$FSP
Franklin Street Properties Corp

2021 Q2 Form 10-Q Financial Statement

#000155837021010003 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $56.15M $60.81M
YoY Change -7.67% -8.99%
Cost Of Revenue $15.35M $15.47M
YoY Change -0.76% -9.62%
Gross Profit $40.79M $45.34M
YoY Change -10.02% -8.77%
Gross Profit Margin 72.66% 74.56%
Selling, General & Admin $3.962M $3.817M
YoY Change 3.8% 3.11%
% of Gross Profit 9.71% 8.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.82M $22.97M
YoY Change -13.7% 0.61%
% of Gross Profit 48.59% 50.66%
Operating Expenses $23.10M $26.06M
YoY Change -11.37% 0.97%
Operating Profit $17.70M -$2.011M
YoY Change -979.91% -217.33%
Interest Expense $10.05M $8.980M
YoY Change 11.96% -4.17%
% of Operating Profit 56.82%
Other Income/Expense, Net
YoY Change
Pretax Income $16.21M -$2.011M
YoY Change -905.82% -217.33%
Income Tax $56.00K $64.00K
% Of Pretax Income 0.35%
Net Earnings $16.15M -$2.075M
YoY Change -878.27% -227.07%
Net Earnings / Revenue 28.76% -3.41%
Basic Earnings Per Share $0.15
Diluted Earnings Per Share $0.15 -$19.34K
COMMON SHARES
Basic Shares Outstanding 107.4M 107.3M
Diluted Shares Outstanding 107.4M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.04M $2.890M
YoY Change 558.75% -77.94%
Cash & Equivalents $19.04M $2.890M
Short-Term Investments
Other Short-Term Assets $5.405M $6.506M
YoY Change -16.92% -19.2%
Inventory
Prepaid Expenses
Receivables $64.59M $73.25M
Other Receivables $0.00 $0.00
Total Short-Term Assets $89.03M $82.65M
YoY Change 7.72% -7.09%
LONG-TERM ASSETS
Property, Plant & Equipment $167.0K $196.0K
YoY Change -14.8% 27.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.94M $51.67M
YoY Change 6.32% 1.51%
Total Long-Term Assets $1.512B $1.753B
YoY Change -13.76% -0.09%
TOTAL ASSETS
Total Short-Term Assets $89.03M $82.65M
Total Long-Term Assets $1.512B $1.753B
Total Assets $1.601B $1.835B
YoY Change -12.79% -0.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.80M $55.71M
YoY Change -8.82% 2.63%
Accrued Expenses $3.659M $3.994M
YoY Change -8.39% -6.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.27M $68.86M
YoY Change -11.03% 1.79%
LONG-TERM LIABILITIES
Long-Term Debt $762.4M $995.6M
YoY Change -23.42% 3.28%
Other Long-Term Liabilities $10.25M $24.98M
YoY Change -58.95% 122.14%
Total Long-Term Liabilities $772.7M $1.021B
YoY Change -24.29% 4.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.27M $68.86M
Total Long-Term Liabilities $772.7M $1.021B
Total Liabilities $833.9M $1.089B
YoY Change -23.45% 4.47%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.357B $1.357B
YoY Change 0.02% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $766.7M $746.0M
YoY Change
Total Liabilities & Shareholders Equity $1.601B $1.835B
YoY Change -12.79% -0.43%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $16.15M -$2.075M
YoY Change -878.27% -227.07%
Depreciation, Depletion And Amortization $19.82M $22.97M
YoY Change -13.7% 0.61%
Cash From Operating Activities $4.444M $18.40M
YoY Change -75.84% 21.28%
INVESTING ACTIVITIES
Capital Expenditures -$20.94M -$23.14M
YoY Change -9.51% 68.61%
Acquisitions
YoY Change
Other Investing Activities $228.7M $0.00
YoY Change -100.0%
Cash From Investing Activities $207.8M -$23.14M
YoY Change -998.13% -159.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -192.2M -9.654M
YoY Change 1890.46% -80.56%
NET CHANGE
Cash From Operating Activities 4.444M 18.40M
Cash From Investing Activities 207.8M -23.14M
Cash From Financing Activities -192.2M -9.654M
Net Change In Cash 20.07M -14.39M
YoY Change -239.42% -437.23%
FREE CASH FLOW
Cash From Operating Activities $4.444M $18.40M
Capital Expenditures -$20.94M -$23.14M
Free Cash Flow $25.38M $41.53M
YoY Change -38.89% 43.76%

Facts In Submission

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9660000
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755584000
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20422000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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338000
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Share Based Compensation
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328000
us-gaap Straight Line Rent
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us-gaap Straight Line Rent
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1343000
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623000
fsp Increase Decrease In Operating Lease Acquisition Costs
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838000
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485000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Security Deposits
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6926000
us-gaap Increase Decrease In Deferred Leasing Fees
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3682000
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6089000
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25597000
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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10692000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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20030000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-6900000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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4150000
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9790000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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24180000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2890000
us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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16882000
us-gaap Income Taxes Paid
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417000
us-gaap Income Taxes Paid
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470000
us-gaap Capital Expenditures Incurred But Not Yet Paid
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5881000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9985000
CY2021Q2 fsp Number Of Rei Ts In Which Entity Holds Noncontrolling Common Stock Interest
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2
CY2021Q2 fsp Number Of Sponsored Reits Company Held Interest In
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2
CY2021Q2 us-gaap Number Of Real Estate Properties
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29
CY2021Q2 fsp Number Of Properties In Redevelopment
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1
CY2021Q2 fsp Number Of Sponsored Reits Company Held Interest In
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2
CY2021Q2 fsp Number Of Promissory Notes Secured By Mortgages On Real Estate Owned By Sponsored Rei Ts
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1
CY2021Q2 fsp Number Of Properties In Redevelopment
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1
CY2020Q2 fsp Number Of Properties In Redevelopment
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3
CY2021Q2 us-gaap Number Of Real Estate Properties
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29
CY2020Q2 us-gaap Number Of Real Estate Properties
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32
CY2021Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
8228148
CY2020Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
9508226
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4600000
CY2019Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
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4400000
CY2021Q2 us-gaap Operating Loss Carryforwards
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13000000.0
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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19038000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2890000
CY2021Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
5142000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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24180000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2890000
CY2021Q2 fsp Number Of Rei Ts In Which Entity Holds Noncontrolling Common Stock Interest
NumberOfREITsInWhichEntityHoldsNoncontrollingCommonStockInterest
2
CY2020Q4 fsp Number Of Rei Ts In Which Entity Holds Noncontrolling Common Stock Interest
NumberOfREITsInWhichEntityHoldsNoncontrollingCommonStockInterest
2
fsp Asset Management Fees Percentage Low End Of Range
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0.01
fsp Asset Management Fees Percentage High End Of Range
AssetManagementFeesPercentageHighEndOfRange
0.05
fsp Notice Period For Cancellation Of Asset Management Fee Contract
NoticePeriodForCancellationOfAssetManagementFeeContract
P30D
CY2021Q2 fsp Loans And Leases Receivable Related Parties Maximum Amount Of Loan
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21000000
CY2021Q2 us-gaap Loans And Leases Receivable Related Parties
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21000000
CY2021Q2 us-gaap Hedged Liability Fair Value Hedge
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9400000
CY2017 fsp Maximum Ownership In All Taxable Reit Subsidiaries As Percentage Of Assets Of Entity To Maintain Reit Status
MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatus
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
MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatusIncludingOtherNonRealEstateAssets
0.25
CY2021Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
4300000
CY2021Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
4300000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
107394763
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
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0.09
CY2021Q1 us-gaap Dividends Common Stock Cash
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9660000
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2021Q2 us-gaap Dividends Common Stock Cash
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9659000
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
9654000
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
9654000
fsp Maximum Ownership Percentage In Each Issuer Other Than Reit Or Trs To Maintain Reit Status
MaximumOwnershipPercentageInEachIssuerOtherThanREITOrTRSToMaintainREITStatus
0.10
fsp Maximum Ownership In All Taxable Reit Subsidiaries As Percentage Of Assets Of Entity To Maintain Reit Status
MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatus
0.20
fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
123000
fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
132000
fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
123000
fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
132000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
123000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
132000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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;height:max-content;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:72.01%;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:10.22%;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:10.23%;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:72.01%;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:26%;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:72.01%;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:26%;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:72.01%;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:12%;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, 2021</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:12.02%;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></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:72.01%;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;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 111,362</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.23%;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></tr><tr><td style="vertical-align:bottom;width:72.01%;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;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.22%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 111,362</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.23%;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></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:72.01%;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:10.22%;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:10.23%;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:72.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">(1) Amounts recognized from variable lease payments were $28,974 and $29,945<span style="white-space:pre-wrap;"> for the six months ended June 30, 2021 and 2020, respectively.</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:10.22%;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:10.23%;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>
fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
111362000
fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
121474000
fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
111362000
fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
121474000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
28974000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
29945000

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