Franklin Street Properties Corp. FSP recently leased around 82,000 square feet of space at its One Overton Park property situated at 3625 Cumberland Boulevard in Atlanta, GA. Reflecting positive sentiments, shares of the company went up 2.56% on Jul 3.
The space has been leased to four different tenants, with the largest being leased to Carestream Dental. The company has signed a lease deal for about 54,000 square feet for a period of 130 months. Carestream will have its worldwide headquarters at this location. The second tenant at this property is KPMG, which has signed a 67-months lease. The company will be occupying 10,103 square feet of space.
Moreover, OneBeacon Services has extended its lease with Franklin Street through January 2024 for approximately 7,322 square feet. Randstad General Partner increased its current working space to 109,438 by leasing additional space of about 10,943 square feet till May 2024 with Franklin Street.
George J. Carter, chairman and chief executive officer at Franklin Street informed, “We welcome the opportunity to build new and lasting relationships with Carestream and KPMG, and greatly value and are pleased to continue our relationships with OneBeacon Services and Randstad.”
Notably, healthy growth in the demand for office spaces on the back of economic improvement and recovery in the job market is likely to aid Franklin Street. This is because, as the economy revives, business grows and therefore, corporate sectors seek expansion, renting more space to accommodate the increased workforce. However, rising supply of office space and rate hike issues remain concerns.
Shares of Franklin Street have outperformed the industry it belongs to in the past month. This Zacks Rank #2 (Buy) company’s shares have rallied 9.1%, while the industry recorded growth of just 2.6% during the same time period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Stocks Worth a Look
Other top-ranked stocks in the same space include Arbor Realty Trust ABR, LaSalle Hotel Properties LHO and Park Hotels & Resorts Inc. PK, each sporting a Zacks Rank of 1.
Arbor Realty’s Zacks Consensus Estimate for 2018 funds from operations (FFO) per share remained unchanged at $1.03 in the past month. Its shares have returned 21.4% in the past three months.
LaSalle Hotel’s FFO per share estimates for 2018 have been revised marginally upward over the past month. The stock has gained 18% during the past three months.
Park Hotels & Resorts’ Zacks Consensus Estimate for 2018 FFO per share has remained unchanged at $2.73 over the past month. Its shares have returned 15.4% in three months’ time.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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