Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name of registrant as specified in its charter) (State or othe ...

beklaus/E+ via Getty ImagesFranklin Street Properties (NYSE:FSP) has dipped around 16% since I last covered the ticker with a sell rating. The office REIT is now changing hands for 7.4x multiple to its annualized fiscal 2023 fourth quarter funds from operations ("FFO"). FFO was $0.07 per share in the fourth quarter, dipping $0.03 versus its year-ago comp of $0.10 per share. This multiple is markedly lower than FSP's prior 8.8x multiple from when I last covered the ticker. It comes as the REIT looks to a ...

Franklin Street Properties (FSP) came out with quarterly funds from operations (FFO) of $0.07 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.10 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this hybrid real estate investment trust would post FFO of $0.07 per share when it actually produced FFO of $0.07, delivering no surprise.Over the last four quarters, the company has not been able to surpass consensus FFO est ...

Financial Performance - Rental revenue for Q4 2023 was $34.519 million, a decrease of 6.0% from $36.903 million in Q3 2023[11] - Total revenue for Q4 2023 was $34.771 million, down from $36.903 million in the previous quarter, reflecting a decline of 5.8%[11] - The company reported a net income of $3.575 million for Q4 2023, a significant recovery from a net loss of $45.671 million in Q3 2023[11] - Adjusted EBITDA for Q4 2023 was $13.112 million, slightly down from $13.718 million in Q3 2023[11] - Funds from Operations (FFO) for Q4 2023 were $6.938 million, compared to $7.509 million in Q3 2023, a decrease of 7.6%[11] - Total revenue for the year ended December 31, 2023, was $145.707 million, a decrease from $165.615 million in the previous year, representing a decline of approximately 12%[15] - Net income for the year ended December 31, 2023, was a loss of $48,110,000, compared to a net income of $1,094,000 in 2022[19] - Net income for the three months ended March 31, 2023, was $2.406 million, compared to a net loss of $8.420 million for the same period in the previous year[15] - Net income for the three months ended March 31, 2023, was $2,406,000, compared to a net loss of $48,110,000 for the year ended December 31, 2022[31] Market Capitalization and Debt - The company’s total market capitalization increased to $669.782 million as of December 31, 2023, up from $586.346 million in the previous quarter[11] - The debt to total market capitalization ratio improved to 60.5% in Q4 2023, down from 67.4% in Q3 2023[11] - The company reported a net debt of $386.890 million as of March 31, 2023, down from $504.017 million in the previous year, indicating improved financial health[28] - The company’s debt as of December 31, 2023, stands at $405,000,000[79] - Total debt outstanding as of December 31, 2023, was $405,000,000, with an average interest rate of 6.56%[34] Property and Leasing Activity - As of December 31, 2023, the company owned a portfolio of 18 properties totaling 5.8 million square feet[9] - The percentage of owned properties leased was 74.0% as of December 31, 2023, a slight decrease from 74.8% in the previous quarter[11] - New leasing activity for the year ended December 31, 2023, was 228,000 square feet, while renewals and expansions totaled 478,000 square feet, resulting in a total leasing activity of 706,000 square feet[56] - The average GAAP rent on leasing for the year was $29.71, reflecting a 7.4% increase over the previous year's average[56] - The largest tenant, CITGO Petroleum Corporation, occupies 248,399 square feet, contributing $7,064,468 in annualized rent, which is 5.6% of the total[52] - The company has 1,846,680 square feet leased to its 20 largest tenants, representing 32.0% of total leased square feet[52] - The company has 1,444,903 square feet of owned property vacant as of December 31, 2023[62] Cash and Expenses - Cash and cash equivalents increased to $127.880 million as of September 30, 2023, up from $10.983 million as of December 31, 2022[17] - The company incurred total expenses of $171.009 million for the year ended December 31, 2023, compared to $187.941 million in the previous year, indicating a reduction of approximately 9%[15] - The company reported a tax expense of $279,000 for the year ended December 31, 2023, compared to $204,000 in the previous year[15] - The company reported total capital expenditures of $35,291,000 for the year ended December 31, 2023, compared to $59,379,000 for the year ended December 31, 2022, indicating a decrease of approximately 40.5%[67] Non-GAAP Measures - The Company evaluates performance based on Funds From Operations (FFO), which is defined as net income or loss excluding certain gains and losses, plus depreciation and amortization[81] - FFO should not be considered an alternative to net income or loss or as an indicator of the Company's financial performance[82] - The Company also evaluates performance based on Adjusted Funds From Operations (AFFO), which includes FFO adjusted for non-cash items and recurring capital expenditures[91] - AFFO should be examined in connection with net income or loss and cash flows from operating, investing, and financing activities[93] - The Company provides property performance based on Net Operating Income (NOI), which is defined as net income or loss plus certain expenses and excluding non-property specific income and expenses[88] - NOI may not be comparable to NOI reported by other REITs due to different definitions[88] - EBITDA is defined as net income or loss plus interest expense, income tax expense, and depreciation and amortization expense[86] - Adjusted EBITDA excludes certain gains and losses and is presented as a supplemental disclosure regarding liquidity[86] - The Company believes that net income or loss is the most directly comparable financial measure to EBITDA and Adjusted EBITDA[86] - The Company emphasizes that all non-GAAP measures should not be considered as substitutes for measures prepared in accordance with GAAP[82]

Property Sales and Gains - The company sold an office property in Elk Grove, Illinois for a gross sales price of $29.1 million, resulting in a gain of approximately $8.4 million[19]. - On October 26, 2023, the company sold an office property in Plano, Texas for a gross sales price of $48 million, achieving a gain of $10.6 million[19]. - The company reported a loss of approximately $18.9 million from the sale of an office property in Miami, Florida, which sold for $68.0 million[19]. - The company sold two office properties in Broomfield, Colorado in 2022 for aggregate gross sales proceeds of $102.5 million, achieving a gain of $24.1 million[19]. Financial Condition and Debt - As of December 31, 2023, the company had $90 million outstanding under the BofA Term Loan, with a variable interest rate based on SOFR and a 5.00% floor on SOFR[64]. - As of December 31, 2023, the company had $115 million outstanding under the BMO Term Loan, also with a variable interest rate based on SOFR and a 5.00% floor on SOFR[65]. - The company has one remaining secured loan to a Sponsored REIT, which is anticipated to be repaid through cash flow from property operations or sale of the underlying property[58]. - The company may face reduced cash available for distribution to stockholders if it is required to keep balances outstanding on existing debt or seek new debt[58]. - The company’s financial condition could be adversely affected if it is unable to refinance the BofA Term Loan, the BMO Term Loan, the Series A Notes, or the Series B Notes upon their respective maturities[59]. - Failure to comply with covenants in the documents evidencing the BofA Term Loan, the BMO Term Loan, the Series A Notes, or the Series B Notes could adversely affect the company’s financial condition[60]. - A default under the loan documents could result in difficulty financing growth and a reduction in cash available for distribution to stockholders[63]. - An increase in interest rates would raise interest costs on variable rate debt, impacting the company’s ability to refinance existing debt[64]. - The company currently holds a corporate credit rating below investment grade from Moody's, which could limit access to funding sources and increase costs of obtaining funding[67]. Impact of COVID-19 and Economic Risks - The long-term impact of the COVID-19 pandemic continues to present material uncertainty regarding the performance of the company's properties[15]. - The long-term impact of the COVID-19 pandemic continues to create uncertainty, potentially affecting tenant rent payments and demand for commercial real estate[70]. - As of December 31, 2023, approximately 19% of tenants operate in the energy services industry, and 13% in information technology, indicating a concentration risk that could impact rental payments during economic downturns[82]. - The geographic distribution of properties shows 41% in the South and 37% in the West, with significant concentrations in Denver (37%), Houston (20.6%), and Dallas (17.6%), exposing the company to regional economic risks[83]. - The company may face significant delays in reletting vacant space, which could result in reduced distributions to stockholders, as up to 20% of rental revenue could expire each year[81]. - The company has experienced tenant defaults, including a write-off charge of $3.1 million due to a tenant's bankruptcy, which could negatively impact cash available for distribution[77]. - Rising interest rates could decrease the amount third parties are willing to pay for the company's assets, limiting portfolio adjustments in response to economic changes[66]. - The company faces risks from climate change, which could increase operational costs and impact demand for office space[86]. Legal and Compliance Risks - Security breaches could compromise sensitive data, leading to significant financial exposure and potential regulatory penalties[87]. - The company faces risks related to compliance with the Americans With Disabilities Act, which may require significant capital expenditures[91]. - The company has been managing its legal affairs and compliance with financial covenants to mitigate risks associated with its debt obligations[60]. Corporate Governance and Management - The company aims to increase shareholder value by pursuing the sale of select properties and leasing vacant spaces[18]. - The company’s executive team has extensive experience in finance and investment management, contributing to its strategic objectives and business plan execution[49]. - The company adopted a variable quarterly dividend policy in 2022, allowing the Board of Directors to determine dividends based on various factors, including annual taxable income estimates[95]. - The company has a change in control plan that may discourage acquisition proposals, potentially inhibiting changes in control[100]. Derivatives and Interest Rate Management - The interest rate on the BofA Revolver was 8.47% per annum as of December 31, 2023, with $90 million drawn on it[284]. - If market rates on the BMO Term Loan increased by 10%, future earnings and cash flows would decrease by approximately $1.0 million[287]. - The company terminated all outstanding interest rate swaps applicable to the BMO Term Loan in February 2023, receiving approximately $4.3 million[287]. - The company requires derivatives contracts to be with counterparties that have investment grade ratings[289]. - The company does not anticipate any counterparty failing to meet its obligations, but there are risks associated with hedging strategies[289]. - The total contractual variable rate borrowings as of December 31, 2023, amount to $405,000[292]. - The BofA Revolver has a total of $90,000 due in 2024[292]. - The BMO Term Loan Tranche B has a total of $115,000 due in 2024[292]. - The Series A Notes have a total of $116,000 due in 2024[292]. - The Series B Notes have a total of $84,000 due in 2027[292]. - The effective portion of the derivatives' fair value is recorded in other comprehensive income[290]. - The notional value of the 2019 BMO Interest Rate Swap is $165,000 with a strike rate of 2.39%[288]. - The fair value of the 2019 BMO Interest Rate Swap as of December 31, 2022, was $4,358[288].

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a significant net loss of $51.7 million, driven by property sale losses and impairments Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,151,773** | **$1,241,666** | | Real estate assets, net | $921,581 | $1,103,248 | | Assets held for sale | $132,659 | $— | | Cash and cash equivalents | $13,043 | $6,632 | | **Total Liabilities** | **$440,447** | **$472,930** | | Bank note payable | $80,000 | $48,000 | | Term loans payable, net | $114,610 | $164,750 | | **Total Stockholders' Equity** | **$711,326** | **$768,736** | Consolidated Statements of Operations Highlights (in thousands) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Total Revenues | $110,936 | $124,404 | | Total Expenses | $130,612 | $142,401 | | Gain (loss) on sale of properties, net | $(32,085) | $24,077 | | **Net Income (Loss)** | **$(51,685)** | **$3,978** | | **Net Income (Loss) per Share** | **$(0.50)** | **$0.04** | Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Category | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,545 | $9,354 | | Net cash provided by investing activities | $14,086 | $63,972 | | Net cash used in financing activities | $(19,220) | $(105,360) | | **Net increase (decrease) in cash** | **$6,411** | **$(32,034)** | [Note 1: Organization, Properties, and Basis of Presentation](index=10&type=section&id=Note%201.%20Organization%2C%20Properties%2C%20Basis%20of%20Presentation%2C%20Financial%20Instruments%20and%20Recent%20Accounting%20Standards) The company's portfolio shrank to 20 properties, and management's plans alleviate going concern doubts - As of September 30, 2023, the company's portfolio consisted of **20 properties** with 6.2 million rentable square feet, a decrease from 22 properties and 6.4 million square feet a year prior[25](index=25&type=chunk) - Effective January 1, 2023, the company consolidated the Sponsored REIT (Monument Circle) as a Variable Interest Entity (VIE), recognizing a gain of approximately **$0.4 million**[37](index=37&type=chunk)[39](index=39&type=chunk)[41](index=41&type=chunk) - Management has concluded that its plans to dispose of assets and extend/refinance debt are probable of being achieved, **alleviating substantial doubt** about the company's ability to continue as a going concern[30](index=30&type=chunk)[49](index=49&type=chunk) [Note 2: Related Party Transactions](index=18&type=section&id=Note%202.%20Related%20Party%20Transactions%20and%20Investments%20in%20Non-Consolidated%20Entities) The consolidation of the Sponsored REIT eliminated a related-party interest income stream in 2023 - Interest income and fees from the Sponsored REIT Loan were approximately **$1.37 million** for the nine months ended September 30, 2022, but **$0 for the same period in 2023** due to consolidation[59](index=59&type=chunk) - The maturity of the Sponsored REIT Loan was extended multiple times, most recently to **September 30, 2024**[60](index=60&type=chunk) Allowance for Credit Losses Roll-Forward (in thousands) | | For the Nine Months Ended Sep 30, 2023 | For the Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Beginning allowance | $(4,237) | $— | | Additional increases | — | $(1,857) | | Reductions | 4,237 | — | | **Ending allowance** | **$—** | **$(1,857)** | [Note 3: Debt Structure and Covenants](index=20&type=section&id=Note%203.%20Bank%20Note%20Payable%2C%20Term%20Loans%20Payable%20and%20Senior%20Notes) Key credit facilities were amended, extending maturities to 2024 and increasing interest rates - On Feb 10, 2023, the BMO Term Loan maturity was extended to Oct 1, 2024, and the interest rate was changed to **300 basis points over SOFR**[65](index=65&type=chunk) - On Feb 10, 2023, the BofA Revolver maturity was also extended to Oct 1, 2024, with borrowing capacity reduced to **$150 million** and the interest rate increased to **300 basis points over SOFR**[72](index=72&type=chunk) - The company has **$200 million in senior unsecured notes**, consisting of $116 million Series A Notes due Dec 20, 2024, and $84 million Series B Notes due Dec 20, 2027[89](index=89&type=chunk)[93](index=93&type=chunk) - Both the BMO and BofA credit agreements restrict quarterly dividends to **$0.01 per share**, though exceptions are permitted to maintain REIT status[70](index=70&type=chunk)[77](index=77&type=chunk) [Note 4: Derivatives and Hedging](index=28&type=section&id=Note%204.%20Financial%20Instruments%3A%20Derivatives%20and%20Hedging) The company terminated all interest rate swaps in February 2023 and currently holds no derivatives - On February 8, 2023, the company terminated its interest rate swaps and received aggregate proceeds of approximately **$4.3 million**[95](index=95&type=chunk) - As of September 30, 2023, the company had **no outstanding derivative instruments**[95](index=95&type=chunk) - The company estimates that approximately **$1.4 million** will be reclassified from AOCI into earnings as a reduction to interest expense within the next 12 months[100](index=100&type=chunk) [Note 6: Stockholders' Equity](index=31&type=section&id=Note%206.%20Stockholders'%20Equity) The quarterly dividend remains at $0.01 per share and the stock repurchase program was discontinued Dividends Per Share Comparison | Period | Dividend Per Share | | :--- | :--- | | Q1 2022 | $0.09 | | Q2 2022 | $0.09 | | Q3 2022 | $0.01 | | Q1 2023 | $0.01 | | Q2 2023 | $0.01 | | Q3 2023 | $0.01 | - The company's stock repurchase program was **discontinued on February 10, 2023**, with no shares repurchased in the first nine months of 2023[110](index=110&type=chunk) [Note 9: Property Dispositions and Assets Held for Sale](index=34&type=section&id=Note%209.%20Disposition%20of%20Properties%20and%20Asset%20Held%20for%20Sale) The company is actively selling properties to reduce debt, recording a $39.7 million impairment in Q3 - In 2023, the company sold an office property in Elk Grove, IL for **$29.1M (gain of $8.4M)** and a property in Charlotte, NC for **$9.2M (loss of $0.8M)**[128](index=128&type=chunk) - During Q3 2023, the company entered agreements to sell properties in Miami, FL and Atlanta, GA, resulting in a recorded **impairment of $39.7 million**[129](index=129&type=chunk)[130](index=130&type=chunk) - As of September 30, 2023, three properties were classified as assets held for sale, totaling **$132.6 million** on the balance sheet[130](index=130&type=chunk)[131](index=131&type=chunk) - Subsequent to the quarter end, the company sold an office building in Plano, Texas, for **$48.0 million**, realizing a gain of approximately **$10.6 million**[133](index=133&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management focuses on asset sales to manage liquidity and address significant 2024 debt maturities [Overview and Strategy](index=38&type=section&id=Overview%20and%20Strategy) The company's strategy is to sell select properties to repay debt and enhance shareholder value - The company's current strategy is to invest in infill and central business district office properties in the **U.S. sunbelt and mountain west regions**[136](index=136&type=chunk) - A key strategic goal is to increase shareholder value by **selling select properties** and using the proceeds primarily for debt repayment[139](index=139&type=chunk) - The company's credit rating was **downgraded by Moody's twice in 2023**, expected to increase annual interest costs by approximately **$1.0 million**[144](index=144&type=chunk) [Trends and Uncertainties](index=40&type=section&id=Trends%20and%20Uncertainties) The company faces material uncertainty from work-from-home trends and adverse economic conditions - The long-term impact of the COVID-19 pandemic, including **work-from-home policies**, continues to present material uncertainty and risk[145](index=145&type=chunk) - Economic conditions, including **inflation and rising interest rates**, are contributing to recessionary concerns and adversely affecting demand for office space[146](index=146&type=chunk)[148](index=148&type=chunk) - As of September 30, 2023, approximately **49.4% of the company's total debt was unhedged variable rate debt**, exposing it to rising interest costs[148](index=148&type=chunk) - Owned properties were **74.8% leased** as of September 30, 2023, a decrease from 75.6% at year-end 2022[149](index=149&type=chunk)[151](index=151&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) A significant impairment charge drove a Q3 net loss of $45.7 million despite lower operating expenses Comparison of Three Months Ended September 30 (in thousands) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $36,903 | $40,836 | $(3,933) | | Total Expenses | $42,794 | $46,810 | $(4,016) | | Gain (loss) on sale/impairment | $(39,671) | $24,077 | $(63,748) | | **Net Income (Loss)** | **$(45,671)** | **$17,246** | **$(62,917)** | Comparison of Nine Months Ended September 30 (in thousands) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $110,936 | $124,404 | $(13,468) | | Total Expenses | $130,612 | $142,401 | $(11,789) | | Gain (loss) on sale/impairment | $(32,085) | $24,077 | $(56,162) | | **Net Income (Loss)** | **$(51,685)** | **$3,978** | **$(55,663)** | [Non-GAAP Financial Measures (FFO & NOI)](index=53&type=section&id=Non-GAAP%20Financial%20Measures%20(FFO%20&%20NOI)) Funds From Operations decreased to $23.0 million, while Same Store NOI increased by 6.4% Funds From Operations (FFO) Reconciliation (in thousands) | | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net income (loss) | $(51,685) | $3,978 | | (Gain) loss on sale/impairment | 32,085 | (24,077) | | Depreciation and amortization | 42,742 | 48,916 | | Other adjustments | (394) | 1,857 | | **NAREIT FFO** | **$22,748** | **$30,674** | | Lease Acquisition costs | 278 | 206 | | **Funds From Operations** | **$23,026** | **$30,880** | - For the nine months ended September 30, 2023, **Same Store NOI increased 6.4%** year-over-year to $48.1 million from $45.2 million[198](index=198&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity challenges with $195 million in debt maturing in October 2024 - As of September 30, 2023, the company had approximately **$195 million in debt maturing on October 1, 2024**, under its BofA Revolver and BMO Term Loan[204](index=204&type=chunk) - The company plans to use proceeds from property dispositions to repay debt, with pending sales expected to generate over **$140 million**[205](index=205&type=chunk)[206](index=206&type=chunk) - Management is actively engaged in discussions with lenders to **extend and/or refinance** the BofA Revolver and BMO Term Loan before their October 2024 maturity[207](index=207&type=chunk) - The company also has **$116 million in Series A Notes maturing on December 20, 2024**, which will be a focus for future liquidity planning[209](index=209&type=chunk)[216](index=216&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk from its unhedged floating-rate debt - The company **terminated all its interest rate swaps** on February 8, 2023, leaving its variable-rate debt unhedged[258](index=258&type=chunk) - A hypothetical **10% increase in market interest rates** would increase annual interest expense by approximately **$1.7 million**[257](index=257&type=chunk)[258](index=258&type=chunk) Debt Maturities as of September 30, 2023 (in thousands) | Debt Instrument | Total | Due in 2024 | Due in 2027 | | :--- | :--- | :--- | :--- | | BofA Revolver | $80,000 | $80,000 | $— | | BMO Term Loan | $115,000 | $115,000 | $— | | Series A Notes | $116,000 | $116,000 | $— | | Series B Notes | $84,000 | $— | $84,000 | | **Total** | **$395,000** | **$311,000** | **$84,000** | [Controls and Procedures](index=73&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023 - Based on an evaluation as of September 30, 2023, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective**[264](index=264&type=chunk) - **No material changes** to the company's internal control over financial reporting occurred during the third quarter of 2023[265](index=265&type=chunk) [Part II. Other Information](index=74&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to have a material adverse effect on the company - The company states that any ongoing legal proceedings are **not expected to have a material adverse effect** on its financial condition or results[267](index=267&type=chunk) [Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights substantial doubt about the company's ability to continue as a going concern - A new risk factor has been identified regarding **substantial doubt about the company's ability to continue as a going concern** due to the October 1, 2024 debt maturities[269](index=269&type=chunk) - Failure to extend, refinance, or repay the **~$205 million in debt maturing in October 2024** could lead to events of default[271](index=271&type=chunk) - A **'going concern' qualification** in the year-end 2023 audited financial statements would violate debt covenants, triggering an event of default and accelerating all debt obligations[273](index=273&type=chunk)[274](index=274&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company made no equity repurchases in Q3 2023 as the program was previously discontinued - **No repurchases of equity securities** were made during the third quarter of 2023[276](index=276&type=chunk) [Other Items (Defaults, Mine Safety, Other Information)](index=76&type=section&id=Other%20Items) The company reported no defaults, mine safety issues, or new insider trading plan adoptions - The company reported **'None'** for Item 3 (Defaults Upon Senior Securities) and Item 4 (Mine Safety Disclosures)[277](index=277&type=chunk)[278](index=278&type=chunk) - No directors or officers adopted or terminated a **Rule 10b5-1 trading arrangement** during the quarter[279](index=279&type=chunk) [Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications and data files

Franklin Street Properties Corp. (NYSE:FSP) Q2 2023 Earnings Conference Call August 2, 2023 11:00 AM ET Company Participants Scott Carter - General Counsel John Demeritt - Chief Financial Officer George Carter - Chief Executive Officer John Donahue - President, FSP Property Management Jeff Carter - President and Chief Investment Officer Conference Call Participants Steven Dumanski - Janney Montgomery Scott Craig Kucera - B. Riley Securities Operator Good morning, and welcome to the Franklin Street Propertie ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices)(Zip Code) (781) 557-1300 (Registrant's telephone number, including area code) For the transition period from to Commission File Nu ...

Franklin Street Properties Corporation (NYSE:FSP) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Scott Carter - EVP, General Counsel & Secretary John Demeritt - EVP, CFO & Treasurer George Carter - Chairman & CEO John Donahue - EVP Jeff Carter - President & CIO Conference Call Participants Craig Kucera - B. Riley Securities Operator Good morning. Thank you for attending the Franklin Street Properties Corp. First Quarter 2023 Results Call. My name is Elissa, and I will be your ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name of registrant as specified in its charter) (State or othe ...