(800-950-6288) will still be available to answer any questions you may have
regarding your investment in FSP.
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