Franklin Street: 3Q Earnings Snapshot
WAKEFIELD, Mass. (AP) _ Franklin Street Properties Corp. (FSP) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Wakefield, Massachusetts, said it had funds from operations of $20.4 million, or 19 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 19 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $1.7 million, or 2 cents per share.
The hybrid real estate investment trust posted revenue of $62.2 million in the period.
In the final minutes of trading on Tuesday, the company’s shares hit $4.52. A year ago, they were trading at $8.88.