Q3 2024 Franklin Street Properties Corp Earnings Call Transcript
Key Points
- Franklin Street Properties Corp (FSP) reported funds from operations (FFO) of $2.7 million or $0.03 per share for the third quarter.
- The company successfully reduced total liabilities by approximately $140 million in the first nine months of 2024.
- FSP completed property sales totaling $100 million year-to-date, aiding in debt reduction.
- Leasing activity has shown improvement with a pipeline of approximately 700,000 square feet of prospective new tenants.
- Recent interest rate cuts and return-to-office trends have positively influenced market sentiment, potentially benefiting FSP.
- FSP reported a GAAP net loss of $15.6 million or $0.15 per share for the third quarter.
- The directly owned portfolio's lease occupancy decreased to 70.4% at the end of the third quarter from 74% at the end of 2023.
- Economic occupancy dropped significantly to 68.7% from 17.1% at the end of 2023 due to property dispositions.
- The office market remains challenging with a 54% decline in sales volume over the past 12 months.
- FSP faces difficulties in finding buyers with necessary capital due to constrained liquidity conditions in the office segment.
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Franklin Street Properties Corp., third-quarter results conference call. Today's conference is being recorded.
(Operator Instructions) At this time, I'd like to turn the call over to Scott Carter, General Counsel. Please go ahead.
Good morning, and welcome to the Franklin Street Properties third-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. 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
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