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Franklin Street Properties Corp. (FSP), a real estate investment trust, reported its first-quarter results for 2024. The company aims to increase shareholder value by selling select properties and increasing occupancy. They sold an office property in Texas for $35 million, leased 197,000 square feet of office space, and repaid $102 million of debt. Their portfolio is well-located and leased assets have upside potential. As of March 31, 2024, total indebtedness was $303 million, cash on balance sheet was $37.7 million, and GAAP net loss was $7.6 million. FFO was $4.2 million. The company is suspending guidance due to economic uncertainty.
