Property Sales - The company sold an office property in Richardson, Texas for a gross sales price of $35.0 million, incurring a loss of approximately $2.1 million[24]. - An office property in Glen Allen, Virginia was sold for a gross sales price of $31.0 million, resulting in a loss of $13.2 million[24]. - The company sold an office property in Atlanta, Georgia for a gross sales price of $34.0 million, with a loss of $27.2 million[24]. - The company sold an office property in Elk Grove, Illinois for a gross sales price of $29.1 million, achieving a gain of approximately $8.4 million[24]. - The company sold a property in Charlotte, North Carolina for a gross sales price of $9.2 million, incurring a loss of $0.8 million[25]. - An office property in Plano, Texas was sold for a gross sales price of $48 million, resulting in a gain of $10.6 million[25]. - The company sold an office property in Miami, Florida for a gross sales price of $68.0 million, incurring a loss of approximately $18.9 million[25]. - In 2022, the company sold two office properties in Broomfield, Colorado for aggregate gross sales proceeds of $102.5 million, achieving a gain of $24.1 million[25]. Financial Strategy - The company aims to increase shareholder value by pursuing the sale of select properties and leasing vacant spaces[22]. - The company continues to derive real estate revenue from owned properties and Sponsored REIT fees from asset management and property management services[23]. Debt and Interest Rates - As of December 31, 2024, the outstanding balance on the BofA Term Loan was $55.6 million, with an interest rate of 8.00% per annum[243]. - The outstanding balance on the BofA Revolver as of December 31, 2023, was $90 million, with an interest rate of 8.47% per annum[243]. - If market rates on the BofA Term Loan increased by 10%, future earnings and cash flows would decrease by approximately $0.4 million[243]. - If market rates on the BMO Term Loan increased by 10%, future earnings and cash flows would decrease by approximately $0.6 million[245]. - The total contractual variable rate borrowings as of December 31, 2024, amounted to $126.7 million, with $71.1 million due in 2026[247]. - The Company received approximately $4.3 million from terminating interest rate swaps related to the BMO Term Loan on February 10, 2023[244]. - The interest rate on the BMO Term Loan as of December 31, 2024, was 8.00% per annum[245]. - The Company does not believe that the interest rate risk on the BofA Term Loan is material as of December 31, 2024[243]. - The Company does not believe that the interest rate risk on the BMO Term Loan is material as of December 31, 2024[245]. - The BofA Term Loan matures on April 1, 2026, and the BMO Term Loan Tranche B also matures on April 1, 2026[246].

Financial Performance - Rental revenue for Q4 2024 was $28.375 million, a decrease of 4.3% from $29.662 million in Q3 2024[11] - The net loss for Q4 2024 was $8.526 million, compared to a net loss of $15.622 million in Q3 2024[11] - Adjusted EBITDA for Q4 2024 was $8.989 million, down from $9.657 million in Q3 2024, reflecting a decline of 6.9%[11] - Funds from Operations (FFO) for Q4 2024 was $2.707 million, slightly up from $2.665 million in Q3 2024[11] - Net income for the year ended December 31, 2024, was a loss of $52,723 thousand, compared to a loss of $48,110 thousand in 2023[20] - Net income for the quarter ended March 31, 2024, was $(7,552) thousand, compared to $(8,526) thousand for the same period last year, indicating a decrease of 11.4% year-over-year[32] - Property NOI for the quarter ended March 31, 2024, was $13,908 thousand, down from $17,740 thousand in the same quarter last year, representing a decline of 21.5%[32] - Same Store NOI for the year ended December 31, 2024, was reported at $11,389,000, indicating stable performance[71] Assets and Liabilities - Total assets, net, were $946.931 million, down from $981.513 million in Q3 2024[11] - Total assets decreased to $1,038,963 thousand as of September 30, 2024, down from $1,169,330 thousand at the end of 2023, representing a decline of approximately 11.1%[18] - Total liabilities increased to $335,099 thousand as of September 30, 2024, compared to $291,074 thousand at the end of 2023, reflecting an increase of approximately 15.1%[18] - Cash, cash equivalents, and restricted cash at the end of the period were $42,683 thousand, down from $127,880 thousand at the beginning of the period[20] - Cash, cash equivalents, and restricted cash totaled $37,779 thousand as of March 31, 2024, compared to $42,683 thousand a year earlier, reflecting a decrease of 11.5%[38] Market Capitalization and Share Price - The total market capitalization as of December 31, 2024, was approximately $0.4 billion[10] - The closing share price on December 31, 2024, was $1.83, compared to $1.77 on September 30, 2024[11] - The market capitalization as of March 31, 2024, was $234,787 thousand, a decrease from $264,782 thousand a year prior[38] - The total market capitalization as of December 31, 2024, was $439,859,000, with a closing share price of $1.83[71] - The company has 103,566,700 shares outstanding, contributing to a market capitalization of $189,527,000[71] Property and Leasing - As of December 31, 2024, Franklin Street Properties Corp. owned a portfolio of 15 properties totaling 5.0 million square feet[9] - The percentage of owned properties leased was 70.3% as of December 31, 2024, a slight decrease from 70.4% in Q3 2024[11] - The leased percentage of total owned properties decreased to 70.3% as of December 31, 2024, down from 74.0% a year earlier[40] - New leasing activity for the year ended December 31, 2024, was 171,000 square feet, while renewals and expansions totaled 445,000 square feet, resulting in a total of 616,000 square feet leased[52] - The average GAAP rent per occupied square foot increased by 8.2% to $30.06 compared to the previous year[52] - The average lease term for new leases is 6.3 years, down from 6.8 years in the previous year[52] - The total square footage of lease expirations in 2025 is 321,725 square feet, with an annualized rent of $10,682,388[58] Debt and Financing - The debt to total market capitalization ratio was 56.9% as of December 31, 2024, down from 60.2% in Q3 2024[11] - Total debt outstanding as of December 31, 2024, was $303,000 thousand, with an average interest rate of 8.00%[35] - The company reported a net cash used in financing activities of $164,468 thousand for the year ended December 31, 2024, compared to $10,254 thousand in 2023[20] - The company amended its credit agreements, extending the maturity dates of several loans to April 1, 2026, and repaid portions of the outstanding debt[36] Capital Expenditures - The company reported property improvements, fixtures, and equipment expenditures of $25,213 thousand for the year ended December 31, 2024[20] - Total Capital Expenditures for the year ended December 31, 2024, amounted to $26,662,000, a decrease of 24% compared to $35,291,000 for the year ended December 31, 2023[60] - Deferred leasing costs for the year ended December 31, 2024, totaled $6,143,000, showing a strategic approach to managing leasing expenses[60] Strategic Focus - The company plans to focus on market expansion and new technology development to improve future performance[22] - The company plans to expand its portfolio with a focus on acquisitions and market growth, although no specific acquisitions were reported for the year ended December 31, 2024[71]

Franklin Street Properties (NYSE: FSP ) is a REIT focused on office properties in the U.S. that is currently trading much lower than its book value. After a strong downward trend since the beginning of this year, the stock has somewhat Analyst's Disclosure: I/we have a beneficial long position in the shares of FSP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha) ...

FREMONT, Calif., Sept. 18, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (Nasdaq: CTKB) is set to elevate its presence at this year's premier clinical industry events across the globe. Continuing its commitment to advancing cell analysis, Cytek will spotlight its Full Spectrum Profiling™ (FSP™) technology at the European Society for Clinical Cell Analysis (ESCCA) 2024 Conference in September and the 39th International Clinical Cytometry (ICCS) Meeting & Course in October. "We aim to bring our Full Spectr ...

LUNAMARINA/iStock via Getty Images Franklin Street Properties (NYSE:FSP) is a REIT focused on office properties in the U.S. that is currently trading much lower than its book value. After recent lows, the company's share price has recovered slightly. The last time we covered the company, we analyzed the Q4 report and subsequent company news and reiterated our buy rating based on those results. Since our last article, the company's stock price has declined by around 9%. The decline in stock price, combined w ...

The Company is subject to a business tax known as the Revised Texas Franchise Tax. Some of the Company's leases allow reimbursement by tenants for these amounts because the Revised Texas Franchise Tax replaces a portion of the property tax for school districts. Because the tax base on the Revised Texas Franchise Tax is derived from an income based measure, it is considered an income tax. The Company recorded a provision for the Revised Texas Franchise Tax of $106,000 and $142,000 for the six months ended Ju ...

Revenue and Income - Rental revenue for Q2 2024 was $30.818 million, a decrease of 4.3% from $31.225 million in Q1 2024 and a decrease of 10.7% from $34.519 million in Q2 2023[7] - Total revenue for Q2 2024 was $30.830 million, down from $31.225 million in Q1 2024 and $34.771 million in Q2 2023, reflecting a year-over-year decline of 11.3%[7] - Net income (loss) for Q2 2024 was $(21.023) million, compared to $(7.552) million in Q1 2024 and $13.112 million in Q2 2023[7] - Funds from Operations (FFO) for Q2 2024 was $3.721 million, down from $4.193 million in Q1 2024 and $7.509 million in Q2 2023[7] - Adjusted Funds from Operations (AFFO) for Q2 2024 was $518,000, compared to $(659,000) in Q1 2024 and $1.777 million in Q2 2023[7] - Net income for the three months ended June 30, 2024, was $(21,023) million, compared to a net income of $2,406 million for the same period in the previous year[14] - Total revenue for the three months ended June 30, 2024, was $30,830 million, a decrease of 18.4% compared to $37,767 million for the same period in 2023[28] - Net loss for the six months ended June 30, 2024, was $(28,575) million, compared to a net loss of $(6,014) million for the same period in 2023[31] Debt and Liabilities - The company reported a Debt to Total Market Capitalization ratio of 65.7% as of June 30, 2024, an increase from 56.3% in Q1 2024[7] - The total market capitalization as of June 30, 2024, was $461.457 million, with total debt outstanding at $303 million[7] - Total liabilities decreased from $444,387 million on March 31, 2023, to $335,099 million on June 30, 2024, a decrease of about 24.6%[9] - Net Debt as of June 30, 2024, was $271,505 million, down from $393,303 million as of September 30, 2023[14] - Total debt as of June 30, 2024, stands at $303,000 million, with an average interest rate of 8.23%[66] Assets and Equity - Total assets decreased from $1,213,682 million on March 31, 2023, to $1,038,963 million on June 30, 2024, representing a decline of approximately 14.4%[9] - Stockholders' equity decreased from $769,295 million on March 31, 2023, to $703,864 million on June 30, 2024, reflecting a decline of approximately 8.5%[9] - Cash and cash equivalents increased significantly from $13,110 million on March 31, 2023, to $37,779 million on June 30, 2024, marking a growth of approximately 187.5%[9] - Cash, cash equivalents, and restricted cash totaled $31,495 million as of June 30, 2024[14] Property and Leasing - The percentage of owned properties leased was 72.3% as of June 30, 2024, a slight decrease from 73.3% in Q1 2024[7] - The company owned 17 consolidated properties with a total of 5.5 million square feet as of June 30, 2024[5] - Total owned properties decreased from 20 to 16, with a total square footage of 5,264,416, reflecting a leased percentage of 72.3%[68] - The company reported a total of 264 leases expiring in 2024, covering 3,816,779 square feet, with an annualized rent of $117.45 million[52] - New leasing activity for the six months ended June 30, 2024, was 92,000 square feet, down from 176,000 square feet in the same period last year[76] - Renewals and expansions totaled 180,000 square feet, compared to 269,000 square feet for the same period last year[76] Performance Metrics - The interest coverage ratio for the three months ended June 30, 2024, was 1.52, compared to 2.21 for the same period last year[14] - The net debt-to-adjusted EBITDA ratio was 6.3 for the three months ended June 30, 2024[14] - Same store property NOI decreased by 0.5% from $13,499 million on March 31, 2024, to $13,417 million on June 30, 2024[12] - Comparative same store NOI increased by 3.7% from $13,014 million on March 31, 2024, to $13,200 million on June 30, 2024[12] - The company evaluates performance based on FFO, which is considered the most accurate measure of activity and basis for distributions to equity holders[61] Capital Expenditures and Investments - Property improvements and equipment expenditures for the six months ended June 30, 2024, were $(13,247) million, down from $(18,369) million in the same period last year[31] - Capital expenditures for the six months ended June 30, 2024, were $0, compared to $1.5 million for the year ended December 31, 2023[81] - The company reported a gain on the sale of properties of $34,326 million for the six months ended June 30, 2024, compared to $28,098 million in the prior year[31] - The company experienced a significant gain on the sale of properties, with notable sales including 999 Peachtree, which generated gross proceeds of $223.9 million and a gain of $86.766 million[82] Dividends and Shareholder Returns - Total dividends declared for the quarter remained stable at $1,034, with a common dividend declared per share of $0.01[39] - Declared dividend as a percentage of net income per share was -14% for the quarter ending March 31, 2024, compared to -5% for the previous quarter[39] Miscellaneous - The company has extended the maturity date of its BMO Term Loan from October 1, 2024, to April 1, 2026[38] - The company has a gross potential available under the BofA Revolver of $150 million, with an outstanding balance of $75 million[39] - The company has extended the maturity date of a mortgage loan to September 30, 2024, which is secured by property[58] - The company defines Adjusted Funds From Operations (AFFO) as FFO excluding non-cash losses on extinguishment of debt and other adjustments, providing a clearer picture of financial performance[92]

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of approximately $4.2 million or $0.04 per share for Q1 2024, compared to a GAAP net loss of about $7.6 million or $0.07 per share for the same period [6][11][30]. Business Line Data and Key Metrics Changes - The economic occupancy of the directly owned portfolio was approximately 71.3% at the end of Q1 2024, an increase from 70.1% at the end of Q4 2023, attributed to new lease commencements, partially offset by the impact of a sold property [17][30]. - FSP finalized approximately 197,000 square feet of total leasing during Q1 2024, which included about 136,000 square feet of renewals and expansions along with 61,000 square feet of new tenant leases [31][30]. Market Data and Key Metrics Changes - The market for office property sales remains challenging, with a reported 56% decline in completed office property sales activity year-over-year [21][30]. - There has been an increase in overall new tenant activity in FSP's assets located in suburban Houston and Downtown Denver over the past 5 to 6 months [18][30]. Company Strategy and Development Direction - The company continues to focus on property dispositions and leasing efforts to generate potential new sources of shareholder value, despite the challenging capital markets and office leasing environment [4][16]. - Management emphasized the importance of being cautious with prospective disposition information to maximize achieved values for shareholders in the current investment climate [23][30]. Management's Comments on Operating Environment and Future Outlook - Management noted that the back-to-office attendance post-COVID is improving but varies significantly across industries and markets [5][15]. - The company remains optimistic about its ability to create increased shareholder value through ongoing property dispositions and leasing activities [16][49]. Other Important Information - The company is currently tracking over 700,000 square feet of prospective new tenants, including approximately 350,000 square feet of prospects that have identified FSP assets on their respective shortlists [31][30]. - Management indicated that the perceived creditworthiness of in-place tenants is a significant consideration for potential buyers in the current market [22][30]. Q&A Session Summary Question: Is there an expectation for continued leasing velocity? - Management indicated that it depends on various factors, but there has been increased engagement with tenants, particularly smaller ones looking to grow [25][37]. Question: What are the trends in tenant improvement allowances? - Management noted that tenant improvement costs have remained relatively static over the past 5 to 10 years, despite inflation and supply chain issues [27][53]. Question: Are there geographical markets that are stronger or weaker? - Management observed stronger demand in suburban and Sunbelt markets, while urban areas are catching up but still lagging [56][30]. Question: Are there any buyers interested in redeveloping properties for multifamily use? - Management has not seen buyers specifically looking to redevelop properties for conversion but acknowledged that it is more common in downtown areas than in suburban properties [45][30].

Franklin Street Properties (FSP) came out with quarterly funds from operations (FFO) of $0.04 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this hybrid real estate investment trust would post FFO of $0.07 per share when it actually produced FFO of $0.07, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus FFO est ...

Exhibit 99.2 Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com First Quarter 2024 Table of Contents | | Page | | Page | | --- | --- | --- | --- | | Company Information | 3 | Tenant Analysis and Leasing Activity | | | | | Tenants by Industry | 17 | | Key Financial Data | | 20 Largest Tenants with Annualized Rent and Remaining Term | 18-19 | | Financial Highlights | 4 | Leasing Activity | 20 | | Income Statements | ...