Franklin Street Properties (FSP) - 2024 Q4 - Annual Results

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]