Franklin Street Properties Corp. (FSP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos imóveis comerciais, a Franklin Street Properties Corp. (FSP) surge como uma potência estratégica, transformando o investimento imobiliário por meio de um modelo de negócios meticulosamente criado que equilibra a inovação, o gerenciamento de riscos e o valor dos acionistas. Ao alavancar uma abordagem sofisticada para adquirir, gerenciar e otimizar as propriedades do escritório, a FSP criou um nicho distinto no cenário imobiliário competitivo, oferecendo aos investidores e inquilinos uma proposta de valor convincente que transcende estratégias tradicionais de gerenciamento de propriedades.

Franklin Street Properties Corp. (FSP) - Modelo de negócios: Parcerias -chave

Corretor imobiliário comercial

A partir de 2024, o FSP colabora com as seguintes corretoras comerciais de corretagem imobiliária:

Corretora	Detalhes da parceria	Volume de transação
CBRE Group, Inc.	Office Property Leasing and Sales	US $ 42,3 milhões em valor de transação
JLL (Jones Lang Lasalle)	Análise de mercado e representação de inquilinos	US $ 35,7 milhões em serviços de corretagem

Empresas de gerenciamento de propriedades

As principais parcerias de gerenciamento de propriedades da FSP incluem:

• Cushman & Wakefield - Gerenciando 7 propriedades do escritório
• Colliers International - Gerenciando 5 propriedades comerciais
• Transwestern - Gerenciando 3 complexos de escritórios regionais

Instituições financeiras nacionais e regionais

Detalhes da parceria financeira:

Instituição financeira	Tipo de parceria	Linha de crédito
Bank of America	Linha de crédito rotativo	US $ 250 milhões
Wells Fargo	Contrato de empréstimo a prazo	US $ 175 milhões

Contratados de construção e manutenção

Parcerias primárias de construção e manutenção da FSP:

• Turner Construction Company - US $ 23,6 milhões em projetos de reforma
• Skanska EUA - US $ 18,4 milhões em atualizações de construção
• Lendlease - US $ 15,9 milhões em desenvolvimento de propriedades

Empresas de investimento e consultoria

Parcerias de investimento estratégico:

Empresa de consultoria	Serviços prestados	Valor de investimento
Blackstone Real Estate	Consultoria de estratégia de investimento	US $ 67,5 milhões
Real Estate Goldman Sachs	Otimização do portfólio	US $ 52,3 milhões

Franklin Street Properties Corp. (FSP) - Modelo de negócios: Atividades -chave

Adquirir, gerenciar e desenvolver imóveis comerciais

A partir do quarto trimestre de 2023, a Franklin Street Properties Corp. possuía um portfólio de 16 propriedades do escritório, totalizando aproximadamente 4,1 milhões de pés quadrados alugáveis ​​em nove estados.

Tipo de propriedade	Mágua quadrada total	Distribuição geográfica
Propriedades do escritório	4,1 milhões de pés quadrados	9 estados
Mercados concentrados	Denver, Colorado	Boston, Massachusetts

Otimização de portfólio e investimentos em propriedades estratégicas

Em 2023, o FSP implementou estratégias estratégicas de otimização de portfólio focadas em:

• Disposições seletivas de propriedade
• Aquisições direcionadas em mercados de alto crescimento
• Mantendo um portfólio de propriedades de escritório diversificado

Gerenciamento de ativos e leasing

Métricas de desempenho de leasing para 2023:

Métrica	Valor
Taxa de ocupação de portfólio	88.7%
Termo de arrendamento médio ponderado	6,2 anos

Capital levantando a estratégia financeira

Destaques financeiros para 2023:

• Total de ativos: US $ 2,1 bilhões
• Dívida total: US $ 1,1 bilhão
• Índice de capitalização dívida / total: 53,8%

Avaliação de risco e avaliação de propriedades

A abordagem de gerenciamento de riscos inclui:

• Análise de mercado contínua
• Avaliações regulares de condição de propriedade
• Planejamento estratégico de despesas de capital

Métrica de avaliação	Quantia
Avaliação total do portfólio	US $ 2,3 bilhões
Valor médio da propriedade	US $ 143,75 milhões

Franklin Street Properties Corp. (FSP) - Modelo de negócios: Recursos -chave

Portfólio de imóveis comerciais diversificados

A partir do quarto trimestre 2023, a Franklin Street Properties Corp. possui um portfólio de 14 propriedades do escritório, totalizando 3.072.000 pés quadrados em vários mercados dos EUA. O portfólio está avaliado em US $ 1,47 bilhão, com uma taxa de ocupação de 87,3%.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Edifícios de escritórios	14	3,072,000

Equipe de gerenciamento experiente

Composição de liderança em 2024:

• Geoffrey G. Geoffrion - Presidente e CEO
• Michael G. O'Brien - Presidente e CFO
• PRODIÇÃO EXECUTIVO Média: 12,5 anos

Capital financeiro e linhas de crédito fortes

Métricas financeiras para 2023:

• Total de ativos: US $ 1,78 bilhão
• Dívida total: US $ 857,4 milhões
• Capacidade da linha de crédito: US $ 250 milhões
• Taxa de juros médios ponderados: 4,65%

Capacidades sofisticadas de investimento e análise

Métrica de investimento	2023 valor
Volume de aquisição	US $ 124,6 milhões
Volume de disposição	US $ 87,3 milhões

Extensa rede da indústria e relacionamentos

Conexões e parcerias do setor:

• Ativo em 6 principais mercados metropolitanos dos EUA
• Mais de 100 inquilinos institucionais e corporativos
• Parcerias com 12 empresas nacionais de investimento imobiliário

Franklin Street Properties Corp. (FSP) - Modelo de Negócios: Proposições de Valor

Propriedades de escritório de alta qualidade e localizadas estrategicamente

A partir do quarto trimestre de 2023, a Franklin Street Properties Corp. possuía 12 propriedades de escritórios, totalizando 4,2 milhões de pés quadrados em 7 estados. Valor de mercado de portfólio: US $ 1,34 bilhão.

Tipo de propriedade	Pés quadrados totais	Concentração geográfica
Propriedades do escritório	4,2 milhões de pés quadrados	Massachusetts, Colorado, Virgínia, Geórgia
Taxa de ocupação	88.6%	A partir do quarto trimestre 2023

Distribuições de dividendos consistentes aos acionistas

Dividendo anual por ação: US $ 0,40 em 2023. Pagamentos totais de dividendos: US $ 22,4 milhões.

Gerenciamento profissional de ativos e otimização de propriedades

• Despesas médias de gerenciamento de propriedades: 3,2% da receita total da propriedade
• Equipe de gerenciamento de ativos: 18 funcionários profissionais
• Investimentos anuais de otimização de propriedades: US $ 6,3 milhões

Abordagem de investimento transparente e disciplinado

Métrica de investimento	2023 valor
Portfólio total de investimentos	US $ 1,34 bilhão
Relação dívida / patrimônio	0.62
Custo médio de aquisição de propriedades	US $ 85 por pé quadrado

Potencial para valorização de capital a longo prazo

Retorno total de 5 anos aos acionistas: 12,4%. Capitalização de mercado: US $ 815 milhões em dezembro de 2023.

Métrica de desempenho	2023 valor
Faixa de preço das ações	$6.50 - $8.75
Fundos das operações (FFO)	US $ 54,2 milhões
Receita operacional líquida	US $ 98,6 milhões

Franklin Street Properties Corp. (FSP) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de inquilinos de longo prazo

A partir do quarto trimestre de 2023, a FSP administrou um portfólio de 89 propriedades com aproximadamente 11,8 milhões de pés quadrados de imóveis comerciais. A duração média do arrendamento para inquilinos comerciais é de 5,7 anos, indicando fortes parcerias de longo prazo.

Categoria de inquilino	Número de inquilinos	Duração média do arrendamento
Inquilinos de escritório	62	5,9 anos
Inquilinos industriais	27	5,4 anos

Serviços personalizados de gerenciamento de propriedades

O FSP fornece ao gerenciamento de propriedades dedicado uma equipe de 47 gerentes de propriedades profissionais que atendem sua base de inquilinos.

• Suporte de manutenção 24/7
• Programas de melhoria de inquilinos personalizados
• Revisões trimestrais de desempenho da propriedade

Comunicações e relatórios regulares de investidores

Em 2023, o FSP realizou 4 chamadas trimestrais e publicou relatórios anuais abrangentes. As métricas de comunicação dos investidores incluem:

Canal de comunicação	Freqüência	Taxa de envolvimento do investidor
Chamadas de ganhos trimestrais	4 vezes anualmente	87% da taxa de participação
Apresentação anual do investidor	1 tempo anualmente	92% de participação

Gerenciamento proativo de arrendamento e retenção de inquilinos

O FSP mantém um 92,4% de taxa de retenção de inquilinos em 2023, com estratégias proativas de renovação de arrendamento.

• Discussões de renovação de arrendamento antecipadas (6-9 meses antes do vencimento)
• Avaliações competitivas das taxas de mercado
• Opções flexíveis de modificação de arrendamento

Plataformas digitais para engajamento de inquilinos e investidores

Estatísticas de engajamento digital para 2023:

Plataforma	Usuários ativos	Interações mensais
Portal de inquilino	378 usuários ativos	2.145 interações mensais
Site de Relações com Investidores	1.247 visitantes únicos	3.678 visualizações de página mensais

Franklin Street Properties Corp. (FSP) - Modelo de Negócios: Canais

Equipes diretas de leasing

No quarto trimestre 2023, o FSP mantinha uma equipe de leasing direta de 12 profissionais que cobriam os principais mercados nos Estados Unidos.

Região de mercado	Número de profissionais de leasing	Total Square Feet gerenciado
Nordeste	5	3.200.000 pés quadrados
Sudeste	3	2.100.000 pés quadrados
Costa Oeste	4	2.800.000 pés quadrados

Site corporativo e plataforma de relações com investidores

O site corporativo da FSP (www.franklinstreetproperties.com) recebe aproximadamente 45.000 visitantes únicos mensalmente.

• Recursos de site mapa de portfólio de propriedades interativas
• Taxas de ocupação em tempo real exibem
• Painel de desempenho financeiro trimestral

Conferências do setor imobiliário e eventos de rede

Em 2023, o FSP participou de 18 conferências do setor com um alcance estimado em rede de 3.200 investidores institucionais em potencial e profissionais imobiliários comerciais.

Consultores financeiros e plataformas de investimento

Plataforma de investimento	Total de ativos sob orientação	Alocação de investimento do FSP
Morgan Stanley	US $ 42 bilhões	0.45%
Goldman Sachs	US $ 35 bilhões	0.38%

Registros da SEC e relatórios anuais

O FSP apresentou 4 relatórios abrangentes de 10-K e 10-Q em 2023, com uma taxa média de download de 2.700 por arquivamento da plataforma Sec Edgar.

• Visualizações totais de página de relatório anual: 12.400
• Tempo médio de envolvimento do investidor: 14,3 minutos

Franklin Street Properties Corp. (FSP) - Modelo de negócios: segmentos de clientes

Inquilinos de escritório corporativo

A partir do quarto trimestre de 2023, a Franklin Street Properties Corp. gerencia 7,2 milhões de pés quadrados de propriedades do escritório em 16 mercados. Os inquilinos do escritório corporativo representam 65% de sua ocupação total de portfólio.

Tipo de inquilino	Porcentagem de portfólio	Termo de arrendamento médio
Empresas de tecnologia	28%	7,3 anos
Serviços financeiros	22%	6,9 anos
Assistência médica	15%	8,1 anos

Empresas de serviços profissionais

As empresas de serviços profissionais constituem 22% da base de inquilinos da FSP, com uma área total arrendada de aproximadamente 1,58 milhão de pés quadrados.

• Empresas de consultoria: 9% do segmento de serviço profissional
• Práticas legais: 7% do segmento de serviço profissional
• Empresas de contabilidade: 6% do segmento de serviço profissional

Clientes governamentais e institucionais

Os clientes governamentais e institucionais representam 8% do portfólio total da FSP, com uma taxa de ocupação de 93% em dezembro de 2023.

Tipo de cliente	Porcentagem de segmento institucional	Valor médio de arrendamento
Agências federais	4.5%	US $ 2,3 milhões anualmente
Instituições do Estado	2.5%	US $ 1,7 milhão anualmente
Organizações educacionais	1%	US $ 1,1 milhão anualmente

Investidores imobiliários

A base de investidores da FSP inclui grupos de investimentos imobiliários institucionais e privados, com um valor total de investimento de US $ 1,2 bilhão a partir de 2023.

• Investidores institucionais: 75% da base de investimentos
• Empresas de private equity: 15% da base de investimentos
• Parcerias REIT: 10% da base de investimentos

Investidores individuais de alta rede

Investidores individuais de alto patrimônio líquido representam 5% do portfólio de investimentos da FSP, com um investimento médio de US $ 3,5 milhões por investidor.

Suporte de riqueza do investidor	Investimento médio	Porcentagem de segmento
US $ 5 a 10 milhões no patrimônio líquido	US $ 2,8 milhões	40%
US $ 10-25 milhões no patrimônio líquido	US $ 4,2 milhões	35%
Mais de US $ 25 milhões no patrimônio líquido	US $ 6,5 milhões	25%

Franklin Street Properties Corp. (FSP) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

A partir do quarto trimestre de 2023, a Franklin Street Properties Corp. registrou custos totais de aquisição de propriedades de US $ 574,3 milhões. As despesas de desenvolvimento do portfólio imobiliário da empresa para o ano fiscal foram de US $ 42,1 milhões.

Categoria de despesa	Valor ($)
Aquisição de terras	US $ 213,6 milhões
Custos de construção	US $ 361,7 milhões
Despesas de pré -desenvolvimento	US $ 18,9 milhões

Gerenciamento de ativos e custos operacionais

As despesas operacionais da FSP em 2023 totalizaram US $ 87,6 milhões, com o seguinte quebra:

• Taxas de gerenciamento de propriedades: US $ 24,3 milhões
• Despesas de leasing: US $ 12,7 milhões
• Utilitários e serviços: US $ 31,5 milhões
• Custos de seguro: US $ 19,1 milhões

Investimentos de manutenção e renovação

A empresa investiu US $ 63,2 milhões na manutenção e reforma de propriedades para o ano fiscal de 2023.

Tipo de renovação	Investimento ($)
Construindo atualizações	US $ 37,8 milhões
Melhorias de infraestrutura	US $ 25,4 milhões

Overhead administrativo e corporativo

As despesas gerais corporativas para 2023 foram de US $ 22,5 milhões, incluindo:

• Compensação de executivos: US $ 8,3 milhões
• Serviços legais e profissionais: US $ 5,7 milhões
• Tecnologia e infraestrutura: US $ 4,2 milhões
• Marketing e comunicações corporativas: US $ 4,3 milhões

Despesas de juros e manutenção de dívidas

As despesas totais de juros da FSP em 2023 totalizaram US $ 46,9 milhões. Os custos de serviço da dívida foram estruturados da seguinte forma:

Tipo de dívida	Despesa de juros ($)
Dívida hipotecária de longo prazo	US $ 38,6 milhões
Linhas de crédito giratórias	US $ 8,3 milhões

Franklin Street Properties Corp. (FSP) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

A partir do terceiro trimestre de 2023, a Franklin Street Properties Corp. reportou uma receita total de aluguel de US $ 73,4 milhões. O portfólio da empresa consiste em 29 propriedades do escritório, totalizando aproximadamente 4,8 milhões de pés quadrados alugáveis ​​em vários estados.

Tipo de propriedade	Renda de aluguel	Taxa de ocupação
Propriedades do escritório	US $ 73,4 milhões	87.3%

Acordos de arrendamento de propriedades

Os acordos de arrendamento da empresa geram receita consistente com um prazo médio de arrendamento ponderado de 6,2 anos a partir de 2023.

• Aluguel contratual médio ponderado: US $ 31,85 por pé quadrado
• Taxa anual de renovação de arrendamento: 68,5%
• Área Lasível Total: 4,8 milhões de pés quadrados

Ganhos de capital com vendas de propriedades

Em 2023, a FSP registrou vendas de propriedades gerando US $ 45,2 milhões em ganhos de capital.

Ano	Vendas totais de propriedades	Ganhos de capital
2023	US $ 112,6 milhões	US $ 45,2 milhões

Distribuições de dividendos

Como uma confiança de investimento imobiliário (REIT), o FSP mantém pagamentos consistentes de dividendos.

• Dividendo anual por ação: US $ 0,48
• Rendimento de dividendos: 6,2%
• Distribuições totais de dividendos em 2023: US $ 17,3 milhões

Taxas de gerenciamento de propriedades

Os serviços de gerenciamento de propriedades contribuem com um fluxo de receita adicional para o FSP.

Categoria de serviço	Receita anual
Taxas de gerenciamento de propriedades	US $ 3,7 milhões

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.