$FSP
Franklin Street Properties Corp

2020 Q2 Form 10-Q Financial Statement

#000155837020009185 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $60.81M $66.81M
YoY Change -8.99% 0.18%
Cost Of Revenue $15.47M $17.12M
YoY Change -9.62% 0.96%
Gross Profit $45.34M $49.70M
YoY Change -8.77% -0.09%
Gross Profit Margin 74.56% 74.38%
Selling, General & Admin $3.817M $3.702M
YoY Change 3.11% -75.91%
% of Gross Profit 8.42% 7.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.97M $22.83M
YoY Change 0.61% -6.44%
% of Gross Profit 50.66% 45.94%
Operating Expenses $26.06M $25.81M
YoY Change 0.97% -33.77%
Operating Profit -$2.011M $1.714M
YoY Change -217.33% 67.71%
Interest Expense $8.980M $9.371M
YoY Change -4.17% -3.92%
% of Operating Profit 546.73%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.011M $1.714M
YoY Change -217.33% 131.62%
Income Tax $64.00K $81.00K
% Of Pretax Income 4.73%
Net Earnings -$2.075M $1.633M
YoY Change -227.07% 143.73%
Net Earnings / Revenue -3.41% 2.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$19.34K $15.23K
COMMON SHARES
Basic Shares Outstanding 107.3M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.890M $13.10M
YoY Change -77.94% 25.96%
Cash & Equivalents $2.890M $13.10M
Short-Term Investments
Other Short-Term Assets $6.506M $8.052M
YoY Change -19.2% 8.81%
Inventory
Prepaid Expenses
Receivables $73.25M $67.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $82.65M $88.96M
YoY Change -7.09% -39.2%
LONG-TERM ASSETS
Property, Plant & Equipment $196.0K $154.0K
YoY Change 27.27% -99.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.67M $50.90M
YoY Change 1.51% 17.55%
Total Long-Term Assets $1.753B $1.754B
YoY Change -0.09% -4.3%
TOTAL ASSETS
Total Short-Term Assets $82.65M $88.96M
Total Long-Term Assets $1.753B $1.754B
Total Assets $1.835B $1.843B
YoY Change -0.43% -6.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.71M $54.28M
YoY Change 2.63% 3.0%
Accrued Expenses $3.994M $4.250M
YoY Change -6.02% 136.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.86M $67.65M
YoY Change 1.79% 12.56%
LONG-TERM LIABILITIES
Long-Term Debt $995.6M $963.9M
YoY Change 3.28% -9.27%
Other Long-Term Liabilities $24.98M $11.25M
YoY Change 122.14% 139.28%
Total Long-Term Liabilities $1.021B $975.2M
YoY Change 4.65% -8.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.86M $67.65M
Total Long-Term Liabilities $1.021B $975.2M
Total Liabilities $1.089B $1.043B
YoY Change 4.47% -7.48%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.357B $1.356B
YoY Change 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.0M $800.5M
YoY Change
Total Liabilities & Shareholders Equity $1.835B $1.843B
YoY Change -0.43% -6.88%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.075M $1.633M
YoY Change -227.07% 143.73%
Depreciation, Depletion And Amortization $22.97M $22.83M
YoY Change 0.61% -6.44%
Cash From Operating Activities $18.40M $15.17M
YoY Change 21.28% -18.45%
INVESTING ACTIVITIES
Capital Expenditures -$23.14M -$13.72M
YoY Change 68.61% 1.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $52.47M
YoY Change -100.0% 8645.33%
Cash From Investing Activities -$23.14M $38.75M
YoY Change -159.7% -402.74%
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 -49.65M
YoY Change -80.56% 417.2%
NET CHANGE
Cash From Operating Activities 18.40M 15.17M
Cash From Investing Activities -23.14M 38.75M
Cash From Financing Activities -9.654M -49.65M
Net Change In Cash -14.39M 4.268M
YoY Change -437.23% -212.32%
FREE CASH FLOW
Cash From Operating Activities $18.40M $15.17M
Capital Expenditures -$23.14M -$13.72M
Free Cash Flow $41.53M $28.89M
YoY Change 43.76% -10.0%

Facts In Submission

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11201000
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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13100000
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2890000
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10900000
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0.25
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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132000
fsp Income Tax Reconciliation Revised Texas Franchise Tax
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164000
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100000
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132000
fsp Income Tax Reconciliation Revised Texas Franchise Tax
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164000
us-gaap Income Tax Reconciliation Other Reconciling Items
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us-gaap Income Tax Expense Benefit
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132000
us-gaap Income Tax Expense Benefit
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52000
us-gaap Deferred Income Tax Expense Benefit
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0
fsp Summary Of Income Relating To Lease Payments And Undiscounted Cash Flows
SummaryOfIncomeRelatingToLeasePaymentsAndUndiscountedCashFlows
<p style="font-family:'Times New Roman','Times','serif';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:72.04%;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','Times','serif';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','Times','serif';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:1.78%;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','Times','serif';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:10.21%;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','Times','serif';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','Times','serif';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:1.78%;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','Times','serif';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:10.21%;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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:72.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Income relating to lease payments:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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="vertical-align:bottom;white-space:nowrap;width:25.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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="vertical-align:bottom;width:72.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;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','Times','serif';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="vertical-align:bottom;white-space:nowrap;width:25.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Six Months Ended </b></p></td></tr><tr><td style="vertical-align:bottom;width:72.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">(in thousands)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June </b><b style="font-weight:bold;white-space:pre-wrap;">30, 2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June </b><b style="font-weight:bold;white-space:pre-wrap;">30, 2019</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 121,474</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 123,821</p></td></tr><tr><td style="vertical-align:bottom;width:72.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 121,474</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 123,821</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:72.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">​</span></p></td></tr><tr><td style="vertical-align:bottom;width:72.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">(1) Amount from variable lease payments $29,945 and $32,085 for the six months ended June 30, 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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td></tr></table>
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
121474000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
123821000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
121474000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
123821000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
29945000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
32085000

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