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Text: I'm going to give an overview of our fourth quarter and year-end results.
Afterward, I'll pass the call to George for his comments.
We reported funds from operations or FFO of $17.5 million or $0.16 per share for the fourth quarter of 2020 and $79.4 million or $0.74 for the year ended December 31, 2020.
During the fourth quarter, we worked with tenants that were impacted by the pandemic and had a significant write-off of one large tenant that filed for bankruptcy in late December that resulted in a $3.1 million charge against our revenue.
As part of making decisions on write-offs, we determine whether a lease is collectible or not.
If we determine it's not collectible, we write off the receivables and don't report any current rents, unless they're paid in cash.
So, part of the loss we wrote-off is from receivables, which is more of a one-time charge and part of the loss are current rents that we didn't collect.
These write-offs reduced revenue on the income statement.
During Q4, we had write-offs and lost rent of about $3.1 million which is primarily from a tenant bankruptcy that I noted and on a year-to-date basis, the total write-offs were about $3.8 million or about 1.5% of our annual rental income.
Going forward, the amount of lost rents from tenants we wrote off would be reduced by any cash rents we receive from them.
We also reached agreements with a number of tenants on rent deferrals using lease amendments, modifications and other tenant agreements.
The total of rents deferred by us during Q4 were about $300,000 and for the year totaled about $1.75.
These agreements generally result in us being repaid or made whole -- with the whole -- as part of the $1.75 million we did occur about $200,000 of GAAP and FFO impact from them this year.
We're working with other tenants that are having issues and we'll provide updates periodically like we have here.
Turning to our balance sheet at December 31, '20, we had $923.5 million of unsecured debt, excluding [Phonetic] $3.5 million drawn on our line of credit.
In December, we sold a property in North Carolina for $89.7 million and applied $87.3 million of the proceeds against debt.
We will be providing more color on that transaction later.
With the proceeds from the sale, we applied $50 million against $150 million term loan that matures in November and the remainder one against the drawn balance of our line of credit.
At year-end, between cash on hand and availability on our line, we had total liquidity of about $601 million.
We disclosed some ratios in our supplemental filing that were impacted by the $3.1 million write-off we incurred in late December.
Our net debt to EBITDA ratio was impacted because the charge reduces EBITDA and we then annualize that for the fourth quarter for this measure.
Excluding this charge, our net debt-to-EBITDA ratio would have been 7.8 times compared to 8.5 times at September 30 and that decrease would be primarily a result of the debt reduction.
Our interest and debt service coverage ratios were also impacted and would have been 3.26 times.
We disclose our calculations of ratios in our supplemental filing and the calculations I'm referring to are in the footnotes on Pages 4 and 10 in case you're interested in looking at them.
As a reminder, all of our debt is unsecured and we have no debt maturities until November when $155 million of term loans will be due.
Our debt is at fixed rates other than the $3.5 million on the line which is at a floating rate.
I would like to start my portion of this earnings call by recognizing the many different people that contributed to helping Franklin Street successfully navigate the challenges of our business in 2020 that was so impacted by the COVID-19 pandemic.
It has been one of the most challenging and collaborative efforts I have ever seen in business.
All of these efforts are ongoing as we begin 2021 and at the end of the day, are ultimately directed toward FSP's customers, our valued tenants, each one of them grappling with their own challenges, responses and business realities resulting from the pandemic.
For 2021, we are focused on two primary objectives; leasing progress and debt reduction.
From a leasing perspective, we anticipate the potential for growing office space demand in our markets as a result of improved economic situation due to increasing access to both therapeutics and of course now the vaccines.
We believe that users of office space are now reconsidering the office densification trends of the past approximately 20 years.
We also believe that even with the continuation of some planned for level of remote work-from-home flexibility, the potential reversal or slowing of office densification could bode well for future office space absorption.
Our 2021 leasing focus includes both increased economic occupancy and longer-term renewals of existing tenants.
John Donahue will give more color to these leasing thoughts in just a minute.
As for debt reduction efforts in 2021, FSP intends to pursue several property dispositions from its portfolio where valuation objectives have been met and where we believe embedded value may not be accurately reflected in the price of our common stock and then apply those proceeds from dispositions, primarily for the repayment of debt.
We believe that further debt reduction will provide greater financial flexibility and position the Company for stronger shareholder returns.
Accordingly, we have introduced full-year 2021 disposition guidance in the range of approximately $350 million to $450 million in aggregate gross proceeds.
Jeff Carter will talk about this more later in the call.
At the end of the fourth quarter, the FSP portfolio including redevelopment properties was approximately 83.8% leased which is a decrease from 84.3% leased at the end of the third quarter.
The decrease was primarily attributable to the disposition of Emperor Boulevard in December.
The average leased occupancy of the portfolio for calendar 2020 was approximately 83.6%.
FSP leased approximately 1.130 million square feet during calendar 2020, which included 368,000 square feet of new leases and approximately 150,000 square feet of expansions with existing tenants.
During the fourth quarter, we finalized over 500,000 square feet of renewals and expansions with existing tenants.
Although demand for office space had slowed down during the holidays in the fourth quarter, the prospective tenant activity at FSP assets in January and February has been gaining momentum, specifically for the Sunbelt assets.
FSP is currently tracking approximately 700,000 square feet of potential new leases and renewals.
There are approximately 300,000 square feet of new tenant prospects that have shortlisted FSP properties.
In addition, we are engaged with existing tenants for approximately 400,000 square feet of renewals.
Barring any surprises, the potential for total net absorption over the next three months to six months is approximately 200,000 square feet.
This includes new prospects, and potential expansions.
We here at Franklin Street Properties hope that everyone is safe and healthy in these uncertain times.
I wanted to start my comments today by sharing four key priorities for FSP during 2021.
The first will be ongoing efforts to work as partners with our tenants to navigate the COVID-19 pandemic together.
FSP recognizes and appreciates that our tenants' health and safety are essential.
The second is to continue working to lease vacancies and on renewing or expanding existing tenants in order to grow occupancy and value within our portfolio.
The third will be to build upon our December 23 sale of Emperor Boulevard with additional but select dispositions, estimated to be in the range of $350 million to $450 million for full-year 2021 and then to utilize such proceeds primarily for the repayment of debt in order to gain greater financial flexibility and to position FSP for stronger shareholder returns.
I will describe our thoughts on this subject further in my comments ahead and fourth will be a continued commitment to our strategy of owning high-quality office properties within the US Sunbelt and Mountain West where we continue to see strong long-term job and population growth potential.
More specifically on the dispositions front and following the sale of Emperor Boulevard in December, FSP will look to pursue additional dispositions of select properties, particularly where we believe that embedded value exists, that may not be appropriately reflected within our current share price and then to utilize such proceeds primarily for the repayment of debt under our revolving line of credit and term loan facilities as well as for any special distributions necessary to meet REIT requirements.
The determining factor for FSP on potential dispositions in 2021 will be an assessment of whether a respective property has achieved its near-term valuation objective.
We believe that further debt reduction will provide greater financial flexibility and position FSP for stronger shareholder returns.
With this in mind, we are currently refining our target list of properties within our portfolio that we believe may have met their respective near-term valuation goals.
We anticipate that these potential disposition assets are likely to include properties from our smaller opportunistic markets as well as some from our larger markets and we wish to point out that regardless of where any specific properties are sold during 2021 that FSP remains committed to our Sunbelt and Mountain West strategic market emphasis where we believe that long-term business and population growth has the potential to exceed the national average.
At this time, the highest likelihood is that the majority of potential sales would occur in the second half of 2021.
Proceeds from potential dispositions under review are currently estimated to be in the range of $350 million to $450 million for full-year 2021, which again would be intended primarily to be used for the repayment of debt.
We will update the market regularly on our efforts with this objective, which will be influenced by the COVID-19 pandemic and resulting investor appetite.
And at this time, we'd like to open up the call for any questions.

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franklin street properties corp - $0.16 ffo (funds from operations) per share for fourth quarter 2020.
franklin street properties - anticipated dispositions in 2021 estimated to result in gross proceeds in range of about $350 million to $450 million.

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