PDM - Franklin Street Properties: Management Needs To Sell The Company

• Franklin Street Properties has a persistent record of underperformance, making a long-term investment unattractive.
• Market reports and recent office transactions demonstrate the stock's massive discount to NAV.
• Management has been taking advantage of the discount by selling its office assets at low cap rates.
• Leverage has reduced greatly, decreasing future investment risk.
• FSP's high capex spending could normalize over the next several years, allowing for the company to cover its high dividend yield.

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