Franklin Street Properties (US:FSP)2025-02-11 21:26Property 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].