Franklin Street Properties Corp.

Good morning. Thank you for attending the Franklin Street Properties Corporation first quarter 2023 results call. My name is Alyssa and I will be your moderator for today's call. 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 your host, Scott Carter, General Counsel. You may proceed.

Good morning and welcome to the Franklin Street Properties first quarter 2023 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, John Donahue, President of FSP Property Management, and Toby Daly, Executive Vice President 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 factors section of our annual report on Form 10-K for the year ended December 31, 2022, as amended by our quarterly reports on Form 10-Q, all of which are on file with the SEC. In addition, these forward-looking statements represent the company's expectations only as of today, May 3, 2023. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. Any forward-looking statements 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 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, and 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 and the 10-Q, which, as Scott mentioned, can be found on our website. We reported funds from operations, or FFO, of about $8.4 million, or $0.08 per share, for the first quarter of 23. and we reported gap net income of about $2.4 million, or $0.02 per share, for the first quarter of 2023. On March 10, 2023, we sold an office property located in Elk Grove Village, Illinois, for a sale price of about $29.1 million that resulted in a gain of about $8.4 million. We used the proceeds to repay a portion of our revolver balance, And as of the end of March, we had $400 million in total debt outstanding. We finished Q1 of 23 at a net debt to EBITDA calculation of 6.8 times, and our debt service coverage ratio was 2.5 times. These calculations are disclosed in our supplemental filing. With that, I'll turn the call over to George.