Franklin Street Properties (NYSE: FSP) halts dividend as 2025 loss and high leverage persist

Q: How did Franklin Street Properties Corp. (FSP) perform financially in 2025?

Franklin Street Properties reported 2025 revenue of $107.16 million and a net loss of $44.96 million . Property NOI declined to $45.80 million from $51.16 million in 2024, while Funds From Operations were $11.01 million and Adjusted FFO was negative $(4.31) million .

Q: What debt refinancing did FSP complete related to its near-term maturities?

FSP closed a new $320 million secured credit facility with an affiliate of TPG Credit. It used borrowings under this facility to repay about $249 million of existing indebtedness. The facility matures on February 26, 2029 , with a potential one-year extension, and carries a 9.00% interest rate.

Q: How occupied was Franklin Street Properties’ portfolio at the end of 2025?

As of December 31, 2025 , FSP owned 14 properties totaling about 4.81 million square feet . The owned portfolio was 68.9% leased, with regional leased percentages of 72.8% in the South, 69.5% in the Midwest, and 65.1% in the West.

Q: What is Franklin Street Properties’ leverage profile as of year-end 2025?

At December 31, 2025 , total debt excluding unamortized financing costs was $248.92 million . Debt represented 71.6% of total market capitalization, and the net debt to annualized adjusted EBITDA ratio was 5.6x , indicating a relatively high leverage position.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Franklin Street Properties Corp. reported a full-year 2025 net loss of $44.96 million on revenue of $107.16 million, down from $120.11 million in 2024. Fourth-quarter revenue was $26.04 million with a net loss of $7.32 million. Funds From Operations for 2025 were $11.01 million, while Adjusted FFO was negative at $(4.31) million, or $(0.04) per share.

The company closed a $320 million secured credit facility with an affiliate of TPG Credit, using borrowings to repay approximately $249 million of existing indebtedness. The facility matures on February 26, 2029 with a potential one-year extension and includes up to $45 million of delayed-draw term loans for leasing and property investments.

Amid continued pressure in the office market, overall leased percentage for owned properties was 68.9% across 4.81 million square feet as of December 31, 2025. The Board decided to suspend the quarterly dividend, which is expected to preserve about $4.1 million in cash annually, and will reassess payments each quarter while the strategic alternatives review continues.

Positive

Refinancing of near-term debt maturities: The company closed a $320 million secured credit facility with an affiliate of TPG Credit and used it to repay approximately $249 million of outstanding indebtedness, extending its stated debt maturity to February 26, 2029 and adding up to $45 million of delayed-draw capacity for property investments.

Negative

Dividend suspension and negative AFFO: The Board suspended the quarterly dividend, preserving about $4.1 million in cash annually, after 2025 Adjusted FFO totaled $(4.31) million and property NOI declined from $51.16 million in 2024 to $45.80 million in 2025.
High leverage in a weak office environment: Debt represented 71.6% of total market capitalization at year-end 2025, with net debt to adjusted EBITDA at 5.6x, while owned properties were only 68.9% leased across 4.81 million square feet.

Insights

Dividend suspension and high leverage offset improved debt maturity profile.

Franklin Street Properties produced 2025 revenue of $107.16 million and a net loss of $44.96 million, with property NOI falling to $45.80 million from $51.16 million in 2024. Leased percentage on 4.81 million square feet was 68.9% at December 31, 2025, reflecting a still-challenged office portfolio.

The company refinanced approximately $249 million of debt through a new $320 million secured facility maturing on February 26, 2029, at a stated interest rate of 9.00%. This extends maturities but keeps leverage elevated: debt represented 71.6% of total market capitalization, and net debt to adjusted EBITDA was 5.6x at year-end.

Cash coverage remains tight, with 2025 FFO of $11.01 million but negative AFFO of $(4.31) million. The Board’s suspension of the quarterly dividend, preserving about $4.1 million annually, underscores a priority on liquidity, leasing costs, and strategic flexibility while the ongoing review of alternatives—including asset sales and corporate-level transactions—continues in an uneven office market.

03/09/2026 - 04:34 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):

March 9, 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 March 9, 2026, Franklin Street Properties Corp. (the “Registrant”) announced its financial results for the fourth quarter and full year ended December 31, 2025. 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 March 9, 2026.

99.2		Supplemental Operating and Financial Data for the Fourth Quarter of 2025.

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: March 9, 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

Fourth Quarter and Full Year 2025 Results

Wakefield, MA— March 9, 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 fourth quarter and the year ended December 31, 2025.

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

“As previously announced on February 27, 2026, the Company closed a $320 million secured credit facility with an affiliate of TPG Credit. The Company repaid in full all of its then outstanding approximately $249 million aggregate principal amount of indebtness with borrowings under the facility. The facility has an original stated maturity of February 26, 2029, subject to potential extension of up to one year at the option of the Company, subject to certain conditions. The facility includes up to $45 million of delayed draw term loans, which, subject to certain conditions, will be used to fund tenant improvements, leasing commissions, building improvements and other uses approved by the lender.

FSP continues to maintain its focus on trying to improve leasing and occupancy across our portfolio. Nationally, the overall office sector continues to face headwinds from capital markets volatility and evolving workplace dynamics, but we have recently seen some encouraging signs of stabilization and “return-to-office” trends in many cities across the United States. While overall leasing volume within the FSP portfolio during the year ended December 31, 2025 has been modest, we have seen more signs of improved tenant activity in our markets. National office vacancy rates have finally declined slightly for the first time since early 2019. Importantly, we are also seeing and competing for a greater number of larger potential lease transactions at our properties. More prospective tenants are in the market seeking to expand their office space footprints. The increased demand from these prospective tenants is pushing up against a reduced supply of office space from a lack of new development and inventory removal.

Now that our near-term debt maturity has been addressed and while leasing and property operations are ongoing, we are continuing our review of potential strategic alternatives. Our Board of Directors and management team remain deeply committed to continuing to explore ways to maximize shareholder value. We believe that successfully addressing our near-term debt maturities has reduced a significant source of near-term uncertainty and avoided putting the Company in a position of having to make forced or suboptimal decisions, thereby enabling us to focus on executing strategic initiatives in what continues to be an uneven office market environment.”

Financial Highlights

●

GAAP net loss was $7.3 million and $45.0 million, or $0.07 and $0.43 per basic and diluted share for the three and twelve months ended December 31, 2025, respectively.

●

Funds From Operations (FFO) was $3.4 million and $11.0 million, or $0.03 and $0.11 per basic and diluted share, for the three and twelve months ended December 31, 2025, respectively.

Leasing Highlights

●

During the year ended December 31, 2025, we leased approximately 413,000 square feet of space of which approximately 320,000 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 68.9% leased as of December 31, 2025, compared to approximately 70.3% leased

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as of December 31, 2024. The decrease in the leased percentage is due to lease expirations exceeding new executed leases during the year ended December 31, 2025.

●

The weighted average GAAP base rent per square foot achieved on leasing activity during the year ended December 31, 2025, was $32.42, or 5.7% higher than average rents in the respective properties for the year ended December 31, 2024. The average lease term on leases signed during the year ended December 31, 2025, was 5.7 years compared to 6.3 years during the year ended December 31, 2024. Overall, the portfolio weighted average rent per occupied square foot was $30.86 as of December 31, 2025, compared to $31.77 as of December 31, 2024.

●

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.

Strategic Review

George J. Carter, Chairman and Chief Executive Officer, commented as follows with respect to the Company’s review of strategic alternatives:

“Our Board of Directors continues to work with our financial advisor, BofA Securities, in connection with a review of strategic alternatives in order to explore ways to maximize shareholder value. To date, we have evaluated a broad range of strategic alternatives, including portfolio-level transactions, individual asset dispositions, joint venture structures, corporate-level transactions, and liquidation scenarios in addition to the refinancing alternatives that resulted in the new secured credit facility with an affiliate of TPG Credit. No assurances can be given regarding the outcome or timetable for completion of the strategic review process.

Management and the Board continue to believe that the intrinsic value of the Company’s real estate portfolio exceeds its current public market valuation. However, the Company’s ability to realize that value is dependent upon transaction and financing liquidity in the relevant capital markets and property submarkets, including for assets of similar quality, occupancy levels, and weighted average lease terms. Based on market evidence, transaction comparables, and discussions with potential counterparties, the Board, in consultation with our professional advisors, determined that, to date, market conditions have not been supportive of transactions at pricing levels that would reasonably reflect the intrinsic value of the Company’s assets. Accordingly, pursuing asset sales or liquidation under such market conditions would likely not maximize value for our shareholders. We believe that current transaction activity in many office markets continues to reflect limited capital availability and highly selective buyer demand rather than the underlying long-term value of institutional quality assets.

Our review of potential strategic alternatives remains ongoing and continues to include evaluation of a broad range of alternatives, including asset sales. We look forward to updating the market as and when appropriate.”

Dividend

The Company is today announcing that the Board of Directors has determined to suspend the payment of quarterly dividends. The Board did so in part to support the Company’s efforts to reduce operating expenses and 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.

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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.

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.

2025 Net Income (Loss), FFO and Disposition Guidance

At this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income (Loss), FFO and property disposition guidance.

Real Estate Update

Supplementary schedules provide property information for the Company’s owned and consolidated properties as of December 31, 2025. 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.

Earnings Call

A conference call is scheduled for March 10, 2026, at 10:00 a.m. (ET) to discuss the fourth quarter and full year 2025 results. To access the call, please dial 800-715-9871 and use conference ID 5455485. Internationally, the call may be accessed by dialing 646-307-1963 and using conference ID 5455485. To listen via live audio webcast, please visit the Events & Presentations section in the Investor Relations section of the Company's website (www.fspreit.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.

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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, the payment of dividends in future periods, 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				For the
	Three Months Ended				Year Ended
	December 31,				December 31,
(in thousands, except per share amounts)	2025		2024		2025		2024

Revenue:
Rental	$	26,040	$	28,375	$	107,162	$	120,080
Other		—		—		—		32
Total revenue		26,040		28,375		107,162		120,112

Expenses:
Real estate operating expenses		10,573		11,423		42,040		45,043
Real estate taxes and insurance		3,389		5,541		18,211		22,716
Depreciation and amortization		10,609		10,756		42,609		44,774
General and administrative		2,628		2,815		12,427		13,884
Interest		6,340		5,911		24,718		26,424
Total expenses		33,539		36,446		140,005		152,841

Loss on extinguishment of debt		—		(428)		(12)		(1,042)
Loss on sale of properties and impairment of assets held for sale, net		(2)		(367)		(12,902)		(20,826)
Interest income		230		394		986		2,090
Loss before taxes		(7,271)		(8,472)		(44,771)		(52,507)
Tax expense		52		54		189		216
Net loss	$	(7,323)	$	(8,526)	$	(44,960)	$	(52,723)

Weighted average number of shares outstanding, basic and diluted		103,690		103,567		103,640		103,510

Loss per share, basic and diluted:
Net loss per share, basic and diluted	$	(0.07)	$	(0.08)	$	(0.43)	$	(0.51)

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule B

Condensed Consolidated Balance Sheets

(Unaudited)


	December 31,			December 31,
(in thousands, except share and par value amounts)	2025			2024
Assets:
Real estate assets:
Land	$	98,883		$	105,298
Buildings and improvements		1,091,728			1,096,265
Fixtures and equipment		11,572			11,053
		1,202,183			1,212,616
Less accumulated depreciation		408,461			377,708
Real estate assets, net		793,722			834,908
Acquired real estate leases, less accumulated amortization of $14,648 and $13,613, respectively		2,490			4,205
Cash, cash equivalents and restricted cash		30,571			42,683
Tenant rent receivables		471			1,283
Straight-line rent receivable		38,744			37,727
Prepaid expenses and other assets		4,080			3,114
Office computers and furniture, net of accumulated depreciation of $1,047 and $1,073, respectively		136			70
Deferred leasing commissions, net of accumulated amortization of $14,566 and $14,195, respectively		22,670			22,941
Total assets	$	892,884		$	946,931

Liabilities and Stockholders’ Equity:
Liabilities:
Term loans payable, less unamortized financing costs of $441 and $2,220, respectively	$	125,555		$	124,491
Series A & Series B Senior Notes, less unamortized financing costs of $236 and $1,191, respectively		122,686			122,430
Accounts payable and accrued expenses		28,724			34,067
Accrued compensation		2,394			3,097
Tenant security deposits		6,198			6,237
Lease liability		316			707
Acquired unfavorable real estate leases, less accumulated amortization of $56 and $89, respectively		34			45
Total liabilities		285,907			291,074

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 103,566,715 shares issued and outstanding, respectively		10			10
Additional paid-in capital		1,335,586			1,335,361
Accumulated distributions in excess of accumulated earnings		(728,619)			(679,514)
Total stockholders’ equity		606,977			655,857
Total liabilities and stockholders’ equity	$	892,884		$	946,931

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule C

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	For the
	Year Ended
	December 31,
(in thousands)	2025			2024
Cash flows from operating activities:
Net loss	$	(44,960)		$	(52,723)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		45,330			47,742
Amortization of above and below market leases		—			(17)
Amortization of other comprehensive income into interest expense		—			(355)
Shares issued as compensation		225			270
Loss on extinguishment of debt		12			1,042
Loss on sale of properties and impairment of assets held for sale, net		12,902			20,826
Changes in operating assets and liabilities:
Tenant rent receivables		812			908
Straight-line rents		147			1,970
Lease acquisition costs		(1,171)			(666)
Prepaid expenses and other assets		(593)			355
Accounts payable and accrued expenses		(3,982)			(3,708)
Accrued compensation		(703)			(547)
Tenant security deposits		(39)			33
Payment of deferred leasing commissions		(4,227)			(6,143)
Net cash provided by operating activities		3,753			8,987
Cash flows from investing activities:
Property improvements, fixtures and equipment		(16,415)			(25,213)
Proceeds received from sales of properties		6,109			95,497
Net cash provided by (used in) investing activities		(10,306)			70,284
Cash flows from financing activities:
Distributions to stockholders		(4,145)			(4,140)
Repayments of Bank note payable		—			(22,667)
Repayments of Term loans payable		(716)			(55,622)
Repayments of Series A&B Senior Notes		(698)			(76,379)
Deferred financing costs		—			(5,660)
Net cash used in financing activities		(5,559)			(164,468)
Net decrease in cash, cash equivalents and restricted cash		(12,112)			(85,197)
Cash, cash equivalents and restricted cash, beginning of year		42,683			127,880
Cash, cash equivalents and restricted cash, end of period	$	30,571		$	42,683

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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	365,916	7.6%
2027	500,108	10.4%
2028	242,046	5.0%
2029	561,561	11.7%
2030	268,950	5.6%
Thereafter (2)	2,869,082	59.7%
	4,807,663	100.0%

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

(2)	Includes 1,496,641 square feet of vacancies at our owned properties as of December 31, 2025.


(dollars & square feet in 000's)	As of December 31, 2025
				% of	Square	% of
State	Properties	Investment		Portfolio	Feet	Portfolio

Colorado	4	$	427,404	53.8%	2,142	44.5%
Texas	7		256,088	32.3%	1,908	39.7%
Minnesota	3		110,230	13.9%	758	15.8%
Total	14	$	793,722	100.0%	4,808	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


									For the
(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


(in thousands)	For the Three Months Ended								Year Ended
	31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24
Tenant improvements	$	2,619	$	2,558	$	4,444	$	4,173	$	13,794
Deferred leasing costs		2,237		511		421		2,974		6,143
Non-investment capex		1,019		1,480		1,658		2,568		6,725
	$	5,875	$	4,549	$	6,523	$	9,715	$	26,662


Square foot & leased percentages	December 31,	December 31,
	2025	2024
Owned Properties:
Number of properties	14	14
Square feet	4,807,663	4,806,253
Leased percentage	68.9%	70.3%

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

Total Owned and Consolidated Properties:
Number of properties	14	15
Square feet	4,807,663	5,020,013
Leased percentage	68.9%	67.5%

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Franklin Street Properties Corp. Earnings Release

Supplementary Schedule F

Percentage of Leased Space

(Unaudited & Estimated)


									Third				Fourth
							% Leased (1)		Quarter		% Leased (1)		Quarter
							as of		Average %		as of		Average %
	Property Name		Location		Square Feet		30-Sep-25		Leased (2)		31-Dec-25		Leased (2)
											Jan-00
1	PARK TEN		Houston, TX		157,609		86.8%		91.6%		86.8%		86.8%
2	PARK TEN PHASE II		Houston, TX		156,746		76.3%		75.7%		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%		67.7%		67.7%
5	LIBERTY PLAZA		Addison, TX		217,841		65.4%		66.5%		66.9%		66.4%
6	ELDRIDGE GREEN		Houston, TX		248,399		100.0%		100.0%		100.0%		100.0%
7	121 SOUTH EIGHTH ST		Minneapolis, MN		297,744		78.5%		77.9%		80.4%		79.1%
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%		65.7%		66.2%		66.2%
11	1999 BROADWAY		Denver, CO		682,639		50.2%		50.4%		50.7%		50.3%
12	1001 17TH STREET		Denver, CO		650,607		75.1%		75.1%		76.4%		75.6%
13	PLAZA SEVEN		Minneapolis, MN		330,096		51.0%		51.0%		51.0%		51.0%
14	600 17TH STREET		Denver, CO		612,135		72.5%		72.5%		69.1%		69.4%
	OWNED PORTFOLIO				4,807,663		68.9%		69.0%		68.9%		68.6%

(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 December 31, 2025


			% 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				Year Ended
	December 31,				December 31,
(In thousands, except per share amounts)	2025		2024		2025		2024

Net loss	$	(7,323)	$	(8,526)	$	(44,960)	$	(52,723)
Loss on sale of properties and impairment of asset held for sale, net		2		367		12,902		20,826
Depreciation & amortization		10,609		10,755		42,609		44,757
NAREIT FFO		3,288		2,596		10,551		12,860
Lease Acquisition costs		153		111		456		426
Funds From Operations (FFO)	$	3,441	$	2,707	$	11,007	$	13,286

Funds From Operations (FFO)	$	3,441	$	2,707	$	11,007	$	13,286
Loss on extinguishment of debt		—		428		12		1,042
Amortization of deferred financing costs		677		703		2,722		2,968
Shares issued as compensation		—		—		225		270
Straight-line rent		188		720		147		1,969
Tenant improvements		(2,023)		(4,173)		(10,281)		(13,794)
Leasing commissions		(1,050)		(2,974)		(4,226)		(6,143)
Non-investment capex		(1,154)		(2,568)		(3,915)		(6,725)
Adjusted Funds From Operations (AFFO)	$	79	$	(5,157)	$	(4,309)	$	(7,127)

Per Share Data
EPS	$	(0.07)	$	(0.08)	$	(0.43)	$	(0.51)
FFO	$	0.03	$	0.03	$	0.11	$	0.13
AFFO	$	0.00	$	(0.05)	$	(0.04)	$	(0.07)

Weighted average shares (basic and diluted)		103,690		103,567		103,640		103,510

-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, (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-Dec-25			30-Sep-25			(Dec)			Change
Region
MidWest		758			1,320			1,489			(169)		(11.3)	%
South		1,908			4,740			4,144			596		14.4	%
West		2,142			5,683			5,450			233		4.3	%
Property NOI* from Owned Properties		4,808			11,743			11,083			660		6.0	%
Disposition and Acquisition Properties (a)		-			61			9			52		0.4	%
NOI*		4,808		$	11,804		$	11,092		$	712		6.4	%

Sequential Same Store				$	11,743		$	11,083		$	660		6.0	%

Less Nonrecurring
Items in NOI* (b)					194			52			142		(1.3)	%

Comparative
Sequential Same Store				$	11,549		$	11,031		$	518		4.7	%

-16-

Reconciliation to	Three Months Ended		Three Months Ended
Net loss	31-Dec-25		30-Sep-25
Net loss	$	(7,323)	$	(8,326)
Add (deduct):
Loss on extinguishment of debt		—		7
(Gain) loss on sale of properties and impairment of assets held for sale, net		2		—
Management fee income		(363)		(345)
Depreciation and amortization		10,609		10,550
Amortization of above/below market leases		—		—
General and administrative		2,628		3,034
Interest expense		6,340		6,348
Interest income		(230)		(249)
Non-property specific items, net		141		73


NOI*	$	11,804	$	11,092

(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


	Fourth Quarter 2025 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.

			Addison Circle One, Addison, TX

December 31, 2025| Page 2


	Company Information

Overview		Snapshot (as of December 31, 2025)
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 December 31, 2025, 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	Eldridge Green, Houston, TX

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.

December 31, 2025| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
		31-Dec-25		30-Sep-25			30-Jun-25		31-Mar-25			31-Dec-24
Income Items:
Rental revenue	$	26,040			27,300		$	26,715	$	27,107		$	28,375
Total revenue		26,040			27,300			26,715		27,107			28,375
Net loss		(7,323)			(8,326)			(7,876)		(21,435)			(8,526)
Adjusted EBITDA*		9,680			8,582			8,790		8,418			8,989
FFO*		3,441			2,323			2,516		2,727			2,707
AFFO*		79			(3,181)			(514)		(693)			(5,157)

Per Share Data:
Loss per share	$	(0.07)			(0.08)		$	(0.08)	$	(0.21)		$	(0.08)
FFO*	$	0.03			0.02		$	0.02	$	0.03		$	0.03
AFFO*	$	0.00			(0.03)		$	(0.00)	$	(0.01)		$	(0.05)
Weighted Average Shares (diluted)		103,690			103,690			103,610		103,567			103,567
Closing share price	$	0.95			1.60		$	1.64	$	1.78		$	1.83
Dividend declared	$	0.01			0.01		$	0.01	$	0.01		$	0.01

Balance Sheet Items:
Real estate, net	$	793,722			799,622		$	803,412	$	810,327		$	834,908
Other assets, net		99,162			101,410			99,831		106,039			112,023
Total assets, net		892,884			901,032			903,243		916,366			946,931
Total liabilities, net		285,907			285,695			278,543		282,980			291,074
Stockholders' equity		606,977			615,337			624,700		633,386			655,857

Market Capitalization and Debt:
Total Market Capitalization (a)	$	347,423			414,822		$	419,870	$	434,528		$	439,859
Total debt outstanding (excluding unamortized financing costs)	$	248,917			248,917		$	249,818	$	250,179		$	250,332
Debt to Total Market Capitalization		71.6%			60.0%			59.5%		57.6%			56.9%
Net Debt to Adjusted EBITDA ratio*		5.6			6.3			6.2		6.5			5.8

Owned Properties Leasing Statistics:
Owned properties assets		14			14			14		14			14
Owned properties total SF		4,807,663			4,807,663			4,807,663		4,806,456			4,806,253
Owned properties % leased		68.9%			68.9%			69.1%		69.2%			70.3%

(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.

December 31, 2025| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


									For The										For the
	For the Three Months Ended								Year Ended		For the Three Months Ended								Year Ended
	31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Revenue:
Rental	$	27,107	$	26,715	$	27,300	$	26,040	$	107,162	$	31,225	$	30,818	$	29,662	$	28,375	$	120,080
Other		—		—		—		—		—		—		12		20		—		32
Total revenue		27,107		26,715		27,300		26,040		107,162		31,225		30,830		29,682		28,375		120,112

Expenses:
Real estate operating expenses		10,095		10,701		10,671		10,573		42,040		11,019		11,027		11,574		11,423		45,043
Real estate taxes and insurance		5,369		4,191		5,262		3,389		18,211		5,936		5,727		5,512		5,541		22,716
Depreciation and amortization		10,824		10,626		10,550		10,609		42,609		11,625		11,482		10,911		10,756		44,774
General and administrative		3,484		3,281		3,034		2,628		12,427		4,159		3,635		3,275		2,815		13,884
Interest		5,691		6,339		6,348		6,340		24,718		6,846		7,082		6,585		5,911		26,424
Total expenses		35,463		35,138		35,865		33,539		140,005		39,585		38,953		37,857		36,446		152,841

Loss on extinguishment of debt		(2)		(3)		(7)		—		(12)		(137)		—		(477)		(428)		(1,042)
Gain (loss) on sale of properties and impairment of assets held for sale, net		(13,284)		384		—		(2)		(12,902)		(5)		(13,200)		(7,254)		(367)		(20,826)
Interest income		259		248		249		230		986		1,008		348		340		394		2,090
Loss before taxes		(21,383)		(7,794)		(8,323)		(7,271)		(44,771)		(7,494)		(20,975)		(15,566)		(8,472)		(52,507)
Tax expense		52		82		3		52		189		58		48		56		54		216

Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)

Weighted average number of shares outstanding, basic and diluted		103,567		103,610		103,690		103,690		103,640		103,430		103,477		103,567		103,567		103,510

Net loss per share, basic and diluted	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)	$	(0.07)	$	(0.20)	$	(0.15)	$	(0.08)	$	(0.51)

December 31, 2025| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		June 30,		September 30,		December 31,		March 31,		June 30,		September 30,		December 31,
	2025		2025		2025		2025		2024		2024		2024		2024
Assets:
Real estate assets:
Land	$	98,882	$	98,883	$	98,883	$	98,883	$	110,298	$	105,298	$	105,298	$	105,298
Buildings and improvements		1,083,971		1,085,048		1,088,981		1,091,728		1,137,496		1,086,300		1,090,551		1,096,265
Fixtures and equipment		11,289		11,399		11,355		11,572		13,002		10,436		10,776		11,053
		1,194,142		1,195,330		1,199,219		1,202,183		1,260,796		1,202,034		1,206,625		1,212,616
Less accumulated depreciation		383,815		391,918		399,597		408,461		376,063		361,278		369,276		377,708
Real estate assets, net		810,327		803,412		799,622		793,722		884,733		840,756		837,349		834,908
Acquired real estate leases, net		3,737		3,309		2,899		2,490		5,971		5,306		4,695		4,205
Assets held for sale		5,685		—		—		—		38,947		67,823		32,926		—
Cash, cash equivalents and restricted cash		31,559		30,518		31,575		30,571		37,779		31,495		42,375		42,683
Tenant rent receivables, net		1,462		1,568		1,380		471		2,200		2,349		1,349		1,283
Straight-line rent receivable, net		37,724		37,839		38,857		38,744		40,357		38,901		38,432		37,727
Prepaid expenses and other assets		3,429		3,583		3,889		4,080		4,140		4,064		3,243		3,114
Office computers and furniture, net of accumulated depreciation		62		55		48		136		106		92		80		70
Deferred leasing commissions, net		22,381		22,959		22,762		22,670		24,730		21,741		21,064		22,941
Total assets	$	916,366	$	903,243	$	901,032	$	892,884	$	1,038,963	$	1,012,527	$	981,513	$	946,931

Liabilities and Stockholders’ Equity:
Liabilities:
Term loan payable, net of unamortized financing costs	$	124,861		125,124		125,114		125,555	$	149,169	$	149,604	$	137,601	$	124,491
Series A & Series B Senior Notes		122,595		122,656		122,449		122,686		147,340		147,611		135,545		122,430
Accounts payable and accrued expenses		27,510		22,010		28,785		28,724		30,099		23,765		32,821		34,067
Accrued compensation		1,205		1,911		2,635		2,394		1,196		2,300		3,193		3,097
Tenant security deposits		6,156		6,289		6,258		6,198		6,268		6,248		6,120		6,237
Lease liability		612		515		417		316		953		859		763		707
Acquired unfavorable real estate leases, net		41		38		37		34		74		63		51		45
Total liabilities		282,980		278,543		285,695		285,907		335,099		330,450		316,094		291,074

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—		—		—		—
Common stock		10		10		10		10		10		10		10		10
Additional paid-in capital		1,335,361		1,335,586		1,335,586		1,335,586		1,335,091		1,335,361		1,335,361		1,335,361
Accumulated distributions in excess of accumulated earnings		(701,985)		(710,896)		(720,259)		(728,619)		(631,237)		(653,294)		(669,952)		(679,514)
Total stockholders’ equity		633,386		624,700		615,337		606,977		703,864		682,077		665,419		655,857
Total liabilities and stockholders’ equity	$	916,366	$	903,243	$	901,032	$	892,884	$	1,038,963	$	1,012,527	$	981,513	$	946,931

December 31, 2025| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)



	Year Ended December 31,
	2025		2024		2023
Cash flows from operating activities:
Net loss	$	(44,960)	$	(52,723)	$	(48,110)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense		45,330		47,742		57,240
Amortization of above and below market leases		—		(17)		(44)
Amortization of other comprehensive income into interest expense		—		(355)		(3,851)
Shares issued as compensation		225		270		315
Loss on extinguishment of debt		12		1,042		106
Loss on sale of properties and impairment of assets held for sale, net		12,902		20,826		23,384
Changes in operating assets and liabilities:
Tenant rent receivables		812		908		10
Straight-line rents		147		1,970		625
Lease acquisition costs		(1,171)		(666)		(2,007)
Prepaid expenses and other assets		(593)		355		382
Accounts payable and accrued expenses		(3,982)		(3,708)		(2,709)
Accrued compensation		(703)		(547)		—
Tenant security deposits		(39)		33		494
Payment of deferred leasing commissions		(4,227)		(6,143)		(7,575)
Net cash provided by operating activities		3,753		8,987		17,866

Cash flows from investing activities:
Property improvements, fixtures and equipment		(16,415)		(25,213)		(31,637)
Consolidation of Sponsored REIT		—		—		3,048
Proceeds received from sales of properties		6,109		95,497		142,225
Net cash provided by (used in) investing activities		(10,306)		70,284		113,636

Cash flows from financing activities:
Distributions to stockholders		(4,145)		(4,140)		(4,133)
Stock repurchases		—		—		4,206
Borrowings under Bank note payable		—		—		77,000
Repayments of Bank note payable		—		(22,667)		(35,000)
Repayments of Term loans payable		(716)		(55,622)		(50,000)
Repayments of Series A&B Senior Notes		(698)		(76,379)		—
Deferred financing costs		—		(5,660)		(2,327)
Net cash used in financing activities		(5,559)		(164,468)		(10,254)
Net increase (decrease) in cash, cash equivalents and restricted cash		(12,112)		(85,197)		121,248
Cash, cash equivalents and restricted cash, beginning of period		42,683		127,880		6,632
Cash, cash equivalents and restricted cash, end of period	$	30,571	$	42,683	$	127,880

December 31, 2025| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)



		Rentable
		Square Feet		Three Months Ended											Year Ended			Three Months Ended											Year Ended						%
(in thousands)		or RSF		31-Mar-25			30-Jun-25			30-Sep-25		31-Dec-25			31-Dec-25			31-Mar-24			30-Jun-24			30-Sep-24		31-Dec-24			31-Dec-24			Inc (Dec)			Change
Region
MidWest		758			1,356			1,758			1,489		1,320			5,923			1,640			1,665			1,278		1,170			5,753			170		3.0	%
South		1,908			4,331			4,393			4,144		4,740			17,608			4,621			4,579			4,390		4,549			18,139			(531)		(2.9)	%
West		2,142			5,849			5,516			5,450		5,683			22,498			6,204			6,224			6,037		5,670			24,135			(1,637)		(6.8)	%
Property NOI* from Owned Properties		4,808			11,536			11,667			11,083		11,743			46,029			12,465			12,468			11,705		11,389			48,027			(1,998)		(4.2)	%
Disposition and Acquisition Properties (a)		-			(193)			(108)			9		61			(231)			1,443			1,280			678		(266)			3,135			(3,366)		(6.3)	%
Property NOI*		4,808		$	11,343		$	11,559		$	11,092	$	11,804		$	45,798		$	13,908		$	13,748		$	12,383	$	11,123		$	51,162		$	(5,364)		(10.5)	%

Same Store				$	11,536		$	11,667		$	11,083	$	11,743		$	46,029		$	12,465		$	12,468		$	11,705	$	11,389		$	48,027		$	(1,998)		(4.2)	%

Less Nonrecurring
Items in NOI* (b)					55			52			52		194			353			246			255			78		185			764			(411)		0.8	%

Comparative
Same Store				$	11,481		$	11,615		$	11,031	$	11,549		$	45,676		$	12,219		$	12,213		$	11,627	$	11,204		$	47,263		$	(1,587)		(3.4)	%

(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.

December 31, 2025| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


									Year										Year
	Three Months Ended								Ended		Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Loss (gain) on sale of properties and impairment of assets held for sale, net		13,284		(384)		—		2		12,902		5		13,200		7,254		367		20,826
Depreciation & amortization		10,824		10,626		10,550		10,609		42,609		11,619		11,476		10,907		10,755		44,757
NAREIT FFO*		2,673		2,366		2,224		3,288		10,551		4,072		3,653		2,539		2,596		12,860
Lease Acquisition costs		54		150		99		153		456		121		68		126		111		426
Funds From Operations (FFO)*	$	2,727	$	2,516	$	2,323	$	3,441	$	11,007	$	4,193	$	3,721	$	2,665	$	2,707	$	13,286


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	2,727	$	2,516	$	2,323	$	3,441	$	11,007	$	4,193	$	3,721	$	2,665	$	2,707	$	13,286
Loss on extinguishment of debt		2		3		7		—		12		137		—		477		428		1,042
Amortization of deferred financing costs		685		683		677		677		2,722		680		818		767		703		2,968
Shares issued as compensation		—		225		—		—		225		—		270		—		—		270
Straight-line rent		70		(74)		(37)		188		147		206		258		785		720		1,969
Tenant improvements		(2,374)		(1,415)		(4,469)		(2,023)		(10,281)		(2,619)		(2,558)		(4,444)		(4,173)		(13,794)
Leasing commissions		(545)		(1,702)		(929)		(1,050)		(4,226)		(2,237)		(511)		(421)		(2,974)		(6,143)
Non-investment capex		(1,258)		(750)		(753)		(1,154)		(3,915)		(1,019)		(1,480)		(1,658)		(2,568)		(6,725)
Adjusted Funds From Operations (AFFO)*	$	(693)	$	(514)	$	(3,181)	$	79	$	(4,309)	$	(659)	$	518	$	(1,829)	$	(5,157)	$	(7,127)

Per Share Data:
Loss per share	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)	$	(0.07)	$	(0.20)	$	(0.15)	$	(0.08)	$	(0.51)
FFO*		0.03		0.02		0.02		0.03		0.11		0.04		0.04		0.03		0.03		0.13
AFFO*		(0.01)		(0.00)		(0.03)		0.00		(0.04)		(0.01)		0.01		(0.02)		(0.05)		(0.07)

Weighted Average Shares (basic and diluted)		103,567		103,610		103,690		103,690		103,640		103,430		103,477		103,567		103,567		103,510

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

December 31, 2025| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


									Year										Year
	Three Months Ended								Ended		Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Interest expense		5,691		6,339		6,348		6,340		24,718		6,846		7,082		6,585		5,911		26,424
Depreciation and amortization		10,824		10,626		10,550		10,609		42,609		11,619		11,476		10,907		10,755		44,757
Income taxes		52		82		3		52		189		58		48		56		54		216
EBITDA*	$	(4,868)	$	9,171		8,575		9,678	$	22,556	$	10,971	$	(2,417)	$	1,926	$	8,194	$	18,674
Loss on extinguishment of debt		2		3		7		—		12		137		—		477		428		1,042
Loss (gain) on sale of properties and impairment of assets held for sale, net		13,284		(384)		—		2		12,902		5		13,200		7,254		367		20,826
Adjusted EBITDA*	$	8,418	$	8,790	$	8,582	$	9,680	$	35,470	$	11,113	$	10,783	$	9,657	$	8,989	$	40,542

Interest expense	$	5,691	$	6,339	$	6,348	$	6,340	$	24,718	$	6,846	$	7,082	$	6,585	$	5,911	$	26,424
Scheduled principal payments		—		—		—		—		—		—		—		—		—		—
Interest and scheduled principal payments	$	5,691	$	6,339	$	6,348	$	6,340	$	24,718	$	6,846	$	7,082	$	6,585	$	5,911	$	26,424

Interest coverage ratio		1.48		1.39		1.35		1.53		1.43		1.62		1.52		1.47		1.52		1.53

Debt service coverage ratio		1.48		1.39		1.35		1.53		1.43		1.62		1.52		1.47		1.52		1.53

Debt excluding unamortized financing costs	$	250,179	$	249,818	$	248,917	$	248,917			$	303,000	$	303,000	$	277,687	$	250,332
Cash, cash equivalents and restricted cash		31,559		30,518		31,575		30,571				37,779		31,495		42,375		42,683
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	218,620	$	219,300	$	217,342	$	218,346			$	265,221	$	271,505	$	235,312	$	207,649

Adjusted EBITDA*	$	8,418	$	8,790	$	8,582	$	9,680			$	11,113	$	10,783	$	9,657	$	8,989
Annualized	$	33,672	$	35,160	$	34,328	$	38,720			$	44,452	$	43,132	$	38,628	$	35,956

Net Debt-to-Adjusted EBITDA ratio*		6.5		6.2		6.3		5.6				6.0		6.3		6.1		5.8

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

December 31, 2025| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


									Year										Year
	Three Months Ended								Ended		Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25			31-Dec-25	31-Dec-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24
Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Add (deduct):
Loss on extinguishment of debt		2		3		7		—		12		137		—		477		428		1,042
Loss (gain) on sale of properties and impairment of assets held for sale, net		13,284		(384)		—		2		12,902		5		13,200		7,254		367		20,826
Management fee income		(380)		(334)		(345)		(363)		(1,422)		(462)		(443)		(422)		(386)		(1,713)
Depreciation and amortization		10,824		10,626		10,550		10,609		42,609		11,625		11,482		10,911		10,757		44,775
Amortization of above/below market leases		—		—		—		—		—		(6)		(6)		(5)		(1)		(18)
General and administrative		3,484		3,281		3,034		2,628		12,427		4,159		3,635		3,275		2,815		13,884
Interest expense		5,691		6,339		6,348		6,340		24,718		6,846		7,082		6,585		5,912		26,425
Interest income		(259)		(248)		(249)		(230)		(986)		(1,008)		(348)		(340)		(395)		(2,091)
Non-property specific items, net		132		152		73		141		498		164		169		270		152		755
Property NOI*	$	11,343	$	11,559	$	11,092	$	11,804	$	45,798	$	13,908	$	13,748	$	12,383	$	11,123	$	51,162

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

December 31, 2025| Page 11

Debt Summary

(in thousands)


	Outstanding		Interest
	Balance at:		Rate at
	31-Dec-25		31-Dec-25

BofA Term Loan	$	55,315	9.00%
BMO Term Loan Tranche B		70,680	9.00%
Series A Senior Notes		71,295	9.00%
Series B Senior Notes		51,627	9.00%

	$	248,917	9.00%

●

The table above is a summary of our debt as of December 31, 2025.

●

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.

●

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 future Quarterly Reports on Form 10-Q.

December 31, 2025| Page 12

Capital Analysis

(in thousands, except per share amounts)


		31-Mar-25			30-Jun-25			30-Sep-25			31-Dec-25		31-Mar-24			30-Jun-24			30-Sep-24			31-Dec-24
Market Data:
Shares Outstanding			103,567			103,690			103,690			103,690		103,430			103,567			103,567			103,567
Closing market price per share		$	1.78		$	1.64		$	1.60		$	0.95	$	2.27		$	1.53		$	1.77		$	1.83
Market capitalization		$	184,349		$	170,052		$	165,905		$	98,506	$	234,787		$	158,457		$	183,313		$	189,527
Total debt outstanding excluding unamortized financing costs			250,179			249,818			248,917			248,917		303,000			303,000			277,687			250,332
Total Market Capitalization		$	434,528		$	419,870		$	414,822		$	347,423	$	537,787		$	461,457		$	461,000		$	439,859

Dividend Data:
Total dividends declared for the quarter		$	1,036		$	1,035		$	1,037		$	1,037	$	1,034		$	1,034		$	1,036		$	1,036
Common dividend declared per share		$	0.01		$	0.01		$	0.01		$	0.01	$	0.01		$	0.01		$	0.01		$	0.01
Declared dividend as a % of Net income (loss) per share			(5)%			(13)%			(12)%			(14)%		(14)%			(5)%			(7)%			(12)%
Declared dividend as a % of AFFO* per share			(149)%			(202)%			(33)%			1313%		(157)%			200%			(57)%			(20)%

*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.

December 31, 2025| Page 13


	Owned & Consolidated Portfolio Overview


		As of the Quarter Ended
		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24
Total Owned Properties:
Number of properties		14	14	14	14	14
Square feet		4,807,663	4,807,663	4,807,663	4,806,456	4,806,253
Leased percentage		68.9%	68.9%	69.1%	69.2%	70.3%

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

Total Owned and Consolidated Properties:
Number of properties (a)		14	14	14	15	15
Square feet		4,807,663	4,807,663	4,807,663	5,020,216	5,020,013
Leased percentage		68.9%	68.9%	69.1%	66.4%	67.5%

(a)

Includes properties that were classified as assets held for sale.

December 31, 2025| 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%		52.5%		$	32.13	121 South 8th Street		Minneapolis		MN		297,744		80.4%		76.8%		$	22.96
Addison Circle		Addison		TX		289,333		67.7%		68.2%			35.43	801 Marquette Ave		Minneapolis		MN		129,691		91.8%		91.8%			25.97
Liberty Plaza		Addison		TX		217,841		66.9%		67.9%			26.43	Plaza Seven		Minneapolis		MN		330,096		51.0%		50.6%			29.30
														Midwest Region Total						757,531		69.5%		68.0%		$	25.71
Houston
Park Ten		Houston		TX		157,609		86.8%		84.1%			27.45	West Region
Eldridge Green		Houston		TX		248,399		100.0%		100.0%			27.93	Denver
Park Ten Phase II		Houston		TX		156,746		76.3%		71.2%			29.26	1999 Broadway		Denver		CO		682,639		50.7%		48.8%		$	34.74
Westchase I & II		Houston		TX		629,025		66.2%		63.1%			26.44	Greenwood Plaza		Englewood		CO		196,236		65.0%		65.0%			30.96
														1001 17th Street		Denver		CO		650,607		76.4%		73.7%			36.64
														600 17th Street		Denver		CO		612,135		69.1%		71.7%			33.85
														West Region Total						2,141,617		65.1%		64.4%		$	34.77

South Region Total						1,908,515		72.8%		70.4%		$	28.83	Total Owned Properties						4,807,663		68.9%		67.4%		$	30.86

(a)	Weighted Occupied Percentage for the year ended December 31, 2025.

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

December 31, 2025| Page 15

Tenants by Industry

(Owned Properties by Square Feet)

December 31, 2025| 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		87		248,399		5.2%		$	7,707,821		7.4%
2	EOG Resources, Inc.		1		12		169,167		3.5%			6,460,488		6.2%
3	US Government (b)		2		1, 61		168,573		3.5%			6,518,833		6.2%
4	Kaiser Foundation Health Plan, Inc.		1		41		120,979		2.5%			4,160,024		4.0%
5	Deluxe Corporation		1		139		98,922		2.0%			3,038,604		2.9%
6	Ping Identity Corp.		1		6		89,856		1.9%			3,788,329		3.6%
7	Olin Corporation		1		115		81,480		1.7%			2,517,732		2.4%
8	Permian Resources Operating, LLC		1		70		67,856		1.4%			3,024,403		2.9%
9	Hall and Evans LLC		1		44		65,878		1.4%			2,830,001		2.7%
10	Cyxtera Management, Inc.		1		49		61,826		1.3%			2,466,239		2.4%
11	Precision Drilling (US) Corporation		1		29		59,569		1.2%			2,155,207		2.0%
12	PwC US Group		1		37		54,334		1.1%			1,841,379		1.8%
13	Coresite, LLC		1		119		49,518		1.0%			1,869,305		1.8%
14	Schwegman, Lundberg & Woessner, P.A.		1		25		46,269		1.0%			1,402,045		1.3%
15	Ark-La-Tex Financial Services, LLC.		1		15		41,011		0.9%			1,545,544		1.5%
16	Invenergy, LLC. (c)		1		120		35,088		0.7%			—		0.0%
17	Chevron U.S.A., Inc.		1		20		35,088		0.7%			1,509,135		1.4%
18	Moss, Luse & Womble, LLC		1		128		34,071		0.7%			821,783		0.8%
19	QB Energy Operating, LLC.		1		86		34,063		0.7%			1,465,390		1.4%
20	International Business Machines Corporation (d)		1		2,68		31,564		0.7%			683,028		0.6%

					Total		1,593,511		33.1%		$	55,805,290		53.3%

Footnotes on next page

December 31, 2025| 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 December 31, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 43,573 square feet expiring in 2026. The remaining 125,000 square feet expire in 2031.

(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 commencing on March 1, 2026 and expiring in 2031.

December 31, 2025| Page 18

Leasing Activity

(Owned Properties)


	Year		Year		Year
	Ended		Ended		Ended
Leasing Activity		31-Dec-25		31-Dec-24		31-Dec-23
(in Square Feet - SF)
New leasing		93,000		171,000		228,000
Renewals and expansions		320,000		445,000		478,000
		413,000		616,000		706,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	32.42	$	30.06	$	29.71
Weighted average lease term		5.7 Years		6.3 Years		6.8 Years

Increase over average GAAP rents in prior year (a)		5.7%		8.2%		7.4%

Average free rent		4 Months		4 Months		6 Months
Tenant Improvements	$	23.02	$	26.06	$	22.42
Leasing Costs	$	9.24	$	9.72	$	10.56

(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.

December 31, 2025| Page 19

Lease Expirations by Square Feet

(Owned Properties)

December 31, 2025| 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
December 31,	Year (a)		Leases		Leases (b)		Leases		Leases	Total

2026	34	(c)	365,916		$	12,569,114	$	34.35	12.0%	12.0%
2027	35		500,108			18,191,656		36.38	17.4%	29.4%
2028	25		242,046			7,957,724		32.88	7.6%	37.0%
2029	40		561,561			18,213,553		32.43	17.4%	54.4%
2030	20		268,950			8,662,656		32.21	8.2%	62.6%
2031	21		346,964			11,496,581		33.13	11.0%	73.6%
2032	8		77,324			1,733,552		22.42	1.7%	75.3%
2033	10		383,978			11,685,696		30.43	11.2%	86.5%
2034	8		90,757			1,724,368		19.00	1.6%	88.1%
2035	7		173,219			5,667,946		32.72	5.4%	93.5%
2036 and thereafter	22		300,199	(d)		6,827,766		22.74	6.5%	100.0%
Leased total	230		3,311,022		$	104,730,612	$	31.63	100.0%
Owned property vacant SF			1,496,641
Total Portfolio Square Footage			4,807,663

(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 December 31, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(c)	Includes 2 leases that are month-to-month.

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

December 31, 2025| Page 21

Capital Expenditures

(Owned and Consolidated Properties)


(in thousands)									Year
	For the Three Months Ended								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


	For the Three Months Ended								Year Ended
	31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Tenant improvements	$	2,619	$	2,558	$	4,444	$	4,173	$	13,794
Deferred leasing costs		2,237		511		421		2,974		6,143
Non-investment capex		1,019		1,480		1,658		2,568		6,725
Total Capital Expenditures	$	5,875	$	4,549	$	6,523	$	9,715	$	26,662

First generation leasing and investment capital expenditures was $0.0 million for the years ended December 31, 2025 and 2024, respectively.

December 31, 2025| 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.

December 31, 2025| Page 23


	Net Asset Value Components


(in thousands except per share data)
	As of
	31-Dec-25		Assets:			Other information:
Total Market Capitalization Values			Straight-line rent receivable	$	38,744	Leased SF to be FFO producing
Shares outstanding		103,690.3	Assets held for sale		—	during 2026-2028 (in 000's)		71
Closing price	$	0.95	Cash, cash equivalents and restricted cash		30,571
Market capitalization	$	98,506	Tenant rent receivables		471	Straight-line rental revenue current quarter	$	(188)
Debt		248,917	Prepaid expenses		3,778
Total Market Capitalization	$	347,423	Office computers and furniture		136
			Other assets:
			Deferred financing costs, net		676
	3 Months		Other assets - Right-to-Use Asset		302
	Ended			$	74,678
NOI Components	31-Dec-25

Same Store NOI (1)	$	11,743
Acquisitions (1) (2)		—	Liabilities:
Property NOI (1)		11,743	Debt (excluding contra for unamortized financing costs)	$	248,917	Footnotes to the components
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		31,118	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	11,743	Tenant security deposits		6,198
			Other liabilities: lease liability		316	(2) Includes NOI from acquisitions not in Same Store.
				$	286,549
Financial Statement Reconciliation:						(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	26,040
Rental operating expenses		(10,573)				(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		(3,389)
NOI from dispositions & acquisition properties		(61)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(52)
Management & other fees (5)		(222)
Property NOI (1)	$	11,743

December 31, 2025| 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.

December 31, 2025| 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.

December 31, 2025| Page 26


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

December 31, 2025| 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

December 31, 2025| Page 28

Source: View Original Filing on SEC EDGAR

FAQ

How did Franklin Street Properties Corp. (FSP) perform financially in 2025?

Franklin Street Properties reported 2025 revenue of $107.16 million and a net loss of $44.96 million. Property NOI declined to $45.80 million from $51.16 million in 2024, while Funds From Operations were $11.01 million and Adjusted FFO was negative $(4.31) million.

What debt refinancing did FSP complete related to its near-term maturities?

FSP closed a new $320 million secured credit facility with an affiliate of TPG Credit. It used borrowings under this facility to repay about $249 million of existing indebtedness. The facility matures on February 26, 2029, with a potential one-year extension, and carries a 9.00% interest rate.

Why did Franklin Street Properties suspend its quarterly dividend and how much cash will it save?

The Board suspended the quarterly dividend to reduce operating cash outflows and redeploy capital into leasing and portfolio enhancement. The company estimates this action will preserve approximately $4.1 million in cash on an annualized basis, with the Board reassessing dividend payments each quarter.

What were FSP’s FFO and AFFO results for full-year 2025?

For 2025, Franklin Street Properties generated Funds From Operations of $11.01 million, or $0.11 per share. Adjusted Funds From Operations were $(4.31) million, or $(0.04) per share, reflecting significant recurring capital expenditures and leasing-related costs during the year.

How occupied was Franklin Street Properties’ portfolio at the end of 2025?

As of December 31, 2025, FSP owned 14 properties totaling about 4.81 million square feet. The owned portfolio was 68.9% leased, with regional leased percentages of 72.8% in the South, 69.5% in the Midwest, and 65.1% in the West.

What strategic alternatives is FSP considering to enhance shareholder value?

The Board, working with financial advisor BofA Securities, is reviewing a broad range of alternatives. These include portfolio-level transactions, individual asset sales, joint ventures, corporate-level transactions, and liquidation scenarios. The company states there is no assurance regarding the outcome or timing of this ongoing review.

What is Franklin Street Properties’ leverage profile as of year-end 2025?

At December 31, 2025, total debt excluding unamortized financing costs was $248.92 million. Debt represented 71.6% of total market capitalization, and the net debt to annualized adjusted EBITDA ratio was 5.6x, indicating a relatively high leverage position.

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How did Franklin Street Properties Corp. (FSP) perform financially in 2025?

What debt refinancing did FSP complete related to its near-term maturities?

Why did Franklin Street Properties suspend its quarterly dividend and how much cash will it save?

What were FSP’s FFO and AFFO results for full-year 2025?

How occupied was Franklin Street Properties’ portfolio at the end of 2025?

What strategic alternatives is FSP considering to enhance shareholder value?

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What debt refinancing did FSP complete related to its near-term maturities?

Why did Franklin Street Properties suspend its quarterly dividend and how much cash will it save?

What were FSP’s FFO and AFFO results for full-year 2025?

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