Franklin Street Properties Files 2024 10-K

TL;DR

FSP dropped its 2024 10-K. Full financials are in. Check it out.

AI Summary

Franklin Street Properties Corp. (FSP) filed its 2024 10-K on February 11, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The filing provides detailed financial statements and disclosures, including information on assets, liabilities, and equity. Key financial figures and operational details are presented for stakeholders to review the company's performance and outlook.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of Franklin Street Properties' financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 103,430,353 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of December 31, 2024)
• 103,566,715 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of December 31, 2023)
• 103,338,000 — Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (As of December 31, 2022)

Key Players & Entities

• FRANKLIN STREET PROPERTIES CORP /MA/ (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-11 (date) — Filing date
• 401 EDGEWATER PLACE STE 200 (address) — Company business and mailing address
• WAKEFIELD, MA 01880 (address) — Company business and mailing address

FAQ

Key Financial Figures

• $35.0 m — rdson, Texas for a gross sales price of $35.0 million, at a loss of approximately $2.1
• $2.1 million — 5.0 million, at a loss of approximately $2.1 million. On July 8, 2024, we sold a property in
• $31.0 million — en, Virginia for a gross sales price of $31.0 million at a loss of $13.2 million. On October
• $13.2 million — les price of $31.0 million at a loss of $13.2 million. On October 23, 2024, we sold an office
• $34.0 million — nta, Georgia for a gross sales price of $34.0 million at a loss of $27.2 million. On March 10
• $27.2 million — les price of $34.0 million at a loss of $27.2 million. On March 10, 2023, we sold an office p
• $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 2 Tabl
• $0.8 million — ales price of $9.2 million at a loss of $0.8 million. On 2 Table of Contents October 26
• $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

Filing Documents

• fsp-20241231x10k.htm (10-K) — 3254KB
• fsp-20241231xex19d1.htm (EX-19.1) — 36KB
• fsp-20241231xex21d1.htm (EX-21.1) — 26KB
• fsp-20241231xex23d1.htm (EX-23.1) — 3KB
• fsp-20241231xex31d1.htm (EX-31.1) — 15KB
• fsp-20241231xex31d2.htm (EX-31.2) — 15KB
• fsp-20241231xex32d1.htm (EX-32.1) — 6KB
• fsp-20241231xex32d2.htm (EX-32.2) — 6KB
• fsp-20241231x10k006.jpg (GRAPHIC) — 68KB
• 0001558370-25-000806.txt ( ) — 11995KB
• fsp-20241231.xsd (EX-101.SCH) — 72KB
• fsp-20241231_cal.xml (EX-101.CAL) — 76KB
• fsp-20241231_def.xml (EX-101.DEF) — 245KB
• fsp-20241231_lab.xml (EX-101.LAB) — 653KB
• fsp-20241231_pre.xml (EX-101.PRE) — 440KB
• fsp-20241231x10k_htm.xml (XML) — 2150KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II 23 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Stock Performance Graph 23 Item 6. [Reserved] 24 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 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 46 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection s 46 PART III 47 Item 10. Directors, Executive Officers and Corporate Governance 47 Item 11.

Executive Compensation

Executive Compensation 47 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 47 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Accounting Fees and Services 47 PART IV 48 Item 15. Exhibits and Financial Statement Schedules 48 Item 16 Form 10-K Summary 51

SIGNATURES

SIGNATURES 51 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, 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 occupancies and rents. We seek value-oriented investments with an ey

View Full Filing

View this 10-K filing on SEC EDGAR