Franklin Street Properties Corp. (FSP) said Wednesday that its board of directors has initiated a review of strategic alternatives to maximize shareholder value. Options under consideration include a sale of the Wakefield, MA-based office REIT, a sale of assets or a refinancing of existing indebtedness, among others.
“The board of directors is committed to maximizing value for all our shareholders,” said George J. Carter, chairman and CEO. “We believe that FSP’s share price does not adequately reflect the underlying value of our real estate, and, accordingly, we have undertaken this strategic review process to explore opportunities to eliminate this disconnect.”
FSP has engaged BofA Securities as its financial advisor in connection with the review. The REIT said that no assurances can be given regarding the outcome or timetable for completing the strategic review process and that it won’t comment further regarding the process until it has been completed.
Pictured: FSP’s 121 S. 8th St. in Minneapolis.
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