Franklin Street Properties (FSP) - 2025 Q3 - Quarterly Results

Financial Performance - Rental revenue for Q3 2025 was $27.3 million, a slight increase from $26.7 million in Q2 2025[15] - The company reported a net loss of $8.3 million for Q3 2025, compared to a net loss of $7.9 million in Q2 2025[15] - Adjusted EBITDA for Q3 2025 was $8.6 million, down from $8.8 million in Q2 2025[15] - Funds from Operations (FFO) for Q3 2025 were $2.3 million, a decrease from $2.5 million in Q2 2025[15] - The company reported a net loss of $21,435,000 for the three months ended September 30, 2025, compared to a net loss of $7,552,000 for the same period last year[29] - Funds From Operations (FFO) for the three months ended September 30, 2025, was $2,323,000, a decrease from $2,665,000 in the previous year[29] - Adjusted EBITDA for the three months ended September 30, 2025, was $8,582,000, with an annualized figure of $34,328,000[32] - The company reported a net cash used in operating activities of $78 million for the nine months ended September 30, 2025, compared to net cash provided of $6,736 million in the same period of 2024[23] Assets and Liabilities - Total assets were reported at $901.0 million, with total liabilities at $285.7 million as of September 30, 2025[15] - Total assets as of September 30, 2025, were $901,032 million, a decrease of 13.2% compared to $1,038,963 million on December 31, 2024[21] - Total liabilities as of September 30, 2025, were $285,695 million, reflecting a decrease from $335,099 million on December 31, 2024[21] - The total outstanding debt as of September 30, 2025, was $248,917,000, with an average interest rate of 9.00%[38] - The total debt as of September 30, 2025, is $248.92 million[70] Market Capitalization and Equity - The total market capitalization as of September 30, 2025, was approximately $0.4 billion[14] - The total market capitalization as of September 30, 2025, was $414.8 million, a decrease from $537.8 million in the previous year[41] - The total stockholders' equity as of September 30, 2025, was $615,337 million, down from $703,864 million on December 31, 2024[21] Property and Occupancy - As of September 30, 2025, Franklin Street Properties Corp. owned a portfolio of 14 properties totaling 4.8 million square feet[13] - The occupancy rate for owned properties was 68.9% as of September 30, 2025, slightly down from 69.1% in Q2 2025[15] - The total number of owned properties remained at 14 as of September 30, 2025, with a total square footage of 4,807,663[44] - The leased percentage of owned properties was 68.9%, slightly down from 70.4% a year earlier[44] - The total leased square footage as of September 30, 2025, is 1,593,511 square feet, representing 33.1% of the aggregate[52] Dividends and Distributions - The company declared a dividend of $0.01 per share for Q3 2025, consistent with previous quarters[15] - The company declared total dividends of $1.037 million for the quarter, maintaining a common dividend of $0.01 per share[41] - The declared dividend as a percentage of net income per share was -12% for the quarter[41] Leasing Activity - New leasing activity for the nine months ended September 30, 2025, was 55,000 square feet, compared to 122,000 square feet for the same period in the previous year[55] - Renewals and expansions totaled 219,000 square feet for the nine months ended September 30, 2025, down from 242,000 square feet year-over-year[55] - The weighted average lease term increased to 5.7 years for the nine months ended September 30, 2025, compared to 5.4 years in the previous year[55] - Average GAAP rents on leasing increased by 6.0% year-over-year to $31.81 per square foot[55] Cash and Cash Equivalents - Cash, cash equivalents, and restricted cash decreased to $31,575 million as of September 30, 2025, down from $42,375 million at the end of the previous period[23] - The company reported cash, cash equivalents, and restricted cash of $31,575,000 as of September 30, 2025[32] - The company has cash and cash equivalents totaling $31.58 million[70] Capital Expenditures - Total capital expenditures for the nine months ended September 30, 2025, were $14,195,000, with tenant improvements accounting for $8,258,000[64] Losses and Impairments - The company reported a loss on sale of properties and impairment of assets held for sale of $12,900 million for the nine months ended September 30, 2025, compared to $20,459 million in the same period of 2024[23] - The company incurred a loss on the sale of properties and impairment of assets held for sale, netting $12,900,000 for the three months ended September 30, 2025[34] - The company incurred a loss of $12,911 on the sale of Monument Circle, which generated proceeds of $6 million[68] - The company reported a gain of $10,558 from the sale of One Legacy Circle, with proceeds of $48 million[68]