FRANKLIN STREET PROPERTIES CORP MA

For the period ended Dec 31, 2024. Filed Feb 11, 2025.

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.

FY2024 · Filed Feb 11, 2025

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

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Contents

Consolidated Financial Statements: Consolidated Balance Sheets as of December 31, 2024 and 2023

Consolidated Balance Sheets


· · December 31,
(in thousands) · 2024 · 2023

Assets:
Real estate assets:
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $6,416 at December 31, 2024 and December 31, 2023, respectively)	$105,298	$110,298
Buildings and improvements (amounts related to VIEs of $13,279 and $13,279 at December 31, 2024 and December 31, 2023, respectively)	1,096,265	1,133,971
Fixtures and equipment	11,053	12,904
	1,212,616	1,257,173
Less accumulated depreciation (amounts related to VIEs of $682 and $341 at December 31, 2024 and December 31, 2023, respectively)	377,708	366,349
Real estate assets, net (amounts related to VIEs of $19,013 and $19,354 at December 31, 2024 and December 31, 2023, respectively)	834,908	890,824

Acquired real estate leases, less accumulated amortization of $13,613 and $20,413, respectively (amounts related to VIEs of $67 and $305, less accumulated amortization of $35 and $222 at December 31, 2024 and December 31, 2023, respectively)	4,205	6,694
Asset held for sale	—	73,318
Cash, cash equivalents and restricted cash (amounts related to VIEs of $1,314 and $2,167 at December 31, 2024 and December 31, 2023, respectively)	42,683	127,880
Tenant rent receivables	1,283	2,191
Straight-line rent receivable	37,727	40,397
Prepaid expenses and other assets	3,114	4,239
Office computers and furniture, net of accumulated depreciation of $1,073 and $1,020, respectively	70	123
Deferred leasing commissions, net of accumulated amortization of $14,195 and $16,008, respectively	22,941	23,664

Total assets	$946,931	$1,169,330

Consolidated Balance Sheets


· · December 31,
(in thousands, except share and par value amounts) · 2024 · 2023

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$—	$90,000
Term loans payable, less unamortized financing costs of $2,220 and $293, respectively	124,491	114,707
Series A & Series B Senior Notes, less unamortized financing costs of $1,191 and $329, respectively	122,430	199,670
Accounts payable and accrued expenses (amounts related to VIEs of $534 and $590 at December 31, 2024 and December 31, 2023, respectively)	34,067	41,879
Accrued compensation	3,097	3,644
Tenant security deposits	6,237	6,204
Lease liability	707	334
Acquired unfavorable real estate leases, less accumulated amortization of $89 and $396, respectively	45	87

Total liabilities	291,074	456,525

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, 103,566,715 and 103,430,353 shares issued and outstanding, respectively	10	10
Additional paid-in capital	1,335,361	1,335,091
Accumulated other comprehensive income	—	355
Distributions in excess of accumulated earnings	(679,514)	(622,651)

Total stockholders’ equity	655,857	712,805

Total liabilities and stockholders’ equity	$946,931	$1,169,330

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.