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Side-by-side financial comparison of FRANKLIN STREET PROPERTIES CORP (FSP) and NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (NEN). Click either name above to swap in a different company.
FRANKLIN STREET PROPERTIES CORP is the larger business by last-quarter revenue ($26.0M vs $23.6M, roughly 1.1× NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP). FRANKLIN STREET PROPERTIES CORP runs the higher net margin — -28.1% vs -677.3%, a 649.2% gap on every dollar of revenue. On growth, NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP posted the faster year-over-year revenue change (15.7% vs -8.2%). Over the past eight quarters, NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's revenue compounded faster (8.9% CAGR vs -8.7%).
Franklin Street Properties Corp is a Massachusetts-based real estate investment trust (REIT) in the United States. It primarily invests in, owns, and operates high-quality office properties across major U.S. metropolitan markets, serving corporate tenants across various industry segments, and delivers stable long-term returns via rental income and strategic asset management.
New England Realty Associates Limited Partnership is a real estate investment entity that owns, operates and manages residential and commercial properties primarily across the U.S. New England region. Its core assets include multifamily apartments, mixed-use properties and small commercial spaces, serving tenants across Massachusetts, New Hampshire and adjacent states, delivering steady returns to unitholders via rental income and property value growth.
FSP vs NEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.0M | $23.6M |
| Net Profit | $-7.3M | $-1.4M |
| Gross Margin | 59.4% | — |
| Operating Margin | -27.9% | 14.0% |
| Net Margin | -28.1% | -677.3% |
| Revenue YoY | -8.2% | 15.7% |
| Net Profit YoY | 14.1% | -133.0% |
| EPS (diluted) | $-0.06 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $26.0M | $23.6M | ||
| Q3 25 | $27.3M | $23.7M | ||
| Q2 25 | $26.7M | $21.2M | ||
| Q1 25 | $27.1M | $20.7M | ||
| Q4 24 | $28.4M | $20.4M | ||
| Q3 24 | $29.7M | $20.2M | ||
| Q2 24 | $30.8M | $20.1M | ||
| Q1 24 | $31.2M | $19.9M |
| Q4 25 | $-7.3M | $-1.4M | ||
| Q3 25 | $-8.3M | $-521.8K | ||
| Q2 25 | $-7.9M | $4.1M | ||
| Q1 25 | $-21.4M | $3.8M | ||
| Q4 24 | $-8.5M | $4.2M | ||
| Q3 24 | $-15.6M | $3.9M | ||
| Q2 24 | $-21.0M | $4.1M | ||
| Q1 24 | $-7.6M | $3.5M |
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 59.9% | — | ||
| Q1 25 | 62.8% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 61.0% | — | ||
| Q2 24 | 64.2% | — | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -27.9% | 14.0% | ||
| Q3 25 | -30.5% | 20.0% | ||
| Q2 25 | -29.2% | 33.3% | ||
| Q1 25 | -78.9% | 30.1% | ||
| Q4 24 | -29.9% | 32.4% | ||
| Q3 24 | -52.4% | 32.0% | ||
| Q2 24 | -68.0% | 32.6% | ||
| Q1 24 | -24.0% | 28.9% |
| Q4 25 | -28.1% | -677.3% | ||
| Q3 25 | -30.5% | -2.2% | ||
| Q2 25 | -29.5% | 19.5% | ||
| Q1 25 | -79.1% | 18.3% | ||
| Q4 24 | -30.0% | 20.7% | ||
| Q3 24 | -52.6% | 19.3% | ||
| Q2 24 | -68.2% | 20.3% | ||
| Q1 24 | -24.2% | 17.4% |
| Q4 25 | $-0.06 | — | ||
| Q3 25 | $-0.08 | — | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.21 | — | ||
| Q4 24 | $-0.09 | — | ||
| Q3 24 | $-0.15 | — | ||
| Q2 24 | $-0.20 | — | ||
| Q1 24 | $-0.07 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.6M | $26.7M |
| Total DebtLower is stronger | — | $531.0M |
| Stockholders' EquityBook value | $607.0M | — |
| Total Assets | $892.9M | $505.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.6M | $26.7M | ||
| Q3 25 | $31.4M | $13.4M | ||
| Q2 25 | $29.4M | $16.7M | ||
| Q1 25 | $30.2M | $30.9M | ||
| Q4 24 | $41.1M | $17.6M | ||
| Q3 24 | $40.9M | $15.1M | ||
| Q2 24 | $30.2M | $13.5M | ||
| Q1 24 | $34.2M | $28.8M |
| Q4 25 | — | $531.0M | ||
| Q3 25 | — | $514.2M | ||
| Q2 25 | — | $514.3M | ||
| Q1 25 | — | $407.8M | ||
| Q4 24 | — | $408.6M | ||
| Q3 24 | — | $409.3M | ||
| Q2 24 | — | $410.0M | ||
| Q1 24 | — | $410.7M |
| Q4 25 | $607.0M | — | ||
| Q3 25 | $615.3M | — | ||
| Q2 25 | $624.7M | — | ||
| Q1 25 | $633.4M | — | ||
| Q4 24 | $655.9M | — | ||
| Q3 24 | $665.4M | — | ||
| Q2 24 | $682.1M | — | ||
| Q1 24 | $703.9M | — |
| Q4 25 | $892.9M | $505.3M | ||
| Q3 25 | $901.0M | $492.9M | ||
| Q2 25 | $903.2M | $494.8M | ||
| Q1 25 | $916.4M | $385.2M | ||
| Q4 24 | $946.9M | $393.5M | ||
| Q3 24 | $981.5M | $387.4M | ||
| Q2 24 | $1.0B | $383.7M | ||
| Q1 24 | $1.0B | $381.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.8M | $27.7M |
| Free Cash FlowOCF − Capex | $-12.7M | — |
| FCF MarginFCF / Revenue | -48.6% | — |
| Capex IntensityCapex / Revenue | 63.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-25.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $27.7M | ||
| Q3 25 | $8.3M | $2.3M | ||
| Q2 25 | $-2.9M | $12.5M | ||
| Q1 25 | $-5.5M | $5.5M | ||
| Q4 24 | $9.0M | $31.9M | ||
| Q3 24 | $14.5M | $8.5M | ||
| Q2 24 | $-648.0K | $5.4M | ||
| Q1 24 | $-7.1M | $6.1M |
| Q4 25 | $-12.7M | — | ||
| Q3 25 | $3.0M | — | ||
| Q2 25 | $-5.7M | — | ||
| Q1 25 | $-9.9M | — | ||
| Q4 24 | $-16.2M | — | ||
| Q3 24 | $8.6M | — | ||
| Q2 24 | $-5.1M | — | ||
| Q1 24 | $-15.8M | — |
| Q4 25 | -48.6% | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | -21.5% | — | ||
| Q1 25 | -36.7% | — | ||
| Q4 24 | -57.2% | — | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | -16.7% | — | ||
| Q1 24 | -50.8% | — |
| Q4 25 | 63.0% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 10.7% | — | ||
| Q1 25 | 16.4% | — | ||
| Q4 24 | 88.9% | — | ||
| Q3 24 | 19.6% | — | ||
| Q2 24 | 14.6% | — | ||
| Q1 24 | 28.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.02× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 7.57× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 1.32× | ||
| Q1 24 | — | 1.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
