FRANKLIN STREET PROPERTIES CORP MA

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

FSP$0.41+5.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Financial Statement Schedules — Schedule II and III

Schedule II

Franklin Street Properties Corp.

Valuation and qualifying accounts:


· · Additions · ·
· · · · · (Decreases) · · · · · ·
· · Balance at · · charged to · · · · · Balance
(in thousands) · · beginning · · costs and · · · · · at end
Classification · · of year · · expenses · · Deductions · · of year

Allowance for doubtful accounts
2021	$505	157	(129)	533
2022	533	(38)	(478)	17
2023	17	(9)	—	8

Allowance for credit losses
2021	$—	—	—	—
2022	—	4,237	—	4,237
2023	4,237	(4,237)	—	—

SCHEDULE III

FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023


· · · · Initial Cost · · Historical Cost · · · · · · · · · · · · · · · · ·
· · · · · · Costs · · · · · · · · · · · · · · ·
· · · · · · · · · · Capitalized · · · · · Buildings · · · · · · · · Total Costs, · · · · · · · ·
(in thousands) · · · · · · · Buildings · · (Disposals) · · · · · Improvements · · · · · · · · Net of · · Depreciable · · · · Date of
· · Encumbrances · · · · · Improvements · · Subsequent to · · · · · and · · · · · Accumulated · · Accumulated · · Life · · Year · · Acquisition
Description	(1)	Land		and Equipment	Acquisition	Land		Equipment	Total (2)	Depreciation		Depreciation	Years	Built		(3)
	(in thousands)
Commercial Properties:
Park Ten, Houston, TX	—		1,061		21,303		8,100		565		29,899		30,464		15,649		14,815	5	-	39	1999	2002
Addison, Addison, TX	—		4,325		48,040		13,860		4,325		61,900		66,225		30,173		36,052	5	-	39	1999	2002
Greenwood, Englewood, CO	—		3,100		30,201		11,584		3,100		41,785		44,885		20,108		24,777	5	-	39	2000	2005
Innsbrook, Glenn Allen, VA	—		5,000		40,216		14,199		5,000		54,415		59,415		21,809		37,606	5	-	39	1999	2003
Eldridge Green, Houston, TX	—		3,900		43,791		12,400		3,900		56,191		60,091		23,906		36,185	5	-	39	1999	2004
Liberty Plaza, Addison, TX	—		4,374		21,146		11,991		4,279		33,232		37,511		15,314		22,197	5	-	39	1985	2006
Park Ten II, Houston, TX	—		1,300		31,712		7,258		1,300		38,970		40,270		16,870		23,400	5	-	39	2006	2006
121 South Eight Street, Minneapolis, MN	—		4,444		15,214		30,378		4,444		45,592		50,036		16,769		33,267	5	-	39	1974	2010
801 Marquette Ave South, Minneapolis, MN	—		4,184		—		28,280		4,184		28,280		32,464		7,216		25,248	5	-	39	1923	2010
Legacy Tennyson Center, Plano, TX	—		3,067		22,064		6,166		3,067		28,230		31,297		9,713		21,584	5	-	39	2008	2011
Westchase I & II, Houston, TX	—		8,491		121,508		24,026		8,491		145,534		154,025		42,809		111,216	5	-	39	2008	2012
1999 Broadway, Denver CO	—		16,334		137,726		43,291		16,334		181,017		197,351		52,482		144,869	5	-	39	1986	2013
1001 17th Street, Denver, CO	—		17,413		165,058		37,227		17,413		202,285		219,698		53,627		166,071	5	-	39	2006	2013
Plaza Seven, Minneapolis, MN	—		6,604		54,240		14,025		6,604		68,265		74,869		16,243		58,626	5	-	39	1987	2016
600 17th Street, Denver, CO	—		20,876		99,941		18,060		20,876		118,001		138,877		23,320		115,557	5	-	39	1982	2016
Monument Circle, Indianapolis, IN			6,416		13,279		—		6,416		13,279		19,695		341		19,354	5	-	39	1992	2023
Balance — Real Estate	—		$110,889		$865,439		$280,845		$110,298		$1,146,875		$1,257,173		$366,349		$890,824

(1)	There are no encumbrances on the above properties.

(2)	The aggregate cost for Federal Income Tax purposes is $1,401,985.

(3)	Original date of acquisition by Sponsored Entity.

The following table summarizes the changes in the Company’s real estate investments and accumulated depreciation:


· · December 31,
(in thousands) · 2023 · 2022 · 2021
Real estate investments, at cost:
Balance, beginning of year	$1,526,665	$1,615,457	$2,140,733
Acquisitions	19,695	—	—
Improvements	29,194	60,132	60,910
Assets held for sale	(118,644)	—	—
Dispositions	(199,737)	(148,924)	(586,186)
Balance, end of year - Real Estate	$1,257,173	$1,526,665	$1,615,457

Accumulated depreciation:
Balance, beginning of year	$423,417	$424,487	$538,717
Depreciation	45,558	52,208	60,080
Assets held for sale	(35,399)	—	—
Dispositions	(67,227)	(53,278)	(174,310)
Balance, end of year - Accumulated Depreciation	$366,349	$423,417	$424,487

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.