Franklin Street Properties Q2 revenue dips, net loss widens amid strategic review

Overview

• U.S. office REIT's Q2 revenue declined slightly yr/yr, net loss widened

• Company's leased portfolio fell to 67.4% as lease expirations outpaced new leases

• Company sold Greenwood Plaza for $19.4 mln after quarter-end, using proceeds to repay debt

Outlook

• Company says expanded strategic review aims to maximize shareholder value amid evolving market conditions

• Franklin Street Properties expects office market stabilization may support leasing and asset values over time

• Company maintains suspension of quarterly dividend, board to reassess policy on a quarterly basis

Result Drivers

• STRATEGIC REVIEW - Co said it expanded and formally launched its strategic review process with external advisors to evaluate a range of potential transactions

• LEASE EXPIRATIONS - Leased percentage of portfolio fell as lease expirations exceeded new leases during the quarter

• COST REDUCTION - General and administrative expenses fell by $1.7 mln in the first half due to lower personnel costs

Company press release: ID:nBw8bSNT8a

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)