Franklin Street Properties Corp. (FSP) Stock

Franklin Street Properties Corp. (FSP) is a Real Estate stock trading at $0.44 (as of 2026-08-21), with a market capitalization of $45.26M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Franklin Street Properties Corp.: how it makes money

Franklin Street Properties owns and leases office properties in the U.S. Sunbelt and Mountain West, earning income primarily from tenant rent, and it operates to qualify as a REIT for federal income tax purposes.

The core of the profit model is generating rent revenue from the portion of its directly-owned office portfolio that is leased, which depends on leasing activity (new leases and renewals or expansions) and the portfolio leased percentage.

Revenue by segment (latest quarter)
Rent$0.0B
Other$0.0B
Related$0.0B

Business quality (Weak): The latest quarter shows strong gross margin (60.8%) but an operating loss (operating margin of -36.1%), with rent revenue of 0.03B and no reported other revenue, so operating performance appears sensitive to costs and tenant leasing levels.

Bull case

  • Leasing and portfolio scale: FSP has 14 directly-owned properties and a directly-owned office portfolio size of 4,800,000 square feet, with 68.4% of the directly-owned portfolio leased.
  • Ongoing leasing activity: In the quarter, square feet leased includes 61,000 square feet from new leases and 112,000 square feet from renewals and expansions.

Bear case

  • Operating losses in the quarter: For the period ended 2026-03-31, operating margin is -36.1%, indicating costs outweighed gross profit in the quarter despite gross margin of 60.8%.
  • Limited revenue base outside rent: Rent revenue is 0.03B, while Other Revenue and Other Related Party Revenue are reported as 0.0B, so results may be more exposed to changes in rent from leased office space.
  • Vacancy risk implied by leased percentage: With 68.4% of the directly-owned portfolio leased, the unleased portion of the office portfolio can limit rent generation and raise execution risk for getting space leased.
Valuation — source: SEC EDGAR (first-party)
Price$0.44
Market Cap$45.26M
EV / EBITDA1.7
Price / Book0.08
Price / Sales0.43
FCF Yield-23.4%
DCF Value (model)$5.85
DCF Upside vs Price1240.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$107.16M
Net Margin-42.0%
Revenue Growth (YoY)-3.3%
EPS Growth (YoY)-57.1%
FCF Growth (YoY)-21.0%
Valuation vs Sector & Industry
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock Fund Advisors ($109.47M)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorReal Estate
IndustryTrading
CEOGeorge John Carter
Employees28
CountryUS
IPO Date2005-06-02

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FSP earnings history · FSP institutional & insider holders · FSP KPIs & operating metrics · FSP financials · FSP investor presentations & press releases · FSP SEC filings · FSP peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.