Wakefield-based Franklin Street Properties Corp., an investment firm specializing in real estate, reported $10.4 million net income for the second quarter, up significantly from $5.95 million reported during the same time last year.

The company reported second quarter funds from operations (FFO) of $20.1 million, an increase from the $16.7 million reported during the second quarter of 2010, according to a statement. The increase in FFO was primarily attributable to an increase in real estate FFO of $0.4 million and an increase in investment banking FFO of $3 million.

"Our directly-owned real estate portfolio of 34 properties, totaling 6,747,815 square feet, was approximately 86.9 percent leased as of June 30, down from approximately 88.4 percent leased as of March 31," said George J. Carter, president and CEO. "Our property portfolio is primarily suburban office assets. Most of the rental/leasing markets where our properties are located have stabilized, albeit at lower levels than before the recent downturn."

He added: "It is our objective to move overall occupancy levels in the property portfolio to the 90+ percent range. We believe we can make meaningful progress toward that goal throughout the balance of 2011."

Franklin Street Properties also declared a quarterly dividend 19-cents per share, which is payable on Aug. 19 to stockholders of record on July 29.