Franklin Street Properties Corp.

good morning and thank you for attending today's franklin street properties corp q1 2022 earnings call my name is selena and i will be your moderator all lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end if you would like to ask a question please press star 1 on your telephone keypad i would now like to pass the conference over to our host scott carter general counsel please go ahead

Good morning and welcome to the Franklin Street Properties first quarter 2022 earnings call. Joining me this morning are George Carter, our chief executive officer, John DeMeritt, our chief financial officer, Jeff Carter, our president and chief investment officer, and John Donahue, president of FSP Property Management. Also joining me this morning are Toby Daly and Will O'Brien, both executive vice presidents of FSP Property Management. Please note that various remarks that we may make about future expectations, plans, and prospects for the company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factor section of our annual report on Form 10-K for the year ended December 31, 2021, which is on file with the SEC. In addition, these forward-looking statements represent the company's expectations only as of today, May 4, 2022. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. Any forward-looking statement should not be relied upon as representing the company's estimates or views as of any date subsequent to today. At times during this call, we may refer to funds from operations or FFO, reconciliations of FFO and other GAAP Non-GAAP financial measures to GAAP net income are contained in yesterday's press release, which is available in the investor relations section of our website at www.fspreit.com. Now I'll turn the call over to John DeMeritt. John?

Thank you, Scott, and good morning, everyone. I'm going to give a brief overview of our first quarter results. Afterward, I'll pass the call to George for his comments. As a reminder, our comments today will refer to our earnings release supplemental package in 10-Q, which, as Scott mentioned, can be found on our website. We reported funds from operations, or FFO, of about $11.6 million, or $0.11 per share, for the first quarter of 22, and we reported a gap net loss of about $4.2 million, or $0.04 per share, for the first quarter. At March 31, 22, we had $515 million of debt outstanding. Our net debt to EBITDA ratio was 7.4 times as of March 31st, 22, compared to 8.9 times at March 31st, 21. The decrease in that ratio was primarily a result of the impact of asset sales and debt repayments made in the last year. Our debt service coverage ratio was 3.15 times for the first quarter of 22 compared to 3.09 times for the first quarter of 21. As of March 31st, 22, we had liquidity of about $208 million between availability and our revolver and cash on hand. As a reminder, all of our debt remains unsecured. With that, I'll turn the call over to George. George?