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History Our company, Franklin Street Properties Corp., which we refer to as FSP Corp., the Company, we or our, is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust, or REIT, for federal income tax purposes. FSP Corp. is the successor to Franklin Street Partners Limited Partnership, or the FSP Partnership, which was originally formed as a Mass…
The business is unprofitable at the operating level (-30.65% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.8% YoY. Margins deteriorated 3.4pp alongside, both lines moving the wrong way.
Negative free cash flow of -$13M. The business is consuming cash, not generating it. Operating margin contracted 3.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$106M
▼ -10.8% YoY
Net Income (TTM)
-$33M
▲ +14.7% YoY
Op. Margin
-30.91%
▼ -3.4pp YoY
ROIC
-3.39%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▲ +22.0% YoY
Op. Cash Flow (TTM)
$4M
▼ -58.2% YoY
Net Debt
$229M
Cash & Equiv.
$24M
5Y CAGR: -15.3%
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