Latest news with #FSP
Agriland
3 days ago
- Health
- Agriland
Farm safety survey: 75% of NI farmers fear being hit by an animal
More farmers are following safer work practices according to new figures from a farm safety survey released by the Department of Agriculture, Environment and Rural Affairs (DAERA) and the Farm Safety Partnership (FSP). The findings from the 2023 Farm Safety Survey also revealed 90% of farmers reported they had no minor injuries or near misses on the farm in the previous 12 months. DAERA Minister Andrew Muir welcomed the statistics saying they were useful to help understand further the risks. 'These farm safety figures are vital to help us understand the scale and nature of the risk's farmers are facing and the barriers preventing improvements to keep themselves, their workers and families safe," Minister Muir said. 'They also help us shape our policies and develop targeted practical measures to protect lives. Our goal is to use them to improve standards and save lives on our farms." Deputy chief executive of the Health and Safety Executive for Northern Ireland (HSENI), and vice-chair of the FSP, Bryan Monson welcomed the findings but said more still needs to be done to keep farmers safe. 'We're very encouraged by the figures that show fewer farmers never carry a child in a tractor, work with a loose bull, or remain beside an underground slurry tank while slurry was mixing," he said. "However, farming remains one of our most dangerous sectors with too many farmers still being injured or killed in what are preventable accidents. 'Worryingly, the statistics also show more farmers are suffering injuries that require medical attention and that they are taking longer off work as a result, possibly indicating an increase in the severity of the injuries,' he said. Other findings included: One in 10 (10%) experienced a minor injury and/or a near miss in the previous 12 months; 2% of farmers reported an accident that required medical attention with 48% suffering a fracture and 29% a laceration; Some 27% of those injured took more than 30 days off work compared to 16% in 2019; Less than half (45%) of those who had an accident did not require any time off work to recover; The main causes of accidents were being hit by an animal (33%) and slips at ground level (20%). The findings also revealed that 75% of farmers identified being hit or trampled by an animal as a hazard they are most concerned about while 71% are worried about slipping or tripping. Barriers to working safely included cost (77%) followed by time pressures from farm work (48%) or employment outside the farm (32%). Monson said farmers need to make safety a priority: 'I'd urge our farmers to take time each day, with every task, to stop, think and plan when working with machinery, livestock or carrying out maintenance. 'Our Stop and Think SAFE campaign is a simple but powerful message that reflects the four main causes of fatal accidents on local farms – slurry, animals, falls from height and equipment. "We know time and costs pressures are real but keeping yourself safe is not optional – it must come first to protect lives, families and livelihoods,' he added. The Farm Safety Partnership comprises: HSENI; DAERA; Ulster Farmers' Union (UFU); NFU Mutual; Young Farmers' Clubs of Ulster (YFCU); Farm Safety Foundation (FSF); Northern Ireland Agricultural Producers' Association (NIAPA); Rural Support. It is tasked with assisting Northern Ireland's farming community to work safely and tackle the problem of work-related fatalities and injuries on farms.
Agriland
7 days ago
- Health
- Agriland
Hseni Reminds Elder Farmers to Recognise Their Limitations
The Health and Safety Executive for Northern Ireland (HSENI) is highlighting the key risk associated with age during this week's Farm Safety Week 2025. The Farm Safety Partnership (FSP) held an older farmer health and safety awareness day earlier this year at the Northern Ireland Fire and Rescue Service's (NIFRS's) new Learning and Development College, Cookstown. The event - which was held in affiliation with FSP's partners such as HSENI - discussed how farmers over 65 years-of-age can be at a higher risk of injury or even fatality. The day outlined how farmers can make small changes to reduce the risk of the accidents and reinforced the message that by taking small steps, farmers can save their own or other's lives. The HSENI confirmed that over 60 farmers attended to learn about an array of topics. Professionals informed farmers on the dangers of animal handling, slurry management, machinery and all-terrain vehicles (ATVs), working at heights, and occupational health. The advisers focused on matters such as dust and lung health as well as reminding farmers that agility and speed fade with age, which can often catch farmers out when animal handling. HSENI chief executive, Robert Kidd said: 'It is important that we liaise and engage with our older farmers, as health and safety is an ever-increasing issue in the farming community with new equipment, machinery and methods of farming evolving all the time. "Equally with older equipment, it is crucial to ensure it is well maintained and in safe working condition." Kidd said the event "gave us an opportunity to highlight the increased risks with age in farming, as we urged older farmers to recognise their limitations, and prioritise safety measures on their own farms." He expressed his satisfaction with the day, thanking the farmers for their feedback and stating how another event is already been planned after the success. Speaking at the launch of Farm Safety Week, Kidd highlighted how farming has the poorest safety record of any industry across the UK and Ireland. He said many farmers still think of the industry as 'more than a job, it is a way of life", and said that everyone shares the responsibility of keeping farming safe.
The Sun
30-07-2025
- Business
- The Sun
Affin Group names RM1m grand prize winner in flexible savings plan campaign
KUALA LUMPUR: Affin group has announced the quarter three winners of its flexible savings plan (FSP) millionaire campaign, with the grand prize of RM1 million going to one lucky participant. The prize presentation ceremony was held at Menara Affin @ TRX and marked the conclusion of the campaign, which ran from Aug 8 2024 to April 30 2025 and attracted nearly 117 million entries nationwide. The campaign also awarded cash prizes of RM108,888, RM58,888 and RM28,888 for first, second and third places respectively, alongside other tiered rewards. Affin bank executive director of group community banking, Encik Mohammad Fairuz Mohd Radi, said the campaign reflects the bank's commitment to rewarding loyalty and providing meaningful experiences for customers. 'As we mark our 50th anniversary this October, we aim to go beyond traditional banking by creating value, celebrating our customers and upholding our promise of Unrivalled Customer Service,' he said. The group will continue its celebrations with the upcoming Affin Jubilee Campaign: '50 Years, 50 Prizes', which also offers a RM1 million grand prize.
Yahoo
29-07-2025
- Business
- Yahoo
Franklin Street Properties Corp. Announces Second Quarter 2025 Results
WAKEFIELD, Mass., July 29, 2025--(BUSINESS WIRE)--Franklin Street Properties Corp. (the "Company", "FSP", "we" or "our") (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the second quarter ended June 30, 2025. George J. Carter, Chairman and Chief Executive Officer, commented as follows: "We remain focused on trying to improve leasing and occupancy across the portfolio. Despite the modest amount of actual leasing during the first half of 2025, we continue to be encouraged by the current level of prospective leasing activity in our active pipeline. Some of this prospective leasing activity includes larger potential space requirements than we have seen over the past several years. We believe that current 'back-to-office' initiatives by employers have the potential to positively impact our leasing and occupancy efforts. One recent example is Target Corporation. Target Corporation, which is headquartered in Minneapolis, Minnesota, is reported to have recently notified employees in merchandising and sourcing that they will be expected to return to the office three days a week beginning on September 2, 2025. Minneapolis is an important market for FSP and has struggled to see its daily foot traffic return to pre-pandemic levels. Historically, Target Corporation and its associated providers of goods and services have had a significant impact on daily foot traffic and the commercial leasing market in Minneapolis. We also continue to pursue select potential property dispositions when we believe that short to intermediate term valuation potential has been reached. Assuming that demand, pricing and liquidity allow us to transact on any potential dispositions, we intend to use the net proceeds primarily for the continued repayment of debt. As of June 30, 2025, our total indebtedness was approximately $249.8 million, equivalent to approximately $52 per square foot on our remaining approximately 4.8 million square foot property portfolio." Financial Highlights GAAP net loss was $7.9 million and $29.3 million, or $0.08 and $0.28 per basic and diluted share for the three and six months ended June 30, 2025, respectively. Funds From Operations (FFO) was $2.5 million and $5.2 million, or $0.02 and $0.05 per basic and diluted share, for the three and six months ended June 30, 2025, respectively. Leasing Highlights During the six months ended June 30, 2025, we leased approximately 187,000 square feet of space of which approximately 171,000 were from renewals and expansions of existing tenants. Our directly-owned real estate portfolio of 14 properties, totaling approximately 4.8 million square feet, was approximately 69.1% leased as of June 30, 2025, compared to approximately 70.3% leased as of December 31, 2024. The decrease in the leased percentage is due to lease expirations during the six months ended June 30, 2025. The weighted average GAAP base rent per square foot achieved on leasing activity during the six months ended June 30, 2025, was $31.89, or 4.2% higher than average rents in the respective properties for the year ended December 31, 2024. The average lease term on leases signed during the six months ended June 30, 2025, was 6.3 years compared to 6.3 years during the year ended December 31, 2024. Overall, the portfolio weighted average rent per occupied square foot was $30.98 as of June 30, 2025, compared to $31.77 as of December 31, 2024. We believe that our continuing portfolio of real estate is well located, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with upside leasing potential. Strategic Review George J. Carter, Chairman and Chief Executive Officer, commented as follows with respect to the Company's review of strategic alternatives: "We continue to work with our financial advisor, BofA Securities, in connection with a review of strategic alternatives in order to explore ways to maximize shareholder value. As previously announced, this review includes a range of potential strategic alternatives, including a sale of the Company, a sale of assets, and refinancing of existing indebtedness, among others. No assurances can be given regarding the outcome or timetable for completion of the strategic review process. We do not intend to make any further public comment regarding the process until it has been completed." Dividends On July 11, 2025, we announced that our Board of Directors declared a quarterly cash dividend for the three months ended June 30, 2025, of $0.01 per share of common stock that will be paid on August 14, 2025, to stockholders of record on July 25, 2025. Consolidation of Sponsored REIT As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements and on June 6, 2025, the property held by Monument Circle was sold. Additional information about the consolidation of Monument Circle can be found in Note 1, "Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards", Note 8, "Disposition of Properties and Assets Held for Sale" in the Notes to Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025. Non-GAAP Financial Information A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I. 2025 Net Income (Loss), FFO and Disposition Guidance At this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income (Loss), FFO and property disposition guidance. Real Estate Update Supplementary schedules provide property information for the Company's owned and consolidated properties as of June 30, 2025. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at Today's news release, along with other news about Franklin Street Properties Corp., is available on the Internet at We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts. About Franklin Street Properties Corp. Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at No Quarterly Earnings Call The Company will not be holding an earnings call this quarter. Forward-Looking Statements Statements made in this press release that state FSP's or management's intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our review of strategic alternatives, expectations for future potential leasing activity, the payment of dividends and the repayment of debt in future periods, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the "Risk Factors" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as updated in Part II Item 1A of our Quarterly Report on Form 10-Q for the three months ended June 30, 2025, which may be further updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law. Franklin Street Properties Corp. Earnings Release Supplementary Information Table of Contents Franklin Street Properties Corp. Financial Results A-C Real Estate Portfolio Summary Information D Portfolio and Other Supplementary Information E Percentage of Leased Space F Largest 20 Tenants – FSP Owned Portfolio G Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) H Reconciliation and Definition of Sequential Same Store results to Property Net Operating Income (NOI) and Net Loss I Franklin Street Properties Corp. Financial Results Supplementary Schedule A Condensed Consolidated Statements of Operations (Unaudited) For the For the Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Revenue: Rental $ 26,715 $ 30,818 $ 53,822 $ 62,043 Other — 12 — 12 Total revenue 26,715 30,830 53,822 62,055 Expenses: Real estate operating expenses 10,701 11,027 20,796 22,046 Real estate taxes and insurance 4,191 5,727 9,560 11,663 Depreciation and amortization 10,626 11,482 21,450 23,107 General and administrative 3,281 3,635 6,765 7,794 Interest 6,339 7,082 12,030 13,928 Total expenses 35,138 38,953 70,601 78,538 Loss on extinguishment of debt (3 ) — (5 ) (137 ) Gain (loss) on sale of properties and impairment of assets held for sale, net 384 (13,200 ) (12,900 ) (13,205 ) Interest income 248 348 507 1,356 Loss before taxes (7,794 ) (20,975 ) (29,177 ) (28,469 ) Tax expense 82 48 134 106 Net loss $ (7,876 ) $ (21,023 ) $ (29,311 ) $ (28,575 ) Weighted average number of shares outstanding, basic and diluted 103,610 103,477 103,589 103,454 Loss per share, basic and diluted: Net loss per share, basic and diluted $ (0.08 ) $ (0.20 ) $ (0.28 ) $ (0.28 ) Franklin Street Properties Corp. Financial Results Supplementary Schedule B Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, (in thousands, except share and par value amounts) 2025 2024 Assets: Real estate assets: Land $ 98,883 $ 105,298 Buildings and improvements 1,085,048 1,096,265 Fixtures and equipment 11,399 11,053 1,195,330 1,212,616 Less accumulated depreciation 391,918 377,708 Real estate assets, net 803,412 834,908 Acquired real estate leases, less accumulated amortization of $13,829 and $13,613, respectively 3,309 4,205 Cash, cash equivalents and restricted cash 30,518 42,683 Tenant rent receivables 1,568 1,283 Straight-line rent receivable 37,839 37,727 Prepaid expenses and other assets 3,583 3,114 Office computers and furniture, net of accumulated depreciation of $1,088 and $1,073, respectively 55 70 Deferred leasing commissions, net of accumulated amortization of $14,822 and $14,195, respectively 22,959 22,941 Total assets $ 903,243 $ 946,931 Liabilities and Stockholders' Equity: Liabilities: Term loans payable, less unamortized financing costs of $1,327 and $2,220, respectively $ 125,124 $ 124,491 Series A & Series B Senior Notes, less unamortized financing costs of $711 and $1,191, respectively 122,656 122,430 Accounts payable and accrued expenses 22,010 34,067 Accrued compensation 1,911 3,097 Tenant security deposits 6,289 6,237 Lease liability 515 707 Acquired unfavorable real estate leases, less accumulated amortization of $52 and $89, respectively 38 45 Total liabilities 278,543 291,074 Commitments and contingencies Stockholders' Equity: Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding — — Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,566,715 shares issued and outstanding, respectively 10 10 Additional paid-in capital 1,335,586 1,335,361 Accumulated distributions in excess of accumulated earnings (710,896 ) (679,514 ) Total stockholders' equity 624,700 655,857 Total liabilities and stockholders' equity $ 903,243 $ 946,931 Franklin Street Properties Corp. Financial Results Supplementary Schedule C Condensed Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, (in thousands) 2025 2024 Cash flows from operating activities: Net loss $ (29,311 ) $ (28,575 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 22,818 24,604 Amortization of above and below market leases — (11 ) Amortization of other comprehensive income into interest expense — (355 ) Shares issued as compensation 225 270 Loss on extinguishment of debt 5 137 Loss on sale of properties and impairment of assets held for sale, net 12,900 13,205 Changes in operating assets and liabilities: Tenant rent receivables (285 ) (158 ) Straight-line rents (4 ) 464 Lease acquisition costs (115 ) (292 ) Prepaid expenses and other assets (287 ) (420 ) Accounts payable and accrued expenses (10,924 ) (12,557 ) Accrued compensation (1,186 ) (1,344 ) Tenant security deposits 52 44 Payment of deferred leasing commissions (2,247 ) (2,748 ) Net cash used for operating activities (8,359 ) (7,736 ) Cash flows from investing activities: Property improvements, fixtures and equipment (7,320 ) (13,247 ) Proceeds received from sales of properties 6,099 34,326 Net cash provided by (used in) investing activities (1,221 ) 21,079 Cash flows from financing activities: Distributions to stockholders (2,071 ) (2,068 ) Repayments of Bank note payable — (22,667 ) Repayments of Term loans payable (260 ) (28,963 ) Repayments of Series A&B Senior Notes (254 ) (50,370 ) Deferred financing costs — (5,660 ) Net cash used for financing activities (2,585 ) (109,728 ) Net decrease in cash, cash equivalents and restricted cash (12,165 ) (96,385 ) Cash, cash equivalents and restricted cash, beginning of year 42,683 127,880 Cash, cash equivalents and restricted cash, end of period $ 30,518 $ 31,495 Franklin Street Properties Corp. Earnings Release Supplementary Schedule D Real Estate Portfolio Summary Information (Unaudited & Approximated) Commercial portfolio lease expirations (1) Total % of Year Square Feet Portfolio 2025 146,798 3.0 % 2026 571,296 11.9 % 2027 324,440 6.8 % 2028 242,052 5.0 % 2029 494,728 10.3 % Thereafter (2) 3,028,349 63.0 % 4,807,663 100.0 % ______________________ (1) Percentages are determined based upon total square footage. (2) Includes 1,484,449 square feet of vacancies at our owned properties as of June 30, 2025. (dollars & square feet in 000's) As of June 30, 2025 % of Square % of State Properties Investment Portfolio Feet Portfolio Colorado 4 $ 434,808 54.2 % 2,142 44.5 % Texas 7 256,939 31.9 % 1,908 39.7 % Minnesota 3 111,665 13.9 % 758 15.8 % Total 14 $ 803,412 100.0 % 4,808 100.0 % Franklin Street Properties Corp. Earnings Release Supplementary Schedule E Portfolio and Other Supplementary Information (Unaudited & Approximated) Recurring Capital Expenditures For the Six (in thousands) For the Three Months Ended Months Ended 31-Mar-25 30-Jun-25 30-Jun-25 Tenant improvements $ 2,374 $ 1,415 $ 3,789 Deferred leasing costs 545 1,702 2,247 Non-investment capex 1,258 750 2,008 $ 4,177 $ 3,867 $ 8,044 (in thousands) For the Three Months Ended Year Ended 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Dec-24 Tenant improvements $ 2,619 $ 2,558 $ 4,444 $ 4,173 $ 13,794 Deferred leasing costs 2,237 511 421 2,974 6,143 Non-investment capex 1,019 1,480 1,658 2,568 6,725 $ 5,875 $ 4,549 $ 6,523 $ 9,715 $ 26,662 Square foot & leased percentages June 30, December 31, 2025 2024 Owned Properties: Number of properties 14 14 Square feet 4,807,663 4,806,253 Leased percentage 69.1% 70.3% Consolidated Property - Single Asset REIT (SAR): Number of properties — 1 Square feet — 213,760 Leased percentage — 4.1% Total Owned and Consolidated Properties: Number of properties 14 15 Square feet 4,807,663 5,020,013 Leased percentage 69.1% 67.5% Franklin Street Properties Corp. Earnings Release Supplementary Schedule F Percentage of Leased Space (Unaudited & Estimated) Property Name Location Square Feet % Leased (1) as of 31-Mar-25 First Quarter Average % Leased (2) % Leased (1) as of 30-Jun-25 Second Quarter Average % Leased (2) 1 PARK TEN Houston, TX 157,609 83.5 % 83.5 % 94.0 % 89.0 % 2 PARK TEN PHASE II Houston, TX 156,746 75.5 % 75.5 % 75.5 % 75.5 % 3 GREENWOOD PLAZA Englewood, CO 196,236 65.0 % 65.0 % 65.0 % 65.0 % 4 ADDISON Addison, TX 289,333 69.2 % 69.2 % 67.7 % 68.2 % 5 LIBERTY PLAZA Addison, TX 217,841 78.4 % 78.4 % 68.9 % 68.9 % 6 ELDRIDGE GREEN Houston, TX 248,399 100.0 % 100.0 % 100.0 % 100.0 % 7 121 SOUTH EIGHTH ST Minneapolis, MN 297,744 78.5 % 78.3 % 78.5 % 78.5 % 8 801 MARQUETTE AVE Minneapolis, MN 129,691 91.8 % 91.8 % 91.8 % 91.8 % 9 LEGACY TENNYSON CTR Plano, TX 209,562 51.0 % 51.0 % 60.9 % 57.6 % 10 WESTCHASE I & II Houston, TX 629,025 65.1 % 65.1 % 65.1 % 65.1 % 11 1999 BROADWAY Denver, CO 682,639 51.2 % 50.3 % 50.4 % 50.1 % 12 1001 17TH STREET Denver, CO 650,607 75.4 % 75.4 % 75.1 % 75.1 % 13 PLAZA SEVEN Minneapolis, MN 330,096 52.8 % 52.8 % 51.0 % 52.2 % 14 600 17TH STREET Denver, CO 612,135 72.5 % 73.6 % 72.5 % 72.5 % OWNED PORTFOLIO 4,807,663 69.2 % 69.2 % 69.1 % 68.9 % MONUMENT CIRCLE (3) Indianapolis, IN — 4.1 % 4.1 % OWNED & CONSOLIDATED PORTFOLIO 4,807,663 66.4 % 66.4 % ______________________ (1) % Leased as of month's end includes all leases that expire on the last day of the quarter. (2) Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter. (3) Consolidated property as of January 1, 2023 that was previously a managed property, which was sold on June 6, 2025. Franklin Street Properties Corp. Earnings Release Supplementary Schedule G Largest 20 Tenants – FSP Owned Portfolio (Unaudited & Estimated) The following table includes the largest 20 tenants in FSP's owned portfolio based on total square feet: As of June 30, 2025 % of Tenant Sq Ft Portfolio 1 CITGO Petroleum Corporation 248,399 5.2 % 2 EOG Resources, Inc. 169,167 3.5 % 3 US Government 168,573 3.5 % 4 Kaiser Foundation Health Plan, Inc. 120,979 2.5 % 5 Deluxe Corporation 98,922 2.1 % 6 Ping Identity Corp. 89,856 1.9 % 7 Olin Corporation 81,480 1.7 % 8 Permian Resources Operating, LLC 67,856 1.4 % 9 Hall and Evans LLC 65,878 1.4 % 10 Cyxtera Management, Inc. 61,826 1.3 % 11 Precision Drilling (US) Corporation 59,569 1.2 % 12 PwC US Group 54,334 1.1 % 13 Coresite, LLC 49,518 1.0 % 14 Schwegman, Lundberg & Woessner, P.A. 46,269 1.0 % 15 Ark-La-Tex Financial Services, LLC. 41,011 0.8 % 16 Invenergy, LLC. (e) 35,088 0.7 % 17 Chevron U.S.A., Inc. 35,088 0.7 % 18 Moss, Luse & Womble, LLC 34,071 0.7 % 19 QB Energy Operating, LLC. 34,063 0.7 % 20 International Business Machines Corporation 31,564 0.7 % Total 1,593,511 33.1 % Franklin Street Properties Corp. Earnings Release Supplementary Schedule H Reconciliation and Definitions of Funds From Operations ("FFO") and Adjusted Funds From Operations ("AFFO") A reconciliation of Net loss to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company's computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently. Reconciliation of Net loss to FFO and AFFO: Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share amounts) 2025 2024 2025 2024 Net loss $ (7,876 ) $ (21,023 ) $ (29,311 ) $ (28,575 ) (Gain) loss on sale of properties and impairment of asset held for sale, net (384 ) 13,200 12,900 13,205 Depreciation & amortization 10,626 11,476 21,450 23,095 NAREIT FFO 2,366 3,653 5,039 7,725 Lease Acquisition costs 150 68 204 189 Funds From Operations (FFO) $ 2,516 $ 3,721 $ 5,243 $ 7,914 Funds From Operations (FFO) $ 2,516 $ 3,721 $ 5,243 $ 7,914 Loss on extinguishment of debt 3 — 5 137 Amortization of deferred financing costs 683 818 1,368 1,498 Shares issued as compensation 225 270 225 270 Straight-line rent (74 ) 258 (4 ) 464 Tenant improvements (1,415 ) (2,558 ) (3,789 ) (5,177 ) Leasing commissions (1,702 ) (511 ) (2,247 ) (2,748 ) Non-investment capex (750 ) (1,480 ) (2,008 ) (2,499 ) Adjusted Funds From Operations (AFFO) $ (514 ) $ 518 $ (1,207 ) $ (141 ) Per Share Data EPS $ (0.08 ) $ (0.20 ) $ (0.28 ) $ (0.28 ) FFO $ 0.02 $ 0.04 $ 0.05 $ 0.08 AFFO $ (0.00 ) $ 0.01 $ (0.01 ) $ (0.00 ) Weighted average shares (basic and diluted) 103,610 103,477 103,589 103,454 Funds From Operations ("FFO") The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs. FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do. We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements. Adjusted Funds From Operations ("AFFO") The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions. We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition. AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements. Franklin Street Properties Corp. Earnings Release Supplementary Schedule I Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income Net Operating Income ("NOI") The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table: Rentable Square Feet Three Months Ended Three Months Ended Inc % (in thousands) or RSF 30-Jun-25 31-Mar-25 (Dec) Change Region MidWest 758 1,758 1,356 402 29.6 % South 1,908 4,393 4,331 62 1.4 % West 2,142 5,516 5,849 (333 ) (5.7 ) % Property NOI* from Owned Properties 4,808 11,667 11,536 131 1.1 % Disposition and Acquisition Properties (a) - (108 ) (193 ) 85 0.8 % NOI* 4,808 $ 11,559 $ 11,343 $ 216 1.9 % Sequential Same Store $ 11,667 $ 11,536 $ 131 1.1 % Less Nonrecurring Items in NOI* (b) 52 55 (3 ) 0.1 % Comparative Sequential Same Store $ 11,615 $ 11,481 $ 134 1.2 % Reconciliation to Three Months Ended Three Months Ended Net loss 30-Jun-25 31-Mar-25 Net loss $ (7,876 ) $ (21,435 ) Add (deduct): Loss on extinguishment of debt 3 2 (Gain) loss on sale of properties and impairment of assets held for sale, net (384 ) 13,284 Management fee income (334 ) (380 ) Depreciation and amortization 10,626 10,824 Amortization of above/below market leases — — General and administrative 3,281 3,484 Interest expense 6,339 5,691 Interest income (248 ) (259 ) Non-property specific items, net 152 132 NOI* $ 11,559 $ 11,343 (a) We define Disposition and Acquisition Properties as properties that were sold acquired or consolidated and do not have operating activity for all periods presented. (b) Nonrecurring Items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability. *Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs. View source version on Contacts For Franklin Street Properties Touma (877) 686-9496 Sign in to access your portfolio
Business Wire
29-07-2025
- Business
- Business Wire
Franklin Street Properties Corp. Announces Second Quarter 2025 Results
WAKEFIELD, Mass.--(BUSINESS WIRE)--Franklin Street Properties Corp. (the 'Company', 'FSP', 'we' or 'our') (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the second quarter ended June 30, 2025. George J. Carter, Chairman and Chief Executive Officer, commented as follows: 'We remain focused on trying to improve leasing and occupancy across the portfolio. Despite the modest amount of actual leasing during the first half of 2025, we continue to be encouraged by the current level of prospective leasing activity in our active pipeline. Some of this prospective leasing activity includes larger potential space requirements than we have seen over the past several years. We believe that current 'back-to-office' initiatives by employers have the potential to positively impact our leasing and occupancy efforts. One recent example is Target Corporation. Target Corporation, which is headquartered in Minneapolis, Minnesota, is reported to have recently notified employees in merchandising and sourcing that they will be expected to return to the office three days a week beginning on September 2, 2025. Minneapolis is an important market for FSP and has struggled to see its daily foot traffic return to pre-pandemic levels. Historically, Target Corporation and its associated providers of goods and services have had a significant impact on daily foot traffic and the commercial leasing market in Minneapolis. We also continue to pursue select potential property dispositions when we believe that short to intermediate term valuation potential has been reached. Assuming that demand, pricing and liquidity allow us to transact on any potential dispositions, we intend to use the net proceeds primarily for the continued repayment of debt. As of June 30, 2025, our total indebtedness was approximately $249.8 million, equivalent to approximately $52 per square foot on our remaining approximately 4.8 million square foot property portfolio.' Financial Highlights GAAP net loss was $7.9 million and $29.3 million, or $0.08 and $0.28 per basic and diluted share for the three and six months ended June 30, 2025, respectively. Funds From Operations (FFO) was $2.5 million and $5.2 million, or $0.02 and $0.05 per basic and diluted share, for the three and six months ended June 30, 2025, respectively. Leasing Highlights During the six months ended June 30, 2025, we leased approximately 187,000 square feet of space of which approximately 171,000 were from renewals and expansions of existing tenants. Our directly-owned real estate portfolio of 14 properties, totaling approximately 4.8 million square feet, was approximately 69.1% leased as of June 30, 2025, compared to approximately 70.3% leased as of December 31, 2024. The decrease in the leased percentage is due to lease expirations during the six months ended June 30, 2025. The weighted average GAAP base rent per square foot achieved on leasing activity during the six months ended June 30, 2025, was $31.89, or 4.2% higher than average rents in the respective properties for the year ended December 31, 2024. The average lease term on leases signed during the six months ended June 30, 2025, was 6.3 years compared to 6.3 years during the year ended December 31, 2024. Overall, the portfolio weighted average rent per occupied square foot was $30.98 as of June 30, 2025, compared to $31.77 as of December 31, 2024. We believe that our continuing portfolio of real estate is well located, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with upside leasing potential. Strategic Review George J. Carter, Chairman and Chief Executive Officer, commented as follows with respect to the Company's review of strategic alternatives: 'We continue to work with our financial advisor, BofA Securities, in connection with a review of strategic alternatives in order to explore ways to maximize shareholder value. As previously announced, this review includes a range of potential strategic alternatives, including a sale of the Company, a sale of assets, and refinancing of existing indebtedness, among others. No assurances can be given regarding the outcome or timetable for completion of the strategic review process. We do not intend to make any further public comment regarding the process until it has been completed.' Dividends On July 11, 2025, we announced that our Board of Directors declared a quarterly cash dividend for the three months ended June 30, 2025, of $0.01 per share of common stock that will be paid on August 14, 2025, to stockholders of record on July 25, 2025. Consolidation of Sponsored REIT As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements and on June 6, 2025, the property held by Monument Circle was sold. Additional information about the consolidation of Monument Circle can be found in Note 1, 'Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards', Note 8, 'Disposition of Properties and Assets Held for Sale' in the Notes to Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025. Non-GAAP Financial Information A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I. 2025 Net Income (Loss), FFO and Disposition Guidance At this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income (Loss), FFO and property disposition guidance. Real Estate Update Supplementary schedules provide property information for the Company's owned and consolidated properties as of June 30, 2025. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at Today's news release, along with other news about Franklin Street Properties Corp., is available on the Internet at We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts. About Franklin Street Properties Corp. Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at No Quarterly Earnings Call The Company will not be holding an earnings call this quarter. Forward-Looking Statements Statements made in this press release that state FSP's or management's intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our review of strategic alternatives, expectations for future potential leasing activity, the payment of dividends and the repayment of debt in future periods, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the 'Risk Factors' set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as updated in Part II Item 1A of our Quarterly Report on Form 10-Q for the three months ended June 30, 2025, which may be further updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law. Franklin Street Properties Corp. Financial Results Supplementary Schedule B Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, (in thousands, except share and par value amounts) 2025 2024 Assets: Real estate assets: Land $ 98,883 $ 105,298 Buildings and improvements 1,085,048 1,096,265 Fixtures and equipment 11,399 11,053 1,195,330 1,212,616 Less accumulated depreciation 391,918 377,708 Real estate assets, net 803,412 834,908 Acquired real estate leases, less accumulated amortization of $13,829 and $13,613, respectively 3,309 4,205 Cash, cash equivalents and restricted cash 30,518 42,683 Tenant rent receivables 1,568 1,283 Straight-line rent receivable 37,839 37,727 Prepaid expenses and other assets 3,583 3,114 Office computers and furniture, net of accumulated depreciation of $1,088 and $1,073, respectively 55 70 Deferred leasing commissions, net of accumulated amortization of $14,822 and $14,195, respectively 22,959 22,941 Total assets $ 903,243 $ 946,931 Liabilities and Stockholders' Equity: Liabilities: Term loans payable, less unamortized financing costs of $1,327 and $2,220, respectively $ 125,124 $ 124,491 Series A & Series B Senior Notes, less unamortized financing costs of $711 and $1,191, respectively 122,656 122,430 Accounts payable and accrued expenses 22,010 34,067 Accrued compensation 1,911 3,097 Tenant security deposits 6,289 6,237 Lease liability 515 707 Acquired unfavorable real estate leases, less accumulated amortization of $52 and $89, respectively 38 45 Total liabilities 278,543 291,074 Commitments and contingencies Stockholders' Equity: Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding — — Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,566,715 shares issued and outstanding, respectively 10 10 Additional paid-in capital 1,335,586 1,335,361 Accumulated distributions in excess of accumulated earnings (710,896 ) (679,514 ) Total stockholders' equity 624,700 655,857 Total liabilities and stockholders' equity $ 903,243 $ 946,931 Expand Franklin Street Properties Corp. Financial Results Supplementary Schedule C Condensed Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, (in thousands) 2025 2024 Cash flows from operating activities: Net loss $ (29,311 ) $ (28,575 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 22,818 24,604 Amortization of above and below market leases — (11 ) Amortization of other comprehensive income into interest expense — (355 ) Shares issued as compensation 225 270 Loss on extinguishment of debt 5 137 Loss on sale of properties and impairment of assets held for sale, net 12,900 13,205 Changes in operating assets and liabilities: Tenant rent receivables (285 ) (158 ) Straight-line rents (4 ) 464 Lease acquisition costs (115 ) (292 ) Prepaid expenses and other assets (287 ) (420 ) Accounts payable and accrued expenses (10,924 ) (12,557 ) Accrued compensation (1,186 ) (1,344 ) Tenant security deposits 52 44 Payment of deferred leasing commissions (2,247 ) (2,748 ) Net cash used for operating activities (8,359 ) (7,736 ) Cash flows from investing activities: Property improvements, fixtures and equipment (7,320 ) (13,247 ) Proceeds received from sales of properties 6,099 34,326 Net cash provided by (used in) investing activities (1,221 ) 21,079 Cash flows from financing activities: Distributions to stockholders (2,071 ) (2,068 ) Repayments of Bank note payable — (22,667 ) Repayments of Term loans payable (260 ) (28,963 ) Repayments of Series A&B Senior Notes (254 ) (50,370 ) Deferred financing costs — (5,660 ) Net cash used for financing activities (2,585 ) (109,728 ) Net decrease in cash, cash equivalents and restricted cash (12,165 ) (96,385 ) Cash, cash equivalents and restricted cash, beginning of year 42,683 127,880 Cash, cash equivalents and restricted cash, end of period $ 30,518 $ 31,495 Expand Franklin Street Properties Corp. Earnings Release Supplementary Schedule D Real Estate Portfolio Summary Information (Unaudited & Approximated) Commercial portfolio lease expirations (1) Total % of Year Square Feet Portfolio 2025 146,798 3.0 % 2026 571,296 11.9 % 2027 324,440 6.8 % 2028 242,052 5.0 % 2029 494,728 10.3 % Thereafter (2) 3,028,349 63.0 % 4,807,663 100.0 % Expand ______________________ (1) Percentages are determined based upon total square footage. (2) Includes 1,484,449 square feet of vacancies at our owned properties as of June 30, 2025. Expand Expand Franklin Street Properties Corp. Earnings Release Supplementary Schedule E Portfolio and Other Supplementary Information (Unaudited & Approximated) Recurring Capital Expenditures For the Six (in thousands) For the Three Months Ended Months Ended 31-Mar-25 30-Jun-25 30-Jun-25 Tenant improvements $ 2,374 $ 1,415 $ 3,789 Deferred leasing costs 545 1,702 2,247 Non-investment capex 1,258 750 2,008 $ 4,177 $ 3,867 $ 8,044 Expand (in thousands) For the Three Months Ended Year Ended 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Dec-24 Tenant improvements $ 2,619 $ 2,558 $ 4,444 $ 4,173 $ 13,794 Deferred leasing costs 2,237 511 421 2,974 6,143 Non-investment capex 1,019 1,480 1,658 2,568 6,725 $ 5,875 $ 4,549 $ 6,523 $ 9,715 $ 26,662 Expand Square foot & leased percentages June 30, December 31, 2025 2024 Owned Properties: Number of properties 14 14 Square feet 4,807,663 4,806,253 Leased percentage 69.1% 70.3% Consolidated Property - Single Asset REIT (SAR): Number of properties — 1 Square feet — 213,760 Leased percentage — 4.1% Total Owned and Consolidated Properties: Number of properties 14 15 Square feet 4,807,663 5,020,013 Leased percentage 69.1% 67.5% Expand Franklin Street Properties Corp. Earnings Release Supplementary Schedule F Percentage of Leased Space (Unaudited & Estimated) Property Name Location Square Feet % Leased (1) as of 31-Mar-25 First Quarter Average % Leased (2) % Leased (1) as of 30-Jun-25 Second Quarter Average % Leased (2) 1 PARK TEN Houston, TX 157,609 83.5 % 83.5 % 94.0 % 89.0 % 2 PARK TEN PHASE II Houston, TX 156,746 75.5 % 75.5 % 75.5 % 75.5 % 3 GREENWOOD PLAZA Englewood, CO 196,236 65.0 % 65.0 % 65.0 % 65.0 % 4 ADDISON Addison, TX 289,333 69.2 % 69.2 % 67.7 % 68.2 % 5 LIBERTY PLAZA Addison, TX 217,841 78.4 % 78.4 % 68.9 % 68.9 % 6 ELDRIDGE GREEN Houston, TX 248,399 100.0 % 100.0 % 100.0 % 100.0 % 7 121 SOUTH EIGHTH ST Minneapolis, MN 297,744 78.5 % 78.3 % 78.5 % 78.5 % 8 801 MARQUETTE AVE Minneapolis, MN 129,691 91.8 % 91.8 % 91.8 % 91.8 % 9 LEGACY TENNYSON CTR Plano, TX 209,562 51.0 % 51.0 % 60.9 % 57.6 % 10 WESTCHASE I & II Houston, TX 629,025 65.1 % 65.1 % 65.1 % 65.1 % 11 1999 BROADWAY Denver, CO 682,639 51.2 % 50.3 % 50.4 % 50.1 % 12 1001 17TH STREET Denver, CO 650,607 75.4 % 75.4 % 75.1 % 75.1 % 13 PLAZA SEVEN Minneapolis, MN 330,096 52.8 % 52.8 % 51.0 % 52.2 % 14 600 17TH STREET Denver, CO 612,135 72.5 % 73.6 % 72.5 % 72.5 % OWNED PORTFOLIO 4,807,663 69.2 % 69.2 % 69.1 % 68.9 % MONUMENT CIRCLE (3) Indianapolis, IN — 4.1 % 4.1 % OWNED & CONSOLIDATED PORTFOLIO 4,807,663 66.4 % 66.4 % Expand ______________________ (1) % Leased as of month's end includes all leases that expire on the last day of the quarter. (2) Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter. (3) Consolidated property as of January 1, 2023 that was previously a managed property, which was sold on June 6, 2025. Expand Franklin Street Properties Corp. Earnings Release Supplementary Schedule G Largest 20 Tenants – FSP Owned Portfolio (Unaudited & Estimated) The following table includes the largest 20 tenants in FSP's owned portfolio based on total square feet: % of Tenant Sq Ft Portfolio 1 CITGO Petroleum Corporation 248,399 5.2 % 2 EOG Resources, Inc. 169,167 3.5 % 3 US Government 168,573 3.5 % 4 Kaiser Foundation Health Plan, Inc. 120,979 2.5 % 5 Deluxe Corporation 98,922 2.1 % 6 Ping Identity Corp. 89,856 1.9 % 7 Olin Corporation 81,480 1.7 % 8 Permian Resources Operating, LLC 67,856 1.4 % 9 Hall and Evans LLC 65,878 1.4 % 10 Cyxtera Management, Inc. 61,826 1.3 % 11 Precision Drilling (US) Corporation 59,569 1.2 % 12 PwC US Group 54,334 1.1 % 13 Coresite, LLC 49,518 1.0 % 14 Schwegman, Lundberg & Woessner, P.A. 46,269 1.0 % 15 Ark-La-Tex Financial Services, LLC. 41,011 0.8 % 16 Invenergy, LLC. (e) 35,088 0.7 % 17 Chevron U.S.A., Inc. 35,088 0.7 % 18 Moss, Luse & Womble, LLC 34,071 0.7 % 19 QB Energy Operating, LLC. 34,063 0.7 % 20 International Business Machines Corporation 31,564 0.7 % Total 1,593,511 33.1 % Expand Franklin Street Properties Corp. Earnings Release Supplementary Schedule H Reconciliation and Definitions of Funds From Operations ('FFO') and Adjusted Funds From Operations ('AFFO') A reconciliation of Net loss to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company's computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently. June 30, June 30, (In thousands, except per share amounts) 2025 2024 2025 2024 Net loss $ (7,876 ) $ (21,023 ) $ (29,311 ) $ (28,575 ) (Gain) loss on sale of properties and impairment of asset held for sale, net (384 ) 13,200 12,900 13,205 Depreciation & amortization 10,626 11,476 21,450 23,095 NAREIT FFO 2,366 3,653 5,039 7,725 Lease Acquisition costs 150 68 204 189 Funds From Operations (FFO) $ 2,516 $ 3,721 $ 5,243 $ 7,914 Funds From Operations (FFO) $ 2,516 $ 3,721 $ 5,243 $ 7,914 Loss on extinguishment of debt 3 — 5 137 Amortization of deferred financing costs 683 818 1,368 1,498 Shares issued as compensation 225 270 225 270 Straight-line rent (74 ) 258 (4 ) 464 Tenant improvements (1,415 ) (2,558 ) (3,789 ) (5,177 ) Leasing commissions (1,702 ) (511 ) (2,247 ) (2,748 ) Non-investment capex (750 ) (1,480 ) (2,008 ) (2,499 ) Adjusted Funds From Operations (AFFO) $ (514 ) $ 518 $ (1,207 ) $ (141 ) Per Share Data EPS $ (0.08 ) $ (0.20 ) $ (0.28 ) $ (0.28 ) FFO $ 0.02 $ 0.04 $ 0.05 $ 0.08 AFFO $ (0.00 ) $ 0.01 $ (0.01 ) $ (0.00 ) Expand Funds From Operations ('FFO') The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs. FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do. We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements. Adjusted Funds From Operations ('AFFO') The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions. We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition. AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements. Net Operating Income ('NOI') The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table: (a) We define Disposition and Acquisition Properties as properties that were sold acquired or consolidated and do not have operating activity for all periods presented. (b) Nonrecurring Items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability. Expand
