$FSP
Franklin Street Properties Corp

2019 Q3 Form 10-Q Financial Statement

#000155837019006562 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $68.54M $66.81M $66.69M
YoY Change -0.24% 0.18% -2.45%
Cost Of Revenue $18.04M $17.12M $16.95M
YoY Change 0.53% 0.96% -1.94%
Gross Profit $50.50M $49.70M $49.74M
YoY Change -0.51% -0.09% -2.64%
Gross Profit Margin 73.68% 74.38% 74.58%
Selling, General & Admin $3.886M $3.702M $15.37M
YoY Change -74.18% -75.91% 4.77%
% of Gross Profit 7.7% 7.45% 30.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.28M $22.83M $24.40M
YoY Change -3.0% -6.44% -5.79%
% of Gross Profit 46.1% 45.94% 49.06%
Operating Expenses $26.45M $25.81M $38.97M
YoY Change -30.97% -33.77% -2.45%
Operating Profit $2.512M $1.714M $1.022M
YoY Change 0.4% 67.71% -90.83%
Interest Expense $9.036M $9.371M $9.753M
YoY Change -9.05% -3.92% -220.56%
% of Operating Profit 359.71% 546.73% 954.31%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $2.512M $1.714M $740.0K
YoY Change -74.05% 131.62% -104.27%
Income Tax $113.0K $81.00K $75.00K
% Of Pretax Income 4.5% 4.73% 10.14%
Net Earnings $2.399M $1.633M $670.0K
YoY Change -75.04% 143.73% -103.85%
Net Earnings / Revenue 3.5% 2.44% 1.0%
Basic Earnings Per Share
Diluted Earnings Per Share $22.37K $15.23K $6.248K
COMMON SHARES
Basic Shares Outstanding 107.2M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.16M $13.10M $10.40M
YoY Change 93.84% 25.96% -9.57%
Cash & Equivalents $20.16M $13.10M $10.45M
Short-Term Investments
Other Short-Term Assets $8.868M $8.052M $7.400M
YoY Change -4.65% 8.81% 45.1%
Inventory
Prepaid Expenses
Receivables $68.52M $67.80M $128.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $97.55M $88.96M $146.3M
YoY Change -33.6% -39.2% 0.83%
LONG-TERM ASSETS
Property, Plant & Equipment $136.0K $154.0K $1.700B
YoY Change -99.99% -99.99% -2.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $69.10M
YoY Change -6.5%
Other Assets $49.78M $50.90M $43.30M
YoY Change 9.41% 17.55% -33.89%
Total Long-Term Assets $1.746B $1.754B $1.833B
YoY Change -0.91% -4.3% -3.39%
TOTAL ASSETS
Total Short-Term Assets $97.55M $88.96M $146.3M
Total Long-Term Assets $1.746B $1.754B $1.833B
Total Assets $1.843B $1.843B $1.980B
YoY Change -3.43% -6.88% -3.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.66M $54.28M $52.70M
YoY Change -1.66% 3.0% -4.53%
Accrued Expenses $5.745M $4.250M $1.800M
YoY Change 105.18% 136.11% -5.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $76.41M $67.65M $60.10M
YoY Change 7.47% 12.56% -3.84%
LONG-TERM LIABILITIES
Long-Term Debt $964.3M $963.9M $1.062B
YoY Change -1.57% -9.27% 0.14%
Other Long-Term Liabilities $12.74M $11.25M $4.700M
YoY Change 196.37% 139.28% -58.41%
Total Long-Term Liabilities $977.1M $975.2M $1.067B
YoY Change -0.7% -8.61% -0.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.41M $67.65M $60.10M
Total Long-Term Liabilities $977.1M $975.2M $1.067B
Total Liabilities $1.053B $1.043B $1.127B
YoY Change -0.15% -7.48% -0.67%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.356B $1.356B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $789.7M $800.5M $852.4M
YoY Change
Total Liabilities & Shareholders Equity $1.843B $1.843B $1.980B
YoY Change -3.43% -6.88% -3.09%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $2.399M $1.633M $670.0K
YoY Change -75.04% 143.73% -103.85%
Depreciation, Depletion And Amortization $23.28M $22.83M $24.40M
YoY Change -3.0% -6.44% -5.79%
Cash From Operating Activities $35.41M $15.17M $18.60M
YoY Change 21.26% -18.45% -33.57%
INVESTING ACTIVITIES
Capital Expenditures -$18.96M -$13.72M -$13.50M
YoY Change 63.46% 1.64% -20.12%
Acquisitions
YoY Change
Other Investing Activities $265.0K $52.47M $600.0K
YoY Change -99.65% 8645.33% -93.75%
Cash From Investing Activities -$18.70M $38.75M -$12.80M
YoY Change -129.44% -402.74% 75.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.652M -49.65M -9.600M
YoY Change -89.6% 417.2% -52.71%
NET CHANGE
Cash From Operating Activities 35.41M 15.17M 18.60M
Cash From Investing Activities -18.70M 38.75M -12.80M
Cash From Financing Activities -9.652M -49.65M -9.600M
Net Change In Cash 7.059M 4.268M -3.800M
YoY Change -7159.0% -212.32% -1050.0%
FREE CASH FLOW
Cash From Operating Activities $35.41M $15.17M $18.60M
Capital Expenditures -$18.96M -$13.72M -$13.50M
Free Cash Flow $54.37M $28.89M $32.10M
YoY Change 33.25% -10.0% -28.51%

Facts In Submission

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118000
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NumberOfSponsoredREITs
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EquityMethodInvestmentSummarizedFinancialInformationRealEstateNet
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EquityMethodInvestmentSummarizedFinancialInformationOtherAssets
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7152000
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25755000
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EquityMethodInvestmentSummarizedFinancialInformationOtherRevenue
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3561000
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13175000
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2664000
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8606000
fsp Equity Method Investment Summarized Financial Information Interest Expense
EquityMethodInvestmentSummarizedFinancialInformationInterestExpense
2538000
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EquityMethodInvestmentSummarizedFinancialInformationInterestExpense
4030000
fsp Equity Method Investment Summarized Financial Information Gain Loss On Sale
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CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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DividendsCommonStockCash
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9651000
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8100000
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900000
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InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
900000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CommonStockSharesOutstanding
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9651000
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MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatusIncludingOtherNonRealEstateAssets
0.25
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fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
164000
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IncomeTaxReconciliationRevisedTexasFranchiseTax
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fsp Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
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CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
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OperatingLossCarryforwards
13041000
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IncomeTaxReceivable
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IncomeTaxReconciliationRevisedTexasFranchiseTax
164000
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IncomeTaxReconciliationRevisedTexasFranchiseTax
134000
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-112000
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
23000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
52000
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IncomeTaxExpenseBenefit
157000
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DeferredIncomeTaxExpenseBenefit
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CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1975000
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LesseeOperatingLeaseRenewalTerm
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Lease Cost
LeaseCost
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OperatingLeasePayments
205000
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OperatingLeaseWeightedAverageDiscountRatePercent
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LesseeOperatingLeaseDiscountRate
0.0386
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
207000
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Operating Lease Lease Income
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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1043102000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
32085000

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