Announcement • Jul 22
Franklin Street Properties Corp. to Report Q2, 2026 Results on Jul 28, 2026 Franklin Street Properties Corp. announced that they will report Q2, 2026 results After-Market on Jul 28, 2026 Buy Or Sell Opportunity • May 28
Now 23% overvalued Over the last 90 days, the stock has fallen 32% to US$0.56. The fair value is estimated to be US$0.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 07
Now 23% overvalued Over the last 90 days, the stock has fallen 30% to US$0.56. The fair value is estimated to be US$0.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 29
First quarter 2026 earnings released: US$0.092 loss per share (vs US$0.21 loss in 1Q 2025) First quarter 2026 results: US$0.092 loss per share (improved from US$0.21 loss in 1Q 2025). Revenue: US$26.2m (down 3.3% from 1Q 2025). Net loss: US$9.53m (loss narrowed 56% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
Franklin Street Properties Corp. to Report Q1, 2026 Results on Apr 28, 2026 Franklin Street Properties Corp. announced that they will report Q1, 2026 results After-Market on Apr 28, 2026 Announcement • Apr 03
Franklin Street Properties Corp., Annual General Meeting, May 14, 2026 Franklin Street Properties Corp., Annual General Meeting, May 14, 2026. Buy Or Sell Opportunity • Mar 19
Now 21% overvalued Over the last 90 days, the stock has fallen 36% to US$0.58. The fair value is estimated to be US$0.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 10
Full year 2025 earnings released: FFO per share: US$0.1 (vs US$0.13 in FY 2024) Full year 2025 results: FFO per share: US$0.1 (down from US$0.13 in FY 2024). Revenue: US$107.2m (down 11% from FY 2024). Funds from operations (FFO): US$11.0m (down 17% from FY 2024). FFO margin: 10% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Mar 07
Franklin Street Properties Corp. to Report Q4, 2025 Results on Mar 09, 2026 Franklin Street Properties Corp. announced that they will report Q4, 2025 results After-Market on Mar 09, 2026 Buy Or Sell Opportunity • Feb 04
Now 20% overvalued Over the last 90 days, the stock has fallen 30% to US$0.80. The fair value is estimated to be US$0.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 01
New major risk - Revenue and earnings growth Earnings have declined by 57% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 57% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (191% cash payout ratio). Market cap is less than US$100m (US$87.1m market cap). Declared Dividend • Jan 12
Third quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 23rd January 2026 Payment date: 12th February 2026 Dividend yield will be 4.4%, which is lower than the industry average of 5.5%. Announcement • Jan 09
Franklin Street Properties Corp. Declares Quarterly Dividend, Payable on February 12, 2026 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period October 1, 2025 through December 31, 2025, payable on February 12, 2026 to stockholders of record as of January 23, 2026. New Risk • Nov 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.9m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (191% cash payout ratio). Market cap is less than US$100m (US$99.9m market cap). Reported Earnings • Oct 29
Third quarter 2025 earnings released: US$0.08 loss per share (vs US$0.15 loss in 3Q 2024) Third quarter 2025 results: US$0.08 loss per share (improved from US$0.15 loss in 3Q 2024). Revenue: US$27.3m (down 8.0% from 3Q 2024). Net loss: US$8.33m (loss narrowed 47% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Announcement • Oct 22
Franklin Street Properties Corp. to Report Q3, 2025 Results on Oct 28, 2025 Franklin Street Properties Corp. announced that they will report Q3, 2025 results After-Market on Oct 28, 2025 Board Change • Oct 18
High number of new directors Director Jennifer Bitterman was the last director to join the board, commencing their role in 2025. Announcement • Oct 16
Franklin Street Properties Corp. Announces Board Changes As previously reported, on November 27, 2024, Franklin Street Properties Corp. (the Company") entered into a cooperation agreement (the Cooperation Agreement") with Converium Capital Inc., Converium Capital Master Fund LP and Converium PGEQ Multi-Strategy Fund L.P. (collectively, ''Converium''), and Erez REIT Opportunities LP and Erez Asset Management LLC (collectively, Erez" and together with Converium, the Stockholder Parties"). The Cooperation Agreement is set forth as Exhibit 10.1 to this current report and is incorporated herein by reference. As also previously reported, pursuant to the Cooperation Agreement, the Company appointed Bruce J. Schanzer as a member of the Board of Directors of the Company (the Board") on November 27, 2024 and Mr. Schanzer was re-elected to the Board at the Company's 2025 annual meeting of stockholders on May 15, 2025 to serve a one-year term expiring at Company's 2026 annual meeting of stockholders (the 2026 Annual Meeting"). On October 9, 2025, Mr. Schanzer informed the Company that he had resigned from the Board, effective immediately. Mr. Schanzer's decision to resign did not involve any disagreement on any matter relating to the Company's operations, policies or practices. The Cooperation Agreement provides that in the event that Mr. Schanzer resigns as a director the Company and Converium would cooperate to identify and mutually agree upon a replacement director candidate (the Replacement Director") if at such time Converium (together with its affiliates) beneficially owned at least three percent (3%) of the Company's then-outstanding common stock. The Company and Converium identified Jennifer Bitterman as a Replacement Director under the Cooperation Agreement. On October 15, 2025, the Board elected Ms. Bitterman to serve as a director of the Company to fill the vacancy caused by the resignation of Mr. Schanzer. In connection with the appointment of Ms. Bitterman to serve as a director of the Company, the Company and Converium entered into a letter agreement dated October 15, 2025 (the ''Letter Agreement''), pursuant to which the Company agreed to nominate Ms. Bitterman at the 2026 Annual Meeting as a member of the Company's slate of nominees (which such slate shall not exceed eight (8) nominees) and to recommend, support and solicit proxies for and use its commercially reasonable efforts (in a manner substantially consistent with the manner in which the Company supports its other nominees) to obtain the election of Ms. Bitterman at the 2026 Annual Meeting and Converium agreed to such nomination of Ms. Bitterman at the 2026 Annual Meeting. Declared Dividend • Oct 08
Second quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 17th October 2025 Payment date: 6th November 2025 Dividend yield will be 2.5%, which is lower than the industry average of 5.5%. Announcement • Oct 04
Franklin Street Properties Corp. Declares Quarterly Dividend, Payable on November 6, 2025 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period July 1, 2025 through September 30, 2025, payable on November 6, 2025 to stockholders of record as of October 17, 2025. Reported Earnings • Jul 30
Second quarter 2025 earnings released: US$76.02 loss per share (vs US$0.20 loss in 2Q 2024) Second quarter 2025 results: US$76.02 loss per share. Revenue: US$26.7m (down 13% from 2Q 2024). Net loss: US$7.88m (loss narrowed 63% from 2Q 2024). Buy Or Sell Opportunity • Jul 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to US$1.71. The fair value is estimated to be US$1.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 23
Franklin Street Properties Corp. to Report Q2, 2025 Results on Jul 29, 2025 Franklin Street Properties Corp. announced that they will report Q2, 2025 results After-Market on Jul 29, 2025 Declared Dividend • Jul 16
First quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 25th July 2025 Payment date: 14th August 2025 Dividend yield will be 2.4%, which is lower than the industry average of 5.5%. Announcement • Jul 11
Franklin Street Properties Corp. Declares Quarterly Dividend, Payable on August 14, 2025 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period April 1, 2025 through June 30, 2025, payable on August 14, 2025 to stockholders of record as of July 25, 2025. Buy Or Sell Opportunity • Jul 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.1% to US$1.77. The fair value is estimated to be US$1.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 06
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.1% to US$1.80. The fair value is estimated to be US$1.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 14
Now 25% overvalued Over the last 90 days, the stock has fallen 14% to US$1.76. The fair value is estimated to be US$1.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 30
First quarter 2025 earnings released: FFO per share: US$0.03 (vs US$0.039 in 1Q 2024) First quarter 2025 results: FFO per share: US$0.03 (down from US$0.039 in 1Q 2024). Revenue: US$27.1m (down 13% from 1Q 2024). Funds from operations (FFO): US$2.67m (down 34% from 1Q 2024). FFO margin: 9.9% (down from 13% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Franklin Street Properties Corp. to Report Q1, 2025 Results on Apr 29, 2025 Franklin Street Properties Corp. announced that they will report Q1, 2025 results After-Market on Apr 29, 2025 Declared Dividend • Apr 10
Fourth quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 17th April 2025 Payment date: 8th May 2025 Dividend yield will be 2.7%, which is lower than the industry average of 5.5%. Announcement • Apr 08
Franklin Street Properties Corp. Declares Quarterly Dividend, Payable on May 8, 2025 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period January 1, 2025 through March 31, 2025, payable on May 8, 2025 to stockholders of record as of April 17, 2025. Board Change • Mar 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Director Bruce Schanzer was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 24
Franklin Street Properties Corp., Annual General Meeting, May 15, 2025 Franklin Street Properties Corp., Annual General Meeting, May 15, 2025. Announcement • Feb 22
Franklin Street Properties Corp. Announces Kenneth A. Hoxsie Will Not to Stand for Re-Election as Member of Board of Directors, Effective May 15, 2025 Franklin Street Properties Corp. announced on February 14, 2025, Mr. Kenneth A. Hoxsie, a member of Board of Directors (the “Board”), notified of his decision not to stand for re-election at upcoming 2025 annual meeting of stockholders scheduled for May 15, 2025. Mr. Hoxsie will continue to serve until his term expires at 2025 Annual Meeting. The decision by Mr. Hoxsie not to stand for re-election was entirely voluntary and not the result of any disagreement with Franklin Street Properties Corp. Reported Earnings • Feb 12
Full year 2024 earnings released: US$0.51 loss per share (vs US$0.47 loss in FY 2023) Full year 2024 results: US$0.51 loss per share (further deteriorated from US$0.47 loss in FY 2023). Revenue: US$120.1m (down 18% from FY 2023). Net loss: US$52.7m (loss widened 9.6% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Feb 05
Franklin Street Properties Corp. to Report Q4, 2024 Results on Feb 11, 2025 Franklin Street Properties Corp. announced that they will report Q4, 2024 results After-Market on Feb 11, 2025 Declared Dividend • Jan 19
Third quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 24th January 2025 Payment date: 13th February 2025 Dividend yield will be 2.2%, which is lower than the industry average of 5.5%. Announcement • Jan 11
Franklin Street Properties Corp. Declares Quarterly Dividend for the Period October 1, 2024 Through December 31, 2024, Payable on February 13, 2025 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period October 1, 2024 through December 31, 2024, payable on February 13, 2025 to stockholders of record as of January 24, 2025. Recent Insider Transactions • Dec 15
Director recently bought US$284k worth of stock On the 12th of December, Bruce Schanzer bought around 151k shares on-market at roughly US$1.88 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$400k more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Dec 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to US$1.89. The fair value is estimated to be US$1.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Announcement • Nov 28
Franklin Street Properties Corp. Appoints Bruce J. Schanzer to Board of Directors Franklin Street Properties Corp. announced that Bruce J. Schanzer will join the Company’s Board of Directors, effective November 27, 2024. In addition, effective November 27, 2024, the Board will appoint Mr. Schanzer to serve as a member of the Audit Committee. With the addition of Mr. Schanzer to the Board, effective November 27, 2024, the Board will be comprised of eight directors, seven of whom are independent. Mr. Schanzer is Chairman and Chief Investment Officer of Erez Asset Management, a fund manager focused on investment opportunities in small market cap REITs. Prior to forming Erez Asset Management in August 2022, Mr. Schanzer was President, Chief Executive Officer and a director of Cedar Realty Trust from June 2011 to August 2022. Before joining Cedar in 2011, he was a managing director in the real estate investment banking group at Goldman Sachs & Co and prior thereto a vice president at Merrill Lynch. Before working on Wall Street, Bruce worked as a real estate attorney in New York. He received an M.B.A. in finance and accounting from the University of Chicago (now known as the Booth School of Business); a J.D. from Benjamin N. Cardozo School of Law, where he served as a member of the Law Review; and a B.A. from Yeshiva College, where he is currently a member of the board of trustees of Sym Schools of Business. He is also presently a member of the board of trustees of SAR Academy in Riverdale, NY and the board of advisors of New York Medical College. Mr. Schanzer previously served as a member of the board of governors of the National Association of Real Estate Investment Trusts. Buy Or Sell Opportunity • Nov 21
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to US$1.95. The fair value is estimated to be US$1.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Announcement • Nov 06
Converium Capital Engages in Discussions with Franklin Street Properties On November 5, 2024, Converium Capital Inc. announced that it has had, and intends to continue to have, discussions with the Board of Directors of Franklin Street Properties Corp. and management regarding corporate governance, including the composition of the Board, operations, capital allocation, and the strategy and plans of the Company, including the pace of asset dispositions and strategic transactions more generally, and have suggested that the Board appoint Bruce Schanzer, the Chairman and Chief Investment Officer of Erez Asset Management and former President, CEO and director of Cedar Realty Trust, to the Board during the course of such discussions. Buy Or Sell Opportunity • Nov 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to US$1.92. The fair value is estimated to be US$1.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Oct 30
Third quarter 2024 earnings released: US$0.15 loss per share (vs US$0.44 loss in 3Q 2023) Third quarter 2024 results: US$0.15 loss per share (improved from US$0.44 loss in 3Q 2023). Revenue: US$29.7m (down 20% from 3Q 2023). Net loss: US$15.6m (loss narrowed 66% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Oct 22
Franklin Street Properties Corp. to Report Q3, 2024 Results on Oct 29, 2024 Franklin Street Properties Corp. announced that they will report Q3, 2024 results After-Market on Oct 29, 2024 Declared Dividend • Oct 09
Second quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 18th October 2024 Payment date: 7th November 2024 Dividend yield will be 2.4%, which is lower than the industry average of 5.5%. Announcement • Oct 04
Franklin Street Properties Corp. Declares Quarterly Dividend for the Period July 1, 2024, Payable on November 7, 2024 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period July 1, 2024 through September 30, 2024, payable on November 7, 2024 to stockholders of record as of October 18, 2024. Reported Earnings • Jul 31
Second quarter 2024 earnings released: US$0.20 loss per share (vs US$0.081 loss in 2Q 2023) Second quarter 2024 results: US$0.20 loss per share (further deteriorated from US$0.081 loss in 2Q 2023). Revenue: US$30.8m (down 15% from 2Q 2023). Net loss: US$21.0m (loss widened 150% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Franklin Street Properties Corp. to Report Q2, 2024 Results on Jul 30, 2024 Franklin Street Properties Corp. announced that they will report Q2, 2024 results After-Market on Jul 30, 2024 Declared Dividend • Jul 10
First quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 19th July 2024 Payment date: 8th August 2024 Dividend yield will be 2.7%, which is lower than the industry average of 5.5%. Announcement • Jul 06
Franklin Street Properties Corp. Declares Quarterly Dividend for the Period April 1, 2024 Through June 30, 2024, Payable on August 8, 2024 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period April 1, 2024 through June 30, 2024, payable on August 8, 2024 to stockholders of record as of July 19, 2024. New Risk • Jun 10
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 01
First quarter 2024 earnings released: US$0.073 loss per share (vs US$0.023 profit in 1Q 2023) First quarter 2024 results: US$0.073 loss per share (down from US$0.023 profit in 1Q 2023). Revenue: US$31.2m (down 17% from 1Q 2023). Net loss: US$7.55m (down 414% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Announcement • May 01
Franklin Street Properties Corp. Provides Earnings Guidance for the Year 2024 Franklin Street Properties Corp. provided earnings guidance for the year 2024. At this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, the company is continuing suspension of Net Income (Loss), FFO and property disposition guidance. Announcement • Apr 23
Franklin Street Properties Corp. to Report Q1, 2024 Results on Apr 30, 2024 Franklin Street Properties Corp. announced that they will report Q1, 2024 results After-Market on Apr 30, 2024 Price Target Changed • Apr 16
Price target decreased by 10.0% to US$2.25 Down from US$2.50, the current price target is provided by 1 analyst. New target price is 17% above last closing price of US$1.93. Stock is up 56% over the past year. The company is forecast to post a net loss per share of US$0.28 next year compared to a net loss per share of US$0.47 last year. Declared Dividend • Apr 10
Fourth quarter dividend of US$0.01 announced Dividend of US$0.01 is the same as last year. Ex-date: 18th April 2024 Payment date: 9th May 2024 Dividend yield will be 1.9%, which is lower than the industry average of 5.5%. Announcement • Apr 05
Franklin Street Properties Corp., Annual General Meeting, May 16, 2024 Franklin Street Properties Corp., Annual General Meeting, May 16, 2024, at 11:00 US Eastern Standard Time. Agenda: To elect seven Directors, each to serve for a term expiring at the 2025 Annual Meeting of Stockholders; To ratify the audit Committees appointment of Ernst & Young LLP as company's independent registered public accounting firm for the fiscal year ending December 31, 2024; to approve, by non-binding vote, company's executive compensation. For In their discretion, the named Proxies are authorized to vote upon such other matters as may properly come before the meeting or any adjournment thereof. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$126.7m to US$124.1m. Losses expected to increase from US$0.12 per share to US$0.16. Office REITs industry in the US expected to see average net income growth of 7.6% next year. Consensus price target of US$2.50 unchanged from last update. Share price fell 3.8% to US$2.29 over the past week. Recent Insider Transactions • Mar 05
Independent Director recently bought US$116k worth of stock On the 4th of March, Brian Hansen bought around 50k shares on-market at roughly US$2.33 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$780k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 27
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: US$0.47 loss per share (down from US$0.011 profit in FY 2022). Revenue: US$145.7m (down 12% from FY 2022). Net loss: US$48.1m (down US$49.2m from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is expected to decline by 6.7% p.a. on average during the next 2 years, while revenues in the Office REITs industry in the US are expected to grow by 3.4%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Price Target Changed • Feb 27
Price target increased by 18% to US$2.50 Up from US$2.13, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$2.40. Stock is down 0.8% over the past year. The company is forecast to post a net loss per share of US$0.12 next year compared to a net loss per share of US$0.47 last year. Announcement • Feb 22
Franklin Street Properties Corp. to Report Q4, 2023 Results on Feb 26, 2024 Franklin Street Properties Corp. announced that they will report Q4, 2023 results After-Market on Feb 26, 2024 Upcoming Dividend • Jan 18
Upcoming dividend of US$0.01 per share at 1.6% yield Eligible shareholders must have bought the stock before 25 January 2024. Payment date: 15 February 2024. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (5.3%). Announcement • Jan 13
Franklin Street Properties Corp. Declares Quarterly Dividend for the Period from October 1, 2023 Through December 31, 2023, Payable on February 15, 2024 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period October 1, 2023 through December 31, 2023, payable on February 15, 2024 to stockholders of record as of January 26, 2024. Recent Insider Transactions • Nov 16
Independent Director recently bought US$157k worth of stock On the 13th of November, Brian Hansen bought around 75k shares on-market at roughly US$2.09 per share. This transaction amounted to 6.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.2m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 09
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: US$0.44 loss per share (down from US$0.17 profit in 3Q 2022). Revenue: US$36.9m (down 9.6% from 3Q 2022). Net loss: US$45.7m (down 365% from profit in 3Q 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is expected to decline by 6.8% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the US are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$1.95, the stock trades at a trailing P/E ratio of 24.2x. Average forward P/E is 21x in the Office REITs industry in the US. Total loss to shareholders of 45% over the past three years. Announcement • Oct 28
Franklin Street Properties Corp. to Report Q3, 2023 Results on Nov 07, 2023 Franklin Street Properties Corp. announced that they will report Q3, 2023 results After-Market on Nov 07, 2023 Upcoming Dividend • Oct 12
Upcoming dividend of US$0.01 per share at 2.1% yield Eligible shareholders must have bought the stock before 19 October 2023. Payment date: 09 November 2023. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (6.7%). Announcement • Oct 07
Franklin Street Properties Corp. Declares Quarterly Dividend, Payable on November 9, 2023 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period July 1, 2023 through September 30, 2023, payable on November 9, 2023 to stockholders of record as of October 20, 2023. Price Target Changed • Aug 15
Price target increased by 13% to US$2.25 Up from US$2.00, the current price target is an average from 2 analysts. New target price is 18% above last closing price of US$1.91. Stock is down 42% over the past year. The company is forecast to post a net loss per share of US$0.10 compared to earnings per share of US$0.011 last year. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$1.93, the stock trades at a trailing P/E ratio of 23.9x. Average forward P/E is 24x in the Office REITs industry in the US. Total loss to shareholders of 57% over the past three years. Reported Earnings • Aug 02
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: US$0.081 loss per share (improved from US$0.088 loss in 2Q 2022). Revenue: US$36.3m (down 12% from 2Q 2022). Net loss: US$8.42m (loss narrowed 7.6% from 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Office REITs industry in the US are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Jul 24
Franklin Street Properties Corp. to Report Q2, 2023 Results on Aug 01, 2023 Franklin Street Properties Corp. announced that they will report Q2, 2023 results After-Market on Aug 01, 2023 Upcoming Dividend • Jul 13
Upcoming dividend of US$0.01 per share at 2.5% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 10 August 2023. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (6.0%). Announcement • Jul 08
Franklin Street Properties Corp. Declares Quarterly Dividend for the Period April 1, 2023 Through June 30, 2023, Payable on August 10, 2023 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period April 1, 2023 through June 30, 2023, payable on August 10, 2023 to stockholders of record as of July 21, 2023. Announcement • Jun 25
Franklin Street Properties Corp.(NYSEAM:FSP) dropped from Russell 2000 Dynamic Index Franklin Street Properties Corp.(NYSEAM:FSP) dropped from Russell 2000 Dynamic Index New Risk • Jun 09
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$518k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 65% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Significant insider selling over the past 3 months (US$518k sold). Recent Insider Transactions • May 31
Independent Director recently bought US$145k worth of stock On the 26th of May, Brian Hansen bought around 100k shares on-market at roughly US$1.45 per share. This transaction amounted to 9.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$437k. Insiders have collectively bought US$2.9m more in shares than they have sold in the last 12 months. Major Estimate Revision • May 28
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$149.7m to US$146.2m. Losses expected to increase from US$0.16 per share to US$0.18. Office REITs industry in the US expected to see average net income decline 38% next year. Consensus price target up from US$2.00 to US$2.13. Share price fell 11% to US$1.43 over the past week. Recent Insider Transactions • May 19
Independent Director recently bought US$148k worth of stock On the 16th of May, Brian Hansen bought around 100k shares on-market at roughly US$1.48 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$437k. Insiders have collectively bought US$2.8m more in shares than they have sold in the last 12 months. Major Estimate Revision • May 18
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$156.3m to US$149.7m. Losses expected to increase from US$0.13 per share to US$0.16. Office REITs industry in the US expected to see average net income decline 37% next year. Consensus price target down from US$2.50 to US$2.00. Share price rose 8.0% to US$1.62 over the past week. Board Change • May 15
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Milton Wilkins was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 15
Franklin Street Properties Corp. Suspends Financial Guidance for the Full Year 2023 Franklin Street Properties Corp. suspended financial guidance for the full year 2023. For the year, the company is continuing suspension of net income guidance. Announcement • Feb 11
Franklin Street Properties Corp. to Report Q4, 2022 Results on Feb 14, 2023 Franklin Street Properties Corp. announced that they will report Q4, 2022 results After-Market on Feb 14, 2023 Announcement • Jan 14
Franklin Street Properties Corp. Declares Dividend for the Quarter Ended December 31, 2022, Payable on February 16, 2023 Franklin Street Properties Corp. announced that its Board of Directors declared a quarterly dividend of $0.01 per share of common stock for the period October 1, 2022 through December 31, 2022, payable on February 16, 2023 to stockholders of record as of January 27, 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Milton Wilkins was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 11
Independent Director recently bought US$137k worth of stock On the 9th of November, Brian Hansen bought around 50k shares on-market at roughly US$2.74 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$275k. Insiders have collectively bought US$1.8m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: FFO per share: US$0.09 (down from US$0.14 in 3Q 2021). Revenue: US$40.8m (down 20% from 3Q 2021). Funds from operations (FFO): US$9.00m (down 39% from 3Q 2021). FFO margin: 22% (down from 29% in 3Q 2021). Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the REITs industry in the US are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Board Change • Nov 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Milton Wilkins was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
