Q1 2024 Franklin Street Properties Corp Earnings Call Transcript
Key Points
- Franklin Street Properties Corp reported funds from operations (FFO) of about $4.2 million, or $0.04 per share for the first quarter of 2024.
- Economic occupancy of the directly owned portfolio increased to approximately 71.3% at the end of the first quarter, up from 70.1% at the end of the fourth quarter.
- FSP finalized approximately 197,000 square feet of total leasing during the first quarter of 2024, showing active leasing efforts.
- FSP's assets in suburban Houston and downtown Denver have witnessed an increase in overall new tenant activity over the past five to six months.
- FSP is engaged with existing tenants regarding potential renewals totaling approximately 450,000 square feet, indicating a strong pipeline for future leasing activities.
- Franklin Street Properties Corp reported a GAAP net loss of about $7.6 million, or $0.07 per share for the first quarter of 2024.
- The directly owned portfolio's leased occupancy decreased to 73.3% at the end of the first quarter from 74.0% at the end of 2023.
- Challenges in property dispositions due to competitive pressure and limited investment capital availability in the market.
- The office leasing market is still recovering from pre-COVID occupancy levels, indicating ongoing challenges in the real estate sector.
- Current market conditions for office property sales remain challenged with a significant decline in completed office property sales activity year over year.
Good day and welcome to the Franklin Street Properties Corp. first-quarter 2024 results conference call. (Operator Instructions)
And finally, I would like to advise all participants that this call is being recorded. Thank you.
I'd now like to welcome Scott Carter, General Counsel, to begin the conference. Scott, over to you.
Good morning. Welcome to the Franklin Street Properties' first-quarter 2024 earnings call. Joining me this morning are George Carter, our Chief Executive Officer; John Demeritt, our Chief Financial Officer; Jeff Carter, our President and Chief Investment Officer; and John Donahue, President of FSP Property Management. And also joining me this morning are Toby Daley and Will Friend, both Executive Vice President of FSP Property Management.
Please note that various remarks that we may make about future expectations, plans, and prospects for the company may constitute forward-looking statements for
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