FRANKLIN STREET PROPERTIES CORP /MA/
For the period ended Jun 30, 2026. Filed Jul 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 28, 2026
FSP$0.43+1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001104659-26-050395
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0001104659-26-087555
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 103 previous paragraphs and 116 current paragraphs.
74 unchanged; 23 reworded; 14 added; 5 removed; 1 previous and 5 current paragraphs rearranged.
Tables are not compared: 13 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
On July 8, 2026, we sold our Greenwood Plaza property located in Englewood, Colorado for a gross sales price of $19.4 million at a loss of approximately $7.7 million, which had been recorded as an impairment as of June 30, 2026. On July 8, 2026, we used approximately $8.5 million of the net proceeds from the disposition for the repayment of the Initial Term Loans (defined below in Liquidity and Capital Resources—TPG Term Loans), including interest and fees
Current report
During the three months ended June 30, 2026, the Company entered into an agreement to sell its Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million, which was recorded as an impairment as of June 30, 2026. The property was sold on July 8, 2026 and we used approximately $8.5 million of the net proceeds from the disposition for the repayment of the Initial Term Loans (defined below in Liquidity and Capital Resources—TPG Term Loans), including interest and fees.
Current report
Total expenses increased by $0.2 million to $35.4 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily a result of:
Current report
This increase was partially offset by:
Current report
During the three months ended June 30, 2026, we entered into an agreement to sell our Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million, which was recorded as an impairment. We classified the property as an asset held for sale as of June 30, 2026. The property was sold on July 8, 2026.
Current report
Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025:
Current report
Revenues
Current report
Total revenues decreased by $1.2 million to $52.6 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily a result of:
Current report
Expenses
Current report
During the six months ended June 30, 2026, we entered into an agreement to sell our Greenwood Plaza property located in Englewood, Colorado for a gross sales price of approximately $19.4 million and an expected loss of $7.7 million, which was recorded as an impairment. We classified the property as an asset held for sale as of June 30, 2026. The property was sold on July 8, 2026.
Current report
On April 7, 2025, Monument Circle entered into a purchase and sale agreement to sell its property located in Indianapolis, Indiana for a gross sales price of $6.0 million. We estimated the fair value of this property, less estimated costs to sell, based on the purchase price set forth in the letter of intent to purchase the property that Monument Circle entered into with the third party, which resulted in recording an impairment loss of $13.3 million that was decreased by $0.4 million during the three months ended June 30, 2025, for final sale adjustments after the sale was completed on June 6, 2025.
Current report
Interest income
Current report
Tax expense on income
Removed paragraphs (5)
Previous report
We have entered into an Inspection and Confidentiality Agreement with a potential owner user for our Greenwood Plaza property and are simultaneously negotiating a Purchase and Sale Agreement with that potential buyer. Closing of the transaction would be subject to completion of due diligence by the potential buyer, the negotiation and execution of a Purchase and Sale Agreement with the potential buyer and the satisfaction of other customary closing conditions.
Previous report
The BMO Credit Agreement contained customary affirmative and negative covenants for credit facilities of this type. The BMO Credit Agreement also contained financial covenants that required us to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage. The BMO Credit Agreement also provided for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, certain cross defaults and a change in control (as defined in the BMO Credit Agreement).
Previous report
The BofA Credit Agreement contained customary affirmative and negative covenants for credit facilities of this type. The BofA Credit Agreement also contained financial covenants that required us to maintain a minimum tangible net
Previous report
worth, a maximum leverage ratio, a maximum secured leverage ratio, a maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage. The BofA Credit Agreement also provided for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with the provisions of the BofA Credit Agreement, certain cross defaults and a change in control (as defined in the BofA Credit Agreement).
Previous report
The Note Purchase Agreement contained customary affirmative and negative covenants. The Note Purchase Agreement also contained financial covenants that required us to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage.
Reworded paragraphs (23)
Previous wording
As of March 31, 2026, our real estate portfolio was comprised of 14 owned properties, which we refer to as our owned properties. Our owned properties were approximately 68.4% leased as of March 31, 2026, a decrease from 68.9% leased as of December 31, 2025. The 0.5% decrease in leased space was primarily a result of lease expirations exceeding new executed leases during the three months ended March 31, 2026. As of March 31, 2026, we had approximately 1,520,000 square feet of vacancy in our owned properties compared to approximately 1,497,000 square feet of vacancy at December 31, 2025. During the three months ended March 31, 2026, we leased approximately 145,000 square feet of office space in our owned properties, of which approximately 112,000 square feet were with existing tenants, at a weighted average term of 6.2 years. On average, tenant improvements for such leases were $33.55 per square foot, lease commissions were $11.53 per square foot and rent concessions were approximately five months of free rent. Average GAAP base rents under such leases were $35.16 per square foot, or 6.4% higher than average rents in the respective properties as applicable compared to the year ended December 31, 2025.
Current wording
As of June 30, 2026, our real estate portfolio was comprised of 14 owned properties, which we refer to as our owned properties. Our owned properties were approximately 67.4% leased as of June 30, 2026, a decrease from 68.9% leased as of December 31, 2025. The 1.5% decrease in leased space was primarily a result of lease expirations exceeding new executed leases during the six months ended June 30, 2026. As of June 30, 2026, we had approximately 1,569,000 square feet of vacancy in our owned properties compared to approximately 1,497,000 square feet of vacancy at December 31, 2025. During the six months ended June 30, 2026, we leased approximately 170,000 square feet of office space in our owned properties, of which approximately 120,000 square feet were with existing tenants, at a weighted average term of 6.3 years. On average, tenant improvements for such leases were $33.32 per square foot, lease commissions were $11.31 per square foot and rent concessions were approximately five months of free rent. Average GAAP base rents under such leases were $34.34 per square foot, or 7.4% higher than average rents in the respective properties as applicable compared to the year ended December 31, 2025.
Previous wording
As of March 31, 2026, leases for approximately 4.5% and 10.1% of the square footage in our owned portfolio are scheduled to expire during 2026 and 2027, respectively. As the second quarter of 2026 begins, we believe that:
Current wording
As of June 30, 2026, leases for approximately 3.0% and 11.5% of the square footage in our owned portfolio are scheduled to expire during 2026 and 2027, respectively. As the third quarter of 2026 begins, we believe that:
Previous wording
Existing vacancy is being actively marketed to numerous potential tenants. While leasing activity at our properties has continued, we believe that the impact of geopolitical events, current economic conditions and the long-term impact of the COVID-19 pandemic may limit or delay new tenant leasing during at least the second quarter of 2026 and potentially in future periods.
Current wording
Existing vacancy is being actively marketed to numerous potential tenants. While leasing activity at our properties has continued, we believe that the impact of geopolitical events, current economic conditions and the long-term impact of the COVID-19 pandemic may limit or delay new tenant leasing during at least the third quarter of 2026 and potentially in future periods.
Previous wording
The disposition of this property did not represent a strategic shift that has a major effect on our operations and financial results. Our current strategy is to focus on the sunbelt and mountain west regions of the United States. Accordingly, the property sold remained classified within continuing operations for all periods presented.
Current wording
The disposition of these properties do not represent a strategic shift that has a major effect on our operations and financial results. Our current strategy is to focus on the sunbelt and mountain west regions of the United States. Accordingly, the properties sold remained classified within continuing operations for all periods presented.
Previous wording
In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission. The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Accounting Standards
Current wording
In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission. The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Accounting Standards Codification and will not be effective. The Company does not anticipate that the adoption of ASU 2023-06 will have a material impact on the consolidated financial statements.
Previous wording
Total revenues decreased by $0.9 million to $26.2 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily a result of:
Current wording
Total revenues decreased by $0.4 million to $26.4 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The decrease was primarily a result of:
Previous wording
On April 7, 2025, Monument Circle entered into a purchase and sale agreement to sell its property located in Indianapolis, Indiana for a gross sales price of $6.0 million. We estimated the fair value of this property, less estimated costs to sell, based on the purchase price set forth in the letter of intent to purchase the property that Monument Circle entered into with the third party, which resulted in recording an impairment loss of $13.3 million.
Current wording
On April 7, 2025, Monument Circle entered into a purchase and sale agreement to sell its property located in Indianapolis, Indiana for a gross sales price of $6.0 million. We estimated the fair value of this property, less estimated costs to sell, based on the purchase price set forth in the letter of intent to purchase the property that Monument Circle entered into with the third party, which resulted in recording an impairment loss of $13.3 million that was decreased by $0.4 million during the three months ended June 30, 2025, for final sale adjustments after the sale was completed on June 6, 2025.
Previous wording
During the three months ended March 31, 2026 and March 31, 2025, we invested disposition proceeds in an interest-bearing account and earned $0.2 million and $0.3 million, respectively, in interest income.
Current wording
During the three months ended June 30, 2026 and June 30, 2025, we invested disposition proceeds in an interest-bearing account and earned $0.2 million and $0.2 million, respectively, in interest income.
Previous wording
Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties and which was $54,000 during the three months ended March 31, 2026, compared to $52,000 during the three months ended March 31, 2025.
Current wording
Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties, which was $49,000 during the three months ended June 30, 2026, compared to $51,000 during the three months ended June 30, 2025.
Previous wording
Net loss for the three months ended March 31, 2026 was $9.5 million, compared to a net loss of $21.4 million for the three months ended March 31, 2025, for the reasons described above.
Current wording
Net loss for the three months ended June 30, 2026 was $16.6 million, compared to a net loss of $7.9 million for the three months ended June 30, 2025, for the reasons described above.
Previous wording
Total expenses decreased by $0.9 million to $34.6 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The decrease was primarily a result of:
Current wording
Total expenses decreased by $0.6 million to $70.0 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily a result of:
Previous wording
During the three months ended March 31, 2026 and 2025, we repaid debt and incurred losses on extinguishment of debt of approximately $1.3 million and $2,000, respectively, related to debt deal costs incurred from refinanced debt in February 2026 and unamortized deferred financing costs on the dates of debt repayments in both periods.
Current wording
During the six months ended June 30, 2026 and 2025, we repaid debt and incurred losses on extinguishment of debt of approximately $1.3 million and $5,000, respectively. The amounts during the six months ended June 30, 2026 are related to debt deal costs incurred from debt refinanced in February 2026 and the write-off of unamortized deferred financing and OID costs on the dates of debt repayments in 2026.
Previous wording
The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus selling, general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned and consolidated in the periods presented, which we call Same Store. The comparative Same Store results include properties held for the periods presented and exclude acquired properties or properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other
Current wording
The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus selling, general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned and consolidated in the periods presented, which we call Same Store. The comparative Same Store results include properties held for the periods presented and exclude acquired properties or properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy
Previous wording
REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI are shown in the following table:
Current wording
settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI are shown in the following table:
Previous wording
The information presented below provides the weighted average GAAP rent per square foot for the three months ended March 31, 2026 for our owned properties and weighted occupancy square feet and percentages. GAAP rent includes the impact of tenant concessions and reimbursements.
Current wording
The information presented below provides the weighted average GAAP rent per square foot for the six months ended June 30, 2026 for our owned properties and weighted occupancy square feet and percentages. GAAP rent includes the impact of tenant concessions and reimbursements.
Previous wording
Cash and cash equivalents were $23.8 million and $30.6 million as of March 31, 2026 and December 31, 2025, respectively. The decrease of $6.8 million is attributable to $5.1 million used in operating activities, less $2.7 million used in investing activities plus $1.0 million provided by financing activities. Although there is no guarantee that we will be able to obtain the funds necessary for our future growth, we anticipate generating funds from continuing real estate operations, use of our Delayed Draw Term Loans (as defined below) and proceeds from property dispositions. We believe that we have adequate funds to cover unusual expenses and capital improvements, in addition to normal operating expenses. Our ability to pay any dividends to stockholders in the future will depend in significant part upon the level of rental income from our real properties, property dispositions and our interest costs.
Current wording
Cash and cash equivalents were $22.5 million and $30.6 million as of June 30, 2026 and December 31, 2025, respectively. The decrease of $8.1 million is attributable to $2.1 million used in operating activities, less $5.8 million used in investing activities less $0.2 million used in financing activities. Although there is no guarantee that we will be able to obtain the funds necessary for our future growth, we anticipate generating funds from continuing real estate operations, use of our Delayed Draw Term Loans (as defined below) and proceeds from property dispositions. We believe that we have adequate funds to cover unusual expenses and capital improvements, in addition to normal operating expenses. Our ability to pay any dividends to stockholders in the future will depend in significant part upon the level of rental income from our real properties, property dispositions and our interest costs.
Previous wording
Cash used in operating activities for the three months ended March 31, 2026, of $5.1 million is primarily attributable to a net loss of $9.5 million, plus the add-back of $13.1 million of non-cash expenses, less a decrease in accounts payable and accrued compensation of $6.7 million, less an increase in payment of deferred leasing commissions of $1.4 million, less an increase in lease acquisition costs of $0.1 million, less an increase in tenant receivables of $0.9 million plus an increase in prepaid expenses of $0.4 million.
Current wording
Cash used in operating activities for the six months ended June 30, 2026, of $2.1 million is primarily attributable to a net loss of $26.1 million, excluding an impairment on an asset held for sale of $7.7 million plus the add-back of $26.2 million of non-cash expenses, less a decrease in accounts payable and accrued compensation of $7.2 million, less an increase in payment of deferred leasing commissions of $1.6 million, less an increase in tenant receivables of $1.0 million, less an increase in lease acquisition costs of $0.3 million plus an increase in prepaid expenses of $0.2 million.
Previous wording
Cash used in investing activities for the three months ended March 31, 2026, of $2.7 million is primarily attributable to purchases of other real estate assets and office equipment investments.
Current wording
Cash used in investing activities for the six months ended June 30, 2026, of $5.8 million is primarily attributable to purchases of other real estate assets and office equipment investments.
Previous wording
Cash provided by financing activities for the three months ended March 31, 2026 of $1.0 million is primarily attributable to funding from our Term Loan of $258.5 million less payment of distributions to stockholders of $1.0 million, costs of extinguishment of debt of $1.0 million, the repayment of $249.0 million of our debt that was refinanced with the Term Loan and deferred financing costs of $6.5 million.
Current wording
Cash used in financing activities for the six months ended June 30, 2026 of $0.2 million is primarily attributable to funding from our Term Loan of $258.5 million less payment of distributions to stockholders of $1.0 million, costs of extinguishment of debt of $1.0 million, the repayment of $249.0 million of our debt that was refinanced with the Term Loan and deferred financing costs of $7.7 million.
Previous wording
On February 26, 2026, we repaid in its entirety our term loan borrowing in the aggregate principal amount of approximately $70.7 million, with Bank of Montreal, as administrative agent, and the other lending institutions party thereto, which we refer to as the BMO Term Loan. The BMO Term Loan would have matured on April 1, 2026. The BMO Term Loan was subject to the terms of the Second Amended and Restated Credit Agreement dated September 27, 2018, which we refer to as the Original BMO Credit Agreement, as amended by the First Amendment to Second Amended and Restated Credit Agreement dated February 10, 2023, which we refer to as the BMO First Amendment, and the Second Amendment to Second Amended and Restated Credit Agreement dated February 21, 2024, which we refer to as the BMO Second Amendment. We refer to the Original BMO Credit Agreement, as amended by the BMO First Amendment and the BMO Second Amendment, as the BMO Credit Agreement.
Current wording
On February 26, 2026, we repaid in its entirety our term loan borrowing in the aggregate principal amount of approximately $70.7 million, with Bank of Montreal, as administrative agent, and the other lending institutions party thereto, which we refer to as the BMO Term Loan. The BMO Term Loan would have matured on April 1, 2026.
Previous wording
On February 26, 2026, we repaid in its entirety our term loan borrowing in the amount of approximately $55.3 million, with Bank of America, N.A. as administrative agent, and other lending institutions party thereto, which we refer to as the BofA Term Loan. The BofA Term Loan would have matured on April 1, 2026. The BofA Term Loan was subject to the terms of the Credit Agreement dated January 10, 2022, which we refer to as the Original BofA Credit Agreement, as amended by the First Amendment to Credit Agreement dated February 10, 2023, which we refer to as the BofA First Amendment, and the Second Amendment to Credit Agreement dated February 21, 2024, which we refer to as the BofA Second Amendment. We refer to the Original BofA Credit Agreement, as amended by the BofA First Amendment and the BofA Second Amendment, as the BofA Credit Agreement.
Current wording
On February 26, 2026, we repaid in its entirety our term loan borrowing in the amount of approximately $55.3 million, with Bank of America, N.A. as administrative agent, and other lending institutions party thereto, which we refer to as the BofA Term Loan. The BofA Term Loan would have matured on April 1, 2026.
Previous wording
On February 26, 2026, we repaid in its entirety our two series of senior notes in the aggregate principal amount of approximately $122.9 million, which we refer to as the Senior Notes. The Senior Notes would have matured on April 1, 2026. The Senior Notes consisted of (i) Series A Senior Notes due April 1, 2026 in an aggregate principal amount of approximately $71.3 million, which we refer to as the Series A Notes, and (ii) Series B Senior Notes due April 1, 2026 in the aggregate principal amount of approximately $51.6 million, which we refer to as the Series B Notes. The Notes were subject to the terms of the Note Purchase Agreement dated October 24, 2017, which we refer to as the Original Note Purchase Agreement, as amended by the First Amendment to Note Purchase Agreement dated February 21, 2024. We refer to the Original Note Purchase Agreement, as amended by the NPA First Amendment, as the Note Purchase Agreement.
Current wording
On February 26, 2026, we repaid in its entirety our two series of senior notes in the aggregate principal amount of approximately $122.9 million, which we refer to as the Senior Notes. The Senior Notes would have matured on April 1, 2026. The Senior Notes consisted of (i) Series A Senior Notes due April 1, 2026 in an aggregate principal amount of approximately $71.3 million, which we refer to as the Series A Notes, and (ii) Series B Senior Notes due April 1, 2026 in the aggregate principal amount of approximately $51.6 million, which we refer to as the Series B Notes.
Previous wording
We generally pay the ordinary annual operating expenses of our owned and consolidated properties from the rental revenue generated by the properties. For the three months ended March 31, 2026 and 2025, respectively, the rental income exceeded the expenses for each individual property, with the exception of Monument Circle’s property for the three months ended March 31, 2025. Monument Circle sold its property on June 6, 2025. Monument Circle had approximately $76,000 of rental income and $293,000 of operating expenses for the three months ended March 31, 2025.
Current wording
We generally pay the ordinary annual operating expenses of our owned and consolidated properties from the rental revenue generated by the properties. For the three and six months ended June 30, 2026 and 2025, respectively, the rental income exceeded the expenses for each individual property, with the exception of Monument Circle’s property for the three and six months ended June 30, 2025. Monument Circle sold its property on June 6, 2025. Monument Circle had approximately $56,000 and $132,000 of rental income and $157,000 and $450,000 of operating expenses for the three and six months ended June 30, 2025, respectively.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Loss on sale of properties and impairment on an asset held for sale
Current report — wording carried from elsewhere
The following table shows financial results for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
During the six months ended June 30, 2026 and June 30, 2025, we invested disposition proceeds in an interest-bearing account and earned $0.3 million and $0.5 million, respectively, in interest income.
Current report — wording carried from elsewhere
Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties and which was $100,000 during the six months ended June 30, 2026, compared to $103,000 during the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Net loss for the six months ended June 30, 2026 was $26.1 million, compared to a net loss of $29.3 million for the six months ended June 30, 2025, for the reasons described above.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Codification and will not be effective. The Company does not anticipate that the adoption of ASU 2023-06 will have a material impact on the consolidated financial statements.