FSP
Franklin Street Properties Corp.0.9838
+0.0146+1.51%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
102.01MP/E (TTM)
-Basic EPS (TTM)
-0.44Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
Franklin Street Properties posted FY2025 rental revenue of $107.2M, down 10.8% y/y from $120.1M amid property sales and lease expirations, yet NOI held at $45.8M from its 4.8M sq ft portfolio at 68.9% leased. Q4 benefited from new leases totaling 413,000 sq ft at $32.42/sq ft (5.7% above prior), but occupancy slipped 1.4 points y/y to 68.9% as expirations outpaced uptake. Expenses fell in tandem, trimming net loss to $45.0M from $52.7M; FFO landed at $11.0M. Debt stood at $249M pre-refinancing into a $320M TPG facility in Feb 2026, with dividends suspended for leasing. Ongoing strategic review eyes sales amid thin markets. Tenant bankruptcies threaten rent collection.
8-K
Q4 loss, dividend suspension
Franklin Street Properties reported Q4/full-year 2025 net loss of $7.3M/$45.0M, with FFO at $3.4M/$11.0M and occupancy slipping to 68.9% from 70.3%. They suspended dividends to save $4.1M annually for leasing, while ongoing strategic review eyes asset sales amid soft office markets. Debt refinanced via $320M TPG facility.
8-K
Closes $320M debt refinance
Franklin Street Properties secured a $320M credit facility on February 26, 2026, drawing $275M initial term loans (with 6% OID) at 9% interest maturing 2029 to refinance $249M prior debt. Secured by all assets, it adds $45M delayed draw capacity for leasing costs, but mandates prepays on property sales and a 4% exit fee. Director Wilkins exits at 2026 meeting.
10-Q
Q3 FY2025 results
Franklin Street Properties trimmed losses in Q3 ended September 30, 2025, posting a net loss of $8.3M versus $15.6M a year earlier, while YTD net loss narrowed to $37.6M from $44.2M; rental revenue fell 8% y/y to $27.3M (derived) on property sales, yet expenses dropped faster at 5% y/y to $35.9M, trimming operating losses. Sales of non-core assets like Monument Circle generated $6.1M proceeds used to repay debt, leaving $248M total (term loans at 9%, Senior Notes at 9%, all due April 2026). Cash sits at $31.6M after $0.1M operating outflow. Debt matures soon.
8-K
Q3 loss, occupancy dips
Franklin Street Properties reported Q3 2025 GAAP net loss of $8.3M while FFO held at $2.3M; occupancy slipped to 68.9% from 70.3% year-end amid lease expirations, yet new leases fetched 6.0% higher rents at $31.81/sf. Board presses strategic review with BofA Securities, eyeing sales or refinancings. Dividend stays $0.01/share. No timeline set.
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