FSP · 10-Q · 2026Q1 · Full report
Quarterly Results Snapshot
FRANKLIN STREET PROPERTIES CORP /MA/ · 2026-04-28 · Importance 26 · Surprise 14
Total revenues for the three months ended March 31, 2026 were $26.225 million (rental revenue), down $0.882 million versus $27.107 million in Q1 2025, primarily due to the 2025 property sale and lease expirations. Total expenses were $34.594 million in Q1 2026, down $0.869 million year-over-year, reflecting lower real estate operating expenses, taxes and insurance, depreciation and G&A partially offset by higher interest expense. Loss on extinguishment of debt was ~$1.267 million in Q1 2026 (vs ~$2,000 in Q1 2025) and there was no sale/impairment loss included in Q1 2026 (compared to a $13.284 million impairment in Q1 2025). Net loss improved to $9.527 million in Q1 2026 from $21.435 million in Q1 2025 largely because Q1 2025 included the Monument Circle impairment.
Key facts
- Net loss for the three months ended March 31, 2026 was $9,527 thousand compared to a net loss of $21,435 thousand for the three months ended March 31, 2025, an improvement of $11,908 thousand.
- For the three months ended March 31, 2026, total revenues were $26,225 thousand compared to $27,107 thousand for the three months ended March 31, 2025, a decrease of $882 thousand.
- Rental revenue for the three months ended March 31, 2026 was $26,225 thousand versus $27,107 thousand for the three months ended March 31, 2025, a decrease of $882 thousand.
- Total expenses for the three months ended March 31, 2026 were $34,594 thousand compared to $35,463 thousand for the three months ended March 31, 2025, a decrease of $869 thousand.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +44.0% | Net loss for the three months ended March 31, 2026 was $9,527 thousand compared to a net loss of $21,435 thousand for the three months… |
| revenue | negative | realized | -3.3% | For the three months ended March 31, 2026, total revenues were $26,225 thousand compared to $27,107 thousand for the three months ended… |
| operating_income | positive | realized | +3.2% | Total expenses for the three months ended March 31, 2026 were $34,594 thousand compared to $35,463 thousand for the three months ended… |