Q2 2024 Franklin Street Properties Corp Earnings Call Transcript
Key Points
- Reported funds from operations (FFO) of $3.7 million or $0.04 per share for Q2 2024.
- Successfully sold two properties in 2024, generating $66 million in gross property sales.
- Significant debt reduction over the last several years, providing flexibility in property disposition plans.
- Urban markets in FSP's portfolio, such as Denver CBD and suburban Houston, show signs of increased activity.
- Tracking approximately 550,000 square feet of prospective new tenants, with 300,000 square feet identified on FSP assets' shortlist.
- Reported a GAAP net loss of $21 million or $0.20 per share for Q2 2024.
- Leased occupancy decreased to 72.3% at the end of Q2 2024 from 74% at the end of 2023.
- Continued challenges in office property disposition efforts due to a significant lack of liquidity.
- Office leasing markets are generally still not as active as pre-COVID, particularly for larger, long-term corporate space users.
- Weak national sales market for office properties, with a 60% decline in sales volume over the past 12 months.
Thank you for standing by. My name is Danika, and I will be your conference operator today. At this time, I would like to welcome everyone to the Franklin Street Properties Corp. Q2 2024 results conference call.
(Operator Instructions)
I would now like to turn the call over to Scott Carter, General Counsel. Please go ahead.
Good morning and welcome to the Franklin Street Properties second quarter 2024 earnings call.
Joining me this morning are George Carter, our Chief Executive Officer; John Demeritt, our Chief Financial Officer; Jeffrey Carter, our President and Chief Investment Officer; and John Donahue, President of FSP Property Management. Also joining me this morning are Toby Daley and Will Friend, both Executive Vice Presidents 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
