By Roshan Fernandez
Shares of Franklin Street Properties climbed after initiating a review of strategic alternatives, including the sale of the company, to maximize shareholder value.
Shares of the real estate investment company rose about 29% to $1.88, though the stock is down 3.1% in the past year.
Chief Executive George Carter said the company believes its share price doesn't adequately reflect the value of its real estate. "Accordingly, we have undertaken this strategic review process to explore opportunities to eliminate this disconnect," he said.
The Wakefield, Mass.-based company said the review will include a range of possibilities such as a sale of the company, a sale of its assets and a refinancing of debt.
Franklin Street Properties engaged Bank of America Securities as its financial adviser in connection with the review, it said.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
(END) Dow Jones Newswires
May 14, 2025 10:41 ET (14:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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