Franklin Street Properties Corp. announced its financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter of 2024, the company reported a GAAP net loss of $(0.08) per share and rental revenue of $28.375 million.
For the full year 2024, the company reported a GAAP net loss of $(0.51) per share, reflecting the cumulative impact of asset dispositions and a challenging market. Total rental revenue for the full year was $120.080 million.
Leasing activity in the fourth quarter included approximately 252,000 square feet of office space within its 4.8 million square foot directly-owned property portfolio. The company's total indebtedness stood at approximately $250.3 million as of December 31, 2024.
Franklin Street Properties continued the suspension of its Net Income (Loss), FFO, and property disposition guidance. This decision is primarily due to economic conditions and uncertainty surrounding the timing and amount of proceeds from future property dispositions.
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