Franklin Street Properties Q2 net income $0.15/share; sells $237M properties, reduces debt

FRANKLIN STREET PROPERTIES CORP /MA/

2022-Q2 EPS reported $0.09 revenue$115,184,000

GAAP net income $16.2M ($0.15/share); FFO $0.14/share; AFFO $0.05/share.
Sold four properties for ~$237M; repaid $155M term loan and $47.5M revolver.
Total debt reduced from ~$1B (Sep 2020) to ~$765M; revolver fully available.
Reaffirmed 2021 disposition guidance $350-$450M gross proceeds; may repurchase up to $50M stock.
Portfolio leased 78.5% vs 81.0% QoQ; dividend $0.09/share.

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