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Franklin Street Properties Corp. Announces Third Quarter 2009 Results

2009-11-03 17:56 ET - News Release

Also News Release (U-FSP) FRANKLIN STREET PROP CORP

WAKEFIELD, MA -- (MARKET WIRE) -- 11/03/09

Franklin Street Properties Corp. (the "Company" or "FSP") (NYSE Amex: FSP), an investment firm specializing in real estate, announced today Funds From Operations (FFO) of $17.5 million or $0.25 per share for the third quarter ended September 30, 2009, which was sequentially flat compared to the second quarter of 2009. The Company also announced Net Income of $6.9 million and Earnings Per Share (EPS) of $0.10 for the third quarter ended September 30, 2009.

The Company evaluates its performance based on Net Income, EPS, FFO, Gains on Sales (GOS) and FFO+GOS, and believes each is an important measure. A reconciliation of Net Income to FFO and FFO+GOS, which are non-GAAP financial measures, is provided on page 4 of this press release. 

           Three Months Ended September 30, Nine Months Ended September 30,
           -------------------------------  ------------------------------
(in 000's
 except
 per share                       Increase                        Increase
 data)        2009      2008    (Decrease)    2009      2008    (Decrease)
            --------- --------- ----------  --------- --------- ----------

Net Income  $   6,941 $   7,419 $     (478) $  19,614 $  25,340 $   (5,726)
            ========= ========= ==========  ========= ========= ==========

FFO         $  17,537 $  17,085 $      452  $  52,284 $  53,005 $     (721)
GOS                 -         -          -          -         -          -
            --------- --------- ----------  --------- --------- ----------
FFO+GOS     $  17,537 $  17,085 $      452  $  52,284 $  53,005 $     (721)
            ========= ========= ==========  ========= ========= ==========
Per Share
 Data:
EPS         $    0.10 $    0.11 $    (0.01) $    0.28 $    0.36 $    (0.08)
FFO         $    0.25 $    0.24 $     0.01  $    0.74 $    0.75 $    (0.01)
GOS         $       - $       - $        -  $       - $       - $        -
FFO+GOS     $    0.25 $    0.24 $     0.01  $    0.74 $    0.75 $    (0.01)

Weighted
 average
 shares
 (diluted)     71,281    70,481        800     70,750    70,481        269
            --------- --------- ----------  --------- --------- ----------

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