Franklin Street Properties (NYSE: FSP) Q1 2026 loss, high leverage and dividend pause

Q: What were FSP’s FFO and AFFO results for the first quarter of 2026?

For Q1 2026, Franklin Street Properties reported Funds From Operations (FFO) of $1.2 million , or $0.01 per share, and Adjusted FFO (AFFO) of $(1.6) million , or $(0.02) per share. The negative AFFO indicates that recurring cash-based performance remains weak after capital expenditure adjustments.

Q: What is the current occupancy of Franklin Street Properties’ portfolio?

As of March 31, 2026 , Franklin Street Properties’ 14 owned properties, totaling about 4.81 million square feet , were 68.4% leased . This is slightly below the 68.9% leased level reported at December 31, 2025, highlighting a challenging office leasing environment despite new and renewal activity.

Q: What strategic initiatives is Franklin Street Properties pursuing?

Franklin Street Properties is conducting an expanded strategic alternatives review with BofA Securities and JLL as co-financial advisors. Management is evaluating corporate transactions, portfolio and individual asset sales, and other initiatives, and is negotiating a potential sale of its Greenwood Plaza property, subject to due diligence and customary conditions.

Q: How much new leasing did FSP complete in Q1 2026 and at what rents?

In Q1 2026, Franklin Street Properties completed about 145,000 square feet of leasing, including new, renewal and expansion activity. Average GAAP rents on this leasing were approximately $35.16 per square foot , representing a 6.4% increase over average GAAP rents at the same properties in the prior year.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Franklin Street Properties Corp. reported first quarter 2026 results and outlined progress on its ongoing strategic review. Rental revenue was $26.2M for the three months ended March 31, 2026, slightly below $27.1M a year earlier. Net loss narrowed to $9.5M, or $0.09 per share, compared with a $21.4M loss, or $0.21 per share, in the prior-year quarter.

Funds From Operations (FFO) were $1.2M, or $0.01 per share, while Adjusted FFO (AFFO) was negative at $(1.6)M, or $(0.02) per share. The owned portfolio totaled 14 properties and 4.81 million square feet, with 68.4% leased as of March 31, 2026, modestly below 68.9% at year-end 2025.

The company highlighted its expanded strategic alternatives review, now advised by both BofA Securities and JLL, and noted refinancing activities that replaced prior term loans and senior notes with $275M of new Initial Term Loans at a 9.00% rate. Management is negotiating a potential sale of the Greenwood Plaza property and emphasized continued leasing, efficiency initiatives, and the previously announced dividend suspension, which is expected to preserve about $4.1M of cash annually.

Positive

None.

Negative

Dividend suspension and negative AFFO underscore cash pressure – The quarterly dividend has been suspended, expected to preserve about $4.1M annually, while Q1 2026 Adjusted FFO was negative at $(1.6)M, indicating that recurring cash flows did not cover recurring capital spending and related adjustments.
High leverage with expensive debt – Total debt of $275M represents 80.1% of total market capitalization as of March 31, 2026. The new Initial Term Loans bear a 9.00% interest rate, contributing to quarterly interest expense of $6.8M and limiting financial flexibility.

Insights

Q1 shows narrower loss but negative AFFO, high leverage and suspended dividend.

Franklin Street Properties generated rental revenue of $26.2M in Q1 2026 with a net loss of $9.5M, a marked improvement from the $21.4M loss a year earlier. However, Adjusted Funds From Operations (AFFO) remained negative at $(1.6)M, signaling that recurring cash generation is still insufficient to fully cover recurring capital needs.

The balance sheet is highly leveraged: total debt of $275M sits against total market capitalization of $343.4M, for a debt-to-total market capitalization ratio of 80.1%. The new Initial Term Loans carry a relatively high interest rate of 9.00%, which helps explain quarterly interest expense of $6.8M and constrains financial flexibility.

Operationally, 14 owned properties totaling 4.81 million square feet were 68.4% leased at March 31, 2026, slightly down from 68.9% at December 31, 2025, despite 145,000 square feet of new and renewal leasing in the quarter. Management’s decision to suspend the quarterly dividend, expected to preserve about $4.1M annually, underlines the priority on funding leasing, capital expenditures and navigating an uneven office market while pursuing strategic alternatives with BofA Securities and JLL.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Rental revenue: $26.2M Net loss: $9.5M FFO: $1.2M +5 more

8 metrics

Rental revenue $26.2M Three months ended March 31, 2026

Net loss $9.5M Q1 2026, $(0.09) per share

FFO $1.2M Q1 2026, $0.01 per share

AFFO $(1.6)M Q1 2026, $(0.02) per share

Leased percentage 68.4% Owned portfolio, 4.81M SF, as of March 31, 2026

Total debt outstanding $275.0M Initial Term Loans at 9.00% interest, March 31, 2026

Debt to total market capitalization 80.1% As of March 31, 2026

Dividend cash preserved $4.1M Estimated annual cash preserved by dividend suspension

Key Terms

Funds From Operations (FFO), Adjusted Funds From Operations (AFFO), Net Operating Income (NOI), Adjusted EBITDA, +2 more

6 terms

Funds From Operations (FFO) financial

"A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI..."

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

Adjusted Funds From Operations (AFFO) financial

"Adjusted Funds From Operations (AFFO) | $ | (1,602) | $ | (693)"

Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.

Net Operating Income (NOI) financial

"The Company provides property performance based on Net Operating Income, which we refer to as NOI."

Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.

Adjusted EBITDA financial

"Adjusted EBITDA* | 9,186 | 9,680 | 8,582 | 8,790 | 8,418"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Initial Term Loans financial

"Initial Term Loans | $ | 275,000 | 9.00%"

strategic alternatives financial

"our focus remains squarely on maximizing value for our shareholders through a comprehensive and disciplined evaluation of strategic alternatives."

Strategic alternatives are different options a company considers to improve its value or achieve its goals, such as selling the business, merging with another company, or restructuring operations. For investors, understanding these options is important because they can significantly impact the company's future direction and its stock value, often signaling potential changes or opportunities.

Earnings Snapshot

Rental revenue: $26.2M

Q1 2026

Rental revenue $26.2M

Net loss $9.5M

FFO $1.2M

AFFO $(1.6)M

Leased percentage 68.4%

Total debt $275.0M

Understanding 8-K Material Events →

04/28/2026 - 04:25 PM

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

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.

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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.

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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.

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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.

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Franklin Street Properties Corp.

Earnings Release

Supplementary Information

Table of Contents



Franklin Street Properties Corp. Financial Results	A-C
Real Estate Portfolio Summary Information	D
Portfolio and Other Supplementary Information	E
Percentage of Leased Space	F
Largest 20 Tenants – FSP Owned Portfolio	G
Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted
Funds From Operations (AFFO)	H
Reconciliation and Definition of Sequential Same Store results to Property Net
Operating Income (NOI) and Net Loss	I

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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		54		52
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)

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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		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

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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			2
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			70
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

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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	4	$	423,954	53.8%	2,143	44.6%
Texas	7		255,659	32.4%	1,908	39.7%
Minnesota	3		108,958	13.8%	758	15.7%
Total	14	$	788,571	100.0%	4,809	100.0%

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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		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	14	14
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				Jan-00
1	PARK TEN		Houston, TX		157,609		86.8%		86.8%		86.8%		86.8%
2	PARK TEN PHASE II		Houston, TX		156,746		76.3%		76.3%		76.3%		76.3%
3	GREENWOOD PLAZA		Englewood, CO		196,236		65.0%		65.0%		65.0%		65.0%
4	ADDISON		Addison, TX		289,333		67.7%		67.7%		64.3%		64.3%
5	LIBERTY PLAZA		Addison, TX		217,841		66.9%		66.4%		66.9%		66.9%
6	ELDRIDGE GREEN		Houston, TX		248,399		100.0%		100.0%		100.0%		100.0%
7	121 SOUTH EIGHTH ST		Minneapolis, MN		297,744		80.4%		79.1%		75.2%		76.4%
8	801 MARQUETTE AVE		Minneapolis, MN		129,691		91.8%		91.8%		91.8%		91.8%
9	LEGACY TENNYSON CTR		Plano, TX		209,562		60.9%		60.9%		60.9%		60.9%
10	WESTCHASE I & II		Houston, TX		629,025		66.2%		66.2%		66.2%		67.4%
11	1999 BROADWAY		Denver, CO		682,639		50.7%		50.3%		50.7%		50.7%
12	1001 17TH STREET		Denver, CO		652,423		76.4%		75.6%		77.4%		76.7%
13	PLAZA SEVEN		Minneapolis, MN		330,096		51.0%		51.0%		48.9%		48.9%
14	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
1	CITGO Petroleum Corporation	248,399	5.2%
2	EOG Resources, Inc.	169,167	3.5%
3	US Government	168,573	3.5%
4	Kaiser Foundation Health Plan, Inc.	120,979	2.5%
5	Deluxe Corporation	98,922	2.0%
6	Ping Identity Corp.	89,856	1.9%
7	Olin Corporation	81,480	1.7%
8	Permian Resources Operating, LLC	67,856	1.4%
9	Hall and Evans LLC	65,878	1.4%
10	Cyxtera Management, Inc.	61,826	1.3%
11	Precision Drilling (US) Corporation	59,569	1.2%
12	PwC US Group	54,334	1.1%
13	Coresite, LLC	49,518	1.0%
14	Schwegman, Lundberg & Woessner, P.A.	46,269	1.0%
15	Ark-La-Tex Financial Services, LLC.	41,011	0.9%
16	Invenergy, LLC.	35,088	0.7%
17	Chevron U.S.A., Inc.	35,088	0.7%
18	Moss, Luse & Womble, LLC	34,071	0.7%
19	QB Energy Operating, LLC.	34,063	0.7%
20	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		98		54
Funds From Operations (FFO)	$	1,151	$	2,727

Funds From Operations (FFO)	$	1,151	$	2,727
Loss on extinguishment of debt		1,267		2
Amortization of deferred financing costs and OID		1,020		685
Straight-line rent		221		70
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			Three Months Ended			Inc			%
(in thousands)		or RSF		31-Mar-26			31-Dec-25			(Dec)			Change
Region
MidWest		758			1,372			1,320			52		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)			61			(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)					52			194			(142)		1.2	%

Comparative
Sequential Same Store				$	11,409		$	11,549		$	(140)		(1.2)	%

-16-

Reconciliation to	Three Months Ended		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		—		2
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.

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			Page

Company Information	3	Tenant Analysis and Leasing Activity
		Tenants by Industry		16
Key Financial Data		20 Largest Tenants with Annualized Rent and Remaining Term		17-18
Financial Highlights	4	Leasing Activity		19
Income Statements	5	Lease Expirations by Square Feet		20
Balance Sheets	6	Lease Expirations with Annualized Rent per Square Foot		21
Cash Flow Statements	7	Capital Expenditures		22
Property Net Operating Income (NOI)	8

Reconciliation		Disposition Activity		23
FFO & AFFO	9
EBITDA	10	Net Asset Value Components		24
Property NOI	11
		Appendix: Non-GAAP Financial Measures Definitions
Debt Summary	12	FFO		25
		EBITDA and NOI		26
Capital Analysis	13	AFFO		27

Owned and Consolidated Portfolio Overview	14-15

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP’s current expectations include 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, expectations for future potential property dispositions, expectations for future potential leasing activity, 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, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, additional staffing, insurance increases and real estate tax valuation reassessments. FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

			Liberty Plaza, Addison, TX

March 31, 2026| Page 2


	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	14
				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 17^th 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)			79			(3,181)		(514)			(693)

Per Share Data:
Loss per share	$	(0.09)		$	(0.07)		$	(0.08)	$	(0.08)		$	(0.21)
FFO*	$	0.01		$	0.03		$	0.02	$	0.02		$	0.03
AFFO*	$	(0.02)		$	0.00		$	(0.03)	$	(0.00)		$	(0.01)
Weighted Average Shares (diluted)		103,690			103,690			103,690		103,610			103,567
Closing share price	$	0.66		$	0.95		$	1.60	$	1.64		$	1.78
Dividend declared	$	0.01		$	0.01		$	0.01	$	0.01		$	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		$	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		14			14			14		14			14
Owned properties total SF		4,809,487			4,807,663			4,807,663		4,807,663			4,806,456
Owned properties % leased		68.4%			68.9%			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		For the Three Months Ended								Year Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-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		54		52		82		3		52		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		103,690		103,640

Net loss per share, basic and diluted	$	(0.09)	$	(0.21)	$	(0.08)	$	(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,		March 31,		June 30,		September 30,		December 31,
	2026		2025		2025		2025		2025
Assets:
Real estate assets:
Land	$	98,882	$	98,882	$	98,883	$	98,883	$	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		62		55		48		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		33		41		38		37		34
Total liabilities		285,373		282,980		278,543		285,695		285,907

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—
Common stock		10		10		10		10		10
Additional paid-in capital		1,335,586		1,335,361		1,335,586		1,335,586		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		2
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		70
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			Three Months Ended											Year Ended						%
(in thousands)		or RSF		31-Mar-26			31-Mar-25			30-Jun-25			30-Sep-25		31-Dec-25			31-Dec-25			Inc (Dec)			Change
Region
MidWest		758			1,372			1,356			1,758			1,489		1,320			5,923			16		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)			9		61			(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)					52			55			52			52		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		Three Months Ended								Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-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)		—		2		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		98		54		150		99		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		2		3		7		—		12
Amortization of deferred financing costs and OID		1,020		685		683		677		677		2,722
Shares issued as compensation		—		—		225		—		—		225
Straight-line rent		221		70		(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)	$	79	$	(4,309)

Per Share Data:
Loss per share	$	(0.09)	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)
FFO*		0.01		0.03		0.02		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		103,690		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		Three Months Ended								Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-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		54		52		82		3		52		189
EBITDA*	$	7,919	$	(4,868)	$	9,171	$	8,575	$	9,678	$	22,556
Loss on extinguishment of debt		1,267		2		3		7		—		12
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		13,284		(384)		—		2		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	$	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		Three Months Ended								Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-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		2		3		7		—		12
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		13,284		(384)		—		2		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		73		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		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			103,690			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			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		$	1,037
Common dividend declared per share		$	0.01	$	0.01		$	0.01		$	0.01		$	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		14	14	14	14	14
Square feet		4,809,487	4,807,663	4,807,663	4,807,663	4,806,456
Leased percentage		68.4%	68.9%	68.9%	69.1%	69.2%

Consolidated Property - Single Asset REIT (SAR):
Number of properties (a)		—	—	—	—	1
Square feet		—	—	—	—	213,760
Leased percentage		—	—	—	—	4.1%

Total Owned and Consolidated Properties:
Number of properties (a)		14	14	14	14	15
Square feet		4,809,487	4,807,663	4,807,663	4,807,663	5,020,216
Leased percentage		68.4%	68.9%	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		TX		209,562		60.9%		60.9%		$	31.16	121 South 8th Street		Minneapolis		MN		297,744		75.2%		74.6%		$	24.53
Addison Circle		Addison		TX		289,333		64.3%		64.3%			37.03	801 Marquette Ave		Minneapolis		MN		129,691		91.8%		91.8%			27.29
Liberty Plaza		Addison		TX		217,841		66.9%		65.4%			26.41	Plaza Seven		Minneapolis		MN		330,096		48.9%		48.9%			31.26
														Midwest Region Total						757,531		66.6%		66.3%		$	27.34
Houston
Park Ten		Houston		TX		157,609		86.8%		82.8%			27.67	West Region
Eldridge Green		Houston		TX		248,399		100.0%		100.0%			28.16	Denver
Park Ten Phase II		Houston		TX		156,746		76.3%		75.8%			28.98	1999 Broadway		Denver		CO		682,639		50.7%		48.6%		$	34.37
Westchase I & II		Houston		TX		629,025		66.2%		61.3%			23.66	Greenwood Plaza		Englewood		CO		196,236		65.0%		65.0%			31.59
														1001 17th Street		Denver		CO		652,423		77.4%		74.0%			35.62
														600 17th Street		Denver		CO		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		Square Feet		Rent (a)			Annualized Rent

1	CITGO Petroleum Corporation		1		84		248,399		5.2%		$	8,100,291		8.1%
2	EOG Resources, Inc.		1		9		169,167		3.5%			6,580,596		6.6%
3	US Government		2		57, 58		168,573		3.5%			6,644,733		6.6%
4	Kaiser Foundation Health Plan, Inc.		1		38		120,979		2.5%			4,145,507		4.1%
5	Deluxe Corporation		1		136		98,922		2.0%			2,988,497		3.0%
6	Ping Identity Corp. (b)		1		2, 3, 63		89,856		1.9%			2,199		0.0%
7	Olin Corporation		1		112		81,480		1.7%			2,519,361		2.5%
8	Permian Resources Operating, LLC		1		67		67,856		1.4%			3,052,903		3.1%
9	Hall and Evans LLC		1		41		65,878		1.4%			2,857,011		2.9%
10	Cyxtera Management, Inc.		1		46		61,826		1.3%			2,497,152		2.5%
11	Precision Drilling (US) Corporation		1		26		59,569		1.2%			2,128,996		2.1%
12	PwC US Group		1		34		54,334		1.1%			1,807,692		1.8%
13	Coresite, LLC		1		116		49,518		1.0%			1,874,256		1.9%
14	Schwegman, Lundberg & Woessner, P.A.		1		22		46,269		1.0%			1,414,005		1.4%
15	Ark-La-Tex Financial Services, LLC.		1		12		41,011		0.9%			1,566,049		1.6%
16	Invenergy, LLC. (c)		1		117		35,088		0.7%			—		0.0%
17	Chevron U.S.A., Inc.		1		17		35,088		0.7%			1,546,328		1.6%
18	Moss, Luse & Womble, LLC		1		125		34,071		0.7%			830,227		0.8%
19	QB Energy Operating, LLC.		1		83		34,063		0.7%			1,506,266		1.5%
20	International Business Machines Corporation (d)		1		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		Year
	Three Months Ended			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		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		Expiring		Expiring		Expiring	Cumulative
March 31,	Year (a)		Leases		Leases (b)		Leases		Leases	Total

2026	26	(c)	216,212		$	5,269,802	$	24.37	5.3%	5.3%
2027	34		486,073			17,941,218		36.91	17.9%	23.2%
2028	26		242,409			7,969,512		32.88	8.0%	31.2%
2029	43		568,905			17,422,445		30.62	17.4%	48.6%
2030	20		268,950			8,784,900		32.66	8.8%	57.4%
2031	23		445,501			13,841,215		31.07	13.8%	71.2%
2032	8		77,324			1,715,555		22.19	1.7%	72.9%
2033	11		389,473			12,717,358		32.65	12.7%	85.6%
2034	9		98,153			1,759,402		17.93	1.8%	87.4%
2035	7		173,219			5,783,727		33.39	5.8%	93.2%
2036 and thereafter	24		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.

(c)	Includes 3 leases that are month-to-month.

(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		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		IN		213,760		6/6/25		$	6,000		$	(12,914)

2024
Collins Crossing		Richardson		TX		300,887		1/26/24		$	35,000		$	(2,145)
Innsbrook		Glenn Allen		VA		298,183		7/8/2024			31,000			(13,247)
Pershing Park		Atlanta		GA		160,145		10/23/24			34,000			(27,511)

2023
Northwest Point		Elk Grove		IL		177,095		3/10/23		$	29,125		$	8,391
Forest Park		Charlotte		NC		64,198		8/9/23			9,200			(844)
Liberty Plaza (a)		Addison		TX		n/a		8/23/23			157			53
One Legacy Circle		Plano		TX		214,110		10/26/23			48,000			10,558
Blue Lagoon Drive		Miami		FL		213,182		12/6/23			68,000			(18,872)

2022
380 Interlocken		Broomfield		CO		240,359		8/31/22		$	42,000		$	5,665
390 Interlocken		Broomfield		CO		241,512		8/31/22			60,500			18,412
909 Davis		Evanston		IL		195,098		12/28/22			27,750			3,359

2021
One Ravinia		Atlanta		GA		386,602		5/27/21		$	74,879		$	29,075
Two Ravinia		Atlanta		GA		411,047		5/27/21			71,771			29
One Overton Park		Atlanta		GA		387,267		5/27/21			72,850			(6,336)
Loudoun Tech Center		Dulles		VA		136,658		6/29/21			17,250			(2,148)
River Crossing		Indianapolis		IN		205,729		8/31/21			35,050			(1,734)
Timberlake		Chesterfield		MO		234,496		9/23/21			44,667			6,184
Timberlake East		Chesterfield		MO		117,036		9/23/21			22,333			4,111
999 Peachtree		Atlanta		GA		621,946		10/22/21			223,900			86,766
Meadow Point		Chantilly		VA		138,537		11/16/21			25,500			1,878
Stonecroft		Chantilly		VA		111,469		11/16/21			14,500			(4,768)

2020
Emperor Boulevard		Durham		NC		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)		80
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

Source: View Original Filing on SEC EDGAR

FAQ

How did Franklin Street Properties Corp. (FSP) perform in Q1 2026?

Franklin Street Properties reported Q1 2026 rental revenue of $26.2 million and a net loss of $9.5 million, or $0.09 per share. This compares with a $21.4 million loss, or $0.21 per share, in the prior-year quarter, showing a narrower but still negative bottom line.

What were FSP’s FFO and AFFO results for the first quarter of 2026?

For Q1 2026, Franklin Street Properties reported Funds From Operations (FFO) of $1.2 million, or $0.01 per share, and Adjusted FFO (AFFO) of $(1.6) million, or $(0.02) per share. The negative AFFO indicates that recurring cash-based performance remains weak after capital expenditure adjustments.

What is the current occupancy of Franklin Street Properties’ portfolio?

As of March 31, 2026, Franklin Street Properties’ 14 owned properties, totaling about 4.81 million square feet, were 68.4% leased. This is slightly below the 68.9% leased level reported at December 31, 2025, highlighting a challenging office leasing environment despite new and renewal activity.

How leveraged is Franklin Street Properties as of March 31, 2026?

At March 31, 2026, Franklin Street Properties had total debt of $275 million and total market capitalization of $343.4 million, resulting in a debt-to-total market capitalization ratio of 80.1%. The Initial Term Loans carry a 9.00% interest rate, driving quarterly interest expense of $6.8 million.

What changes has FSP made to its dividend policy in 2026?

On March 9, 2026, Franklin Street Properties’ board decided to suspend quarterly dividends. The company estimates this will preserve approximately $4.1 million of cash annually, which it intends to redeploy into leasing and portfolio initiatives. The board will reassess the dividend policy on a quarterly basis.

What strategic initiatives is Franklin Street Properties pursuing?

Franklin Street Properties is conducting an expanded strategic alternatives review with BofA Securities and JLL as co-financial advisors. Management is evaluating corporate transactions, portfolio and individual asset sales, and other initiatives, and is negotiating a potential sale of its Greenwood Plaza property, subject to due diligence and customary conditions.

How much new leasing did FSP complete in Q1 2026 and at what rents?

In Q1 2026, Franklin Street Properties completed about 145,000 square feet of leasing, including new, renewal and expansion activity. Average GAAP rents on this leasing were approximately $35.16 per square foot, representing a 6.4% increase over average GAAP rents at the same properties in the prior year.

Filing Exhibits & Attachments

5 documents

Franklin Street Properties (NYSE: FSP) Q1 2026 loss, high leverage and dividend pause

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Franklin Street Properties Corp. (FSP) perform in Q1 2026?

What were FSP’s FFO and AFFO results for the first quarter of 2026?

What is the current occupancy of Franklin Street Properties’ portfolio?

How leveraged is Franklin Street Properties as of March 31, 2026?

What changes has FSP made to its dividend policy in 2026?

What strategic initiatives is Franklin Street Properties pursuing?

How much new leasing did FSP complete in Q1 2026 and at what rents?

Filing Exhibits & Attachments

Press Releases

Other Documents

Franklin Street Properties (NYSE: FSP) Q1 2026 loss, high leverage and dividend pause

Rhea-AI Filing Summary

Positive

Negative

Insights

Real estate equity analyst negative

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Franklin Street Properties Corp. (FSP) perform in Q1 2026?

What were FSP’s FFO and AFFO results for the first quarter of 2026?

What is the current occupancy of Franklin Street Properties’ portfolio?

How leveraged is Franklin Street Properties as of March 31, 2026?

What changes has FSP made to its dividend policy in 2026?

What strategic initiatives is Franklin Street Properties pursuing?

How much new leasing did FSP complete in Q1 2026 and at what rents?

Filing Exhibits & Attachments

Press Releases

Other Documents