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Text: I'm going to give a very brief overview of our first quarter results and afterward I'll pass the call to George for his comments.
We reported funds from operations or FFO of $18 million or $0.17 per share for the first quarter of 2021.
Turning to our balance sheet at March 31, 21, we had a total of $947.5 million of unsecured debt outstanding, including $27.5 million drawn on our line of credit.
At quarter end, between cash on hand and availability on our line, we had a total liquidity of about $577 million.
As a reminder, all of our debt is unsecured and we have no debt maturities until November 30, '21 when $155 million of term loans will become due.
Our debt is at fixed rates, other than the $27.5 million that sits on our line of credit, which is a floating rate.
As the vaccinations against COVID-19 continue to steadily rise in the U.S., so too, are we seeing a slow but steady increase in existing office tenants personnel returning to work at our properties and corporate decision makers more actively considering there are future locational office space needs.
Trying to determine the ultimate strength, timing and longevity of the post-pandemic U.S. and global economic reopening is a significant challenge for companies trying to make intelligent new leasing decisions today.
But real on the ground, very early activity surrounding potential new leasing prospects that FSPs portfolio properties has not been this robust since before the start of the COVID-19 pandemic.
As 2021 progresses, assuming continued successful vaccination efforts against the virus, FSP is optimistic that one of its two major objectives for 2021, that is leasing progress, will achieve positive results.
Our other primary objective for 2021 is debt reduction.
From a debt reduction perspective, we are actively working on the potential sale of select properties that we believe have their near-term value objectives, and where we believe such value may not be fully reflected in our share price.
We are reaffirming our previously announced 2021 disposition guidance to be in the range of $350 million to $450 million in aggregate gross proceeds.
Disposition proceeds are intended to be used primarily for debt reduction.
If successful in our property disposition efforts during 2021 and along with our previously achieved sale of our f Emperor Boulevard property in the fourth quarter of last year, FSP is projecting it will reduce its total indebtedness by approximately 35% to 50% by the end of the year.
And while losing some of the current positive FFO spread that is generated between rental constance and debt constance from the property disposition debt pay down plan, we believe shareholders should maintain our NAV per share with less risk to their NAV from lower debt levels capitalizing the remaining property portfolio, while the company gains more overall flexibility in it's ongoing real estate investing activities.
We also believe that along with meaningful dividends that may be distributed during 2021, the remaining lower leverage property portfolio moving into a post-COVID 2022, has a significant value-add proposition associated with it, that if achieved, could meaningfully enhance shareholder NAV values further from 2021 levels.
At this time, due primarily to the uncertainty surrounding the timing and the amount of proceeds from property dispositions, we are continuing suspension of net income and FFO guidance.
FSP remains committed to its Sunbelt and Mountain West office focus that emphasizes markets and properties with compelling long-term population and employment growth potential.
We continue to look forward 2021with anticipation and optimism.
At the end of the first quarter, the FSP portfolio including redevelopment was approximately 81% leased.
The average leased occupancy of the portfolio for calendar 2020 was approximately 83.6%.
Rent collections were greater than 99.5% for the first quarter of 2021.
The physical occupancy of the majority of office buildings continues to increase with suburban assets leading the way, particularly in the Sunbelt markets.
The typical occupancy in FSPs suburban office buildings now exceeds 20%, with some buildings approaching 40%.
Urban buildings in FSPs markets has not exceeded 20% occupancy on average yet.
However, we expect that to change during the summer months as the new school year arrives in the fall.
The number of announcements for large companies that are inviting employees back to the offices by July have been increasing during the past month.
These are all positive signs and we expect this trend to continue.
We are extremely encouraged by meaningful growth in FSPs pipeline of prospective tenants.
During the last two months, FSP has witnessed a significant increase in property tours, submitted RFPs and counter proposals.
FSP is currently tracking approximately 800,000 square feet of new prospective tenants that have shortlisted FSP assets compared to approximately 300,000 square feet last quarter.
FSP has been engaged with existing tenants and sub tenants for approximately 250,000 square feet of renewals and expansions.
Barring any surprises, the potential for aggregate net absorption over the next six months to 12 months is approximately 600,000 square feet.
These figures are the highest we have witnessed since the first quarter of 2020.
During the past six months, FSP has finalized renewals and expansions with tenants exceeding 870,000 square feet.
As a result, we have reduced the near-term rollover exposure of expiring leases through 2023 to approximately 18% of the total portfolio.
This equates to roughly 6% of annual lease expirations from 2021 through 2023.
Coupled with improving demand in FSPs office markets, the foundation appears to be set for FSP to make meaningful progress regarding net absorption and higher leased occupancy.
We here at Franklin Street Properties hope that everyone remains safe and healthy.
I wanted to discuss FSPs disposition goals for 2021 and our in-progress work to achieve these objectives and then shift gears to provide some insight as to what we are seeing on the ground at this early stage of our price discovery work in the marketplace.
First, though, FSP is reaffirming our guidance of between $350 million and $450 million of select dispositions for calendar year 2021.
The objective of our disposition plan once again is primarily to pay down debt in order to gain greater financial flexibility and to position for stronger value and returns for our shareholders.
The key determinant for any dispositions will be an assessment of whether a property has met its respective near-term value objectives, which we also believe has the potential to capture embedded value for our shareholders that may not be accurately reflected within our current share price.
We also would like to reemphasize that FSP remains committed to our Sunbelt Mountain West strategic market focus, where we continue to believe long-term business and population growth has the potential to exceed the national average.
Looking at potential dispositions for 2021, at this time, FSP is working on the following properties; River Crossing in Indianapolis, Timberlake Corporate Center in Greater St. Louis, Meadow Pointe in Northern Virginia, Innsbruck Corporate Center in Greater Richmond, Laven Tech Center in Northern Virginia, One & Two Ravinia Drive, and One Overton Park, all in the Greater Atlanta.
For both competitive purposes and reasons of confidentiality, we will not be discussing specific property pricing or targets, cap rates or related information at this time.
However, we do anticipate that if we are successful with our efforts under way, that FSP would satisfy our disposition guidance for 2021.
Lastly, we wanted to share what we are seeing at least in an aggregate sense within the investment marketplace at this early stage of our price discovery process work, especially since the volume of office sales nationally has declined over recent quarters due to the pandemic, as FSP and our associated professionals work on price discovery, we have experienced solid initial interest.
Feedback is generally fallen within three basic views with respect to investment in office properties.
One view is from a segment of investors who have a generally positive view of office at this time.
And this group of investors are by and large bullish on the reopening of the economy and the potential power that the vaccine rollout across the nation and globe can have on office assets.
Generally, these investors, while selective, are looking at both multi-tenant and single-tenant profile assets in high-quality buildings and some also appear to be selectively underwriting value add upside potential.
A second view comes from investors who are also interested in an office investment, but was a bit less conviction and our accordingly more focused on fully stabilized properties with compelling weighted average lease terms and high quality.
We are currently seeing interest from both of these two profiled groups via confidentiality agreements as well as from property tours, and largely coming from an array of mostly private investors.
And we recognize and appreciate that interest is only their interest, it has not defined pricing yet, and certainly not actual closing numbers, but it is at least a gauge of potential activity at this early stage of our price discovery process work and so should be viewed within that context.
A third segment of investors also exists, who're yet to be convinced of economic stabilization from the pandemic and so are reluctant to commit to investment at this time.
These three views are all being seen in our disposition work and show us that there is indeed a market to be made for price discovery and over the coming months, we will continue to keep the market posted as we learn more about true pricing and actual demand.
And at this time, we'd like to open up the call for any questions.

user
q1 ffo per share $0.17.
maintains 2021 disposition guidance.

assistant