Franklin Street Properties
FSPNYSE AmericanUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $0.41 Prior regular-session close from the quote source.
- $0.41–$0.42 Regular-session low and high so far today.
- 132.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $0.30–$1.18 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FSP if FSP is a small, concentrated office REIT whose path to value is either a recovery in Sunbelt/CBD office fundamentals plus disciplined property dispositions that unlock NAV, or continued structural office weakness that forces write-downs.
FSP price history
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Investment thesis
What must happen next
Selling non-core properties and monetizing assets will materially reduce leverage and improve liquidity, protecting operations and preserving NAV upside.StrengtheningMateriality: High
liabilities declined from 472,930,000 (2022) to 285,907,000 (2025). If true, reductions in liabilities and increased cash protect the REIT from refinancing stress and leave room for NAV recovery; if false, the balance sheet remains strained and equity is likely to be diluted or impaired.
Watch: Office-market illiquidity or steeply discounted bids that force sales well below book value (would reduce equity rather than preserve it).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
liabilities declined from 472,930,000 (2022) to 285,907,000 (2025).
Open source ↗Sustained operating cash-flow recovery is the key to avoiding dilutive capital raises or asset fire sales; without it, the market will treat the company as a liquidation candidate.StrengtheningMateriality: High
operating_cash_flow fell from 17,866,000 (2023) to 8,987,000 (2024) to 3,753,000 (2025), showing the cash-flow sensitivity and recent deterioration. Operating cash flow funds interest, CapEx and working capital; if it recovers, management can hold assets for upside or sell selectively at non-distressed prices; if it does not, the company will need external capital or cut distributions.
Watch: A major tenant default or a cluster of lease non-renewals in the portfolio (would depress cash receipts).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow fell from 17,866,000 (2023) to 8,987,000 (2024) to 3,753,000 (2025), showing the cash-flow sensitivity and recent deterioration.
Open source ↗FSP’s focused targeting of infill and CBD Sunbelt and Mountain West office properties gives it a realistic path to higher occupancies and rents versus the broader office market, enabling recovery in rental revenue if regional demand persists.HoldingMateriality: Medium
business_text: stated strategy to focus on infill and central business district office properties in the United States sunbelt and mountain west regions. If localized Sunbelt demand outperforms, rental revenue and NOI can recover without needing asset sales, improving intrinsic value; if regional demand lags, the portfolio will remain impaired and asset sales will be at discounts.
Watch: A sustained structural shift to remote work or major corporate downsizing in target regions that reduces office demand.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
business_text: stated strategy to focus on infill and central business district office properties in the United States sunbelt and mountain.
Open source ↗
Full investment case & evidence
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Original research
Selling non-core properties and monetizing assets will materially reduce leverage and improve liquidity, protecting operations and preserving NAV upside. If true, reductions in liabilities and increased cash protect the REIT from refinancing stress and leave room for NAV recovery; if false, the balance sheet remains strained and equity is likely to be diluted or impaired.
Sustained operating cash-flow recovery is the key to avoiding dilutive capital raises or asset fire sales; without it, the market will treat the company as a liquidation candidate. Operating cash flow funds interest, CapEx and working capital; if it recovers, management can hold assets for upside or sell selectively at non-distressed prices; if it does not, the company will need external capital or cut distributions.
FSP’s focused targeting of infill and CBD Sunbelt and Mountain West office properties gives it a realistic path to higher occupancies and rents versus the broader office market, enabling recovery in rental revenue if regional demand persists. If localized Sunbelt demand outperforms, rental revenue and NOI can recover without needing asset sales, improving intrinsic value; if regional demand lags, the portfolio will remain impaired and asset sales will be at discounts.
All standing thesis claims
Original report summary
FSP is a small, concentrated office REIT whose path to value is either a recovery in Sunbelt/CBD office fundamentals plus disciplined property dispositions that unlock NAV, or continued structural office weakness that forces write-downs.
Bull case and bear case
Bull case and bear case for Franklin Street Properties
Where the evidence on Franklin Street Properties stands: Holding on the latest evidence (Nov 12, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Selling non-core properties and monetizing assets will materially reduce leverage and improve liquidity, protecting operations and preserving NAV upside.
Sustained operating cash-flow recovery is the key to avoiding dilutive capital raises or asset fire sales; without it, the market will treat the company as a liquidation candidate.
FSP’s focused targeting of infill and CBD Sunbelt and Mountain West office properties gives it a realistic path to higher occupancies and rents versus the broader office market, enabling recovery in rental revenue if regional demand persists.
Bear case: what would count against it
Office-market illiquidity or steeply discounted bids that force sales well below book value (would reduce equity rather than preserve it).
A major tenant default or a cluster of lease non-renewals in the portfolio (would depress cash receipts).
A sustained structural shift to remote work or major corporate downsizing in target regions that reduces office demand.
Thesis-Break Engine
Thesis-break watch · Franklin Street Properties
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Franklin Street Properties filed an SEC 8-K on 2026-10-27: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Franklin Street Properties filed an SEC 8-K on 2026-07-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedCompleted an acquisition or disposition of assets.
Franklin Street Properties filed an SEC 8-K on 2026-07-13: Completed an acquisition or disposition of assets. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Office-market illiquidity or steeply discounted bids that force sales well below book value (would reduce equity rather than preserve it).
- A major tenant default or a cluster of lease non-renewals in the portfolio (would depress cash receipts).
- A sustained structural shift to remote work or major corporate downsizing in target regions that reduces office demand.
FSP news
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Financial statements
FSP income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.