Franklin Street Properties: Positive Debt Extensions And Low Multiple (Rating Upgrade)

beklaus/E+ via Getty ImagesFranklin Street Properties (NYSE:FSP) has dipped around 16% since I last covered the ticker with a sell rating. The office REIT is now changing hands for 7.4x multiple to its annualized fiscal 2023 fourth quarter funds from operations ("FFO"). FFO was $$0.07 per share in the fourth quarter, dipping $$0.03 versus its year-ago comp of $0.10 per share. This multiple is markedly lower than FSP's prior 8.8x multiple from when I last covered the ticker. It comes as the REIT looks to a ...