NYSE: FSP
FRANKLIN STREET PROPERTIES CORP /MA/CIK 0001031316 · SIC 6798 · Real Estate Investment Trusts
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FSP reports $16.6M Q2 loss, suspends dividend, expands strategic review with BofA/JLL
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FSP: revenue $26.4M, net income -$16.6M. FSP refinances debt with TPG facility, suspends dividends, sells Greenwood Plaza
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FSP sells Colorado office property for $19.4M, books $7.9M loss, repays $8.5M in debt
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Latest financial statements
From 10-Q filed Jul 28, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Rental | 26,355 | 26,715 | 52,580 | 53,822 |
| 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 and diluted | 103,810 | 103,610 | 103,751 | 103,589 |
| Net loss per share, basic and diluted | (0.16) | (0.08) | (0.25) | (0.28) |
Consolidated Balance Sheets (Unaudited)
(in thousands, except share and par value amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Real estate assets: | ||
| Land | 95,782 | 98,883 |
| Buildings and improvements | 1,053,670 | 1,091,728 |
| Fixtures and equipment | 11,220 | 11,572 |
| 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 and Stockholders’ Equity: | ||
| 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 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 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 |
| Supplemental disclosure of cash flow information: | ||
| 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 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands, except share and par value amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗