$FSP
Franklin Street Properties Corp

2020 Q2 Form 10-Q Financial Statement

#000155837020004810 Filed on April 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $60.81M $62.98M $64.72M
YoY Change -8.99% -2.68% -3.25%
Cost Of Revenue $15.47M $17.30M $17.73M
YoY Change -9.62% -2.41% 3.36%
Gross Profit $45.34M $45.69M $46.99M
YoY Change -8.77% -2.78% -5.53%
Gross Profit Margin 74.56% 72.54% 72.61%
Selling, General & Admin $3.817M $3.525M $15.61M
YoY Change 3.11% -77.42% 6.85%
% of Gross Profit 8.42% 7.72% 33.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.97M $23.09M $23.96M
YoY Change 0.61% -3.66% -2.99%
% of Gross Profit 50.66% 50.53% 50.99%
Operating Expenses $26.06M $25.86M $38.86M
YoY Change 0.97% -33.44% 0.56%
Operating Profit -$2.011M -$1.003M -$1.234M
YoY Change -217.33% -18.72% -111.12%
Interest Expense $8.980M $9.063M $9.368M
YoY Change -4.17% -3.26% -197.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.011M -$1.003M -$1.234M
YoY Change -217.33% -18.72% -181.72%
Income Tax $64.00K $68.00K -$29.00K
% Of Pretax Income
Net Earnings -$2.075M -$1.071M -$1.205M
YoY Change -227.07% -11.12% -184.27%
Net Earnings / Revenue -3.41% -1.7% -1.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$19.34K -$9.984K -$11.24K
COMMON SHARES
Basic Shares Outstanding 107.3M 107.3M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.890M $17.28M $8.832M
YoY Change -77.94% 95.69% -38.67%
Cash & Equivalents $2.890M $17.28M $8.832M
Short-Term Investments
Other Short-Term Assets $6.506M $7.486M $10.47M
YoY Change -19.2% -28.49% 24.63%
Inventory
Prepaid Expenses
Receivables $73.25M $71.93M $60.33M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $82.65M $96.70M $79.63M
YoY Change -7.09% 21.44% -47.3%
LONG-TERM ASSETS
Property, Plant & Equipment $196.0K $215.0K $1.625B
YoY Change 27.27% -99.99% -4.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.67M $53.25M $49.41M
YoY Change 1.51% 7.78% 24.14%
Total Long-Term Assets $1.753B $1.751B $1.812B
YoY Change -0.09% -3.35% -1.28%
TOTAL ASSETS
Total Short-Term Assets $82.65M $96.70M $79.63M
Total Long-Term Assets $1.753B $1.751B $1.812B
Total Assets $1.835B $1.848B $1.891B
YoY Change -0.43% -2.31% -4.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.71M $57.08M $52.25M
YoY Change 2.63% 9.24% -1.97%
Accrued Expenses $3.994M $3.138M $3.214M
YoY Change -6.02% -2.36% 192.18%
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 $68.86M $69.83M $61.81M
YoY Change 1.79% 12.97% 3.02%
LONG-TERM LIABILITIES
Long-Term Debt $995.6M $995.2M $1.004B
YoY Change 3.28% -0.83% -5.51%
Other Long-Term Liabilities $24.98M $25.30M $5.910M
YoY Change 122.14% 328.1% 11.51%
Total Long-Term Liabilities $1.021B $1.020B $1.009B
YoY Change 4.65% 1.09% -5.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.86M $69.83M $61.81M
Total Long-Term Liabilities $1.021B $1.020B $1.009B
Total Liabilities $1.089B $1.090B $1.071B
YoY Change 4.47% 1.78% -4.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.357B $1.357B
YoY Change 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.0M $757.3M $820.0M
YoY Change
Total Liabilities & Shareholders Equity $1.835B $1.848B $1.891B
YoY Change -0.43% -2.31% -4.78%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.075M -$1.071M -$1.205M
YoY Change -227.07% -11.12% -184.27%
Depreciation, Depletion And Amortization $22.97M $23.09M $23.96M
YoY Change 0.61% -3.66% -2.99%
Cash From Operating Activities $18.40M $7.201M $9.482M
YoY Change 21.28% -24.06% -37.21%
INVESTING ACTIVITIES
Capital Expenditures -$23.14M $20.05M $15.22M
YoY Change 68.61% 31.73% -240.95%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$1.872M
YoY Change -100.0% -100.0% -412.0%
Cash From Investing Activities -$23.14M -$20.05M -$17.10M
YoY Change -159.7% 17.31% 67.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.654M 20.35M 5.268M
YoY Change -80.56% 286.22% -1417.0%
NET CHANGE
Cash From Operating Activities 18.40M 7.201M 9.482M
Cash From Investing Activities -23.14M -20.05M -17.10M
Cash From Financing Activities -9.654M 20.35M 5.268M
Net Change In Cash -14.39M 7.493M -2.345M
YoY Change -437.23% -419.53% -152.11%
FREE CASH FLOW
Cash From Operating Activities $18.40M $7.201M $9.482M
Capital Expenditures -$23.14M $20.05M $15.22M
Free Cash Flow $41.53M -$12.85M -$5.741M
YoY Change 43.76% 123.88% -122.17%

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2
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CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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10400000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
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CY2020Q1 fsp Maximum Ownership Percentage In Each Issuer Other Than Reit Or Trs To Maintain Reit Status
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MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatus
0.25
CY2020Q1 fsp Maximum Ownership In All Taxable Reit Subsidiaries As Percentage Of Assets Of Entity To Maintain Reit Status Including Other Non Real Estate Assets
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0.25
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OperatingLossCarryForwardsREITSubsidiary
4400000
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OperatingLossCarryForwardsREITSubsidiary
4200000
CY2017Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4000000.0
CY2020Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
13000000.0
CY2020Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
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IncomeTaxReconciliationRevisedTexasFranchiseTax
83000
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IncomeTaxReceivable
100000
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68000
CY2019Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
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83000
CY2019Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
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0
CY2020Q1 fsp Summary Of Income Relating To Lease Payments And Undiscounted Cash Flows
SummaryOfIncomeRelatingToLeasePaymentsAndUndiscountedCashFlows
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80.13%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:68.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Income relating to lease payments:</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="5" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:29.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:68.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="5" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:29.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Three Months Ended </b></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:68.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">(in thousands)</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:13.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;">March 31, 2020</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:13.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;">March 31, 2019</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:68.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Income from leases (1)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 61,529</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 62,107</p></td></tr><tr><td style="vertical-align:bottom;width:68.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 61,529</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 62,107</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:68.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:68.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;">(1) Amount from variable lease payments $15,629 and $16,065 for the three months ended March 31, 2020 and 2019, respectively.</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td></tr></table>
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
61529000
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
62107000
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
61529000
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
62107000
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
15629000
CY2019Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
16065000

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