Franklin Street Properties Corp. announced its financial results for the third quarter ended September 30, 2024, reporting a GAAP net loss of $(0.15) per share. The company's rental revenue for the quarter stood at $29.662 million, reflecting ongoing market conditions and portfolio adjustments.
During the third quarter, FSP completed the sale of its Innsbrook property in Glen Allen, Virginia, on July 8, 2024, for a gross selling price of $31 million. A portion of the net proceeds, approximately $25.3 million, was used to repay debt on July 10, 2024.
Further asset disposition continued with the sale of Pershing Park Plaza in Atlanta, Georgia, for $34 million on October 23, 2024. Following this sale, approximately $27.4 million of debt was repaid on October 25, 2024, bringing the company's total indebtedness to approximately $250.3 million as of that date.
The company leased a total of approximately 92,000 square feet of office space within its directly-owned property portfolio during the third quarter. Franklin Street Properties continued the suspension of its Net Income (Loss), FFO, and property disposition guidance, citing economic conditions and uncertainty.
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.