WAKEFIELD, MA-The gain on the sale of three properties helped net income rise by $31 million during the second quarter for Wakefield, MA-based Franklin Properties, the company said. Net income was $40.5 million, 60 cents per share, for the three month period ending June 30, 2006 compared to $9.5 million, or 17 cents per share for the second quarter of 2005.

The Real Estate Investment Trust, which owns 31 properties, primarily office buildings, throughout the US, said the quarterly results reflect a $28.1 million gain on three properties it sold during the quarter.

Franklin Properties said net operating income also benefited from the acquisition of eight properties during 2005 and 2006. The company reported adjusted funds from operations for the second quarter of $20.1 million, or 30 cents per share. That compares to the second quarter of 2005 when adjusted funds from operations were $15.7 million, or 28 cents per share.

For the six-month period ending June 30, Franklin Properties reported net income was $53.6 million, or 84 cents per share compared to $19.8 million, or 37 cents per share, during the first six months of 2005. Adjusted funds from operations for the same period were $40.4 million, or 64 cents per share, compared to $29.3 million, or 55 cents per share during the first six months of 2005. Officials from Franklin Street Properties did not return calls for comment in time for GlobeSt.com’s deadline.

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