Franklin Street Properties Corp (FSP) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Franklin Street Properties Corp First quarter 2025 results. All lines have been placed on mute to prevent any background noise.

感謝您的耐心等待。我叫凱拉，今天我將擔任你們的會議接線生。在此，我謹代表富蘭克林街地產公司，歡迎大家參加 2025 年第一季業績發表會。所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session.

演講結束後，將進行問答環節。

(Operator Instructions)

（操作說明）

I would now like to turn the call over to Scott Carter, general counsel. You may begin.

現在我將把電話交給總法律顧問史考特卡特。你可以開始了。

Good morning and welcome to the Franklin Street Properties first quarter 2025 earnings call. Joining me this morning are George Carter, our Chief Executive Officer John Demeritt, our Chief Financial Officer, Jeff Carter, our President and Chief Investment Officer, and John Donahue, President of FSP Property Management. Also joining me this morning are Toby Daly and Will Friend, both Executive Vice Presidents of FSP Property Management.

早安，歡迎參加富蘭克林街地產公司2025年第一季財報電話會議。今天早上和我一起出席的有：執行長喬治卡特、財務長約翰德梅里特、總裁兼首席投資長傑夫卡特，以及 FSP 物業管理公司總裁約翰多納休。今天早上和我一起的還有 FSP 物業管理公司的兩位執行副總裁 Toby Daly 和 Will Friend。

Please note that various remarks that we may make about future expectations, plans, and prospects for the company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

請注意，我們可能對公司未來的預期、計畫和前景發表的各種評論，可能構成 1995 年《私人證券訴訟改革法案》安全港條款所指的前瞻性聲明。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. Including those discussed in the risk factors section of our annual report on Form 10K for the year ended December 31, 2024, as amended by our quarterly reports on Form 10Q, all of which are on file with the SEC.

由於各種重要因素的影響，實際結果可能與這些前瞻性聲明所指出的結果有重大差異。包括我們在截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告的風險因素部分中討論的風險因素，以及我們隨後提交給美國證券交易委員會的 10-Q 表格季度報告的修訂版。

In addition, these forward-looking statements represent the company's expectations only as of today, April 30, 2025. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so.

此外，這些前瞻性聲明僅代表本公司截至 2025 年 4 月 30 日的預期。雖然公司可能會選擇更新這些前瞻性聲明，但公司明確聲明不承擔任何更新義務。

Any forward-looking statements should not be relied upon as representing the company's estimates or views as of any date subsequent to today. At times during this call, we may refer to funds from operations or FFO.

任何前瞻性陳述均不應被視為代表本公司在今天之後任何日期的估計或觀點。在本次通話中，我們有時會提到營運資金或 FFO。

Reconciliations of FFO and other non-gap financial measures, the GAAP net income are contained in yesterday's press release, which is available in the investor relations section of our website at www.fspreit.com.

FFO 和其他非缺口財務指標的調節表以及 GAAP 淨收入均包含在昨天的新聞稿中，該新聞稿可在我們網站 www.fspreit.com 的投資者關係部分查閱。

Now I'll turn the call over to John Demeritt. John.

現在我將把電話交給約翰·德梅里特。約翰。

Thank you, Scott, and good morning, everyone. I'm going to give a brief overview of our first quarter results. Afterward, I'll pass the call to George for his thoughts.

謝謝你，斯科特，大家早安。我將簡要概述我們第一季的業績。之後，我會把電話轉給喬治，聽聽他的想法。

As a reminder, our comments today will refer to our earnings release supplemental package and 10Q, which, as Scott has mentioned, can be found on our website. We reported funds from operations or FFO of about $2.7 million or $0.03 per share for the first quarter of 2025.

再次提醒大家，我們今天的發言將參考我們的收益發布補充資料包和 10-Q 表格，正如 Scott 所提到的，這些資料可以在我們的網站上找到。我們報告稱，2025 年第一季營運資金（FFO）約為 270 萬美元，即每股 0.03 美元。

We also reported a GAAP net loss of about $21.4 million or $0.21 per share for the first quarter.

我們也公佈了第一季的 GAAP 淨虧損約為 2,140 萬美元，即每股虧損 0.21 美元。

With that, I'll turn the call over to George.

這樣，我就把電話交給喬治了。

George.

喬治。

Thank you, John, and again, welcome to Franklin Street Properties first quarter 2025 earnings call.

謝謝約翰，再次歡迎參加富蘭克林街地產公司 2025 年第一季財報電話會議。

Just to highlight my written comments in our earnings press release of last evening, I will say FSP remained focused during the first quarter of 2025 on the same two primary objectives as last year, that is to advance leasing of space in our existing property portfolio and to continue to pursue property dispositions.

為了強調我昨晚在盈利新聞稿中的書面評論，我要說的是，FSP 在 2025 年第一季度仍然專注於與去年相同的兩個主要目標，即推進現有物業組合的空間租賃，並繼續進行物業處置。

We intend to use net proceeds from any property dispositions, primarily for the continued repayment of our debt.

我們打算將任何財產處置所得淨收益主要用於繼續償還債務。

More recently, however, over the last approximately six weeks, the broader economic environment has displayed several macro uncertainties that bear watching for their potential longer-term impact on deal making within the office asset class.

然而，最近大約六週以來，整體經濟環境出現了一些宏觀不確定性，值得關注，因為這些不確定性可能會對辦公資產類別的交易產生長期影響。

The recent tariff headlines, for example, have introduced increased volatility and uncertainty into the marketplace. Potentially affecting both corporate leasing decisions. And investment in acquisition of office properties.

例如，最近的關稅新聞為市場帶來了更大的波動性和不確定性。可能會對企業的租賃決策產生影響。以及對辦公物業的收購投資。

While we can't control such external factors, we are monitoring these situations closely and are endeavoring to remain flexible and agile. We continue to engage with tenants, both existing tenants and new prospective tenants, our associated professionals, our existing capital partners, and new potential sources of capital, so we can enhance. Our potential to move more quickly to a specific action when appropriate.

雖然我們無法控制這些外部因素，但我們正在密切關注這些情況，並努力保持靈活和敏捷。我們繼續與租戶（包括現有租戶和潛在新租戶）、我們的相關專業人士、我們現有的資本合作夥伴以及新的潛在資本來源進行溝通，以便我們能夠提升自身實力。我們在適當的時候有潛力更快地採取具體行動。

And we continue to explore a broad spectrum of alternatives to try to ensure we unlock the full value of our property portfolio for shareholders. We are actively considering all options from operational adjustments to strategic transactions and are consulting with several third-party professionals in that regard.

我們將繼續探索各種替代方案，以確保為股東釋放我們房地產投資組合的全部價值。我們正在積極考慮從營運調整到策略交易的所有方案，並就此諮詢了多位第三方專業人士。

We remain confident in our direction. But are also open minded as to the best way to move forward successfully to our ultimate goal.

我們對我們的發展方向依然充滿信心。但我們也對實現最終目標的最佳途徑持開放態度。

I will now turn the call over to John Donahue, President of our Property Management Company, for some more color on leasing, John.

現在我將把電話交給我們的物業管理公司總裁約翰·多納休，請他再詳細介紹一下租賃情況。約翰。

Thank you, George. Good morning, everyone.

謝謝你，喬治。各位早安。

The FSP directly owned portfolio was approximately 69.2% leased at the end of the first quarter compared to 70.3% leased at the end of the fourth quarter.

截至第一季末，FSP 直接擁有的投資組合的出租率約為 69.2%，而截至第四季末，出租率約為 70.3%。

Economic occupancy of the directly owned portfolio was approximately 67.7% at the end of the first quarter compared to 68.6% at the end of the calendar 2024. The decreases were attributable to multiple lease expirations and departures in Dallas and Denver.

截至第一季末，直接擁有的投資組合的經濟入住率約為 67.7%，而 2024 年日曆年末則為 68.6%。下降的原因是達拉斯和丹佛的多份租約到期以及員工遷出。

The strong and encouraging leasing results to close out calendar 2024 were followed by a weak and somewhat disappointing first quarter. FSP finalized approximately 60,000 square feet of total leasing during the first quarter, which was comprised entirely by renewals and expansions.

2024 年底強勁且令人鼓舞的租賃業績之後，第一季業績疲軟，略顯令人失望。FSP 在第一季完成了約 60,000 平方英尺的總租賃面積，全部由續租和擴租組成。

As previously communicated, we anticipate a choppy quarter by quarter ride for aggregate lease executions for Calendar 2025. However, we remain optimistic that the full year results will show progress.

正如之前所溝通的那樣，我們預計 2025 年全年租賃執行總量將出現季度波動。但是，我們仍然樂觀地認為，全年業績將顯示取得進展。

During the first quarter, final corporate leasing decisions regarding relocations to our assets have stalled in multiple cases. Dozens of small and mid-sized prospects appear to be in a weight and was position due to recent market volatility and macroeconomic circumstances.

第一季度，有關搬遷至我們資產的最終公司租賃決定在多個案例中陷入停滯。由於近期市場波動和宏觀經濟環境的影響，數十家中小規模企業似乎處於承壓狀態。

The upward trend of tenants in the market witnessed during the second half of 2024 has continued into the first quarter of 2025. The pipeline of mid-sized new tenant prospects and those seeking at least one full floor, particularly in the suburbs, continue to grow over the last few months.

2024 年下半年市場租戶數量的上升趨勢延續到了 2025 年第一季。在過去的幾個月裡，中型新租戶和尋求至少一整層樓的租戶（尤其是在郊區）的數量持續增長。

FSP is currently tracking approximately 800,000 square feet of prospective new tenants, including approximately 300,000 square feet of prospects that have identified FSP assets on their respective shortlists. In addition, FSP continues to work with more than 400,000 square feet of potential renewals, which includes expansions and downsizing.

FSP 目前正在追蹤約 80 萬平方英尺的潛在新租戶，其中包括約 30 萬平方英尺的潛在租戶，他們已將 FSP 的資產列入各自的候選名單。此外，FSP 也持續推動超過 40 萬平方英尺的潛在續約項目，其中包括擴建和縮減規模。

Scheduled lease expirations for the rest of calendar 2025 total approximately 246,000 square feet, which represents approximately 5.1% of FSP's directly owned portfolio.

2025 年剩餘時間內計畫到期的租賃總面積約為 246,000 平方英尺，約佔 FSP 直接擁有的投資組合的 5.1%。

Barring any significant surprises or the impact of potential dispositions, the FSP portfolio is well positioned to enhance leased occupancy with positive net absorption during calendar 2025.

如果沒有重大意外或潛在處置的影響，FSP 投資組合預計在 2025 年實現正淨吸收量，從而提高租賃入住率。

Thank you. I will now turn it over to Jeff Carter.

謝謝。現在我將把發言權交給傑夫卡特。

Thank you, John, and good morning everyone. I'll provide an update on our disposition activity as well as some perspective on current market conditions.

謝謝你，約翰，大家早安。我將報告我們的資產處置情況，並對當前的市場狀況發表一些看法。

As a reminder, since initiating our current disposition strategy in late 2020, we have completed approximately $1.1 billion in property sales, which has contributed to a nearly 75% reduction in our corporate indebtedness, reflecting our ongoing focus on balance sheet strength and financial flexibility.

提醒大家，自 2020 年底啟動目前的資產處置策略以來，我們已完成約 11 億美元的房地產出售，這使我們的公司債務減少了近 75%，反映了我們持續關注資產負債表的穩健性和財務靈活性。

Each potential disposition effort considers unique factors including tenancy, occupancy, and local market dynamics, but across our disposition program, the sales we've completed to date have averaged approximately $211 per square foot.

每項潛在的處置工作都會考慮獨特的因素，包括租戶、入住率和當地市場動態，但就我們迄今為止的處置計劃而言，我們完成的銷售平均每平方英尺約為 211 美元。

We continue to believe our share price does not reflect the longer term intrinsic value of our underlying portfolio, and we remain committed to selectively selling assets when we believe the valuation potential in the short to intermediate term has been achieved.

我們仍然認為，我們的股價未能反映我們基礎投資組合的長期內在價值，我們將繼續致力於在短期至中期內，當我們認為估值潛力已達到時，選擇性地出售資產。

To this end, we are currently marketing several properties totaling approximately 1 million square feet for potential disposition.

為此，我們目前正在推銷幾處總面積約 100 萬平方英尺的房產，以待處置。

As a reminder, for competitive reasons, we will not be discussing potential disposition activity or candidates beyond what has been publicly disclosed. We believe this discretion is in the best interest of our shareholders, particularly in today's environment, and we will continue working closely with our brokerage partners to identify and pursue the highest value outcomes on a deal by deal basis.

再次提醒，基於競爭原因，我們將不會討論已公開披露之外的潛在資產處置活動或候選人。我們認為這種酌情處理方式最符合我們股東的利益，尤其是在當今環境下，我們將繼續與我們的經紀合作夥伴密切合作，逐筆交易地尋找和追求最高價值的結果。

Turning to market conditions, while the office investment landscape remains challenged, we are beginning to see signs of stabilization. National office transaction volumes rose by 22% in 2024 from the cyclical lows of 2023 and accelerated in the first quarter of 2025, finishing 31% higher year-over-year.

就市場狀況而言，雖然辦公大樓投資環境仍充滿挑戰，但我們開始看到穩定的跡象。2024 年全國辦公交易量較 2023 年的周期性低點增長了 22%，並在 2025 年第一季加速成長，最終同比增長 31%。

That said, within our markets and at our property types, investment and lending liquidity remains constrained. Especially for larger institutional buyers with both debt and equity capital still difficult to access.

也就是說，在我們目前的市場和物業類型中，投資和貸款流動性仍然受到限制。尤其是對於債務和股權資本仍然難以獲得的大型機構買家而言。

Cap rates remain elevated and office asset values are generally below 2021 levels.

資本化率仍然很高，辦公資產價值普遍低於 2021 年的水準。

Where transactions are happening in our markets, they continue to skew towards smaller, higher quality, well leased assets, and traditional institutional capital has remained largely on the sidelines. We are actively tracking these trends as we engage with credible buyers and market professionals across our disposition targets.

在我們市場的交易中，交易仍傾向於規模較小、品質較高、租賃狀況良好的資產，而傳統的機構資本則大多處於觀望狀態。我們正在積極追蹤這些趨勢，並與目標資產所在地的可靠買家和市場專業人士進行溝通。

Consistent with our stated strategy, proceeds from any asset sales will continue to be used primarily for debt reduction, enhancing our optionality, and positioning the company to pursue any path that maximizes shareholder value.

與我們所宣布的策略一致，任何資產出售所得款項將繼續主要用於減少債務、增強我們的選擇權，並使公司能夠追求任何能夠最大限度提高股東價值的道路。

And with that we thank you for joining us today.

最後，感謝各位今天收看我們的節目。

Kayla.

凱拉。

(Operator Instructions)

（操作說明）

And our first question comes from the line of Steve Dumanski. Your line is open.

我們的第一個問題來自史蒂夫·杜曼斯基。您的線路已開通。

Good morning, gentlemen. Can you please provide more insight on why leasing was solely executed for renewals during the first quarter?

早安，先生們。請問能否詳細說明為什麼第一季租賃業務僅限於續約？

Steve, this is John Donahue. We were Working on a handful of new leases that just had stalled out maybe about a month ago, we are still pursuing those transactions new tags.

史蒂夫，我是約翰‧多納休。大約一個月前，我們正在處理一些新的租賃事宜，但這些事宜陷入了停滯，我們仍在努力推動這些交易並爭取新的進展。

And you know we're having some success post quarters, so I believe that we'll have some encouraging news here for Q2 and Q3 certainly with the renewals have been also slowed up to materialize, but we were able to finalize 60,000 square feet one. And we have a very large pipeline of engaged with over 400,000 square feet of tenants.

你知道，我們在季度末取得了一些成功，所以我相信，第二季和第三季肯定會有一些令人鼓舞的消息，雖然續約也放緩了，但我們還是完成了 60,000 平方英尺的續約。我們有非常龐大的潛在客戶群，已與超過 40 萬平方英尺的租戶建立了聯繫。

So likewise, we believe we'll have some good news there. But yes, it was a disappointing first quarter for. We had warned folks that we're going to expect a choppy ride there, but we do believe that as the next two quarters materialize, we'll have some good numbers.

所以，我們也相信會有一些好消息傳來。但沒錯，對我們來說，第一季確實令人失望。我們之前就警告過大家，接下來的一段時間可能會比較動盪，但我們相信，隨著接下來兩季的到來，我們會取得一些不錯的成績。

Thank you. Also, another question in terms of leasing, more from a top-down macro basis, which geographies currently depict greater strength in your portfolio?

謝謝。另外，關於租賃方面，從自上而下的宏觀角度來看，目前貴公司投資組合中哪些地區表現較強勁？

So, I think the best way to answer that question would be to say that the tenants in the market, as far as total volume and demand, we're seeing strong consistent activity in Texas, particularly in Houston.

所以，我認為回答這個問題的最佳方式是說，就市場上的租戶而言，就總數量和需求而言，我們看到德克薩斯州，特別是休斯頓，市場活動強勁且持續。

So, for our building types in the energy corridor of Houston, we're seeing solid strong demand that has continued to get stronger over the last year or so.

因此，對於我們在休士頓能源走廊的建築類型而言，我們看到了強勁的需求，並且在過去一年左右的時間裡，這種需求持續走強。

Dallas is not quite as strong as Houston, but we are seeing a pickup of tenants in the market, particularly with larger users.

達拉斯的市場不如休士頓強勁，但我們看到市場上的租戶數量正在增加，尤其是大型用戶。

Denver and Minneapolis, the downtown CBD markets are certainly better than they were 6 months to 12 months ago and certainly better than they were, a few years ago, but they are not quite as robust as the suburbs in Texas.

丹佛和明尼阿波利斯市中心的中央商務區市場肯定比 6 個月到 12 個月前要好，也肯定比幾年前要好，但它們不如德州的郊區那麼強勁。

Thank you that was very helpful I appreciate it.

謝謝，這很有幫助，非常感謝。

You're welcome.

不客氣。

And there are no further questions at this time. George Carter, I'll turn the call back over to you.

目前沒有其他問題了。喬治卡特，我把電話轉回給你。

Thank you everyone for listening to our earnings call, and we look forward to talking to you next quarter or with any information that occurs before that.

感謝各位收聽我們的財報電話會議，我們期待在下個季度或之前任何有相關資訊時與大家再次交流。

Thank you again. Have a great day.

再次感謝。祝你有美好的一天。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。