WAKEFIELD, MA -- (Marketwire) -- 02/19/13 -- Franklin Street Properties Corp. (the "Company," "FSP," "we" or "our") (NYSE MKT: FSP), an investment firm specializing in real estate, announced today Funds From Operations (FFO) of $20.5 million or $0.25 per share for the fourth quarter ended December 31, 2012; and FFO of $79.0 million or $0.95 per share for the full year ended December 31, 2012. Net income was $5.5 million or $0.07 per share for the fourth quarter and $7.6 million or $0.09 per share for the year ended December 31, 2012.
The Company evaluates its performance based on FFO, Net Income and EPS and believes each is an important measure. A reconciliation of Net Income to FFO, which is a non-GAAP financial measure, is provided on page 3 of this press release.
Three Months Ended Year Ended December 31, December 31, -------------------------- --------------------------(in 000's except per Increase Increase share data) 2012 2011 (Decrease) 2012 2011 (Decrease) ------- ------- ---------- ------- ------- ----------Net Income $ 5,460 $ 5,062 $ 398 $ 7,633 $43,524 $ (35,891) ======= ======= ========== ======= ======= ==========FFO $20,515 $18,457 $ 2,058 $79,041 $71,210 $ 7,831 ======= ======= ========== ======= ======= ==========Per Share Data:EPS $ 0.07 $ 0.06 $ 0.01 $ 0.09 $ 0.53 $ (0.44)FFO $ 0.25 $ 0.22 $ 0.03 $ 0.95 $ 0.87 $ 0.08Weighted average shares (diluted) 82,937 82,937 - 82,937 81,857 1,080 ------- ------- ---------- ------- ------- ----------
Comparing results for the fourth quarter of 2012 to the same period in 2011, FFO increased $2.1 million or $0.03 per share. The FFO increase was primarily from higher property income due to three acquisitions completed since October 2011 and improved occupancy in our portfolio, and increased interest income from secured real estate loans, which was partially offset by higher interest expense and G&A. Net Income and EPS was $5.5 million or $0.07 per share for the fourth quarter of 2012 compared to net income of $5.1 million and $0.06 per share for the fourth quarter of 2011.
Comparing results for the year ended December 31, 2012 to 2011, FFO increased $7.8 million or $0.08 per share. The FFO increase was primarily from higher property income due to seven acquisitions completed since the start of 2011 and improved occupancy in our portfolio, and increased interest income from loans on secured real estate, which was partially offset by higher interest expense and G&A. Net Income and EPS was $7.6 million and $0.09 per share, respectively, for the year ended December 31, 2012 compared to net income of $43.5 million and $0.53 per share for the same period in 2011. For the year ended December 31, 2012, Net Income includes the effect of a loss from discontinued operations of $15.7 million or $0.19 per share. The loss included a $14.8 million loss on a property sold in December and $0.9 million in losses from the operations of the property we sold.
