FRANKLIN STREET PROPERTIES CORP /MA/

Listed Company

FSPCIK 0001031316NYSEAcceleratedSmaller ReportingReal Estate Investment TrustsMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

$107.16M

Net Income

—

Total Assets

$892.88M

Equity

$606.98M

Shares Out

103.69M

Op. Cash Flow

$3.75M

Business

FRANKLIN STREET PROPERTIES CORP /MA/ is a REIT that invests in and operates commercial real estate, with a primary focus on office properties. It generates revenue through rental income from leasing, gains and proceeds from property dispositions, and fee income for asset, property management and development services. The company operates in a single reportable segment—real estate operations—and performs asset and property management activities through subsidiaries and a Sponsored REIT. Its portfolio targets infill and central business district office properties in U.S. sunbelt and mountain west regions and select opportunistic markets, including central business districts such as Dallas, Denver, Houston and Minneapolis.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental	107	120	145	164	208
Total revenues	107	120	146	166	209
Real estate operating expenses	42	45	51	53	61
Real estate taxes and insurance	18	23	27	35	41
Depreciation and amortization	43	45	55	64	79
General and administrative	12	14	14	14	16
Interest	25	26	24	23	—
Total expenses	140	153	171	188	229
Loss on extinguishment of debt	−12,000	−1	−106,000	−78,000	−901,000
Gain on consolidation of Sponsored REIT	—	—	394,000	—	—
Loss on sale of properties and impairment of assets held for sale, net	−13	−21	−23	28	113
Interest income	986,000	2	567,000	—	—
Loss before taxes	−45	−53	−48	1	—
Tax expense	189,000	216,000	279,000	204,000	638,000
Net loss	−45	−53	−48	1	93
Weighted average number of shares outstanding, basic (in shares)	104	104	103	103	107
Weighted average number of shares outstanding, diluted (in shares)	104	104	103	103	107
Net loss per share, basic (in dollars per share)	−0.43	−0.51	−0.47	0.01	0.87
Net loss per share, diluted (in dollars per share)	−0.43	−0.51	−0.47	0.01	0.87

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
"Land (amounts related to variable interest entities (""VIEs"") of $6,416 at December 31, 2024)"	99	105	110	127	147
Buildings and improvements (amounts related to VIEs of $13,279 at December 31, 2024)	1,092	1,096	1,134	1,389	1,457
Fixtures and equipment	12	11	13	11	11
Total real estate assets, gross	1,202	1,213	1,257	1,527	1,615
Less accumulated depreciation (amounts related to VIEs of $682 at December 31, 2024)	408	378	366	423	424
Real estate assets, net (amounts related to VIEs of $19,013 at December 31, 2024)	794	835	891	1,103	1,191
Acquired real estate leases, less accumulated amortization of $14,648 and $13,613, respectively (amounts related to VIEs of $67 less accumulated amortization of $35 at December 31, 2024)	2	4	7	10	15
Cash, cash equivalents and restricted cash (amounts related to VIEs of $1,314 at December 31, 2024)	31	43	128	7	41
Tenant rent receivables	471,000	1	2	2	2
Straight-line rent receivable	39	38	40	53	49
Prepaid expenses and other assets	4	3	4	7	4
Office computers and furniture, net of accumulated depreciation of $1,047 and $1,073, respectively	136,000	70,000	123,000	154,000	198,000
Deferred leasing commissions, net of accumulated amortization of $14,571 and $14,195, respectively	23	23	24	36	38
Total assets	893	947	1,169	1,242	1,364
Term loans payable, less unamortized financing costs of $441 and $2,220, respectively	126	124	115	165	274
Series A & Series B Senior Notes, less unamortized financing costs of $236 and $1,191, respectively	123	122	200	200	199
Accounts payable and accrued expenses (amounts related to VIEs of $534 at December 31, 2024)	29	34	42	50	89
Accrued compensation	2	3	4	4	5
Tenant security deposits	6	6	6	6	6
Lease liability	316,000	707,000	334,000	759,000	1
Acquired unfavorable real estate leases, less accumulated amortization of $56 and $89, respectively	34,000	45,000	87,000	195,000	528,000
Total liabilities	286	291	457	473	581
Commitments and contingencies	—	—	—	—	—
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding	—	—	—	—	—
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,566,715 shares issued and outstanding, respectively	10,000	10,000	10,000	10,000	10,000
Additional paid-in capital	1,336	1,335	1,335	1,335	1,339
Distributions in excess of accumulated earnings	−729	−680	−623	−570	−551
Total stockholders' equity	607	656	713	769	783
Total liabilities and stockholders' equity	893	947	1,169	1,242	1,364

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−45	−53	−48	1	93
Depreciation and amortization expense	45	48	57	66	81
Amortization of above and below market leases	—	−17,000	−44,000	−118,000	−34,000
Shares issued as compensation	225,000	270,000	315,000	394,000	338,000
Amortization of other comprehensive income into interest expense	—	−355,000	−4	—	—
Tenant rent receivables	812,000	908,000	10,000	−247,000	6
Straight-line rents	147,000	2	625,000	−6	−4
Lease acquisition costs	−1	−666,000	−2	−4	−2
Prepaid expenses and other assets	−593,000	355,000	382,000	−2	82,000
Accounts payable and accrued expenses	−4	−4	−3	−6	−11
Accrued compensation	−703,000	−547,000	—	−1	786,000
Tenant security deposits	−39,000	33,000	494,000	−509,000	−2
Payment of deferred leasing commissions	−4	−6	−8	−8	−12
Net cash provided by operating activities	4	9	18	15	36
Property improvements, fixtures and equipment	−16	−25	−32	−55	−65
Consolidation of Sponsored REIT	—	—	3	—	−3
Proceeds received from sales of properties	6	95	142	129	573
Net cash provided by (used in) investing activities	−10	70	114	74	505
Distributions to stockholders	−4	−4	−4	−54	−38
Proceeds received from termination of interest rate swap	—	—	4	—	—
Borrowings under Bank note payable	—	—	77	90	92
Repayments of Bank note payable	—	−23	−35	−42	−95
Repayments of Term loans payable	−716,000	−56	−50	−110	−445
Repayments of Series A&B Senior Notes	−698,000	−76	—	—	—
Deferred financing costs	—	−6	−2	−3	—
Net cash used in financing activities	−6	−164	−10	−123	−505
Net increase (decrease) in cash, cash equivalents and restricted cash	−12	−85	121	−34	37
Interest	22	24	26	21	30
Taxes on income	235,000	385,000	339,000	667,000	454,000
Accrued costs for purchase of real estate assets	763,000	3	8	10	5
Investment in related party mortgage loan receivable converted to real estate assets and acquired real estate leases in conjunction with variable interest entity consolidation	—	—	20	—	—

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