Franklin Street reports Q2 FFO 8c, consensus 4c

Reports Q2 revenue $30.83M vs $36.27M last year. George J. Carter, Chairman and Chief Executive Officer, commented as follows: “As the third quarter of 2024 begins, we continue to believe that the current price of our common stock does not accurately reflect the value of our underlying real estate assets. We will seek to increase shareholder value by continuing to (1) pursue the sale of select properties when we believe that short to intermediate term valuation potential has been reached and (2) strive to increase occupancy through leasing of vacant space. We intend to use proceeds from property dispositions primarily for debt reductions. During the second quarter of 2024, we did not sell any of our office properties. During the second quarter of 2024, we leased a total of approximately 75,000 square feet of office space within our approximately 5.3 million square foot directly-owned property portfolio. Subsequent to the end of the quarter, on July 8, 2024, we completed the sale of our last property in the Commonwealth of Virginia. The property, located in Glen Allen and known as Innsbrook, sold for a gross selling price of $31 million. On July 10, 2024, we repaid approximately $25.3 million of our debt with a portion of the net proceeds of the Innsbrook disposition. As of July 10, 2024, our total indebtedness was approximately $277.7 million, equivalent to approximately $56 per square foot on our remaining approximately 5.0 million square foot directly-owned property portfolio. We look forward to the remainder of 2024 and beyond with anticipation and optimism.”