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Franklin Street Properties Corp (FSP)



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Upturn Advisory Summary
08/28/2025: FSP (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $2
1 Year Target Price $2
0 | Strong Buy |
0 | Buy |
1 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -21.9% | Avg. Invested days 30 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 172.13M USD | Price to earnings Ratio - | 1Y Target Price 2 |
Price to earnings Ratio - | 1Y Target Price 2 | ||
Volume (30-day avg) 1 | Beta 0.87 | 52 Weeks Range 1.34 - 2.17 | Updated Date 08/28/2025 |
52 Weeks Range 1.34 - 2.17 | Updated Date 08/28/2025 | ||
Dividends yield (FY) 2.42% | Basic EPS (TTM) -0.51 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -47.78% | Operating Margin (TTM) -7.8% |
Management Effectiveness
Return on Assets (TTM) -0.56% | Return on Equity (TTM) -8.18% |
Valuation
Trailing PE - | Forward PE 256.41 | Enterprise Value 391052964 | Price to Sales(TTM) 1.54 |
Enterprise Value 391052964 | Price to Sales(TTM) 1.54 | ||
Enterprise Value to Revenue 3.5 | Enterprise Value to EBITDA 22.66 | Shares Outstanding 103690000 | Shares Floating 75821487 |
Shares Outstanding 103690000 | Shares Floating 75821487 | ||
Percent Insiders 24.52 | Percent Institutions 66.58 |
Upturn AI SWOT
Franklin Street Properties Corp

Company Overview
History and Background
Franklin Street Properties Corp. (FSP) was founded in 1997 and is a real estate investment trust (REIT) focused on owning and operating office properties, primarily in the U.S. Sunbelt and Mountain West regions. The company has adjusted its strategy over time to focus on fewer, higher-quality assets.
Core Business Areas
- Office Property Ownership: FSP's primary business is the ownership, management, and leasing of office properties. They generate revenue through rental income from these properties.
Leadership and Structure
George J. Carter serves as Chairman and Chief Executive Officer. The company operates under a typical REIT structure with a Board of Directors overseeing management.
Top Products and Market Share
Key Offerings
- Office Space Leasing: FSP leases office space in its portfolio of properties. Market share is difficult to pinpoint precisely for a REIT, but it operates in a competitive landscape with other REITs and private landlords. Competitors include Boston Properties (BXP), Alexandria Real Estate Equities (ARE), and Highwoods Properties (HIW).
Market Dynamics
Industry Overview
The office REIT industry is influenced by economic conditions, employment rates, interest rates, and trends in remote work. Demand for office space fluctuates with these factors.
Positioning
FSP focuses on office properties in specific geographic regions (Sunbelt and Mountain West). Its competitive advantages are based on property location, quality, and management expertise. In recent years, FSP has faced challenges due to the impact of remote work on office space demand.
Total Addressable Market (TAM)
The commercial real estate market represents a multi-trillion-dollar TAM. FSP's positioning within this TAM is relatively small, with a regional focus.
Upturn SWOT Analysis
Strengths
- Experienced management team
- Focus on Sunbelt and Mountain West markets
- Diversified tenant base
Weaknesses
- High debt levels
- Small market capitalization
- Concentration in office sector which is negatively impacted by remote work
Opportunities
- Acquisition of undervalued properties
- Capitalizing on growth in Sunbelt and Mountain West regions
- Renovation and repositioning of existing properties
Threats
- Rising interest rates
- Economic downturn
- Increased competition in target markets
- Permanent shifts to remote work affecting demand for office space
Competitors and Market Share
Key Competitors
- BXP
- ARE
- HIW
- SL Green Realty Corp (SLG)
Competitive Landscape
FSP is a smaller player compared to its larger peers like BXP and ARE. Its focus on specific geographic regions can be an advantage, but its smaller size limits its access to capital and economies of scale. Note that these numbers are estimates based on assets under management and may not reflect precise revenue market share.
Growth Trajectory and Initiatives
Historical Growth: Historically, FSP experienced periods of growth through acquisitions. Recent years have shown a contraction in growth.
Future Projections: Future growth projections are uncertain and depend on improvements in the office market and the company's ability to execute its strategy.
Recent Initiatives: Recent initiatives have focused on cost reduction and asset sales to improve the company's financial position.
Summary
Franklin Street Properties Corp is a small-cap REIT facing significant challenges in the current office market environment. High debt, declining occupancy, and a shift towards remote work are major headwinds. While the company focuses on attractive regions, its financial performance needs improvement. FSP requires careful monitoring due to its high risk profile.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company SEC Filings (10-K, 10-Q)
- Company Investor Relations
- Market Data Providers
- Industry Reports
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market share data is estimated. Investment decisions should be based on thorough research and consultation with a qualified financial advisor.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Franklin Street Properties Corp
Exchange NYSE MKT | Headquaters Wakefield, MA, United States | ||
IPO Launch date 2005-06-02 | Chairman & CEO Mr. George John Carter | ||
Sector Real Estate | Industry REIT - Office | Full time employees 28 | Website https://www.fspreit.com |
Full time employees 28 | Website https://www.fspreit.com |
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. As of March 31, 2025, the Company owned a portfolio of real estate consisting of 14 owned properties and one consolidated Sponsored REIT. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes.

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