On Monday, Franklin Street Properties Corp. (NYSE: FSP) shares price traded between $8.41 and $8.68 during the last trading session upbeat with +0.47 percent at $8.60. The shares recorded trading volume 367,429 shares as compared to its average volume of 475,601 shares. The company has 107.23M shares outstanding and market value of 922.187M. Over the one year trading period, the stock has a peak price of $11.45 and its down is recorded at $7.08.
Franklin Street Properties Corp. (NYSE American: FSP), a real estate investment trust (REIT), reported its results for the first quarter ended March 31, 2018.
- FFO was $26.4M or $0.25 per basic and diluted share for the first quarter ended March 31, 2018. We had Net Income of $1.4M or $0.01 per basic and diluted share for the first quarter ended March 31, 2018.
- Adjusted Funds From Operations (AFFO) was $0.16 per basic and diluted share for the first quarter ended March 31, 2018.
- Our directly owned real estate portfolio of 34 properties totaling about 9.8M square feet was about 88.5% leased as of March 31, 2018, which was a 1.2% decrease contrast to December 31, 2017.
- During the quarter ended March 31, 2018, we leased about 109,000 square feet, of which about 25,000 square feet was with new tenants.
- Second quarter 2018 leasing activity to date includes about 500,000 square feet of potential leases out for execution, over 100,000 square feet of which would be new leases and expansions.
- Weighted average annualized GAAP rent per square foot was about $29.05 as of March 31, 2018, contrast to $28.87 as of December 31, 2017, $27.92 as of December 31, 2016, $26.93 as of December 31, 2015, and $26.04 as of December 31, 2014. We believe that the raise is attributable to the improved quality of our real estate portfolio and value creation derived from our recent acquisitions, dispositions and leasing.
- Our project at 801 Marquette Avenue provides a contemporary, forward-looking experience in a vintage warehouse style office with modern systems and market leading amenities in the heart of the Minneapolis CBD. The redevelopment of 801 Marquette, which is about 127,268 square feet, was completed in 2017. Subsequent to quarter end, we signed a lease with a tenant for about 18,000 square feet on the first floor with anticipated occupancy in December 2018 and we also signed a lease with an operator for a full service café located in our Atrium with anticipated operations commencing this summer. Our project continues to see great activity and our team has led about 50 prospect tours representing in excess of 1.7M square feet across all industries. We expect 801 Marquette to be substantially leased by year end and stabilized in the third quarter of 2019.
- On April 6, 2018, the Company reported that its Board of Directors reported a regular quarterly cash dividend for the three months ended March 31, 2018 of $0.09 per share of ordinary stock that will be paid on May 10, 2018 to stockholders of record on April 20, 2018.
- Non-GAAP Financial Information
- A reconciliation of Net income (loss) to FFO, 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.
FSP EPS growth ratio for the past five years was -20.50 percent while Sales growth for the past five years was 11.00 percent. Return on equity (ROE) was noted as -2.20 percent while return on investment (ROI) was 0.40 percent. The stock’s institutional ownership stands at 87.50 percent.