Tue, Oct 29, 8:33 PM (64 days ago)
Franklin Street Properties Corp. (FSP) reported a net loss of $15.6 million for Q3 2024, significantly improved from a $45.7 million loss in Q3 2023. Total revenues decreased by $7.2 million to $29.7 million, primarily due to reduced rental income from property sales and lease expirations. Expenses also declined by $4.9 million, driven by lower real estate operating costs and depreciation, reflecting the impact of asset disposals. For the nine months ended September 30, 2024, total revenues fell to $91.7 million from $110.9 million, with a net loss of $44.2 million, compared to $51.7 million in the prior year. The company’s portfolio included 15 operating properties, with a leasing rate of 67.7%, down from 72.4% year-over-year. FSP's cash and cash equivalents decreased to $42.4 million, with significant debt repayments totaling $136 million in financing activities. The company amended its BMO and BofA term loans, extending maturity dates and adjusting interest rates, while maintaining compliance with financial covenants. Future operations face uncertainties from economic conditions, including interest rates and tenant demand, particularly in light of ongoing geopolitical tensions and the pandemic's effects.