Franklin Street Properties Corp (NYSE American: FSP) is a real estate investment trust that owns and operates a portfolio of office properties. Revenue comes from rental income paid by tenants under leases on those properties. As of December 31, 2025, FSP owned and operated 14 properties concentrated in markets including Houston, TX, Addison, TX, Englewood, CO, and other U.S. suburban office locations. Total rental revenue was $120.1 million in FY2024, down from $145.4 million in FY2023, reflecting an active disposition program. The company has recorded net losses in each of FY2023 and FY2024, and carries material interest expense, $26.4 million in FY2024. FSP suspended its quarterly cash dividend in March 2026 to reduce operating expenses and redirect capital toward leasing. George J. Carter serves as Chief Executive Officer and Chairman of the Board. Jeffrey B. Carter serves as President and Chief Investment Officer.

Revenue model

Rental income from office property tenants under lease agreements is the dominant revenue source, representing $120.1 million of $120.1 million total revenues in FY2024. Subsidiary entities FSP Investments LLC and FSP Property Management LLC provide asset management, property management, property accounting, and development services but do not receive rental income.

Products and services

Ownership and operation of office real estate properties. Asset management, property management, property accounting, investor services, and development services provided through subsidiaries FSP Investments LLC and FSP Property Management LLC. Periodic property dispositions generating gains or losses.

Customers and end markets

Commercial office tenants across energy, technology, and healthcare end markets. Named major tenants as of December 31, 2025 include Blade Energy Partners, Baytex Energy USA, CITGO Petroleum Corporation, Kaiser Foundation Health Plan, Olin Corporation, and Cyxtera Management.

Value-chain role

Direct owner and operator of office real estate. Earns rental income as landlord. Provides in-house asset and property management through wholly owned subsidiaries. Conducts ongoing portfolio disposition program to reduce debt.

Geographic exposure

U.S. suburban office markets. Properties as of December 31, 2025 located in Houston, TX; Addison, TX; Englewood, CO; and additional locations identified in the 10-K filed March 9, 2026.

Source: SEC 10-K, filed 2026-03-09

Industry: Real Estate Investment Trusts Peers: Alexandria Real Estate Equities, Inc Veris Residential Inc Creative Media & Community Trust Corporation OFFICE PROPERTIES INCOME TRUST KBS Real Estate Investment Trust III Inc Orion Properties Inc Postal Realty Trust Inc