The following is a summary of the Franklin Street Properties Corp (FSP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Franklin Street Properties Corp reported funds from operations (FFO) for Q1 2024 at approximately $4.2 million or $0.04 per share. The company reported a GAAP net loss of about $7.6 million or $0.07 per share for Q1 2024. They successfully disposed a property in Greater Dallas, Texas for approximately $35 million.
Business Progress:
Franklin Street finalized about 197,000 square feet of total leasing during Q1 2024, including renewals/expansions and new tenant leases. The directly owned portfolio was approximately 73.3% leased at the end of Q1, which is a slight decrease compared to the end of 2023. They are currently tracking over 700,000 square feet of prospective new tenants, including 350,000 square feet that have identified FSP assets on their shortlists. The company is also currently working on several potential property dispositions.
More details: Franklin Street Properties Corp IR
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