Form 8-K

8-K — FRANKLIN STREET PROPERTIES CORP /MA/

Accession: 0001104659-26-050393

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001031316

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fsp-20260428x8k.htm (Primary)

EX-99.1 (fsp-20260428xex99d1.htm)

EX-99.2 (fsp-20260428xex99d2.htm)

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8-K

8-K (Primary)

Filename: fsp-20260428x8k.htm · Sequence: 1

Franklin Street Properties Corp._April 28, 2026

0001031316false00010313162026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

April 28, 2026

Franklin Street Properties Corp.

(Exact name of registrant as specified in its charter)

Maryland

001-32470

04-3578653

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

401 Edgewater Place, Suite 200, Wakefield,

Massachusetts

01880

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (781) 557-1300

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol (s)

Name of each exchange on which registered

Common Stock, $.0001 par value per share

FSP

NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Franklin Street Properties Corp. (the “Registrant”) announced its financial results for the first quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The press release references certain supplemental operating and financial data that is now available on the Registrant’s website. A copy of the supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

The information in this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release issued by Franklin Street Properties Corp. on April 28, 2026.

99.2

Supplemental Operating and Financial Data for the First Quarter of 2026.

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FRANKLIN STREET PROPERTIES CORP.

Date: April 28, 2026

By:

/s/ George J. Carter

George J. Carter

Chief Executive Officer

EX-99.1

Filename: fsp-20260428xex99d1.htm · Sequence: 2

Exhibit 99.1

PRESS RELEASE

Franklin Street Properties Corp.

401 Edgewater Place ● Suite 200 ● Wakefield, Massachusetts 01880 ● (781) 557-1300 ● www.fspreit.com

Contact: Georgia Touma (877) 686-9496

For Immediate Release

Franklin Street Properties Corp. Announces

First Quarter 2026 Results

Wakefield, MA— April 28, 2026—Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the three months ended March 31, 2026.

George J. Carter, Chairman and Chief Executive Officer, commented as follows:

“As we move through 2026, our focus remains squarely on maximizing value for our shareholders through a comprehensive and disciplined evaluation of strategic alternatives.

To further support this effort, we have expanded our strategic review process to include both BofA Securities and JLL Real Estate Investment Banking as co-financial advisors. We believe this enhanced framework strengthens our ability to source, evaluate, and execute on a wide range of potential opportunities, including corporate transactions, portfolio level transactions, individual asset sales, and other strategic initiatives. By combining BofA Securities’ extensive capital markets expertise and global reach with JLL’s deep property level expertise, owner user connectivity, and experience across both asset level execution and mergers and acquisitions, we are broadening our ability to identify and pursue the most compelling outcomes for our shareholders.

Importantly, our recent refinancing of our outstanding debt has provided the Company with increased flexibility, allowing us to avoid making forced or rushed decisions and instead pursue strategic initiatives in a disciplined and thoughtful manner. This position allows us to act opportunistically as market conditions evolve and as attractive opportunities emerge.

The capital markets environment for office assets remains uneven. Transaction volume continues to be below historical levels, with constrained liquidity and limited participation from traditional institutional investors. Buyer activity remains more heavily weighted toward private, opportunistic, and non-traditional capital, and pricing in many cases continues to reflect these dynamics rather than the underlying long-term value of institutional quality assets. That said, we believe we are beginning to observe early signs of stabilization, which may represent the initial stages of a broader recovery over time.

We also want to report that we have entered into an Inspection and Confidentiality Agreement with a potential owner user for our Greenwood Plaza property and that we are simultaneously negotiating a Purchase and Sale Agreement with that potential buyer. Closing of the transaction would be subject to completion of due diligence by the potential buyer, the negotiation and execution of a Purchase and Sale Agreement with the potential buyer and the satisfaction of other customary closing conditions. This potential transaction reflects our targeted approach to asset level execution and our ability to identify buyers capable of recognizing value beyond traditional investor underwriting.

In parallel, FSP continues to prioritize leasing and occupancy improvement across our portfolio. We are encouraged by increasing tenant engagement and have seen an increased number of larger prospective leasing opportunities across our markets. We believe that continued leasing progress, including improving occupancy and extending lease duration, remains an important contributor to long term value.

We also continue to focus on driving efficiencies across our platform, including thoughtful management of general and administrative expenses, as part of our broader commitment to disciplined capital allocation and value creation.

-2-

We believe that this combination of an expanded and active strategic review process, disciplined execution, and continued leasing progress provides the best path to maximizing value. We remain focused on taking the actions necessary to deliver the strongest possible outcomes for our shareholders.”

Financial Highlights

● GAAP net loss was $9.5 million, or $0.09 per basic and diluted share for the three months ended March 31, 2026.

● General and administrative expenses for the three months ended March 31, 2026, were $815,000 lower compared to the three months ended March 31, 2025 as a result of lower personnel costs.

● Funds From Operations (FFO) was $1.2 million, or $0.01 per basic and diluted share, for the three March 31, 2026.

Leasing Highlights

● During the three months ended March 31, 2026, we leased approximately 145,000 square feet of space of which approximately 112,000 were from renewals and expansions of existing tenants.

● Our directly-owned real estate portfolio of 14 properties, totaling approximately 4.8 million square feet, was approximately 68.4% leased as of March 31, 2026, compared to approximately 68.9% leased as of December 31, 2025. The decrease in the leased percentage is due to lease expirations exceeding new executed leases during the three months ended March 31, 2026.

● The weighted average GAAP base rent per square foot achieved on leasing activity during the three months ended March 31, 2026, was $35.16, or 6.4% higher than average rents in the respective properties for the year ended December 31, 2025. The average lease term on leases signed during the three months ended March 31, 2026, was 6.2 years compared to 5.7 years during the year ended December 31, 2025. Overall, the portfolio weighted average rent per occupied square foot was $30.84 as of March 31, 2026, compared to $30.86 as of December 31, 2025.

● We believe that our continuing portfolio of real estate is well located within their respective markets, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with long-term upside leasing potential.

Dividend

On March 9, 2026, the Company announced that the Board of Directors had determined to suspend the payment of quarterly dividends. The Board did so in part to redeploy that capital into leasing efforts intended to enhance the value of our portfolio.

The Company estimates that suspension of the dividend will preserve approximately $4.1 million in cash on an annualized basis. The Board and the Company will reassess, on a quarterly basis, when and if quarterly dividend payments can be reinstated and will announce any change to the dividend policy.

Consolidation of Sponsored REIT

As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements and on June 6, 2025, the property held by Monument Circle was sold and Monument Circle and the corporation that had been its sole member were dissolved on December 9, 2025. Additional information about the consolidation of Monument Circle can be found in Note 2, “Significant Accounting Policies - Variable Interest Entities (VIEs)”, Note 3, “Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans” and Note 10, “Disposition of Properties and Assets Held for Sale”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for year ended December 31, 2025.

-3-

Non-GAAP Financial Information

A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I.

Real Estate Update

Supplementary schedules provide property information for the Company’s owned and consolidated properties as of March 31, 2026. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com.

Today’s news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

About Franklin Street Properties Corp.

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 is focused on long-term growth and appreciation. 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. To learn more about FSP please visit our website at www.fspreit.com.

-4-

Forward-Looking Statements

Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our review of strategic alternatives, expectations for future potential leasing activity, expectations for property dispositions, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, which may be further updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

-5-

Franklin Street Properties Corp.

Earnings Release

Supplementary Information

Table of Contents

Franklin Street Properties Corp. Financial Results

A-C

Real Estate Portfolio Summary Information

Portfolio and Other Supplementary Information

Percentage of Leased Space

Largest 20 Tenants – FSP Owned Portfolio

Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted

Funds From Operations (AFFO)

Reconciliation and Definition of Sequential Same Store results to Property Net

Operating Income (NOI) and Net Loss

-6-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule A

Condensed Consolidated Statements of Operations

(Unaudited)

For the

Three Months Ended

March 31,

(in thousands, except per share amounts)

2026

2025

Revenue:

Rental

26,225

27,107

Total revenue

26,225

27,107

Expenses:

Real estate operating expenses

10,290

10,095

Real estate taxes and insurance

4,243

5,369

Depreciation and amortization

10,580

10,824

General and administrative

2,669

3,484

Interest

6,812

5,691

Total expenses

34,594

35,463

Loss on extinguishment of debt

(1,267)

(2)

Loss on sale of properties and impairment of assets held for sale, net

—

(13,284)

Interest income

163

259

Loss before taxes

(9,473)

(21,383)

Tax expense

Net loss

(9,527)

(21,435)

Weighted average number of shares outstanding, basic and diluted

103,690

103,567

Loss per share, basic and diluted:

Net loss per share, basic and diluted

(0.09)

(0.21)

-7-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule B

Condensed Consolidated Balance Sheets

(Unaudited)

March 31,

December 31,

(in thousands, except share and par value amounts)

2026

2025

Assets:

Real estate assets:

Land

98,882

98,883

Buildings and improvements

1,094,771

1,091,728

Fixtures and equipment

11,562

11,572

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 $14,571, respectively

22,921

22,670

Total assets

881,786

892,884

Liabilities and Stockholders’ Equity:

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

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

Additional paid-in capital

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

-8-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule C

Condensed Consolidated Statements of Cash Flows

(Unaudited)

For the

Three Months Ended

March 31,

(in thousands)

2026

2025

Cash flows from operating activities:

Net loss

(9,527)

(21,435)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization expense

11,600

11,509

Loss on extinguishment of debt

1,267

Loss on sale of properties and impairment of assets held for sale, net

—

13,284

Changes in operating assets and liabilities:

Tenant rent receivables

(874)

(179)

Straight-line rents

221

Lease acquisition costs

(147)

(74)

Prepaid expenses and other assets

448

(225)

Accounts payable and accrued expenses

(4,582)

(5,914)

Accrued compensation

(2,160)

(1,892)

Tenant security deposits

(12)

(81)

Payment of deferred leasing commissions

(1,386)

(546)

Net cash used in operating activities

(5,152)

(5,481)

Cash flows from investing activities:

Property improvements, fixtures and equipment

(2,696)

(4,454)

Net cash used in investing activities

(2,696)

(4,454)

Cash flows from financing activities:

Distributions to stockholders

(1,037)

(1,036)

Cost of extinguished debt

(1,018)

—

Proceeds received from Initial Term Loans

258,500

—

Repayments of Term loans payable

(125,995)

(77)

Repayments of Series A&B Senior Notes

(122,922)

(76)

Deferred financing costs

(6,498)

—

Net cash provided by (used in) financing activities

1,030

(1,189)

Net decrease in cash, cash equivalents and restricted cash

(6,818)

(11,124)

Cash, cash equivalents and restricted cash, beginning of year

30,571

42,683

Cash, cash equivalents and restricted cash, end of period

23,753

31,559

-9-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule D

Real Estate Portfolio Summary Information

(Unaudited & Approximated)

Commercial portfolio lease expirations (1)

Total

% of

Year

Square Feet

Portfolio

2026

216,212

4.5%

2027

486,073

10.1%

2028

242,409

5.0%

2029

568,905

11.8%

2030

268,950

5.6%

Thereafter (2)

3,026,938

63.0%

4,809,487

100.0%

(1) Percentages are determined based upon total square footage.

(2) Includes 1,519,581 square feet of vacancies at our owned properties as of March 31, 2026.

(dollars & square feet in 000's)

As of March 31, 2026

% of

Square

% of

State

Properties

Investment

Portfolio

Feet

Portfolio

Colorado

423,954

53.8%

2,143

44.6%

Texas

255,659

32.4%

1,908

39.7%

Minnesota

108,958

13.8%

758

15.7%

Total

788,571

100.0%

4,809

100.0%

-10-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule E

Portfolio and Other Supplementary Information

(Unaudited & Approximated)

Recurring Capital Expenditures

(in thousands)

For the Three Months Ended

31-Mar-26

Tenant improvements

3,386

Deferred leasing costs

1,386

Non-investment capex

489

5,261

(in thousands)

For the Three Months Ended

Year Ended

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Tenant improvements

2,374

1,415

4,469

2,023

10,281

Deferred leasing costs

545

1,702

929

1,050

4,226

Non-investment capex

1,258

750

753

1,154

3,915

4,177

3,867

6,151

4,227

18,422

Square foot & leased percentages

March 31,

December 31,

2026

2025

Owned Properties:

Number of properties

Square feet

4,809,487

4,807,663

Leased percentage

68.4%

68.9%

-11-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule F

Percentage of Leased Space

(Unaudited & Estimated)

Fourth

First

% Leased (1)

Quarter

% Leased (1)

Quarter

as of

Average %

as of

Average %

Property Name

Location

Square Feet

31-Dec-25

Leased (2)

31-Mar-26

Leased (2)

Jan-00

PARK TEN

Houston, TX

157,609

86.8%

PARK TEN PHASE II

Houston, TX

156,746

76.3%

GREENWOOD PLAZA

Englewood, CO

196,236

65.0%

ADDISON

Addison, TX

289,333

67.7%

64.3%

LIBERTY PLAZA

Addison, TX

217,841

66.9%

66.4%

66.9%

ELDRIDGE GREEN

Houston, TX

248,399

100.0%

121 SOUTH EIGHTH ST

Minneapolis, MN

297,744

80.4%

79.1%

75.2%

76.4%

801 MARQUETTE AVE

Minneapolis, MN

129,691

91.8%

LEGACY TENNYSON CTR

Plano, TX

209,562

60.9%

WESTCHASE I & II

Houston, TX

629,025

66.2%

67.4%

1999 BROADWAY

Denver, CO

682,639

50.7%

50.3%

50.7%

1001 17TH STREET

Denver, CO

652,423

76.4%

75.6%

77.4%

76.7%

PLAZA SEVEN

Minneapolis, MN

330,096

51.0%

48.9%

600 17TH STREET

Denver, CO

612,143

69.1%

69.4%

69.7%

69.3%

OWNED PORTFOLIO

4,809,487

68.9%

68.6%

68.4%

68.5%

(1) % Leased as of month's end includes all leases that expire on the last day of the quarter.

(2) Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter.

-12-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule G

Largest 20 Tenants – FSP Owned Portfolio

(Unaudited & Estimated)

The following table includes the largest 20 tenants in FSP’s owned portfolio based on total square feet:

As of March 31, 2026

% of

Tenant

Sq Ft

Portfolio

CITGO Petroleum Corporation

248,399

5.2%

EOG Resources, Inc.

169,167

3.5%

US Government

168,573

3.5%

Kaiser Foundation Health Plan, Inc.

120,979

2.5%

Deluxe Corporation

98,922

2.0%

Ping Identity Corp.

89,856

1.9%

Olin Corporation

81,480

1.7%

Permian Resources Operating, LLC

67,856

1.4%

Hall and Evans LLC

65,878

1.4%

Cyxtera Management, Inc.

61,826

1.3%

Precision Drilling (US) Corporation

59,569

1.2%

PwC US Group

54,334

1.1%

Coresite, LLC

49,518

1.0%

Schwegman, Lundberg & Woessner, P.A.

46,269

1.0%

Ark-La-Tex Financial Services, LLC.

41,011

0.9%

Invenergy, LLC.

35,088

0.7%

Chevron U.S.A., Inc.

35,088

0.7%

Moss, Luse & Womble, LLC

34,071

0.7%

QB Energy Operating, LLC.

34,063

0.7%

International Business Machines Corporation

31,564

0.7%

Total

1,593,511

33.1%

-13-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule H

Reconciliation and Definitions of Funds From Operations (“FFO”) and

Adjusted Funds From Operations (“AFFO”)

A reconciliation of Net loss to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently.

Reconciliation of Net loss to FFO and AFFO:

Three Months Ended

March 31,

(In thousands, except per share amounts)

2026

2025

Net loss

(9,527)

(21,435)

Loss on sale of properties and impairment of asset held for sale, net

—

13,284

Depreciation & amortization

10,580

10,824

NAREIT FFO

1,053

2,673

Lease Acquisition costs

Funds From Operations (FFO)

1,151

2,727

Funds From Operations (FFO)

1,151

2,727

Loss on extinguishment of debt

1,267

Amortization of deferred financing costs and OID

1,020

685

Straight-line rent

221

Tenant improvements

(3,386)

(2,374)

Leasing commissions

(1,386)

(545)

Non-investment capex

(489)

(1,258)

Adjusted Funds From Operations (AFFO)

(1,602)

(693)

Per Share Data

EPS

(0.09)

(0.21)

FFO

0.01

0.03

AFFO

(0.02)

(0.01)

Weighted average shares (basic and diluted)

103,690

103,567

-14-

Funds From Operations (“FFO”)

The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.

Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

Adjusted Funds From Operations (“AFFO”)

The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs and original issue discounts, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions.

We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition.

AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

-15-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule I

Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income

Net Operating Income (“NOI”)

The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table:

Rentable

Square Feet

Three Months Ended

Inc

(in thousands)

or RSF

31-Mar-26

31-Dec-25

(Dec)

Change

Region

MidWest

758

1,372

1,320

3.9

South

1,908

4,692

4,740

(48)

(1.0)

West

2,143

5,397

5,683

(286)

(5.0)

Property NOI* from Owned Properties

4,809

11,461

11,743

(282)

(2.4)

Disposition and Acquisition Properties (a)

(10)

(71)

(0.6)

NOI*

4,809

11,451

11,804

(353)

(3.0)

Sequential Same Store

11,461

11,743

(282)

(2.4)

Less Nonrecurring

Items in NOI* (b)

194

(142)

1.2

Comparative

Sequential Same Store

11,409

11,549

(140)

(1.2)

-16-

Reconciliation to

Three Months Ended

Net loss

31-Mar-26

31-Dec-25

Net loss

(9,527)

(7,323)

Add (deduct):

Loss on extinguishment of debt

1,267

—

(Gain) loss on sale of properties and impairment of assets held for sale, net

—

Management fee income

(375)

(363)

Depreciation and amortization

10,580

10,609

General and administrative

2,669

2,628

Interest expense

6,812

6,340

Interest income

(163)

(230)

Non-property specific items, net

188

141

NOI*

11,451

11,804

(a) We define Disposition and Acquisition Properties as properties that were sold acquired or consolidated and do not have operating activity for all periods presented.

(b) Nonrecurring Items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.

*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.

EX-99.2

Filename: fsp-20260428xex99d2.htm · Sequence: 3

Exhibit 99.2

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300.~ www.fspreit.com

First Quarter 2026

Table of Contents

Page

Company Information

Overview

Snapshot (as of March 31, 2026)

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 is focused on long-term growth and appreciation. 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. FSP’s real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management.

Corporate Headquarters

Wakefield, MA

Fiscal Year-End

31-Dec

Owned Properties

Total Square Feet

4.8 Million

Trading Symbol

FSP

Exchange

NYSE American

Common Shares Outstanding

103,690,340

Our Business

Total Market Capitalization

$0.3 Billion (1)

As of March 31, 2026, the Company owned a portfolio of real estate consisting of 14 owned properties. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes.

Insider Holdings

5.28%

Management Team

George J. Carter

Jeffrey B. Carter

Chief Executive Officer and

President and Chief Investment

Chairman of the Board

Officer

John G. Demeritt

Scott H. Carter

Executive Vice President, Chief

Executive Vice President, General

Financial Officer and Treasurer

Counsel and Secretary

John F. Donahue

Eriel Anchondo

Executive Vice President

Executive Vice President and

Chief Operating Officer

1001 17th Street, Denver, CO

Inquiries

Inquiries should be directed to: Georgia Touma

877.686.9496 or InvestorRelations@fspreit.com

(1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt

outstanding.

March 31, 2026| Page 3

Summary of Financial Highlights

(in thousands except per share amounts, SF & number of properties)

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

Income Items:

Rental revenue

26,225

26,040

27,300

26,715

27,107

Total revenue

26,225

26,040

27,300

26,715

27,107

Net loss

(9,527)

(7,323)

(8,326)

(7,876)

(21,435)

Adjusted EBITDA*

9,186

9,680

8,582

8,790

8,418

FFO*

1,151

3,441

2,323

2,516

2,727

AFFO*

(1,602)

(3,181)

(514)

(693)

Per Share Data:

Loss per share

(0.09)

(0.07)

(0.08)

(0.21)

FFO*

0.01

0.03

0.02

0.03

AFFO*

(0.02)

0.00

(0.03)

(0.00)

(0.01)

Weighted Average Shares (diluted)

103,690

103,610

103,567

Closing share price

0.66

0.95

1.60

1.64

1.78

Dividend declared

0.01

Balance Sheet Items:

Real estate, net

788,571

793,722

799,622

803,412

810,327

Other assets, net

93,215

99,162

101,410

99,831

106,039

Total assets, net

881,786

892,884

901,032

903,243

916,366

Total liabilities, net

285,373

285,907

285,695

278,543

282,980

Stockholders' equity

596,413

606,977

615,337

624,700

633,386

Market Capitalization and Debt:

Total Market Capitalization (a)

343,436

347,423

414,822

419,870

434,528

Total debt outstanding (excluding unamortized financing costs)

275,000

248,917

249,818

250,179

Debt to Total Market Capitalization

80.1%

71.6%

60.0%

59.5%

57.6%

Net Debt to Adjusted EBITDA ratio*

6.8

5.6

6.3

6.2

6.5

Owned Properties Leasing Statistics:

Owned properties assets

Owned properties total SF

4,809,487

4,807,663

4,806,456

Owned properties % leased

68.4%

68.9%

69.1%

69.2%

(a) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding on that date.

See pages 9 & 10 for reconciliations of Net income or loss to FFO, AFFO and Adjusted EBITDA, respectively, and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)

For the

For the Three Months Ended

Year Ended

31-Mar-26

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Revenue:

Rental

26,225

27,107

26,715

27,300

26,040

107,162

Total revenue

26,225

27,107

26,715

27,300

26,040

107,162

Expenses:

Real estate operating expenses

10,290

10,095

10,701

10,671

10,573

42,040

Real estate taxes and insurance

4,243

5,369

4,191

5,262

3,389

18,211

Depreciation and amortization

10,580

10,824

10,626

10,550

10,609

42,609

General and administrative

2,669

3,484

3,281

3,034

2,628

12,427

Interest

6,812

5,691

6,339

6,348

6,340

24,718

Total expenses

34,594

35,463

35,138

35,865

33,539

140,005

Loss on extinguishment of debt

(1,267)

(2)

(3)

(7)

—

(12)

Gain (loss) on sale of properties and impairment of assets held for sale, net

—

(13,284)

384

—

(2)

(12,902)

Interest income

163

259

248

249

230

986

Loss before taxes

(9,473)

(21,383)

(7,794)

(8,323)

(7,271)

(44,771)

Tax expense

189

Net loss

(9,527)

(21,435)

(7,876)

(8,326)

(7,323)

(44,960)

Weighted average number of shares outstanding, basic and diluted

103,690

103,567

103,610

103,690

103,640

Net loss per share, basic and diluted

(0.09)

(0.21)

(0.08)

(0.07)

(0.43)

March 31, 2026| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)

March 31,

June 30,

September 30,

December 31,

2026

2025

Assets:

Real estate assets:

Land

98,882

98,883

Buildings and improvements

1,094,771

1,083,971

1,085,048

1,088,981

1,091,728

Fixtures and equipment

11,562

11,289

11,399

11,355

11,572

1,205,215

1,194,142

1,195,330

1,199,219

1,202,183

Less accumulated depreciation

416,644

383,815

391,918

399,597

408,461

Real estate assets, net

788,571

810,327

803,412

799,622

793,722

Acquired real estate leases, net

2,080

3,737

3,309

2,899

2,490

Assets held for sale

—

5,685

—

Cash, cash equivalents and restricted cash

23,753

31,559

30,518

31,575

30,571

Tenant rent receivables, net

1,345

1,462

1,568

1,380

471

Straight-line rent receivable, net

38,670

37,724

37,839

38,857

38,744

Prepaid expenses and other assets

4,322

3,429

3,583

3,889

4,080

Office computers and furniture, net of accumulated depreciation

124

136

Deferred leasing commissions, net

22,921

22,381

22,959

22,762

22,670

Total assets

881,786

916,366

903,243

901,032

892,884

Liabilities and Stockholders’ Equity:

Liabilities:

Initial Term Loan payable, net of unamortized financing costs and OID

251,527

—

Term loan payable, net of unamortized financing costs

—

124,861

125,124

125,114

125,555

Series A & Series B Senior Notes

—

122,595

122,656

122,449

122,686

Accounts payable and accrued expenses

26,391

27,510

22,010

28,785

28,724

Accrued compensation

234

1,205

1,911

2,635

2,394

Tenant security deposits

6,186

6,156

6,289

6,258

6,198

Lease liability

1,002

612

515

417

316

Acquired unfavorable real estate leases, net

Total liabilities

285,373

282,980

278,543

285,695

285,907

Commitments and contingencies

Stockholders’ Equity:

Preferred stock

—

Common stock

Additional paid-in capital

1,335,586

1,335,361

1,335,586

Accumulated distributions in excess of accumulated earnings

(739,183)

(701,985)

(710,896)

(720,259)

(728,619)

Total stockholders’ equity

596,413

633,386

624,700

615,337

606,977

Total liabilities and stockholders’ equity

881,786

916,366

903,243

901,032

892,884

March 31, 2026| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net loss

(9,527)

(21,435)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization expense

11,600

11,509

Loss on extinguishment of debt

1,267

Loss on sale of properties and impairment of assets held for sale, net

—

13,284

Changes in operating assets and liabilities:

Tenant rent receivables

(874)

(179)

Straight-line rents

221

Lease acquisition costs

(147)

(74)

Prepaid expenses and other assets

448

(225)

Accounts payable and accrued expenses

(4,582)

(5,914)

Accrued compensation

(2,160)

(1,892)

Tenant security deposits

(12)

(81)

Payment of deferred leasing commissions

(1,386)

(546)

Net cash used in operating activities

(5,152)

(5,481)

Cash flows from investing activities:

Property improvements, fixtures and equipment

(2,696)

(4,454)

Net cash used in investing activities

(2,696)

(4,454)

Cash flows from financing activities:

Distributions to stockholders

(1,037)

(1,036)

Cost of extinguished debt

(1,018)

—

Proceeds received from Initial Term Loans

258,500

—

Repayments of Term loans payable

(125,995)

(77)

Repayments of Series A&B Senior Notes

(122,922)

(76)

Deferred financing costs

(6,498)

—

Net cash provided by (used in) financing activities

1,030

(1,189)

Net decrease in cash, cash equivalents and restricted cash

(6,818)

(11,124)

Cash, cash equivalents and restricted cash, beginning of period

30,571

42,683

Cash, cash equivalents and restricted cash, end of period

23,753

31,559

March 31, 2026| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)

Rentable

Square Feet

Three Months Ended

Year Ended

(in thousands)

or RSF

31-Mar-26

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Inc (Dec)

Change

Region

MidWest

758

1,372

1,356

1,758

1,489

1,320

5,923

1.2

South

1,908

4,692

4,331

4,393

4,144

4,740

17,608

361

8.3

West

2,143

5,397

5,849

5,516

5,450

5,683

22,498

(452)

(7.7)

Property NOI* from Owned Properties

4,809

11,461

11,536

11,667

11,083

11,743

46,029

(75)

(0.7)

Disposition and Acquisition Properties (a)

(10)

(193)

(108)

(231)

183

1.7

Property NOI*

4,809

11,451

11,343

11,559

11,092

11,804

45,798

108

1.0

Same Store

11,461

11,536

11,667

11,083

11,743

46,029

(75)

(0.7)

Less Nonrecurring

Items in NOI* (b)

194

353

(3)

0.0

Comparative

Same Store

11,409

11,481

11,615

11,031

11,549

45,676

(72)

(0.6)

(a) We define Disposition and Acquisition Properties as properties that were sold or acquired or consolidated and do not have operating activity for all periods presented.

(b) Nonrecurring items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.

See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)

Year

Three Months Ended

Ended

31-Mar-26

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Net loss

(9,527)

(21,435)

(7,876)

(8,326)

(7,323)

(44,960)

Loss (gain) on sale of properties and impairment of assets held for sale, net

—

13,284

(384)

—

12,902

Depreciation & amortization

10,580

10,824

10,626

10,550

10,609

42,609

NAREIT FFO*

1,053

2,673

2,366

2,224

3,288

10,551

Lease Acquisition costs

150

153

456

Funds From Operations (FFO)*

1,151

2,727

2,516

2,323

3,441

11,007

Adjusted Funds From Operations (AFFO)*

Funds From Operations (FFO)*

1,151

2,727

2,516

2,323

3,441

11,007

Loss on extinguishment of debt

1,267

—

Amortization of deferred financing costs and OID

1,020

685

683

677

2,722

Shares issued as compensation

—

225

—

225

Straight-line rent

221

(74)

(37)

188

147

Tenant improvements

(3,386)

(2,374)

(1,415)

(4,469)

(2,023)

(10,281)

Leasing commissions

(1,386)

(545)

(1,702)

(929)

(1,050)

(4,226)

Non-investment capex

(489)

(1,258)

(750)

(753)

(1,154)

(3,915)

Adjusted Funds From Operations (AFFO)*

(1,602)

(693)

(514)

(3,181)

(4,309)

Per Share Data:

Loss per share

(0.09)

(0.21)

(0.08)

(0.07)

(0.43)

FFO*

0.01

0.03

0.02

0.03

0.11

AFFO*

(0.02)

(0.01)

(0.00)

(0.03)

0.00

(0.04)

Weighted Average Shares (basic and diluted)

103,690

103,567

103,610

103,690

103,640

See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)

Year

Three Months Ended

Ended

31-Mar-26

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Net loss

(9,527)

(21,435)

(7,876)

(8,326)

(7,323)

(44,960)

Interest expense

6,812

5,691

6,339

6,348

6,340

24,718

Depreciation and amortization

10,580

10,824

10,626

10,550

10,609

42,609

Income taxes

189

EBITDA*

7,919

(4,868)

9,171

8,575

9,678

22,556

Loss on extinguishment of debt

1,267

—

Loss (gain) on sale of properties and impairment of assets held for sale, net

—

13,284

(384)

—

12,902

Adjusted EBITDA*

9,186

8,418

8,790

8,582

9,680

35,470

Interest expense

6,812

5,691

6,339

6,348

6,340

24,718

Scheduled principal payments

—

Interest and scheduled principal payments

6,812

5,691

6,339

6,348

6,340

24,718

Interest coverage ratio

1.35

1.48

1.39

1.35

1.53

1.43

Debt service coverage ratio

1.35

1.48

1.39

1.35

1.53

1.43

Debt excluding unamortized financing costs

275,000

250,179

249,818

248,917

Cash, cash equivalents and restricted cash

23,753

31,559

30,518

31,575

30,571

Net Debt (Debt less Cash, cash equivalents and restricted cash)

251,247

218,620

219,300

217,342

218,346

Adjusted EBITDA*

9,186

8,418

8,790

8,582

9,680

Annualized

36,744

33,672

35,160

34,328

38,720

Net Debt-to-Adjusted EBITDA ratio*

6.8

6.5

6.2

6.3

5.6

See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)

Year

Three Months Ended

Ended

31-Mar-26

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Net loss

(9,527)

(21,435)

(7,876)

(8,326)

(7,323)

(44,960)

Add (deduct):

Loss on extinguishment of debt

1,267

—

Loss (gain) on sale of properties and impairment of assets held for sale, net

—

13,284

(384)

—

12,902

Management fee income

(375)

(380)

(334)

(345)

(363)

(1,422)

Depreciation and amortization

10,580

10,824

10,626

10,550

10,609

42,609

General and administrative

2,669

3,484

3,281

3,034

2,628

12,427

Interest expense

6,812

5,691

6,339

6,348

6,340

24,718

Interest income

(163)

(259)

(248)

(249)

(230)

(986)

Non-property specific items, net

188

132

152

141

498

Property NOI*

11,451

11,343

11,559

11,092

11,804

45,798

See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 11

Debt Summary

(in thousands)

Outstanding

Interest

Balance at:

Rate at

31-Mar-26

Initial Term Loans

275,000

9.00%

Delayed Draw Term Loans

—

9.00%

275,000

9.00%

● The table above is a summary of our debt as of March 31, 2026.

● On February 26, 2026, we entered into a Credit Agreement with Alter Domus (US) LLC, as administrative agent, and an affiliate of TPG Credit. The Credit Agreement provides for a secured credit facility for aggregate principal commitments of up to $320 million, consisting of (i) initial term loans in an aggregate principal amount of $275 million, and (ii) delayed draw term loans available upon the approval of the lenders after the closing date in an aggregate principal amount of up to $45 million. The delayed draw term loans may be used, subject to certain conditions, to fund tenant improvements, leasing commissions, building improvements and other uses approved by the lenders. We used the proceeds of the initial term loans on the closing date to refinance and retire all outstanding indebtedness under the BMO Term Loan, BofA Term Loan and the Senior Notes (as such terms are defined in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026).

● Additional information on our current and prior debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our Quarterly Reports on Form 10-Q.

March 31, 2026| Page 12

Capital Analysis

(in thousands, except per share amounts)

31-Mar-26

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Market Data:

Shares Outstanding

103,690

103,567

103,690

Closing market price per share

0.66

1.78

1.64

1.60

0.95

Market capitalization

68,436

184,349

170,052

165,905

98,506

Total debt outstanding excluding unamortized financing costs

275,000

250,179

249,818

248,917

Total Market Capitalization

343,436

434,528

419,870

414,822

347,423

Dividend Data:

Total dividends declared for the quarter

1,037

1,036

1,035

1,037

Common dividend declared per share

0.01

Declared dividend as a % of Net income (loss) per share

(11)%

(5)%

(13)%

(12)%

(14)%

Declared dividend as a % of AFFO* per share

(65)%

(149)%

(202)%

(33)%

1313%

*See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 13

Owned & Consolidated Portfolio Overview

As of the Quarter Ended

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

Total Owned Properties:

Number of properties

Square feet

4,809,487

4,807,663

4,806,456

Leased percentage

68.4%

68.9%

69.1%

69.2%

Consolidated Property - Single Asset REIT (SAR):

Number of properties (a)

—

Square feet

—

213,760

Leased percentage

—

4.1%

Total Owned and Consolidated Properties:

Number of properties (a)

Square feet

4,809,487

4,807,663

5,020,216

Leased percentage

68.4%

68.9%

69.1%

66.4%

(a) Includes properties that were classified as assets held for sale.

March 31, 2026| Page 14

Owned Portfolio Overview

Percent

Wtd Occupied

GAAP

Percent

Wtd Occupied

GAAP

MSA / Property Name

City

State

Square Feet

Leased

Percentage (a)

Rent (b)

MSA / Property Name

City

State

Square Feet

Leased

Percentage (a)

Rent (b)

South Region

Midwest Region

Dallas-Fort Worth

Minneapolis

Legacy Tennyson Center

Plano

209,562

60.9%

31.16

121 South 8th Street

Minneapolis

297,744

75.2%

74.6%

24.53

Addison Circle

Addison

289,333

64.3%

37.03

801 Marquette Ave

Minneapolis

129,691

91.8%

27.29

Liberty Plaza

Addison

217,841

66.9%

65.4%

26.41

Plaza Seven

Minneapolis

330,096

48.9%

31.26

Midwest Region Total

757,531

66.6%

66.3%

27.34

Houston

Park Ten

Houston

157,609

86.8%

82.8%

27.67

West Region

Eldridge Green

Houston

248,399

100.0%

28.16

Denver

Park Ten Phase II

Houston

156,746

76.3%

75.8%

28.98

1999 Broadway

Denver

682,639

50.7%

48.6%

34.37

Westchase I & II

Houston

629,025

66.2%

61.3%

23.66

Greenwood Plaza

Englewood

196,236

65.0%

31.59

1001 17th Street

Denver

652,423

77.4%

74.0%

35.62

600 17th Street

Denver

612,143

69.7%

67.6%

34.95

West Region Total

2,143,441

65.5%

63.2%

34.73

South Region Total

1,908,515

72.3%

70.2%

28.22

Total Owned Properties

4,809,487

68.4%

66.5%

30.84

(a) Weighted Occupied Percentage for the three months ended March 31, 2026.

(b) Weighted Average GAAP Rent per Occupied Square Foot.

March 31, 2026| Page 15

Tenants by Industry

(Owned Properties by Square Feet)

March 31, 2026| Page 16

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)

Remaining

Aggregate

% of Aggregate

Tenant

Number of

Lease Term

Leased

% of Total

Annualized

Leased

Name

Leases

in Months

Square Feet

Rent (a)

Annualized Rent

CITGO Petroleum Corporation

248,399

5.2%

8,100,291

8.1%

EOG Resources, Inc.

169,167

3.5%

6,580,596

6.6%

US Government

57, 58

168,573

3.5%

6,644,733

6.6%

Kaiser Foundation Health Plan, Inc.

120,979

2.5%

4,145,507

4.1%

Deluxe Corporation

136

98,922

2.0%

2,988,497

3.0%

Ping Identity Corp. (b)

2, 3, 63

89,856

1.9%

2,199

0.0%

Olin Corporation

112

81,480

1.7%

2,519,361

2.5%

Permian Resources Operating, LLC

67,856

1.4%

3,052,903

3.1%

Hall and Evans LLC

65,878

1.4%

2,857,011

2.9%

Cyxtera Management, Inc.

61,826

1.3%

2,497,152

2.5%

Precision Drilling (US) Corporation

59,569

1.2%

2,128,996

2.1%

PwC US Group

54,334

1.1%

1,807,692

1.8%

Coresite, LLC

116

49,518

1.0%

1,874,256

1.9%

Schwegman, Lundberg & Woessner, P.A.

46,269

1.0%

1,414,005

1.4%

Ark-La-Tex Financial Services, LLC.

41,011

0.9%

1,566,049

1.6%

Invenergy, LLC. (c)

117

35,088

0.7%

—

0.0%

Chevron U.S.A., Inc.

35,088

0.7%

1,546,328

1.6%

Moss, Luse & Womble, LLC

125

34,071

0.7%

830,227

0.8%

QB Energy Operating, LLC.

34,063

0.7%

1,506,266

1.5%

International Business Machines Corporation (d)

1, 65

31,564

0.7%

1,528

0.0%

Total

1,593,511

33.1%

52,063,597

52.1%

Footnotes on next page

March 31, 2026| Page 17

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at March 31, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 18,333 square feet expiring on May 31, 2026; 16,559 square feet expiring June 30, 2026; and 54,964 square feet expiring in 2031. Rent is abated through June 2026.

(c) Includes 28,013 square feet that commenced on December 20, 2024 with rent commencing on April 20, 2026; 3,146 square feet commencing on January 1, 2027; and 3,929 square feet commencing on January 1, 2028.

(d) Includes 19,095 square feet expiring in 2026 and 12,469 square feet that commenced on April 10, 2026 and expiring in 2031. Rent commences September 1, 2026.

March 31, 2026| Page 18

Leasing Activity

(Owned Properties)

Year

Three Months Ended

Ended

Leasing Activity

31-Mar-26

31-Mar-25

31-Dec-25

31-Dec-24

(in Square Feet - SF)

New leasing

33,000

93,000

171,000

Renewals and expansions

112,000

60,000

320,000

445,000

145,000

60,000

413,000

616,000

Other information per SF

(Activity on a year-to-date basis)

GAAP Rents on leasing

35.16

29.64

32.42

30.06

Weighted average lease term

6.2 Years

5.2 Years

5.7 Years

6.3 Years

Increase over average GAAP rents in prior year (a)

6.4%

3.4%

5.7%

8.2%

Average free rent

5 Months

3 Months

4 Months

Tenant Improvements

33.55

3.77

23.02

26.06

Leasing Costs

11.53

6.65

9.24

9.72

(a) The increase or decrease percentage is calculated by comparing average GAAP rents at properties that had leasing activity in the current year to average GAAP rents at the same properties in the prior year.

March 31, 2026| Page 19

Lease Expirations by Square Feet

(Owned Properties)

March 31, 2026| Page 20

Lease Expirations with Annualized Rent per Square Foot (SF)

(Owned Properties)

Rentable

Annualized

Percentage

Number of

Square

Rent

of Total

Year of

Leases

Footage

Annualized

Per Square

Annualized

Lease

Expiring

Subject to

Rent Under

Foot Under

Rent Under

Expiration

Within the

Expiring

Cumulative

March 31,

Year (a)

Leases

Leases (b)

Leases

Total

2026

(c)

216,212

5,269,802

24.37

5.3%

2027

486,073

17,941,218

36.91

17.9%

23.2%

2028

242,409

7,969,512

32.88

8.0%

31.2%

2029

568,905

17,422,445

30.62

17.4%

48.6%

2030

268,950

8,784,900

32.66

8.8%

57.4%

2031

445,501

13,841,215

31.07

13.8%

71.2%

2032

77,324

1,715,555

22.19

1.7%

72.9%

2033

389,473

12,717,358

32.65

12.7%

85.6%

2034

98,153

1,759,402

17.93

1.8%

87.4%

2035

173,219

5,783,727

33.39

5.8%

93.2%

2036 and thereafter

323,687

(d)

6,800,757

21.01

6.8%

100.0%

Leased total

231

3,289,906

100,005,891

30.40

100.0%

Owned property vacant SF

1,519,581

Total Portfolio Square Footage

4,809,487

(a) The number of leases approximates the number of tenants. Tenants with lease maturities in different years are included in annual totals for each lease. Tenants may have multiple leases in the same year.

(b) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at March 31, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(d) Includes 52,202 square feet that are non-revenue producing building amenities.

March 31, 2026| Page 21

Capital Expenditures

(Owned and Consolidated Properties)

(in thousands)

For the Three Months Ended

31-Mar-26

Tenant improvements

3,386

Deferred leasing costs

1,386

Non-investment capex

489

Total Capital Expenditures

5,261

For the Three Months Ended

Year Ended

31-Mar-25

30-Jun-25

30-Sep-25

31-Dec-25

Tenant improvements

2,374

1,415

4,469

2,023

10,281

Deferred leasing costs

545

1,702

929

1,050

4,226

Non-investment capex

1,258

750

753

1,154

3,915

Total Capital Expenditures

4,177

3,867

6,151

4,227

18,422

First generation leasing and investment capital expenditures was $0 for the three months ended March 31, 2026 and the year ended December 31, 2025.

March 31, 2026| Page 22

Disposition Activity

(in thousands except for Square Feet)

Recent Dispositions:

Gross Sale

Gain (loss)

City

State

Square Feet

Date Sold

Proceeds

on Sale

2025

Monument Circle

Indianapolis

213,760

6/6/25

6,000

(12,914)

2024

Collins Crossing

Richardson

300,887

1/26/24

35,000

(2,145)

Innsbrook

Glenn Allen

298,183

7/8/2024

31,000

(13,247)

Pershing Park

Atlanta

160,145

10/23/24

34,000

(27,511)

2023

Northwest Point

Elk Grove

177,095

3/10/23

29,125

8,391

Forest Park

Charlotte

64,198

8/9/23

9,200

(844)

Liberty Plaza (a)

Addison

n/a

8/23/23

157

One Legacy Circle

Plano

214,110

10/26/23

48,000

10,558

Blue Lagoon Drive

Miami

213,182

12/6/23

68,000

(18,872)

2022

380 Interlocken

Broomfield

240,359

8/31/22

42,000

5,665

390 Interlocken

Broomfield

241,512

8/31/22

60,500

18,412

909 Davis

Evanston

195,098

12/28/22

27,750

3,359

2021

One Ravinia

Atlanta

386,602

5/27/21

74,879

29,075

Two Ravinia

Atlanta

411,047

5/27/21

71,771

One Overton Park

Atlanta

387,267

5/27/21

72,850

(6,336)

Loudoun Tech Center

Dulles

136,658

6/29/21

17,250

(2,148)

River Crossing

Indianapolis

205,729

8/31/21

35,050

(1,734)

Timberlake

Chesterfield

234,496

9/23/21

44,667

6,184

Timberlake East

Chesterfield

117,036

9/23/21

22,333

4,111

999 Peachtree

Atlanta

621,946

10/22/21

223,900

86,766

Meadow Point

Chantilly

138,537

11/16/21

25,500

1,878

Stonecroft

Chantilly

111,469

11/16/21

14,500

(4,768)

2020

Emperor Boulevard

Durham

259,531

12/23/20

89,700

41,928

(a) Conveyance of approximately 7,826 square feet of land as part of a road revitalization project.

March 31, 2026| Page 23

Net Asset Value Components

(in thousands except per share data)

As of

31-Mar-26

Assets:

Other information:

Total Market Capitalization Values

Straight-line rent receivable

38,670

Leased SF to be FFO producing

Shares outstanding

103,690.3

Assets held for sale

—

during 2026-2028 (in 000's)

Closing price

0.66

Cash, cash equivalents and restricted cash

23,753

Market capitalization

68,436

Tenant rent receivables

1,345

Straight-line rental revenue current quarter

(221)

Debt

275,000

Prepaid expenses

3,330

Total Market Capitalization

343,436

Office computers and furniture

124

Other assets:

Deferred financing costs and OID, net

23,473

3 Months

Other assets - Right-to-Use Asset

992

Ended

91,687

NOI Components

31-Mar-26

Same Store NOI (1)

11,461

Acquisitions (1) (2)

—

Liabilities:

Property NOI (1)

11,461

Debt (excluding contra for unamortized financing costs and OID)

275,000

Footnotes to the components

Full quarter adjustment (3)

—

Accounts payable & accrued expenses

26,625

(1) See pages 11 & 30 for definitions and reconciliations.

Stabilized portfolio

11,461

Tenant security deposits

6,186

Other liabilities: lease liability & acquired unfavorable lease liability

1,035

(2) Includes NOI from acquisitions not in Same Store.

308,846

Financial Statement Reconciliation:

(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.

Rental Revenue

26,225

Rental operating expenses

(10,290)

(4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI.

Real estate taxes and insurance

(4,243)

NOI from dispositions & acquisition properties

—

(5) Management & other fees are eliminated in consolidation but included in Property NOI.

Taxes (4)

(54)

Management & other fees (5)

(177)

Property NOI (1)

11,461

March 31, 2026| Page 24

Appendix: Non-GAAP Financial Measure Definitions

Definition of Funds From Operations (“FFO”)

Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO definition as of May 17, 2016 in the table on page 9 and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

March 31, 2026| Page 25

Appendix: Non-GAAP Financial Measure Definitions

Definition of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)

and Adjusted EBITDA

EBITDA is defined as net income or loss plus interest expense, income tax expense and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA excluding hedge ineffectiveness, gains or losses on extinguishment of debt, gains and losses on sales of properties or shares of equity investments or provisions for losses on assets held for sale or equity investments. EBITDA and Adjusted EBITDA are not intended to represent cash flow for the period, are not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and are not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA and Adjusted EBITDA are presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA or Adjusted EBITDA the same way, this presentation may not be comparable to similarly titled measures of other companies. The Company believes that net income or loss is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to EBITDA and Adjusted EBITDA.

Definition of Property Net Operating Income (Property NOI)

The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Same Store. The comparative Same Store results include properties held for all periods presented. We also exclude properties that have been acquired, consolidated or placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.

March 31, 2026| Page 26

Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

March 31, 2026| Page 27

Investor Relations Contact

Georgia Touma ~ 877.686.9496

InvestorRelations@fspreit.com

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300 ~ www.fspreit.com

March 31, 2026| Page 28

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- Definition

Name of the state or province.

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- References

No definition available.

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