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$0.39-10.0%Stored close · as of Nov 9, 2026

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

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Contents

Consolidated Financial Statements: Consolidated Balance Sheets as of December 31, 2023 and 2022

Consolidated Balance Sheets


· · December 31,
(in thousands) · 2023 · 2022

Assets:
Real estate assets:
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $0 at December 31, 2023 and December 31, 2022, respectively)	$110,298	$126,645
Buildings and improvements (amounts related to VIEs of $13,279 and $0 at December 31, 2023 and December 31, 2022, respectively)	1,133,971	1,388,869
Fixtures and equipment	12,904	11,151
	1,257,173	1,526,665
Less accumulated depreciation (amounts related to VIEs of $341 and $0 at December 31, 2023 and December 31, 2022, respectively)	366,349	423,417
Real estate assets, net (amounts related to VIEs of $19,354 and $0 at December 31, 2023 and December 31, 2022, respectively)	890,824	1,103,248

Acquired real estate leases, less accumulated amortization of $20,413 and $20,243, respectively (amounts related to VIEs of $305 and $0, less accumulated amortization of $222 and $0 at December 31, 2023 and December 31, 2022, respectively)	6,694	10,186
Asset held for sale	73,318	—
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,167 and $0 at December 31, 2023 and December 31, 2022, respectively)	127,880	6,632
Tenant rent receivables	2,191	2,201
Straight-line rent receivable	40,397	52,739
Prepaid expenses and other assets	4,239	6,676
Other assets: derivative asset	—	4,358
Related party mortgage loan receivable, less allowance for credit loss of $0 and $4,237, respectively	—	19,763
Office computers and furniture, net of accumulated depreciation of $1,020 and $1,115, respectively	123	154
Deferred leasing commissions, net of accumulated amortization of $16,008 and $19,043, respectively	23,664	35,709

Total assets	$1,169,330	$1,241,666

Consolidated Balance Sheets


· · December 31,
(in thousands, except share and par value amounts) · 2023 · 2022

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$90,000	$48,000
Term loans payable, less unamortized financing costs of $293 and $250, respectively	114,707	164,750
Series A & Series B Senior Notes, less unamortized financing costs of $329 and $494, respectively	199,670	199,506
Accounts payable and accrued expenses (amounts related to VIEs of $590 and $0 at December 31, 2023 and December 31, 2022, respectively)	41,879	50,366
Accrued compensation	3,644	3,644
Tenant security deposits	6,204	5,710
Lease liability	334	759
Acquired unfavorable real estate leases, less accumulated amortization of $396 and $574, respectively	87	195

Total liabilities	456,525	472,930

Commitments and contingencies

Stockholders’ Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding	—	—
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,430,353 and 103,235,914 shares issued and outstanding, respectively	10	10
Additional paid-in capital	1,335,091	1,334,776
Accumulated other comprehensive income	355	4,358
Distributions in excess of accumulated earnings	(622,651)	(570,408)

Total stockholders’ equity	712,805	768,736

Total liabilities and stockholders’ equity	$1,169,330	$1,241,666

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.