Wakefield-based investment firm Franklin Street Properties Corp. (FSP) has reported net income of $7.8 million for the first quarter, compared to $7.4 million in the same period a year ago, an 5.4 percent increase. 

"Dividend distributions declared for the first quarter of 2009, which are payable on May 20, will be approximately $13.4 million or $0.19 per share," said George J. Carter, President and CEO. "Significant portions of our real estate investment business, specifically property sales and investment banking, are transactional.  Neither of these business segments made a positive contribution to the first quarter. Substantially all profits for the quarter were produced by our ongoing/recurring rental operations."

During the first quarter of 2009, the firm’s investment banking group raised $175,000 of equity capital, an insignificant contribution and similar to the fourth quarter of 2008, according to Carter.

"Concern and uncertainty continues to surround the potential impact on commercial real estate emanating from the U.S. recession and financial credit crisis, and our established investor clients continue to sit on the sidelines until a clearer sense of stability returns to the broader capital markets before considering significant investment purchases," he said. "The lack of equity raising activity resulted in our investment banking business segment operating at a loss for the first quarter totaling approximately $0.8 million or $0.01 per share. We anticipate business in this area to remain very volatile quarter-to-quarter as long as broader investment market activity and financial events continue to meaningfully sway investor confidence and sentiment."