The following is a summary of the Franklin Street Properties Corporation (FSP) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Franklin Street Properties Corp. reported Q2 2024 Funds From Operations (FFO) of approximately $3.7 million or $0.04 per share.

• They reported a GAAP net loss of $21 million or $0.20 per share for Q2 2024.

• The company used proceeds from property sales to repay $25.3 million of its debt, contributing to significant debt reduction over recent years.

Business Progress:

• Disposition activity remains focused with recent sales including the Innsbrook Corporate Center for $31 million and Collins Crossing for $35 million, totaling $66 million year-to-date.

• Approximately 272,000 square feet of total leasing during the first half of 2024, with urban markets showing signs of incremental recovery.

• Targeted future dispositions aim to maximize value for shareholders and further reduce debt.

Opportunities:

• Potential for increased lease occupancy over the remainder of the year, bolstered by a current pipeline of approximately 550,000 square feet of prospective new tenants.

• Anticipated more favorable interest rates which could positively impact the office property market.

Risks:

• Continued challenging office property disposition environment due to lack of liquidity and high interest rates.

• Slow recovery in office leasing markets, impacting overall economic occupancy and leasing prospects.

More details: Franklin Street Properties Corp IR

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