Franklin Street Properties Corp. reported a GAAP net loss of $(0.21) per share for the first quarter ended March 31, 2025. Rental revenue for the quarter was $27.107 million, reflecting a decrease compared to the prior year.
The company's total indebtedness stood at approximately $250 million as of March 31, 2025, which is equivalent to about $52 per square foot on its remaining 4.8 million square foot directly-owned property portfolio.
Management stated its primary objectives are to advance leasing efforts to improve occupancy and to continue pursuing select property dispositions. The company is actively marketing approximately one million square feet of properties for potential sale, with net proceeds intended primarily for debt repayment.
Franklin Street Properties continued to suspend its Net Income (Loss), FFO, and property disposition guidance. This decision is attributed to economic conditions and uncertainty surrounding the timing and amount of proceeds received from potential property sales.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.