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Franklin Street Properties

AMEX:FSP
Snowflake Description

Second-rate dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FSP
AMEX
$809M
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. The last earnings update was 25 days ago. More info.


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FSP Share Price and Events
7 Day Returns
-2%
AMEX:FSP
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
-4.3%
AMEX:FSP
13.8%
US REITs
1.3%
US Market
FSP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Franklin Street Properties (FSP) -2% -0.7% -0.1% -4.3% -34.1% -39.8%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • FSP underperformed the REITs industry which returned 13.8% over the past year.
  • FSP underperformed the Market in United States of America which returned 1.3% over the past year.
Price Volatility
FSP
Industry
5yr Volatility vs Market

FSP Value

 Is Franklin Street Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Franklin Street Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Franklin Street Properties.

AMEX:FSP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AMEX:FSP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (124.69%))
1.034
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.034 * 5.96%)
8.89%

Discounted Cash Flow Calculation for AMEX:FSP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Franklin Street Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Franklin Street Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

AMEX:FSP DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.89%)
2019 42.16 Analyst x2 38.72
2020 47.66 Analyst x2 40.19
2021 49.51 Est @ 3.89% 38.35
2022 51.27 Est @ 3.54% 36.46
2023 52.96 Est @ 3.3% 34.59
2024 54.61 Est @ 3.13% 32.76
2025 56.25 Est @ 3.01% 30.99
2026 57.90 Est @ 2.92% 29.29
2027 59.56 Est @ 2.87% 27.67
2028 61.24 Est @ 2.83% 26.13
Present value of next 10 years cash flows $335.13
AMEX:FSP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $61.24 × (1 + 2.73%) ÷ (8.89% – 2.73%)
$1,020.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,020.93 ÷ (1 + 8.89%)10
$435.54
AMEX:FSP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $335.13 + $435.54
$770.68
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $770.68 / 107.23
$7.19
AMEX:FSP Discount to Share Price
Calculation Result
Value per share (USD) From above. $7.19
Current discount Discount to share price of $7.54
= -1 x ($7.54 - $7.19) / $7.19
-4.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Franklin Street Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Franklin Street Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Franklin Street Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:FSP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.10
AMEX:FSP Share Price ** AMEX (2019-05-24) in USD $7.54
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Franklin Street Properties.

AMEX:FSP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AMEX:FSP Share Price ÷ EPS (both in USD)

= 7.54 ÷ 0.10

77.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Franklin Street Properties is overvalued based on earnings compared to the US REITs industry average.
  • Franklin Street Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Franklin Street Properties's expected growth come at a high price?
Raw Data
AMEX:FSP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 77.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-139.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

AMEX:FSP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 77.45x ÷ -139.9%

-0.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Franklin Street Properties earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Franklin Street Properties's assets?
Raw Data
AMEX:FSP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $7.65
AMEX:FSP Share Price * AMEX (2019-05-24) in USD $7.54
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
AMEX:FSP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AMEX:FSP Share Price ÷ Book Value per Share (both in USD)

= 7.54 ÷ 7.65

0.99x

* Primary Listing of Franklin Street Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Franklin Street Properties is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Franklin Street Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Franklin Street Properties has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FSP Future Performance

 How is Franklin Street Properties expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-139.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Franklin Street Properties expected to grow at an attractive rate?
  • Franklin Street Properties's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Franklin Street Properties's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Franklin Street Properties's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
AMEX:FSP Future Growth Rates Data Sources
Data Point Source Value (per year)
AMEX:FSP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -139.9%
AMEX:FSP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -1.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AMEX:FSP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AMEX:FSP Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 263 -3 2
2019-12-31 256 -2 2
AMEX:FSP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 274 75 10
2018-12-31 276 80 13
2018-09-30 276 90 7
2018-06-30 268 90 -1
2018-03-31 270 99 -19
2017-12-31 272 96 -16
2017-09-30 271 98 -9
2017-06-30 265 102 -9
2017-03-31 258 99 10
2016-12-31 249 94 8
2016-09-30 244 95 22
2016-06-30 242 90 23

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Franklin Street Properties's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Franklin Street Properties's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AMEX:FSP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Franklin Street Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:FSP Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 -0.02 -0.02 -0.02 1.00
2019-12-31 -0.02 -0.02 -0.02 1.00
AMEX:FSP Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.10
2018-12-31 0.12
2018-09-30 0.06
2018-06-30 -0.01
2018-03-31 -0.18
2017-12-31 -0.15
2017-09-30 -0.09
2017-06-30 -0.08
2017-03-31 0.10
2016-12-31 0.08
2016-09-30 0.22
2016-06-30 0.23

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Franklin Street Properties will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Franklin Street Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Franklin Street Properties has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FSP Past Performance

  How has Franklin Street Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Franklin Street Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Franklin Street Properties's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Franklin Street Properties has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Franklin Street Properties has become profitable in the last year making it difficult to compare the US REITs industry average.
Earnings and Revenue History
Franklin Street Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Franklin Street Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:FSP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 273.80 10.44 13.15
2018-12-31 275.97 13.07 13.07
2018-09-30 275.66 6.77 13.57
2018-06-30 268.28 -0.94 13.47
2018-03-31 270.04 -19.00 13.46
2017-12-31 271.50 -15.94 13.47
2017-09-30 270.76 -9.28 13.49
2017-06-30 265.34 -8.73 13.62
2017-03-31 257.89 10.28 14.04
2016-12-31 249.06 8.38 14.13
2016-09-30 243.78 22.06 13.57
2016-06-30 242.28 22.77 13.22
2016-03-31 241.76 25.06 13.13
2015-12-31 242.42 35.01 13.29
2015-09-30 244.19 23.90 13.66
2015-06-30 243.34 22.30 13.66
2015-03-31 245.33 22.11 13.40
2014-12-31 247.92 13.15 12.98
2014-09-30 248.18 13.21 12.19
2014-06-30 245.46 15.63 12.60
2014-03-31 230.75 16.56 12.65
2013-12-31 212.28 17.29 11.91
2013-09-30 193.88 18.86 11.68
2013-06-30 176.91 20.14 11.34
2013-03-31 168.58 21.20 10.37
2012-12-31 162.00 22.95 9.92
2012-09-30 158.33 22.69 9.47
2012-06-30 151.70 21.92 7.98

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Franklin Street Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Franklin Street Properties used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Franklin Street Properties has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Franklin Street Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Franklin Street Properties has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FSP Health

 How is Franklin Street Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Franklin Street Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Franklin Street Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Franklin Street Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Franklin Street Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Franklin Street Properties Company Filings, last reported 1 month ago.

AMEX:FSP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 819.99 1,008.17 19.30
2018-12-31 837.63 988.13 25.94
2018-09-30 853.41 979.72 32.70
2018-06-30 852.39 1,062.39 31.64
2018-03-31 858.92 1,061.99 33.10
2017-12-31 871.29 1,043.35 23.70
2017-09-30 889.39 1,069.90 23.42
2017-06-30 907.84 1,065.23 22.87
2017-03-31 948.02 1,064.89 24.75
2016-12-31 962.04 1,050.77 22.24
2016-09-30 962.95 906.29 13.37
2016-06-30 894.98 943.03 7.52
2016-03-31 913.08 896.11 14.32
2015-12-31 935.66 915.89 19.30
2015-09-30 934.29 932.10 19.10
2015-06-30 955.55 927.63 16.76
2015-03-31 968.33 869.84 15.72
2014-12-31 979.65 895.27 10.54
2014-09-30 998.37 909.85 20.51
2014-06-30 1,012.74 922.49 21.08
2014-03-31 1,032.40 940.33 24.83
2013-12-31 1,050.17 928.54 24.94
2013-09-30 1,059.15 956.08 29.90
2013-06-30 1,081.04 581.50 31.70
2013-03-31 853.83 622.53 17.28
2012-12-31 864.75 617.97 21.27
2012-09-30 874.60 483.67 23.96
2012-06-30 901.02 494.00 22.62
  • Franklin Street Properties's level of debt (122.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (91.1% vs 122.9% today).
  • Debt is not well covered by operating cash flow (7.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Franklin Street Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Franklin Street Properties has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FSP Dividends

 What is Franklin Street Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.77%
Current annual income from Franklin Street Properties dividends. Estimated to be 4.77% next year.
If you bought $2,000 of Franklin Street Properties shares you are expected to receive $95 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Franklin Street Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Franklin Street Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AMEX:FSP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AMEX:FSP Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.36 3.00
2019-12-31 0.36 3.00
AMEX:FSP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-05 0.360 4.690
2019-02-12 0.360 4.962
2018-10-05 0.360 4.981
2018-07-06 0.360 4.316
2018-04-06 0.360 4.535
2018-01-05 0.760 8.414
2017-10-06 0.760 7.238
2017-07-07 0.760 7.387
2017-04-07 0.760 6.612
2017-01-06 0.760 6.175
2016-10-07 0.760 6.270
2016-07-08 0.760 6.056
2016-04-08 0.760 6.691
2016-01-08 0.760 7.808
2015-10-09 0.760 7.261
2015-07-10 0.760 6.848
2015-04-10 0.760 6.443
2015-01-09 0.760 5.931
2014-10-10 0.760 6.297
2014-07-11 0.760 6.345
2014-04-11 0.760 6.109
2014-01-10 0.760 6.229
2013-10-11 0.760 6.012
2013-07-12 0.760 5.914
2013-04-12 0.760 5.450
2013-01-11 0.760 5.536
2012-10-12 0.760 6.533
2012-07-13 0.760 6.921
2012-04-13 0.760 7.470
2012-01-13 0.760 7.317
2011-10-14 0.760 7.012
2011-07-15 0.760 6.292
2011-05-03 0.760 5.828
2011-01-14 0.760 5.276
2010-10-15 0.760 5.669
2010-07-16 0.760 6.254
2010-04-16 0.760 5.948
2010-01-19 0.760 5.677
2009-10-16 0.760 6.156
2009-07-17 0.760 5.526

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Franklin Street Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Franklin Street Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Franklin Street Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Franklin Street Properties has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FSP Management

 What is the CEO of Franklin Street Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
George Carter
COMPENSATION $306,000
AGE 69
TENURE AS CEO 17.3 years
CEO Bio

Mr. George John Carter has been the Chief Executive Officer and Chairman of the Board of Franklin Street Properties Corp. ("Corporation") since 2002 and serves as its Principal Executive Officer. He had served as President of the Corporation from 2002 until May 2016. Mr. Carter Co-Founded FSP’s immediate predecessor in 1992. He is responsible for establishing and executing all strategic aspects of the business of FSP and its affiliates, with special emphasis on the evaluation, acquisition and structuring of real estate investments. Mr. Carter has several years of direct experience in real estate investment and in investment banking. He serves as the President for FSP Westchase LLC. Mr. Carter serves as the President at FSP 303 East Wacker Drive Corp. He serves as the Principal Executive Officer and President at FSP Phoenix Tower Corp., FSP 50 South Tenth Street Corp., and FSP Galleria North Corp. From 1992 to 1996 Mr. Carter served as the President at Boston Financial Securities, Inc. From 1979 to 1988, he served as a Managing Director in charge of Marketing at First Winthrop Corporation. Mr. Carter was owner and developer of Gloucester Dry Dock, a commercial shipyard in Gloucester, Massachusetts. From 1979 to 1988. Prior to that, Mr. Carter held a number of positions in the brokerage industry, including positions at Merrill Lynch & Co. and Loeb Rhodes & Co. He serves as a Director of FSP 303 East Wacker Drive Corp and FSP Phoenix Tower Corp. He serves as a Director of FSP Galleria North Corp. and FSP 50 South Tenth Street Corp. He is a FINRA General Securities Principal (Series 24) and holds a FINRA Series 7 General Securities license and a FINRA Series 79, Investment Banker Registration license. Mr. Carter holds a B.S. degree from the University of Miami.

CEO Compensation
  • George's compensation has been consistent with company performance over the past year, both up more than 20%.
  • George's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Franklin Street Properties management team in years:

3.7
Average Tenure
48.5
Average Age
  • The tenure for the Franklin Street Properties management team is about average.
Management Team

George Carter

TITLE
Chairman & CEO
COMPENSATION
$306K
AGE
69
TENURE
17.3 yrs

Jeffrey Carter

TITLE
President & Chief Investment Officer
COMPENSATION
$646K
AGE
46
TENURE
3 yrs

John Demeritt

TITLE
Executive VP
COMPENSATION
$653K
AGE
58
TENURE
14.2 yrs

Scott Carter

TITLE
Executive VP
COMPENSATION
$609K
AGE
46
TENURE
11.3 yrs

John Donahue

TITLE
Executive VP & President of FSP Property Management LLC
COMPENSATION
$587K
AGE
51
TENURE
3 yrs

Eriel Anchondo

TITLE
Executive VP & COO
AGE
40
TENURE
4.3 yrs

Georgia Touma

TITLE
Assistant VP & Director of Investor Relations

Julie Driscoll

TITLE
Assistant VP & HR Manager

Toby Daley

TITLE
Senior Vice President
TENURE
3 yrs

William Friend

TITLE
Senior Vice President
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Franklin Street Properties board of directors in years:

6.5
Average Tenure
67
Average Age
  • The tenure for the Franklin Street Properties board of directors is about average.
Board of Directors

John Burke

TITLE
Independent Director
COMPENSATION
$85K
AGE
56
TENURE
14.9 yrs

George Carter

TITLE
Chairman & CEO
COMPENSATION
$306K
AGE
69
TENURE
17.6 yrs

Georgia Murray

TITLE
Lead Independent Director
COMPENSATION
$75K
AGE
67
TENURE
5.3 yrs

Brian Hansen

TITLE
Director
COMPENSATION
$75K
AGE
46
TENURE
6.5 yrs

Dennis McGillicuddy

TITLE
Director
COMPENSATION
$75K
AGE
76
TENURE
17 yrs

Kate O’Neil

TITLE
Director
COMPENSATION
$75K
AGE
54
TENURE
3.3 yrs

Ken Hoxsie

TITLE
Director
COMPENSATION
$75K
AGE
67
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. Dec 18 Buy John Demeritt Individual 14. Dec 18 14. Dec 18 3,000 $6.96 $20,857
X
Management checks
We assess Franklin Street Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Franklin Street Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FSP News

Simply Wall St News

Based On Its ROE, Is Franklin Street Properties Corp. (NYSEMKT:FSP) A High Quality Stock?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Franklin Street Properties Corp. … Our data shows Franklin Street Properties has a return on equity of 1.6% for the last year.

Simply Wall St -

What Kind Of Shareholders Own Franklin Street Properties Corp. (NYSEMKT:FSP)?

If you want to know who really controls Franklin Street Properties Corp. … Companies that used to be publicly owned tend to have lower insider ownership. … With a market capitalization of US$821m, Franklin Street Properties is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Is Franklin Street Properties Corp. (NYSEMKT:FSP) Excessively Paying Its CEO?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does George Carter's Compensation Compare With Similar Sized Companies. … is worth US$774m, and total annual CEO compensation is US$306k.

Simply Wall St -

Volatility 101: Should Franklin Street Properties Shares Have Dropped 42%?

(NYSEMKT:FSP), since the last five years saw the share price fall 42%. … Franklin Street Properties became profitable within the last five years. … We note that the dividend has fallen in the last five years, so that may have contributed to the share price decline.

Simply Wall St -

When Should You Buy Franklin Street Properties Corp. (NYSEMKT:FSP)?

Franklin Street Properties Corp. … led the AMEX gainers with a relatively large price hike in the past couple of weeks. … Let’s take a look at Franklin Street Properties’s outlook and value based on the most recent financial data to see if the opportunity still exists

Simply Wall St -

Franklin Street Properties Corp. (NYSEMKT:FSP): What Does Its Beta Value Mean For Your Portfolio?

(NYSEMKT:FSP), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility).

Simply Wall St -

Is Franklin Street Properties Corp. (NYSEMKT:FSP) A Healthy REIT?

Franklin Street Properties Corp. … Check out our latest analysis for Franklin Street Properties … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

Does Franklin Street Properties Corp's (NYSEMKT:FSP) CEO Salary Reflect Performance?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does George Carter's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Franklin Street Properties Corp has a market cap of US$843m, and is paying total annual CEO compensation of US$656k.

Simply Wall St -

Is Franklin Street Properties Corp's (NYSEMKT:FSP) ROE Of 0.8% Concerning?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Franklin Street Properties has a return on equity of 0.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Much Did Franklin Street Properties Corp's (NYSEMKT:FSP) CEO Pocket Last Year?

George Carter took the helm as Franklin Street Properties Corp's (NYSEMKT:FSP) CEO and grew market cap to US$905.03m recently. … Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders.

Simply Wall St -

FSP Company Info

Description

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 seeks value-oriented investments with an eye towards 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.

Details
Name: Franklin Street Properties Corp.
FSP
Exchange: AMEX
Founded: 1997
$808,522,908
107,231,155
Website: http://www.fspreit.com
Address: Franklin Street Properties Corp.
401 Edgewater Place,
Suite 200,
Wakefield,
Massachusetts, 01880,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX FSP Common Stock NYSE MKT LLC US USD 02. Jun 2005
DB WVH Common Stock Deutsche Boerse AG DE EUR 02. Jun 2005
Number of employees
Current staff
Staff numbers
38
Franklin Street Properties employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:00
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/07
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.