FRANKLIN STREET PROPERTIES CORP /MA/, DEF 14A filed on 4/2/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name FRANKLIN STREET PROPERTIES CORP.
Entity Central Index Key 0001031316
v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

 

The following table reports the compensation of our Principal Executive Officer (PEO) and the average compensation of the other Named Executive Officers (Other NEOs) as reported in the Summary Compensation Table for the past five fiscal years, as well as their “compensation actually paid” as calculated pursuant to the SEC’s pay versus performance rules and certain performance measures required by such rules.

 

                    Value of Initial Fixed $100 Investment Based on:         
Year (1)   Summary
Compensation
Table Total
for PEO		   Compensation
Actually Paid
to PEO		   Average
Summary
Compensation
Table Total
for Non-PEO
NEOs		   Average
Compensation
Actually Paid
to Non-PEO
NEOs		   FSP's Total
Stockholder
Return		   Peer Group
Total
Stockholder
Return (2)		   Net Income  

Net Debt (3)

 
2025    $306,000    $306,000    $568,188    $568,188    $27.33    $81.15    ($44,960,000)    $218,346,000 
2024    $306,000    $306,000    $617,846    $617,846    $51.57    $94.35    ($52,723,000)    $207,649,000 
2023    $306,000    $306,000    $689,403    $689,403    $70.63    $77.65    ($48,110,000)    $277,120,000 
2022    $306,000    $306,000    $683,601    $683,601    $73.59    $76.10    $1,094,000    $406,368,000 
2021    $806,000    $806,000    $759,488    $759,488    $154.22    $122.00    $92,717,000    $434,249,000 

 

(1)For all years, Mr. George J. Carter served as our PEO and Mr. John G. Demeritt, Mr. Jeffrey B. Carter, Mr. Scott H. Carter and Mr. John F. Donahue served as the Other NEOs.

 

(2)For all years, the peer group is the FTSE NAREIT Equity Office Index.

 

(3)While our Compensation Committee employs a subjective approach to the consideration of various measures of corporate performance, for 2025, the Company identified net debt as the most important financial performance measure used to link the compensation actually paid to the PEO and the Other NEOs for 2025 to the Company’s performance. Net debt is a non-GAAP financial measure. See Appendix A for additional information regarding net debt and a reconciliation of net debt to its most directly comparable GAAP financial measure.

 

The following table lists the seven most important financial performance measures used by the Company to link compensation actually paid to the PEO and the Other NEOs in 2025 to the Company’s performance:

 

Net debt
 
Debt repaid
 
Gross proceeds from property dispositions
 
Amount (and terms) of space leased
 
Funds from operations (FFO)
 
Total stockholder return
 
Estimated net asset value
 

 

In the “Compensation Discussion and Analysis” section of this Proxy Statement, we provide greater detail on the elements of our executive compensation program and our compensation philosophy. We believe the Company’s executive compensation program and the executive compensation decisions included in the 2025 Summary Compensation Table and related disclosures appropriately reward our PEO and the Other NEOs for Company and individual performance and assist the Company in retaining our senior leadership team.

       
Company Selected Measure Name Net Debt        
Named Executive Officers, Footnote
(1)For all years, Mr. George J. Carter served as our PEO and Mr. John G. Demeritt, Mr. Jeffrey B. Carter, Mr. Scott H. Carter and Mr. John F. Donahue served as the Other NEOs.
        
Peer Group Issuers, Footnote
(2)For all years, the peer group is the FTSE NAREIT Equity Office Index.
        
PEO Total Compensation Amount $ 306,000 $ 306,000 $ 306,000 $ 306,000 $ 806,000
PEO Actually Paid Compensation Amount 306,000 306,000 306,000 306,000 806,000
Non-PEO NEO Average Total Compensation Amount 568,188 617,846 689,403 683,601 759,488
Non-PEO NEO Average Compensation Actually Paid Amount $ 568,188 617,846 689,403 683,601 759,488
Compensation Actually Paid vs. Total Shareholder Return

       
Compensation Actually Paid vs. Net Income

 

        
Compensation Actually Paid vs. Company Selected Measure        
Total Shareholder Return Vs Peer Group        
Tabular List, Table

The following table lists the seven most important financial performance measures used by the Company to link compensation actually paid to the PEO and the Other NEOs in 2025 to the Company’s performance:

Net debt
 
Debt repaid
 
Gross proceeds from property dispositions
 
Amount (and terms) of space leased
 
Funds from operations (FFO)
 
Total stockholder return
 
Estimated net asset value
 
        
Total Shareholder Return Amount $ 27.33 51.57 70.63 73.59 154.22
Peer Group Total Shareholder Return Amount 81.15 94.35 77.65 76.1 122
Net Income (Loss) $ (44,960,000) $ (52,723,000) $ (48,110,000) $ 1,094,000 $ 92,717,000
Company Selected Measure Amount 218,346,000 207,649,000 277,120,000 406,368,000 434,249,000
PEO Name Mr. George J. Carter        
Measure:: 1          
Pay vs Performance Disclosure          
Name Net debt        
Non-GAAP Measure Description
(3)While our Compensation Committee employs a subjective approach to the consideration of various measures of corporate performance, for 2025, the Company identified net debt as the most important financial performance measure used to link the compensation actually paid to the PEO and the Other NEOs for 2025 to the Company’s performance. Net debt is a non-GAAP financial measure. See Appendix A for additional information regarding net debt and a reconciliation of net debt to its most directly comparable GAAP financial measure.
        
Measure:: 2          
Pay vs Performance Disclosure          
Name Debt repaid        
Measure:: 3          
Pay vs Performance Disclosure          
Name Gross proceeds from property dispositions        
Measure:: 4          
Pay vs Performance Disclosure          
Name Amount (and terms) of space leased        
Measure:: 5          
Pay vs Performance Disclosure          
Name Funds from operations (FFO)        
Measure:: 6          
Pay vs Performance Disclosure          
Name Total stockholder return        
Measure:: 7          
Pay vs Performance Disclosure          
Name Estimated net asset value        
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true