Financial Performance - Rental revenue for Q1 2025 was $27.1 million, a decrease of 13.1% from $31.2 million in Q1 2024[12] - The company reported a net loss of $21.4 million for Q1 2025, compared to a net loss of $7.6 million in Q1 2024[12] - Adjusted EBITDA for Q1 2025 was $8.4 million, down from $11.1 million in Q1 2024, reflecting a decline of 24.5%[12] - Funds from Operations (FFO) for Q1 2025 were $2.7 million, slightly up from $2.7 million in Q4 2024[12] - Property Net Operating Income (NOI) from owned properties decreased by 7.6% year-over-year, from $12,247 million in Q1 2024 to $11,319 million in Q1 2025[22] - The company reported a net cash used for operating activities of $5,481 million for Q1 2025, compared to $7,088 million in Q1 2024[20] - Funds From Operations (FFO) for the three months ended March 31, 2025, were $2,727,000, down from $4,193,000 in the same period last year, representing a decrease of approximately 35%[26] - Adjusted Funds From Operations (AFFO) showed a loss of $693,000 for the three months ended March 31, 2025, compared to a loss of $659,000 in the prior year, reflecting a slight worsening in performance[26] - The company incurred a loss on the sale of properties and impairment of assets held for sale, netting $13,284,000 for the three months ended March 31, 2025[32] Property and Market Data - As of March 31, 2025, Franklin Street Properties Corp. owned a portfolio of 15 properties totaling 5.0 million square feet[10] - The occupancy rate for owned properties was 69.2% as of March 31, 2025, down from 73.3% a year earlier[12] - Total assets decreased from $1,038,963 million in March 2024 to $916,366 million in March 2025, a decline of approximately 11.8%[18] - Total liabilities decreased from $335,099 million in March 2024 to $282,980 million in March 2025, a reduction of approximately 15.5%[18] - The company’s total stockholders' equity decreased from $703,864 million in March 2024 to $633,386 million in March 2025, a decline of approximately 9.9%[18] - The total number of owned properties as of March 31, 2025, was 15, with a total square footage of 5,020,216[40] - The total portfolio square footage is 5,020,216, with 1,482,167 square feet classified as owned property vacant[61] Debt and Capitalization - Total market capitalization was approximately $434.5 million, with total debt outstanding at $250.2 million, resulting in a debt to total market capitalization ratio of 57.6%[12] - Total debt as of March 31, 2025, was $250,179,000, with a net debt of $218,620,000 after accounting for cash and cash equivalents[29] - The total debt outstanding, excluding unamortized financing costs, was $250,179 million, down from $303,000 million as of March 31, 2024[38] - The interest coverage ratio for the three months ended March 31, 2025, was 1.48, compared to 1.62 for the same period in 2024, indicating a decline in the ability to cover interest expenses[29] Dividends and Shareholder Returns - The company declared a dividend of $0.01 per share for Q1 2025, consistent with the previous quarters[12] - Total dividends declared for the quarter remained stable at $1,036 million, with a common dividend declared per share of $0.01[38] - The declared dividend as a percentage of net income per share was -5% for the quarter, compared to -14% in the previous year[38] Leasing Activity - New leasing activity for the quarter was zero, while renewals and expansions totaled 60,000 square feet, down from 136,000 square feet in the same quarter last year[53] - The weighted average lease term decreased to 5.2 years from 6.8 years year-over-year[53] - The average GAAP rents on leasing increased by 3.4% compared to the previous year, reaching $29.64 per square foot[53] - The company reported a weighted average lease cost of $6.65 per square foot, down from $9.00 in the previous year[53] Cash Flow and Investments - Cash, cash equivalents, and restricted cash decreased from $37,779 million in March 2024 to $31,559 million in March 2025, representing a decline of 16.4%[20] - Cash flows from investing activities resulted in a net cash outflow of $4,454 million in Q1 2025, compared to a net inflow of $25,570 million in Q1 2024[20] - For the three months ended March 31, 2025, total capital expenditures amounted to $4,177,000, including $2,374,000 for tenant improvements and $1,258,000 for non-investment capex[62] Company Definitions and Metrics - The Company defines Adjusted Funds From Operations (AFFO) as FFO excluding non-cash debt extinguishment losses and including distributions from non-consolidated REITs[84] - AFFO also accounts for straight-line rent adjustments, amortization of deferred financing costs, and recurring capital expenditures for property maintenance[84] - The Company emphasizes that AFFO should not be viewed as an alternative to net income or cash flows from operating activities as defined by GAAP[86] - The Company provides property performance metrics based on Net Operating Income (NOI), which is calculated as net income plus general and administrative expenses, depreciation, and interest expenses[81] - NOI is a non-GAAP measure and may not be comparable to similar measures reported by other REITs due to differing definitions[81] - The Company believes that net income is the most directly comparable GAAP financial measure to EBITDA and Adjusted EBITDA[80] - EBITDA is defined as net income plus interest, taxes, and depreciation, while Adjusted EBITDA excludes certain non-cash items and gains or losses on asset sales[80] - The Company highlights that all companies may not calculate EBITDA or Adjusted EBITDA in the same manner, affecting comparability[80] - The Company aims to provide useful information regarding its ability to service or incur debt through these financial metrics[80]

Group 1 - Franklin Street Properties (NYSE: FSP) is a REIT focused on office properties in the U.S. [1] - The stock is currently trading much lower than its book value [1] - There has been a strong downward trend in the stock price since the beginning of this year [1]

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of $0.03 per share for Q4 2024 and $0.13 per share for the full year 2024, with a GAAP net loss of approximately $8.5 million or $0.08 per share for Q4 2024 and a net loss of $52.7 million or $0.51 per share for the full year 2024 [7][12][21]. Business Line Data and Key Metrics Changes - The directly owned portfolio was approximately 70.3% leased at the end of Q4 2024, a slight decrease from 70.4% at the end of Q3 2024 and down from 74.0% at the end of 2023 [14][15]. - FSP finalized approximately 616,000 square feet of total leasing during 2024, including 252,000 square feet in Q4 2024, with a strong performance in renewals and expansions [16][18]. Market Data and Key Metrics Changes - The company completed the sale of three properties in 2024 for total gross proceeds of approximately $100 million, with the sale of Pershing Park Plaza in Q4 2024 contributing $34 million [20][21]. - The office sales environment remains challenged, primarily dominated by buyers seeking distressed pricing, with liquidity in the marketplace constricted [22][23]. Company Strategy and Development Direction - The company aims to strengthen its balance sheet and increase financial flexibility through property sales, having achieved a 75% reduction in corporate indebtedness since the inception of its disposition program [21][24]. - The management believes the current share price does not reflect the intrinsic value of its underlying real estate assets and will continue to pursue selective property sales to enhance shareholder value [22][24]. Management's Comments on Operating Environment and Future Outlook - Management noted a general increase in office property activity as more employees return to the office, with clearer long-term leasing requirements from larger tenants [12][22]. - There are emerging signs that 2024 may have represented a bottoming in the market, with potential improvements anticipated in 2025 due to factors like interest rate stabilization and improving leasing conditions [23][24]. Other Important Information - The company has a pipeline of leasing prospects that includes nearly 350,000 square feet of prospects and approximately 500,000 square feet of potential renewals and expansions [17][18]. Q&A Session Summary Question: Can you expand on the robust leasing velocity for the quarter? - Management highlighted steady new tenant activity in Houston and Minneapolis, with government, healthcare, and business services being key contributors to leasing growth [29][30]. Question: Will there be any impact from government tenants on your properties? - Management does not expect any impact from existing government tenants, with ongoing engagement for potential lease renewals [34][35].

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]