Welcome to our dedicated page for Franklin St Prop SEC filings (Ticker: FSP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Franklin Street Properties Corp. filings document the regulatory record of an office-focused REIT with common stock registered on NYSE American under FSP. The company's 8-K reports include operating and financial results with supplemental operating data, material definitive agreements, credit-facility terms, capital-structure disclosures and governance updates. These filings describe subjects such as secured indebtedness, delayed-draw borrowing capacity, covenants and related exhibits.
Proxy materials cover annual stockholder meeting procedures, governance matters and voting disclosures. Other current reports document cooperation-agreement matters, board-related governance changes and recurring REIT disclosure topics, including property operations, leasing activity, asset management services and capital needs for commercial office real estate.
Franklin Street Properties Corp. reported a full-year 2025 net loss of $44.96 million on revenue of $107.16 million, down from $120.11 million in 2024. Fourth-quarter revenue was $26.04 million with a net loss of $7.32 million. Funds From Operations for 2025 were $11.01 million, while Adjusted FFO was negative at $(4.31) million, or $(0.04) per share.
The company closed a $320 million secured credit facility with an affiliate of TPG Credit, using borrowings to repay approximately $249 million of existing indebtedness. The facility matures on February 26, 2029 with a potential one-year extension and includes up to $45 million of delayed-draw term loans for leasing and property investments.
Amid continued pressure in the office market, overall leased percentage for owned properties was 68.9% across 4.81 million square feet as of December 31, 2025. The Board decided to suspend the quarterly dividend, which is expected to preserve about $4.1 million in cash annually, and will reassess payments each quarter while the strategic alternatives review continues.
Franklin Street Properties Corp. entered into a new secured credit facility providing up to $320 million in term loans, including $275 million of initial term loans and up to $45 million of delayed draw term loans. The loans mature on February 26, 2029, with a potential one-year extension at the company’s option.
The initial interest rate is 9.0% per year, with a 6.0% original issue discount on both the initial and any delayed draw term loans, and the rate increases to 13.0% if the extension is used. The company used the initial proceeds to refinance about $249 million of existing indebtedness and pay related fees and expenses, and must make mandatory prepayments from certain property sale proceeds. The facility is secured by first-priority liens on substantially all company and subsidiary assets and includes financial covenants on tangible net worth and minimum liquidity.
The filing also notes that director Milton P. Wilkins, Jr. will not stand for re-election at the 2026 annual meeting, although he will serve until his current term ends and the decision is described as entirely voluntary and not due to any disagreement.
Bank of America Corporation has filed an amended Schedule 13G reporting a passive ownership stake in Franklin Street Properties Corp. common stock. As of the event date, it beneficially owned 5,192,758 shares, representing 5.0% of the outstanding common stock.
Bank of America reports no sole voting or dispositive power over the shares, with all authority held on a shared basis. The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Franklin Street Properties.
Bank of America Corporation filed a Schedule 13G reporting beneficial ownership of 5,634,309 shares of Franklin Street Properties (FSP) common stock, representing 5.4% of the class as of the event date 09/30/2025.
The filing shows 0 shares with sole voting or dispositive power and 5,634,309 shares with shared voting and shared dispositive power. Bank of America certified the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The schedule is filed on behalf of Bank of America and wholly owned subsidiaries including BofA Securities, Inc., Bank of America, N.A., and Merrill Lynch International.
Franklin Street Properties (FSP): Individual investor Jonathan B. Odle filed an amended Schedule 13G reporting passive ownership. He beneficially owns 3,000,000 shares of common stock, representing 2.9% of the class as of 09/30/2025.
Odle reports sole voting power and sole dispositive power over the 3,000,000 shares, with no shared power disclosed. The filing includes a standard certification that the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.
Franklin Street Properties (FSP) filed its Q3 2025 10-Q, reporting rental revenue of $27.3 million versus $29.7 million a year ago and a net loss of $8.3 million (basic and diluted loss per share of $0.08). For the nine months, rental revenue was $81.1 million versus $91.7 million a year ago, with a net loss of $37.6 million. Interest expense was $6.3 million in the quarter and $18.4 million year‑to‑date as borrowing costs rose.
Management disclosed “substantial doubt” about the company’s ability to continue as a going concern under ASC 205‑40 due to approximately $248.9 million of unsecured debt maturing on April 1, 2026 (BMO term loan ~$70.7M, BofA term loan ~$55.3M, Senior Notes ~$122.9M). Effective April 1, 2025, stated rates increased to 9.00%. Cash, cash equivalents and restricted cash were $31.6 million at quarter‑end. The portfolio comprised 14 operating properties totaling 4.81 million rentable square feet. The Board declared a $0.01 per share cash distribution on October 3, 2025, payable November 6, 2025. Common shares outstanding were 103,690,340 as of October 23, 2025.
Franklin Street Properties Corp. filed a current report to announce its financial results for the three and nine months ended September 30, 2025. The company released these results through a press release dated October 28, 2025, which has been furnished as an exhibit.
The report also makes available supplemental operating and financial data for the third quarter of 2025, attached as a separate exhibit and referenced as being posted on the company’s website. These materials are furnished rather than filed, meaning they are not subject to certain liability provisions and are not automatically incorporated into other securities filings unless specifically referenced.
Franklin Street Properties Corp. (FSP) disclosed an insider filing: Director Jennifer Bitterman submitted an initial Form 3.
The filing states no securities are beneficially owned. The date of event is 10/15/2025, and the form was filed by one reporting person. This is an administrative ownership disclosure and does not reflect a transaction.
Converium Capital Inc. filed Amendment No. 2 to its Schedule 13D regarding Franklin Street Properties Corp. (FSP). Converium reports beneficial ownership of 6,506,414 shares of common stock, representing 6.3% of the class, with shared voting and dispositive power and no sole power.
The filing notes a governance update: following the resignation of Bruce Schanzer from the Board, Converium and the company agreed to appoint Jennifer Bitterman as a Replacement Director under an existing Cooperation Agreement. A Letter Agreement dated October 15, 2025 sets forth the terms of her appointment and is incorporated by reference as Exhibit 99.3.
Franklin Street Properties (FSP) announced a board change. Bruce J. Schanzer resigned as director effective October 9, 2025, with no disagreement cited. Under the company’s cooperation framework with Converium, the Board elected Jennifer Bitterman on October 15, 2025 to fill the vacancy and designated her as “independent” under NYSE American rules.
FSP and Converium also entered a letter agreement to nominate Ms. Bitterman on the company’s slate at the 2026 Annual Meeting, with certain cooperation terms continuing until the earlier of December 31, 2026, 30 days before the 2027 nomination deadline, or if she ceases to serve. Ms. Bitterman joined the Audit and Compensation Committees. Non‑employee directors, including Ms. Bitterman, receive a $30,000 annual cash retainer and an annual common stock grant valued at $45,000.