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Franklin Street Properties Corp. (FSP-1.73%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $120.1 million, a decrease from $145.7 million in the previous year, primarily due to the sale of properties and lease expirations.
Total expenses decreased to $152.8 million from $171.0 million, attributed to lower real estate operating expenses and depreciation from property dispositions.
The company reported a net loss of $52.7 million, compared to a net loss of $48.1 million in the prior year.
Cash provided by operating activities was $9.0 million, while cash used in investing and financing activities was $70.3 million and $164.5 million, respectively.
As of December 31, 2024, Franklin Street Properties owned and operated a portfolio of 14 properties and one consolidated Sponsored REIT.
The company continues to focus on its strategy of property dispositions and leasing vacant space to increase shareholder value.
The filing details various financial agreements, including amendments to the BMO Term Loan, BofA Term Loan, and Senior Notes.
Franklin Street Properties does not anticipate cash dividend payments to common stockholders in excess of $0.01 per share, except as necessary to maintain REIT status.
The company acknowledges ongoing uncertainties related to the long-term impact of the COVID-19 pandemic and economic conditions on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Franklin Street Properties Corp. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.