Franklin Street Properties posts net loss of $48.1M for 2023; sells three properties for $151M, repays $102M debt

FRANKLIN STREET PROPERTIES CORP /MA/

2023-FY EPS reported -$0.47 revenue$145,707,000

GAAP net loss $48.1M ($0.47/share) for 2023; Q4 net income $3.6M ($0.03/share). FFO $30.0M ($0.29/share) full year.
Q4 sold One Legacy (Plano, TX) $48M and Blue Lagoon (Miami, FL) $68M; Jan 2024 sold Collins Crossing (Richardson, TX) $35M. Total $151M.
Feb 21, 2024 repaid $102M debt; amended all debt facilities to extend maturity to April 1, 2026. Remaining debt $303M. Cash after $39.2M.
Portfolio 74% leased (down from 75.6%); leased 706k sqft in 2023 (228k new). Dividend $0.01/share.
Guidance suspended due to uncertainty around timing and proceeds of dispositions.

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