FSP reports Q3 GAAP net loss of $45.7M; sells two properties, plans more sales for debt reduction

FRANKLIN STREET PROPERTIES CORP /MA/

2023-Q3 EPS reported -$0.50 revenue$110,936,000

GAAP net loss of $45.7M ($0.44/diluted share) for Q3; FFO of $7.5M ($0.07/share).
Leased 571k sq ft in nine months; portfolio 74.8% leased (down from 75.6% at Dec 2022).
Sold Forest Park (Charlotte) for $9.2M in Q3; post-Q3 sold One Legacy (Plano, TX) for $48M.
Expects additional property sales with gross proceeds $108M-$153M; proceeds for debt reduction.
Cash ~$73.5M as of Nov 7; quarterly dividend declared at $0.01/share.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FRANKLIN STREET PROPERTIES CORP /MA/ reported three and nine months ended September 30, 2023 results: net income $45.7 million net loss and $51.7 million net loss, EPS $0.44 and $0.50 per basic and diluted share loss.

Period: three and nine months ended September 30, 2023
Net income: $45.7 million net loss and $51.7 million net loss
EPS: $0.44 and $0.50 per basic and diluted share loss
Result: reported results

Exact text from the filing

GAAP net loss was $45.7 million and $51.7 million, or $0.44 and $0.50 per basic and diluted share for the three and nine months ended September 30, 2023, respectively.

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Source: SEC EDGAR

accession 0001558370-23-018011

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