OAK GROVE, KY. — For the second time in less than six months, the Oak Grove City Council passed an ordinance banning synthetic drugs, but a standing injunction will keep them on store shelves for now.

The ordinance was passed unanimously, without a word of discussion, Tuesday night.

A similar ordinance was passed at the end of 2011, but was quickly stymied by a legal challenge from a local merchant. Christian County Circuit Judge Andrew Self issued an injunction that will hold until the case is heard.

That injunction will remain standing for the retooled ordinance as well.

While laws in Tennessee already ban the drugs, with street names like “bath salts” or “plant food,” local users have easy access to them just across the state line at stores like the Toy Box in Oak Grove.

Should the ordinance take effect, it could cut off a major source of synthetic drugs for users in Montgomery County.

According to the complaint, the first version of the ordinance was too sweeping in its action.

For the most part, both the first and second versions of the ordinance focus on banning chemicals commonly found in synthetic drugs.

The drugs are meant to emulate the effect of already illegal drugs like marijuana and cocaine.

Minor changes were made to narrow the original ordinance’s focus, including the removal of several substances, including salvia, from the list that defines synthetic drugs.

Any substance containing one of the several chemicals listed in the ordinance will be considered an illegal synthetic drug.

For more on this story, see tomorrow’s edition of The Leaf-Chronicle.

Article source: http://www.theleafchronicle.com/article/20120221/NEWS/302210070/Synthetic-drugs-targeted-again-Oak-Grove?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE

WAKEFIELD, MA, Feb 21, 2012 (MARKETWIRE via COMTEX) –
Franklin Street Properties Corp. (the “Company,” “FSP,” “we” or
“our”)


/quotes/zigman/380231/quotes/nls/fsp FSP
-0.67%



, an investment firm specializing in real
estate, announced today Funds From Operations (FFO) of $18.5 million
and $71.2 million, or $0.22 and $0.87 per share, for the fourth
quarter and year ended December 31, 2011, respectively. The Company
also announced Net Income of $5.1 million and $43.5 million and
Earnings Per Share (EPS) of $0.06 and $0.53 for the fourth quarter
and year ended December 31, 2011, respectively, and provided an
update on other activities.

The Company evaluates its performance based on Net Income, EPS, FFO,
Gains on Sales (GOS) and FFO+GOS, and believes each is an important
measure. A reconciliation of Net Income to FFO and FFO+GOS, which are
non-GAAP financial measures, is provided prior to the supplemental
information.

                                  Three Months Ended
                                     December 31,           Year Ended December 31,
                              --------------------------  --------------------------
        (in thousands except                   Increase                    Increase
         per share data)        2011    2010  (Decrease)    2011    2010  (Decrease)
                              ------- ------- ----------  ------- ------- ----------

        Net Income            $ 5,062 $ 5,819 $     (757) $43,524 $22,093 $   21,431
                              ======= ======= ==========  ======= ======= ==========

        FFO                   $18,459 $17,519 $      940  $71,210 $66,922 $    4,288
        GOS                         -       -          -   21,939       -     21,939
                              ------- ------- ----------  ------- ------- ----------
        FFO+GOS               $18,459 $17,519 $      940  $93,149 $66,922 $   26,227
                              ======= ======= ==========  ======= ======= ==========
        Per Share Data:
        EPS                   $  0.06 $  0.07 $    (0.01) $  0.53 $  0.28 $     0.25
        FFO                   $  0.22 $  0.22 $        -  $  0.87 $  0.84 $     0.03
        GOS                   $     - $     - $        -  $  0.27 $     - $     0.27
        FFO+GOS               $  0.22 $  0.22 $        -  $  1.14 $  0.84 $     0.30

        Weighted average
         shares (diluted)      82,937  80,187      2,750   81,857  79,826      2,031
                              ------- ------- ----------  ------- ------- ----------

Comparing results for the fourth quarter of 2011 to 2010, Net Income
and EPS decreased $0.8 million or $0.01 per share, FFO increased $0.9
million and FFO+GOS increased $0.9 million. The increase in FFO was
primarily attributable to an increase in real estate FFO of $2.1
million and a decrease in investment banking FFO of $1.2 million. The
increase in real estate FFO was primarily from three new acquisitions
made in March 2011, a new acquisition in September 2011 and another
acquisition in October 2011, and the benefits of increased occupancy
in the real estate portfolio at December 31, 2011, compared to
December 31, 2010, and was partially offset by the sale of two
properties in 2011. One was a property in Falls Church, Virginia sold
in January 2011 and the other was a property in Savage, Maryland sold
in June 2011. The decrease from investment banking resulted from
lower sales of securities by our investment bank, which was $9.2
million for the fourth quarter of 2011 as compared to $25.3 million
in the fourth quarter of 2010. Revenue from our investment bank was
primarily based on the value of the securities sales. There was no
GOS during the fourth quarter of 2011 or 2010.

Comparing results for the years ended December 31, 2011 to the same
period in 2010, Net Income and EPS increased $21.4 million or $0.25
per share, FFO increased $4.3 million or $0.03 per share and FFO+GOS
increased $26.2 million or $0.30 per share. The increase in FFO was
primarily attributable to an increase in real estate FFO of $1.6
million and an increase in investment banking FFO of $2.7 million.
The increase in real estate FFO was primarily from three new
acquisitions made in March 2011, a new acquisition in September 2011
and another acquisition in October 2011, and the benefits of
increased occupancy in the real estate portfolio at December 31,
2011, compared to December 31, 2010, and was partially offset by the
sale of two properties in 2011. The increase in investment banking
FFO resulted from greater sales of securities by our investment bank,
which were $66.8 million during the year ended December 31, 2011 as
compared to $36.0 million for the same period in 2010. Revenue from
our investment bank was primarily based on the value of the
securities sales. The sale of a property in January 2011 located in
Falls Church, Virginia contributed $19.6 million and the sale of a
property in June 2011 located in Savage, Maryland contributed $2.3
million, or in the aggregate, $0.27 per share of GOS for the year
ended December 31, 2011. There was no GOS during the same period in
2010.

George J. Carter, President and CEO, commented as follows:

“For the fourth quarter of 2011, FSP’s profits as represented by FFO
totaled approximately $18.5 million or $0.22 per share, an increase
of approximately $2.1 million or $0.2 per share compared to the third
quarter of 2011. Dividend distributions declared for the fourth
quarter of 2011, which are payable on February 16, 2012, are
approximately $15.8 million or $0.19 per share. For the full-year
2011, FSP’s profits as represented by FFO totaled approximately $71.2
million or $0.87 per share, an increase of approximately $4.3 million
or $.03 per share compared to full-year 2010. For the full-year 2011,
FSP’s profits as represented by FFO+GOS totaled approximately $93.1
million or $1.14 per share, an increase of approximately $26.2
million or $0.30 per share compared to full-year 2010.

“Our directly-owned real estate portfolio of 36 properties totaling
7,052,068 square feet was approximately 88.7% leased as of December
31, 2011, up from approximately 88.1% leased as of September 30,
2011. Our property portfolio is primarily suburban office assets.
Most of the rental/leasing markets where our properties are located
remained stable during the fourth quarter, with some markets showing
moderate improvement in occupancy and rental-rate levels. The
nation’s slow employment growth as well as financial and regulatory
uncertainty appear to be factors in deferring many corporate
decisions on potential future office space needs. However, we
continue to make steady leasing progress in our portfolio. With
relatively modest lease expirations over the next three years, we
have as our objective to move overall occupancy levels to the 90+%
range during 2012.

“There was one new real estate investment completed in the fourth
quarter of 2011 for a total initial capital contribution of
approximately $76.2 million. The investment is a two-year bridge loan
secured by a first mortgage on a CBD office/retail property in
Minneapolis, Minnesota. The property is owned by FSP 50 South Tenth
Street Corp., a single-asset-REIT affiliate of FSP. The loan also
includes a revolving line of credit component for up to $30 million
to be used for lender-approved tenant improvement costs, leasing
commissions and other incentives necessary to lease space at the
property. Consequently, the total loan commitment amount is $106.2
million. The property is a 12-story Class A multi-tenant
office/retail property, built in 2001, containing approximately
498,768 rentable square feet of which approximately 90% is office
space. FSP sponsored the syndication of the shares of preferred stock
in FSP 50 South Tenth Street Corp. between November 2006 and January
2007. The property has maintained an average occupancy in excess of
98% over the past five years and, as of December 31, 2011, was
approximately 98.8% leased. The property is located between and
connected by a sky-bridge directly to the Target Corporation and U.S.
Bancorp corporate headquarters buildings in downtown Minneapolis. FSP
has four office properties in the greater Minneapolis area, either
owned directly or through affiliates, totaling approximately 1.4
million square feet.

“Additional real estate investments during 2012 are a major objective
of FSP. In addition, certain properties owned by some of our
single-asset REIT affiliates may be possible candidates for sale as
they stabilize their occupancies and the markets in which they are
located become more attractive to potential acquirers. There were no
property dispositions in the fourth quarter of 2011.

“During the fourth quarter of 2011, we completed the full $62 million
subscription of our private placement offering, FSP Union Centre
Corp., which began in March. On December 15, 2011, we announced that
FSP Investments LLC, our broker-dealer subsidiary, will no longer
sponsor the syndication of preferred stock in newly-formed single
property companies. FSP Investments LLC may sponsor other types of
real estate investments in the future. FSP will continue to manage
all the affairs of the 16 existing single property companies that sit
outside of FSP. FSP, its subsidiaries and affiliates, and the
employees, officers and directors thereof will continue to fulfill
and provide all of the responsibilities/duties and services to the
individual stockholders of those 16 existing single property
companies and the assets that they own as they have done in the past.
FSP has meaningful equity and first mortgage loan investments in many
of these entities and receives on-going asset management fees from
all of them. Original capitalization of these 16 single property
companies was in excess of $900 million.

“We believe FSP continues to be in an excellent position to achieve
meaningful long term profit growth. Our company will continue to use
its capabilities and strong balance sheet to take advantage of
competitive tenant leasing requirements and attractive real estate
investment opportunities that are presenting themselves as a result
of the current cyclical softness in the economy and certain
commercial property markets. We are very much looking forward to 2012
and beyond.”

Dividend Announcement

On January 13, 2012, the Company announced that its Board of
Directors declared a regular quarterly dividend for the three months
ended December 31, 2011 of $0.19 per share of common stock payable on
February 16, 2012 to stockholders of record on January 27, 2012.

Real Estate Update

Supplementary Schedules D and E provide property information for our
continuing real estate portfolio of 36 properties and for three
non-consolidated REITs that we had preferred stock interests in as of
December 31, 2011. The Company will also be filing a supplemental
information package that will provide stockholders and the financial
community with additional operating and financial data. The Company
will file this supplemental information package with the SEC and make
it available on its website at
www.franklinstreetproperties.com .

A reconciliation of Net Income to FFO and FFO+GOS is shown below and
definitions of FFO and FFO+GOS are provided on Supplementary Schedule
I. We believe FFO is used broadly throughout the real estate
investment trust (REIT) industry as a measurement of performance. Our
computation of FFO may not be comparable to FFO reported by other
REITs or real estate companies that define FFO differently. We also
believe that FFO+GOS is an important measure as it considers
investment performance.

        Reconciliation of Net Income to
         FFO and FFO+GOS:                 Three Months Ended        Year Ended
                                             December 31,          December 31,
                                         --------------------  --------------------
        (In thousands, except per share
         amounts)                           2011       2010       2011       2010
                                         ---------  ---------  ---------  ---------

        Net income                       $   5,062  $   5,819  $  43,524  $  22,093
          Less gain on sale of
           properties                            -          -    (21,939)         -
          GAAP (income) loss from non-
           consolidated REITs                 (978)      (152)    (4,490)    (1,190)
          Distributions from non-
           consolidated REITs                  970      1,247      5,056      5,170
          Acquisition costs of new
           properties                          157          -        620        125
          Depreciation  amortization       13,248     10,605     48,439     40,724
                                         ---------  ---------  ---------  ---------
        Funds From Operations (FFO)         18,459     17,519     71,210     66,922
          Plus gains on sales of assets
           (GOS)                                 -          -     21,939          -
                                         ---------  ---------  ---------  ---------
        FFO+GOS                          $  18,459  $  17,519  $  93,149  $  66,922
                                         =========  =========  =========  =========

        Per Share Data
        EPS                              $    0.06  $    0.07  $    0.53  $    0.28
        FFO                              $    0.22  $    0.22  $    0.87  $    0.84
        GOS                              $       -  $       -  $    0.27  $       -
        FFO+GOS                          $    0.22  $    0.22  $    1.14  $    0.84

        Weighted average shares (basic
         and diluted)                       82,937     80,187     81,857     79,826
                                         =========  =========  =========  =========

Today’s news release, along with other news about Franklin Street
Properties Corp., is available on the Internet at

www.franklinstreetproperties.com . We routinely post information that
may be important to investors in the Investor Relations section of
our website. We encourage investors to consult that section of our
website regularly for important information about us and, if they are
interested in automatically receiving news and information as soon as
it is posted, to sign up for E-mail Alerts.

A conference call is scheduled for February 22, 2012 at 10:00 a.m.
(ET) to discuss the fourth quarter 2011 results. To access the call,
please dial 1-877-317-6789. Internationally, the call may be accessed
by dialing 1-412-317-6789. To listen via live audio webcast, please
visit the Webcasts Presentations section in the Investor Relations
section of the Company’s website (
www.franklinstreetproperties.com )
at least ten minutes prior to the start of the call and follow the
posted directions. The webcast will also be available via replay from
the above location starting one hour after the call is finished.

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts,
is focused on achieving current income and long-term growth through
investments in commercial properties. The majority of FSP’s property
portfolio is suburban office buildings, with select investments in
certain central business district properties. FSP is a Maryland
corporation that operates in a manner intended to qualify as a real
estate investment trust (REIT) for federal income tax purposes. To
learn more about FSP please visit our website at

www.franklinstreetproperties.com .

Forward-Looking Statements

Statements made in this press release that state FSP’s or
management’s intentions, beliefs, expectations, or predictions for
the future may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. This press
release may also contain forward-looking statements 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. Accordingly, readers are cautioned not to
place undue reliance on forward-looking statements. Investors are
cautioned that our forward-looking statements involve risks and
uncertainty, including without limitation, economic conditions in the
United States, disruptions in the debt markets, economic conditions
in the markets in which we own properties, risks of a lessening of
demand for the types of real estate owned by us, changes in
government regulations, geopolitical events and expenditures that
cannot be anticipated such as utility rate and usage increases,
unanticipated repairs, additional staffing, insurance increases and
real estate tax valuation reassessments. See the “Risk Factors” set
forth in Part I, Item 1A of our Annual Report on Form 10-K for the
year ended December 31, 2011, as the same may be updated from time to
time in subsequent filings with the United States Securities and
Exchange Commission. Although we believe the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements. We
will not update any of the forward-looking statements after the date
of this press release to conform them to actual results or to changes
in our expectations that occur after such date, other than as
required by law.

                              Franklin Street Properties Corp.
                                      Earnings Release
                                  Supplementary information
                                      Table of Contents

                     Franklin Street Properties Corp. Financial Results     A-C
                     Real Estate Portfolio Summary Information               D
                     Portfolio and Other Supplementary Information           E
                     Quarterly Information                                   F
                     Percentage of Leased Space                              G
                     Largest 20 Tenants - FSP Owned Portfolio                H
                     Definition of Funds From Operations (FFO) and FFO+GOS   I

                     Franklin Street Properties Corp. Financial Results
                                  Supplementary Schedule A
                          Condensed Consolidated Income Statements
                                         (Unaudited)

                                                      For the           For the
                                                Three Months Ended     Year Ended
                                                   December 31,       December 31,
        ----------------------------------------------------------------------------
        (in thousands, except per share
         amounts)                                 2011      2010     2011     2010
        ----------------------------------------------------------------------------

        Revenue:
        Revenues:
          Rental                                $ 37,014  $ 29,782 $135,391 $114,638
          Related party revenue:
            Management fees and interest income
             from loans                            1,051       719    4,046    2,440
          Other                                       29        54       49       88
        ----------------------------------------------------------------------------
              Total revenues                      38,094    30,555  139,486  117,166
        ----------------------------------------------------------------------------
        Expenses:
          Real estate operating expenses           9,862     9,602   36,685   33,600
          Real estate taxes and insurance          5,426     4,430   20,433   18,077
          Depreciation and amortization           13,124     9,694   48,249   36,155
          Selling, general and administrative      2,012     1,698    6,913    6,399
          Interest                                 3,261     2,004   12,666    7,284
        ----------------------------------------------------------------------------
              Total expenses                      33,685    27,428  124,946  101,515
        ----------------------------------------------------------------------------

          Income before interest income, equity
           in earnings of non-consolidated
           REITs and taxes on income               4,409     3,127   14,540   15,651
          Interest income                              3         4       22       25
          Equity in earnings of non-
           consolidated REITs                        978       228    3,685    1,266
        ----------------------------------------------------------------------------

          Income before taxes on income            5,390     3,359   18,247   16,942
          Taxes on income                             82        55      267      217
        ----------------------------------------------------------------------------

          Income from continuing operations        5,308     3,304   17,980   16,725
        ----------------------------------------------------------------------------
          Discontinued operations:
          Income from discontinued operations,
           net of income tax                        (246)    2,515    3,605    5,368
          Gain on sale of properties, less
           applicable income tax                       -         -   21,939        -
        ----------------------------------------------------------------------------
          Total discontinued operations             (246)    2,515   25,544    5,368
        ----------------------------------------------------------------------------

          Net income                            $  5,062  $  5,819 $ 43,524 $ 22,093
        ============================================================================

        Weighted average number of shares
         outstanding, basic and diluted           82,937    80,187   81,857   79,826
        ============================================================================

        Earnings per share, basic and diluted,
         attributable to:
          Continuing operations                 $   0.06  $   0.04 $   0.22 $   0.21
          Discontinued operations                      -      0.03     0.31     0.07
        ----------------------------------------------------------------------------
        Net income per share, basic and diluted $   0.06  $   0.07 $   0.53 $   0.28
        ============================================================================

                     Franklin Street Properties Corp. Financial Results
                                  Supplementary Schedule B
                           Condensed Consolidated Balance Sheets
                                        (Unaudited)

        (in thousands, except share and par value        December 31,  December 31,
         amounts)                                            2011          2010
        ----------------------------------------------------------------------------
        Assets:
        Real estate assets, net                          $  1,006,221  $    862,698
        Acquired real estate leases, less accumulated
         amortization of $31,189 and $19,294,
         respectively                                          91,613        40,578
        Investment in non-consolidated REITs                   87,598        89,327
        Assets held for syndication, net                            -         2,976
        Assets held for sale                                        -        74,947
        Cash and cash equivalents                              23,813        68,213
        Restricted cash                                           493           420
        Tenant rent receivables, less allowance for
         doubtful accounts of $1,235 and $1,600,
         respectively                                           1,460         1,922
        Straight-line rent receivable, less allowance
         for doubtful accounts of $135 and $700,
         respectively                                          28,545        18,584
        Prepaid expenses                                        1,223         1,654
        Related party mortgage loan receivable                140,516        57,684
        Other assets                                            4,070           853
        Office computers and furniture, net of
         accumulated depreciation of $428 and $493,
         respectively                                             468           503
        Deferred leasing commissions, net of accumulated
         amortization of $9,220 and $7,175, respectively       22,641        18,376
        ----------------------------------------------------------------------------
        Total assets                                     $  1,408,661  $  1,238,735
        ============================================================================

        Liabilities and Stockholders' Equity:
        Liabilities:
          Bank note payable                              $    449,000  $    209,968
          Term loan payable                                         -        74,850
          Accounts payable and accrued expenses                26,446        22,435
          Accrued compensation                                  2,222         1,803
          Tenant security deposits                              2,008         1,930
          Other liabilities: derivative termination
           value                                                    -         1,077
          Acquired unfavorable real estate leases, less
           accumulated amortization of $3,759 and
           $2,744, respectively                                 7,618         5,114
        ----------------------------------------------------------------------------
              Total liabilities                               487,294       317,177
        ----------------------------------------------------------------------------

        Commitments and contingencies

        Stockholders' Equity:
          Preferred stock, $.0001 par value, 20,000,000
           shares authorized, none issued or outstanding            -             -
          Common stock, $.0001 par value, 180,000,000
           shares authorized, 82,937,405 and 81,437,405
           shares issued and outstanding, respectively              8             8
          Additional paid-in capital                        1,042,876     1,025,491
          Accumulated other comprehensive loss                      -        (1,077)
          Accumulated distributions in excess of
           accumulated earnings                              (121,517)     (102,864)
        ----------------------------------------------------------------------------
            Total stockholders' equity                        921,367       921,558
        ----------------------------------------------------------------------------
            Total liabilities and stockholders' equity   $  1,408,661  $  1,238,735
        ============================================================================

                     Franklin Street Properties Corp. Financial Results
                                  Supplementary Schedule C
                      Condensed Consolidated Statements of Cash Flows
                                        (Unaudited)

                                                                     For the
                                                                   Year Ended
                                                                  December 31,
                                                             -----------------------
        (in thousands)                                          2011        2010
        ----------------------------------------------------------------------------
        Cash flows from operating activities:
          Net income                                         $   43,524  $   22,093
          Adjustments to reconcile net income to net cash
           provided by operating activities:
            Depreciation and amortization expense                50,261      39,627
            Amortization of above market lease                      (47)      1,362
            Gain on sale of real estate assets                  (21,939)          -
            Equity in earnings of non-consolidated REITs         (3,086)     (1,183)
            Distributions from non-consolidated REITs             3,474       1,633
            Increase (decrease) in bad debt reserve                (365)        980
          Changes in operating assets and liabilities:
            Restricted cash                                         (73)        (86)
            Tenant rent receivables, net                            827      (1,120)
            Straight-line rents, net                             (9,878)     (4,249)
            Prepaid expenses and other assets, net                1,611         865
            Accounts payable and accrued expenses                 4,213        (351)
            Accrued compensation                                    419         387
            Tenant security deposits                                 78         122
          Payment of deferred leasing commissions                (8,058)    (10,515)
        ----------------------------------------------------------------------------
              Net cash provided by operating activities          60,961      49,565
        ----------------------------------------------------------------------------
        Cash flows from investing activities:
          Purchase of real estate assets, office computers
           and furniture                                       (174,020)    (38,781)
          Acquired real estate leases                           (62,230)    (15,563)
          Investments in non-consolidated REITs                     (10)        (11)
          Distributions in excess of earnings from non-
           consolidated REITs                                     1,582       3,537
          Investment in related party mortgage loan
           receivable                                           (82,832)    (21,149)
          Changes in deposits on real estate assets                 200        (200)
          Investment in assets held for syndication, net          2,230       1,319
          Proceeds received on sales of real estate assets       96,790           -
        ----------------------------------------------------------------------------
              Net cash used in investing activities            (218,290)    (70,848)
        ----------------------------------------------------------------------------
        Cash flows from financing activities:
          Distributions to stockholders                         (62,177)    (60,586)
          Proceeds from offering                                 18,001      22,701
          Equity offering costs                                    (706)       (833)
          Borrowings under bank note payable                    449,000     100,960
          Repayment of bank note payable                       (209,968)          -
          Repayment of term loan payable                        (74,850)       (150)
          Deferred financing costs                               (5,388)          -
          Swap termination payment                                 (983)          -
        ----------------------------------------------------------------------------
              Net cash provided by financing activities         112,929      62,092
        ----------------------------------------------------------------------------
        Net decrease in cash and cash equivalents               (44,400)     40,809
        Cash and cash equivalents, beginning of period           68,213      27,404
        ----------------------------------------------------------------------------
        Cash and cash equivalents, end of period             $   23,813  $   68,213
        ============================================================================

                      Franklin Street Properties Corp. Earnings Release
                                  Supplementary Schedule D
                          Real Estate Portfolio Summary Information
                                 (Unaudited  Approximated)

                         Commercial portfolio lease expirations (1)
                                   As of December 31, 2011

                                            Total           % of
                             Year        Square Feet     Portfolio
                        --------------  -------------  -------------
                             2012             287,371           4.1%
                             2013             444,965           6.3%
                             2014             425,504           6.0%
                             2015             796,239          11.3%
                             2016             922,543          13.1%
                        Thereafter (2)      4,175,446          59.2%
                                        ----------------------------
                                            7,052,068         100.0%
                                        ============================

                  (1) Percentages are determined based upon square footage of
                      expiring commercial leases.
                  (2) Includes 793,574 square feet of current vacancies.

        (dollars  square
         feet in thousands)                  As of December 31, 2011
                            --------------------------------------------------------
                               # of                      % of     Square      % of
        State               Properties   Investment   Portfolio    Feet    Portfolio
                            ----------  ------------  ---------  --------  ---------

        Texas                       10  $    295,264      29.3%     2,028      28.8%
        Colorado                     4       125,615      12.5%       789      11.2%
        Virginia                     4       101,537      10.1%       685       9.7%
        Minnesota                    2        38,174       3.8%       626       8.9%
        Missouri                     3        68,077       6.8%       477       6.8%
        North Carolina               3        68,740       6.8%       431       6.1%
        Georgia                      1        71,627       7.1%       387       5.5%
        Illinois                     2        50,523       5.0%       372       5.3%
        Maryland                     1        54,344       5.4%       325       4.6%
        Michigan                     1        14,995       1.5%       215       3.0%
        Florida                      1        46,919       4.7%       213       3.0%
        Indiana                      1        34,668       3.4%       205       2.9%
        California                   2        21,503       2.1%       182       2.6%
        Washington                   1        14,235       1.4%       117       1.7%
                            -----------------------------------  -------------------
                                    36  $  1,006,221     100.0%     7,052     100.0%
                            ===================================  ===================

                      Franklin Street Properties Corp. Earnings Release
                                  Supplementary Schedule E
                        Portfolio and Other Supplementary Information
                                 (Unaudited  Approximated)

                     Capital Expenditures
                     Owned Portfolio             Twelve Months Ended
                                             --------------------------
                     (in thousands)            31-Dec-11     31-Dec-10
                                             ------------  ------------

                     Tenant improvements         $ 19,032       $ 7,000
                     Deferred leasing costs         8,058        10,515
                     Building improvements          2,826         2,602
                                             ------------  ------------
                                                 $ 29,916      $ 20,117
                                             ============  ============

        Square foot  leased percentages                 December 31,  December 31,
                                                             2011          2010
                                                         ------------  ------------

        Owned portfolio of commercial real estate
              Number of properties (1)                             36            33
              Square feet                                   7,052,068     6,422,357
              Leased percentage                                    89%           86%

        Preferred stock investments in non-consolidated
         REITs
              Number of properties                                  3             3
              Square feet                                   2,001,542     1,995,913
              Leased percentage                                    87%           77%

        Single Asset REITs (SARs) managed
              Number of properties                                 13            12
              Square feet                                   3,322,639     2,915,896
              Leased percentage                                    80%           75%

        Total owned, investments  managed properties
              Number of properties                                 52            48
              Square feet                                  12,376,249    11,334,166
              Leased percentage                                    86%           81%

        (1) Includes asset held for sale at 12/31/2010

        The following table shows property information for our preferred stock
         investments in non-consolidated REITs:

                                                                                %
                                                          Square   % Leased Interest
        Single Asset REIT name        City        State    Feet   31-Dec-11   Held
        ----------------------------- ----------- ----- --------- --------- --------
        FSP 303 East Wacker Drive
         Corp.                        Chicago     IL      844,953     94.0%    43.7%
        FSP Grand Boulevard Corp.     Kansas City MO      535,717     82.4%    27.0%
        FSP Phoenix Tower Corp.       Houston     TX      620,872     82.0%     4.6%
                                                        -------------------
                                                        2,001,542     87.1%
                                                        -------------------

                     Franklin Street Properties Corp. Earnings Release
                      Supplementary Schedule F: Quarterly Information
                                        (Unaudited)

        (in thousands)
                                      Q1        Q2        Q3        Q4      Annual
        Revenue:                     2011      2011      2011      2011      2011
                                   --------  --------  --------  --------  --------
          Rental                   $ 31,099  $ 33,606  $ 33,672  $ 37,014  $135,391
          Related party revenue:
            Management fees and
             interest income from
             loans                      808     1,150     1,037     1,051     4,046
          Other                           6         7         7        29        49
        ----------------------------------------------------------------------------
              Total revenues         31,913    34,763    34,716    38,094   139,486
        ----------------------------------------------------------------------------
        Expenses:
          Real estate operating
           expenses                   8,730     8,765     9,328     9,862    36,685
          Real estate taxes and
           insurance                  4,759     5,228     5,020     5,426    20,433
          Depreciation and
           amortization              10,745    12,029    12,351    13,124    48,249
          Selling, general and
           administrative             1,645     1,602     1,654     2,012     6,913
          Interest                    2,408     3,578     3,419     3,261    12,666
        ----------------------------------------------------------------------------
              Total expenses         28,287    31,202    31,772    33,685   124,946
        ----------------------------------------------------------------------------

          Income before interest
           income, equity in
           earnings of non-
           consolidated REITs and
           taxes on income            3,626     3,561     2,944     4,409    14,540
          Interest income                11         5         3         3        22
          Equity in earnings of
           non-consolidated REITs       968     1,166       573       978     3,685
        ----------------------------------------------------------------------------

          Income before taxes on
           income                     4,605     4,732     3,520     5,390    18,247
          Taxes on income                50        68        67        82       267
        ----------------------------------------------------------------------------

          Income from continuing
           operations                 4,555     4,664     3,453     5,308    17,980
        ----------------------------------------------------------------------------
          Discontinued operations:
          Income from discontinued
           operations, net of tax       619     3,371      (139)     (246)    3,605
          Gain on sale of
           properties, less
           applicable income tax     19,593     2,346         -         -    21,939
        ----------------------------------------------------------------------------
          Total discontinued
           operations                20,212     5,717      (139)     (246)   25,544
        ----------------------------------------------------------------------------

          Net income               $ 24,767  $ 10,381  $  3,314  $  5,062  $ 43,524
        ============================================================================

        FFO and FFO+GOS
         calculations:

        Net income                 $ 24,767  $ 10,381  $  3,314  $  5,062  $ 43,524
        ----------------------------------------------------------------------------
          (Gain) Loss on sale of
           assets                   (19,593)   (2,346)        -         -   (21,939)
          GAAP income from non-
           consolidated REITs        (1,773)   (1,166)     (573)     (978)   (4,490)
          Distributions from non-
           consolidated REITs         1,767     1,215     1,104       970     5,056
          Acquisition costs             269         9       185       157       620
          Depreciation of real
           estate  intangible
           amortization              10,812    12,047    12,332    13,248    48,439

        ----------------------------------------------------------------------------
        Funds From Operations
         (FFO)                       16,249    20,140    16,362    18,459    71,210
          Plus gains on sales of
           assets                    19,593     2,346         -         -    21,939
        ----------------------------------------------------------------------------
        FFO+GOS                    $ 35,842  $ 22,486  $ 16,362  $ 18,459  $ 93,149
        ============================================================================

                      Franklin Street Properties Corp. Earnings Release
                                  Supplementary Schedule G
                                 Percentage of Leased Space
                                   (Unaudited  Estimated)

                                                            Third             Fourth
                                                           Quarter           Quarter
                                                           Average           Average
                                                  % Leased    %     % Leased    %
                                         Square  (1) as of  Leased (1) as of  Leased
           Property Name    Location      Feet   30-Sep-11   (2)   31-Dec-11   (2)
           ------------- ------------- --------- --------- ------- --------- -------

        1  PARK SENECA   Charlotte, NC   109,550     80.9%   80.5%     80.6%   80.6%
        2  HILLVIEW      Milpitas, CA
            CENTER                        36,288    100.0%  100.0%    100.0%  100.0%
        3  SOUTHFIELD    Southfield,
                          MI             214,697     39.2%   39.2%     39.2%   39.2%
        4  FOREST PARK   Charlotte, NC    62,212    100.0%  100.0%    100.0%  100.0%
        5  CENTENNIAL    Colorado
                          Springs, CO    110,405     66.9%   66.9%     85.4%   73.0%
        6  MEADOW POINT  Chantilly, VA   138,537    100.0%  100.0%    100.0%  100.0%
        7  TIMBERLAKE    Chesterfield,
                          MO             232,766     97.7%   97.7%     97.7%   97.7%
        8  FEDERAL WAY   Federal Way,
                          WA             117,010     42.0%   42.0%     47.0%   44.3%
        9  NORTHWEST     Elk Grove
            POINT         Village, IL    176,848    100.0%  100.0%    100.0%  100.0%
        10 TIMBERLAKE    Chesterfield,
            EAST          MO             116,197     85.9%   90.6%     85.9%   85.9%
        11 PARK TEN      Houston, TX     155,715     98.8%   98.8%     81.2%   81.2%
        12 MONTAGUE      San Jose, CA    145,951    100.0%  100.0%    100.0%  100.0%
        13 ADDISON       Addison, TX     293,787     95.8%   95.8%     95.8%   95.8%
        14 COLLINS       Richardson,
            CROSSING      TX             298,766     88.4%   88.4%     88.4%   88.4%
        15 GREENWOOD     Englewood, CO
            PLAZA                        197,527     54.3%   54.3%     48.9%   48.4%
        16 RIVER         Indianapolis,
            CROSSING      IN             205,059     93.5%   93.5%     93.5%   93.5%
        17 LIBERTY PLAZA Addison, TX     218,934     68.6%   68.0%     77.9%   74.8%
        18 INNSBROOK     Glen Allen,
                          VA             298,456     86.8%   78.8%     98.3%   90.7%
        19 380           Broomfield,
            INTERLOCKEN   CO             240,184     85.1%   85.1%     85.1%   85.1%
        20 BLUE LAGOON   Miami, FLA      212,619    100.0%  100.0%    100.0%  100.0%
        21 ELDRIDGE      Houston, TX
            GREEN                        248,399    100.0%  100.0%    100.0%  100.0%
        22 WILLOW BEND   Plano, TX       116,622     83.1%   83.1%     83.1%   83.1%
        23 ONE OVERTON   Atlanta, GA
            PARK                         387,267     90.4%   90.6%     89.3%   90.0%
        24 390           Broomfield,
            INTERLOCKEN   CO             241,516     96.6%   96.9%     93.4%   94.3%
        25 EAST          Baltimore, MD
            BALTIMORE                    325,445     55.7%   55.7%     55.7%   55.7%
        26 PARK TEN      Houston, TX
            PHASE II                     156,746    100.0%  100.0%    100.0%  100.0%
        27 LAKESIDE      Maryland
            CROSSING I    Heights, MO    127,778    100.0%  100.0%    100.0%  100.0%
        28 LOUDOUN TECH  Dulles, VA      135,888    100.0%  100.0%    100.0%  100.0%
        29 4807          Chantilly, VA
            STONECROFT                   111,469    100.0%  100.0%    100.0%  100.0%
        30 EDEN BLUFF    Eden Prairie,
                          MN             153,028    100.0%  100.0%    100.0%  100.0%
        31 121 SOUTH     Minneapolis,
            EIGHTH ST     MN             472,616     93.6%   93.1%     93.6%   93.6%
        32 EMPEROR       Durham, NC
            BOULEVARD                    259,531    100.0%  100.0%    100.0%  100.0%
        33 LEGACY        Plano, TX
            TENNYSON CTR                 202,600    100.0%  100.0%    100.0%  100.0%
        34 ONE LEGACY    Plano, TX       214,110    100.0%  100.0%    100.0%  100.0%
        35 909 DAVIS     Evanston, IL    195,245     94.8%   94.8%     94.8%   94.8%
        36 1410 EAST     Richardson,
            RENNER        TX             122,300       n/a     n/a    100.0%  100.0%

                                       --------- --------- ------- --------- -------
              TOTAL WEIGHTED AVERAGE   7,052,068     88.1%   87.7%     88.7%   88.1%
                                       --------- --------- ------- --------- -------

        (1) % Leased as of month's end includes all leases that expire on the last
            day of the quarter.
        (2) Average quarterly percentage is the average of the end of the month
            leased percentage for each of the 3 months during the quarter.

                      Franklin Street Properties Corp. Earnings Release
                                  Supplementary Schedule H
                          Largest 20 Tenants - FSP Owned Portfolio
                                   (Unaudited  Estimated)

        The following table includes the largest 20 tenants in FSP's owned portfolio
                                 based on leased square feet:

           As of December 31, 2011
                                                                              % of
                              Tenant                      Sq Ft   SIC Code Portfolio
           -------------------------------------------- --------- -------- ---------
        1  TCF National Bank                              267,470       60      3.8%
        2  Quintiles Transnational Corp                   259,531       87      3.7%
        3  CITGO Petroleum Corporation                    248,399       29      3.5%
        4  Burger King Corporation                        212,619       58      3.0%
        5  Denbury Onshore LLC                            202,600       13      2.9%
        6  RGA Reinsurance Company                        185,501       63      2.6%
        7  SunTrust Bank                                  182,888       60      2.6%
        8  Citicorp Credit Services, Inc                  176,848       61      2.5%
        9  C.H. Robinson Worldwide, Inc                   153,028       47      2.2%
        10 Houghton Mifflin Harcourt Publishing Company   150,050       27      2.1%
        11 Murphy Exploration  Production Company        144,677       13      2.1%
        12 Giesecke  Devrient America, Inc.              135,888       73      1.9%
        13 Monsanto Company                               127,778       28      1.8%
        14 Vail Holdings, Inc.                            125,632       79      1.8%
        15 ATT Services, Inc.                            122,300       48      1.7%
        16 Argo Data Resource Corporation                 111,687       73      1.6%
        17 Northrop Grumman Systems Corporation           111,469       73      1.6%
        18 Alliance Data Systems                           96,749       73      1.4%
        19 Federal National Mortgage Association           92,358       61      1.3%
        20 Amdocs, Inc                                     91,928       73      1.3%
                                                        ---------          ---------
           Total                                        3,199,400              45.4%
                                                        ---------          ---------

Franklin Street Properties Corp. Earnings Release
Supplementary
Schedule I
Definition of Funds From Operations (“FFO”),
and FFO
plus Gains on Sales (“FFO+GOS”)

The Company evaluates the performance based on several measures,
including Funds From Operations, or FFO, because management believes
that FFO represents the most accurate measure of activity and is the
basis for distributions paid to equity holders. The Company defines
FFO as net income (determined in accordance with GAAP), excluding
gains (or losses) from sales of property and acquisition costs of
newly acquired properties that are not capitalized, plus depreciation
and amortization, including amortization of acquired above and below
market lease intangibles and impairment charges, and after
adjustments to exclude non-cash income (or losses) from
non-consolidated or Sponsored REITs, plus distributions received from
non-consolidated or Sponsored REITs.

FFO should not be considered as an alternative to net income
(determined in accordance with GAAP), nor as an indicator of the
Company’s financial performance, nor as an alternative to cash flows
from operating activities (determined in accordance with GAAP), nor
as a measure of the Company’s liquidity, nor is it necessarily
indicative of sufficient cash flow to fund all of the Company’s
needs. Other real estate companies and the National Association of
Real Estate Investment Trusts, or NAREIT, may define this term in a
different manner. We believe that in order to facilitate a clear
understanding of the results of the Company, FFO should be examined
in connection with net income and cash flows from operating,
investing and financing activities in the consolidated financial
statements.

        Contact:
        John Demeritt
        (877) 686-9496

SOURCE: Franklin Street Properties Corp.

Copyright 2012 Marketwire, Inc., All rights reserved.

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Article source: http://www.marketwatch.com/story/franklin-street-properties-corp-announces-fourth-quarter-year-end-2011-results-2012-02-21?reflink=MW_news_stmp

The amendment to the city of Shreveport’s property standards code that would establish minimum living standards was well received during Tuesday night’s public hearing.

Most people making comments commended the council for the amendment and had a few technical questions.

“I believe this amendment lays the ground work,” said Steven Jackson of the Cedar Grove Development Corp. “When a lot of folks come into these situations, they don’t know the language in their lease. I’ve had to go into homes in the Cedar Grove area where you look at the floor and you’re looking at the ground. I think it’s a right step forward.”

Amending the code to include minimum standards has been an ongoing issue for several years. The most recent push began about four months ago.

“A myriad of groups have been involved to get this working document in a way it is best suited for its intended purpose,” Councilman Oliver Jenkins said. “It’s not to cause an unnecessary burden on landlords or tenants, but to establish a minimum living standard.”

Existing laws apply to exterior issues, such as overgrown lawns or inoperable vehicles parked in yards.

The amendment addresses interior problems, such as proper plumbing fixtures and connections to city utilities.

Enforcement would be complaint driven. Tenants would be required to give landlords at least 10 days written notice of the problem before signing an affidavit in person at the property standards office. Inspectors would then schedule an inspection and attempt to contact the owner.

If a citation is issued, it would be up to the court to determine the violation and penalty.

One concern pertained to an ordinance drafted several years ago that would have required landlords to register property and pay fees on each unit. The new amendment would require neither.

“This is a different approach to achieving the minimum standards without that extra burden of having a registration process and fees,” Councilman Jeff Everson said. “While it was good intentions, this is a more sensible approach without making the business of being a landlord much more difficult.”

Another concern was adding to the workload of the current 14 inspectors. The city does not plan to hire additional inspectors with the passing of the ordinance.

“We’re going to have to watch it for six months, but we’re not going to add inspectors right now,” Director of Property Standards Jim Holt said. “We’re anticipating an influx of calls for a month or two then it to taper off.”

The ordinance was introduced at last week’s council meeting. Councilman Joe Shyne said there will be a little tweaking to the ordinance after Tuesday night’s comments. It will go before the council for a vote during the Feb. 28 regular meeting.

Holt said it would probably be May before inspectors are prepared to enforce the amendment should it pass.

“We have affidavits to prepare and inspectors to train,” Holt said. “We’ve got work to do to prepare ourselves before we get out in the field. You don’t want us enforcing something we’re not prepared to enforce.”

Article source: http://www.shreveporttimes.com/article/20120222/NEWS01/202220316/Council-hears-public-concerns-property-standards-amendment?odyssey=mod%7Cnewswell%7Ctext%7CFRONTPAGE%7Cs

“New urbanism drew people to this community, and now they want to impose a big-box store in the middle of it,” says Barbara Davis, referring to developer Veridian Homes. “It will detract from the quality of life.”

Though a grocery store was always intended as a centerpiece of Grandview’s yet undeveloped town center, the store’s proposed size more than doubles the original footprint, from 25,000 to 58,000 square feet.

Residents say the store will bring unacceptable increases in noise and traffic. Aesthetically, they say, a big-box store with a big parking lot doesn’t jibe with their idea of a pedestrian-friendly town center.

To move forward, the project needs Common Council approval to rezone the property — sandwiched between Cottage Grove Road and Sharpsburg Way — and amend the neighborhood and comprehensive plans.

City planning staff supports the proposal.

Scheduled votes by the Plan Commission and Common Council this month have been postponed to March to allow Veridian time to incorporate changes requested by the Urban Design Commission, which gave its initial approval on Feb. 15.

The proposal has deeply divided the neighborhood, with each side accusing the other of trying to undermine their respective campaigns.

‘It’s been very unpleasant,” says Veridian president Jeff Rosenberg, accusing opponents of trafficking in misinformation. “They’re working with their own set of facts.”

But residents say Veridian has worked to silence their objections, noting that one of the developer’s employees tried to void signatures on an opposition petition that began circulating after the first neighborhood meeting in February 2010.

Opponents also allege that Veridian has largely manufactured a perception of broad neighborhood support to win city approval. For example, elderly residents of an assisted-living facility on Jupiter Drive were encouraged (PDF) to send city officials one of four pre-approved letters, all in support of the store. Veridian denies prodding the facility to ask its residents, many of whom are on meal plans, to send the letters.

But the bottom line, residents say, is that Veridian is trying to deliver a neighborhood different from the one it pitched to homeowners.

“Is this really about doing a grand service to the people by bringing them something versus nothing?” asks Davis, who lives two blocks from the site. “Or is this a last-ditch effort to sell land they gobbled up during the real estate boom they thought they could turn over quickly, but has now become a liability?”

Grandview Commons’ town center was originally envisioned as a 10.5-acre mix of retail, commercial and residential space that would include a small grocery store and public library. It was intended as a hub for civic life in the neighborhood, but a variety of forces have conspired to keep the property vacant.

Over the last 14 years, Veridian has tried to attract a small grocer, like Trader Joe’s, but was rebuffed each time because the area lacks the density necessary to sustain a 25,000-square-foot grocery store.

In 2006, Veridian purchased an adjacent 5.5 acres that unexpectedly became available. This presented an opportunity to attract a larger store that would not only anchor the town center, but also signal a commitment to a full build-out. Some question that commitment since Veridian intends to sell rather than develop the property.

But to build a store like the 70,000-square-foot Copp’s initially proposed for the site by Milwaukee-based Roundy’s Supermarkets Inc., the property had to be rezoned.

Cnare understands residents’ frustration but says it’s either this or no town center at all. “I’m a realist,” she says. “We can keep calling small stores and they can keep saying no.”

Many accuse Cnare of doing Veridian’s bidding. An April 2010 email discussion between her and Veridian Realtor Tonya Nye discusses a waiver signed by many Grandview homeowners precluding their right to protest any development projects undertaken in Grandview by Veridian.
Nye suggested using this waiver to void signatures on a petition circulating at the time. After becoming aware of the waiver, Cnare, who says no signatures were invalidated, replied, “WOW! I will need a moment to think about how to incorporate this into the conversation.”

Ald. Jill Johnson accuses Nye, who lives in the neighborhood, of violating the city’s lobbying ordinance. “If employees of the developer are speaking out, they need to make clear they are employees,” says Johnson, who has a handful of constituents who live within the project’s notification zone.

Unlike Cnare, she opposes the project.

Cnare says Johnson is “complaining about” an issue that was settled prior to her April 2011 election.

“This is a red herring,” says Cnare, who has decided not to run for reelection because of the acrimony that developed around this proposal. “What you’re seeing is the persistence of misinformation.”

Both Barbara Davis and Jill Johnson say residents would welcome a store as large as 40,000 square feet, the big-box threshold under city ordinance. “What’s been really miserable about this is Verdian’s unwillingness to negotiate,” says Davis.

Rosenberg says Roundy’s has already shaved 12,000 square feet from the store’s footprint and scrapped a pharmacy drive-through, among other things. “They’ve done a very good job of trying to be a responsible citizen,” he says, noting the store alone would create up to 180 jobs.

Adds Cnare, “A 40,000-square-foot store is not in the conversation, and it won’t be.” She says she struggles to understand why a 58,000-square-foot store “would be a death knell to what is a pretty cool neighborhood.”

In January, a sleek but anonymously run website appeared where supporters could sign an online petition that generated an email to city officials. A four-page flyer delivered to residents advertised the site.

Inquiries sent through the site were answered by Grandview resident Richard Anderson, who says Veridian had nothing to do with the site or the flyer. “We’re just grassroots supporters who were tired of the opposition speaking for us,” he says.

He declined to say who built the site or printed the flyers.

Rosenberg, too, denies that Veridian has led a behind-the-scenes push to bolster support. “But let’s say we had,” he says. “Would that really be so evil?”

Rosenberg says there is a lot riding on the $20 million project. “If the city says no to this, it’s going to be very difficult to get other developers to participate in future neighborhoods,” he says.

Nonsense, says Johnson, who believes the push boils down to a land deal, since Veridian intends to sell off the property to an Appleton-based developer once it’s rezoned. “It’s a way for them to very quickly sell this piece of property,” says Johnson, suggesting Veridian and Cnare should exercise more patience. “A smaller store will come once they build more homes.”

Greg Cieslewicz, who lives across from the site in Richmond Hills, says residents are gathering signatures to force a supermajority vote when the proposal reaches the Common Council in March. City and state law allows for such petitions, if verified, to trigger a higher bar — three-quarters of council members — for passage of a zoning change, confirms City Attorney Michael May.

“The hope was to build a town center, and I think most of us would like to see that happen,” Cieslewicz says. “But not at the expense of bad development. It’s not a done deal yet.”

Article source: http://www.isthmus.com/daily/article.php?article=36021