Franklin Street Properties Corp. reported a GAAP net loss of $(0.08) per share for the second quarter ended June 30, 2025. Rental revenue for the quarter decreased by $4.1 million to $26.715 million compared to the same period in 2024.
Funds From Operations (FFO) for Q2 2025 was $2.5 million, or $0.03 per share, a decrease from $3.7 million in the prior year period. Adjusted Funds From Operations (AFFO) swung from a slight positive in Q2 2024 to approximately break-even in Q2 2025.
The company completed the sale of the Monument Circle property on June 6, 2025, for $6.0 million. This disposition resulted in a $12.9 million loss on sale of properties and impairment of assets held for sale for the six months ended June 30, 2025.
Total indebtedness was approximately $249.8 million as of June 30, 2025. Portfolio occupancy slipped to 69.1% from 70.3% at year-end 2024, and the portfolio-wide average rent per occupied square foot dropped from $31.77 at year-end 2024 to $30.98.
The strategic review initiated in May 2025 is ongoing, exploring options such as a company sale, asset sales, and debt refinancing. Management did not provide financial guidance for the next quarter or fiscal 2025, citing uncertainty surrounding potential property sales and broader economic conditions.
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