After recently acquired assets increased its portfolio by nearly 2 million square feet, publicly traded real estate investment trust Franklin Street Properties Corp. (NYSE MKT: FSP) needed a new technology platform to accommodate its portfolio growth, manage complex compliance obligations and streamline business operations. FSP turned to Yardi Voyager® as its solution.
“We concluded that Voyager could scale to our lease administration requirements as we continue to grow,” said John G. Demeritt, executive vice president and chief financial officer for FSP. “It will also help us with other elements of the REIT universe, including meeting Sarbanes-Oxley financial reporting obligations and converting general ledger information into financial statements without needing additional systems or workarounds.”
To reduce costs associated with mailing, storing and handling paper invoices, FSP intends to adopt Yardi PAYscan™, which scans invoices into electronic transactions and automates the approval workflow all the way to vendor payment. Yardi PAYscan is a component of Yardi Procure to Pay™, an end-to-end, paperless procure to pay system.
“The growth in the REIT space is either through acquisitions and consolidations, and a key element is maintaining control over general and administrative costs. The Yardi offering helps REITs scale their business and maintain or reduce operating expenses through an integrated suite of applications that manages the entire real estate lifecycle,” said Alan James, Yardi’s industry principal for Investment Management and Commercial.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Mass., is focused on investing in institutional-quality office properties in the U.S. FSP’s strategy is to invest in select urban infill and central business district (CBD) properties, with primary emphasis on Atlanta, Dallas, Denver, Houston, and Minneapolis. FSP seeks value-oriented investments with an eye toward long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes.
Now in its fourth decade, Yardi® (yardi.com) is committed to the design, development and support of software for real estate investment management and property management. With the Yardi Investment Suite™, Yardi Multifamily Suite™, Yardi Commercial Suite™ and Yardi Orion™ Business Intelligence, the Yardi Voyager® platform is a complete real estate management solution. It includes operations, accounting and ancillary processes and services with portfolio-wide business intelligence and platform-wide mobility. Yardi is based in Santa Barbara, Calif., and serves clients worldwide from offices in North America, Asia, Australia, Europe and the Middle East.