$FSP
Franklin Street Properties Corp

2024 Q2 Form 10-Q Financial Statement

#000155837024006276 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $30.83M $31.23M
YoY Change -14.99% -17.32%
Cost Of Revenue $11.03M $16.96M
YoY Change -9.17% 33.61%
Gross Profit $19.80M $14.27M
YoY Change -17.92% -43.1%
Gross Profit Margin 64.23% 45.7%
Selling, General & Admin $3.635M $4.159M
YoY Change -3.5% 8.96%
% of Gross Profit 18.36% 29.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.30M $12.31M
YoY Change -19.71% -19.66%
% of Gross Profit 62.11% 86.23%
Operating Expenses $15.12M $15.78M
YoY Change -17.9% -14.88%
Operating Profit $4.686M -$1.514M
YoY Change -17.99% -123.17%
Interest Expense -$6.734M -$5.838M
YoY Change -210.68% -200.55%
% of Operating Profit -143.7%
Other Income/Expense, Net
YoY Change
Pretax Income -$20.98M -$7.494M
YoY Change 151.35% -403.03%
Income Tax $48.00K $58.00K
% Of Pretax Income
Net Earnings -$21.02M -$7.552M
YoY Change 149.68% -413.88%
Net Earnings / Revenue -68.19% -24.19%
Basic Earnings Per Share -$0.20 -$0.07
Diluted Earnings Per Share -$0.20 -$0.07
COMMON SHARES
Basic Shares Outstanding 103.4M 103.4M
Diluted Shares Outstanding 103.5M 103.4M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.25M $34.18M
YoY Change 408.58% 231.51%
Cash & Equivalents $30.25M $34.18M
Short-Term Investments
Other Short-Term Assets $4.064M $4.140M
YoY Change -28.05% -32.41%
Inventory
Prepaid Expenses
Receivables $41.25M $42.56M
Other Receivables $0.00 $0.00
Total Short-Term Assets $75.56M $80.88M
YoY Change 18.43% 13.2%
LONG-TERM ASSETS
Property, Plant & Equipment $92.00K $884.8M
YoY Change -27.56% 610133.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $90.81M $67.28M
YoY Change 103.64% 84.03%
Total Long-Term Assets $937.0M $958.1M
YoY Change -17.48% -16.12%
TOTAL ASSETS
Total Short-Term Assets $75.56M $80.88M
Total Long-Term Assets $937.0M $958.1M
Total Assets $1.013B $1.039B
YoY Change -15.57% -14.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.77M $30.10M
YoY Change -26.88% -20.2%
Accrued Expenses $3.159M $2.149M
YoY Change 11.39% 16.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.17M $38.52M
YoY Change -19.1% -14.98%
LONG-TERM LIABILITIES
Long-Term Debt $297.2M $296.5M
YoY Change -25.52% -25.67%
Other Long-Term Liabilities $63.00K $74.00K
YoY Change -58.82% -56.73%
Total Long-Term Liabilities $297.3M $296.6M
YoY Change -25.53% -25.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.17M $38.52M
Total Long-Term Liabilities $297.3M $296.6M
Total Liabilities $330.5M $335.1M
YoY Change -24.93% -24.59%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.335B $1.335B
YoY Change 0.02% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $682.1M $703.9M
YoY Change
Total Liabilities & Shareholders Equity $1.013B $1.039B
YoY Change -15.57% -14.4%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$21.02M -$7.552M
YoY Change 149.68% -413.88%
Depreciation, Depletion And Amortization $12.30M $12.31M
YoY Change -19.71% -19.66%
Cash From Operating Activities -$648.0K -$7.088M
YoY Change -141.3% 547.31%
INVESTING ACTIVITIES
Capital Expenditures $4.488M $8.759M
YoY Change -35.42% -23.3%
Acquisitions
YoY Change
Other Investing Activities -$3.000K $34.33M
YoY Change 10.22%
Cash From Investing Activities -$4.491M $25.57M
YoY Change -35.37% 29.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.145M -108.6M
YoY Change 10.84% 793.47%
NET CHANGE
Cash From Operating Activities -648.0K -7.088M
Cash From Investing Activities -4.491M 25.57M
Cash From Financing Activities -1.145M -108.6M
Net Change In Cash -6.284M -90.10M
YoY Change -2.01% -1490.88%
FREE CASH FLOW
Cash From Operating Activities -$648.0K -$7.088M
Capital Expenditures $4.488M $8.759M
Free Cash Flow -$5.136M -$15.85M
YoY Change -4.54% 26.62%

Facts In Submission

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CY2024Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1105000
CY2024Q1 us-gaap Straight Line Rent
StraightLineRent
-206000
CY2023Q1 us-gaap Straight Line Rent
StraightLineRent
332000
CY2024Q1 fsp Increase Decrease In Operating Lease Acquisition Costs
IncreaseDecreaseInOperatingLeaseAcquisitionCosts
122000
CY2023Q1 fsp Increase Decrease In Operating Lease Acquisition Costs
IncreaseDecreaseInOperatingLeaseAcquisitionCosts
818000
CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
400000
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
513000
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6677000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3317000
CY2024Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2448000
CY2023Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2455000
CY2024Q1 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
64000
CY2023Q1 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
30000
CY2024Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
2236000
CY2023Q1 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
908000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7088000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1095000
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8759000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11420000
CY2023Q1 fsp Proceeds From Consolidation Of Sponsored Reit Variable Interest Entity
ProceedsFromConsolidationOfSponsoredReitVariableInterestEntity
3048000
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
34329000
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
28098000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
25570000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
19726000
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1034000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1033000
CY2023Q1 us-gaap Proceeds From Hedge Financing Activities
ProceedsFromHedgeFinancingActivities
4206000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
57000000
CY2024Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
22667000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
30000000
CY2024Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
28963000
CY2023Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
40000000
CY2024Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
50370000
CY2024Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5549000
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2326000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-108583000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12153000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-90101000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6478000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
127880000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6632000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37779000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13110000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
4328000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
3472000
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
86000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2444000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4831000
CY2023Q1 us-gaap Notes Assumed1
NotesAssumed1
20000000
CY2024Q1 fsp Accrued Deferred Financing Costs
AccruedDeferredFinancingCosts
11000
CY2024Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
16
CY2024Q1 fsp Number Of Properties Owned And Consolidated
NumberOfPropertiesOwnedAndConsolidated
17
CY2023Q1 fsp Number Of Properties Owned And Consolidated
NumberOfPropertiesOwnedAndConsolidated
21
CY2024Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
5478176
CY2023Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6263226
CY2024Q1 fsp Number Of Properties Classified As Assets Held For Sale
NumberOfPropertiesClassifiedAsAssetsHeldForSale
1
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34179000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10310000
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
3600000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
2800000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37779000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13110000
CY2024Q1 fsp Asset Management Fees Percentage Low End Of Range
AssetManagementFeesPercentageLowEndOfRange
0.01
CY2024Q1 fsp Asset Management Fees Percentage High End Of Range
AssetManagementFeesPercentageHighEndOfRange
0.05
CY2024Q1 fsp Notice Period For Cancellation Of Asset Management Fee Contract
NoticePeriodForCancellationOfAssetManagementFeeContract
P30D
us-gaap Interest And Fee Income Loans Commercial
InterestAndFeeIncomeLoansCommercial
0
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
21000000
CY2021Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
24000000
CY2023Q1 fsp Allowance For Doubtful Accounts Receivable Decrease
AllowanceForDoubtfulAccountsReceivableDecrease
4200000
CY2024Q1 fsp Allowance For Doubtful Accounts Receivable Decrease
AllowanceForDoubtfulAccountsReceivableDecrease
0
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4237000
CY2024Q1 fsp Allowance For Doubtful Accounts Receivable Increase
AllowanceForDoubtfulAccountsReceivableIncrease
0
CY2023Q1 fsp Allowance For Doubtful Accounts Receivable Increase
AllowanceForDoubtfulAccountsReceivableIncrease
0
CY2024Q1 fsp Allowance For Doubtful Accounts Receivable Decrease
AllowanceForDoubtfulAccountsReceivableDecrease
0
CY2023Q1 fsp Allowance For Doubtful Accounts Receivable Decrease
AllowanceForDoubtfulAccountsReceivableDecrease
4237000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2024Q1 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
0
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
103430353
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1034000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.01
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1033000
CY2024Q1 fsp Maximum Ownership Percentage In Each Issuer Other Than Reit Or Trs To Maintain Reit Status
MaximumOwnershipPercentageInEachIssuerOtherThanREITOrTRSToMaintainREITStatus
0.10
CY2024Q1 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
CY2024Q1 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
CY2023Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4900000
CY2022Q4 fsp Operating Loss Carry Forwards Reit Subsidiary
OperatingLossCarryForwardsREITSubsidiary
4900000
CY2024Q1 fsp Period Of Statute Of Limitations
PeriodOfStatuteOfLimitations
P3Y
CY2024Q1 fsp Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
P20Y
CY2023Q4 fsp Operating Loss Carryforwards Expired In Period
OperatingLossCarryforwardsExpiredInPeriod
700000
CY2021Q4 fsp Operating Loss Carryforwards Expired In Period
OperatingLossCarryforwardsExpiredInPeriod
100000
CY2021Q4 fsp Operating Loss Carryforwards Expected To Be Used In Next Fiscal Period
OperatingLossCarryforwardsExpectedToBeUsedInNextFiscalPeriod
11100000
CY2021Q4 fsp Operating Loss Carryforwards Valuation Allowance Reversal
OperatingLossCarryforwardsValuationAllowanceReversal
11100000
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
29700000
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
29700000
CY2024Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
58000
CY2023Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
67000
CY2024Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
58000
CY2023Q1 fsp Income Tax Reconciliation Revised Texas Franchise Tax
IncomeTaxReconciliationRevisedTexasFranchiseTax
67000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
58000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67000
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2024Q1 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:64.06%;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:2.09%;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:13.91%;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:1.93%;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:2.09%;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:13.92%;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:64.06%;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:33.95%;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:64.06%;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:33.95%;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;">For the Three Months Ended March 31, </b></p></td></tr><tr><td style="vertical-align:bottom;width:64.06%;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:16%;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;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;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:16.01%;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;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:64.06%;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:2.09%;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;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.91%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 31,425</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.09%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.92%;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></tr><tr><td style="vertical-align:bottom;width:64.06%;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:2.09%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.91%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 31,425</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.09%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.92%;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></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:64.06%;background:#cceeff;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%;background:#cceeff;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:2.09%;background:#cceeff;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:13.91%;background:#cceeff;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:1.93%;background:#cceeff;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:2.09%;background:#cceeff;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:13.92%;background:#cceeff;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:64.06%;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 of $8,707 and $10,852 for the three months ended March 31, 2024 and 2023, 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:2.09%;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:13.91%;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:1.93%;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:2.09%;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:13.92%;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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p>
CY2024Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
31425000
CY2023Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
37418000
CY2024Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
31425000
CY2023Q1 fsp Operating Lease Lease Income Less Straight Line Rent Adjustment And Amortization Of Favorable And Unfavorable Leases
OperatingLeaseLeaseIncomeLessStraightLineRentAdjustmentAndAmortizationOfFavorableAndUnfavorableLeases
37418000
CY2024Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
8707000
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
10852000
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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