Franklin Street Properties ( (FSP) ) has released its Q4 earnings. Here is a breakdown of the information Franklin Street Properties presented to its investors.
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Franklin Street Properties Corp., based in Wakefield, Massachusetts, is a real estate investment trust focusing on infill and central business district office properties in the U.S. Sunbelt and Mountain West regions. The company aims for long-term growth and appreciation, alongside current income.
In its latest earnings report, Franklin Street Properties announced a GAAP net loss of $8.5 million for the fourth quarter and $52.7 million for the full year 2024. Despite the losses, the company made strides in leasing activities and strategic property sales, including the significant sale of its last property in Atlanta.
Key financial metrics revealed that Funds From Operations (FFO) were $2.7 million for the quarter and $13.3 million for the year, with a leasing highlight of approximately 616,000 square feet leased throughout 2024. The company managed to repay a portion of its debt thanks to proceeds from property sales, reducing its total indebtedness to approximately $250.3 million.
Looking forward, Franklin Street Properties remains optimistic about its property portfolio, which is primarily located in high-demand regions, and plans to continue enhancing shareholder value through selective property sales. The company is cautious about economic conditions but is focused on maximizing the potential of its high-quality assets.
The company is committed to maintaining its strategic focus on core markets and pursuing opportunities that align with its long-term growth objectives, despite the challenges posed by current economic uncertainties.
