Franklin Street Properties Corp. Announces Third Quarter 2024 Results

Business Wire10-30

WAKEFIELD, Mass., October 29, 2024--(BUSINESS WIRE)--Franklin Street Properties Corp. (the "Company", "FSP", "we" or "our") (NYSE American: FSP), a real estate investment trust (REIT), announced its ...

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(the \"Company\", \"FSP\", \"we\" or \"our\") (NYSE American: FSP), a real estate investment trust (REIT), announced its ...</p>\n\n<a href=\"https://finance.yahoo.com/news/franklin-street-properties-corp-announces-203300271.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Franklin Street Properties Corp. Announces Third Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFranklin Street Properties Corp. Announces Third Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-30 04:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/franklin-street-properties-corp-announces-203300271.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WAKEFIELD, Mass., October 29, 2024--(BUSINESS WIRE)--Franklin Street Properties Corp. (the \"Company\", \"FSP\", \"we\" or \"our\") (NYSE American: FSP), a real estate investment trust (REIT), announced its ...</p>\n\n<a href=\"https://finance.yahoo.com/news/franklin-street-properties-corp-announces-203300271.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4135","symbol_name":"资产管理与托管银行","start_time":0,"source_url":"https://finance.yahoo.com/news/franklin-street-properties-corp-announces-203300271.html","article_id":"2479000252","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/i8YhHQcsdZd1Zn.c7_3CuQ--~B/aD0yOTg7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/ffbe119e9e4883f44a5491ac8c6dd368"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479000252","pubTimestamp":1730233980,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"WAKEFIELD, Mass., October 29, 2024----Franklin Street Properties Corp.  , a real estate investment trust , announced its results for the third quarter ended September 30, 2024.George J. Carter, Chairman and Chief Executive Officer, commented as follows:. \"As the fourth quarter of 2024 begins, we continue to believe that the current price of our common stock does not accurately reflect the value of our underlying real estate assets. We will seek to increase shareholder value by continuing to  pursue the sale of select properties when we believe that short to intermediate term valuation potential has been reached and  strive to increase occupancy through leasing of vacant space. We intend to use proceeds from property dispositions primarily for debt reductions.During the third quarter of 2024, we leased a total of approximately 92,000 square feet of office space within our approximately 5.0 million square foot directly–owned property portfolio.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4135":"资产管理与托管银行","BK4144":"石油与天然气的储存和运输","BK4590":"PTP","FSP":"Franklin Street Properties","SAR":"Saratoga Investment Corp","REIT":"ALPS Active REIT ETF","BK4581":"高盛持仓","CBD":"Companhia Brasileira de Distribu","BK4194":"办公房地产投资信托","BK4588":"碎股","BK4585":"ETF&股票定投概念","BK4113":"食品零售","BK4561":"索罗斯持仓","VIE":"Viela Bio","BK4223":"办公室房地产信托","ET":"Energy Transfer LP"},"translate_title":"富兰克林街地产公司公布2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CBD":1,"ET":1,"FSP":1,"REIT":1,"SAR":1,"VIE":1},"content_text":"WAKEFIELD, Mass., October 29, 2024--(BUSINESS WIRE)--Franklin Street Properties Corp. (the \"Company\", \"FSP\", \"we\" or \"our\") (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the third quarter ended September 30, 2024.\nGeorge J. Carter, Chairman and Chief Executive Officer, commented as follows:\n\"As the fourth quarter of 2024 begins, we continue to believe that the current price of our common stock does not accurately reflect the value of our underlying real estate assets. We will seek to increase shareholder value by continuing to (1) pursue the sale of select properties when we believe that short to intermediate term valuation potential has been reached and (2) strive to increase occupancy through leasing of vacant space. We intend to use proceeds from property dispositions primarily for debt reductions.\nDuring the third quarter of 2024, we leased a total of approximately 92,000 square feet of office space within our approximately 5.0 million square foot directly–owned property portfolio.\nDuring the third quarter of 2024, we completed the sale of our last property in the Commonwealth of Virginia on July 8, 2024. The property, located in Glen Allen and known as Innsbrook, sold for a gross selling price of $31 million. On July 10, 2024, we repaid approximately $25.3 million of our debt with a portion of the net proceeds of the Innsbrook disposition.\nOn October 23, 2024, we completed the sale of our last property in Atlanta, Georgia. The property, known as Pershing Park Plaza, sold for a gross selling price of $34 million. On October 25, 2024, we repaid approximately $27.4 million of our debt with a portion of the net proceeds from the Pershing Park Plaza disposition. As of October 25, 2024, our total indebtedness was approximately $250.3 million, equivalent to approximately $52 per square foot on our remaining approximately 4.8 million square foot directly-owned property portfolio.\nWe look forward to the remainder of 2024 and beyond with anticipation and optimism.\"\nFinancial Highlights\n\nGAAP net loss was $15.6 million and $44.2 million, or $0.15 and $0.43 per basic and diluted share for the three and nine months ended September 30, 2024, respectively.\nFunds From Operations (FFO) was $2.7 million and $10.6 million, or $0.03 and $0.10 per basic and diluted share, for the three and nine months ended September 30, 2024, respectively.\n\nLeasing Highlights\n\nDuring the nine months ended September 30, 2024, we leased approximately 364,000 square feet, including 122,000 square feet of new leases.\nOur directly-owned real estate portfolio of 15 owned properties, totaling approximately 5.0 million square feet, was approximately 70.4% leased as of September 30, 2024, compared to approximately 74.0% leased as of December 31, 2023. The decrease in the leased percentage is primarily a result of two property dispositions and lease expirations during the nine months ended September 30, 2024, which were partially offset by leasing completed during the nine months ended September 30, 2024 .\nThe weighted average GAAP base rent per square foot achieved on leasing activity during the nine months ended September 30, 2024, was $29.94, or 10.9% higher than average rents in the respective properties for the year ended December 31, 2023. The average lease term on leases signed during the nine months ended September 30, 2024, was 5.4 years compared to 6.8 years during the year ended December 31, 2023. Overall, the portfolio weighted average rent per occupied square foot was $31.92 as of September 30, 2024, compared to $30.72 as of December 31, 2023.\nWe believe that our continuing portfolio of real estate is well located, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with upside leasing potential.\n\nInvestment Highlights\n\nTo reduce indebtedness, since December of 2020, FSP has selectively sold office properties when values and circumstances have warranted.\nSince December of 2020, our dispositions have resulted in aggregate gross proceeds of approximately $1,077,000,000 and reflect an average sales price per square foot of approximately $211.\nOn July 8, 2024, we sold our last property in the Commonwealth of Virginia. The property was a low-rise office property located in Glen Allen (Greater Richmond) and known as Innsbrook. The property sold for a gross selling price of $31 million. On July 10, 2024, we used approximately $25.3 million of the net proceeds from the disposition to repay debt.\nOn October 23, 2024, we sold our last property in Atlanta, Georgia, known as Pershing Park Plaza. The property, an approximately 160,145 square foot office building, sold for a gross selling price of $34 million. On October 25, 2024, we used approximately $27.4 million of the net proceeds from the disposition to repay debt resulting in a reduction in total indebtedness to an aggregate of approximately $250.3 million, which reflects about $52 per square foot on the remaining approximately 4.8 million square foot directly owned portfolio.\n\nDividends\n\nOn October 4, 2024, we announced that our Board of Directors declared a quarterly cash dividend for the three months ended September 30, 2024, of $0.01 per share of common stock that will be paid on November 7, 2024, to stockholders of record on October 18, 2024.\n\nConsolidation of Sponsored REIT\nAs of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements. On October 29, 2021, we agreed to amend and restate our existing loan to Monument Circle that is secured by a mortgage on real estate owned by Monument Circle, which we refer to as the Sponsored REIT Loan. The amended and restated Sponsored REIT Loan extended the maturity date from December 6, 2022 to June 30, 2023 (and was further extended to September 30, 2023 on June 26, 2023), increased the aggregate principal amount of the loan from $21 million to $24 million, and included certain other modifications. On September 26, 2023, the maturity date was extended to September 30, 2024 and on September 27, 2024, was further extended to September 30, 2025. In consideration of our agreement to amend and restate the Sponsored REIT Loan, we obtained from the stockholders of Monument Circle the right to vote their shares in favor of any sale of the property owned by Monument Circle any time on or after January 1, 2023. As a result of our obtaining this right to vote shares, GAAP variable interest entity (VIE) rules required us to consolidate Monument Circle as of January 1, 2023. A gain on consolidation of approximately $0.4 million was recognized in the three months ended March 31, 2023.\nAdditional information about the consolidation of Monument Circle can be found in Note 1, \"Organization, Properties, Basis of Presentation, Financial Instruments, and Recent Accounting Standards – Variable Interest Entities (VIEs)\" and Note 2, \"Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans\", in the Notes to Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024.\nNon-GAAP Financial Information\nA reconciliation of Net income (loss) to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I.\n2024 Net Income (Loss), FFO and Disposition Guidance\nAt this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income (Loss), FFO and property disposition guidance.\nReal Estate Update\nSupplementary schedules provide property information for the Company’s owned and consolidated properties as of September 30, 2024. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com.\nToday’s news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.\nEarnings Call\nA conference call is scheduled for October 30, 2024, at 11:00 a.m. (ET) to discuss the third quarter 2024 results. To access the call, please dial 888-440-4368 and use conference ID 5398803. Internationally, the call may be accessed by dialing 646-960-0856 and using conference ID 5398803. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company's website (www.fspreit.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.\nAbout Franklin Street Properties Corp.\nFranklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.\nForward-Looking Statements\nStatements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to expectations for future potential leasing activity, expectations for future potential property dispositions, the payment of dividends and the repayment of debt in future periods, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the \"Risk Factors\" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, which may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.\n\n\n\nFranklin Street Properties Corp.Earnings ReleaseSupplementary InformationTable of Contents\n\n\n\n\n\n\n\n\n\n\nFranklin Street Properties Corp. Financial Results\nA-C\n\n\nReal Estate Portfolio Summary Information\nD\n\n\nPortfolio and Other Supplementary Information\nE\n\n\nPercentage of Leased Space\nF\n\n\nLargest 20 Tenants – FSP Owned Portfolio\nG\n\n\nReconciliation and Definitions of Funds From Operations (FFO) and Adjusted\n\n\n\nFunds From Operations (AFFO)\nH\n\n\nReconciliation and Definition of Sequential Same Store results to Property Net\n\n\n\nOperating Income (NOI) and Net Loss\nI\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFranklin Street Properties Corp. Financial ResultsSupplementary Schedule ACondensed Consolidated Statements of Operations(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor the\n\nFor the\n\n\n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\nSeptember 30,\n\n\n\n(in thousands, except per share amounts)\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRental\n\n$\n29,662\n\n\n$\n36,903\n\n\n$\n91,705\n\n\n$\n110,927\n\n\n\n\nOther\n\n\n20\n\n\n\n—\n\n\n\n32\n\n\n\n9\n\n\n\n\nTotal revenue\n\n\n29,682\n\n\n\n36,903\n\n\n\n91,737\n\n\n\n110,936\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nExpenses:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReal estate operating expenses\n\n\n11,574\n\n\n\n12,797\n\n\n\n33,620\n\n\n\n37,627\n\n\n\n\nReal estate taxes and insurance\n\n\n5,512\n\n\n\n7,115\n\n\n\n17,175\n\n\n\n21,257\n\n\n\n\nDepreciation and amortization\n\n\n10,911\n\n\n\n13,408\n\n\n\n34,018\n\n\n\n42,780\n\n\n\n\nGeneral and administrative\n\n\n3,275\n\n\n\n3,265\n\n\n\n11,069\n\n\n\n10,849\n\n\n\n\nInterest\n\n\n6,585\n\n\n\n6,209\n\n\n\n20,513\n\n\n\n18,099\n\n\n\n\nTotal expenses\n\n\n37,857\n\n\n\n42,794\n\n\n\n116,395\n\n\n\n130,612\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoss on extinguishment of debt\n\n\n(477\n)\n\n\n(39\n)\n\n\n(614\n)\n\n\n(106\n)\n\n\n\nGain on consolidation of Sponsored REIT\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n394\n\n\n\n\nLoss on sale of properties and impairment of assets held for sale, net\n\n\n(7,254\n)\n\n\n(39,671\n)\n\n\n(20,459\n)\n\n\n(32,085\n)\n\n\n\nInterest income\n\n\n340\n\n\n\n—\n\n\n\n1,696\n\n\n\n—\n\n\n\n\nLoss before taxes\n\n\n(15,566\n)\n\n\n(45,601\n)\n\n\n(44,035\n)\n\n\n(51,473\n)\n\n\n\nTax expense\n\n\n56\n\n\n\n70\n\n\n\n162\n\n\n\n212\n\n\n\n\nNet loss\n\n$\n(15,622\n)\n\n$\n(45,671\n)\n\n$\n(44,197\n)\n\n$\n(51,685\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average number of shares outstanding, basic and diluted\n\n\n103,567\n\n\n\n103,430\n\n\n\n103,492\n\n\n\n103,333\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss per share, basic and diluted\n\n$\n(0.15\n)\n\n$\n(0.44\n)\n\n$\n(0.43\n)\n\n$\n(0.50\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFranklin Street Properties Corp. Financial ResultsSupplementary Schedule BCondensed Consolidated Balance Sheets(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30,\n\nDecember 31,\n\n\n\n(in thousands, except share and par value amounts)\n\n2024\n\n\n2023\n\n\n\n\nAssets:\n\n\n\n\n\n\n\n\n\nReal estate assets:\n\n\n\n\n\n\n\n\n\nLand\n\n$\n105,298\n\n\n$\n110,298\n\n\n\n\nBuildings and improvements\n\n\n1,090,551\n\n\n\n1,133,971\n\n\n\n\nFixtures and equipment\n\n\n10,776\n\n\n\n12,904\n\n\n\n\n\n\n\n1,206,625\n\n\n\n1,257,173\n\n\n\n\nLess accumulated depreciation\n\n\n369,276\n\n\n\n366,349\n\n\n\n\nReal estate assets, net\n\n\n837,349\n\n\n\n890,824\n\n\n\n\nAcquired real estate leases, less accumulated amortization of $16,465 and $20,413, respectively\n\n\n4,695\n\n\n\n6,694\n\n\n\n\nAssets held for sale\n\n\n32,926\n\n\n\n73,318\n\n\n\n\nCash, cash equivalents and restricted cash\n\n\n42,375\n\n\n\n127,880\n\n\n\n\nTenant rent receivables\n\n\n1,349\n\n\n\n2,191\n\n\n\n\nStraight-line rent receivable\n\n\n38,432\n\n\n\n40,397\n\n\n\n\nPrepaid expenses and other assets\n\n\n3,243\n\n\n\n4,239\n\n\n\n\nOffice computers and furniture, net of accumulated depreciation of $1,063 and $1,020, respectively\n\n\n80\n\n\n\n123\n\n\n\n\nDeferred leasing commissions, net of accumulated amortization of $14,724 and $16,008, respectively\n\n\n21,064\n\n\n\n23,664\n\n\n\n\nTotal assets\n\n$\n981,513\n\n\n$\n1,169,330\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLiabilities and Stockholders’ Equity:\n\n\n\n\n\n\n\n\n\nLiabilities:\n\n\n\n\n\n\n\n\n\nBank note payable\n\n$\n—\n\n\n$\n90,000\n\n\n\n\nTerm loans payable, less unamortized financing costs of $2,956 and $293, respectively\n\n\n137,601\n\n\n\n114,707\n\n\n\n\nSeries A & Series B Senior Notes, less unamortized financing costs of $1,585 and $329, respectively\n\n\n135,545\n\n\n\n199,670\n\n\n\n\nAccounts payable and accrued expenses\n\n\n32,821\n\n\n\n41,879\n\n\n\n\nAccrued compensation\n\n\n3,193\n\n\n\n3,644\n\n\n\n\nTenant security deposits\n\n\n6,120\n\n\n\n6,204\n\n\n\n\nLease liability\n\n\n763\n\n\n\n334\n\n\n\n\nAcquired unfavorable real estate leases, less accumulated amortization of $310 and $396, respectively\n\n\n51\n\n\n\n87\n\n\n\n\nTotal liabilities\n\n\n316,094\n\n\n\n456,525\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommitments and contingencies\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStockholders’ Equity:\n\n\n\n\n\n\n\n\n\nPreferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding\n\n\n—\n\n\n\n—\n\n\n\n\nCommon stock, $.0001 par value, 180,000,000 shares authorized, 103,566,715 and 103,430,353 shares issued and outstanding, respectively\n\n\n10\n\n\n\n10\n\n\n\n\nAdditional paid-in capital\n\n\n1,335,361\n\n\n\n1,335,091\n\n\n\n\nAccumulated other comprehensive income\n\n...\n—\n\n\n\n355\n\n\n\n\nAccumulated distributions in excess of accumulated earnings\n\n\n(669,952\n)\n\n\n(622,651\n)\n\n\n\nTotal stockholders’ equity\n\n\n665,419\n\n\n\n712,805\n\n\n\n\nTotal liabilities and stockholders’ equity\n\n$\n981,513\n\n\n$\n1,169,330\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFranklin Street Properties Corp. Financial ResultsSupplementary Schedule CCondensed Consolidated Statements of Cash Flows(Unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor the\n\n\n\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\n\n\n(in thousands)\n\n2024\n\n\n2023\n\n\n\n\nCash flows from operating activities:\n\n\n\n\n\n\n\n\n\nNet loss\n\n$\n(44,197\n)\n\n$\n(51,685\n)\n\n\n\nAdjustments to reconcile net income (loss) to net cash provided by operating activities:\n\n\n\n\n\n\n\n\n\nDepreciation and amortization expense\n\n\n36,284\n\n\n\n44,705\n\n\n\n\nAmortization of above and below market leases\n\n\n(17\n)\n\n\n(39\n)\n\n\n\nAmortization of other comprehensive income into interest expense\n\n\n(355\n)\n\n\n(2,789\n)\n\n\n\nShares issued as compensation\n\n\n270\n\n\n\n315\n\n\n\n\nLoss on extinguishment of debt\n\n\n614\n\n\n\n106\n\n\n\n\nGain on consolidation of Sponsored REIT\n\n\n—\n\n\n\n(394\n)\n\n\n\nLoss on sale of properties and impairment of assets held for sale, net\n\n\n20,459\n\n\n\n32,085\n\n\n\n\nChanges in operating assets and liabilities:\n\n\n\n\n\n\n\n\n\nTenant rent receivables\n\n\n842\n\n\n\n(653\n)\n\n\n\nStraight-line rents\n\n\n1,249\n\n\n\n427\n\n\n\n\nLease acquisition costs\n\n\n(660\n)\n\n\n(903\n)\n\n\n\nPrepaid expenses and other assets\n\n\n314\n\n\n\n(644\n)\n\n\n\nAccounts payable and accrued expenses\n\n\n(4,364\n)\n\n\n(2,516\n)\n\n\n\nAccrued compensation\n\n\n(451\n)\n\n\n(465\n)\n\n\n\nTenant security deposits\n\n\n(84\n)\n\n\n(79\n)\n\n\n\nPayment of deferred leasing commissions\n\n\n(3,168\n)\n\n\n(5,926\n)\n\n\n\nNet cash provided by operating activities\n\n\n6,736\n\n\n\n11,545\n\n\n\n\nCash flows from investing activities:\n\n\n\n\n\n\n\n\n\nProperty improvements, fixtures and equipment\n\n\n(19,074\n)\n\n\n(26,024\n)\n\n\n\nConsolidation of Sponsored REIT\n\n\n—\n\n\n\n3,048\n\n\n\n\nProceeds received from sales of properties\n\n\n62,909\n\n\n\n37,062\n\n\n\n\nNet cash provided by investing activities\n\n\n43,835\n\n\n\n14,086\n\n\n\n\nCash flows from financing activities:\n\n\n\n\n\n\n\n\n\nDistributions to stockholders\n\n\n(3,104\n)\n\n\n(3,099\n)\n\n\n\nProceeds received from termination of interest rate swap\n\n\n—\n\n\n\n4,206\n\n\n\n\nBorrowings under Bank note payable\n\n\n—\n\n\n\n67,000\n\n\n\n\nRepayments of Bank note payable\n\n\n(22,667\n)\n\n\n(35,000\n)\n\n\n\nRepayments of Term loans payable\n\n\n(41,775\n)\n\n\n(50,000\n)\n\n\n\nRepayments of Series A&B Senior Notes\n\n\n(62,870\n)\n\n\n—\n\n\n\n\nDeferred financing costs\n\n\n(5,660\n)\n\n\n(2,327\n)\n\n\n\nNet cash used in financing activities\n\n\n(136,076\n)\n\n\n(19,220\n)\n\n\n\nNet increase (decrease) in cash, cash equivalents and restricted cash\n\n\n(85,505\n)\n\n\n6,411\n\n\n\n\nCash, cash equivalents and restricted cash, beginning of year\n\n\n127,880\n\n\n\n6,632\n\n\n\n\nCash, cash equivalents and restricted cash, end of period\n\n$\n42,375\n\n\n$\n13,043\n\n\n\n\n\n\n\n\nFranklin Street Properties Corp. Earnings ReleaseSupplementary Schedule DReal Estate Portfolio Summary Information(Unaudited & Approximated)\n\n\n\n\n\n\n\n\n\n\nCommercial portfolio lease expirations (1)\n\n\n\n\n\n\n\n\n\nTotal\n\n% of\n\n\n\nYear\n\nSquare Feet\n\nPortfolio\n\n\n\n2024\n\n76,685\n\n1.5\n%\n\n\n\n2025\n\n437,680\n\n8.4\n%\n\n\n\n2026\n\n597,396\n\n11.5\n%\n\n\n\n2027\n\n301,032\n\n5.8\n%\n\n\n\n2028\n\n252,285\n\n4.9\n%\n\n\n\nThereafter (2)\n\n3,515,080\n\n67.9\n%\n\n\n\n\n\n5,180,158\n\n100.0\n%\n\n\n\n\n\n\n\n_______________________\n\n\n(1)\n\nPercentages are determined based upon total square footage.\n\n\n(2)\n\nIncludes 1,674,459 square feet of vacancies at our owned and consolidated properties as of September 30, 2024.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(dollars & square feet in 000's)\n\nAs of September 30, 2024\n\n\n\n\n\n\n\n\n\n\n% of\n\nSquare\n\n% of\n\n\n\nState\n\nProperties\n\nInvestment\n\nPortfolio\n\nFeet\n\nPortfolio\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nColorado\n\n4\n\n$\n443,251\n\n52.9\n%\n\n2,140\n\n41.3\n%\n\n\n\nTexas\n\n7\n\n\n260,627\n\n31.1\n%\n\n1,909\n\n36.9\n%\n\n\n\nGeorgia (a)\n\n1\n\n\n-\n\n0.0\n%\n\n160\n\n3.1\n%\n\n\n\nMinnesota\n\n3\n\n\n114,373\n\n13.7\n%\n\n757\n\n14.6\n%\n\n\n\nIndiana\n\n1\n\n\n19,098\n\n2.3\n%\n\n214\n\n4.1\n%\n\n\n\nTotal\n\n16\n\n$\n837,349\n\n100.0\n%\n\n5,180\n\n100.0\n%\n\n\n\n\n\n\n\n_______________________\n\n\n(a)\n\nIncludes one property that was classified as an asset held for sale as of September 30, 2024.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFranklin Street Properties Corp. Earnings ReleaseSupplementary Schedule EPortfolio and Other Supplementary Information(Unaudited & Approximated)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRecurring Capital Expenditures\n\n\n\nFor the Nine\n\n\n\n(in thousands)\n\nFor the Three Months Ended\n\nMonths Ended\n\n\n\n\n\n31-Mar-24\n\n30-Jun-24\n\n30-Sep-24\n\n30-Sep-24\n\n\n\nTenant improvements\n\n$\n2,619\n\n$\n2,558\n\n$\n4,444\n\n$\n9,621\n\n\n\nDeferred leasing costs\n\n\n2,237\n\n\n511\n\n\n421\n\n\n3,169\n\n\n\nNon-investment capex\n\n\n1,019\n\n\n1,480\n\n\n1,658\n\n\n4,157\n\n\n\n\n\n$\n5,875\n\n$\n4,549\n\n$\n6,523\n\n$\n16,947\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(in thousands)\n\nFor the Three Months Ended\n\nYear Ended\n\n\n\n\n\n31-Mar-23\n\n30-Jun-23\n\n30-Sep-23\n\n31-Dec-23\n\n31-Dec-23\n\n\n\nTenant improvements\n\n$\n3,047\n\n$\n4,381\n\n$\n3,653\n\n$\n5,295\n\n$\n16,376\n\n\n\nDeferred leasing costs\n\n\n908\n\n\n3,230\n\n\n1,114\n\n\n1,649\n\n\n6,901\n\n\n\nNon-investment capex\n\n\n2,967\n\n\n2,042\n\n\n1,775\n\n\n5,230\n\n\n12,014\n\n\n\n\n\n$\n6,922\n\n$\n9,653\n\n$\n6,542\n\n$\n12,174\n\n$\n35,291\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSquare foot & leased percentages\n\nSeptember 30,\n\nDecember 31,\n\n\n\n\n\n2024\n\n2023\n\n\n\nOwned Properties:\n\n\n\n\n\n\n\nNumber of properties (a)\n\n15\n\n17\n\n\n\nSquare feet\n\n4,966,398\n\n5,565,782\n\n\n\nLeased percentage\n\n70.4%\n\n74.0%\n\n\n\n\n\n\n\n\n\n\n\nConsolidated Property - Single Asset REIT (SAR):\n\n\n\n\n\n\n\nNumber of properties\n\n1\n\n1\n\n\n\nSquare feet\n\n213,760\n\n213,760\n\n\n\nLeased percentage\n\n4.1%\n\n4.1%\n\n\n\n\n\n\n\n\n\n\n\nTotal Owned and Consolidated Properties:\n\n\n\n\n\n\n\nNumber of properties\n\n16\n\n18\n\n\n\nSquare feet\n\n5,180,158\n\n5,779,542\n\n\n\nLeased percentage\n\n67.7%\n\n71.5%\n\n\n\n\n\n\n\n(a)\n\nIncludes one property that was classified as an asset held for sale as of September 30, 2024 and two properties that were classified as assets held for sale as of December 31, 2023.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFranklin Street Properties Corp. Earnings ReleaseSupplementary Schedule FPercentage of Leased Space(Unaudited & Estimated)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSecond\n\n\n\nThird\n\n\n\n\n\n\n\n\n\n\n\n% Leased (1)\n\nQuarter\n\n% Leased (1)\n\nQuarter\n\n\n\n\n\n\n\n\n\n\n\nas of\n\nAverage %\n\nas of\n\nAverage %\n\n\n\n\n\nProperty Name\n\nLocation\n\nSquare Feet\n\n30-Jun-24\n\nLeased (2)\n\n30-Sep-24\n\nLeased (2)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1\n\nPARK TEN\n\nHouston, TX\n\n157,609\n\n82.1\n%\n\n84.0\n%\n\n82.1\n%\n\n82.1\n%\n\n\n\n2\n\nPARK TEN PHASE II\n\nHouston, TX\n\n156,746\n\n66.9\n%\n\n85.6\n%\n\n66.9\n%\n\n66.9\n%\n\n\n\n3\n\nGREENWOOD PLAZA\n\nEnglewood, CO\n\n196,236\n\n65.0\n%\n\n65.0\n%\n\n65.0\n%\n\n65.0\n%\n\n\n\n4\n\nADDISON\n\nAddison, TX\n\n289,333\n\n79.4\n%\n\n79.4\n%\n\n79.4\n%\n\n79.4\n%\n\n\n\n\n\nINNSBROOK (3)\n\nGlen Allen, VA\n\n—\n\n89.6\n%\n\n89.9\n%\n\n(3\n)\n\n(3\n)\n\n\n\n5\n\nLIBERTY PLAZA\n\nAddison, TX\n\n217,841\n\n75.9\n%\n\n75.9\n%\n\n75.9\n%\n\n75.9\n%\n\n\n\n6\n\nELDRIDGE GREEN\n\nHouston, TX\n\n248,399\n\n100.0\n%\n\n100.0\n%\n\n100.0\n%\n\n100.0\n%\n\n\n\n7\n\n121 SOUTH EIGHTH ST\n\nMinneapolis, MN\n\n297,541\n\n77.6\n%\n\n77.6\n%\n\n72.4\n%\n\n75.6\n%\n\n\n\n8\n\n801 MARQUETTE AVE\n\nMinneapolis, MN\n\n129,691\n\n91.8\n%\n\n91.8\n%\n\n91.8\n%\n\n91.8\n%\n\n\n\n9\n\nLEGACY TENNYSON CTR\n\nPlano, TX\n\n209,562\n\n53.1\n%\n\n53.1\n%\n\n51.0\n%\n\n52.4\n%\n\n\n\n10\n\nWESTCHASE I & II\n\nHouston, TX\n\n629,025\n\n66.5\n%\n\n65.7\n%\n\n68.8\n%\n\n67.6\n%\n\n\n\n11\n\n1999 BROADWAY\n\nDenver, CO\n\n682,639\n\n50.7\n%\n\n51.0\n%\n\n50.7\n%\n\n50.7\n%\n\n\n\n12\n\n1001 17TH STREET\n\nDenver, CO\n\n649,400\n\n76.5\n%\n\n76.5\n%\n\n76.5\n%\n\n76.5\n%\n\n\n\n13\n\nPLAZA SEVEN\n\nMinneapolis, MN\n\n330,096\n\n61.6\n%\n\n61.6\n%\n\n53.8\n%\n\n55.0\n%\n\n\n\n14\n\nPERSHING PLAZA (4)\n\nAtlanta, GA\n\n160,145\n\n79.8\n%\n\n79.8\n%\n\n79.8\n%\n\n79.8\n%\n\n\n\n15\n\n600 17TH STREET\n\nDenver, CO\n\n612,135\n\n78.8\n%\n\n78.8\n%\n\n76.7\n%\n\n77.1\n%\n\n\n\n\n\nOWNED PORTFOLIO\n\n\n\n4,966,398\n\n72.3\n%\n\n72.9\n%\n\n70.4\n%\n\n70.6\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n16\n\nMONUMENT CIRCLE (5)\n\nIndianapolis, IN\n\n213,760\n\n4.1\n%\n\n4.1\n%\n\n4.1\n%\n\n4.1\n%\n\n\n\n\n\nOWNED & CONSOLIDATED PORTFOLIO\n\n\n\n5,180,158\n\n69.7\n%\n\n70.2\n%\n\n67.7\n%\n\n67.9\n%\n\n\n\n\n\n\n\n_______________________\n\n\n(1)\n\n% Leased as of month's end includes all leases that expire on the last day of the quarter.\n\n\n(2)\n\nAverage quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter.\n\n\n(3)\n\nProperty was sold on July 8, 2024.\n\n\n(4)\n\nProperty was classified as an asset held for sale as of September 30, 2024.\n\n\n(5)\n\nConsolidated property as of January 1, 2023, which was previously a managed property.\n\n\n\n\n\n\nFranklin Street Properties Corp. Earnings ReleaseSupplementary Schedule GLargest 20 Tenants – FSP Owned and Consolidated Portfolio(Unaudited & Estimated)\n\n\n \n\n\nThe following table includes the largest 20 tenants in FSP’s owned and consolidated portfolio based on total square feet:\n\n\n \n\n\nAs of September 30, 2024\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n% of\n\n\n\n\n\nTenant\n\nSq Ft\n\nPortfolio\n\n\n\n1\n\nCITGO Petroleum Corporation\n\n248,399\n\n4.8%\n\n\n\n2\n\nEOG Resources, Inc.\n\n169,167\n\n3.3%\n\n\n\n3\n\nUS Government\n\n168,573\n\n3.2%\n\n\n\n4\n\nKaiser Foundation Health Plan, Inc.\n\n120,979\n\n2.3%\n\n\n\n5\n\nSwift, Currie, McGhee & Hiers, LLP\n\n101,296\n\n2.0%\n\n\n\n6\n\nDeluxe Corporation\n\n98,922\n\n1.9%\n\n\n\n7\n\nPing Identity Corp.\n\n89,856\n\n1.7%\n\n\n\n8\n\nPermian Resources Operating, LLC\n\n67,856\n\n1.3%\n\n\n\n9\n\nHall and Evans LLC\n\n65,878\n\n1.3%\n\n\n\n10\n\nCyxtera Management, Inc.\n\n61,826\n\n1.2%\n\n\n\n11\n\nPrecision Drilling (US) Corporation\n\n59,569\n\n1.1%\n\n\n\n12\n\nPwC US Group\n\n54,334\n\n1.1%\n\n\n\n13\n\nOlin Corporation\n\n54,080\n\n1.0%\n\n\n\n14\n\nCoresite, LLC\n\n49,518\n\n1.0%\n\n\n\n15\n\nSchwegman, Lundberg & Woessner, P.A.\n\n46,269\n\n0.9%\n\n\n\n16\n\nInvenergy, LLC.\n\n42,505\n\n0.8%\n\n\n\n17\n\nArk-La-Tex Financial Services, LLC.\n\n41,011\n\n0.8%\n\n\n\n18\n\nChevron U.S.A., Inc.\n\n35,088\n\n0.7%\n\n\n\n19\n\nCaerus Operating, LLC.\n\n34,063\n\n0.7%\n\n\n\n20\n\nCarOffer, LLC.\n\n30,913\n\n0.6%\n\n\n\n\n\nTotal\n\n1,640,102\n\n31.7%\n\n\n\n\n\n\n\nFranklin Street Properties Corp. Earnings Release\n\n\nSupplementary Schedule H\n\n\nReconciliation and Definitions of Funds From Operations (\"FFO\") and\n\n\nAdjusted Funds From Operations (\"AFFO\")\n\n\n\nA reconciliation of Net income (loss) to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Net Loss to FFO and AFFO:\n\nThree Months Ended\n\nNine Months Ended\n\n\n\n\nSeptember 30,\n\nSeptember 30,\n\n\n(In thousands, except per share amounts)\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss\n\n$\n(15,622\n)\n\n$\n(45,671\n)\n\n$\n(44,197\n)\n\n$\n(51,685\n)\n\n\nGain on consolidation of Sponsored REIT\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(394\n)\n\n\nLoss on sale of properties and impairment of asset held for sale, net\n\n\n7,254\n\n\n\n39,671\n\n\n\n20,459\n\n\n\n32,085\n\n\n\nDepreciation & amortization\n\n\n10,907\n\n\n\n13,400\n\n\n\n34,002\n\n\n\n42,742\n\n\n\nNAREIT FFO\n\n\n2,539\n\n\n\n7,400\n\n\n\n10,264\n\n\n\n22,748\n\n\n\nLease Acquisition costs\n\n\n126\n\n\n\n109\n\n\n\n315\n\n\n\n278\n\n\n\nFunds From Operations (FFO)\n\n$\n2,665\n\n\n$\n7,509\n\n\n$\n10,579\n\n\n$\n23,026\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFunds From Operations (FFO)\n\n$\n2,665\n\n\n$\n7,509\n\n\n$\n10,579\n\n\n$\n23,026\n\n\n\nLoss on extinguishment of debt\n\n\n477\n\n\n\n39\n\n\n\n614\n\n\n\n106\n\n\n\nAmortization of deferred financing costs\n\n\n767\n\n\n\n665\n\n\n\n2,265\n\n\n\n1,926\n\n\n\nShares issued as compensation\n\n\n—\n\n\n\n—\n\n\n\n270\n\n\n\n315\n\n\n\nStraight-line rent\n\n\n785\n\n\n\n106\n\n\n\n1,249\n\n\n\n428\n\n\n\nTenant improvements\n\n\n(4,444\n)\n\n\n(3,653\n)\n\n\n(9,621\n)\n\n\n(11,081\n)\n\n\nLeasing commissions\n\n\n(421\n)\n\n\n(1,114\n)\n\n\n(3,169\n)\n\n\n(5,252\n)\n\n\nNon-investment capex\n\n\n(1,658\n)\n\n\n(1,775\n)\n\n\n(4,157\n)\n\n\n(6,784\n)\n\n\nAdjusted Funds From Operations (AFFO)\n\n$\n(1,829\n)\n\n$\n1,777\n\n\n$\n(1,970\n)\n\n$\n2,684\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPer Share Data\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEPS\n\n$\n(0.15\n)\n\n$\n(0.44\n)\n\n$\n(0.43\n)\n\n$\n(0.50\n)\n\n\nFFO\n\n$\n0.03\n\n\n$\n0.07\n\n\n$\n0.10\n\n\n$\n0.22\n\n\n\nAFFO\n\n$\n(0.02\n)\n\n$\n0.02\n\n\n$\n(0.02\n)\n\n$\n0.03\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average shares (basic and diluted)\n\n\n103,567\n\n\n\n103,430\n\n\n\n103,492\n\n\n\n103,333\n\n\n\n\nFunds From Operations (\"FFO\")\nThe Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.\nFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.\nOther real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.\nWe believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.\nAdjusted Funds From Operations (\"AFFO\")\nThe Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions.\nWe exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition.\nAFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.\n\n\n\nFranklin Street Properties Corp. Earnings Release\n\n\nSupplementary Schedule I\n\n\nReconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income\n\n\n\nNet Operating Income (\"NOI\")\nThe Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRentable\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSquare Feet\n\nThree Months Ended\n\nThree Months Ended\n\nInc\n\n%\n\n\n\n(in thousands)\n\nor RSF\n\n30-Sep-24\n\n30-Jun-24\n\n(Dec)\n\nChange\n\n\n\nRegion\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMidWest\n\n757\n\n\n1,278\n\n\n1,665\n\n\n(387)\n\n(23.2)\n%\n\n\nSouth\n\n2,069\n\n\n5,087\n\n\n5,241\n\n\n(154)\n\n(2.9)\n%\n\n\nWest\n\n2,140\n\n\n6,037\n\n\n6,224\n\n\n(187)\n\n(3.0)\n%\n\n\nProperty NOI* from Owned Properties\n\n4,966\n\n\n12,402\n\n\n13,130\n\n\n(728)\n\n(5.5)\n%\n\n\nDisposition and Acquisition Properties (a)\n\n214\n\n\n(19)\n\n\n618\n\n\n(637)\n\n(4.4)\n%\n\n\nNOI*\n\n5,180\n\n$\n12,383\n\n$\n13,748\n\n$\n(1,365)\n\n(9.9)\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSequential Same Store\n\n\n\n$\n12,402\n\n$\n13,130\n\n$\n(728)\n\n(5.5)\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLess Nonrecurring\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nItems in NOI* (b)\n\n\n\n\n78\n\n\n255\n\n\n(177)\n\n1.2\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nComparative\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSequential Same Store\n\n\n\n$\n12,324\n\n$\n12,875\n\n$\n(551)\n\n(4.3)\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation to\n\n\n\nThree Months Ended\n\nThree Months Ended\n\n\n\n\n\n\n\n\nNet loss\n\n\n\n30-Sep-24\n\n30-Jun-24\n\n\n\n\n\n\n\n\nNet loss\n\n\n\n$\n(15,622)\n\n$\n(21,023)\n\n\n\n\n\n\n\n\nAdd (deduct):\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLoss on extinguishment of debt\n\n\n\n\n477\n\n\n—\n\n\n\n\n\n\n\n\nLoss on sale of properties and impairment of assets held for sale, net\n\n\n\n\n7,254\n\n\n13,200\n\n\n\n\n\n\n\n\nManagement fee income\n\n\n\n\n(422)\n\n\n(443)\n\n\n\n\n\n\n\n\nDepreciation and amortization\n\n\n\n\n10,911\n\n\n11,482\n\n\n\n\n\n\n\n\nAmortization of above/below market leases\n\n\n\n\n(5)\n\n\n(6)\n\n\n\n\n\n\n\n\nGeneral and administrative\n\n\n\n\n3,275\n\n\n3,635\n\n\n\n\n\n\n\n\nInterest expense\n\n\n\n\n6,585\n\n\n7,082\n\n\n\n\n\n\n\n\nInterest income\n\n\n\n\n(340)\n\n\n(348)\n\n\n\n\n\n\n\n\nNon-property specific items, net\n\n\n\n\n270\n\n\n169\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNOI*\n\n\n\n$\n12,383\n\n$\n13,748\n\n\n\n\n\n\n\n\n\n\n\n\n(a)\n\nWe define Disposition and Acquisition Properties as properties that were sold acquired or consolidated and do not have operating activity for all periods presented.\n\n\n(b)\n\nNonrecurring Items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.\n\n\n\n*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241029766764/en/\nContacts\nGeorgia Touma   (877) 686-9496","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479000252"}