FSP
FRANKLIN STREET PROPERTIES CORP /MA/
Next earnings Jul 27, 2026 (after close) · consensus $-0.08 EPS
Last earnings -1.5% on 2026-04-28
$0.52
▼ -1.39%$0.52▼ -68.39%
over 1Y
L $0.50H $1.74
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-1.4%
1W-3.9%
1M-2.9%
3M-25.1%
YTD-43.6%
1Y-68.4%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 8 analysts
Sell
Distressed sunbelt office REIT trading at $0.52 vs ~$5.84 book — a binary bet on the live liquidation review, not a business you own for growth.
Price / Book equity $0.52 vs $5.84/sh ($607M / 104M sh) · FY2025
FSP is a shrinking office REIT in structural decline: revenue has fallen four straight years (from $209M in FY2021 to $107M in FY2025, -10.8% YoY) and net income has been negative three years running (-$45.0M in FY2025, a -42.0% net margin, -7.4% ROE). The operating engine is stalling — operating cash flow collapsed 58% to just $3.75M, which does not even cover the $4.14M of dividends paid, and the portfolio was only 68.9% leased at year-end (down from 70.3%), with 7.6% and 10.4% of square footage rolling off in 2026 and 2027. The MD&A confirms the office backdrop is hostile: transaction volume is 'historically low,' activity concentrated in 'lender-controlled or distressed situations,' and lending liquidity 'significantly constrained.' On the numbers alone this is a deteriorating, unprofitable company — a clear avoid.
Is FSP a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~0.52
- Short call 0.5 @ ~0.08 est
debit $44max +$6max −$43BE 0.44
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $209M | $166M | $146M | $120M | $107M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $92.7M | $1.09M | -$48.1M | -$52.7M | -$45.0M |
| Diluted EPS | $0.87 | $0.01 | -$0.47 | -$0.51 | -$0.43 |
| Net margin | 44.3% | 0.7% | -33.0% | -43.9% | -42.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-82.7%
FCF yield-23.3%
Quality & risk
ROIC (est.)0.9%
Free cash flow-$12.7M
Total debt—
Net cash$30.6M
Piotroski F-Score3/6
Capital returns
Buyback yield8.9%
Dividend yield (est.)7.6%
Shareholder yield16.5%
Shares Δ YoY+0.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-05-14
Annual meeting vote results reported (director elections, routine proposals)
- 8-K Earnings results2026-04-28
Q1'26 loss persists; office occupancy and rents stay pressured
- 10-Q Quarterly report2026-04-28
Q1'26 loss persists; office occupancy and rents stay pressured
- DEF 14A Proxy statement2026-04-02
- 8-K Earnings results2026-03-09
FY25 net loss $45M; leased occupancy fell to 68.9%; strategic review ongoing
- 10-K Annual report2026-03-09
FY25 net loss $45M; leased occupancy fell to 68.9%; strategic review ongoing
- 8-K Agreement terminated2026-03-04
New debt agreement replaces prior facility; adds obligation, officer change disclosed
- 8-K Earnings results2025-10-28
Q3'25 loss continues; occupancy declines during strategic-alternatives review
- 10-Q Quarterly report2025-10-28
Q3'25 loss continues; occupancy declines during strategic-alternatives review
Recent filings
all on EDGAR ↗4Period ending 2026-05-282026-05-29open ↗4Period ending 2026-05-282026-05-29open ↗4Period ending 2026-05-282026-05-29open ↗4Period ending 2026-05-282026-05-29open ↗8-KPeriod ending 2026-05-142026-05-14open ↗10-QPeriod ending 2026-03-312026-04-28open ↗8-KPeriod ending 2026-04-282026-04-28open ↗ARSPeriod ending 2025-12-312026-04-02open ↗DEFA14AFiling2026-04-02open ↗DEF 14APeriod ending 2026-05-142026-04-02open ↗10-KPeriod ending 2025-12-312026-03-09open ↗8-KPeriod ending 2026-03-092026-03-09open ↗
Frequently asked
- Is FRANKLIN STREET PROPERTIES CORP /MA/ (FSP) a buy?
- FSP currently carries a Hold rating with 2/5 conviction, derived from its latest SEC filings. Distressed sunbelt office REIT trading at $0.52 vs ~$5.84 book — a binary bet on the live liquidation review, not a business you own for growth.
- What is FRANKLIN STREET PROPERTIES CORP /MA/'s quality score?
- FSP scores 50.62362939904017/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001031316, latest 10-Q filed 2026-04-28) · EODHD · Proprietary analysis · as of 7/3/2026, 4:59:36 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 12:59 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.