Revenue has contracted significantly, falling from $34.8 million in 2023Q4 to $26.2 million by 2026Q1, while the company continues to report persistent quarterly net losses, including a $9.5 million deficit in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Revenue | 106.28M | 107.16M | 120.11M | 145.71M | 165.62M | 209.36M | 245.85M | 269.06M | 268.87M | 272.59M | 249.89M | 243.87M | 249.68M | 213.64M | 162.8M | 126.84M | 114.59M | 121.91M | 118.99M | 121.22M | 115.76M | 96.38M | 100.01M | -669K | -894K | -818K | -860K | -299K |
| Revenue Growth % | -8.37% | -10.78% | -17.57% | -12.02% | -20.89% | -14.84% | -8.63% | 0.07% | -1.36% | 9.08% | 2.47% | -2.33% | 16.87% | 31.22% | 28.35% | 10.69% | -6% | 2.46% | -1.84% | 4.72% | 20.11% | -3.63% | 15049.63% | 25.17% | -9.29% | 4.88% | -187.63% | - |
| Property Operating Expenses | 48.65M | 60.25M | 67.76M | 77.93M | 87.44M | 101.94M | 115.33M | 120.18M | 116.56M | 117.05M | 105.47M | 100.55M | 98.89M | 82.72M | 60.34M | 55.19M | 49.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 57.63M | 46.91M | 52.35M | 67.78M | 78.17M | 107.42M | 130.52M | 148.88M | 152.31M | 155.53M | 144.41M | 143.32M | 150.79M | 130.92M | 102.46M | 71.66M | 64.77M | 121.91M | 118.99M | 121.22M | 115.76M | 96.38M | 100.01M | -669K | -894K | -818K | -860K | -299K |
| NOI Margin % | 54.23% | 43.78% | 43.59% | 46.51% | 47.2% | 51.31% | 53.09% | 55.33% | 56.65% | 57.06% | 57.79% | 58.77% | 60.39% | 61.28% | 62.93% | 56.49% | 56.52% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 52.61M | 55.04M | 58.66M | 68.76M | 77.69M | 94.44M | 130.52M | 14.47M | 152.31M | 155.53M | 144.41M | 143.32M | 150.79M | 130.92M | 101.24M | 82.86M | 65.98M | 117.85M | 118.92M | 121.1M | 549K | 78.17M | 69.42M | -669K | -894K | -818K | -860K | -299K |
| G&A Expenses | 11.61M | 12.43M | 13.88M | 14.02M | 13.88M | 15.9M | 15M | 14.47M | 13.07M | 13.47M | 14.13M | 13.29M | 12.98M | 11.91M | 9.92M | 6.91M | 10.76M | 10.69M | 10.42M | 7.47M | 8.52M | 7.45M | 5.69M | 5.71M | 5.09M | 5.23M | 3.07M | 2.59M |
| EBITDA | 49.09M | 34.48M | 41.42M | 56.21M | 66.06M | 93.98M | 160.16M | 217.9M | 141.63M | 144.55M | 132.48M | 132.09M | 140.45M | 121.07M | 94.84M | 78.8M | 64.93M | 72.66M | 66.83M | 75.23M | 69.78M | 57.56M | 50.56M | 52.23M | 0 | 0 | 0 | 0 |
| EBITDA Margin % | 46.18% | 32.18% | 34.48% | 38.58% | 39.89% | 44.89% | 65.15% | 80.98% | 52.67% | 53.03% | 53.01% | 54.17% | 56.25% | 56.67% | 58.25% | 62.12% | 56.66% | 59.6% | 56.17% | 62.06% | 60.28% | 59.72% | 50.55% | -7806.73% | 0% | 0% | 0% | 0% |
| Depreciation & Amortization | 44.07M | 42.61M | 47.73M | 57.2M | 65.58M | 81.01M | 91.27M | 83.48M | 96.61M | 103.74M | 95.24M | 93.43M | 98.55M | 80.9M | 57.57M | 50.21M | 40.99M | 39.92M | 30.44M | 30.56M | 24.95M | 22.25M | 13.24M | 9.67M | 4.95M | 4.8M | 4.61M | 3.23M |
| D&A / Revenue % | 41.46% | 39.76% | 39.73% | 39.25% | 39.6% | 38.69% | 37.12% | 31.03% | 35.93% | 38.06% | 38.11% | 38.31% | 39.47% | 37.87% | 35.36% | 39.59% | 35.77% | 32.75% | 25.59% | 25.21% | 21.55% | 23.08% | 13.24% | -1445.14% | -553.36% | -586.43% | -536.4% | -1080.6% |
| Operating Income | 5.02M | -8.13M | -6.3M | -984K | 482K | 12.97M | 0 | 134.41M | 45.01M | 40.81M | 37.23M | 38.67M | 41.9M | 40.17M | 37.27M | 28.58M | 23.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Margin % | 4.72% | -7.58% | -5.25% | -0.68% | 0.29% | 6.2% | 0% | 49.95% | 16.74% | 14.97% | 14.9% | 15.86% | 16.78% | 18.8% | 22.89% | 22.53% | 20.89% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Expense | 3M | 24.72M | 26.42M | 24.32M | 22.81M | 32.27M | 36.03M | 36.76M | 38.37M | 32.39M | 26.55M | 25.43M | 27.43M | 21.05M | 16.07M | 12.67M | 7.28M | 6.57M | 4.92M | 7.68M | 2.45M | 3M | 1.53M | 1.04M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | -0.81x | -0.99x | -0.97x | 1.06x | 3.88x | 1.91x | 1.18x | 1.17x | 0.63x | 1.33x | 2.39x | 1.50x | 1.84x | 2.45x | 2.55x | 3.46x | 4.98x | 7.39x | 5.81x | 18.30x | 11.78x | 24.44x | 41.08x | - | - | - | - |
| Non-Operating Income | 24.1M | 11.93M | 19.78M | 22.53M | -23.62M | -112.23M | -68.89M | 90.91M | 0 | 20.36M | 1.89M | -22.21M | 817K | 1.34M | -2.08M | -3.71M | -1.29M | -32.74M | -36.39M | -44.66M | -44.83M | -35.31M | -37.32M | -42.56M | 4.95M | 4.8M | 4.61M | 3.23M |
| Pretax Income | -32.86M | -44.77M | -52.51M | -47.83M | 1.3M | 93.36M | 32.87M | 6.74M | 13.43M | -15.54M | 8.8M | 35.45M | 13.65M | 17.77M | 23.68M | 18.25M | 18.11M | 26.87M | 31.47M | 36.75M | 44.84M | 40.54M | 49.49M | 41.52M | 28.01M | 0 | 0 | 0 |
| Pretax Margin % | -30.92% | -41.78% | -43.72% | -32.83% | 0.78% | 44.59% | 13.37% | 2.51% | 4.99% | -5.7% | 3.52% | 14.54% | 5.47% | 8.32% | 14.54% | 14.39% | 15.81% | 22.04% | 26.45% | 30.32% | 38.73% | 42.06% | 49.48% | -6206.73% | -3133.22% | 0% | 0% | 0% |
| Income Tax | 188K | 189K | 216K | 279K | 204K | 638K | 250K | 269K | 360K | 400K | 418K | 433K | 498K | 480K | 335K | 267K | 217K | -579K | -490K | 647K | 839K | 422K | 1.73M | 1.7M | 699K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.57% | -0.42% | -0.41% | -0.58% | 15.72% | 0.68% | 0.76% | 3.99% | 2.68% | -2.57% | 4.75% | 1.22% | 3.65% | 2.7% | 1.41% | 1.46% | 1.2% | -2.15% | -1.56% | 1.76% | 1.87% | 1.04% | 3.49% | 4.09% | 2.5% | - | - | - |
| Net Income | -33.05M | -44.96M | -52.72M | -48.11M | 1.09M | 92.72M | 32.62M | 6.47M | 13.07M | -15.94M | 8.38M | 35.01M | 13.15M | 19.83M | 7.63M | 43.52M | 22.09M | 27.87M | 31.96M | 61.09M | 110.93M | 75.12M | 47.76M | 46.38M | 27.31M | 25.37M | 8.91M | 1.14M |
| Net Margin % | -31.1% | -41.96% | -43.89% | -33.02% | 0.66% | 44.29% | 13.27% | 2.41% | 4.86% | -5.85% | 3.35% | 14.36% | 5.27% | 9.28% | 4.69% | 34.31% | 19.28% | 22.86% | 26.86% | 50.39% | 95.83% | 77.94% | 47.76% | -6932.74% | -3055.03% | -3101.22% | -1036.51% | -380.94% |
| Net Income Growth % | 50.38% | 14.72% | -9.59% | -4497.62% | -98.82% | 184.28% | 403.71% | -50.46% | 181.97% | -290.31% | -76.07% | 166.31% | -33.69% | 159.75% | -82.46% | 97% | -20.73% | -12.79% | -47.68% | -44.93% | 47.68% | 57.27% | 2.98% | 69.82% | 7.66% | 184.59% | 682.62% | - |
| Funds From Operations (FFO) | 11.02M | -2.35M | -5M | 9.09M | 66.67M | 173.72M | 123.88M | 89.96M | 109.68M | 87.8M | 103.62M | 128.44M | 111.7M | 100.73M | 65.2M | 93.74M | 63.08M | 67.79M | 62.4M | 91.65M | 135.88M | 97.36M | 61M | 56.05M | 32.26M | 30.16M | 13.53M | 4.37M |
| FFO Margin % | 10.37% | -2.19% | -4.16% | 6.24% | 40.26% | 82.98% | 50.39% | 33.43% | 40.79% | 32.21% | 41.47% | 52.67% | 44.74% | 47.15% | 40.05% | 73.9% | 55.05% | 55.61% | 52.45% | 75.6% | 117.38% | 101.02% | 61% | -8377.88% | -3608.39% | -3687.65% | -1572.91% | -1461.54% |
| FFO Growth % | 428.62% | 52.96% | -155.01% | -86.37% | -61.62% | 40.23% | 37.71% | -17.98% | 24.93% | -15.27% | -19.32% | 14.99% | 10.89% | 54.48% | -30.44% | 48.6% | -6.95% | 8.64% | -31.91% | -32.55% | 39.56% | 59.6% | 8.84% | 73.74% | 6.94% | 123% | 209.54% | - |
| FFO per Share | 0.11 | -0.02 | -0.05 | 0.09 | 0.65 | 1.63 | 1.15 | 0.84 | 1.02 | 0.82 | 1.01 | 1.28 | 1.11 | 1.07 | 0.79 | 1.15 | 0.79 | 0.93 | 0.89 | 1.30 | 2.02 | 1.71 | 1.22 | 1.43 | 1.31 | 1.22 | 0.71 | 0.36 |
| FFO Payout Ratio % | 28.2% | 0% | -82.83% | 45.49% | 80.97% | 22.16% | 31.18% | 42.91% | 44.97% | 92.82% | 74.77% | 59.28% | 68.17% | 69.08% | 96.67% | 66.33% | 96.04% | 81.59% | 112.94% | 95.65% | 59.57% | 69.03% | 100.87% | 83.41% | 94.59% | 92.59% | 122.41% | 251.17% |
| EPS (Diluted) | -0.32 | -0.43 | -0.51 | -0.47 | 0.01 | 0.87 | 0.30 | 0.06 | 0.12 | -0.15 | 0.08 | 0.35 | 0.13 | 0.21 | 0.09 | 0.53 | 0.28 | 0.38 | 0.45 | 0.86 | 1.65 | 1.32 | 0.96 | 1.18 | 1.11 | 1.03 | 0.47 | 0.09 |
| EPS Growth % | 50.71% | 15.69% | -8.51% | -4533.96% | -98.78% | 190% | 396.69% | -49.67% | 180% | -287.5% | -77.14% | 169.23% | -38.1% | 133.33% | -83.02% | 89.29% | -26.32% | -15.56% | -47.67% | -47.88% | 25% | 37.5% | -18.64% | 6.31% | 7.77% | 119.15% | 422.22% | - |
| EPS (Basic) | - | -0.43 | -0.51 | -0.47 | 0.01 | 0.87 | 0.30 | 0.06 | 0.12 | -0.15 | 0.08 | 0.35 | 0.13 | 0.21 | 0.09 | 0.53 | 0.28 | 0.38 | 0.45 | 0.86 | 1.65 | 1.32 | 0.96 | 1.18 | 1.11 | 1.03 | 0.47 | 0.09 |
| Diluted Shares Outstanding | 103.69M | 103.64M | 103.51M | 103.36M | 103.34M | 106.67M | 107.3M | 107.23M | 107.23M | 107.23M | 102.84M | 100.19M | 100.19M | 93.86M | 82.94M | 81.86M | 79.83M | 73M | 70.48M | 70.65M | 67.16M | 56.91M | 50.13M | 39.31M | 24.61M | 24.63M | 18.97M | 12M |
Portfolio liquidation and contraction
As reported in recent financial statements, FSP's quarterly revenue has consistently declined, falling from $34.8 million in 2023Q4 to $26.2 million by 2026Q1, a trend that appears primarily driven by a strategic portfolio reduction rather than organic growth or successful leasing initiatives in core markets.
The consistent year-over-year revenue decline suggests that the company is prioritizing capital recycling over portfolio expansion. Investors should monitor whether this disposition strategy will eventually stabilize the revenue base or if the remaining assets lack the scale to support corporate overhead.
According to the provided quarterly data, FFO per share has exhibited extreme volatility, swinging from a high of $0.16 in 2023Q4 to a low of -$0.10 in 2025Q1, which suggests that recurring cash flow generation remains highly sensitive to non-recurring items and portfolio churn.
The erratic FFO trajectory complicates the assessment of dividend safety and long-term earnings power. The frequent shifts between positive and negative FFO suggest that the company's core operations are not yet generating a reliable surplus to cover capital requirements.
Based on the reported figures, FSP consistently records negative net income, with losses reaching $21.4 million in 2025Q1, a result that appears heavily influenced by non-cash depreciation and potential asset impairment charges rather than purely operational cash flow deficits.
The persistent gap between GAAP net income and FFO highlights the significant impact of non-cash accounting charges on the company's bottom line. Analysts should focus on the recurring maintenance CAPEX requirements to determine if the portfolio's economic depreciation is being adequately captured by these accounting adjustments.
While the company maintains a low debt-to-equity ratio of 0.41%, financial filings indicate that this defensive posture coincides with negative net margins, suggesting that the current capital structure may be a byproduct of asset liquidation rather than a sustainable long-term operational advantage.
The lack of debt-service pressure may provide a temporary buffer, but it does not address the fundamental challenge of negative operating margins. Investors should investigate whether the current cash reserves are sufficient to fund necessary tenant improvements to retain occupancy in an increasingly competitive office environment.
Quick answers to the most common questions about buying FSP stock.
For fiscal year 2025, Franklin Street Properties Corp. (FSP) reported total revenue of $107.2M.
Franklin Street Properties Corp. (FSP) reported a net loss of $45.0M for the fiscal year ending 2025.
Franklin Street Properties Corp. (FSP) reported an operating income of $-8.1M, resulting in an operating profit margin of -7.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Franklin Street Properties Corp. (FSP) generated $46.9M in gross profit for the year, representing a gross profit margin of 43.8%. This demonstrates the company's core pricing power and production efficiency.