Franklin Street Properties Corp. (FSP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'immobilier commercial, Franklin Street Properties Corp. (FSP) apparaît comme une puissance stratégique, transformant l'investissement immobilier grâce à un modèle commercial méticuleusement conçu qui équilibre l'innovation, la gestion des risques et la valeur des actionnaires. En tirant parti d'une approche sophistiquée pour acquérir, gérer et optimiser les propriétés des bureaux, FSP a taillé un créneau distinctif dans le paysage immobilier concurrentiel, offrant aux investisseurs et aux locataires une proposition de valeur convaincante qui transcende les stratégies de gestion immobilière traditionnelles.

Franklin Street Properties Corp. (FSP) - Modèle commercial: partenariats clés

Sociétés de courtage immobilier commerciales

En 2024, FSP collabore avec les sociétés de courtage immobilier commerciales suivantes:

Cabinet de courtage	Détails du partenariat	Volume de transaction
CBRE Group, Inc.	Location et ventes de biens de l'Office	42,3 millions de dollars en valeur de transaction
Jll (Jones Lang Lasalle)	Analyse du marché et représentation des locataires	35,7 millions de dollars en services de courtage

Sociétés de gestion immobilière

Les principales partenariats de gestion immobilière de la FSP comprennent:

• Cushman & Wakefield - Gérer 7 propriétés de bureau
• Colliers International - Gérer 5 propriétés commerciales
• Transwestern - Gérer 3 complexes de bureaux régionaux

Institutions financières nationales et régionales

Détails du partenariat financier:

Institution financière	Type de partenariat	Facilité de crédit
Banque d'Amérique	Facilité de crédit renouvelable	250 millions de dollars
Wells Fargo	Accord de prêt à terme	175 millions de dollars

Entrepreneurs de construction et d'entretien

Les principaux partenariats de construction et d'entretien du FSP:

• Turner Construction Company - 23,6 millions de dollars en projets de rénovation
• Skanska USA - 18,4 millions de dollars en améliorations de construction
• LendLease - 15,9 millions de dollars en développement immobilier

Sociétés d'investissement et de conseil

Partenariats d'investissement stratégiques:

Cabinet de consultation	Services fournis	Valeur d'investissement
Blackstone Real Estate	Conseil de stratégie d'investissement	67,5 millions de dollars
Goldman Sachs immobilier	Optimisation du portefeuille	52,3 millions de dollars

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: Activités clés

Acquérir, gérer et développer des biens immobiliers commerciaux

Au quatrième trimestre 2023, Franklin Street Properties Corp. possédait un portefeuille de 16 propriétés de bureau totalisant environ 4,1 millions de pieds carrés louables dans neuf États.

Type de propriété	Total en pieds carrés	Distribution géographique
Propriétés du bureau	4,1 millions de pieds carrés	9 États
Marchés concentrés	Denver, Colorado	Boston, Massachusetts

Optimisation du portefeuille et investissements immobiliers stratégiques

En 2023, FSP a mis en œuvre des stratégies d'optimisation du portefeuille stratégique axées sur:

• Dispositions de propriété sélective
• Acquisitions ciblées sur les marchés à forte croissance
• Maintenir un portefeuille de biens de bureau diversifié

Gestion des actifs et location

Louer des mesures de performance pour 2023:

Métrique	Valeur
Taux d'occupation du portefeuille	88.7%
Terme de location moyenne pondérée	6,2 ans

Capital Raising and Financial Strategy

Faits saillants financiers pour 2023:

• Actif total: 2,1 milliards de dollars
• Dette totale: 1,1 milliard de dollars
• Ratio de dette / capitalisation totale: 53,8%

Évaluation des risques et évaluation des biens

L'approche de gestion des risques comprend:

• Analyse du marché continu
• Évaluations régulières des conditions de propriété
• Planification stratégique des dépenses en capital

Métrique d'évaluation	Montant
Évaluation totale du portefeuille	2,3 milliards de dollars
Valeur de propriété moyenne	143,75 millions de dollars

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier commercial diversifié

Au quatrième trimestre 2023, Franklin Street Properties Corp. possède un portefeuille de 14 propriétés de bureau totalisant 3 072 000 pieds carrés sur plusieurs marchés américains. Le portefeuille est évalué à 1,47 milliard de dollars avec un taux d'occupation de 87,3%.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux	14	3,072,000

Équipe de gestion expérimentée

Composition du leadership à partir de 2024:

• Geoffrey G. Geoffrion - Président et chef de la direction
• Michael G. O'Brien - président et directeur financier
• Pureur exécutif moyen: 12,5 ans

Capitaux financiers et de crédit financiers solides

Mesures financières pour 2023:

• Actif total: 1,78 milliard de dollars
• Dette totale: 857,4 millions de dollars
• Capacité de facilité de crédit: 250 millions de dollars
• Taux d'intérêt moyen pondéré: 4,65%

Capacités d'investissement et d'analyse sophistiquées

Métrique d'investissement	Valeur 2023
Volume d'acquisition	124,6 millions de dollars
Volume de disposition	87,3 millions de dollars

Réseau et relations industriels étendus

Connexions et partenariats de l'industrie:

• Actif dans 6 principaux marchés métropolitains américains
• Plus de 100 locataires institutionnels et d'entreprise
• Partenariats avec 12 sociétés nationales d'investissement immobilier

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: propositions de valeur

Propriétés de bureau de haute qualité et stratégiquement situées

Au quatrième trimestre 2023, Franklin Street Properties Corp. possédait 12 propriétés de bureau totalisant 4,2 millions de pieds carrés dans 7 États. Valeur marchande du portefeuille: 1,34 milliard de dollars.

Type de propriété	Total des pieds carrés	Concentration géographique
Propriétés du bureau	4,2 millions de pieds carrés	Massachusetts, Colorado, Virginie, Géorgie
Taux d'occupation	88.6%	Auprès du quatrième trimestre 2023

Distributions de dividendes cohérentes aux actionnaires

Dividende annuel par action: 0,40 $ en 2023. Paiements totaux de dividendes: 22,4 millions de dollars.

Gestion professionnelle des actifs et optimisation des propriétés

• Dépenses de gestion des biens moyens: 3,2% du total des revenus des biens
• Équipe de gestion des actifs: 18 membres du personnel professionnel
• Investissements annuels d'optimisation des biens: 6,3 millions de dollars

Approche d'investissement transparente et disciplinée

Métrique d'investissement	Valeur 2023
Portefeuille d'investissement total	1,34 milliard de dollars
Ratio dette / fonds propres	0.62
Coût moyen d'acquisition de propriétés	85 $ par pied carré

Potentiel d'appréciation du capital à long terme

Retour total sur 5 ans aux actionnaires: 12,4%. Capitalisation boursière: 815 millions de dollars en décembre 2023.

Métrique de performance	Valeur 2023
Gamme de cours des actions	$6.50 - $8.75
Fonds des opérations (FFO)	54,2 millions de dollars
Bénéfice d'exploitation net	98,6 millions de dollars

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: relations avec les clients

Partenariats de locataires à long terme

Au quatrième trimestre 2023, FSP a géré un portefeuille de 89 propriétés avec environ 11,8 millions de pieds carrés d'immobilier commercial. La durée de location moyenne des locataires commerciaux est de 5,7 ans, ce qui indique de solides partenariats à long terme.

Catégorie des locataires	Nombre de locataires	Durée de location moyenne
Locataires de bureau	62	5,9 ans
Locataires industriels	27	5,4 ans

Services de gestion immobilière personnalisés

FSP fournit une gestion immobilière dédiée avec une équipe de 47 gestionnaires immobiliers professionnels desservant leur base de locataires.

• Support de maintenance 24/7
• Programmes d'amélioration des locataires personnalisés
• Revues de performances immobilières trimestrielles

Communications et rapports des investisseurs réguliers

En 2023, FSP a effectué 4 appels de résultats trimestriels et publié des rapports annuels complets. Les mesures de communication des investisseurs comprennent:

Canal de communication	Fréquence	Taux d'engagement des investisseurs
Appels de résultats trimestriels	4 fois par an	Taux de participation de 87%
Présentation annuelle des investisseurs	1 fois par an	92% de fréquentation

Gestion des baux proactifs et rétention des locataires

FSP maintient un Taux de rétention de 92,4% en 2023, avec des stratégies de renouvellement de location proactives.

• Discussions de renouvellement de location précoce (6-9 mois avant l'expiration)
• Évaluations de taux de marché concurrentiel
• Options de modification de location flexible

Plateformes numériques pour l'engagement des locataires et des investisseurs

Statistiques d'engagement numérique pour 2023:

Plate-forme	Utilisateurs actifs	Interactions mensuelles
Portail des locataires	378 utilisateurs actifs	2 145 interactions mensuelles
Site Web de relations avec les investisseurs	1 247 visiteurs uniques	3 678 pages vues mensuelles

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: canaux

Équipes de location directe

Depuis le quatrième trimestre 2023, FSP a maintenu une équipe de location directe de 12 professionnels couvrant les principaux marchés aux États-Unis.

Région de marché	Nombre de professionnels de la location	Pieds carrés totaux gérés
Nord-est	5	3 200 000 pieds carrés
Au sud-est	3	2 100 000 pieds carrés
Côte ouest	4	2 800 000 pieds carrés

Plateforme de relations avec le site Web et les investisseurs

Le site Web d'entreprise de FSP (www.franklinsstreetproperties.com) reçoit environ 45 000 visiteurs uniques par mois.

• Caractéristiques du portefeuille de propriété interactive Carte du portefeuille
• Affichage des taux d'occupation en temps réel
• Tableau de tableau de bord des performances financières trimestrielles

Conférences de l'industrie immobilière et événements de réseautage

En 2023, la FSP a participé à 18 conférences de l'industrie avec une portée de réseautage estimée à 3 200 investisseurs institutionnels potentiels et des professionnels de l'immobilier commercial.

Conseillers financiers et plateformes d'investissement

Plate-forme d'investissement	Total des actifs en vertu de l'avis	Allocation d'investissement FSP
Morgan Stanley	42 milliards de dollars	0.45%
Goldman Sachs	35 milliards de dollars	0.38%

Dossiers SEC et rapports annuels

FSP a déposé 4 rapports complets de 10 K et 10-Q en 2023, avec un taux de téléchargement moyen de 2 700 par classement de la plate-forme SEC Edgar.

• Page de rapport annuel total View: 12 400
• Temps d'engagement moyen des investisseurs: 14,3 minutes

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Au quatrième trimestre 2023, Franklin Street Properties Corp. gère 7,2 millions de pieds carrés de propriétés de bureau sur 16 marchés. Les locataires du siège social représentent 65% de leur occupation totale de portefeuille.

Type de locataire	Pourcentage de portefeuille	Terme de location moyenne
Entreprises technologiques	28%	7,3 ans
Services financiers	22%	6,9 ans
Soins de santé	15%	8,1 ans

Entreprises de services professionnels

Les entreprises de services professionnels représentent 22% de la base de locataires de la FSP, avec une superficie louée totale d'environ 1,58 million de pieds carrés.

• Sociétés de conseil: 9% du segment de service professionnel
• Pratiques juridiques: 7% du segment de service professionnel
• Cabinets comptables: 6% du segment de service professionnel

Clients gouvernementaux et institutionnels

Les clients gouvernementaux et institutionnels représentent 8% du portefeuille total de la FSP, avec un taux d'occupation de 93% en décembre 2023.

Type de client	Pourcentage de segment institutionnel	Valeur de location moyenne
Agences fédérales	4.5%	2,3 millions de dollars par an
Institutions d'État	2.5%	1,7 million de dollars par an
Organisations éducatives	1%	1,1 million de dollars par an

Investisseurs immobiliers

La base d'investisseurs de la FSP comprend des groupes d'investissement immobiliers institutionnels et privés, avec une valeur d'investissement totale de 1,2 milliard de dollars en 2023.

• Investisseurs institutionnels: 75% de la base d'investissement
• Sociétés de capital-investissement: 15% de la base d'investissement
• Partenariats REIT: 10% de la base d'investissement

Investisseurs individuels à haute nette

Les investisseurs individuels à haute navette représentent 5% du portefeuille d'investissement de la FSP, avec un investissement moyen de 3,5 millions de dollars par investisseur.

Support de richesse des investisseurs	Investissement moyen	Pourcentage de segment
Valeur nette de 5 à 10 millions de dollars	2,8 millions de dollars	40%
Valeur nette de 10 à 25 millions de dollars	4,2 millions de dollars	35%
Plus de 25 millions de dollars nette	6,5 millions de dollars	25%

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Au quatrième trimestre 2023, Franklin Street Properties Corp. a déclaré des coûts d'acquisition totale de propriétés de 574,3 millions de dollars. Les frais de développement du portefeuille immobilier de la société pour l'exercice étaient de 42,1 millions de dollars.

Catégorie de dépenses	Montant ($)
Acquisition de terres	213,6 millions de dollars
Coûts de construction	361,7 millions de dollars
Frais de développement	18,9 millions de dollars

Gestion des actifs et coûts opérationnels

Les dépenses opérationnelles de la FSP pour 2023 ont totalisé 87,6 millions de dollars, avec la ventilation suivante:

• Frais de gestion immobilière: 24,3 millions de dollars
• Dépenses de location: 12,7 millions de dollars
• Services publics et services: 31,5 millions de dollars
• Coûts d'assurance: 19,1 millions de dollars

Investissements de maintenance et de rénovation

L'entreprise a investi 63,2 millions de dollars dans l'entretien et la rénovation des biens pour l'exercice 2023.

Type de rénovation	Investissement ($)
Amélioration des améliorations	37,8 millions de dollars
Améliorations des infrastructures	25,4 millions de dollars

Administrative et au-delà de l'entreprise

Les frais généraux des entreprises pour 2023 étaient de 22,5 millions de dollars, notamment:

• Rémunération des cadres: 8,3 millions de dollars
• Services juridiques et professionnels: 5,7 millions de dollars
• Technologie et infrastructure: 4,2 millions de dollars
• Marketing et communications d'entreprise: 4,3 millions de dollars

Frais d'intérêt et service de la dette

Les frais d'intérêt total de la FSP pour 2023 s'élevaient à 46,9 millions de dollars. Les frais de service de la dette ont été structurés comme suit:

Type de dette	Intérêts ($)
Dette hypothécaire à long terme	38,6 millions de dollars
Facilités de crédit renouvelables	8,3 millions de dollars

Franklin Street Properties Corp. (FSP) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au troisième rang 2023, Franklin Street Properties Corp. a déclaré un revenu locatif total de 73,4 millions de dollars. Le portefeuille de la société se compose de 29 propriétés de bureau totalisant environ 4,8 millions de pieds carrés louables dans plusieurs États.

Type de propriété	Revenus de location	Taux d'occupation
Propriétés du bureau	73,4 millions de dollars	87.3%

Accords de location de propriété

Les accords de location de la société génèrent des revenus cohérents avec une durée de location moyenne pondérée de 6,2 ans en 2023.

• Loyer contractuel moyen pondéré: 31,85 $ par pied carré
• Taux de renouvellement de location annuel: 68,5%
• Zone de levain total: 4,8 millions de pieds carrés

Gains en capital des ventes de biens

En 2023, FSP a déclaré que les ventes de biens générant 45,2 millions de dollars en gains en capital.

Année	Ventes totales de propriétés	Gains en capital
2023	112,6 millions de dollars	45,2 millions de dollars

Distributions de dividendes

En tant que fiducie de placement immobilier (REIT), la FSP maintient des paiements de dividendes cohérents.

• Dividende annuel par action: 0,48 $
• Rendement des dividendes: 6,2%
• Total des distributions de dividendes en 2023: 17,3 millions de dollars

Frais de gestion immobilière

Les services de gestion immobilière contribuent à une source de revenus supplémentaire pour FSP.

Catégorie de service	Revenus annuels
Frais de gestion immobilière	3,7 millions de dollars

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.