$0.52
-1.2%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.
Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation
Base year metrics used for projections
Forecast period and terminal assumptions
Calculation flow from present value to intrinsic value per share
Operating Cash Flow - Maintenance CapEx = Owner Earnings
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.6M | $5.6M | $6.8M | $8.3M | $10.1M | $12.4M | $15.1M | $18.4M | $22.4M | $27.3M |
| Maintenance CapEx | -$4.0M | -$4.9M | -$6.0M | -$7.3M | -$8.9M | -$10.8M | -$13.2M | -$16.1M | -$19.6M | -$23.9M |
| Owner Earnings | $573.2K | $699.1K | $852.7K | $1.0M | $1.3M | $1.5M | $1.9M | $2.3M | $2.8M | $3.4M |
| Discount Factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | 0.630 | 0.583 | 0.540 | 0.500 | 0.463 |
| Present Value | $530.8K | $599.4K | $676.9K | $764.4K | $863.3K | $974.9K | $1.1M | $1.2M | $1.4M | $1.6M |
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.