Franklin Street Properties Corp.

Good morning and welcome to the Franklin Street Properties Corp third quarter 2023 earnings call. All participants are now in listen only mode. After the speaker's remarks, there will be a question and answer session. To join the queue for questions, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. I would now like to turn the call over to Mr. Scott Carter, General Counsel. Please go ahead, sir.

Good morning and welcome to the Franklin Street Properties third quarter 2023 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 Wolf Renz, both Executive Vice President of FSP Property Management. 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. 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 factor section of our annual report on Form 10-K for the year ended December 31, 2022, as amended by our quarterly reports on Form 10-Q, all of which are on file with the SEC. In addition, these forward-looking statements represent the company's expectations only as of today, November 8, 2023. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. 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, reconciliations of FFO, and other non-GAAP financial measures to 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. Now I'll turn the call over to John DeVere.

John? Thank you, Scott, and good morning, everyone. I'm going to have to give a brief overview of our third quarter results, and afterward I'll pass the call to George for his thoughts. As a reminder, our comments today will refer to our earnings release, supplemental package and the 10Q, which, as Scott mentioned, can be found on our website. We reported funds from operation or FFO of about $7.5 million or $0.07 per share for the third quarter of 23 and a gap net loss of about $45.7 million or $0.44 per share for the third quarter of 23. On a year-to-date basis, we reported FFO about $23 million or $0.22 per share for the nine months ended September 30, 23, and a gap net loss of about $51.7 million or $0.50 per share for the nine months ended September of 23. As of September 30, 23, we had $395 million total debt outstanding, including $80 million drawn on our revolver, which had about $70 million available at the time. We had about 10.6 million in cash on hand at 9.30, so there was total liquidity of about 80.6 million at the end of September.