Overview

* Franklin Street Properties ( FSP ) reports Q3 GAAP net loss of $8.3 mln

* Company's Q3 revenue was $27.3 mln

* Leasing percentage decreased to 68.9% due to lease expirations

Outlook

* Company continues strategic review with BofA Securities for maximizing shareholder value

* Company suspends guidance for Net Income, FFO, and property dispositions

* Company notes increased tenant activity and slight decline in vacancy rates

Result Drivers

* LEASING ACTIVITY - FSP reports modest leasing volume but notes increased tenant activity and larger lease transactions

* RENT INCREASE - Weighted average GAAP base rent per square foot increased by 6.0% compared to previous year

* STRATEGIC REVIEW - Ongoing strategic review process with BofA Securities to explore maximizing shareholder value

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $27.30

Revenue mln

Q3 Net -$8.32

Income mln

Q3 Basic -$0.08

EPS

Q3 $0.01

Dividend

Q3 Real $10.67

Estate mln

Operatin

g

Expenses

Analyst Coverage

* The one available analyst rating on the shares is "hold"

* The average consensus recommendation for the commercial reits peer group is "hold"

* Wall Street's median 12-month price target for Franklin Street Properties Corp ( FSP ) is $2.00, about 33% above its October 27 closing price of $1.34

Press Release:

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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.)