Short answer
FRANKLIN STREET PROPERTIES CORP /MA/ (FSP) filed its fiscal 2025 10-K annual report with the SEC on Mar 9, 2026. It reported revenue of $107M (−10.8% year over year) and net income of −$45M.
- Top risk flagged: Regulatory risk: Texas Franchise Tax on revenues from Texas properties totaling $189,000 in 2025 impacting tax expenses
FY2025 key financial metrics · XBRL
- Revenue
- $107M
- −10.8% YoY
- Net income
- −$45M
- +14.7% YoY
- EPS (diluted)
- −$0.43
- +15.7% YoY
- ROE
- -7.4%
- +0.6 pp YoY
- Operating cash flow
- $4M
- −58.2% YoY
Source: XBRL data from the FRANKLIN STREET PROPERTIES CORP /MA/ (FSP) FY2025 10-K on SEC EDGAR. USD.
FRANKLIN STREET PROPERTIES CORP /MA/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: REIT focusing on commercial office real estate leasing, property dispositions, and asset/property management fees
- New emphasis on infill and central business district office properties in U.S. sunbelt and mountain west regions
- Strategic shift: discontinued investment banking segment since 2011, renewed focus solely on real estate operations
- Owned property count 14 as of December 31, 2025, with focus on long-term growth and appreciation
- Geographic expansion targeting opportunistic markets within sunbelt and mountain west, driven by macro-economic growth potential
Management Discussion & Analysis
- Revenue primarily from real estate rental and leasing operations; no specific FY2026 revenue or YoY amounts disclosed
- No reported profitability or margin % figures in FY2026 MD&A section
- Single segment: real estate operations in Dallas, Denver, Houston, Minneapolis totaling ~4.8 million sq ft; no segment performance breakdown
- Closed $320M secured credit facility Feb 2026; repaid $249M prior debt; $275M initial term loans plus $45M delayed draw term loans for improvements
- Management ongoing strategic review due to low transaction volume, constrained lending; risks from economic conditions, interest rates, COVID-19, geopolitical events impacting asset values and operations
Risk Factors
- Regulatory risk: Texas Franchise Tax on revenues from Texas properties totaling $189,000 in 2025 impacting tax expenses
- Macroeconomic threat: Interest rate increase risk on 50.6% unhedged variable rate debt affecting cash flow and refinancing capacity
- Operational vulnerability: Declining leased space to 68.9% as of December 31, 2025, down from 70.3% in 2024, reducing rental income
- Market disruption risk: Competitive pressure from regional real estate markets in Sunbelt and Mountain West affecting property valuation and leasing
- Financial risk: Significant loss on property sales, e.g., $12.9 million loss on Indianapolis property sold in June 2025 impacting net income
Generated from the filing text; verify against the original. How to read a 10-K
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