$FSP
FRANKLIN STREET PROPERTIES CORP /MA/

2023 Q2 Form 10-Q Financial Statement

#000155837023007679 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $36.27M $37.77M
YoY Change -12.2% -10.64%
Cost Of Revenue $12.14M $12.69M
YoY Change -1.65% -1.12%
Gross Profit $24.13M $25.08M
YoY Change -16.69% -14.79%
Gross Profit Margin 66.53% 66.4%
Selling, General & Admin $3.767M $3.817M
YoY Change -5.38% 0.87%
% of Gross Profit 15.61% 15.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.32M $15.32M
YoY Change -17.95% -5.43%
% of Gross Profit 63.49% 61.08%
Operating Expenses $18.41M $18.54M
YoY Change -16.94% -4.68%
Operating Profit $5.714M $6.533M
YoY Change -15.88% -34.51%
Interest Expense $6.084M $5.806M
YoY Change 7.42% 8.2%
% of Operating Profit 106.48% 88.87%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.345M $2.473M
YoY Change -7.83% -160.18%
Income Tax $75.00K $67.00K
% Of Pretax Income 2.71%
Net Earnings -$8.420M $2.406M
YoY Change -7.57% -157.86%
Net Earnings / Revenue -23.22% 6.37%
Basic Earnings Per Share -$0.08 $0.02
Diluted Earnings Per Share -$0.08 $0.02
COMMON SHARES
Basic Shares Outstanding 103.2M 103.2M
Diluted Shares Outstanding 103.3M 103.2M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.947M $10.31M
YoY Change 35.37% 34.19%
Cash & Equivalents $5.947M $10.31M
Short-Term Investments
Other Short-Term Assets $5.648M $6.125M
YoY Change -17.7% -17.26%
Inventory
Prepaid Expenses
Receivables $52.21M $55.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $63.80M $71.44M
YoY Change -6.5% 4.4%
LONG-TERM ASSETS
Property, Plant & Equipment $127.0K $145.0K
YoY Change -32.09% -28.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.60M $36.56M
YoY Change 11.62% -16.3%
Total Long-Term Assets $1.136B $1.142B
YoY Change -10.13% -9.97%
TOTAL ASSETS
Total Short-Term Assets $63.80M $71.44M
Total Long-Term Assets $1.136B $1.142B
Total Assets $1.199B $1.214B
YoY Change -9.94% -9.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.50M $37.72M
YoY Change -17.33% -15.62%
Accrued Expenses $2.836M $1.844M
YoY Change -11.76% -18.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.00M $45.30M
YoY Change -15.19% -14.2%
LONG-TERM LIABILITIES
Long-Term Debt $399.1M $398.9M
YoY Change -24.56% -22.36%
Other Long-Term Liabilities $153.0K $171.0K
YoY Change -61.46% -73.49%
Total Long-Term Liabilities $399.2M $399.1M
YoY Change -24.58% -22.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.00M $45.30M
Total Long-Term Liabilities $399.2M $399.1M
Total Liabilities $440.2M $444.4M
YoY Change -23.8% -21.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.335B $1.335B
YoY Change 0.02% 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $759.1M $769.3M
YoY Change
Total Liabilities & Shareholders Equity $1.199B $1.214B
YoY Change -9.94% -9.23%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.420M $2.406M
YoY Change -7.57% -157.86%
Depreciation, Depletion And Amortization $15.32M $15.32M
YoY Change -17.95% -5.43%
Cash From Operating Activities $1.569M -$1.095M
YoY Change -439.61% -88.79%
INVESTING ACTIVITIES
Capital Expenditures $6.949M $11.42M
YoY Change -160.2% 14.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $31.15M
YoY Change
Cash From Investing Activities -$6.949M $19.73M
YoY Change -39.8% -298.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.033M -12.15M
YoY Change -118.07% 21.0%
NET CHANGE
Cash From Operating Activities 1.569M -1.095M
Cash From Investing Activities -6.949M 19.73M
Cash From Financing Activities -1.033M -12.15M
Net Change In Cash -6.413M 6.478M
YoY Change 1.96% -121.76%
FREE CASH FLOW
Cash From Operating Activities $1.569M -$1.095M
Capital Expenditures $6.949M $11.42M
Free Cash Flow -$5.380M -$12.52M
YoY Change -148.55% -36.55%

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IncreaseDecreaseInOperatingLeaseAcquisitionCosts
818000
CY2022Q1 fsp Increase Decrease In Operating Lease Acquisition Costs
IncreaseDecreaseInOperatingLeaseAcquisitionCosts
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2022Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2022Q1 us-gaap Increase Decrease In Security Deposits
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CY2022Q1 us-gaap Increase Decrease In Deferred Leasing Fees
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 fsp Proceeds From Consolidation Of Sponsored Reit Variable Interest Entity
ProceedsFromConsolidationOfSponsoredReitVariableInterestEntity
3048000
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Payments Of Dividends Common Stock
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CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 us-gaap Proceeds From Lines Of Credit
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CY2022Q1 us-gaap Proceeds From Lines Of Credit
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45000000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
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CY2022Q1 us-gaap Repayments Of Lines Of Credit
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CY2023Q1 us-gaap Repayments Of Unsecured Debt
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40000000
CY2023Q1 us-gaap Payments Of Financing Costs
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2326000
CY2022Q1 us-gaap Payments Of Financing Costs
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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6478000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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6632000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40751000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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13110000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10983000
CY2023Q1 us-gaap Interest Paid Net
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3472000
CY2022Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Income Taxes Paid
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86000
CY2022Q1 us-gaap Income Taxes Paid
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664000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4831000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3766000
CY2023Q1 us-gaap Notes Assumed1
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20000000
CY2023Q1 us-gaap Number Of Real Estate Properties
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20
CY2023Q1 fsp Number Of Properties Owned And Consolidated
NumberOfPropertiesOwnedAndConsolidated
21
CY2022Q1 fsp Number Of Properties Owned And Consolidated
NumberOfPropertiesOwnedAndConsolidated
24
CY2023Q1 us-gaap Area Of Real Estate Property
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6263226
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6915609
CY2022Q4 fsp Stock Repurchase Program Total Number Of Shares Repurchased
StockRepurchaseProgramTotalNumberOfSharesRepurchased
5260480
CY2022Q4 fsp Stock Repurchase Program Total Repurchase Amount
StockRepurchaseProgramTotalRepurchaseAmount
41862000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10310000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7683000
CY2023Q1 us-gaap Restricted Cash
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2800000
CY2022Q1 us-gaap Restricted Cash
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3300000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13110000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10983000
CY2023Q1 fsp Asset Management Fees Percentage Low End Of Range
AssetManagementFeesPercentageLowEndOfRange
0.01
CY2023Q1 fsp Asset Management Fees Percentage High End Of Range
AssetManagementFeesPercentageHighEndOfRange
0.05
CY2023Q1 fsp Notice Period For Cancellation Of Asset Management Fee Contract
NoticePeriodForCancellationOfAssetManagementFeeContract
P30D
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
21000000
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
24000000
CY2022 fsp Allowance For Doubtful Accounts Receivable Increase
AllowanceForDoubtfulAccountsReceivableIncrease
4200000
CY2023Q1 fsp Allowance For Doubtful Accounts Receivable Decrease
AllowanceForDoubtfulAccountsReceivableDecrease
4200000
CY2023Q1 fsp Maximum Ownership Percentage In Each Issuer Other Than Reit Or Trs To Maintain Reit Status
MaximumOwnershipPercentageInEachIssuerOtherThanREITOrTRSToMaintainREITStatus
0.10
CY2023Q1 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
CY2023Q1 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
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4237000
CY2023Q1 fsp Allowance For Doubtful Accounts Receivable Decrease
AllowanceForDoubtfulAccountsReceivableDecrease
4237000
CY2023Q1 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0
CY2023Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
3500000
CY2023Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
3500000
CY2022Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4900000
CY2021Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4800000
CY2023Q1 fsp Period Of Statute Of Limitations
PeriodOfStatuteOfLimitations
P3Y
CY2023Q1 fsp Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
P20Y
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1700000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
103235914
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1033000
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
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
846739
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4800000
CY2023Q1 fsp Shares Repurchased And Retired Average Cost Per Share
SharesRepurchasedAndRetiredAverageCostPerShare
5.72
CY2021Q4 fsp Stock Repurchase Program Total Number Of Shares Repurchased
StockRepurchaseProgramTotalNumberOfSharesRepurchased
4413741
CY2021Q4 fsp Stock Repurchase Program Total Repurchase Amount
StockRepurchaseProgramTotalRepurchaseAmount
37019000
CY2022 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
846739
CY2022 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4843000
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1700000
CY2023Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
67000
CY2022Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
49000
CY2023Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
67000
CY2022Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
49000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
49000
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2023Q1 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:70.02%;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:12.04%;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: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:12.05%;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></tr><tr><td style="vertical-align:bottom;width:70.02%;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:27.98%;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></tr><tr><td style="vertical-align:bottom;width:70.02%;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:27.98%;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:70.02%;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:13.66%;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, 2023</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:13.66%;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></tr><tr><td style="vertical-align:bottom;width:70.02%;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;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 37,418</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.05%;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></tr><tr><td style="vertical-align:bottom;width:70.02%;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;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 37,418</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.6%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.05%;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></tr><tr><td style="vertical-align:bottom;width:70.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">(1) Includes amounts recognized from variable lease payments were $10,852 and $12,665 for the three months ended March 31, 2023 and 2022, 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:12.04%;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><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:12.05%;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>
CY2023Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
37418000
CY2022Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
40573000
CY2023Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
37418000
CY2022Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
40573000
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
10852000
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
12665000

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