Franklin Street Properties Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 09:27 pm
Share
Franklin Street Properties Corp. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 36.9 million compared to USD 40.37 million a year ago. Revenue was USD 36.9 million compared to USD 40.84 million a year ago. Net loss was USD 45.67 million compared to net income of USD 17.25 million a year ago. Basic loss per share from continuing operations was USD 0.44 compared to basic earnings per share from continuing operations of USD 0.17 a year ago. Diluted loss per share from continuing operations was USD 0.44 compared to diluted earnings per share from continuing operations of USD 0.17 a year ago.
For the nine months, sales was USD 110.93 million compared to USD 122.99 million a year ago. Revenue was USD 110.94 million compared to USD 124.4 million a year ago. Net loss was USD 51.69 million compared to net income of USD 3.98 million a year ago. Basic loss per share from continuing operations was USD 0.5 compared to basic earnings per share from continuing operations of USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.5 compared to diluted earnings per share from continuing operations of USD 0.04 a year ago.
Franklin Street Properties Corp. is a real estate investment trust (REIT). The Company is focused on commercial real estate investments primarily in office markets. The Company operates through the real estate operations segment. The Company's investment objectives are to create shareholder value by increasing revenue from rental, dividend, interest and fee income and net gains from sales of properties and increase the cash available for distribution in the form of dividends to its stockholders. Its real estate operations market involves real estate rental operations, leasing, secured financing of real estate and services provided for asset management, property management, property acquisitions, dispositions and development. It owns and operates a portfolio of real estate consisting of approximately 18 properties. The Company's portfolios are located in Dallas, Denver, Houston and Minneapolis.