Franklin Street Properties Reports Q2 Results

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WAKEFIELD, MA-Franklin Street Properties Corp. reported mixed results for the second quarter, with net income off substantially compared to the same period in 2006, but officials for the multi-faceted real estate investment trust say the year as a whole is looking upbeat. “I continue to be optimistic about FSP’s 2007 financial performance and growth prospects,” CEO George Carter said in a release announcing the latest results for the period ending June 30th.

Net income for the quarter was $32.5 million and earnings per share was 46 cents. The company also announced Adjusted Funds From Operations of $19.2 million and AFFO plus Gains on Sales of $40.8 million, or 58 cents per share. Q2 net income was down $8.0 million, or 14 cents per share, compared to the same period in 2006, while AFFO was down by $900,000, or three cents per share. AFFO+GOS dipped by $7.4 million, or 14 cents per share. Net income for the first half of the year was also down overall compared to FY 2006, with FSP registering a decline of $11.4 million.