Franklin Street Properties Corp /Ma/ (NYSE: FSP)

Franklin Street Properties Corp. is a real estate investment trust that focuses on commercial office properties across the United States. The company is organized as a Maryland corporation and its common stock trades on the NYSE American under the ticker FSP. As a REIT it is structured to comply with federal tax requirements for real estate investment trusts. Franklin Street Properties Corp. acquires, owns, and manages office buildings, primarily targeting infill and central business district locations in the Sunbelt and Mountain West regions. As of December 31, 2025, the company owned and operated a portfolio of 14 office properties situated in three different states. Its investment strategy emphasizes long term appreciation and value creation through disciplined acquisition and active property management.

The company generates revenue primarily from rental income collected from tenants leasing its office properties. Additional revenue is generated through the sale of properties, which can result in gains or losses depending on market conditions. Franklin Street Properties Corp. also earns fees for asset management, property management, and development services provided through its subsidiaries FSP Investments LLC and FSP Property Management LLC. Neither FSP Investments LLC nor FSP Property Management LLC receives any rental income from the properties they manage. The fee based services include overseeing property operations, handling tenant relations, coordinating capital improvements, and managing development projects.

The company operates through the following segments.

• Real estate operations: This segment encompasses the acquisition, leasing, management, and disposition of office properties, generating rental revenue, proceeds from property sales, and fee income from ancillary services. As of December 31, 2025, the segment managed a portfolio of 14 office properties located in three states with a focus on infill and central business district locations in the Sunbelt and Mountain West regions. The segment also provides asset management, property management, and development services through the company's subsidiaries which do not earn rental income but contribute fee based revenue.

Franklin Street Properties Corp. competes with other real estate owners, developers, and operators in the markets where its properties are located. The competitive landscape includes large national REITs, private equity supported firms, and local developers who may have greater financial resources. The company's competitive advantages stem from a focused portfolio of high quality office assets in select growth markets, a disciplined acquisition approach that avoids overpaying, and an active management program that maintains and upgrades its buildings to attract and retain tenants. Franklin Street Properties Corp. also emphasizes environmental social and governance initiatives, and has earned recognition from third party reviewers such as GRESB ENERGY STAR and LEED for its sustainability efforts.

The company’s tenants are primarily businesses that lease office space, including corporations, professional service firms, and other commercial users. The tenant base spans various industries such as finance, technology, healthcare, and legal services. While specific tenant names are not disclosed in the filing, the rent roll reflects a diversified mix of occupants across the company's geographic holdings. Franklin Street Properties Corp. maintains relationships with its tenants through responsive property management and attentive service to support occupancy and lease renewal.