v3.26.1

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate assets:
Land	$ 98,882	$ 98,883
Buildings and improvements	1,094,771	1,091,728
Fixtures and equipment	11,562	11,572
Total real estate assets, gross	1,205,215	1,202,183
Less accumulated depreciation	416,644	408,461
Real estate assets, net	788,571	793,722
Acquired real estate leases, less accumulated amortization of $15,058 and $14,648, respectively	2,080	2,490
Cash, cash equivalents and restricted cash	23,753	30,571
Tenant rent receivables	1,345	471
Straight-line rent receivable	38,670	38,744
Prepaid expenses and other assets	4,322	4,080
Office computers and furniture, net of accumulated depreciation of $1,059 and $1,047, respectively	124	136
Deferred leasing commissions, net of accumulated amortization of $14,694 and $14,566, respectively	22,921	22,670
Total assets	881,786	892,884
Liabilities:
Initial Term Loans, less unamortized financing costs and OID of $23,473	251,527
Term loans payable, less unamortized financing costs of $441		125,555
Series A & Series B Senior Notes, less unamortized financing costs of $236		122,686
Accounts payable and accrued expenses	26,391	28,724
Accrued compensation	234	2,394
Tenant security deposits	6,186	6,198
Lease liability	1,002	316
Acquired unfavorable real estate leases, less accumulated amortization of $58 and $56, respectively	33	34
Total liabilities	285,373	285,907
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,690,340 shares issued and outstanding, respectively	10	10
Additional paid-in capital	1,335,586	1,335,586
Accumulated distributions in excess of accumulated earnings	(739,183)	(728,619)
Total stockholders' equity	596,413	606,977
Total liabilities and stockholders' equity	$ 881,786	$ 892,884

Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.

FRANKLIN STREET PROPERTIES CORP /MA/ 10-Q