Franklin Street Properties Corp. (NYSE MKT:FSP) Q4 2018 Earnings Conference Call Transcript
Feb 13, 2019 • 10:00 am ET
Good morning and welcome to the Franklin Street Properties Corporation Fourth Quarter 2018 Year-End Results Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Scott Carter, General Counsel. Please go ahead.
Good morning and welcome to the Franklin Street Properties Fourth Quarter and Year End 2018 Earnings Call. With 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 with me this morning are Toby Daley and Will Friend who are Senior Vice Presidents and Regional Directors.
Before I turn the call over to John Demeritt, I note the following. 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 Factors section of our annual report on Form 10-K for the year ended December 31, 2018, which is on file with the SEC.
In addition, these forward-looking statements represent the Company's expectations only as of today, February 13, 2019. 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. A reconciliation of FFO to GAAP net income is 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.
Thank you, Scott and good morning, everyone. On today's call, I'll begin with a brief overview of our fourth quarter and year-end results. Afterward our CEO, George Carter will discuss our performance in more detail and provide some of his remarks. John Donahue, our President of the Asset Management team will then discuss recent leasing activities and then Jeff Carter, our President and CIO, will discuss our investment and disposition activities. After that, we'll be happy to take your questions. As a reminder, our comments today will refer to our earnings release supplemental package and 10-K, which were filed with the SEC and as Scott mentioned, can be found on our website.
We reported funds from operation or FFO of $24.5 million or $0.23 per share for the fourth quarter of 2018. And for the full year, we reported $102.5 million in FFO or $0.96 per share. Turning to our balance sheet. At December 31, 2018, we had about $995 million of unsecured debt outstanding and our debt service coverage ratio was about 3.7 times. We have no debt maturities until