FRANKLIN STREET PROPERTIES CORP /MA/
For the period ended Oct 28, 2025. Filed Oct 28, 2025.
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Oct 28, 2025 · Filed Oct 28, 2025
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Contents
EX-99.2 · Net Asset Value Components
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| Net Asset Value Components |
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| (in thousands except per share data) | | | | | | | | | | | | | | | |
| · · As of · · · · · · · · · · · · | |||||||||||||||
| · 30-Sep-25 · Assets: · · · · · Other information: · · · | |||||||||||||||
| Total Market Capitalization Values | | | | | | Straight-line rent receivable | | $38,857 | | | Leased SF to be FFO producing | | | ||
| Shares outstanding | | | 103,690.3 | | | Assets held for sale | | | — | | | during 2025-2028 (in 000's) | | | 63 |
| Closing price | | $1.60 | | | Cash, cash equivalents and restricted cash | | | 31,575 | | | | | | | |
| Market capitalization | | $165,905 | | | Tenant rent receivables | | | 1,380 | | | Straight-line rental revenue current quarter | | $37 | ||
| Debt | | | 248,917 | | | Prepaid expenses | | | 3,490 | | | | | | |
| Total Market Capitalization | | $414,822 | | | Office computers and furniture | | | 48 | | | | | | | |
| | | | | | | Other assets: | | | | | | | | | |
| | | | | | | Deferred financing costs, net | | | 1,354 | | | | | | |
| | | 3 Months | | | Other assets - Right-to-Use Asset | | | 399 | | | | | | | |
| | | Ended | | | | | $77,103 | | | | | | | ||
| NOI Components | | 30-Sep-25 | | | | | | | | | | | | | |
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| Same Store NOI (1) | | $11,083 | | | | | | | | | | | | | |
| Acquisitions (1) (2) | | | — | | | Liabilities: | | | | | | | | | |
| Property NOI (1) | | | 11,083 | | | Debt (excluding contra for unamortized financing costs) | | $248,917 | | | Footnotes to the components | | | | |
| Full quarter adjustment (3) | | | — | | | Accounts payable & accrued expenses | | | 31,420 | | | (1) See pages 11 & 30 for definitions and reconciliations. | |||
| Stabilized portfolio | | $11,083 | | | Tenant security deposits | | | 6,258 | | | | ||||
| | | | | | | Other liabilities: lease liability | | | 417 | | | (2) Includes NOI from acquisitions not in Same Store. | |||
| | | | | | | | | $287,012 | | | | ||||
| Financial Statement Reconciliation: | | | | | | | | | | | | (3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary. | |||
| Rental Revenue | | $27,300 | | | | | | | | | | ||||
| Rental operating expenses | | | (10,671) | | | | | | | | | (4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI. | |||
| Real estate taxes and insurance | | | (5,262) | | | | | | | | | | |||
| NOI from dispositions & acquisition properties | | | (9) | | | | | | | | | (5) Management & other fees are eliminated in consolidation but included in Property NOI. | |||
| Taxes (4) | | | (3) | | | | | | | | | | |||
| Management & other fees (5) | | | (272) | | | | | | | | | | |||
| Property NOI (1) | | $11,083 | | | | | | | | | | | | | |
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| Appendix: Non-GAAP Financial Measure Definitions |
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