Franklin Street Properties slides 10% on lower quarterly dividend

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Real estate investment trust Franklin Street Properties Corp. (AMEX:FSP) is off 10% today after the company declared a quarterly dividend that was 39% lower than its previous quarterly dividend. The quarterly dividend is $0.19 per common share, payable on Aug. 20 to shareholders of record as of July 31.

“A significant slowing of activity in, and lower profit contribution from, [Franklin Street Properties’] two transactional businesses, investment banking and property dispositions, has occurred since the onset of the 'credit crunch' and its associated complications for real estate and the broader capital markets,” said George Carter, president and CEO, in a statement. “The downturn in these two businesses began in the third quarter of 2007; and, to date, neither one has shown any near-term visibility for a sustained upturn.”

In today’s trading, the Wakefield, Mass.-based company is at $12.97, down $1.30 from Friday’s close.

For detailed price information and recent news stories about Franklin Street Properties Corp., click FSP.