Wakefield real estate investment firm Franklin Street Properties Corp. has reported $16.4 million in funds from operations (FFO) million for the third quarter ended Sept. 30, a $300,000 increase from the same period last year.

Franklin Street Properties (FSP) also reported $3.3 million in net income in the third quarter, a $1.4 million decrease from the third quarter 2010.

The increase in FFO was primarily attributable to an increase in real estate FFO of $100,000 and an increase in investment banking FFO of $200,000. The increase in real estate FFO was primarily from three new acquisitions made in March 2011, and the benefits of increased occupancy in the real estate portfolio at Sept. 30, 2011, compared to the same month in 2010, and was partially offset by the sale of two properties in Virginia and

Net income for the nine months ended Sept. 30 increased $22.2 million and FFO increased $3.3 million. The increase in FFO was primarily attributable to an increase in investment banking FFO of $3.8 million and was partially offset by a decrease in real estate FFO of $500,000.

"We believe FSP continues to be in an excellent environment to position itself for meaningful future growth," said George J. Carter, president and CEO. "Our company will continue to use its capabilities and strong balance sheet to take advantage of competitive tenant leasing requirements and attractive real estate investment opportunities that are presenting themselves as a result of the current cyclical softness in the economy and certain commercial property markets. We are very much looking forward to realizing our future growth potential."