Franklin Street Properties Corp. Announces 2024 Annual Meeting of Stockholders

TL;DR

<b>Franklin Street Properties Corp. is holding its 2024 Annual Meeting virtually on May 16, 2024, and is providing proxy materials online.</b>

AI Summary

FRANKLIN STREET PROPERTIES CORP /MA/ (FSP) filed a Proxy Statement (DEF 14A) with the SEC on April 4, 2024. The 2024 Annual Meeting of Stockholders for Franklin Street Properties Corp. will be held on May 16, 2024, at 11:00 a.m. Eastern Time. The meeting will be conducted virtually via live audio webcast on the internet at www.virtualshareholdermeeting.com/FSP2024. Stockholders can attend, vote, and submit questions online during the virtual meeting. Proxy materials are being provided via the 'Notice and Access' method, with a Notice of Internet Availability mailed on or about April 4, 2024. This method aims to expedite receipt of materials, conserve natural resources, and reduce printing and mailing costs.

Why It Matters

For investors and stakeholders tracking FRANKLIN STREET PROPERTIES CORP /MA/, this filing contains several important signals. The shift to a virtual-only meeting format may impact stockholder participation and engagement compared to in-person meetings. The 'Notice and Access' method for distributing proxy materials, while cost-effective, requires stockholders to actively access online documents, potentially affecting those less digitally inclined.

Risk Assessment

Risk Level: low — FRANKLIN STREET PROPERTIES CORP /MA/ shows low risk based on this filing. The filing is a routine proxy statement (DEF 14A) for an annual meeting, containing standard disclosures and no immediate material financial or operational changes.

Analyst Insight

Stockholders should review the proxy materials carefully and vote their shares for the upcoming annual meeting, paying attention to any proposals or director elections.

Key Numbers

• 2024 — Annual Meeting Year (2024 Annual Meeting of Stockholders)
• May 16 — Meeting Date (Thursday, May 16, 2024)
• 11:00 — Meeting Time (11:00 a.m., Eastern Time)
• April 4 — Proxy Material Distribution Date (On or about Thursday, April 4, 2024)

Key Players & Entities

• FRANKLIN STREET PROPERTIES CORP. /MA/ (company) — Registrant name
• May 16, 2024 (date) — Date of Annual Meeting
• www.virtualshareholdermeeting.com/FSP2024 (url) — Webcast link for the Annual Meeting
• April 4, 2024 (date) — Mailing date of Notice of Internet Availability
• 2023 (date) — Year for which the Annual Report is provided

FAQ

Industry Context

Franklin Street Properties Corp. operates as a real estate investment trust (REIT) focused on office and other real estate investments.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

1. Review the proxy statement for details on proposals and director nominees.
2. Vote your shares prior to the May 16, 2024, Annual Meeting.
3. Access proxy materials online via the provided link or request paper copies if preferred.

Key Dates

• 2024-05-16: 2024 Annual Meeting of Stockholders — Key date for stockholder voting and participation.
• 2024-04-04: Mailing of Notice of Internet Availability of Proxy Materials — Indicates when stockholders can access proxy information.

Year-Over-Year Comparison

This filing is a DEF 14A, indicating it's the definitive proxy statement for the annual meeting, following any preliminary filings.

Key Financial Figures

• $154 million — gregate gross proceeds of approximately $154 million. On February 21, 2024, we repaid approx
• $102 million — ruary 21, 2024, we repaid approximately $102 million of debt. We intend to use the proceeds

Filing Documents

• tm242925-d2_def14a.htm (DEF 14A) — 1024KB
• cv_ofc2024-4c.jpg (GRAPHIC) — 684KB
• lg_fsp-4c.jpg (GRAPHIC) — 53KB
• sg_georgecarter-bw.jpg (GRAPHIC) — 9KB
• sg_scottcarter-bw.jpg (GRAPHIC) — 8KB
• ph_plazaseven-4clr.jpg (GRAPHIC) — 147KB
• lg_energystar-4clr.jpg (GRAPHIC) — 23KB
• lg_leed-4clr.jpg (GRAPHIC) — 17KB
• ic_chair-bw.gif (GRAPHIC) — 2KB
• ic_chair-bw.jpg (GRAPHIC) — 2KB
• bc_dircetortenure-4c.jpg (GRAPHIC) — 86KB
• bc_totalstockholder-4c.jpg (GRAPHIC) — 60KB
• bc_netincome-4c.jpg (GRAPHIC) — 62KB
• px_24fsppxy01pg01-bw.jpg (GRAPHIC) — 271KB
• px_24fsppxy01pg02-bw.jpg (GRAPHIC) — 229KB
• 0001104659-24-043643.txt (&nbsp;) — 5620KB
• fsp-20231231.xsd (EX-101.SCH) — 7KB
• fsp-20231231_def.xml (EX-101.DEF) — 2KB
• fsp-20231231_lab.xml (EX-101.LAB) — 22KB
• tm242925-d2_def14a_htm.xml (XML) — 58KB

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 49 Securities Authorized for Issuance Under Equity Compensation Plans 51 Transactions with Related Persons 52 Other Information 54 Matters to be Considered at the Meeting 54 Solicitation of Proxies 54 Stockholder Proposals 54 Important Notice Regarding Delivery of Security Holder Documents 54 Appendix A: Reconciliation of Non-GAAP Financial Measures 55 TABLE OF CONTENTS FRANKLIN STREET PROPERTIES CORP. 401 Edgewater Place, Suite 200 Wakefield, Massachusetts 01880 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To Be Held May 16, 2024 The 2024 Annual Meeting of Stockholders of Franklin Street Properties Corp. will be a virtual meeting solely via live audio webcast on the internet to be held on Thursday, May 16, 2024, at 11:00 a.m. Eastern Time, for the following purposes: 1. To elect seven directors, each to serve for a one-year term expiring at the 2025 Annual Meeting of Stockholders and until his or her respective successor is duly elected and qualified; 2. To ratify the Audit Committee's appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024; 3. To approve, by non-binding vote, our executive compensation; and 4. To transact such other business as may properly come before the Annual Meeting or any adjournment thereof. These matters are more fully described in the accompanying Proxy Statement. You will be able to attend the Annual Meeting online and vote and submit questions online during the meeting by visiting www.virtualshareholdermeeting.com/FSP2024 . You will not be able to attend the Annual Meeting in person. You may vote if you were a stockholder of record as of the close of business on March 5, 2024. If you do not plan to attend the Annual Meeting and vote your shares of common stock, we urge you to vote your shares as instructed in the Proxy Statement. If you

Executive Compensation Highlights (Proposal 3)

Executive Compensation Highlights (Proposal 3) The Company seeks a non-binding advisory vote from its stockholders to approve the compensation of its Named Executive Officers, or NEOs. The Board values stockholders' opinions, and the Compensation Committee will take into account the outcome of the advisory vote when considering future executive compensation decisions. Additional information is provided on pages 37-44. Our executive compensation programs are built on the following principles and objectives: Competitive pay structure, including base salary, the potential for a cash bonus, matching for individual 401(k) plan contributions, and the potential for a payment or payments under our change-in-control program to enable us to attract and retain experienced and capable leaders and motivate those individuals to achieve exceptional results and reward them for being instrumental in reaching our strategic goals. Simplicity and transparency, including not offering stock options, restricted stock awards, deferred compensation, non-equity incentive plan compensation, or perquisites. Our Compensation Discussion and Analysis, or CD&A, on pages 38-44 describes the compensation decision-making process and details our programs and policies. Our stockholders approved each of the prior two years' "say-on-pay" proposals by over 95% of votes cast. Additional Information Please see the "Questions and Answers" section that immediately follows for important information about the Annual Meeting, proxy materials, voting, Company documents, communications and deadlines to submit shareholder proposals for the 2025 Annual Meeting of Stockholders. 8 FRANKLIN STREET PROPERTIES CORP.| 2024 PROXY STATEMENT TABLE OF CONTENTS QUESTIONS AND ANSWERS FRANKLIN STREET PROPERTIES CORP. 401 Edgewater Place, Suite 200 Wakefield, Massachusetts 01880 PROXY STATEMENT ANNUAL MEETING OF STOCKHOLDERS May 16, 2024 QUESTIONS AND ANSWERS Proxy Materials, Voting Information

View Full Filing

View this DEF 14A filing on SEC EDGAR