$FSP
Franklin Street Properties Corp

2022 Q1 Form 10-Q Financial Statement

#000155837022006824 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q3 2021 Q1
Revenue $42.26M $50.80M $59.04M
YoY Change -28.41% -18.39% -6.26%
Cost Of Revenue $12.83M $14.37M $15.94M
YoY Change -19.48% -14.09% -7.86%
Gross Profit $29.43M $36.43M $43.10M
YoY Change -31.72% -19.97% -5.66%
Gross Profit Margin 69.63% 71.71% 73.0%
Selling, General & Admin $3.784M $3.749M $4.146M
YoY Change -8.73% -1.78% 17.62%
% of Gross Profit 12.86% 10.29% 9.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.20M $19.48M $25.09M
YoY Change -35.45% -14.58% 8.67%
% of Gross Profit 55.03% 53.47% 58.21%
Operating Expenses $19.45M $22.61M $28.53M
YoY Change -31.8% -12.68% 10.3%
Operating Profit $9.976M $13.82M -$6.393M
YoY Change -256.05% -959.33% 537.39%
Interest Expense $5.366M $7.928M $8.600M
YoY Change -37.6% -11.45% -5.11%
% of Operating Profit 53.79% 57.37%
Other Income/Expense, Net
YoY Change
Pretax Income -$4.109M $4.086M -$6.393M
YoY Change -35.73% -354.1% 537.39%
Income Tax $49.00K $51.00K $67.00K
% Of Pretax Income 1.25%
Net Earnings -$4.158M $4.456M -$6.460M
YoY Change -35.63% -365.4% 503.17%
Net Earnings / Revenue -9.84% 8.77% -10.94%
Basic Earnings Per Share -$0.04 $0.04 -$0.06
Diluted Earnings Per Share -$0.04 $0.04 -$0.06
COMMON SHARES
Basic Shares Outstanding 103.7M 106.9M 107.3M
Diluted Shares Outstanding 103.7M 106.9M 107.3M

Balance Sheet

Concept 2022 Q1 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.683M $5.053M $2.613M
YoY Change 194.03% 4.4% -84.88%
Cash & Equivalents $7.683M $5.053M $2.613M
Short-Term Investments
Other Short-Term Assets $7.403M $5.547M $5.873M
YoY Change 26.05% -15.16% -21.55%
Inventory
Prepaid Expenses
Receivables $53.35M $60.81M $74.08M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $68.44M $71.41M $82.57M
YoY Change -17.11% -17.36% -14.61%
LONG-TERM ASSETS
Property, Plant & Equipment $204.0K $153.0K $147.0K
YoY Change 38.78% -14.04% -31.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.68M $49.41M $58.27M
YoY Change -25.04% -4.56% 9.43%
Total Long-Term Assets $1.269B $1.435B $1.707B
YoY Change -25.67% -18.16% -2.52%
TOTAL ASSETS
Total Short-Term Assets $68.44M $71.41M $82.57M
Total Long-Term Assets $1.269B $1.435B $1.707B
Total Assets $1.337B $1.507B $1.789B
YoY Change -25.28% -18.12% -3.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.70M $59.31M $63.46M
YoY Change -29.56% -15.16% 11.18%
Accrued Expenses $2.267M $4.738M $2.834M
YoY Change -20.01% -9.94% -9.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $155.0M
YoY Change
Total Short-Term Liabilities $52.80M $70.22M $229.3M
YoY Change -76.97% -17.0% 228.42%
LONG-TERM LIABILITIES
Long-Term Debt $513.8M $672.9M $789.4M
YoY Change -34.91% -32.43% -20.68%
Other Long-Term Liabilities $645.0K $8.291M $15.13M
YoY Change -95.74% -62.24% -40.2%
Total Long-Term Liabilities $514.4M $681.2M $804.5M
YoY Change -36.06% -33.08% -21.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.80M $70.22M $229.3M
Total Long-Term Liabilities $514.4M $681.2M $804.5M
Total Liabilities $567.2M $751.5M $1.034B
YoY Change -45.13% -31.84% -5.18%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.334B $1.349B $1.357B
YoY Change -1.68% -0.58% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $769.9M $755.1M $755.6M
YoY Change
Total Liabilities & Shareholders Equity $1.337B $1.507B $1.789B
YoY Change -25.28% -18.12% -3.15%

Cashflow Statement

Concept 2022 Q1 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income -$4.158M $4.456M -$6.460M
YoY Change -35.63% -365.4% 503.17%
Depreciation, Depletion And Amortization $16.20M $19.48M $25.09M
YoY Change -35.45% -14.58% 8.67%
Cash From Operating Activities -$9.772M $20.87M $1.645M
YoY Change -694.04% -31.36% -77.16%
INVESTING ACTIVITIES
Capital Expenditures $9.952M -$18.05M $16.02M
YoY Change -37.89% -3.98% -20.11%
Acquisitions
YoY Change
Other Investing Activities $90.64M
YoY Change
Cash From Investing Activities -$9.952M $72.59M -$16.02M
YoY Change -37.89% -486.11% -20.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.843M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.04M -107.9M 14.34M
YoY Change -170.04% 1017.08% -29.52%
NET CHANGE
Cash From Operating Activities -9.772M 20.87M 1.645M
Cash From Investing Activities -9.952M 72.59M -16.02M
Cash From Financing Activities -10.04M -107.9M 14.34M
Net Change In Cash -29.77M -14.45M -37.00K
YoY Change 80354.05% -840.97% -100.49%
FREE CASH FLOW
Cash From Operating Activities -$9.772M $20.87M $1.645M
Capital Expenditures $9.952M -$18.05M $16.02M
Free Cash Flow -$19.72M $38.92M -$14.38M
YoY Change 37.19% -20.9% 11.86%

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CY2021Q1 fsp Increase Decrease In Operating Lease Acquisition Costs
IncreaseDecreaseInOperatingLeaseAcquisitionCosts
50000
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1274000
CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
532000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-10568000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9564000
CY2022Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-3498000
CY2021Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2528000
CY2022Q1 us-gaap Increase Decrease In Security Deposits
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-382000
CY2021Q1 us-gaap Increase Decrease In Security Deposits
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-636000
CY2022Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
3706000
CY2021Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
5056000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1645000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9952000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16022000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-9952000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16022000
CY2022Q1 us-gaap Payments Of Dividends Common Stock
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42640000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
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9660000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
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4843000
CY2022Q1 us-gaap Proceeds From Lines Of Credit
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45000000
CY2021Q1 us-gaap Proceeds From Lines Of Credit
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36500000
CY2022Q1 us-gaap Repayments Of Lines Of Credit
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5000000
CY2021Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
12500000
CY2022Q1 us-gaap Payments Of Financing Costs
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2561000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10044000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14340000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29768000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-37000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40751000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4150000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10983000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4113000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
2737000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
5870000
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
664000
CY2021Q1 us-gaap Income Taxes Paid
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24000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3766000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9585000
CY2022Q1 fsp Number Of Rei Ts In Which Entity Holds Noncontrolling Common Stock Interest
NumberOfREITsInWhichEntityHoldsNoncontrollingCommonStockInterest
2
CY2022Q1 fsp Number Of Sponsored Reits Company Held Interest In
NumberOfSponsoredReitsCompanyHeldInterestIn
2
CY2022Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
24
CY2022Q1 fsp Number Of Sponsored Reits Company Held Interest In
NumberOfSponsoredReitsCompanyHeldInterestIn
2
CY2022Q1 fsp Number Of Promissory Notes Secured By Mortgages On Real Estate Owned By Sponsored Rei Ts
NumberOfPromissoryNotesSecuredByMortgagesOnRealEstateOwnedBySponsoredREITs
1
CY2022Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
24
CY2021Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
33
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6915609
CY2021Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
9548810
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7683000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2613000
CY2022Q1 us-gaap Restricted Cash Current
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3300000
CY2021Q1 us-gaap Restricted Cash Current
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1500000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10983000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4113000
CY2022Q1 fsp Number Of Rei Ts In Which Entity Holds Noncontrolling Common Stock Interest
NumberOfREITsInWhichEntityHoldsNoncontrollingCommonStockInterest
2
CY2021Q4 fsp Number Of Rei Ts In Which Entity Holds Noncontrolling Common Stock Interest
NumberOfREITsInWhichEntityHoldsNoncontrollingCommonStockInterest
2
CY2022Q1 fsp Asset Management Fees Percentage Low End Of Range
AssetManagementFeesPercentageLowEndOfRange
0.01
CY2022Q1 fsp Asset Management Fees Percentage High End Of Range
AssetManagementFeesPercentageHighEndOfRange
0.05
CY2022Q1 fsp Notice Period For Cancellation Of Asset Management Fee Contract
NoticePeriodForCancellationOfAssetManagementFeeContract
P30D
CY2022Q1 fsp Loans And Leases Receivable Related Parties Maximum Amount Of Loan
LoansAndLeasesReceivableRelatedPartiesMaximumAmountOfLoan
24000000
CY2022Q1 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
24000000
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
21000000
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
24000000
CY2022Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
1900000
CY2022Q1 us-gaap Hedged Liability Fair Value Hedge
HedgedLiabilityFairValueHedge
200000
CY2021Q4 us-gaap Hedged Liability Fair Value Hedge
HedgedLiabilityFairValueHedge
5200000
CY2022Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
100000
CY2022Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
100000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
103151781
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.32
CY2021Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
33280000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
9360000
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.09
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
9660000
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3396243
CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
18200000
CY2021Q3 fsp Shares Repurchased And Retired Average Cost Per Share
SharesRepurchasedAndRetiredAverageCostPerShare
5.37
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
846739
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4800000
CY2022Q1 fsp Shares Repurchased And Retired Average Cost Per Share
SharesRepurchasedAndRetiredAverageCostPerShare
5.72
CY2020Q4 fsp Stock Repurchase Program Total Number Of Shares Repurchased
StockRepurchaseProgramTotalNumberOfSharesRepurchased
1017498
CY2020Q4 fsp Stock Repurchase Program Total Repurchase Amount
StockRepurchaseProgramTotalRepurchaseAmount
18775000
CY2021 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3396243
CY2021 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
18244000
CY2021Q4 fsp Stock Repurchase Program Total Number Of Shares Repurchased
StockRepurchaseProgramTotalNumberOfSharesRepurchased
4413741
CY2021Q4 fsp Stock Repurchase Program Total Repurchase Amount
StockRepurchaseProgramTotalRepurchaseAmount
37019000
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
846739
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4843000
CY2022Q1 fsp Stock Repurchase Program Total Number Of Shares Repurchased
StockRepurchaseProgramTotalNumberOfSharesRepurchased
5260480
CY2022Q1 fsp Stock Repurchase Program Total Repurchase Amount
StockRepurchaseProgramTotalRepurchaseAmount
41862000
CY2022Q1 fsp Maximum Ownership Percentage In Each Issuer Other Than Reit Or Trs To Maintain Reit Status
MaximumOwnershipPercentageInEachIssuerOtherThanREITOrTRSToMaintainREITStatus
0.10
CY2022Q1 fsp Maximum Ownership In All Taxable Reit Subsidiaries As Percentage Of Assets Of Entity To Maintain Reit Status
MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatus
0.20
CY2017 fsp Maximum Ownership In All Taxable Reit Subsidiaries As Percentage Of Assets Of Entity To Maintain Reit Status
MaximumOwnershipInAllTaxableREITSubsidiariesAsPercentageOfAssetsOfEntityToMaintainREITStatus
0.25
CY2022Q1 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
CY2021Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4800000
CY2019Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4600000
CY2022Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1100000
CY2021Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1100000
CY2022Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
49000
CY2021Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
67000
CY2022Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
49000
CY2021Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
67000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
49000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67000
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2022Q1 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:70.05%;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:1.62%;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','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:12.03%;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','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:0.65%;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:1.6%;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:12.04%;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></tr><tr><td style="vertical-align:bottom;width:70.05%;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:27.96%;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:70.05%;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:27.96%;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;">Three Months Ended </b></p></td></tr><tr><td style="vertical-align:bottom;width:70.05%;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:13.65%;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;white-space:pre-wrap;">March 31, 2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.65%;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="2" style="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','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;white-space:pre-wrap;">March 31, 2021</b></p></td></tr><tr><td style="vertical-align:bottom;width:70.05%;background:#cceeff;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="vertical-align:bottom;white-space:nowrap;width:1.98%;background:#cceeff;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:1.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 40,573</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;background:#cceeff;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;"> 56,709</p></td></tr><tr><td style="vertical-align:bottom;width:70.05%;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:1.62%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.03%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 40,573</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.6%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;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;"> 56,709</p></td></tr><tr><td style="vertical-align:bottom;width:70.05%;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 $12,665 and $14,688 for the three months ended March 31, 2022 and 2021, 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:1.62%;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:12.03%;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:0.65%;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:1.6%;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:12.04%;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>
CY2022Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
40573000
CY2021Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
56709000
CY2022Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
40573000
CY2021Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
56709000
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
12665000
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
14688000

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