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Franklin Street Properties (FSP) investor relations material
Franklin Street Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio comprised 14 owned office properties totaling 4.8 million sq. ft., focused in Dallas, Denver, Houston, and Minneapolis as of September 30, 2025.
Board and financial advisor BofA Securities are conducting a comprehensive strategic review, including potential sale, asset sales, or refinancing, initiated in May 2025.
Board declared a $0.01 per share dividend for Q3 2025.
Reported a GAAP net loss of $8.3 million for Q3 2025 and $37.6 million for the nine months ended September 30, 2025, with continued focus on improving leasing and occupancy.
Portfolio leasing activity showed modest improvement, with national office vacancy rates declining slightly for the first time since early 2019.
Financial highlights
Q3 2025 revenues were $27.3M, down $2.4M year-over-year, mainly due to property sales and lower occupancy.
Net loss per share was $0.08 for Q3 2025 and $0.36 for the nine months, compared to $0.15 and $0.43, respectively, in the prior year.
Funds From Operations (FFO) for Q3 2025 was $2.3M ($0.02/share), down from $2.7M in Q3 2024.
Adjusted Funds From Operations (AFFO) were negative $3.2M for Q3 and negative $4.4M for the nine months.
Nine-month 2025 revenues were $81.1M, down $10.6M year-over-year; net loss was $37.6M, improved from $44.2M in 2024.
Outlook and guidance
Management expects continued pressure on leasing and occupancy due to economic and geopolitical factors.
Guidance for Net Income, FFO, and property dispositions remains suspended due to economic uncertainty and unpredictability of disposition proceeds.
Management notes signs of stabilization in office demand and increased tenant activity but remains cautious.
Substantial doubt exists about the ability to continue as a going concern due to $248.9M in debt maturing April 1, 2026.
Management is pursuing refinancing, asset sales, or other transactions to address debt maturities.
- TimeTickerHeadlineOpen
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Record revenues and assets, higher dividend, and acquisitions despite lower net income.
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