Franklin Street Properties Corp. Announces First Quarter 2026 Results
WAKEFIELD, Mass.--( BUSINESS WIRE)--Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the three months ended March 31, 2026.
George J. Carter, Chairman and Chief Executive Officer, commented as follows:
“As we move through 2026, our focus remains squarely on maximizing value for our shareholders through a comprehensive and disciplined evaluation of strategic alternatives.
To further support this effort, we have expanded our strategic review process to include both BofA Securities and JLL Real Estate Investment Banking as co-financial advisors. We believe this enhanced framework strengthens our ability to source, evaluate, and execute on a wide range of potential opportunities, including corporate transactions, portfolio level transactions, individual asset sales, and other strategic initiatives. By combining BofA Securities’ extensive capital markets expertise and global reach with JLL’s deep property level expertise, owner user connectivity, and experience across both asset level execution and mergers and acquisitions, we are broadening our ability to identify and pursue the most compelling outcomes for our shareholders.
Importantly, our recent refinancing of our outstanding debt has provided the Company with increased flexibility, allowing us to avoid making forced or rushed decisions and instead pursue strategic initiatives in a disciplined and thoughtful manner. This position allows us to act opportunistically as market conditions evolve and as attractive opportunities emerge.
The capital markets environment for office assets remains uneven. Transaction volume continues to be below historical levels, with constrained liquidity and limited participation from traditional institutional investors. Buyer activity remains more heavily weighted toward private, opportunistic, and non-traditional capital, and pricing in many cases continues to reflect these dynamics rather than the underlying long-term value of institutional quality assets. That said, we believe we are beginning to observe early signs of stabilization, which may represent the initial stages of a broader recovery over time.
We also want to report that we have entered into an Inspection and Confidentiality Agreement with a potential owner user for our Greenwood Plaza property and that we are simultaneously negotiating a Purchase and Sale Agreement with that potential buyer. Closing of the transaction would be subject to completion of due diligence by the potential buyer, the negotiation and execution of a Purchase and Sale Agreement with the potential buyer and the satisfaction of other customary closing conditions. This potential transaction reflects our targeted approach to asset level execution and our ability to identify buyers capable of recognizing value beyond traditional investor underwriting.
In parallel, FSP continues to prioritize leasing and occupancy improvement across our portfolio. We are encouraged by increasing tenant engagement and have seen an increased number of larger prospective leasing opportunities across our markets. We believe that continued leasing progress, including improving occupancy and extending lease duration, remains an important contributor to long term value.
We also continue to focus on driving efficiencies across our platform, including thoughtful management of general and administrative expenses, as part of our broader commitment to disciplined capital allocation and value creation.
We believe that this combination of an expanded and active strategic review process, disciplined execution, and continued leasing progress provides the best path to maximizing value. We remain focused on taking the actions necessary to deliver the strongest possible outcomes for our shareholders.”
Financial Highlights
Leasing Highlights
Dividend
On March 9, 2026, the Company announced that the Board of Directors had determined to suspend the payment of quarterly dividends. The Board did so in part to redeploy that capital into leasing efforts intended to enhance the value of our portfolio.
The Company estimates that suspension of the dividend will preserve approximately $4.1 million in cash on an annualized basis. The Board and the Company will reassess, on a quarterly basis, when and if quarterly dividend payments can be reinstated and will announce any change to the dividend policy.
Consolidation of Sponsored REIT
As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements and on June 6, 2025, the property held by Monument Circle was sold and Monument Circle and the corporation that had been its sole member were dissolved on December 9, 2025. Additional information about the consolidation of Monument Circle can be found in Note 2, “Significant Accounting Policies - Variable Interest Entities (VIEs)”, Note 3, “Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans” and Note 10, “Disposition of Properties and Assets Held for Sale”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for year ended December 31, 2025.
Non-GAAP Financial Information
A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I.
Real Estate Update
Supplementary schedules provide property information for the Company’s owned and consolidated properties as of March 31, 2026. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com.
Today’s news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.
Forward-Looking Statements
Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our review of strategic alternatives, expectations for future potential leasing activity, expectations for property dispositions, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, which may be further updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.
Franklin Street Properties Corp.
Earnings Release
Supplementary Information
Table of Contents
Franklin Street Properties Corp. Financial Results
A-C
Real Estate Portfolio Summary Information
D
Portfolio and Other Supplementary Information
E
Percentage of Leased Space
F
Largest 20 Tenants – FSP Owned Portfolio
G
Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted
Funds From Operations (AFFO)
H
Reconciliation and Definition of Sequential Same Store results to Property Net
Operating Income (NOI) and Net Loss
I
Franklin Street Properties Corp. Financial Results
Supplementary Schedule A
Condensed Consolidated Statements of Operations
(Unaudited)
For the
Three Months Ended
March 31,
(in thousands, except per share amounts)
2026
2025
Revenue:
Rental
$
26,225
$
27,107
Total revenue
26,225
27,107
Expenses:
Real estate operating expenses
10,290
10,095
Real estate taxes and insurance
4,243
5,369
Depreciation and amortization
10,580
10,824
General and administrative
2,669
3,484
Interest
6,812
5,691
Total expenses
34,594
35,463
Loss on extinguishment of debt
(1,267
)
(2
)
Loss on sale of properties and impairment of assets held for sale, net
—
(13,284
)
Interest income
163
259
Loss before taxes
(9,473
)
(21,383
)
Tax expense
54
52
Net loss
$
(9,527
)
$
(21,435
)
Weighted average number of shares outstanding, basic and diluted
103,690
103,567
Loss per share, basic and diluted:
Net loss per share, basic and diluted
$
(0.09
)
$
(0.21
)
Franklin Street Properties Corp. Financial Results
Supplementary Schedule B
Condensed Consolidated Balance Sheets
(Unaudited)
March 31,
December 31,
(in thousands, except share and par value amounts)
2026
2025
Assets:
Real estate assets:
Land
$
98,882
$
98,883
Buildings and improvements
1,094,771
1,091,728
Fixtures and equipment
11,562
11,572
1,205,215
1,202,183
Less accumulated depreciation
416,644
408,461
Real estate assets, net
788,571
793,722
Acquired real estate leases, less accumulated amortization of $15,058 and $14,648, respectively
2,080
2,490
Cash, cash equivalents and restricted cash
23,753
30,571
Tenant rent receivables
1,345
471
Straight-line rent receivable
38,670
38,744
Prepaid expenses and other assets
4,322
4,080
Office computers and furniture, net of accumulated depreciation of $1,059 and $1,047, respectively
124
136
Deferred leasing commissions, net of accumulated amortization of $14,694 and $14,571, respectively
22,921
22,670
Total assets
$
881,786
$
892,884
Liabilities and Stockholders’ Equity:
Liabilities:
Initial Term Loans, less unamortized financing costs and OID of $23,473
$
251,527
$
—
Term loans payable, less unamortized financing costs of $441
—
125,555
Series A & Series B Senior Notes, less unamortized financing costs of $236
—
122,686
Accounts payable and accrued expenses
26,391
28,724
Accrued compensation
234
2,394
Tenant security deposits
6,186
6,198
Lease liability
1,002
316
Acquired unfavorable real estate leases, less accumulated amortization of $58 and $56, respectively
33
34
Total liabilities
285,373
285,907
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
—
—
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,690,340 shares issued and outstanding, respectively
10
10
Additional paid-in capital
1,335,586
1,335,586
Accumulated distributions in excess of accumulated earnings
(739,183
)
(728,619
)
Total stockholders’ equity
596,413
606,977
Total liabilities and stockholders’ equity
$
881,786
$
892,884
Franklin Street Properties Corp. Financial Results
Supplementary Schedule C
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the
Three Months Ended
March 31,
(in thousands)
2026
2025
Cash flows from operating activities:
Net loss
$
(9,527
)
$
(21,435
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense
11,600
11,509
Loss on extinguishment of debt
1,267
2
Loss on sale of properties and impairment of assets held for sale, net
—
13,284
Changes in operating assets and liabilities:
Tenant rent receivables
(874
)
(179
)
Straight-line rents
221
70
Lease acquisition costs
(147
)
(74
)
Prepaid expenses and other assets
448
(225
)
Accounts payable and accrued expenses
(4,582
)
(5,914
)
Accrued compensation
(2,160
)
(1,892
)
Tenant security deposits
(12
)
(81
)
Payment of deferred leasing commissions
(1,386
)
(546
)
Net cash used in operating activities
(5,152
)
(5,481
)
Cash flows from investing activities:
Property improvements, fixtures and equipment
(2,696
)
(4,454
)
Net cash used in investing activities
(2,696
)
(4,454
)
Cash flows from financing activities:
Distributions to stockholders
(1,037
)
(1,036
)
Cost of extinguished debt
(1,018
)
—
Proceeds received from Initial Term Loans
258,500
—
Repayments of Term loans payable
(125,995
)
(77
)
Repayments of Series A&B Senior Notes
(122,922
)
(76
)
Deferred financing costs
(6,498
)
—
Net cash provided by (used in) financing activities
1,030
(1,189
)
Net decrease in cash, cash equivalents and restricted cash
(6,818
)
(11,124
)
Cash, cash equivalents and restricted cash, beginning of year
30,571
42,683
Cash, cash equivalents and restricted cash, end of period
$
23,753
$
31,559
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule D
Real Estate Portfolio Summary Information
(Unaudited & Approximated)
Commercial portfolio lease expirations (1)
Year
Total
Square Feet
% of
Portfolio
2026
216,212
4.5%
2027
486,073
10.1%
2028
242,409
5.0%
2029
568,905
11.8%
2030
268,950
5.6%
Thereafter (2)
3,026,938
63.0%
4,809,487
100.0%
(1)
(2)
(dollars & square feet in 000's)
As of March 31, 2026
% of
Square
% of
State
Properties
Investment
Portfolio
Feet
Portfolio
Colorado
4
$
423,954
53.8%
2,143
44.6%
Texas
7
255,659
32.4%
1,908
39.7%
Minnesota
3
108,958
13.8%
758
15.7%
Total
14
$
788,571
100.0%
4,809
100.0%
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule E
Portfolio and Other Supplementary Information
(Unaudited & Approximated)
Recurring Capital Expenditures
(in thousands)
For the Three Months Ended
31-Mar-26
Tenant improvements
$
3,386
Deferred leasing costs
1,386
Non-investment capex
489
$
5,261
(in thousands)
For the Three Months Ended
Year Ended
31-Mar-25
30-Jun-25
30-Sep-25
31-Dec-25
31-Dec-25
Tenant improvements
$
2,374
$
1,415
$
4,469
$
2,023
$
10,281
Deferred leasing costs
545
1,702
929
1,050
4,226
Non-investment capex
1,258
750
753
1,154
3,915
$
4,177
$
3,867
$
6,151
$
4,227
$
18,422
Square foot & leased percentages
March 31,
December 31,
2026
2025
Owned Properties:
Number of properties
14
14
Square feet
4,809,487
4,807,663
Leased percentage
68.4%
68.9%
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule F
Percentage of Leased Space
(Unaudited & Estimated)
Property Name
Location
Square Feet
% Leased (1)
as of
31-Dec-25
Fourth
Quarter
Average %
Leased (2)
% Leased (1)
as of
31-Mar-26
First
Quarter
Average %
Leased (2)
1
PARK TEN
Houston, TX
157,609
86.8%
86.8%
86.8%
86.8%
2
PARK TEN PHASE II
Houston, TX
156,746
76.3%
76.3%
76.3%
76.3%
3
GREENWOOD PLAZA
Englewood, CO
196,236
65.0%
65.0%
65.0%
65.0%
4
ADDISON
Addison, TX
289,333
67.7%
67.7%
64.3%
64.3%
5
LIBERTY PLAZA
Addison, TX
217,841
66.9%
66.4%
66.9%
66.9%
6
ELDRIDGE GREEN
Houston, TX
248,399
100.0%
100.0%
100.0%
100.0%
7
121 SOUTH EIGHTH ST
Minneapolis, MN
297,744
80.4%
79.1%
75.2%
76.4%
8
801 MARQUETTE AVE
Minneapolis, MN
129,691
91.8%
91.8%
91.8%
91.8%
9
LEGACY TENNYSON CTR
Plano, TX
209,562
60.9%
60.9%
60.9%
60.9%
10
WESTCHASE I & II
Houston, TX
629,025
66.2%
66.2%
66.2%
67.4%
11
1999 BROADWAY
Denver, CO
682,639
50.7%
50.3%
50.7%
50.7%
12
1001 17TH STREET
Denver, CO
652,423
76.4%
75.6%
77.4%
76.7%
13
PLAZA SEVEN
Minneapolis, MN
330,096
51.0%
51.0%
48.9%
48.9%
14
600 17TH STREET
Denver, CO
612,143
69.1%
69.4%
69.7%
69.3%
OWNED PORTFOLIO
4,809,487
68.9%
68.6%
68.4%
68.5%
(1)
(2)
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule G
Largest 20 Tenants – FSP Owned Portfolio
(Unaudited & Estimated)
The following table includes the largest 20 tenants in FSP’s owned portfolio based on total square feet:
As of March 31, 2026
% of
Tenant
Sq Ft
Portfolio
1
CITGO Petroleum Corporation
248,399
5.2%
2
EOG Resources, Inc.
169,167
3.5%
3
US Government
168,573
3.5%
4
Kaiser Foundation Health Plan, Inc.
120,979
2.5%
5
Deluxe Corporation
98,922
2.0%
6
Ping Identity Corp.
89,856
1.9%
7
Olin Corporation
81,480
1.7%
8
Permian Resources Operating, LLC
67,856
1.4%
9
Hall and Evans LLC
65,878
1.4%
10
Cyxtera Management, Inc.
61,826
1.3%
11
Precision Drilling (US) Corporation
59,569
1.2%
12
PwC US Group
54,334
1.1%
13
Coresite, LLC
49,518
1.0%
14
Schwegman, Lundberg & Woessner, P.A.
46,269
1.0%
15
Ark-La-Tex Financial Services, LLC.
41,011
0.9%
16
Invenergy, LLC.
35,088
0.7%
17
Chevron U.S.A., Inc.
35,088
0.7%
18
Moss, Luse & Womble, LLC
34,071
0.7%
19
QB Energy Operating, LLC.
34,063
0.7%
20
International Business Machines Corporation
31,564
0.7%
Total
1,593,511
33.1%
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule H
Reconciliation and Definitions of Funds From Operations (“FFO”) and
Adjusted Funds From Operations (“AFFO”)
A reconciliation of Net loss to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently.
Reconciliation of Net loss to FFO and AFFO:
Three Months Ended
March 31,
(In thousands, except per share amounts)
2026
2025
Net loss
$
(9,527
)
$
(21,435
)
Loss on sale of properties and impairment of asset held for sale, net
—
13,284
Depreciation & amortization
10,580
10,824
NAREIT FFO
1,053
2,673
Lease Acquisition costs
98
54
Funds From Operations (FFO)
$
1,151
$
2,727
Funds From Operations (FFO)
$
1,151
$
2,727
Loss on extinguishment of debt
1,267
2
Amortization of deferred financing costs and OID
1,020
685
Straight-line rent
221
70
Tenant improvements
(3,386
)
(2,374
)
Leasing commissions
(1,386
)
(545
)
Non-investment capex
(489
)
(1,258
)
Adjusted Funds From Operations (AFFO)
$
(1,602
)
$
(693
)
Per Share Data
EPS
$
(0.09
)
$
(0.21
)
FFO
$
0.01
$
0.03
AFFO
$
(0.02
)
$
(0.01
)
Weighted average shares (basic and diluted)
103,690
103,567
Funds From Operations (“FFO”)
The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.
FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.
Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.
We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.
Adjusted Funds From Operations (“AFFO”)
The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs and original issue discounts, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions.
We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition.
AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.
Franklin Street Properties Corp. Earnings Release
Supplementary Schedule I
Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income
Net Operating Income (“NOI”)
The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table:
Rentable
Square Feet
Three Months Ended
Three Months Ended
Inc
%
(in thousands)
or RSF
31-Mar-26
31-Dec-25
(Dec)
Change
Region
MidWest
758
1,372
1,320
52
3.9
%
South
1,908
4,692
4,740
(48
)
(1.0
)
%
West
2,143
5,397
5,683
(286
)
(5.0
)
%
Property NOI* from Owned Properties
4,809
11,461
11,743
(282
)
(2.4
)
%
Disposition and Acquisition Properties (a)
-
(10
)
61
(71
)
(0.6
)
%
NOI*
4,809
$
11,451
$
11,804
$
(353
)
(3.0
)
%
Sequential Same Store
$
11,461
$
11,743
$
(282
)
(2.4
)
%
Less Nonrecurring
Items in NOI* (b)
52
194
(142
)
1.2
%
Comparative
Sequential Same Store
$
11,409
$
11,549
$
(140
)
(1.2
)
%
Reconciliation to
Three Months Ended
Three Months Ended
Net loss
31-Mar-26
31-Dec-25
Net loss
$
(9,527
)
$
(7,323
)
Add (deduct):
Loss on extinguishment of debt
1,267
—
(Gain) loss on sale of properties and impairment of assets held for sale, net
—
2
Management fee income
(375
)
(363
)
Depreciation and amortization
10,580
10,609
General and administrative
2,669
2,628
Interest expense
6,812
6,340
Interest income
(163
)
(230
)
Non-property specific items, net
188
141
NOI*
$
11,451
$
11,804
(a)
(b)
*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.