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FSP US​
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Franklin Street Properties Corp /MA/(FSP US)

$0.40+0.024.18%Ext:$0.34-0.0716.27%(Market Closed · 00:00:03 UTC)
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Franklin Street Properties Corp /MA/ — Company Profile

Franklin Street Properties Corp. (FSP), a company based in Wakefield, Massachusetts, specializes in acquiring and developing office real estate. Its investment focus centers on properties within central business districts (CBDs) and other dense urban "infill" locations across the U.S. Sunbelt and Mountain West areas, as well as carefully selected emerging markets. FSP adopts a value-oriented investment approach, aiming to secure assets that promise both significant long-term growth and capital appreciation, alongside reliable current income. As a Maryland corporation, the firm is structured and managed to meet the necessary criteria for classification as a Real Estate Investment Trust (REIT) under federal income tax law.

Sector
Real Estate
Industry
Specialized REITs
Exchange
UA
CEO
George John Carter
Headquarters
Wakefield, MA, US
IPO Date
Jun 2, 2005
Employees
28
Website
www.fspreit.com

Key Metrics

Price
$0.33
Market Cap
$34.11M
Revenue (TTM)
$26.23M
Net Income (TTM)
$-9527000.00
EPS (TTM)
-0.09
P/E (TTM)
-1.03
P/B (TTM)
0.06
Dividend Yield
4.46%
ROE (TTM)
-1.60%
ROA (TTM)
-1.08%
Operating Margin
-31.91%
Beta
0.91

Dividends

Last Dividend
$0.01
Last Yield
0.04%

Summary

Franklin Street Properties Corp. (FSP), a company based in Wakefield, Massachusetts, specializes in acquiring and developing office real estate. Its investment focus centers on properties within central business districts (CBDs) and other dense urban "infill" locations across the U.S. Sunbelt and Mountain West areas, as well as carefully selected emerging markets. FSP adopts a value-oriented investment approach, aiming to secure assets that promise both significant long-term growth and capital appreciation, alongside reliable current income. As a Maryland corporation, the firm is structured and managed to meet the necessary criteria for classification as a Real Estate Investment Trust (REIT) under federal income tax law.

Website
www.fspreit.com
Location
Wakefield, MA, US
Phone781-557-1300
Employees28
CEOGeorge John Carter
Sector
Real Estate
Industry
Specialized REITs
IPO DateJun 2, 2005

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Latest Documents

SEC Filings(798)

Expand
  • SC 13D/AFRANKLIN STREET PROPERTIES CORP /MA/30 Oct
  • SC 13G/AFRANKLIN STREET PROPERTIES CORP /MA/28 Oct
  • 10-QQ3ended 30 Sept 202627 Oct
  • 8-K​​PRESS RELEASEFranklin Street Properties Corp.27 Oct
  • SC 13DFRANKLIN STREET PROPERTIES CORP /MA/14 Oct
  • SC 13GFRANKLIN STREET PROPERTIES CORP /MA/3 Aug
  • SC 13G/AFRANKLIN STREET PROPERTIES CORP /MA/28 Jul
  • 10-QQ2ended 30 Jun 202628 Jul
  • 8-K​​PRESS RELEASEFranklin Street Properties Corp.28 Jul
  • 8-K​​​​​​​​​​​​​​​​Transaction​​Other Transaction​​​​​Historical​Accounting​​Accounting​​​​​FSP Corp. (a)​Adjustments​​Adjustments​Pro Forma​​​​​​​​​​​​Assets:​​​​​​​​​​​Real estate assets, net$788,571​$(24,316)(b)$-​$764,255Acquired real estate leases, net​2,080​​-​​-​​2,080Cash, cash equivalents and restricted cash​23,753​​17,509(c)​(8,515)(e)​32,747Tenant rents receivable​1,345​​-​​-​​1,345Straight-line rents receivable​38,670​​(671)(b)​-​​37,999Prepaid expenses and other assets​4,322​​-​​-​​4,322Office computers & furniture, net​124​​-​​-​​124Deferred leasing commissions, net​22,921​​(857)(b)​-​​22,064​​​​​​​​​​​​Total assets$881,786​$(8,335)​$(8,515)​$864,936​​​​​​​​​​​​Liabilities and Stockholders' equity:​​​​​​​​​​​Liabilities:​​​​​​​​​​​Initial Term Loans, net​251,527​​-​​(7,453)(e)​244,074Accounts payable and accrued expenses​26,391​​(478)(b)​-​​25,913Accrued compensation​234​​-​​-​​234Tenant security deposits​6,186​​-​​-​​6,186Lease liability​1,002​​-​​-​​1,002Acquired unfavorable real estate leases, net​33​​-​​-​​33Total liabilities​285,373​​(478)​​(7,453)​​277,442​​​​​​​​​​​​Stockholders' Equity:​​​​​​​​​​​Preferred stock​-​​-​​-​​-Common stock​10​​-​​-​​10Additional paid-in capital​1,335,586​​-​​-​​1,335,586Accumulated distributions in excess of accumulated earnings​(739,183)​​(7,857)(d)​(1,062)(e)​(748,102)Total stockholders' equity​596,413​​(7,857)​​(1,062)​​587,494​​​​​​​​​​​​Total liabilities and stockholders' equity$881,786​$(8,335)​$(8,515)​$864,93613 Jul
  • 4Bitterman Jennifer29 May
  • 4Murray Georgia29 May
  • 4MCGILLICUDDY DENNIS J29 May
  • 4Burke John N29 May
  • 8-KSubmission of Matters to a Vote of Security Holders14 May
  • 10-QQ1ended 31 Mar 202628 Apr
  • 8-K​​PRESS RELEASEFranklin Street Properties Corp.28 Apr
  • ARSAnnual report to security holders2 Apr
  • DEFA14ADefinitive additional materials2 Apr
  • DEF 14ADefinitive proxy statement2 Apr

News

  • Franklin Street Properties Corp. Announces Third Quarter 2026 Results27 Oct
  • Franklin Street Properties Corp. to Announce Third Quarter 2026 Results20 Oct
  • Morningstar Wealth and Envestnet Expand Advisor Access to Public and Private Markets6 Oct
  • Analyzing Franklin Street Properties (NYSE:FSP) & Cousins Properties (NYSE:CUZ)13 Aug

Mentions in Filings

  • … rman currently serves as Global Chief Financial Officer of the GSA Group, a subsidiary of The DOT Group, since June 2025. Ms. Bitterman also serves as a member of the Board of Directors and Audit Committee of <strong>Franklin Street Properties Corp.</strong>, a publicly traded real estate investment trust focused on office properties in U.S. Sunbelt and Mountain West markets, since October 2025. From July 2023 to May 2025, Ms. Bitterman served as Chief Financial …
    Braemar Hotels & Resorts Inc.Franklin Street Properties Corp /MA/·EX-99.1 - DFAN14A - Definitive additional soliciting materials·Q3 26·15 Sep
  • … rman currently serves as Global Chief Financial Officer of the GSA Group, a subsidiary of The DOT Group, since June 2025. Ms. Bitterman also serves as a member of the Board of Directors and Audit Committee of <strong>Franklin Street Properties Corp.</strong>, a publicly traded real estate investment trust focused on office properties in U.S. Sunbelt and Mountain West markets, since October 2025. From July 2023 to May 2025, Ms. Bitterman served as Chief Financial …
    Braemar Hotels & Resorts Inc.Franklin Street Properties Corp /MA/·DFAN14A - Definitive additional soliciting materials·Q3 26·14 Sep
  • 33 operates premier golf and business clubs and destination golf resorts. He previously served as Chief Financial Officer of Bristol Hotels & Resorts in Dallas, a position he held from 1996 until the company’s acquisition by Bass PLC in early 2000. Prior to joining Bristol, he was Corporate Controller at Host Marriott Corporation (formerly Marriott Corporation) and, prior to that, held various senior financial positions at Marriott Corporation …
    Lightstone Value Plus REIT V, Inc.Franklin Street Properties Corp /MA/·ARS - Annual report to security holders·FY25·1 Jun
  • … ool of Law, where he served as a member of the Law Review; and a B.A. from Yeshiva College, where he is currently a member of the board of trustees of Sy Sym School of Business. Mr. Schanzer was a Director of <strong>Franklin Street Properties Corp.</strong> from November 2024 until October 2025. He is also presently a member of the board of advisors of New York Medical College. Mr. Schanzer previously served as a member of the board of governors of the National …
    Lightstone Value Plus REIT V, Inc.Franklin Street Properties Corp /MA/·DEF 14A - Definitive proxy statement·Q3 26·1 Jun
  • … merican Assets Trust, Inc. •JBG Smith Properties •Cousins Properties •Highwoods Properties, Inc. •Douglas Emmett, Inc. •Empire State Realty Trust, Inc. •Piedmont Realty Trust, Inc. •Brandywine Realty Trust •<strong>Franklin Street Properties Corp.</strong> •Acadia Realty Trust •Urban Edge Properties •Saul Centers, Inc. •Whitestone REIT •CTO Realty Growth, Inc. •Summit Hotel Properties, Inc. •Chatham Lodging Trust •SmartStop Self Storage REIT, Inc.
    AH Realty Trust, Inc.Franklin Street Properties Corp /MA/·EX-10.14 - 10-Q - Quarterly report Q1·Q1 26·7 May
  • … ation practices to the following REITs, which we refer to as the “Compensation Peer Group”: Broadstone Net Lease, Inc., Chatham Lodging Trust, Community Healthcare Trust Incorporated, CTO Realty Growth, Inc., <strong>Franklin Street Properties Corp.</strong>, Getty Realty Corp., Global Medical REIT Inc., NETSTREIT Corp., Orion Properties Inc., Plymouth Industrial REIT, Inc., Postal Realty Trust, Inc., and Wheeler Real Estate Investment Trust, Inc. Ferguson select …
    ONE LIBERTY PROPERTIES INCFranklin Street Properties Corp /MA/·DEF 14A - Definitive proxy statement·Q2 26·20 Apr

Key Stats

Trading

Px/Chg 1D$0.33 / -0.64%
Prev Close$0.40
% of 52Wk H23.37%
Avg Volume652.28K
Beta0.91
Mkt Cap34.11M
FD Mkt Cap42.05M

Float

Shrs Out/Float104.01M / 91.67M
Short Float0.01%
Days to Cover1.00
Stock Repurchased$0.00

Current Valuation

EV262.88M
EV/EBITDA8.56
EV/Sales2.47
P/B0.06
P/S0.32
FCF Yield-23.01%
ROE-1.60%
ROA-1.08%
Current Ratio2.42

Dividend

Cash$0.01
Yield4.46%
Yield (TTM)4.46%

Estimates

P/E-1.03
Est P/EN/A
Est EPSN/A
Est PEGN/A

Valuation

Metric5Yr AvgMay '23Apr '24Apr '25Apr '26Oct '26
PRICE-BASED RATIOS
Price / Earnings17.85109.57-4.19-3.04-9.51-3.58
Price / Sales1.480.721.381.342.671.30
Price / Book Value0.170.160.280.240.110.06
Price / Free Cash Flow-10.37-3.02-14.64-9.89-19.96-4.35
ENTERPRISE VALUE METRICS
Enterprise Value385.5529.1480.7366.9287.6262.9
Enterprise Value / Sales6.123.203.303.0611.0510.02
Enterprise Value / EBITDA19.255.9014.2716.9629.7229.41
Enterprise Value / EBIT-84.0621.95-20.45-14.07-308.95-98.79

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '21Dec '22Dec '23Dec '24Dec '25
INCOME STATEMENT
Revenue-15.4%209.4165.6145.7120.1107.2
Gross Income-18.7%107.478.267.852.446.9
EBITDA-42.5%206.289.733.721.622.6
EBIT—125.224.1-23.5-26.1-20.1
Net Income—92.71.1-48.1-52.7-45.0
EPS (Diluted)—0.870.01-0.47-0.51-0.43
BALANCE SHEET
Cash & ST Inv-2.8%34.33.7125.541.130.6
Total Assets-10.1%1,364.21,241.71,169.3946.9892.9
Total Liabilities-16.2%581.0472.9456.5291.1285.9
Total Shareholder Equity-6.2%783.2768.7712.8655.9607.0
CASH FLOW
Net Operating Cash Flow-43.3%36.415.217.99.03.8
Cap Ex-29.1%-64.8-54.9-31.6-25.2-16.4
Free Cash Flow-18.3%-28.5-39.7-13.8-16.2-12.7

Enterprise Value Bridge

Millions USD23 Oct '26
Price (As of 23 Oct '26)0.45
Basic Shares104.01
Market Cap47.0
Diluted Shares104.01
Fully Diluted Shares Outstanding104.01
Fully Diluted Market Cap47.0
+Consolidated Debt-
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-34.9
−Short-term Investments-
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value12.2

Segment data

Revenue

by Products and services

  • Real Estate Operations100%

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