Franklin Street: 1Q Earnings Snapshot

WAKEFIELD, Mass. (AP) _ Franklin Street Properties Corp. (FSP) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Wakefield, Massachusetts, said it had funds from operations of $26.4 million, or 25 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 24 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 net income of $1.4 million, or 1 cent per share.

The hybrid real estate investment trust posted revenue of $66.9 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $66.3 million.

Franklin Street expects full-year funds from operations to be 96 cents to $1 per share.

The company's shares have declined 28 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.76, a decrease of 36 percent in the last 12 months.


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