$FSP

FRANKLIN STREET PROPERTIES CORP /MA/

CIK:0001031316|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 26,355	$ 26,715	$ 52,580	$ 53,822
Expenses:
Real estate operating expenses	10,006	10,701	20,296	20,796
Real estate taxes and insurance	4,550	4,191	8,793	9,560
Depreciation and amortization	10,432	10,626	21,012	21,450
General and administrative	2,401	3,281	5,070	6,765
Interest	7,987	6,339	14,799	12,030
Total expenses	35,376	35,138	69,970	70,601
Loss on extinguishment of debt		(3)	(1,267)	(5)
Gain (loss) on sale of properties and impairment of assets held for sale, net	(7,691)	384	(7,691)	(12,900)
Interest income	157	248	320	507
Loss before taxes	(16,555)	(7,794)	(26,028)	(29,177)
Tax expense	50	82	104	134
Net loss	$ (16,605)	$ (7,876)	$ (26,132)	$ (29,311)
Weighted average number of shares outstanding, basic (in shares)	103,810	103,610	103,751	103,589
Weighted average number of shares outstanding, diluted (in shares)	103,810	103,610	103,751	103,589
Net loss per share, basic (in dollars per share)	$ (0.16)	$ (0.08)	$ (0.25)	$ (0.28)
Net loss per share, diluted (in dollars per share)	$ (0.16)	$ (0.08)	$ (0.25)	$ (0.28)
Rental
Revenues:
Rental	$ 26,355	$ 26,715	$ 52,580	$ 53,822

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (26,132)	$ (29,311)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	23,763	22,818
Amortization of above and below market leases	(1)
Shares issued as compensation	180	225
Loss on extinguishment of debt	1,267	5
Loss on sale of properties and impairment of assets held for sale, net	7,691	12,900
Changes in operating assets and liabilities:
Tenant rent receivables	(965)	(285)
Straight-line rents	951	(4)
Lease acquisition costs	(269)	(115)
Prepaid expenses and other assets	239	(287)
Accounts payable and accrued expenses	(5,171)	(10,924)
Accrued compensation	(2,045)	(1,186)
Tenant security deposits	9	52
Payment of deferred leasing commissions	(1,634)	(2,247)
Net cash used in operating activities	(2,117)	(8,359)
Cash flows from investing activities:
Property improvements, fixtures and equipment	(5,834)	(7,320)
Proceeds received from sales of properties		6,099
Net cash used in investing activities	(5,834)	(1,221)
Cash flows from financing activities:
Distributions to stockholders	(1,037)	(2,071)
Proceeds received from Initial Term Loans	258,500
Cost of extinguished debt	(1,018)
Repayments of Term Loans payable	(125,995)	(260)
Repayments of Series A&B Senior Notes	(122,922)	(254)
Deferred financing costs	(7,689)
Net cash used in financing activities	(161)	(2,585)
Net decrease in cash, cash equivalents and restricted cash	(8,112)	(12,165)
Cash, cash equivalents and restricted cash, beginning of year	30,571	42,683
Cash, cash equivalents and restricted cash, end of period	22,459	30,518
Cash paid for:
Interest	12,376	10,176
Taxes	210	304
Non-cash investing activities:
Accrued costs for purchases of real estate assets	1,434	$ 1,379
Non-cash financing activities:
Initial Term Loan original issue discount	$ 16,500

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate assets:
Land	$ 95,782	$ 98,883
Buildings and improvements	1,053,670	1,091,728
Fixtures and equipment	11,220	11,572
Total real estate assets, gross	1,160,672	1,202,183
Less accumulated depreciation	402,633	408,461
Real estate assets, net	758,039	793,722
Acquired real estate leases, less accumulated amortization of $15,468 and $14,648, respectively	1,670	2,490
Assets held for sale	17,987
Cash, cash equivalents and restricted cash	22,459	30,571
Tenant rent receivables	1,436	471
Straight-line rent receivable	37,411	38,744
Prepaid expenses and other assets	4,445	4,080
Office computers and furniture, net of accumulated depreciation of $990 and $1,047, respectively	132	136
Deferred leasing commissions, net of accumulated amortization of $13,832 and $14,571, respectively	21,275	22,670
Total assets	864,854	892,884
Liabilities:
Initial Term Loans, less unamortized financing costs and OID of $21,864	253,136
Term loans payable, less unamortized financing costs of $441		125,555
Series A & Series B Senior Notes, less unamortized financing costs of $236		122,686
Accounts payable and accrued expenses	24,220	28,724
Accrued compensation	349	2,394
Tenant security deposits	6,207	6,198
Lease liability	923	316
Acquired unfavorable real estate leases, less accumulated amortization of $59 and $56, respectively	31	34
Total liabilities	284,866	285,907
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
Common stock, $.0001 par value, 180,000,000 shares authorized, 104,011,708 and 103,690,340 shares issued and outstanding, respectively	10	10
Additional paid-in capital	1,335,766	1,335,586
Accumulated distributions in excess of accumulated earnings	(755,788)	(728,619)
Total stockholders' equity	579,988	606,977
Total liabilities and stockholders' equity	$ 864,854	$ 892,884