FRANKLIN STREET PROPERTIES CORP /MA/ (FSP)

Franklin Street Properties Corp. (FSP Corp.) is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. Its common stock trades on the NYSE American under the symbol "FSP". The company is the successor to Franklin Street Partners Limited Partnership, which converted into FSP Corp. on January 1, 2002, and traces its roots to a Massachusetts general partnership formed in 1981. It focuses on commercial real estate investments, primarily in office markets, and earns revenue from rental income, property dispositions, and fee income from asset and property management and development.

The company operates in one segment, real estate operations. As of December 31, 2025, it owned and operated 14 office properties in three states. Through its subsidiaries FSP Investments LLC and FSP Property Management LLC, it provides asset management, property management, property accounting, investor and development services to its portfolio and to its Sponsored REIT, FSP Monument Circle LLC. That entity's property was sold on June 6, 2025, and it was dissolved on December 9, 2025. The company previously had an investment banking segment, discontinued in December 2011, which earned brokerage commissions, loan origination fees and other fees from organizing single-purpose REITs and placing their equity privately. From time to time it may acquire real estate or make secured loans on real estate, and it sells properties selectively; recent sales include properties in Indianapolis, Richardson, Glen Allen, Atlanta, Elk Grove, Charlotte, Plano and Miami.

Its customers are the tenants that lease space in its office buildings. The strategy centers on infill and central business district office properties in the U.S. sunbelt and mountain west regions, as well as select opportunistic markets. The portfolio is concentrated in the central business districts of Dallas, Denver, Houston and Minneapolis, although the company may invest in any U.S. geographic area and property type. In May 2025, the Board of Directors began a review of strategic alternatives, which remains ongoing and includes portfolio-level transactions, asset sales, joint ventures, corporate-level transactions, liquidation and refinancing. On February 26, 2026, the company closed a $320 million secured credit facility with an affiliate of TPG Credit and used it to repay about $249 million of existing debt. The facility matures February 26, 2029, with a possible one-year extension, and includes up to $45 million of delayed draw term loans.

The company competes in each market where it owns properties, with buildings competing on location, cost and amenities. Competitors include other landlords and developers, some with greater resources and others with lower overhead, as well as users who own their buildings or office condominiums. It manages its properties actively, maintaining and upgrading them. It is subject to environmental, ADA, fire, safety, building code and land use regulations, and to the REIT tax rules. It has received recognition for its sustainability efforts from GRESB, ENERGY STAR and LEED. The text does not state the location of its headquarters.