Franklin Street Properties Corp. Files 2023 Annual Report

TL;DR

<b>Franklin Street Properties Corp. has filed its 2023 10-K report detailing its financial performance and position.</b>

AI Summary

FRANKLIN STREET PROPERTIES CORP /MA/ (FSP) filed a Annual Report (10-K) with the SEC on February 26, 2024. Franklin Street Properties Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Massachusetts (MA) and operates under the Real Estate Investment Trusts (REITs) sector. Key financial data points such as cash, debt, and equity are detailed within the filing. The report includes information on various allowances, including for credit losses and tenant rent receivables. Historical financial data from 2020 to 2023 is presented for common stock, additional paid-in capital, and accumulated other comprehensive income.

Why It Matters

For investors and stakeholders tracking FRANKLIN STREET PROPERTIES CORP /MA/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Franklin Street Properties Corp.'s financial health and operational activities for the fiscal year 2023, crucial for investors assessing its stability and future prospects. The detailed financial statements and disclosures within the report are essential for understanding the company's asset management, debt structure, and any potential risks or liabilities it faces in the real estate market.

Risk Assessment

Risk Level: medium — FRANKLIN STREET PROPERTIES CORP /MA/ shows moderate risk based on this filing. The filing is a 10-K, which is a standard annual report, but the real estate sector is subject to market fluctuations and interest rate sensitivity, which could impact the company's performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Franklin Street Properties Corp.'s current financial health and its exposure to real estate market risks.

Key Numbers

• 103235914 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of 2023-12-31)
• 103430353 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of 2022-12-31)
• 103357000 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of 2021-12-31)
• 103338000 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of 2020-12-31)
• 2023-12-31 — Fiscal Year End (Current reporting period)
• 2024-02-26 — Filing Date (Date of submission)
• 0001031316 — Central Index Key (Company identifier)
• 001-32470 — SEC File Number (SEC registration number)

Key Players & Entities

• FRANKLIN STREET PROPERTIES CORP /MA/ (company) — Filer name
• 0001031316 (company) — Central Index Key
• MA (company) — State of incorporation
• 20231231 (date) — Fiscal year end
• 20240226 (date) — Filing date
• 6798 (industry) — Standard Industrial Classification
• 001-32470 (company) — SEC File Number
• 401 EDGEWATER PLACE STE 200 (address) — Business address

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-26: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $29.1 m — ve, Illinois for a gross sales price of $29.1 million, at a gain of approximately $8.4
• $8.4 million — 9.1 million, at a gain of approximately $8.4 million. On August 9, 2023, we sold a property
• $9.2 million — rth Carolina for a gross sales price of $9.2 million at a loss of $0.8 million. On October 2
• $0.8 million — ales price of $9.2 million at a loss of $0.8 million. On October 26, 2023, we sold an office
• $48 million — Plano, Texas for a gross sales price of $48 million at a gain of $10.6 million. On December
• $10.6 million — sales price of $48 million at a gain of $10.6 million. On December 6, 2023, we sold an office
• $68.0 million — ami, Florida for a gross sales price of $68.0 million at a loss of approximately $18.9 millio
• $18.9 million — 68.0 million at a loss of approximately $18.9 million. In 2022, we sold two office properties
• $102.5 million — o for aggregate gross sales proceeds of $102.5 million at a gain of $24.1 million and one offi
• $24.1 million — proceeds of $102.5 million at a gain of $24.1 million and one office property located in Evan
• $27.8 million — on, Illinois for gross sale proceeds of $27.8 million at a gain of $3.9 million. In 2021, we
• $3.9 million — proceeds of $27.8 million at a gain of $3.9 million. In 2021, we sold 10 office properties
• $602.7 m — es for aggregate gross sale proceeds of $602.7 million, at a net gain of $113.1 million.
• $113.1 million — eds of $602.7 million, at a net gain of $113.1 million. As we continue to execute on our str

Filing Documents

• fsp-20231231x10k.htm (10-K) — 3465KB
• fsp-20231231xex10d2.htm (EX-10.2) — 1817KB
• fsp-20231231xex10d3.htm (EX-10.3) — 1636KB
• fsp-20231231xex10d4.htm (EX-10.4) — 2055KB
• fsp-20231231xex21d1.htm (EX-21.1) — 29KB
• fsp-20231231xex23d1.htm (EX-23.1) — 3KB
• fsp-20231231xex31d1.htm (EX-31.1) — 15KB
• fsp-20231231xex31d2.htm (EX-31.2) — 15KB
• fsp-20231231xex32d1.htm (EX-32.1) — 6KB
• fsp-20231231xex32d2.htm (EX-32.2) — 6KB
• fsp-20231231xex97.htm (EX-97) — 20KB
• fsp-20231231x10k006.jpg (GRAPHIC) — 68KB
• 0001558370-24-001708.txt (&nbsp;) — 18948KB
• fsp-20231231.xsd (EX-101.SCH) — 76KB
• fsp-20231231_cal.xml (EX-101.CAL) — 70KB
• fsp-20231231_def.xml (EX-101.DEF) — 298KB
• fsp-20231231_lab.xml (EX-101.LAB) — 685KB
• fsp-20231231_pre.xml (EX-101.PRE) — 494KB
• fsp-20231231x10k_htm.xml (XML) — 2186KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II 22 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Stock Performance Graph 22 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 48 Item 9A.

Controls and Procedures

Controls and Procedures 48 Item 9B. Other Information 49 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection s 52 PART III 52 Item 10. Directors, Executive Officers and Corporate Governance 52 Item 11.

Executive Compensation

Executive Compensation 52 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52 Item 13. Certain Relationships and Related Transactions, and Director Independence 53 Item 14. Principal Accounting Fees and Services 53 PART IV 53 Item 15. Exhibits and Financial Statement Schedules 53 Item 16 Form 10-K Summary 55

SIGNATURES

SIGNATURES 56 Table of Contents PART I

Business

Item 1. Business History Our company, Franklin Street Properties Corp., which we refer to as FSP Corp., the Company, we or our, is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Our common stock is traded on the NYSE American under the symbol "FSP". FSP Corp. is the successor to Franklin Street Partners Limited Partnership, or the FSP Partnership, which was originally formed as a Massachusetts general partnership in January 1997 as the successor to a Massachusetts general partnership that was formed in 1981. On January 1, 2002, the FSP Partnership converted into FSP Corp., which we refer to as the conversion. As a result of this conversion, the FSP Partnership ceased to exist and we succeeded to the business of the FSP Partnership. In the conversion, each unit of both general and limited partnership interests in the FSP Partnership was converted into one share of our common stock. As a result of the conversion, we hold, directly and indirectly, 100% of the interest in three former subsidiaries of the FSP Partnership: FSP Investments LLC, FSP Property Management LLC, and FSP Holdings LLC. We operate some of our business through these subsidiaries. Our Business We are a REIT focused on commercial real estate investments primarily in office markets and currently operate in only one segment: real estate operations. The principal revenue sources for our real estate operations include rental income from real estate leasing, interest income from secured loans made on office properties, property dispositions and fee income from asset/property management and development. We invest in infill and central business district office properties in the United States sunbelt and mountain west regions as well as select opportunistic markets. We believe that the United States sunbelt and mountain west regions have macro-economic drivers that have the potential to increase occupa

View Full Filing

View this 10-K filing on SEC EDGAR