FRANKLIN STREET PROPERTIES CORP /MA/ FSP

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

Our company, Franklin Street Properties Corp., which we refer to as FSP Corp., the Company, we or our, is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Our common stock is traded on the NYSE American under the symbol "FSP". FSP Corp. is the successor to Franklin Street Partners Limited Partnership, or the FSP Partnership, which was originally formed as a Massachusetts general partnership in January 1997 as the successor to a Massachusetts general partnership that was formed in 1981. On January 1, 2002, the FSP Partnership converted into FSP Corp., which we refer to as the conversion. As a result of this conversion, the FSP Partnership ceased to exist and we succeeded to the business of the FSP Partnership. In the conversion, each unit of both general and limited partnership interests in the FSP Partnership was converted into one share of our common stock. As a result of the conversion, we hold, directly and indirectly, 100% of the interest in three former subsidiaries of the FSP Partnership: FSP Investments LLC, FSP Property Management LLC, and FSP Holdings LLC. We operate some of our business through these subsidiaries.

Last close 0.45 2026-10-23
Market cap $46.7M 2026-03-31 share count
52-week range 0.30 - 1.41

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield8.9%
Diluted EPS-0.43

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $107.2M$120.1M$145.7M$165.6M$209.4M$245.8M$269.1M$268.9M$272.6M$249.9M
Cost of revenue $42.0M$45.0M$50.7M$52.8M$60.9M$66.9M$72.3M$70.7M$71.2M—
Gross profit $65.1M$75.1M$95.0M$112.8M$148.5M$178.9M$196.8M$198.2M$201.4M—
SG&A $12.4M$13.9M$14.0M$13.9M$15.9M$15.0M$14.5M$13.1M$13.5M$14.1M
Total operating expenses $140.0M$152.8M$171.0M$187.9M$228.7M$254.9M$262.3M$262.2M$264.2M$239.2M
Operating income ———————$6.6M$8.4M$10.7M
Interest expense ——$24.3M$22.8M$32.3M$36.0M$36.8M$38.4M$32.4M$26.5M
Pre-tax income -$44.8M-$52.5M-$47.8M$1.3M$92.9M$32.9M$6.7M$6.6M-$11.9M$8.8M
Income tax $189.0K$216.0K$279.0K$204.0K$638.0K$250.0K$269.0K$360.0K$400.0K$418.0K
Net income -$45.0M-$52.7M-$48.1M$1.1M$92.7M$32.6M$6.5M$13.1M-$15.9M$8.4M
EPS, basic -0.43-0.51-0.470.010.870.300.06———
EPS, diluted -0.43-0.51-0.470.010.870.300.060.12-0.150.08
Shares, diluted (wtd. avg.) 103.6M103.5M103.4M103.3M106.7M107.3M107.2M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $30.6M$41.1M$127.9M$6.6M$40.8M$4.2M$9.8M$11.2M$9.8M$9.4M
Property, plant and equipment $136.0K$70.0K$123.0K$154.0K$198.0K$163.0K$183.0K$197.0K$289.0K$313.0K
Other intangibles $2.5M$4.2M$6.7M$10.2M$14.9M$28.2M$40.7M$59.6M$86.5M$125.5M
Total assets $892.9M$946.9M$1.17B$1.24B$1.36B$1.79B$1.84B$1.90B$1.99B$2.09B
Total liabilities $285.9M$291.1M$456.5M$472.9M$581.0M$1.03B$1.06B$1.06B$1.12B$1.13B
Total equity $607.0M$655.9M$712.8M$768.7M$783.2M$768.1M$786.4M$837.6M$871.3M$962.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $3.8M$9.0M$17.9M$15.2M$36.4M$68.4M$81.9M$80.2M$95.9M$94.4M
Depreciation and amortisation $45.3M$47.7M$57.2M$65.7M$81.0M$91.6M$93.8M$97.2M$103.7M$95.2M
Stock-based compensation $225.0K$270.0K$315.0K$394.0K$338.0K$337.0K$337.0K———
Capital expenditure $16.4M$25.2M$31.6M$54.9M$64.8M$77.9M$70.7M$51.1M$54.2M$37.4M
Investing cash flow -$10.3M$70.3M$113.6M$74.0M$505.5M$11.0M-$19.6M$25.6M-$5.1M-$245.0M
Financing cash flow -$5.6M-$164.5M-$10.3M-$123.4M-$505.2M-$85.1M-$63.7M-$104.5M-$90.4M$141.8M
Dividends paid $4.1M$4.1M$4.1M$54.0M$38.5M$38.6M$38.6M$49.3M$81.5M$77.5M
Buybacks ———$4.8M$18.2M—————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-025284.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 249.9M Net income, FY2016: 8.4M Revenue, FY2017: 272.6M Gross profit, FY2017: 201.4M Net income, FY2017: -15.9M Revenue, FY2018: 268.9M Gross profit, FY2018: 198.2M Net income, FY2018: 13.1M Revenue, FY2019: 269.1M Gross profit, FY2019: 196.8M Net income, FY2019: 6.5M Revenue, FY2020: 245.8M Gross profit, FY2020: 178.9M Net income, FY2020: 32.6M Revenue, FY2021: 209.4M Gross profit, FY2021: 148.5M Net income, FY2021: 92.7M Revenue, FY2022: 165.6M Gross profit, FY2022: 112.8M Net income, FY2022: 1.1M Revenue, FY2023: 145.7M Gross profit, FY2023: 95M Net income, FY2023: -48.1M Revenue, FY2024: 120.1M Gross profit, FY2024: 75.1M Net income, FY2024: -52.7M Revenue, FY2025: 107.2M Gross profit, FY2025: 65.1M Net income, FY2025: -45M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $249.9M $272.6M $268.9M $269.1M $245.8M $209.4M $165.6M $145.7M $120.1M $107.2M
Gross profit — $201.4M $198.2M $196.8M $178.9M $148.5M $112.8M $95.0M $75.1M $65.1M
Net income $8.4M -$15.9M $13.1M $6.5M $32.6M $92.7M $1.1M -$48.1M -$52.7M -$45.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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