Filing Analysis
Franklin Street Properties Corp. announced its financial results for the second quarter ended June 30, 2026. The filing serves as a formal announcement of quarterly earnings and supplemental operating data.
📋 Key Facts
- Financial results for Q2 2026 (ended June 30, 2026) were announced on July 28, 2026.
- The company furnished a press release (Exhibit 99.1) and supplemental operating/financial data (Exhibit 99.2).
- Report filed by CEO George J. Carter.
Franklin Street Properties Corp. completed the sale of its office buildings in Englewood, Colorado to University of Colorado Health for $19.36 million. The company utilized a portion of the proceeds to repay debt and will retain the remainder for corporate purposes.
🚩 Red Flags
- None identified in this filing.
📋 Key Facts
- Sold office buildings at 6550 and 6560 Greenwood Plaza Boulevard, Englewood, CO (approx. 196,236 sq. ft.).
- Buyer: University of Colorado Health.
- Gross purchase price: $19,356,000.
- Approximately $8,500,000 of proceeds were used to repay debt (including interest and fees).
- Remaining proceeds are earmarked for tenant improvements, leasing commissions, building improvements, and general corporate uses.
Franklin Street Properties Corp. reported the results of its 2026 Annual Meeting of Stockholders held on May 14, 2026. Shareholders elected five directors, ratified Ernst & Young LLP as the independent auditor for 2026, and approved executive compensation in a non-binding vote.
🚩 Red Flags
- High level of shareholder opposition in director elections, specifically against Dennis J. McGillicuddy (21,318,386 'Against' votes) and George J. Carter (19,626,001 'Against' votes).
- Significant dissent on executive compensation (Say-on-Pay), with over 35% of votes cast against the proposal (excluding broker non-votes).
📋 Key Facts
- Five directors (George J. Carter, Georgia Murray, Jennifer Bitterman, John N. Burke, and Dennis J. McGillicuddy) were elected for one-year terms expiring in 2027.
- Ernst & Young LLP was ratified as the independent auditor for the fiscal year ending December 31, 2026, with 66,582,699 votes 'For'.
- Executive compensation was approved with 38,438,867 votes 'For' and 20,811,106 votes 'Against'.
- Significant shareholder dissent was recorded, with approximately 30-35% of votes cast against several directors and the executive compensation proposal.
Franklin Street Properties Corp. announced its financial results for the first quarter ended March 31, 2026. The filing includes a press release and supplemental operating and financial data as exhibits.
📋 Key Facts
- Reported Q1 2026 financial results on April 28, 2026.
- Furnished Exhibit 99.1 (Press Release) and Exhibit 99.2 (Supplemental Operating and Financial Data).
- The information was furnished under Item 2.02 (Results of Operations and Financial Condition).
- The filing was signed by CEO George J. Carter.
Franklin Street Properties Corp. announced its financial results for the fourth quarter and full year ended December 31, 2025. The filing includes a press release and supplemental operating and financial data as exhibits.
📋 Key Facts
- Reported financial results for the fourth quarter and full year ended December 31, 2025, on March 9, 2026.
- Furnished Exhibit 99.1 (Press Release) and Exhibit 99.2 (Supplemental Operating and Financial Data).
- The information was furnished under Item 2.02 and is not deemed 'filed' for purposes of Section 18 of the Exchange Act.
Franklin Street Properties Corp. entered into a new $320 million secured credit facility with Silver Oak Capital (a TPG Credit affiliate) to refinance $249 million of existing debt. The new financing carries a high cost of capital, including a 9% interest rate, a 6% original issue discount, and a 4% exit fee.
🚩 Red Flags
- Extremely high cost of capital for a secured facility (9% interest + 6% OID + 4% exit fee).
- Punitive extension terms with interest jumping to 13% and additional extension fees up to 2.0%.
- Refinancing traditional bank debt (BMO, BofA) with private credit/distressed debt lenders (TPG affiliate).
- Default trigger tied specifically to the departure of the Chairman/CEO.
- Requirement to prepay debt with proceeds from real estate dispositions, suggesting a forced deleveraging strategy.
📋 Key Facts
- New Credit Agreement provides for up to $320,000,000 in total commitments ($275M initial, $45M delayed draw).
- Initial interest rate is 9.0% per annum, increasing to 13.0% if the one-year extension option is exercised.
- The loans were issued with a 6.0% original issue discount (OID) and require a 4.0% exit fee upon repayment.
- Proceeds were used to retire $249 million in outstanding debt under existing agreements with BMO and Bank of America.
- Financial covenants include a minimum tangible net worth of approximately $424.9 million and minimum liquidity of $5 million.
- A change in control or the departure of the Chairman and CEO constitutes an event of default.
- Director Milton P. Wilkins, Jr. will not stand for re-election at the 2026 annual meeting.
Franklin Street Properties Corp. announced its financial results for the three and nine months ended September 30, 2025. The filing serves as a formal notice of the release of quarterly operating and financial data.
📋 Key Facts
- Financial results were released for the periods ending September 30, 2025 (three and nine months).
- The announcement includes supplemental operating and financial data available on the company's website.
- Filing date: October 28, 2025.
Franklin Street Properties Corp. announced the resignation of director Bruce J. Schanzer and the subsequent election of Jennifer Bitterman to fill his vacancy. The appointment is part of a pre-existing cooperation agreement with Converium Capital Inc.
🚩 Red Flags
- The vacancy was filled via a 'Cooperation Agreement' with an activist/large stockholder (Converium), indicating ongoing board-level negotiations or pressure from major shareholders.
📋 Key Facts
- Bruce J. Schanzer resigned from the Board effective October 9, 2025; no disagreement was reported regarding company operations or practices.
- Jennifer Bitterman was elected to the Board on October 15, 2025, to fill the vacancy left by Mr. Schanzer.
- Ms. Bitterman has been appointed to both the Audit Committee and the Compensation Committee of the Board.
- The appointment follows a Cooperation Agreement with Converium Capital Inc., which requires the company to nominate Ms. Bitterman at the 2026 Annual Meeting if Converium maintains at least a 3% ownership stake.
- Ms. Bitterman is a former CFO at Andover Properties and Cedar Realty Trust, bringing significant REIT experience.
Franklin Street Properties Corp. announced its financial results for the second quarter of 2025, covering the three and six months ended June 30, 2025.
📋 Key Facts
- Report date: July 29, 2025
- Reporting period: Three and six months ended June 30, 2025
- The filing includes a press release (Exhibit 99.1) and supplemental operating/financial data (Exhibit 99.2).
Franklin Street Properties Corp. held its 2025 Annual Meeting of Stockholders on May 15, 2025. The meeting resulted in the election of six directors and the approval of both the auditor appointment and executive compensation proposals.
📋 Key Facts
- Held 2025 Annual Meeting of Stockholders on May 15, 2025.
- Six directors elected: George J. Carter, Georgia Murray, John N. Burke, Dennis J. McGillicuddy, Bruce J. Schanzer, and Milton P. Wilkins, Jr., all for one-year terms expiring in 2026.
- Ratification of Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending Dec 31, 2025 was approved (82,123,873 votes 'For').
- Non-binding vote to approve executive compensation was approved (66,808,398 votes 'For').
Franklin Street Properties Corp. announced its financial results for the first quarter ended March 31, 2025. The filing serves as a formal notice of the earnings release and supplemental data availability.
📋 Key Facts
- Report date: April 29, 2025
- Reporting period: Three months ended March 31, 2025 (Q1 2025)
- The filing includes a press release (Exhibit 99.1) and supplemental operating/financial data (Exhibit 99.2).
- Results were announced via the company's website in conjunction with the press release.
Franklin Street Properties Corp. announced that Director Brian N. Hansen will not stand for re-election at the upcoming 2025 annual meeting of stockholders scheduled for May 15, 2025.
🚩 Red Flags
- None identified; filing explicitly states no disagreement exists between the director and the company.
📋 Key Facts
- Director Brian N. Hansen notified the company of his decision not to seek re-election on March 7, 2025.
- Mr. Hansen will continue to serve on the Board until his term expires at the 2025 Annual Meeting.
- The 2025 Annual Meeting of stockholders is scheduled for May 15, 2025.
- The departure is voluntary and not due to any disagreement with the company.
Franklin Street Properties Corp. announced that Director Kenneth A. Hoxsie will not stand for re-election at the upcoming 2025 annual meeting scheduled for May 15, 2025.
📋 Key Facts
- Director Kenneth A. Hoxsie notified the company of his decision not to seek re-election.
- The departure is voluntary and not due to any disagreement with the company.
- Mr. Hoxsie will continue to serve on the Board until his term expires at the 2025 Annual Meeting on May 15, 2025.
Franklin Street Properties Corp. announced its financial results for the three and twelve months ended December 31, 2024. The filing serves as a formal announcement of quarterly earnings via press release and supplemental data.
📋 Key Facts
- Financial results announced for the periods ending December 31, 2024.
- Reporting date: February 11, 2025.
- Includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Supplemental Operating and Financial Data).
Franklin Street Properties Corp. entered into a Cooperation Agreement with Converium Capital and Erez Asset Management to expand its Board of Directors and appoint Bruce J. Schanzer as a director and Audit Committee member. The agreement includes board expansion, nomination rights for the Stockholder Parties, and standstill provisions.
🚩 Red Flags
- The agreement suggests a negotiated settlement with activist or significant stockholders, often indicating prior friction regarding corporate governance or performance.
📋 Key Facts
- Board size increased from seven to eight directors effective November 27, 2024.
- Bruce J. Schanzer appointed to the Board and Audit Committee; will join Compensation Committee by June 1, 2025.
- Stockholder Parties (Converium and Erez) must consider up to two candidates recommended by Converium for any new board seats during the Cooperation Period.
- Cooperation Period lasts until December 31, 2025, or potentially extended to late 2026/2027 under specific conditions.
- Stockholder Parties committed to voting in favor of current directors and Mr. Schanzer during the Cooperation Period.
- Includes customary standstill restrictions and mutual non-disparagement provisions.
Franklin Street Properties Corp. announced its financial results for the three and nine months ended September 30, 2024. The filing serves as a formal announcement of quarterly earnings via press release and supplemental data.
📋 Key Facts
- Report date: October 29, 2024
- Reporting period: Three and nine months ended September 30, 2024
- The filing includes a press release (Exhibit 99.1) and supplemental operating/financial data (Exhibit 99.2)
- Information provided is furnished but not 'filed' for purposes of Section 18 liability.
Franklin Street Properties Corp. announced its financial results for the second quarter ended June 30, 2024. The filing serves as a formal announcement of earnings and supplemental operating data.
📋 Key Facts
- Reporting period: Three and six months ended June 30, 2024.
- Announcement date: July 30, 2024.
- The company furnished a press release (Exhibit 99.1) containing financial results.
- Supplemental operating and financial data was provided in Exhibit 99.2.
Franklin Street Properties Corp. held its 2024 Annual Meeting of Stockholders on May 16, 2024. The meeting resulted in the election of seven directors and the approval of both the auditor appointment for Ernst & Young LLP and executive compensation.
📋 Key Facts
- Annual Meeting held on May 16, 2024.
- Seven directors were elected to one-year terms expiring at the 2025 Annual Meeting: George J. Carter, Georgia Murray, Brian N. Hansen, John N. Burke, Dennis J. McGillicuddy, Kenneth A. Hoxsie, and Milton P. Wilkins, Jr.
- Ratification of Ernst & Young LLP as independent registered public accounting firm for fiscal year ending Dec 31, 2024 was approved with 78,668,248 votes 'For'.
- Non-binding vote to approve executive compensation was approved with 59,819,506 votes 'For'.
Franklin Street Properties Corp. filed an 8-K to announce its financial results for the first quarter ended March 31, 2024. The filing serves as a formal notice that earnings data and supplemental operating information have been released via press release.
📋 Key Facts
- Report date: April 30, 2024
- Reporting period: Three months ended March 31, 2024
- The filing includes a press release (Exhibit 99.1) and supplemental operating/financial data (Exhibit 99.2).
- Results were announced via the company's website and official press release.
Franklin Street Properties Corp. announced the voluntary decision of Director Kathryn P. O’Neil not to stand for re-election at the upcoming 2024 Annual Meeting. Additionally, the Board approved a reduction in total board size from eight to seven members.
🚩 Red Flags
- Reduction in board size (though common in micro-cap restructuring/efficiency moves, it can sometimes signal shifting governance dynamics).
📋 Key Facts
- Director Kathryn P. O’Neil will not stand for re-election at the May 16, 2024, annual meeting of stockholders.
- Ms. O'Neil's departure is voluntary and not due to any disagreement with the company.
- The Board approved a reduction in board size from eight members to seven members, effective after the 2024 Annual Meeting.
Franklin Street Properties Corp. announced its financial results for the three and twelve months ended December 31, 2023. The filing serves as a formal announcement of quarterly earnings via press release and supplemental data.
📋 Key Facts
- Report date: February 26, 2024
- Reporting period: Three and twelve months ended December 31, 2023
- The filing includes a press release (Exhibit 99.1) and supplemental operating/financial data (Exhibit 99.2)
- Results were announced via the company's website and formal press release.