secwatch.observer — SEC 8-K summary
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Issuer:     FRANKLIN STREET PROPERTIES CORP /MA/ (FSP)
CIK:        0001031316
Form:       8-K
Filed at:   2024-02-26T23:59:59+00:00
Accession:  0001558370-24-001709
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1031316/000155837024001709/0001558370-24-001709-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1031316/000155837024001709/fsp-20240226x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-001709

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