Franklin Street Properties CorpNYSEMKT
Wed, Oct. 26, 10:06 AM
- CEO George Carter notes full-year 2016 should mark the bottom of the negative effect on FFO from the company's ongoing property portfolio transition. The current forecast calls for growth to return next year.
- Q3 FFO of $26.7M of $0.26 per share compares to $26.7M and $0.27 in Q2 (capital raise in Q3). Adjusted FFO of $0.18 in Q3 vs. $0.19 in Q2.
- Portfolio was about 89.5% leased at Q3's end, down 80 bps from three months earlier.
- Dividend remains $0.19.
- Full-year FFO guidance of $1.03 per share vs. the previously guided range of $1.03-$1.06. Q4 FFO expected to be $0.24.
- Previously: Franklin Street Properties FFO in-line, beats on revenue (Oct. 25)
- FSP -4.3%
Tue, Oct. 25, 4:39 PM
Mon, Oct. 24, 5:35 PM
- AAPL, ABAX, AIZ, AKAM, AKR, AMP, BCR, BLDP, BXMT, BXP, CB, CEB, CHRW, CINF, CLI, CMG, CNI, COF, CSL, CSV, CVA, DFS, DGI, EQR, ESRX, ETH, EW, FSP, FUEL, HIW, HT, HTA, IRBT, JNPR, LOGI, MDR, MRCY, NBR, NCR, NUVA, OI, P, PNRA, PSB, QTS, RMD, RNG, ROIC, RRC, RSYS, SKT, TMK, TRMK, TSS, UDR, UIS, UMBF, USNA, VRTX, WFT, WRB, WSBC, ZIXI
Fri, Oct. 7, 12:02 PM
Thu, Aug. 25, 11:03 AM
- The "real value" in real estate is in the office sector, says analyst David Rodgers, particularly in central business districts.
- "While development in Industrial as well as concentrated, potentially unsustainable land grabs in Data are risks, we simply anticipate better risk/return opportunities in Office."
- Top picks: Hudson Pacific Properties (HPP +1.2%); $38 PT, or 15% upside. Strength in a very tight Silicon Valley office market has the potential to drive additional leasing at the nine assets considered in "lease up" from the EOP portfolio.
- Kilroy Realty (KRC +1.5%); $78 PT, or 12% upside. "Our broker contacts confirm there is still solid leasing activity throughout the Bay Area."
- SL Green (SLG +1.1%); $131 PT, or 13% upside.
- Franklin Street Properties (FSP +0.8%); $15 PT, or 18% upside.
- One industrial name makes the list: Stag Industrial (STAG +1.9%); $26 PT, or 6.8% upside. The shares for some time have traded at a wide valuation discount to its peer set. The 5.7% dividend yield is among the highest in Baird's coverage.
Thu, Aug. 11, 1:00 PM
Thu, Aug. 11, 10:34 AM
- The cost of equity capital is likely a little more expensive than hoped as Franklin Street Properties (NYSEMKT:FSP) prices its 6.125M share secondary at $12.35 each for gross proceeds of $72.1M. The underwriters still have an option to buy another 918.75K shares at that price.
- Proceeds will be used to fund the $45.5M purchase of Pershing Park Plaza in Atlanta, and for the $15M-$20M redevelopment of a Minneapolis property.
- FSP -6.1% to $12.35
Thu, Aug. 11, 9:15 AM
Wed, Aug. 10, 4:15 PM
- The company is selling 6.125M shares of common stock, with underwriter greenshoe of 918.75K shares.
- Net proceeds will be used to pay down about $45.5M just drawn on the company revolver ahead of the purchase (for $45.5M) of Atlanta's Pershing Park Plaza. Proceeds will also be used to fund estimated development costs of $15M-$20M at FSP's property at 801 Marquette Avenue in Minneapolis.
Wed, Aug. 10, 12:04 PM
- Purchased is Pershing Park Plaza, a 160K square-foot, nine-story Class A office building in Midtown Atlanta for $45.5M, or $284 per square foot.
- Franklin Street (NYSEMKT:FSP) anticipates putting about $1.8M of capital investments into the property.
- It's currently 97% leased to three tenants, with the largest being law firm Jones Day, which rents 88% of the building.
- FSP's Midtown Atlanta presence is now over 780K square feet.
Tue, Jul. 26, 4:44 PM
Mon, Jul. 25, 5:35 PM
- AAPL, AIZ, AKAM, AKR, ALDR, AMP, APC, ARI, ASH, AXS, BCR, BJRI, BLDP, BVN, BWLD, BXMT, BXP, CAVM, CB, CEB, CHRW, CINF, CNO, CSV, CTXS, CUZ, CVA, DDR, DMRC, DOX, EQR, ETH, EW, FSP, FTK, GHL, GLF, GMED, HUBG, HURN, ILMN, IRBT, JBT, JNPR, KN, LLTC, LNDC, MDR, MTCH, MTSI, NANO, NCR, NUVA, OIS, PEI, PNRA, PSB, QTS, RGC, RHI, RNR, RRC, RSYS, SGEN, SKT, TGB, TRMK, TRU, TSS, TWTR, UDR, UHS, UIS, ULTI, UMBF, USNA, VR, WES, WGP, WNC, X, ZION, ZIXI
Fri, Jul. 8, 11:36 AM
Tue, Apr. 26, 4:47 PM
- Franklin Street Properties (NYSEMKT:FSP): Q1 FFO of $0.26 beats by $0.01.
- Revenue of $59.81M (-1.2% Y/Y) beats by $0.65M.
Mon, Apr. 25, 5:35 PM
- AAPL, AFL, AIZ, AKAM, ARAY, ARI, ASH, AXS, BEAT, BLDP, BRX, BWLD, BXMT, BXP, BYD, CHRW, CINF, CLMS, CMG, COF, CREE, CRUS, CUDA, CVA, EBAY, EEFT, EQR, EW, EXAC, FE, FOE, FSP, FTI, FTNT, HAWK, HIW, HLS, HUBG, IRBT, ISIL, JBSS, JBT, KLAC, MKTO, MRCY, MTSI, MWA, NANO, NCR, NUVA, O, PEI, PNRA, PSA, PSB, RHI, RMD, RNR, SKT, SLCA, T, TEX, TMK, TSS, TWTR, TX, ULTI, VNTV, WNC, WRB, X, ZIXI
Fri, Apr. 8, 11:23 AM
- Franklin Street Properties (NYSEMKT:FSP) declares $0.19/share quarterly dividend, in line with previous.
- Forward yield 7.2%
- Payable May 12; for shareholders of record April 22; ex-div April 20.