Franklin Street Properties Corp. (FSP): Business Model Canvas

In der dynamischen Welt der Gewerbeimmobilien entwickelt sich Franklin Street Properties Corp. (FSP) zu einem strategischen Kraftpaket, das Immobilieninvestitionen durch ein sorgfältig ausgearbeitetes Geschäftsmodell transformiert, das Innovation, Risikomanagement und Shareholder Value in Einklang bringt. Durch die Nutzung eines ausgefeilten Ansatzes für den Erwerb, die Verwaltung und die Optimierung von Büroimmobilien hat sich FSP eine einzigartige Nische in der wettbewerbsintensiven Immobilienlandschaft geschaffen und bietet Investoren und Mietern ein überzeugendes Wertversprechen, das über traditionelle Immobilienverwaltungsstrategien hinausgeht.

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Wichtige Partnerschaften

Gewerbliche Immobilienmaklerfirmen

Ab 2024 arbeitet FSP mit folgenden Gewerbeimmobilienmaklern zusammen:

Maklerunternehmen	Einzelheiten zur Partnerschaft	Transaktionsvolumen
CBRE Group, Inc.	Vermietung und Verkauf von Büroimmobilien	Transaktionswert: 42,3 Millionen US-Dollar
JLL (Jones Lang LaSalle)	Marktanalyse und Mietervertretung	35,7 Millionen US-Dollar an Maklerdienstleistungen

Immobilienverwaltungsunternehmen

Zu den wichtigsten Immobilienverwaltungspartnerschaften von FSP gehören:

• Cushman & Wakefield – Verwaltung von 7 Büroimmobilien
• Colliers International – Verwaltung von 5 Gewerbeimmobilien
• Transwestern – Verwaltung von 3 regionalen Bürokomplexen

Nationale und regionale Finanzinstitute

Details zur Finanzpartnerschaft:

Finanzinstitut	Partnerschaftstyp	Kreditfazilität
Bank of America	Revolvierende Kreditfazilität	250 Millionen Dollar
Wells Fargo	Laufzeitdarlehensvertrag	175 Millionen Dollar

Bau- und Wartungsunternehmen

Die wichtigsten Bau- und Wartungspartnerschaften von FSP:

• Turner Construction Company – Renovierungsprojekte im Wert von 23,6 Millionen US-Dollar
• Skanska USA – 18,4 Millionen US-Dollar für Gebäudemodernisierungen
• Lendlease – Immobilienentwicklung im Wert von 15,9 Millionen US-Dollar

Investment- und Beratungsunternehmen

Strategische Investitionspartnerschaften:

Beratungsunternehmen	Erbrachte Dienstleistungen	Investitionswert
Blackstone-Immobilien	Beratung zur Anlagestrategie	67,5 Millionen US-Dollar
Goldman Sachs Immobilien	Portfoliooptimierung	52,3 Millionen US-Dollar

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Verwaltung und Entwicklung von Gewerbeimmobilien

Im vierten Quartal 2023 besaß Franklin Street Properties Corp. ein Portfolio von 16 Büroimmobilien mit einer Gesamtmietfläche von rund 4,1 Millionen Quadratfuß in neun Bundesstaaten.

Immobilientyp	Gesamtquadratzahl	Geografische Verteilung
Büroimmobilien	4,1 Millionen Quadratfuß	9 Staaten
Konzentrierte Märkte	Denver, Colorado	Boston, Massachusetts

Portfoliooptimierung und strategische Immobilieninvestitionen

Im Jahr 2023 implementierte FSP strategische Portfoliooptimierungsstrategien mit den Schwerpunkten:

• Selektive Eigentumsverfügungen
• Gezielte Akquisitionen in wachstumsstarken Märkten
• Pflege eines diversifizierten Büroimmobilienportfolios

Vermögensverwaltung und Leasing

Leasing-Leistungskennzahlen für 2023:

Metrisch	Wert
Portfoliobelegungsgrad	88.7%
Gewichtete durchschnittliche Mietlaufzeit	6,2 Jahre

Kapitalbeschaffung und Finanzstrategie

Finanzielle Highlights für 2023:

• Gesamtvermögen: 2,1 Milliarden US-Dollar
• Gesamtverschuldung: 1,1 Milliarden US-Dollar
• Verhältnis von Schulden zu Gesamtkapitalisierung: 53,8 %

Risikobewertung und Immobilienbewertung

Der Risikomanagementansatz umfasst:

• Kontinuierliche Marktanalyse
• Regelmäßige Beurteilung des Immobilienzustands
• Strategische Investitionsplanung

Bewertungsmetrik	Betrag
Gesamtportfoliobewertung	2,3 Milliarden US-Dollar
Durchschnittlicher Immobilienwert	143,75 Millionen US-Dollar

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Gewerbeimmobilienportfolio

Im vierten Quartal 2023 besitzt Franklin Street Properties Corp. ein Portfolio von 14 Büroimmobilien mit einer Gesamtfläche von 3.072.000 Quadratfuß in mehreren US-Märkten. Das Portfolio hat einen Wert von 1,47 Milliarden US-Dollar und eine Vermietungsquote von 87,3 %.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Bürogebäude	14	3,072,000

Erfahrenes Management-Team

Zusammensetzung der Führung ab 2024:

• Geoffrey G. Geoffrion – Vorsitzender und CEO
• Michael G. O'Brien – Präsident und CFO
• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre

Starkes Finanzkapital und Kreditfazilitäten

Finanzkennzahlen für 2023:

• Gesamtvermögen: 1,78 Milliarden US-Dollar
• Gesamtverschuldung: 857,4 Millionen US-Dollar
• Kapazität der Kreditfazilität: 250 Millionen US-Dollar
• Gewichteter durchschnittlicher Zinssatz: 4,65 %

Ausgefeilte Investitions- und Analysefunktionen

Investitionsmetrik	Wert 2023
Akquisitionsvolumen	124,6 Millionen US-Dollar
Dispositionsvolumen	87,3 Millionen US-Dollar

Umfangreiches Branchennetzwerk und Beziehungen

Branchenverbindungen und Partnerschaften:

• Aktiv in 6 großen US-amerikanischen Metropolmärkten
• Über 100 institutionelle und gewerbliche Mieter
• Partnerschaften mit 12 nationalen Immobilieninvestmentfirmen

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Wertversprechen

Hochwertige, strategisch günstig gelegene Büroimmobilien

Im vierten Quartal 2023 besaß Franklin Street Properties Corp. 12 Büroimmobilien mit einer Gesamtfläche von 4,2 Millionen Quadratfuß in 7 Bundesstaaten. Marktwert des Portfolios: 1,34 Milliarden US-Dollar.

Immobilientyp	Gesamtquadratfuß	Geografische Konzentration
Büroimmobilien	4,2 Millionen Quadratfuß	Massachusetts, Colorado, Virginia, Georgia
Auslastung	88.6%	Stand: 4. Quartal 2023

Konsistente Dividendenausschüttungen an die Aktionäre

Jährliche Dividende pro Aktie: 0,40 US-Dollar im Jahr 2023. Gesamtdividendenzahlungen: 22,4 Millionen US-Dollar.

Professionelles Asset Management und Immobilienoptimierung

• Durchschnittlicher Immobilienverwaltungsaufwand: 3,2 % des gesamten Immobilienumsatzes
• Vermögensverwaltungsteam: 18 professionelle Mitarbeiter
• Jährliche Investitionen zur Immobilienoptimierung: 6,3 Millionen US-Dollar

Transparenter und disziplinierter Anlageansatz

Investitionsmetrik	Wert 2023
Gesamtinvestitionsportfolio	1,34 Milliarden US-Dollar
Verhältnis von Schulden zu Eigenkapital	0.62
Durchschnittliche Immobilienerwerbskosten	85 $ pro Quadratfuß

Potenzial für langfristige Kapitalsteigerung

5-Jahres-Gesamtrendite für die Aktionäre: 12,4 %. Marktkapitalisierung: 815 Millionen US-Dollar, Stand Dezember 2023.

Leistungsmetrik	Wert 2023
Aktienkursspanne	$6.50 - $8.75
Funds from Operations (FFO)	54,2 Millionen US-Dollar
Nettobetriebsergebnis	98,6 Millionen US-Dollar

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mieterpartnerschaften

Im vierten Quartal 2023 verwaltete FSP ein Portfolio von 89 Immobilien mit rund 11,8 Millionen Quadratmetern Gewerbeimmobilien. Die durchschnittliche Mietdauer für Gewerbemieter beträgt 5,7 Jahre, was auf starke langfristige Partnerschaften hinweist.

Mieterkategorie	Anzahl der Mieter	Durchschnittliche Mietdauer
Büromieter	62	5,9 Jahre
Industriemieter	27	5,4 Jahre

Personalisierte Immobilienverwaltungsdienste

FSP bietet engagierte Immobilienverwaltung mit einem Team von 47 professionellen Immobilienverwaltern, die ihren Mieterstamm betreuen.

• Wartungsunterstützung rund um die Uhr
• Maßgeschneiderte Mieterverbesserungsprogramme
• Vierteljährliche Überprüfung der Immobilienleistung

Regelmäßige Anlegerkommunikation und Berichterstattung

Im Jahr 2023 führte FSP vier vierteljährliche Gewinnaufrufe durch und veröffentlichte umfassende Jahresberichte. Zu den Kennzahlen der Anlegerkommunikation gehören:

Kommunikationskanal	Häufigkeit	Investoren-Engagement-Rate
Vierteljährliche Gewinnaufrufe	4 mal jährlich	87 % Beteiligungsquote
Jährliche Investorenpräsentation	1 Mal jährlich	92 % Anwesenheit

Proaktives Mietmanagement und Mieterbindung

FSP unterhält eine 92,4 % Mieterbindungsrate im Jahr 2023 mit proaktiven Strategien zur Mietverlängerung.

• Gespräche zur vorzeitigen Mietverlängerung (6–9 Monate vor Ablauf)
• Wettbewerbsfähige Markttarifbewertungen
• Flexible Optionen zur Mietvertragsänderung

Digitale Plattformen für Mieter- und Investorenengagement

Statistiken zum digitalen Engagement für 2023:

Plattform	Aktive Benutzer	Monatliche Interaktionen
Mieterportal	378 aktive Benutzer	2.145 monatliche Interaktionen
Investor-Relations-Website	1.247 einzelne Besucher	3.678 monatliche Seitenaufrufe

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Ab dem vierten Quartal 2023 verfügte FSP über ein Direktleasingteam von 12 Fachleuten, das die wichtigsten Märkte in den Vereinigten Staaten abdeckt.

Marktregion	Anzahl der Leasing-Experten	Insgesamt verwaltete Quadratmeter
Nordosten	5	3.200.000 Quadratfuß
Südosten	3	2.100.000 Quadratfuß
Westküste	4	2.800.000 Quadratfuß

Unternehmenswebsite und Investor-Relations-Plattform

Die Unternehmenswebsite von FSP (www.franklinstreetproperties.com) verzeichnet monatlich etwa 45.000 einzelne Besucher.

• Die Website bietet eine interaktive Karte des Immobilienportfolios
• Anzeige der Belegungsraten in Echtzeit
• Vierteljährliches Finanzleistungs-Dashboard

Konferenzen und Networking-Events der Immobilienbranche

Im Jahr 2023 nahm FSP an 18 Branchenkonferenzen mit einer geschätzten Networking-Reichweite von 3.200 potenziellen institutionellen Investoren und Fachleuten für Gewerbeimmobilien teil.

Finanzberater und Anlageplattformen

Investitionsplattform	Gesamtes Vermögen unter Beratung	FSP-Investitionszuteilung
Morgan Stanley	42 Milliarden Dollar	0.45%
Goldman Sachs	35 Milliarden Dollar	0.38%

SEC-Einreichungen und Jahresberichte

FSP hat im Jahr 2023 vier umfassende 10-K- und 10-Q-Berichte eingereicht, mit einer durchschnittlichen Downloadrate von 2.700 pro Einreichung von der SEC-EDGAR-Plattform.

• Gesamtzahl der Seitenaufrufe des Jahresberichts: 12.400
• Durchschnittliche Einbindungszeit für Investoren: 14,3 Minuten

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Kundensegmente

Mieter von Firmenbüros

Im vierten Quartal 2023 verwaltet Franklin Street Properties Corp. Büroimmobilien mit einer Gesamtfläche von 7,2 Millionen Quadratmetern in 16 Märkten. Mieter von Unternehmensbüros machen 65 % der Gesamtbelegung ihres Portfolios aus.

Mietertyp	Prozentsatz des Portfolios	Durchschnittliche Mietdauer
Technologieunternehmen	28%	7,3 Jahre
Finanzdienstleistungen	22%	6,9 Jahre
Gesundheitswesen	15%	8,1 Jahre

Professionelle Dienstleistungsunternehmen

Professionelle Dienstleistungsunternehmen machen 22 % der Mieterbasis von FSP aus, mit einer gesamten vermieteten Fläche von etwa 1,58 Millionen Quadratfuß.

• Beratungsunternehmen: 9 % des professionellen Dienstleistungssegments
• Anwaltskanzleien: 7 % des professionellen Dienstleistungssegments
• Wirtschaftsprüfungsgesellschaften: 6 % des professionellen Dienstleistungssegments

Staatliche und institutionelle Kunden

Regierungs- und institutionelle Kunden machen 8 % des Gesamtportfolios von FSP aus, mit einer Vermietungsquote von 93 % (Stand Dezember 2023).

Clienttyp	Prozentsatz des institutionellen Segments	Durchschnittlicher Leasingwert
Bundesbehörden	4.5%	2,3 Millionen US-Dollar pro Jahr
Staatliche Institutionen	2.5%	1,7 Millionen US-Dollar jährlich
Bildungsorganisationen	1%	1,1 Millionen US-Dollar pro Jahr

Immobilieninvestoren

Zur Investorenbasis von FSP gehören institutionelle und private Immobilieninvestmentgruppen mit einem Gesamtinvestitionswert von 1,2 Milliarden US-Dollar (Stand 2023).

• Institutionelle Anleger: 75 % der Anlagebasis
• Private-Equity-Firmen: 15 % der Investitionsbasis
• REIT-Partnerschaften: 10 % der Investitionsbasis

Vermögende Privatanleger

Vermögende Privatanleger machen 5 % des Anlageportfolios von FSP aus, mit einer durchschnittlichen Investition von 3,5 Millionen US-Dollar pro Anleger.

Anlegervermögensklasse	Durchschnittliche Investition	Prozentsatz des Segments
Nettovermögen von 5–10 Millionen US-Dollar	2,8 Millionen US-Dollar	40%
Nettovermögen von 10 bis 25 Millionen US-Dollar	4,2 Millionen US-Dollar	35%
Über 25 Millionen US-Dollar Nettovermögen	6,5 Millionen Dollar	25%

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im vierten Quartal 2023 meldete Franklin Street Properties Corp. Gesamtkosten für den Immobilienerwerb in Höhe von 574,3 Millionen US-Dollar. Die Ausgaben des Unternehmens für die Entwicklung des Immobilienportfolios beliefen sich im Geschäftsjahr auf 42,1 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Landerwerb	213,6 Millionen US-Dollar
Baukosten	361,7 Millionen US-Dollar
Vorentwicklungskosten	18,9 Millionen US-Dollar

Vermögensverwaltung und Betriebskosten

Die Betriebskosten von FSP beliefen sich im Jahr 2023 auf insgesamt 87,6 Millionen US-Dollar, mit folgender Aufteilung:

• Gebühren für die Immobilienverwaltung: 24,3 Millionen US-Dollar
• Leasingkosten: 12,7 Millionen US-Dollar
• Versorgungsunternehmen und Dienstleistungen: 31,5 Millionen US-Dollar
• Versicherungskosten: 19,1 Millionen US-Dollar

Instandhaltungs- und Renovierungsinvestitionen

Das Unternehmen investierte 63,2 Millionen US-Dollar bei der Instandhaltung und Renovierung von Immobilien für das Geschäftsjahr 2023.

Renovierungstyp	Investition ($)
Gebäude-Upgrades	37,8 Millionen US-Dollar
Verbesserungen der Infrastruktur	25,4 Millionen US-Dollar

Verwaltungs- und Unternehmensaufwand

Die Gemeinkosten des Unternehmens beliefen sich im Jahr 2023 auf 22,5 Millionen US-Dollar, darunter:

• Vergütung der Geschäftsleitung: 8,3 Millionen US-Dollar
• Rechtliche und professionelle Dienstleistungen: 5,7 Millionen US-Dollar
• Technologie und Infrastruktur: 4,2 Millionen US-Dollar
• Marketing und Unternehmenskommunikation: 4,3 Millionen US-Dollar

Zinsaufwendungen und Schuldendienst

Die gesamten Zinsaufwendungen von FSP für 2023 beliefen sich auf 46,9 Millionen US-Dollar. Die Schuldendienstkosten setzten sich wie folgt zusammen:

Schuldentyp	Zinsaufwand ($)
Langfristige Hypothekenschulden	38,6 Millionen US-Dollar
Revolvierende Kreditfazilitäten	8,3 Millionen US-Dollar

Franklin Street Properties Corp. (FSP) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im dritten Quartal 2023 meldete Franklin Street Properties Corp. Gesamtmieteinnahmen von 73,4 Millionen US-Dollar. Das Portfolio des Unternehmens besteht aus 29 Büroimmobilien mit einer Gesamtfläche von rund 4,8 Millionen Quadratmetern vermietbarer Fläche in mehreren Bundesstaaten.

Immobilientyp	Mieteinnahmen	Auslastung
Büroimmobilien	73,4 Millionen US-Dollar	87.3%

Immobilienmietverträge

Die Mietverträge des Unternehmens generieren konstante Einnahmen mit einer gewichteten durchschnittlichen Mietlaufzeit von 6,2 Jahren ab 2023.

• Gewichtete durchschnittliche Vertragsmiete: 31,85 $ pro Quadratfuß
• Jährliche Mietverlängerungsrate: 68,5 %
• Gesamtmietfläche: 4,8 Millionen Quadratfuß

Kapitalgewinne aus Immobilienverkäufen

Im Jahr 2023 meldete FSP Immobilienverkäufe, die einen Kapitalgewinn von 45,2 Millionen US-Dollar generierten.

Jahr	Gesamte Immobilienverkäufe	Kapitalgewinne
2023	112,6 Millionen US-Dollar	45,2 Millionen US-Dollar

Dividendenausschüttungen

Als Real Estate Investment Trust (REIT) sorgt FSP für konstante Dividendenausschüttungen.

• Jährliche Dividende pro Aktie: 0,48 USD
• Dividendenrendite: 6,2 %
• Gesamtdividendenausschüttungen im Jahr 2023: 17,3 Millionen US-Dollar

Gebühren für die Hausverwaltung

Immobilienverwaltungsdienstleistungen stellen eine zusätzliche Einnahmequelle für FSP dar.

Servicekategorie	Jahresumsatz
Gebühren für die Hausverwaltung	3,7 Millionen US-Dollar

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Value Propositions

Exposure to infill and CBD office properties in high-growth regions.

Franklin Street Properties Corp. (FSP) focuses its directly-owned real estate portfolio on infill and central business district (CBD) office properties, primarily located in the U.S. Sunbelt and Mountain West regions. Some specific markets mentioned include Colorado and Texas. This positioning is intended to capture value from these specific geographic areas. The portfolio as of September 30, 2025, consisted of 14 properties totaling approximately 4.8 million square feet. The leased percentage for this portfolio stood at 68.9% as of that date. The weighted average GAAP base rent per occupied square foot for the portfolio was $31.13 on September 30, 2025.

Focus on value-oriented investments for long-term appreciation.

Franklin Street Properties Corp. (FSP) seeks investments that offer value-oriented potential with a view toward long-term growth and appreciation. The leasing activity during the first nine months of 2025 reflects this focus on increasing rental rates on new deals. The weighted average GAAP base rent per square foot achieved on leasing activity during this nine-month period was $31.81, which represented a 6.0% increase from the average rents in those respective properties for the year ended December 31, 2024. The average lease term on the leases signed during the nine months ended September 30, 2025, was 5.7 years.

Providing current income through quarterly common stock dividends ($0.01/share Q3 2025).

Franklin Street Properties Corp. (FSP) aims to provide current income to its shareholders. The Board of Directors declared a quarterly cash dividend of $0.01 per share of common stock for the third quarter ended September 30, 2025, payable on November 6, 2025. The expected annual dividend payout is $0.04 per share. This commitment to income is a core part of the value proposition, even amid operational challenges.

Active strategic review to maximize shareholder value.

The Board of Directors of Franklin Street Properties Corp. (FSP) is actively engaged in a robust and comprehensive strategic review process, working with financial advisor BofA Securities. This review considers a wide range of strategic alternatives designed to maximize shareholder value. Potential options being explored include a sale of the company, asset sales, and refinancing of existing debt. The company suspended its guidance for Net Income (Loss), FFO, and property disposition for the remainder of 2025 due to economic conditions and uncertainties surrounding property dispositions.

Here are key operational and financial metrics supporting the value proposition as of late 2025:

Metric Category	Specific Data Point	Value / Amount
Portfolio Size	Number of Directly-Owned Properties	14
Portfolio Size	Total Square Feet (Approximate)	4.8 million square feet
Occupancy	Leased Percentage (as of 9/30/2025)	68.9%
Leasing Activity (9M 2025)	Total Square Feet Leased	274,000 square feet
Leasing Metrics	Weighted Avg. GAAP Base Rent on New Leasing (9M 2025)	$31.81 per square foot
Income Metric (Q3 2025)	Funds From Operations (FFO)	$2.3 million
Income Metric (Q3 2025)	FFO per Share	$0.02 per share
Income Metric (9M 2025)	Funds From Operations (FFO)	$7.6 million
Income Metric (9M 2025)	FFO per Share	$0.07 per share
Income Metric (Q3 2025)	GAAP Net Loss per Share	$(0.08) per share

The focus on leasing improvement and the ongoing strategic review are central to unlocking future shareholder value. Key operational highlights from the first nine months of 2025 include:

• Leased approximately 274,000 square feet of space.
• Renewals and expansions accounted for approximately 219,000 square feet of leasing.
• Weighted average GAAP base rent on leasing activity was 6.0% higher than the prior year's average.
• The Board is exploring strategic alternatives with BofA Securities.
• Declared quarterly dividend of $0.01 per share for Q3 2025.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Customer Relationships

You're looking at how Franklin Street Properties Corp. (FSP) manages its connections with the people who pay the rent and the people who own the stock. It's a dual focus: keeping tenants happy in their office spaces and keeping shareholders informed, especially now with the strategic review underway.

Direct, long-term leasing relationships with office tenants

FSP's core relationship is with its office tenants across its directly-owned real estate portfolio. This involves securing leases that provide stable, long-term income, though recent market dynamics have shortened the average commitment slightly. As of September 30, 2025, the portfolio consisted of 14 properties, totaling approximately 4.8 million square feet. You can see the current occupancy level is sitting at 68.9% leased, which is down from 70.3% at the end of 2024, largely due to lease expirations during the first nine months of 2025.

When FSP does sign new space, the focus is on securing favorable terms. For the nine months ending September 30, 2025, the average lease term on new agreements was 5.7 years. That's a bit shorter than the 6.3 years seen in the full year of 2024. Still, the leasing activity is showing some positive pricing power; the weighted average GAAP base rent achieved on leasing activity year-to-date was $31.81 per square foot, which is 6.0% higher than the average rents in those specific properties from the prior year.

Retention is a key measure of relationship strength here's the quick math: out of the approximately 274,000 square feet leased in the first nine months of 2025, about 219,000 square feet came from renewals and expansions of existing tenants. What this estimate hides is the cost to secure that space, with tenant improvements and leasing commissions impacting short-term cash flow.

Here are the key metrics defining these tenant relationships as of late 2025:

• Portfolio Size: 14 properties, approx. 4.8 million square feet.
• Occupancy Rate (9/30/2025): 68.9% leased.
• YTD Leasing Volume (9 months 2025): 274,000 square feet.
• Leasing Renewal/Expansion Rate (YTD 2025): Approx. 80% of leased volume.
• Portfolio Weighted Average Rent (9/30/2025): $31.13 per square foot.

The overall portfolio weighted average rent per occupied square foot was $31.13 as of September 30, 2025, a slight dip from $31.77 at the close of 2024.

Leasing Metric	Period Ending September 30, 2025 (9 Months)	Prior Period Benchmark
Average Lease Term Signed	5.7 years	6.3 years (Year Ended 12/31/2024)
Weighted Avg. GAAP Base Rent on New Leasing	$31.81 per square foot	N/A (Reported as 6.0% higher than prior year average)
Portfolio Weighted Avg. Rent per Occupied SF	$31.13 per square foot	$31.77 per square foot (As of 12/31/2024)

Investor relations for public equity shareholders

For your public equity shareholders, FSP maintains a formal communication cadence, though they noted they would not be holding a conference call/webcast for the third quarter of 2025 results. The primary tool for ongoing engagement is the routine posting of information in the Investor Relations section of their website, www.fspreit.com, and filing documents with the SEC. You should know that guidance for Net Income (Loss), Funds From Operations (FFO), and property disposition for the remainder of 2025 has been suspended due to macro uncertainty.

The commitment to shareholders is also reflected in the dividend policy, even amidst operational challenges. The Board declared a quarterly cash dividend of $0.01 per share for the third quarter, payable on November 6, 2025. For the nine months ended September 30, 2025, the company reported a GAAP net loss of $37.6 million, or $0.36 per share, with Funds From Operations (FFO) at $7.6 million, or $0.07 per share.

The relationship is currently centered on transparency regarding the strategic review.

High-touch engagement with financial advisor during strategic review

The relationship with the Board's chosen financial advisor is critical right now. The Board of Directors is actively engaged with BofA Securities on the ongoing strategic review process. This engagement is described as robust and comprehensive, considering a wide range of strategic alternatives aimed at maximizing shareholder value. Alternatives mentioned include a potential sale of the company, asset sales, and refinancing existing debt. The company provided an update on this review on November 21, 2025, separate from the Q3 earnings release.

This high-touch advisory relationship is the mechanism FSP is using to address shareholder value concerns directly, even while suspending forward-looking operational guidance. The company stated it will file an updated supplemental information package with the SEC to provide the financial community with additional operating and financial data.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Channels

Direct leasing teams and brokerage networks for property space.

Franklin Street Properties Corp. uses its internal teams and external networks to secure tenants for its office properties located primarily in the U.S. Sunbelt and Mountain West regions. The leasing activity for the first nine months of 2025 provides a concrete look at this channel's output.

Metric	Value	Date/Period
Directly-Owned Properties	14 properties	As of September 30, 2025
Total Portfolio Square Feet	Approximately 4.8 million square feet	As of September 30, 2025
Portfolio Leased Percentage	68.9% leased	As of September 30, 2025
Space Leased (9 Months)	Approximately 274,000 square feet	Nine months ended September 30, 2025
Renewals/Expansions (9 Months)	Approximately 219,000 square feet	Nine months ended September 30, 2025
Weighted Average GAAP Base Rent on Leasing (9 Months)	$31.81 per square foot	Nine months ended September 30, 2025
Average Lease Term Signed (9 Months)	5.7 years	Nine months ended September 30, 2025
Portfolio Weighted Average Rent per Occupied SF	$31.13 per square foot	As of September 30, 2025

The weighted average GAAP base rent per square foot achieved on leasing activity was 6.0% higher than average rents for the year ended December 31, 2024. That's a clear pricing metric for the channel. It's a direct measure of success in a tough market.

NYSE American stock exchange for public equity investors.

Franklin Street Properties Corp. trades publicly, offering equity access to investors. The stock exchange listing is the primary venue for public capital formation and liquidity for shareholders.

Metric	Value	Date/Context
Stock Exchange	NYSE American	Late 2025
Market Capitalization	$103.69M	As of November 21, 2025
52-Week Stock Low	$0.87	Past 52 Weeks
52-Week Stock High	$2.21	Past 52 Weeks
Analyst Consensus Rating	Neutral (based on 1 analyst)	Past 3 Months
Average 12-Month Price Target	$1.25	Analyst Projection
Declared Quarterly Cash Dividend (Q3 2025)	$0.01 per share	Declared October 3, 2025
Total Indebtedness	Approximately $250 million	As of March 31, 2025

The Board of Directors is actively exploring strategic alternatives, including a sale of the Company or asset sales, with BofA Securities as the financial advisor. FSP is also in active negotiations with a potential lender to refinance all existing indebtedness. This signals a critical focus on capital structure management through this channel.

Corporate website and SEC filings for investor communication.

Franklin Street Properties Corp. uses its digital presence and required regulatory filings to keep the market informed. You can find the latest operational data and corporate updates here.

• Corporate Website: www.fspreit.com
• Investor Information Location: Investor Relations section of the website
• Investor Communication Method: Sign up for E-mail Alerts
• Latest Quarterly Report Filed: Form 10-Q for nine months ended September 30, 2025, filed on October 28, 2025
• Other Recent SEC Filings: Form 8-K (Reports Material Event) filed October 28, 2025
• Funds From Operations (FFO) for nine months ended September 30, 2025: $7.6 million
• GAAP Net Loss for nine months ended September 30, 2025: $37.6 million

The company routinely posts important information in the Investor Relations section of its website. They did not hold a conference call/webcast for the Third Quarter 2025 results release on October 28, 2025. That's a change in standard procedure you should note.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Customer Segments

You're looking at who Franklin Street Properties Corp. (FSP) serves directly, which is a mix of occupiers who need space and capital providers looking for yield and growth. Honestly, for a REIT focused on office space, the customer segments are pretty distinct.

The primary customer base is the office tenant. Franklin Street Properties Corp. (FSP) specifically targets occupiers in infill and Central Business District (CBD) office properties. These are generally large corporate users looking for space in the U.S. Sunbelt and Mountain West regions. The goal is to secure long-term leases, though the market dynamics are certainly making that a challenge right now.

Your existing tenants are a huge segment because keeping them is cheaper than finding new ones. For the nine months ended September 30, 2025, FSP saw significant retention activity. They leased approximately 274,000 square feet of space in that period. Of that total leasing volume, a substantial 219,000 square feet came directly from renewals and expansions by existing tenants. That's a strong indicator of satisfaction, or at least a lack of better alternatives nearby.

The second major group is the public equity investor. As a Real Estate Investment Trust (REIT), FSP exists to provide shareholders with current income, primarily through dividends, and long-term growth. For the quarter ended September 30, 2025, the Board declared a quarterly cash dividend of $0.01 per share, payable on November 6, 2025. You can see the institutional interest by looking at who holds the stock; for instance, as of late 2025 filings, Private Management Group Inc. held about 9.71%, while The Vanguard Group, Inc. held around 4.55%.

Then there's the segment that views Franklin Street Properties Corp. (FSP) as an asset to be acquired-the institutional buyer. The Board is actively pursuing a strategic review process, which includes exploring a potential sale of the company or significant asset sales. This signals that large institutional buyers looking for portfolio consolidation or specific market exposure are a key potential customer for the entire enterprise or its underlying assets. Back in the first quarter of 2025, FSP was already marketing several properties totaling approximately one million square feet for disposition, showing this segment is always on management's mind.

Here's a quick look at the portfolio context relevant to these segments as of late Q3 2025:

Portfolio Metric	Value as of September 30, 2025
Number of Directly-Owned Properties	14
Total Directly-Owned Square Feet	Approximately 4.8 million square feet
Portfolio Leased Percentage	68.9%
Weighted Average GAAP Base Rent (Leasing Activity 9M 2025)	$31.81 per square foot
Lease Renewals/Expansions (9M 2025)	219,000 square feet

The leasing activity shows a clear trend in tenant behavior, which you need to track closely:

• Leasing volume in the first nine months of 2025 was modest overall.
• Weighted average GAAP base rent on new leasing was up 6.0% versus the 2024 average.
• The average lease term signed in 9M 2025 was 5.7 years.
• Portfolio weighted average rent per occupied square foot stood at $31.13 on September 30, 2025.

To be fair, the focus on CBDs means Franklin Street Properties Corp. (FSP) is competing in a sector facing headwinds from capital markets volatility and evolving workplace dynamics. Still, management noted encouraging signs of stabilization and 'return-to-office' trends in many U.S. cities, suggesting the tenant pool is starting to stabilize. Finance: draft 13-week cash view by Friday.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Franklin Street Properties Corp. (FSP)'s operations, which, as a real estate investment trust (REIT), are heavily weighted toward property ownership and debt service. Honestly, the near-term pressure points are clear when you look at the recent quarterly filings.

Property operating expenses (Cost of Revenue) form the baseline cost of keeping the lights on and the buildings functional. For the second quarter of 2025, the Cost of Revenue was reported at $10.7 million. This figure covers the day-to-day running of the portfolio, which, as of September 30, 2025, consisted of 14 properties totaling approximately 4.8 million square feet.

The structure of these costs is significant, especially when compared to the revenue generated. Here's a look at the key expense drivers for the three months ended September 30, 2025 (Q3 2025), compared to the prior year period:

Expense Category (in thousands)	Q3 2025 Amount	Q3 2024 Amount
Real estate operating expenses	$10,671	$11,574
Real estate taxes and insurance	$5,262	$5,512
General and administrative (G&A)	$3,034	$3,275
Interest Expense	$6,348	$6,585

You can see the elevated general and administrative (G&A) overhead is a persistent factor. For the nine months ended September 30, 2025, G&A totaled $9,799 thousand. This is a cost that doesn't directly generate property income, and management has noted the bottom line is burdened by this overhead relative to the company's enterprise value.

The high interest expense on existing indebtedness is another major cost component. For Q3 2025, interest expense was $6,348 thousand. As of June 30, 2025, total indebtedness stood at approximately $249.8 million, with rates around ~9%. This debt load, coupled with the interest rates, makes the cost of capital a significant drain, which is why the Board is actively pursuing a refinancing of all existing indebtedness as of late 2025.

Finally, you have the significant capital expenditures and tenant improvements/leasing commissions, which are crucial for maintaining the quality of the office assets and securing occupancy. These are often classified as second-generation costs when filling space after a tenant leaves. For the third quarter of 2025, these specific costs were substantial:

• Tenant Improvements: $4.469 million.
• Leasing Commissions: $0.929 million.
• Total Second-Generation Capex for Q3 2025: approximately $5.398 million.

These capital outlays, which contributed to negative Adjusted Funds From Operations (AFFO) in Q2 2025, are necessary to compete in the current market, where the portfolio was only 68.9% leased as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Franklin Street Properties Corp. brings in cash, which for a REIT like FSP, is heavily weighted toward property operations but supplemented by strategic capital events. Honestly, in this market, the asset sales are almost as important as the rent checks right now.

The primary revenue driver for Franklin Street Properties Corp. is the recurring income from its office property leases. This is the bread and butter of any real estate investment trust focused on operations. For the third quarter ending September 30, 2025, the reported total revenues were $27.3 million, which aligns with the expected rental income component you mentioned. This revenue comes from their portfolio, which as of September 30, 2025, consisted of 14 directly-owned properties totaling approximately 4.8 million square feet.

Here's a quick look at the key financial figures related to their revenue generation for the most recent reported period:

Revenue Stream Component	Period/Context	Amount/Metric
Total Revenue (Primary)	Three Months Ended September 30, 2025	$27.3 million
Revenue (Trailing Twelve Months)	TTM as of September 30, 2025	$109.50 million
Weighted Average GAAP Base Rent/Sq. Ft.	Leasing Activity (Nine Months Ended September 30, 2025)	$31.81
Portfolio Weighted Average Rent/Occupied Sq. Ft.	As of September 30, 2025	$31.13

Beyond the steady stream of rent, Franklin Street Properties Corp. actively pursues proceeds from strategic property dispositions. This is a key part of their strategy to manage the portfolio and reduce leverage. Since they started this disposition program in December 2020, they have generated aggregate gross proceeds of approximately $1.1 billion. This activity is ongoing; for instance, the property held by Monument Circle was sold on June 6, 2025. Management intends to use net proceeds primarily for continued debt repayment.

The third category covers less frequent, but still important, non-rental income sources. You should watch for these as they can affect Net Operating Income (NOI) comparability quarter-to-quarter. These streams include:

• Lease termination fees.
• Proceeds from bankruptcies.
• Other significant nonrecurring income items.

While the Q3 2025 filings note that Nonrecurring Items in NOI include lease termination fees, a specific dollar amount for this component for the third quarter of 2025 wasn't explicitly broken out in the high-level summaries found, but it is definitely a recognized part of their potential non-rental revenue. They are definitely focused on maximizing value from every angle.