Company says expanded strategic review aims to maximize shareholder value amid evolving market conditions
Franklin Street Properties expects office market stabilization may support leasing and asset values over time
Company maintains suspension of quarterly dividend, board to reassess policy on a quarterly basis
Overview
U.S. office REIT's Q2 revenue declined slightly yr/yr, net loss widened
Company's leased portfolio fell to 67.4% as lease expirations outpaced new leases
Company sold Greenwood Plaza for $19.4 mln after quarter-end, using proceeds to repay debt
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
$26.36 mln
Q2 Net Loss
$16.61 mln
Q2 Loss Per Share
$0.25
Q2 Real Estate Operating Expenses
$10.006 mln
Result Drivers
Strategic review - Co said it expanded and formally launched its strategic review process with external advisors to evaluate a range of potential transactions
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