Franklin Street Properties Corp Announces Financial Results for the Third Quarter

Franklin Street Properties Corp. (FSP) revealed its financial performance for the three and nine months that concluded on September 30, 2024, according to their recent 8-K filing with the Securities and Exchange Commission. The company provided a press release detailing these results, along with supplemental operating and financial data accessible on the company’s website.

In the third quarter, FSP reported a decrease in rental revenue from $31,225 to $29,662 compared to the second quarter. Net income showed a loss of $15,622 for the quarter. Adjusted EBITDA figures for the period were $9,657. The Funds From Operations (FFO) for the quarter totaled $2,665, while the Adjusted Funds From Operations (AFFO) showed a decline to ($1,829).

For the nine months ending September 30, 2024, FSP reported net income at a loss of $44,197, with FFO at $10,579 and AFFO at ($1,970). The company’s financial results displayed a challenging trend over these reporting periods, with fluctuations in revenue, net income, and operational metrics.

Franklin Street Properties Corp. continues to navigate market uncertainties and challenges in the real estate sector. The company’s leadership emphasized the impact of adverse conditions, including changes in economic and local market conditions, regulatory uncertainty, and other unforeseen events that could affect its operations.

Investors and stakeholders are encouraged to review the detailed financial statements and disclosures provided by Franklin Street Properties Corp. to gain a comprehensive understanding of the company’s financial performance in the reported periods.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Franklin Street Properties’s 8K filing here.

Franklin Street Properties Company Profile

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income.