FSP · 10-Q · 2026Q1

FRANKLIN STREET PROPERTIES CORP /MA/

Filed 2026-04-28 · Real Estate

Ranked Events

• Outstanding IndebtednessImportance 96 · Surprise 100
  On February 26, 2026, the Company entered into a secured credit facility totaling up to $320 million with an affiliate of TPG Credit consisting of $275 million initial term loans and up to $45 million of delayed draw…
• Liquidity and Cash PositionImportance 86 · Surprise 84
  Cash and cash equivalents were $23.8 million as of March 31, 2026, down from $30.6 million at December 31, 2025, a decrease of $6.8 million driven by $5.1 million used in operating activities and $2.7 million used in…
• Acquisitions and DispositionsImportance 79 · Surprise 92
  On April 7, 2025 Monument Circle entered into a purchase and sale agreement to sell its Indianapolis property for a gross sales price of $6.0 million and the Company recorded an impairment loss of $13.3 million during…
• Capital Return ProgramImportance 77 · Surprise 82
  In March 2026 the Board determined to suspend quarterly cash dividends in order to redeploy capital into leasing efforts intended to enhance portfolio value; the Company paid $1.0 million of distributions to…
• Interest Rate and Refinancing ExposureImportance 74 · Surprise 84
  Interest expense increased by approximately $1.1 million in the three months ended March 31, 2026 compared to the same period in 2025, primarily due to a higher principal amount of debt outstanding during the period.…
• Loss on Debt ExtinguishmentImportance 65 · Surprise 82
  During the three months ended March 31, 2026 the Company recorded a loss on extinguishment of debt of approximately $1.3 million, compared to about $2,000 in the prior-year period. The loss relates to debt deal costs…
• Interest Expense IncreaseImportance 59 · Surprise 48
  Interest expense increased by approximately $1.1 million, to $6.812 million for the three months ended March 31, 2026 versus $5.691 million in the prior-year period. Management states the increase was primarily due to…
• Funds From Operations (FFO)Importance 57 · Surprise 64
  NAREIT FFO was $1.053 million and the Company’s reported FFO was $1.151 million for the three months ended March 31, 2026, compared to NAREIT FFO of $2.673 million and FFO of $2.727 million for the three months ended…
• Occupancy and Leasing ActivityImportance 53 · Surprise 32
  Owned properties were approximately 68.4% leased as of March 31, 2026, down from 68.9% at December 31, 2025, with vacancy increasing to ~1,520,000 square feet from ~1,497,000. During Q1 2026 the Company executed…
• Net Operating Income (NOI)Importance 49 · Surprise 32
  Property NOI from owned properties was $11.451 million for the three months ended March 31, 2026, versus $11.343 million for the comparable period in 2025 (1.0% increase). Same-store NOI declined modestly in certain…
• Acquisition / Partnership / DivestitureImportance 41 · Surprise 42
  The Company has entered into an Inspection and Confidentiality Agreement with a potential owner-user for its Greenwood Plaza property and is negotiating a Purchase and Sale Agreement with that buyer. Closing would be…
• Revenue Concentration RiskImportance 37 · Surprise 32
  Total revenues decreased $0.9 million to $26.225 million for Q1 2026 versus Q1 2025, primarily due to a decrease in rental revenue attributable to the 2025 sale of a property and lease expirations. The filing…
• Operating Expense TrendsImportance 37 · Surprise 32
  Total expenses decreased $0.9 million to $34.6 million for Q1 2026 versus Q1 2025. The decline was driven by approximately $1.0 million lower real estate operating expenses and taxes (primarily due to the 2025 property…
• Strategic Alternatives ReviewImportance 30 · Surprise 42
  In May 2025 the Board initiated a review of strategic alternatives to explore ways to maximize shareholder value, including corporate transactions, portfolio- and asset-level dispositions, refinancing alternatives and…
• Quarterly Results SnapshotImportance 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.…
• Market demand trendsImportance 23 · Surprise 24
  Management reports an increased number of larger prospective leasing opportunities across its markets but notes that transaction volume for office assets remains below historical levels and liquidity is constrained.…
• Regulatory / Accounting StandardsImportance 17 · Surprise 24
  The Company discloses new FASB accounting standards including ASU 2023-06 (Disclosure Improvements) issued October 2023 and ASU 2024-03 (Expense Disaggregation) issued November 2024. ASU 2023-06 adds interim and annual…
• Geographic market commentaryImportance 10 · Surprise 6
  The Company focuses on infill and central business district office properties in the U.S. sunbelt and mountain west regions, targeting long-term growth and appreciation. As of March 31, 2026, the entire owned portfolio…

Revenue by Product (in thousands)