# EDGAR Filing Document

**Accession Number:** 0001031316
**File Stem:** 0001558370-25-009744
**Filing Date:** 2025-7
**Character Count:** 117845
**Document Hash:** 93999583b15f8a0dbffe06526bd891dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009744.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001558370-25-009744

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN STREET PROPERTIES CORP /MA/
- **CENTRAL INDEX KEY:** 0001031316
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 042724223
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32470
- **FILM NUMBER:** 251162245

**BUSINESS ADDRESS:**
- **STREET 1:** 401 EDGEWATER PLACE
- **STREET 2:** STE 200
- **CITY:** WAKEFIELD
- **STATE:** MA
- **ZIP:** 01880
- **BUSINESS PHONE:** 7815571300

**MAIL ADDRESS:**
- **STREET 1:** 401 EDGEWATER PLACE
- **STREET 2:** STE 200
- **CITY:** WAKEFIELD
- **STATE:** MA
- **ZIP:** 01880

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN STREET PARTNERS LP
- **DATE OF NAME CHANGE:** 20010301

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORTPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 29, 2025

<u>Franklin Street Properties Corp.</u>

(Exact name of registrant as specified in its charter)

<u>Maryland</u> <u>001-32470</u> <u>04-3578653</u> <br> (State or other jurisdiction of incorporation) (CommissionFile Number) (IRS EmployerIdentification No.)

<u>401 Edgewater Place, Suite 200, Wakefield,Massachusetts</u> <u>01880</u> <br> (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:

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| | | |
|:---|:---|:---|
| **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 July 29, 2025, Franklin Street Properties Corp. (the "Registrant") announced its financial results for the three and six months ended June 30, 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [Press Release issued by Franklin Street Properties Corp. on July 29, 2025.](fsp-20250729xex99d1.htm)  |
| 99.2 | [Supplemental Operating and Financial Data for the Second Quarter of 2025.](fsp-20250729xex99d2.htm) |
| 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. | FRANKLIN STREET PROPERTIES CORP. |
| Date: July 29, 2025 | By: | /s/ George J. Carter |
|  |  | &nbsp;&nbsp;&nbsp;George J. Carter |
|  |  | &nbsp;&nbsp;&nbsp;Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| PRESS RELEASE | **Franklin Street Properties Corp.** |

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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

#### Second Quarter 2025 Results
Wakefield, MA—July 29, 2025—Franklin Street Properties Corp. (the "Company", "FSP", "we" or "our") (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the second quarter ended June 30, 2025.

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

"We remain focused on trying to improve leasing and occupancy across the portfolio. Despite the modest amount of actual leasing during the first half of 2025, we continue to be encouraged by the current level of prospective leasing activity in our active pipeline. Some of this prospective leasing activity includes larger potential space requirements than we have seen over the past several years. We believe that current 'back-to-office' initiatives by employers have the potential to positively impact our leasing and occupancy efforts. One recent example is Target Corporation. Target Corporation, which is headquartered in Minneapolis, Minnesota, is reported to have recently notified employees in merchandising and sourcing that they will be expected to return to the office three days a week beginning on September 2, 2025. Minneapolis is an important market for FSP and has struggled to see its daily foot traffic return to pre-pandemic levels. Historically, Target Corporation and its associated providers of goods and services have had a significant impact on daily foot traffic and the commercial leasing market in Minneapolis.

We also continue to pursue select potential property dispositions when we believe that short to intermediate term valuation potential has been reached. Assuming that demand, pricing and liquidity allow us to transact on any potential dispositions, we intend to use the net proceeds primarily for the continued repayment of debt. As of June 30, 2025, our total indebtedness was approximately $249.8 million, equivalent to approximately $52 per square foot on our remaining approximately 4.8 million square foot property portfolio."

**Financial Highlights**

● GAAP net loss was $7.9 million and $29.3 million, or $0.08 and $0.28 per basic and diluted share for the three and six months ended June 30, 2025, respectively.

● Funds From Operations (FFO) was $2.5 million and $5.2 million, or $0.02 and $0.05 per basic and diluted share, for the three and six months ended June 30, 2025, respectively.

**Leasing Highlights**

● During the six months ended June 30, 2025, we leased approximately 187,000 square feet of space of which approximately 171,000 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 69.1% leased as of June 30, 2025, compared to approximately 70.3% leased as of December 31, 2024. The decrease in the leased percentage is due to lease expirations during the six months ended June 30, 2025.

● The weighted average GAAP base rent per square foot achieved on leasing activity during the six months ended June 30, 2025, was $31.89, or 4.2% higher than average rents in the respective properties for the year ended December 31, 2024. The average lease term on leases signed during the six months ended June 30, 2025, was 6.3 years compared to 6.3 years during the year ended December 31, 2024. Overall, the portfolio weighted average rent per occupied square foot was $30.98 as of June 30, 2025,

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compared to $31.77 as of December 31, 2024.

● We believe that our continuing portfolio of real estate is well located, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with 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:**

"We continue 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. As previously announced, this review includes a range of potential strategic alternatives, including a sale of the Company, a sale of assets, and refinancing of existing indebtedness, among others. No assurances can be given regarding the outcome or timetable for completion of the strategic review process. We do not intend to make any further public comment regarding the process until it has been completed."

**Dividends**

● On July 11, 2025, we announced that our Board of Directors declared a quarterly cash dividend for the three months ended June 30, 2025, of $0.01 per share of common stock that will be paid on August 14, 2025, to stockholders of record on July 25, 2025.

**Consolidation of Sponsored REI** **T**

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. Additional information about the consolidation of Monument Circle can be found in Note 1, "Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards", Note 8, "Disposition of Properties and Assets Held for Sale" in the Notes to Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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 June 30, 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

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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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.

**No Quarterly Earnings Call** 

The Company will not be holding an earnings call this quarter.

*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 and the repayment of debt 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, delays in construction schedules, unanticipated increases in construction costs, 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, 2024, as updated in Part II Item 1A of our Quarterly Report on Form 10-Q for the three months ended June 30, 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**

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

---

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule A

Condensed Consolidated Statements of Operations

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** | **For the** |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| (in thousands, except per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | $26715 | $30818 | $53822 | $62043 |
| Other |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 26715 | 30830 | 53822 | 62055 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate operating expenses | 10701 | 11027 | 20796 | 22046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 4191 | 5727 | 9560 | 11663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10626 | 11482 | 21450 | 23107 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3281 | 3635 | 6765 | 7794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 6339 | 7082 | 12030 | 13928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 35138 | 38953 | 70601 | 78538 |
| Loss on extinguishment of debt | (3) |  | (5) | (137) |
| Gain (loss) on sale of properties and impairment of assets held for sale, net | 384 | (13200) | (12900) | (13205) |
| Interest income | 248 | 348 | 507 | 1356 |
| Loss before taxes | (7794) | (20975) | (29177) | (28469) |
| Tax expense | 82 | 48 | 134 | 106 |
| Net loss | $(7876) | $(21023) | $(29311) | $(28575) |
| Weighted average number of shares outstanding, basic and diluted | 103610 | 103477 | 103589 | 103454 |
| Loss per share, basic and diluted: |  |  |  |  |
| Net loss per share, basic and diluted | $(0.08) | $(0.20) | $(0.28) | $(0.28) |

---

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule B

Condensed Consolidated Balance Sheets

(Unaudited)

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| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| <br>(in thousands, except share and par value amounts) | **2025** | **2024** |
| Assets: |  |  |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $98883 | $105298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 1085048 | 1096265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixtures and equipment | 11399 | 11053 |
|  | 1195330 | 1212616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation | 391918 | 377708 |
| Real estate assets, net | 803412 | 834908 |
| Acquired real estate leases, less accumulated amortization of $13,829 and $13,613, respectively | 3309 | 4205 |
| Cash, cash equivalents and restricted cash | 30518 | 42683 |
| Tenant rent receivables | 1568 | 1283 |
| Straight-line rent receivable | 37839 | 37727 |
| Prepaid expenses and other assets | 3583 | 3114 |
| Office computers and furniture, net of accumulated depreciation of $1,088 and $1,073, respectively | 55 | 70 |
| Deferred leasing commissions, net of accumulated amortization of $14,822 and $14,195, respectively | 22959 | 22941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $903243 | $946931 |
| Liabilities and Stockholders' Equity: |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Term loans payable, less unamortized financing costs of $1,327 and $2,220, respectively | $125124 | $124491 |
| &nbsp;&nbsp;Series A & Series B Senior Notes, less unamortized financing costs of $711 and $1,191, respectively | 122656 | 122430 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 22010 | 34067 |
| &nbsp;&nbsp;Accrued compensation | 1911 | 3097 |
| &nbsp;&nbsp;Tenant security deposits | 6289 | 6237 |
| &nbsp;&nbsp;Lease liability | 515 | 707 |
| &nbsp;&nbsp;Acquired unfavorable real estate leases, less accumulated amortization of $52 and $89, respectively | 38 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 278543 | 291074 |
| Commitments and contingencies |  |  |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding |  |  |
| &nbsp;&nbsp;Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,566,715 shares issued and outstanding, respectively | 10 | 10 |
| &nbsp;&nbsp;Additional paid-in capital | 1335586 | 1335361 |
| &nbsp;&nbsp;Accumulated distributions in excess of accumulated earnings | (710896) | (679514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity  | 624700 | 655857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $903243 | $946931 |

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule C

Condensed Consolidated Statements of Cash Flows

(Unaudited)

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| | | |
|:---|:---|:---|
| | **For the** | **For the** |
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** |
| <br>(in thousands) | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(29311) | $(28575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 22818 | 24604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below market leases |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of other comprehensive income into interest expense |  | (355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued as compensation | 225 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 5 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of properties and impairment of assets held for sale, net | 12900 | 13205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant rent receivables | (285) | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rents | (4) | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease acquisition costs | (115) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (287) | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (10924) | (12557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | (1186) | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant security deposits | 52 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred leasing commissions | (2247) | (2748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for operating activities | (8359) | (7736) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property improvements, fixtures and equipment | (7320) | (13247) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from sales of properties | 6099 | 34326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (1221) | 21079 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to stockholders | (2071) | (2068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Bank note payable |  | (22667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Term loans payable | (260) | (28963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Series A&B Senior Notes | (254) | (50370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs |  | (5660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (2585) | (109728) |
| **Net decrease in cash, cash equivalents and restricted cash** | (12165) | (96385) |
| **Cash, cash equivalents and restricted cash**, beginning of year | 42683 | 127880 |
| **Cash, cash equivalents and restricted cash**, end of period | $30518 | $31495 |

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Franklin Street Properties Corp. Earnings Release

Supplementary Schedule D

Real Estate Portfolio Summary Information

(Unaudited & Approximated)

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| | | |
|:---|:---|:---|
| **Commercial portfolio lease expirations (1)** |  |  |
|  | Total | % of |
| <u>Year</u> | Square Feet | Portfolio |
| 2025 | 146798 | 3.0% |
| 2026 | 571296 | 11.9% |
| 2027 | 324440 | 6.8% |
| 2028 | 242052 | 5.0% |
| 2029 | 494728 | 10.3% |
| Thereafter (2) | 3028349 | 63.0% |
|  | 4807663 | 100.0% |

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes 1,484,449 square feet of vacancies at our owned properties as of June 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars & square feet in 000's) | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 |
|  |  |  | % of | Square | % of |
| State | Properties | Investment | Portfolio | Feet | Portfolio |
| Colorado | 4 | $434808 | 54.2% | 2142 | 44.5% |
| Texas | 7 | 256939 | 31.9% | 1908 | 39.7% |
| Minnesota | 3 | 111665 | 13.9% | 758 | 15.8% |
| Total  | 14 | $803412 | 100.0% | 4808 | 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**

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| | | | |
|:---|:---|:---|:---|
|  |  |  | For the Six |
| (in thousands) | For the Three Months Ended | For the Three Months Ended | Months Ended |
|  | 31-Mar-25 | 30-Jun-25 | 30-Jun-25 |
| Tenant improvements | $2374 | $1415 | $3789 |
| Deferred leasing costs | 545 | 1702 | 2247 |
| Non-investment capex | 1258 | 750 | 2008 |
|  | $4177 | $3867 | $8044 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands) | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | Year Ended |
|  | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | 31-Dec-24 |
| Tenant improvements | $2619 | $2558 | $4444 | $4173 | $13794 |
| Deferred leasing costs | 2237 | 511 | 421 | 2974 | 6143 |
| Non-investment capex | 1019 | 1480 | 1658 | 2568 | 6725 |
|  | $5875 | $4549 | $6523 | $9715 | $26662 |

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| | | |
|:---|:---|:---|
| **Square foot & leased percentages** | June 30, | December 31, |
|  | 2025 | 2024 |
| **Owned Properties:** |  |  |
| &nbsp;&nbsp;Number of properties | 14 | 14 |
| &nbsp;&nbsp;Square feet  | 4807663 | 4806253 |
| &nbsp;&nbsp;Leased percentage | 69.1% | 70.3% |
| **Consolidated Property - Single Asset REIT (SAR):** |  |  |
| &nbsp;&nbsp;Number of properties |  | 1 |
| &nbsp;&nbsp;Square feet  |  | 213760 |
| &nbsp;&nbsp;Leased percentage |  | 4.1% |
| **Total Owned and Consolidated Properties:** |  |  |
| &nbsp;&nbsp;Number of properties | 14 | 15 |
| &nbsp;&nbsp;Square feet | 4807663 | 5020013 |
| &nbsp;&nbsp;Leased percentage | 69.1% | 67.5% |

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Franklin Street Properties Corp. Earnings Release

Supplementary Schedule F

Percentage of Leased Space

(Unaudited & Estimated)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Property Name** | <br>**Location** | <br>**Square Feet** | <br>**% Leased (1)**<br>**as of**<br>**31-Mar-25** | **First**<br>**Quarter** <br>**Average %**<br>**Leased (2)** | <br>**% Leased (1)**<br>**as of**<br>**30-Jun-25** | **Second**<br>**Quarter** <br>**Average %**<br>**Leased (2)** |
| 1 | PARK TEN | Houston, TX | 157609 | 83.5% | 83.5% | 94.0% | 89.0% |
| 2 | PARK TEN PHASE II | Houston, TX | 156746 | 75.5% | 75.5% | 75.5% | 75.5% |
| 3 | GREENWOOD PLAZA  | Englewood, CO | 196236 | 65.0% | 65.0% | 65.0% | 65.0% |
| 4 | ADDISON | Addison, TX | 289333 | 69.2% | 69.2% | 67.7% | 68.2% |
| 5 | LIBERTY PLAZA  | Addison, TX | 217841 | 78.4% | 78.4% | 68.9% | 68.9% |
| 6 | ELDRIDGE GREEN | Houston, TX | 248399 | 100.0% | 100.0% | 100.0% | 100.0% |
| 7 | 121 SOUTH EIGHTH ST | Minneapolis, MN | 297744 | 78.5% | 78.3% | 78.5% | 78.5% |
| 8 | 801 MARQUETTE AVE | Minneapolis, MN | 129691 | 91.8% | 91.8% | 91.8% | 91.8% |
| 9 | LEGACY TENNYSON CTR | Plano, TX | 209562 | 51.0% | 51.0% | 60.9% | 57.6% |
| 10 | WESTCHASE I & II | Houston, TX | 629025 | 65.1% | 65.1% | 65.1% | 65.1% |
| 11 | 1999 BROADWAY | Denver, CO | 682639 | 51.2% | 50.3% | 50.4% | 50.1% |
| 12 | 1001 17TH STREET | Denver, CO | 650607 | 75.4% | 75.4% | 75.1% | 75.1% |
| 13 | PLAZA SEVEN | Minneapolis, MN | 330096 | 52.8% | 52.8% | 51.0% | 52.2% |
| 14 | 600 17TH STREET | Denver, CO | 612135 | 72.5% | 73.6% | 72.5% | 72.5% |
|  | **OWNED PORTFOLIO** |  | **4807663** | **69.2%** | **69.2%** | **69.1%** | **68.9%** |
|  | MONUMENT CIRCLE (3) | Indianapolis, IN |  | 4.1% | 4.1% |  |  |
|  | **OWNED & CONSOLIDATED PORTFOLIO** |  | **4807663** | **66.4%** | **66.4%** |  |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consolidated property as of January 1, 2023 that was previously a managed property, which was sold on June 6, 2025.

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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 June 30, 2025

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| | | | |
|:---|:---|:---|:---|
|  | <br>Tenant | <br>Sq Ft | % of<br>Portfolio |
| 1 | CITGO Petroleum Corporation | 248399 | 5.2% |
| 2 | EOG Resources, Inc. | 169167 | 3.5% |
| 3 | US Government | 168573 | 3.5% |
| 4 | Kaiser Foundation Health Plan, Inc. | 120979 | 2.5% |
| 5 | Deluxe Corporation  | 98922 | 2.1% |
| 6 | Ping Identity Corp. | 89856 | 1.9% |
| 7 | Olin Corporation | 81480 | 1.7% |
| 8 | Permian Resources Operating, LLC  | 67856 | 1.4% |
| 9 | Hall and Evans LLC | 65878 | 1.4% |
| 10 | Cyxtera Management, Inc. | 61826 | 1.3% |
| 11 | Precision Drilling (US) Corporation  | 59569 | 1.2% |
| 12 | PwC US Group  | 54334 | 1.1% |
| 13 | Coresite, LLC | 49518 | 1.0% |
| 14 | Schwegman, Lundberg & Woessner, P.A. | 46269 | 1.0% |
| 15 | Ark-La-Tex Financial Services, LLC.  | 41011 | 0.8% |
| 16 | Invenergy, LLC. (e) | 35088 | 0.7% |
| 17 | Chevron U.S.A., Inc. | 35088 | 0.7% |
| 18 | Moss, Luse & Womble, LLC | 34071 | 0.7% |
| 19 | QB Energy Operating, LLC.  | 34063 | 0.7% |
| 20 | International Business Machines Corporation | 31564 | 0.7% |
|  | Total | 1593511 | 33.1% |

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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 | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, | June 30, | June 30, | June 30, |
| (In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Net loss | $(7876) | $(21023) | $(29311) | $(28575) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of properties and impairment of asset held for sale, net | (384) | 13200 | 12900 | 13205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 10626 | 11476 | 21450 | 23095 |
| NAREIT FFO | 2366 | 3653 | 5039 | 7725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Acquisition costs | 150 | 68 | 204 | 189 |
| Funds From Operations (FFO) | $2516 | $3721 | $5243 | $7914 |
| Funds From Operations (FFO) | $2516 | $3721 | $5243 | $7914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 3 |  | 5 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 683 | 818 | 1368 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued as compensation | 225 | 270 | 225 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | (74) | 258 | (4) | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements | (1415) | (2558) | (3789) | (5177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Leasing commissions | (1702) | (511) | (2247) | (2748) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-investment capex | (750) | (1480) | (2008) | (2499) |
| Adjusted Funds From Operations (AFFO) | $(514) | $518 | $(1207) | $(141) |
| Per Share Data |  |  |  |  |
| EPS | $(0.08) | $(0.20) | $(0.28) | $(0.28) |
| FFO | $0.02 | $0.04 | $0.05 | $0.08 |
| AFFO | $(0.00) | $0.01 | $(0.01) | $(0.00) |
| Weighted average shares (basic and diluted) | 103610 | 103477 | 103589 | 103454 |

---

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**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.

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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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | <br>**Three Months Ended** | <br>**Three Months Ended** | | |
| <br>**(in thousands)** | **Rentable**<br>**Square Feet**<br>**or RSF** | **30-Jun-25** | **31-Mar-25** | <br>**Inc**<br>**(Dec)** | <br>**%**<br>**Change** |
| Region |  |  |  |  |  |
| MidWest | 758 | 1758 | 1356 | 402 | 29.6% |
| South | 1908 | 4393 | 4331 | 62 | 1.4% |
| West | 2142 | 5516 | 5849 | (333) | (5.7)% |
| Property NOI\* from Owned Properties | 4808 | 11667 | 11536 | 131 | 1.1% |
| Disposition and Acquisition Properties (a) | - | (108) | (193) | 85 | 0.8% |
| NOI\* | 4808 | $11559 | $11343 | $216 | 1.9% |
| Sequential Same Store |  | $11667 | $11536 | $131 | 1.1% |
| Less Nonrecurring |  |  |  |  |  |
| Items in NOI\* (b) |  | 52 | 55 | (3) | 0.1% |
| Comparative |  |  |  |  |  |
| Sequential Same Store |  | $11615 | $11481 | $134 | 1.2% |

---

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---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| **Reconciliation to** <br>**Net loss** | **30-Jun-25** | **31-Mar-25** |
| Net loss | $(7876) | $(21435) |
| Add (deduct): |  |  |
| Loss on extinguishment of debt | 3 | 2 |
| (Gain) loss on sale of properties and impairment of assets held for sale, net | (384) | 13284 |
| Management fee income | (334) | (380) |
| Depreciation and amortization | 10626 | 10824 |
| Amortization of above/below market leases |  |  |
| General and administrative | 3281 | 3484 |
| Interest expense | 6339 | 5691 |
| Interest income | (248) | (259) |
| Non-property specific items, net | 152 | 132 |
| NOI\* | $11559 | $11343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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## Exhibit 99.2

**Exhibit 99.2** 

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| | |
|:---|:---|
| &nbsp;&nbsp;![Graphic](fsp-20250729xex99d2001.jpg) | &nbsp;&nbsp;<br>**Franklin Street Properties Corp.**<br>Supplemental Operating & Financial Data<br>401 Edgewater Place ~Wakefield, MA 01880<br>781.557.1300.~ www.fspreit.com |

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Second Quarter 2025<br>Table of Contents** |

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| | | | | |
|:---|:---|:---|:---|:---|
| `<br>|  |  |  |  |
|  | ***Page*** |  |  | ***Page*** |
| **Company Information** | 3 | **Tenant Analysis and Leasing Activity** | **Tenant Analysis and Leasing Activity** |  |
|  |  | Tenants by Industry | Tenants by Industry | 16 |
| **Key Financial Data** |  | 20 Largest Tenants with Annualized Rent and Remaining Term | 20 Largest Tenants with Annualized Rent and Remaining Term | 17-18 |
| Financial Highlights | 4 | Leasing Activity | Leasing Activity | 19 |
| Income Statements | 5 | Lease Expirations by Square Feet | Lease Expirations by Square Feet | 20 |
| Balance Sheets | 6 | Lease Expirations with Annualized Rent per Square Foot | Lease Expirations with Annualized Rent per Square Foot | 21 |
| Cash Flow Statements | 7 | Capital Expenditures | Capital Expenditures | 22 |
| Property Net Operating Income (NOI) | 8 |  |  |  |
| **Reconciliation** |  | **Disposition Activity** | **Disposition Activity** | 23 |
| FFO & AFFO | 9 |  |  |  |
| EBITDA | 10 | **Net Asset Value Components** | **Net Asset Value Components** | 24 |
| Property NOI | 11 |  |  |  |
|  |  | **Appendix: Non-GAAP Financial Measures Definitions** | **Appendix: Non-GAAP Financial Measures Definitions** |  |
| **Debt Summary** | 12 | FFO | FFO | 25 |
|  |  | EBITDA and NOI | EBITDA and NOI | 26 |
| **Capital Analysis** | 13 | AFFO | 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 geopolitical events, the long-term effects of the COVID-19 pandemic and wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, the effects of changes in tariffs and trade policies, 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 and trade policy and expenditures that cannot be anticipated such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, 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. | 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 geopolitical events, the long-term effects of the COVID-19 pandemic and wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, the effects of changes in tariffs and trade policies, 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 and trade policy and expenditures that cannot be anticipated such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, 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. | 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 geopolitical events, the long-term effects of the COVID-19 pandemic and wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, the effects of changes in tariffs and trade policies, 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 and trade policy and expenditures that cannot be anticipated such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, 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. | ![Graphic](fsp-20250729xex99d2003.jpg) | ![Graphic](fsp-20250729xex99d2003.jpg) |
|  |  |  | *Addison Circle One, Addison, TX* | *Addison Circle One, Addison, TX* |

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June 30, 2025\| Page 2

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Company Information** |

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| | | | |
|:---|:---|:---|:---|
| **Overview** | **Overview** | **Snapshot (as of June 30, 2025)** | **Snapshot (as of June 30, 2025)** |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Corporate Headquarters | Wakefield, MA |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Fiscal Year-End | 31-Dec |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Owned Properties | 14 |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Total Square Feet | 4.8 Million |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Trading Symbol | FSP |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Exchange | NYSE American |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | Common Shares Outstanding | 103690340 |
| <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | <br>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, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP's real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. |  |  |
| **Our Business** | **Our Business** | Total Market Capitalization | $0.4 Billion (1) |
| As of June 30, 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. | As of June 30, 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 | 8.67% |
| As of June 30, 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. | As of June 30, 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. |  |  |
| As of June 30, 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. | As of June 30, 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. | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
|  |  | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| **Management Team** |  | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
|  |  | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| George J. Carter | Jeffrey B. Carter | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| Chief Executive Officer and | President and Chief Investment | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| Chairman of the Board | Officer | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
|  |  | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| John G. Demeritt | Scott H. Carter | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| Executive Vice President, Chief | Executive Vice President, General | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| Financial Officer and Treasurer | Counsel and Secretary  | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
|  |  | ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| John F. Donahue<br>| Eriel Anchondo<br>| ![Graphic](fsp-20250729xex99d2005.jpg) | ![Graphic](fsp-20250729xex99d2005.jpg) |
| Executive Vice President  | Executive Vice President and <br>Chief Operating Officer | *Eldridge Green, Houston, TX* | *Eldridge Green, Houston, TX* |
| **Inquiries** | **Inquiries** |  |  |
| Inquiries should be directed to: Georgia Touma | Inquiries should be directed to: Georgia Touma |  |  |
| 877.686.9496 or InvestorRelations@fspreit.com<br>(1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt <br>&nbsp;&nbsp;&nbsp;&nbsp;outstanding.  | 877.686.9496 or InvestorRelations@fspreit.com<br>(1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt <br>&nbsp;&nbsp;&nbsp;&nbsp;outstanding.  |  |  |

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June 30, 2025\| Page 3

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Summary of Financial Highlights** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands except per share amounts, SF & number of properties)** |  |  |  |  |  |  |  |  |  |
|  | 30-Jun-25 | 31-Mar-25 | 31-Mar-25 | 31-Dec-24 | 31-Dec-24 | 30-Sep-24 | 30-Sep-24 | 30-Jun-24 | 30-Jun-24 |
| **Income Items:** |  |  |  |  |  |  |  |  |  |
| Rental revenue | $26715 | $| 27107 | $| 28375 | $| 29662 | $| 30818 |
| Total revenue | 26715 |  | 27107 |  | 28375 |  | 29682 |  | 30830 |
| Net loss | (7876) |  | (21435) |  | (8526) |  | (15622) |  | (21023) |
| Adjusted EBITDA\* | 8790 |  | 8418 |  | 8989 |  | 9657 |  | 10783 |
| FFO\* | 2516 |  | 2727 |  | 2707 |  | 2665 |  | 3721 |
| AFFO\* | (514) |  | (693) |  | (5157) |  | (1829) |  | 518 |
| **Per Share Data:** |  |  |  |  |  |  |  |  |  |
| Loss per share | $(0.08) | $| (0.21) | $| (0.08) | $| (0.15) | $| (0.20) |
| FFO\* | $0.02 | $| 0.03 | $| 0.03 | $| 0.03 | $| 0.04 |
| AFFO\* | $(0.00) | $| (0.01) | $| (0.05) | $| (0.02) | $| 0.01 |
| Weighted Average Shares (diluted) | 103610 |  | 103567 |  | 103567 |  | 103567 |  | 103477 |
| Closing share price | $1.64 | $| 1.78 | $| 1.83 | $| 1.77 | $| 1.53 |
| Dividend declared | $0.01 | $| 0.01 | $| 0.01 | $| 0.01 | $| 0.01 |
| **Balance Sheet Items:** |  |  |  |  |  |  |  |  |  |
| Real estate, net | $803412 | $| 810327 | $| 834908 | $| 837349 | $| 840756 |
| Other assets, net | 99831 |  | 106039 |  | 112023 |  | 144164 |  | 171771 |
| Total assets, net | 903243 |  | 916366 |  | 946931 |  | 981513 |  | 1012527 |
| Total liabilities, net | 278543 |  | 282980 |  | 291074 |  | 316094 |  | 330450 |
| Stockholders' equity | 624700 |  | 633386 |  | 655857 |  | 665419 |  | 682077 |
| **Market Capitalization and Debt:** |  |  |  |  |  |  |  |  |  |
| Total Market Capitalization (a) | $419870 | $| 434528 | $| 439859 | $| 461000 | $| 461457 |
| Total debt outstanding (excluding unamortized financing costs) | $249818 | $| 250179 | $| 250332 | $| 277687 | $| 303000 |
| Debt to Total Market Capitalization | 59.5% |  | 57.6% |  | 56.9% |  | 60.2% |  | 65.7% |
| Net Debt to Adjusted EBITDA ratio\* | 6.2 |  | 6.5 |  | 5.8 |  | 6.1 |  | 6.3 |
| **Owned Properties Leasing Statistics:** |  |  |  |  |  |  |  |  |  |
| Owned properties assets | 14 |  | 14 |  | 14 |  | 15 |  | 16 |
| Owned properties total SF | 4807663 |  | 4806456 |  | 4806253 |  | 4966398 |  | 5264416 |
| Owned properties % leased | 69.1% |  | 69.2% |  | 70.3% |  | 70.4% |  | 72.3% |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

June 30, 2025\| Page 4

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Condensed Consolidated Income Statements**<br>**($ in thousands, except per share amounts)** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For The**<br>**Six Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the**<br>**Year Ended** |
|  | 31-Mar-25 | 30-Jun-25 | 30-Jun-25 | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | 31-Dec-24 |
| Revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | $27107 | $26715 | $53822 | $31225 | $30818 | $29662 | $28375 | $120080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  | 12 | 20 |  | 32 |
| **Total revenue** | **27107** | **26715** | **53822** | **31225** | **30830** | **29682** | **28375** | **120112** |
| Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate operating expenses | 10095 | 10701 | 20796 | 11019 | 11027 | 11574 | 11423 | 45043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes and insurance | 5369 | 4191 | 9560 | 5936 | 5727 | 5512 | 5541 | 22716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 10824 | 10626 | 21450 | 11625 | 11482 | 10911 | 10756 | 44774 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3484 | 3281 | 6765 | 4159 | 3635 | 3275 | 2815 | 13884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 5691 | 6339 | 12030 | 6846 | 7082 | 6585 | 5911 | 26424 |
| **Total expenses** | **35463** | **35138** | **70601** | **39585** | **38953** | **37857** | **36446** | **152841** |
| Loss on extinguishment of debt | (2) | (3) | (5) | (137) |  | (477) | (428) | (1042) |
| Gain (loss) on sale of properties and impairment of assets held for sale, net | (13284) | 384 | (12900) | (5) | (13200) | (7254) | (367) | (20826) |
| Interest income | 259 | 248 | 507 | 1008 | 348 | 340 | 394 | 2090 |
| Loss before taxes | (21383) | (7794) | (29177) | (7494) | (20975) | (15566) | (8472) | (52507) |
| Tax expense | 52 | 82 | 134 | 58 | 48 | 56 | 54 | 216 |
| **Net loss** | $**(21435)** | $**(7876)** | $**(29311)** | $**(7552)** | $**(21023)** | $**(15622)** | $**(8526)** | $**(52723)** |
| Weighted average number of shares outstanding, basic and diluted | 103567 | 103610 | 103589 | 103430 | 103477 | 103567 | 103567 | 103510 |
| **Net loss per share, basic and diluted** | $**(0.21)** | $**(0.08)** | $**(0.28)** | $**(0.07)** | $**(0.20)** | $**(0.15)** | $**(0.08)** | $**(0.51)** |

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June 30, 2025\| Page 5

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| |
|:---|
| **$ in thousands, except per share amounts)**<br>|
| **Condensed Consolidated Balance Sheets**<br>**(in thousands)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31,<br>2025 | June 30,<br>2025 | March 31,<br>2024 | June 30,<br>2024 | September 30,<br>2024 | December 31,<br>2024 |
| Assets: |  |  |  |  |  |  |
| Real estate assets: |  |  |  |  |  |  |
| Land | $98882 | $98883 | $110298 | $105298 | $105298 | $105298 |
| Buildings and improvements | 1083971 | 1085048 | 1137496 | 1086300 | 1090551 | 1096265 |
| Fixtures and equipment | 11289 | 11399 | 13002 | 10436 | 10776 | 11053 |
|  | 1194142 | 1195330 | 1260796 | 1202034 | 1206625 | 1212616 |
| Less accumulated depreciation | 383815 | 391918 | 376063 | 361278 | 369276 | 377708 |
| Real estate assets, net | 810327 | 803412 | 884733 | 840756 | 837349 | 834908 |
| Acquired real estate leases, net | 3737 | 3309 | 5971 | 5306 | 4695 | 4205 |
| Assets held for sale | 5685 |  | 38947 | 67823 | 32926 |  |
| Cash, cash equivalents and restricted cash | 31559 | 30518 | 37779 | 31495 | 42375 | 42683 |
| Tenant rent receivables, net | 1462 | 1568 | 2200 | 2349 | 1349 | 1283 |
| Straight-line rent receivable, net | 37724 | 37839 | 40357 | 38901 | 38432 | 37727 |
| Prepaid expenses and other assets | 3429 | 3583 | 4140 | 4064 | 3243 | 3114 |
| Office computers and furniture, net of accumulated depreciation | 62 | 55 | 106 | 92 | 80 | 70 |
| Deferred leasing commissions, net | 22381 | 22959 | 24730 | 21741 | 21064 | 22941 |
| **Total assets** | $**916366** | $**903243** | $**1038963** | $**1012527** | $**981513** | $**946931** |
| Liabilities and Stockholders' Equity: |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |
| Term loan payable, net of unamortized financing costs | $124861 | 125124 | $149169 | $149604 | $137601 | $124491 |
| Series A & Series B Senior Notes | 122595 | 122656 | 147340 | 147611 | 135545 | 122430 |
| Accounts payable and accrued expenses | 27510 | 22010 | 30099 | 23765 | 32821 | 34067 |
| Accrued compensation | 1205 | 1911 | 1196 | 2300 | 3193 | 3097 |
| Tenant security deposits | 6156 | 6289 | 6268 | 6248 | 6120 | 6237 |
| Lease liability | 612 | 515 | 953 | 859 | 763 | 707 |
| Acquired unfavorable real estate leases, net | 41 | 38 | 74 | 63 | 51 | 45 |
| **Total liabilities** | **282980** | **278543** | **335099** | **330450** | **316094** | **291074** |
| Commitments and contingencies |  |  |  |  |  |  |
| Stockholders' Equity: |  |  |  |  |  |  |
| Preferred stock |  |  |  |  |  |  |
| Common stock | 10 | 10 | 10 | 10 | 10 | 10 |
| Additional paid-in capital | 1335361 | 1335586 | 1335091 | 1335361 | 1335361 | 1335361 |
| Accumulated other comprehensive income |  |  |  |  |  |  |
| Accumulated distributions in excess of accumulated earnings | (701985) | (710896) | (631237) | (653294) | (669952) | (679514) |
| **Total stockholders' equity**  | **633386** | **624700** | **703864** | **682077** | **665419** | **655857** |
| **Total liabilities and stockholders' equity** | $**916366** | $**903243** | $**1038963** | $**1012527** | $**981513** | $**946931** |

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June 30, 2025\| Page 6

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Condensed Consolidated Statements of Cash Flows**<br>**(in thousands)** |

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | 2025 | 2024 |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net loss | $(29311) | $(28575) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 22818 | 24604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of above and below market leases |  | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other comprehensive income into interest expense |  | (355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued as compensation | 225 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 5 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of properties and impairment of assets held for sale, net | 12900 | 13205 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant rent receivables | (285) | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rents | (4) | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease acquisition costs | (115) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (287) | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (10924) | (12557) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | (1186) | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant security deposits | 52 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred leasing commissions | (2247) | (2748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used for operating activities** | **(8359)** | **(7736)** |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property improvements, fixtures and equipment | (7320) | (13247) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds received from sales of properties | 6099 | 34326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used for) investing activities** | **(1221)** | **21079** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to stockholders | (2071) | (2068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Bank note payable |  | (22667) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Term loans payable | (260) | (28963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of Series A&B Senior Notes | (254) | (50370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs |  | (5660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used for financing activities** | **(2585)** | **(109728)** |
| Net decrease in cash, cash equivalents and restricted cash | (12165) | (96385) |
| Cash, cash equivalents and restricted cash, beginning of period | 42683 | 127880 |
| **Cash, cash equivalents and restricted cash, end of period** | $**30518** | $**31495** |

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June 30, 2025\| Page 7

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| | |
|:---|:---|
|  | **(in thousands)**<br>|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Property Net Operating Income (NOI)\* with**<br>**Same Store Comparison (in thousands)** |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | | | |
| <br>**(in thousands)** | **Rentable**<br>**Square Feet**<br>**or RSF** | **31-Mar-25** | **30-Jun-25** | <br>**Six Months Ended**<br>**30-Jun-25** | **31-Mar-24** | **30-Jun-24** | **30-Sep-24** | **31-Dec-24** | <br>**Six Months Ended**<br>**30-Jun-24** | <br>**Inc (Dec)** | <br>**%**<br>**Change** |
| Region |  |  |  |  |  |  |  |  |  |  |  |
| MidWest | 758 | 1356 | 1758 | 3114 | 1640 | 1665 | 1278 | 1170 | 3305 | (191) | (5.8)% |
| South | 1908 | 4331 | 4393 | 8724 | 4621 | 4579 | 4390 | 4549 | 9200 | (476) | (5.2)% |
| West | 2142 | 5849 | 5516 | 11365 | 6204 | 6224 | 6037 | 5670 | 12428 | (1063) | (8.6)% |
| Property NOI\* from Owned Properties | 4808 | 11536 | 11667 | 23203 | 12465 | 12468 | 11705 | 11389 | 24933 | (1730) | (6.9)% |
| Disposition and Acquisition Properties (a) | - | (193) | (108) | (301) | 1443 | 1280 | 678 | (266) | 2723 | (3024) | (10.3)% |
| Property NOI\* | 4808 | $11343 | $11559 | $22902 | $13908 | $13748 | $12383 | $11123 | $27656 | $(4754) | (17.2)% |
| Same Store |  | $11536 | $11667 | $23203 | $12465 | $12468 | $11705 | $11389 | $24933 | $(1730) | (6.9)% |
| Less Nonrecurring |  |  |  |  |  |  |  |  |  |  |  |
| Items in NOI\* (b) |  | 55 | 52 | 107 | 246 | 255 | 78 | 185 | 501 | (394) | 1.4% |
| Comparative |  |  |  |  |  |  |  |  |  |  |  |
| Same Store |  | $11481 | $11615 | $23096 | $12219 | $12213 | $11627 | $11204 | $24432 | $(1336) | (5.5)% |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

June 30, 2025\| Page 8

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **FFO\* & AFFO\* Reconciliation**<br>**(in thousands, except per share amounts)** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
|  | 31-Mar-25 | 30-Jun-25 | **Six Months**<br>**Ended**<br>**30-Jun-25** | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | **Year**<br>**Ended**<br>**31-Dec-24** |
| Net loss | $(21435) | $(7876) | $(29311) | $(7552) | $(21023) | $(15622) | $(8526) | $(52723) |
| &nbsp;&nbsp;Loss (gain) on sale of properties and impairment of assets held for sale, net | 13284 | (384) | 12900 | 5 | 13200 | 7254 | 367 | 20826 |
| &nbsp;&nbsp;Depreciation & amortization | 10824 | 10626 | 21450 | 11619 | 11476 | 10907 | 10755 | 44757 |
| NAREIT FFO\* | 2673 | 2366 | 5039 | 4072 | 3653 | 2539 | 2596 | 12860 |
| &nbsp;&nbsp;Lease Acquisition costs | 54 | 150 | 204 | 121 | 68 | 126 | 111 | 426 |
| Funds From Operations (FFO)\* | $2727 | $2516 | $5243 | $4193 | $3721 | $2665 | $2707 | $13286 |
| Adjusted Funds From Operations (AFFO)\* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Funds From Operations (FFO)\* | $2727 | $2516 | $5243 | $4193 | $3721 | $2665 | $2707 | $13286 |
| &nbsp;&nbsp;Loss on extinguishment of debt | 2 | 3 | 5 | 137 |  | 477 | 428 | 1042 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 685 | 683 | 1368 | 680 | 818 | 767 | 703 | 2968 |
| &nbsp;&nbsp;Shares issued as compensation |  | 225 | 225 |  | 270 |  |  | 270 |
| &nbsp;&nbsp;Straight-line rent | 70 | (74) | (4) | 206 | 258 | 785 | 720 | 1969 |
| &nbsp;&nbsp;Tenant improvements | (2374) | (1415) | (3789) | (2619) | (2558) | (4444) | (4173) | (13794) |
| &nbsp;&nbsp;Leasing commissions | (545) | (1702) | (2247) | (2237) | (511) | (421) | (2974) | (6143) |
| &nbsp;&nbsp;Non-investment capex | (1258) | (750) | (2008) | (1019) | (1480) | (1658) | (2568) | (6725) |
| Adjusted Funds From Operations (AFFO)\* | $(693) | $(514) | $(1207) | $(659) | $518 | $(1829) | $(5157) | $(7127) |
| Per Share Data: |  |  |  |  |  |  |  |  |
| Loss per share | $(0.21) | $(0.08) | $(0.28) | $(0.07) | $(0.20) | $(0.15) | $(0.08) | $(0.51) |
| FFO\* | &nbsp;&nbsp;&nbsp;&nbsp;0.03  | &nbsp;&nbsp;&nbsp;&nbsp;0.02  | &nbsp;&nbsp;&nbsp;&nbsp;0.05  | &nbsp;&nbsp;&nbsp;&nbsp;0.04  | &nbsp;&nbsp;&nbsp;&nbsp;0.04  | &nbsp;&nbsp;&nbsp;&nbsp;0.03  | &nbsp;&nbsp;&nbsp;&nbsp;0.03  | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| AFFO\* | (0.01) | (0.00) | (0.01) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.01  | (0.02) | (0.05) | (0.07) |
| Weighted Average Shares (basic and diluted) | 103567 | 103610 | 103589 | 103430 | 103477 | 103567 | 103567 | 103510 |

---

------

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

June 30, 2025\| Page 9

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **EBITDA\* & Adjusted EBITDA\* Reconciliation**<br>**(in thousands, except ratio amounts)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | |
|  | 31-Mar-25 | 30-Jun-25 | **Six Months**<br>**Ended**<br>30-Jun-25 | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | **Year**<br>**Ended**<br>31-Dec-24 |
| Net loss | $(21435) | $(7876) | $(29311) | $(7552) | $(21023) | $(15622) | $(8526) | $(52723) |
| &nbsp;&nbsp;Interest expense | 5691 | 6339 | 12030 | 6846 | 7082 | 6585 | 5911 | 26424 |
| &nbsp;&nbsp;Depreciation and amortization | 10824 | 10626 | 21450 | 11619 | 11476 | 10907 | 10755 | 44757 |
| &nbsp;&nbsp;Income taxes | 52 | 82 | 134 | 58 | 48 | 56 | 54 | 216 |
| EBITDA\* | $(4868) | $9171 | $4303 | $10971 | $(2417) | $1926 | $8194 | $18674 |
| &nbsp;&nbsp;Loss on extinguishment of debt | 2 | 3 | 5 | 137 |  | 477 | 428 | 1042 |
| &nbsp;&nbsp;Loss (gain) on sale of properties and impairment of assets held for sale, net | 13284 | (384) | 12900 | 5 | 13200 | 7254 | 367 | 20826 |
| Adjusted EBITDA\* | $8418 | $8790 | $17208 | $11113 | $10783 | $9657 | $8989 | $40542 |
| &nbsp;&nbsp;Interest expense | $5691 | $6339 | $12030 | $6846 | $7082 | $6585 | $5911 | $26424 |
| &nbsp;&nbsp;Scheduled principal payments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest and scheduled principal payments | $5691 | $6339 | $12030 | $6846 | $7082 | $6585 | $5911 | $26424 |
| Interest coverage ratio | 1.48 | 1.39 | 1.43 | 1.62 | 1.52 | 1.47 | 1.52 | 1.53 |
| Debt service coverage ratio | 1.48 | 1.39 | 1.43 | 1.62 | 1.52 | 1.47 | 1.52 | 1.53 |
| Debt excluding unamortized financing costs | $250179 | $249818 |  | $303000 | $303000 | $277687 | $250332 |  |
| Cash, cash equivalents and restricted cash | 31559 | 30518 |  | 37779 | 31495 | 42375 | 42683 |  |
| Net Debt (Debt less Cash, cash equivalents and restricted cash) | $218620 | $219300 |  | $265221 | $271505 | $235312 | $207649 |  |
| Adjusted EBITDA\* | $8418 | $8790 |  | $11113 | $10783 | $9657 | $8989 |  |
| Annualized | $33672 | $35160 |  | $44452 | $43132 | $38628 | $35956 |  |
| Net Debt-to-Adjusted EBITDA ratio\* | 6.5 | 6.2 |  | 6.0 | 6.3 | 6.1 | 5.8 |  |

---

------

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

June 30, 2025\| Page 10

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Reconciliation of Net Income (Loss) to Property NOI\***<br>**(in thousands)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |
|  | 31-Mar-25 | 30-Jun-25 | Six Months<br>Ended<br>30-Jun-25 | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | Year<br>Ended<br>31-Dec-24 |
| Net loss | $(21435) | $(7876) | $(29311) | $(7552) | $(21023) | $(15622) | $(8526) | $(52723) |
| Add (deduct): |  |  |  |  |  |  |  |  |
| Loss on extinguishment of debt | 2 | 3 | 5 | 137 |  | 477 | 428 | 1042 |
| Loss (gain) on sale of properties and impairment of assets held for sale, net | 13284 | (384) | 12900 | 5 | 13200 | 7254 | 367 | 20826 |
| Management fee income | (380) | (334) | (714) | (462) | (443) | (422) | (386) | (1713) |
| Depreciation and amortization | 10824 | 10626 | 21450 | 11625 | 11482 | 10911 | 10757 | 44775 |
| Amortization of above/below market leases |  |  |  | (6) | (6) | (5) | (1) | (18) |
| General and administrative | 3484 | 3281 | 6765 | 4159 | 3635 | 3275 | 2815 | 13884 |
| Interest expense | 5691 | 6339 | 12030 | 6846 | 7082 | 6585 | 5912 | 26425 |
| Interest income | (259) | (248) | (507) | (1008) | (348) | (340) | (395) | (2091) |
| Non-property specific items, net | 132 | 152 | 284 | 164 | 169 | 270 | 152 | 755 |
| Property NOI\* | $11343 | $11559 | $22902 | $13908 | $13748 | $12383 | $11123 | $51162 |

---

------

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

June 30, 2025\| Page 11

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Debt Summary**<br>**(in thousands)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | Interest | Interest | Interest | |
|  | | | Rate (a) | Rate (a) | Rate (a) | |
|  | <br>Maturity<br>Date | Outstanding<br>Balance at:<br>30-Jun-25 | Components | Components | Components | Interest<br>Rate at<br>30-Jun-25 |
| BofA Term Loan | 1-Apr-26 | $55515 | SOFR | +  | 4.00% | 9.00% |
| BMO Term Loan Tranche B | 1-Apr-26 | 70936 | SOFR | +  | 4.00% | 9.00% |
| Series A Senior Notes | 1-Apr-26 | 71553 |  |  |  | 9.00% |
| Series B Senior Notes | 1-Apr-26 | 51814 |  |  |  | 9.00% |
|  |  | $249818 |  |  |  | 9.00% |

---

● The table above is a summary of our debt as of June 30, 2025. Additional information on our debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, which may be updated in our future Quarterly Reports on Form 10-Q, on file with the U.S. Securities and Exchange Commission.

● On February 21, 2024, we entered into an amendment to the credit agreement evidencing our BMO Term Loan Tranche B. On February 21, 2024, as part of the amendment to the credit agreement, we repaid a $29.0 million portion of the BMO Term Loan, so that $86.0 million of the principal amount remained outstanding. The amendment, among other items, extended the maturity date from October 1, 2024 to April 1, 2026.

● On February 21, 2024, we entered into an amendment to the credit agreement evidencing our BofA Revolver. On February 21, 2024, as part of the amendment to the revolving line of credit agreement, we repaid a $22.7 million portion of the $90 million then outstanding, so that $67.3 million of the principal amount remained outstanding. The amendment, among other items, extended the maturity date from October 1, 2024 to April 1, 2026 and converted the revolving loan to a term loan.

● On February 21, 2024, we entered into an amendment to the note purchase agreement evidencing our $200 million of Senior Notes. On February 21, 2024, as part of the amendment to the note purchase agreement, we repaid a $29.2 million portion of the Series A Notes, so that $86.8 million of the principal amount remained outstanding. On February 21, 2024, as part of the amendment to the note purchase agreement, we repaid a $21.2 million portion of the Series B Notes, so that $62.8 million of the principal amount remained outstanding. The amendment, among other items, changed the maturity date applicable to the Series A Notes from December 20, 2024 to April 1, 2026, and changed the maturity date applicable to the Series B Notes from December 20, 2027 to April 1, 2026.

● On July 8, 2024, we sold a property located in Glen Allen, Virginia for a gross sales price of $31 million, and on July 10, 2024, we used approximately $25.5 million of net proceeds to repay our outstanding debt pari passu based on principal amounts then outstanding.

● On October 23, 2024, we sold a property located in Atlanta, Georgia for a gross selling price of $34 million, and on October 25, 2024, we used approximately $27.4 million of net proceeds to repay our outstanding debt pari passu based on principal amounts then outstanding.

● On March 4, 2025 and May 14, 2025, we received escrows in the aggregate of $0.6 million that were held from the sale of two properties and used approximately $0.5 million to repay our outstanding debt pari passu based on principal amounts then outstanding, resulting in the debt that remains outstanding included in the table above.

● We incurred financing costs, some of which are deferred and amortized into interest expense during the terms of the loans we execute. We estimate the future annualized amount of the amortization included in interest expense will be approximately $2.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rates exclude amortization of deferred financing costs.

June 30, 2025\| Page 12

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Capital Analysis**<br>**(in thousands, except per share amounts)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 31-Mar-25 | 30-Jun-25 | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 |
| **Market Data:** |  |  |  |  |  |  |
| Shares Outstanding | 103567 | 103690 | 103430 | 103567 | 103567 | 103567 |
| Closing market price per share | $1.78 | $1.64 | $2.27 | $1.53 | $1.77 | $1.83 |
| Market capitalization | $184349 | $170052 | $234787 | $158457 | $183313 | $189527 |
| Total debt outstanding excluding unamortized financing costs | 250179 | 249818 | 303000 | 303000 | 277687 | 250332 |
| Total Market Capitalization | $434528 | $419870 | $537787 | $461457 | $461000 | $439859 |
| **Dividend Data:** |  |  |  |  |  |  |
| Total dividends declared for the quarter | $1036 | $1035 | $1034 | $1034 | $1036 | $1036 |
| Common dividend declared per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
| Declared dividend as a % of Net income (loss) per share | (5)% | (13)% | (14)% | (5)% | (7)% | (12)% |
| Declared dividend as a % of AFFO\* per share | (149)% | (202)% | (157)% | 200% | (57)% | (20)% |

---

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\*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.

June 30, 2025\| Page 13

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Owned & Consolidated Portfolio Overview** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of the Quarter Ended | As of the Quarter Ended | As of the Quarter Ended | As of the Quarter Ended | As of the Quarter Ended |
|  | 30-Jun-25 | 31-Mar-25 | 31-Dec-24 | 30-Sep-24 | 30-Jun-24 |
| **Total Owned Properties:** |  |  |  |  |  |
| &nbsp;&nbsp;Number of properties (a) | 14 | 14 | 14 | 15 | 16 |
| &nbsp;&nbsp;Square feet  | 4807663 | 4806456 | 4806253 | 4966398 | 5264416 |
| &nbsp;&nbsp;Leased percentage | 69.1% | 69.2% | 70.3% | 70.4% | 72.3% |
| **Consolidated Property - Single Asset REIT (SAR):** |  |  |  |  |  |
| &nbsp;&nbsp;Number of properties |  | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Square feet  |  | 213760 | 213760 | 213760 | 213760 |
| &nbsp;&nbsp;Leased percentage |  | 4.1% | 4.1% | 4.1% | 4.1% |
| **Total Owned and Consolidated Properties:** |  |  |  |  |  |
| &nbsp;&nbsp;Number of properties | 14 | 15 | 15 | 16 | 17 |
| &nbsp;&nbsp;Square feet | 4807663 | 5020216 | 5020013 | 5180158 | 5478176 |
| &nbsp;&nbsp;Leased percentage | 69.1% | 66.4% | 67.5% | 67.7% | 69.7% |

---

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

June 30, 2025\| Page 14

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Owned Portfolio Overview** |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**MSA / Property Name** | <br>**City** | <br>**State** | <br>**Square Feet** | **Percent**<br>**Leased** | **Wtd Occupied**<br>**Percentage (a)** | **GAAP**<br>**Rent (b)** | <br>**MSA / Property Name** | <br>**City** | <br>**State** | <br>**Square Feet** | **Percent**<br>**Leased** | **Wtd Occupied**<br>**Percentage (a)** | **GAAP**<br>**Rent (b)** |
| **South Region** |  |  |  |  |  |  | **Midwest Region** |  |  |  |  |  |  |
| **Dallas-Fort Worth** |  |  |  |  |  |  | **Minneapolis** |  |  |  |  |  |  |
| Legacy Tennyson Center | Plano | TX | 209562 | 60.9% | 51.0% | $&nbsp;&nbsp;&nbsp;&nbsp;31.48  | 121 South 8th Street | Minneapolis | MN | 297744 | 78.5% | 75.9% | $21.52 |
| Addison Circle | Addison | TX | 289333 | 67.7% | 68.7% | &nbsp;&nbsp;&nbsp;&nbsp;35.45  | 801 Marquette Ave  | Minneapolis | MN | 129691 | 91.8% | 91.8% | 25.13 |
| Liberty Plaza | Addison | TX | 217841 | 68.9% | 70.0% | &nbsp;&nbsp;&nbsp;&nbsp;27.55  | Plaza Seven | Minneapolis | MN | 330096 | 51.0% | 51.3% | 28.17 |
|  |  |  |  |  |  |  | **Midwest Region Total** |  |  | 757531 | 68.8% | 67.9% | $24.55 |
| **Houston** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Park Ten | Houston | TX | 157609 | 94.0% | 84.1% | &nbsp;&nbsp;&nbsp;&nbsp;27.75  | **West Region** |  |  |  |  |  |  |
| Eldridge Green | Houston | TX | 248399 | 100.0% | 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;29.70  | **Denver** |  |  |  |  |  |  |
| Park Ten Phase II | Houston | TX | 156746 | 75.5% | 66.9% | &nbsp;&nbsp;&nbsp;&nbsp;29.68  | 1999 Broadway | Denver | CO | 682639 | 50.4% | 49.5% | $34.80 |
| Westchase I & II | Houston | TX | 629025 | 65.1% | 63.0% | &nbsp;&nbsp;&nbsp;&nbsp;26.77  | Greenwood Plaza | Englewood | CO | 196236 | 65.0% | 65.0% | 31.00 |
|  |  |  |  |  |  |  | 1001 17th Street | Denver | CO | 650607 | 75.1% | 73.8% | 36.53 |
|  |  |  |  |  |  |  | 600 17th Street | Denver | CO | 612135 | 72.5% | 72.7% | 34.30 |
|  |  |  |  |  |  |  | **West Region Total** |  |  | 2141617 | 65.5% | 64.9% | $34.89 |
| **South Region Total** |  |  | 1908515 | 73.3% | 70.2% | $&nbsp;&nbsp;&nbsp;&nbsp;29.39  | **Total Owned Properties** |  |  | 4807663 | 69.1% | 67.5% | $30.98 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Weighted Occupied Percentage for the six months ended June 30, 2025.

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

June 30, 2025\| Page 15

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Tenants by Industry**<br>**(Owned Properties by Square Feet)**<br>|

---

![Graphic](fsp-20250729xex99d2026.jpg)

June 30, 2025\| Page 16

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **20 Largest Tenants with Annualized Rent and Remaining Term**<br>**(Owned Properties)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Tenant**<br>**Name** | <br>**Number of** <br>**Leases** | **Remaining** <br>**Lease Term**<br>**in Months** | **Aggregate**<br>**Leased**<br>**Square Feet** | <br>**% of Total**<br>**Square Feet** | <br>**Annualized** <br>**Rent (a)** | **% of Aggregate**<br>**Leased**<br>**Annualized Rent** |
| **1** | CITGO Petroleum Corporation | 1 | 93 | 248399 | 5.2% | $7707821 | 7.5% |
| **2** | EOG Resources, Inc. | 1 | 18 | 169167 | 3.5% | 6460488 | 6.3% |
| **3** | US Government (b) | 2 | 7, 67 | 168573 | 3.5% | 6518833 | 6.4% |
| **4** | Kaiser Foundation Health Plan, Inc. | 1 | 47 | 120979 | 2.5% | 4160024 | 4.1% |
| **5** | Deluxe Corporation  | 1 | 145 | 98922 | 2.1% | 3003982 | 2.9% |
| **6** | Ping Identity Corp. | 1 | 12 | 89856 | 1.9% | 3743401 | 3.6% |
| **7** | Olin Corporation (c) | 1 | 121 | 81480 | 1.7% | 1804252 | 1.8% |
| **8** | Permian Resources Operating, LLC  | 1 | 76 | 67856 | 1.4% | 2968252 | 2.9% |
| **9** | Hall and Evans LLC | 1 | 50 | 65878 | 1.4% | 2797062 | 2.7% |
| **10** | Cyxtera Management, Inc. | 1 | 55 | 61826 | 1.3% | 2466239 | 2.4% |
| **11** | Precision Drilling (US) Corporation  | 1 | 35 | 59569 | 1.2% | 2125422 | 2.1% |
| **12** | PwC US Group  | 1 | 43 | 54334 | 1.1% | 1841379 | 1.8% |
| **13** | Coresite, LLC (d) | 1 | 125 | 49518 | 1.0% |  | 0.0% |
| **14** | Schwegman, Lundberg & Woessner, P.A. | 1 | 31 | 46269 | 1.0% | 1402045 | 1.4% |
| **15** | Ark-La-Tex Financial Services, LLC.  | 1 | 21 | 41011 | 0.8% | 1545544 | 1.5% |
| **16** | Invenergy, LLC. (e) | 1 | 126 | 35088 | 0.7% |  | 0.0% |
| **17** | Chevron U.S.A., Inc. | 1 | 26 | 35088 | 0.7% | 1509135 | 1.5% |
| **18** | Moss, Luse & Womble, LLC (f) | 1 | 134 | 34071 | 0.7% | 586218 | 0.6% |
| **19** | QB Energy Operating, LLC.  | 1 | 92 | 34063 | 0.7% | 1465390 | 1.4% |
| **20** | International Business Machines Corporation (g) | 1 | 672 | 31564 | 0.7% | 683028 | 0.7% |
|  |  |  | **Total** | **1593511** | **33.1%** | $**52788515** | **51.6%** |

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Footnotes on next page

June 30, 2025\| Page 17

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **20 Largest Tenants with Annualized Rent and Remaining Term**<br>**(Owned Properties)** |

---

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at June 30, 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 27,400 square feet that commenced on January 1, 2025, rent commences on August 1, 2025.

(d) Rent abated through November 30, 2025.

(e) 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.

(f) Includes 17,182 square feet commencing on November 1, 2025.

(g) Includes 19,095 square feet expiring in 2025. The remaining 12,469 square feet expire in 2031.

June 30, 2025\| Page 18

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Leasing Activity**<br>**(Owned Properties)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended | Six Months Ended | Year<br>Ended | Year<br>Ended |
| **Leasing Activity** | 30-Jun-25 | 30-Jun-24 | 31-Dec-24 | 31-Dec-23 |
| **(in Square Feet - SF)** |  |  |  |  |
| New leasing | 16000 | 92000 | 171000 | 228000 |
| Renewals and expansions | 171000 | 180000 | 445000 | 478000 |
|  | 187000 | 272000 | 616000 | 706000 |
| **Other information per SF** |  |  |  |  |
| **(Activity on a year-to-date basis)** |  |  |  |  |
| GAAP Rents on leasing  | $31.89 | 28.10 | $30.06 | 29.71 |
| Weighted average lease term | 6.3 Years | 6.1 Years | 6.3 Years | 6.8 Years |
| Increase over average GAAP rents in prior year (a) | 4.2% | 12.0% | 8.2% | 7.4% |
| Average free rent | 4 Months | 4 Months | 4 Months | 6 Months |
| Tenant Improvements | $25.78 | 28.18 | $26.06 | 22.42 |
| Leasing Costs | $11.15 | 8.57 | $9.72 | 10.56 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

June 30, 2025\| Page 19

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Lease Expirations by Square Feet**<br>**(Owned Properties)** |

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![Graphic](fsp-20250729xex99d2031.jpg)

June 30, 2025\| Page 20

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Lease Expirations with Annualized Rent per Square Foot (SF)**<br>**(Owned Properties)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 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 (e) | Leases (b) | Leases | Leases | Total |
| 2025 | 19<br> (c)  | 146798 | $4483980 | $30.55 | 4.4% | 4.4% |
| 2026 | 40 | 571296 | 21312037 | 37.30 | 20.8% | 25.2% |
| 2027 | 31 | 324440 | 11423709 | 35.21 | 11.2% | 36.4% |
| 2028 | 25 | 242052 | 7569417 | 31.27 | 7.4% | 43.8% |
| 2029 | 32 | 494728 | 15649981 | 31.63 | 15.3% | 59.1% |
| 2030 | 19 | 250882 | 6161512 | 24.56 | 6.0% | 65.1% |
| 2031 | 15 | 322957 | 11580142 | 35.86 | 11.3% | 76.4% |
| 2032 | 6 | 58607 | 1233487 | 21.05 | 1.2% | 77.6% |
| 2033 | 9 | 384585 | 12010845 | 31.23 | 11.7% | 89.3% |
| 2034 | 7 | 85260 | 1712038 | 20.08 | 1.7% | 91.0% |
| 2035 and thereafter | 25 | 441609<br> (d)  | 9222112 | 20.88 | 9.0% | 100.0% |
| Leased total | 228 | 3323214 | $102359260 | $30.80 | 100.0% |  |
| Owned property vacant SF |  | 1484449 |  |  |  |  |
| Total Portfolio Square Footage |  | 4807663 |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at June 30, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes 51,088 square feet that are non-revenue producing building amenities.

June 30, 2025\| Page 21

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Capital Expenditures**<br>**(Owned and Consolidated Properties)** |

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| | | | |
|:---|:---|:---|:---|
| (in thousands) |  |  | Six Months |
|  | For the Three Months Ended | For the Three Months Ended | Ended |
|  | 31-Mar-25 | 30-Jun-25 | 30-Jun-25 |
| Tenant improvements | $2374 | $1415 | $3789 |
| Deferred leasing costs | 545 | 1702 | 2247 |
| Non-investment capex | 1258 | 750 | 2008 |
| &nbsp;&nbsp;Total Capital Expenditures | $4177 | $3867 | $8044 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | |
|  | 31-Mar-24 | 30-Jun-24 | 30-Sep-24 | 31-Dec-24 | Year Ended<br>31-Dec-24 |
| Tenant improvements | $2619 | $2558 | $4444 | $4173 | $13794 |
| Deferred leasing costs | 2237 | 511 | 421 | 2974 | 6143 |
| Non-investment capex | 1019 | 1480 | 1658 | 2568 | 6725 |
| &nbsp;&nbsp;Total Capital Expenditures | $5875 | $4549 | $6523 | $9715 | $26662 |

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First generation leasing and investment capital expenditures was $0 for the six months ended June 30, 2025 and $0 for the year ended December 31, 2024.

June 30, 2025\| Page 22

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Disposition Activity**<br>**(in thousands except for Square Feet)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Recent Dispositions:** | | | | | | |
|  | <br>**City** | <br>**State** | <br>**Square Feet** | <br>**Date Sold** | **Gross Sale**<br> **Proceeds** | **Gain (loss)**<br>**on Sale** |
| **2025** |  |  |  |  |  |  |
| Monument Circle | Indianapolis | IN | 213760 | 6/6/25 | $6000 | $(12911) |
| **2024** |  |  |  |  |  |  |
| Collins Crossing | Richardson  | TX | 300887 | 1/26/24 | $35000 | $(2145) |
| Innsbrook  | Glenn Allen | VA | 298183 | 7/8/2024 | 31000 | (13247) |
| Pershing Park | Atlanta | GA | 160145 | 10/23/24 | 34000 | (27511) |
| **2023** |  |  |  |  |  |  |
| Northwest Point | Elk Grove | IL | 177095 | 3/10/23 | $29125 | $8391 |
| Forest Park | Charlotte | NC | 64198 | 8/9/23 | 9200 | (844) |
| Liberty Plaza (a) | Addison | TX | n/a | 8/23/23 | 157 | 53 |
| One Legacy Circle | Plano | TX | 214110 | 10/26/23 | 48000 | 10558 |
| Blue Lagoon Drive | Miami | FL | 213182 | 12/6/23 | 68000 | (18872) |
| **2022** |  |  |  |  |  |  |
| 380 Interlocken | Broomfield | CO | 240359 | 8/31/22 | $42000 | $5665 |
| 390 Interlocken | Broomfield | CO | 241512 | 8/31/22 | 60500 | 18412 |
| 909 Davis | Evanston | IL | 195098 | 12/28/22 | 27750 | 3359 |
| **2021** |  |  |  |  |  |  |
| One Ravinia | Atlanta | GA | 386602 | 5/27/21 | $74879 | $29075 |
| Two Ravinia | Atlanta | GA | 411047 | 5/27/21 | 71771 | 29 |
| One Overton Park | Atlanta | GA | 387267 | 5/27/21 | 72850 | (6336) |
| Loudoun Tech Center | Dulles | VA | 136658 | 6/29/21 | 17250 | (2148) |
| River Crossing | Indianapolis | IN | 205729 | 8/31/21 | 35050 | (1734) |
| Timberlake | Chesterfield | MO | 234496 | 9/23/21 | 44667 | 6184 |
| Timberlake East | Chesterfield | MO | 117036 | 9/23/21 | 22333 | 4111 |
| 999 Peachtree | Atlanta | GA | 621946 | 10/22/21 | 223900 | 86766 |
| Meadow Point | Chantilly | VA | 138537 | 11/16/21 | 25500 | 1878 |
| Stonecroft | Chantilly | VA | 111469 | 11/16/21 | 14500 | (4768) |
| **2020** |  |  |  |  |  |  |
| Emperor Boulevard | Durham | NC | 259531 | 12/23/20 | $89700 | $41928 |

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

June 30, 2025\| Page 23

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Net Asset Value Components** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in thousands except per share data) |  |  |  |  |  |
|  | **As of** |  |  |  |  |
|  | **30-Jun-25** | **Assets:** |  | **Other information:** |  |
| Total Market Capitalization Values |  | Straight-line rent receivable | $37839 | &nbsp;&nbsp;&nbsp;&nbsp;Leased SF to be FFO producing |  |
| Shares outstanding | 103690.3 | Assets held for sale |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during 2025-2028 (in 000's) | 69 |
| Closing price | $1.64 | Cash, cash equivalents and restricted cash | 30518 |  |  |
| Market capitalization | $170052 | Tenant rent receivables | 1568 | &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rental revenue current quarter | $74 |
| Debt | 249818 | Prepaid expenses | 3090 |  |  |
| Total Market Capitalization | $419870 | Office computers and furniture | 55 |  |  |
|  |  | Other assets: |  |  |  |
|  |  | Deferred financing costs, net | 2038 |  |  |
|  | **3 Months** | Other assets - Right-to-Use Asset | 493 |  |  |
|  | **Ended** |  | $75601 |  |  |
| **NOI Components** | **30-Jun-25** |  |  |  |  |
| Same Store NOI (1) | $11667 |  |  |  |  |
| Acquisitions (1) (2) |  | **Liabilities:** |  |  |  |
| Property NOI (1) | 11667 | Debt (excluding contra for unamortized financing costs) | $249818 | **Footnotes to the components** |  |
| Full quarter adjustment (3) |  | Accounts payable & accrued expenses | 23921 | (1) See pages 11 & 30 for definitions and reconciliations. | (1) See pages 11 & 30 for definitions and reconciliations. |
| **Stabilized portfolio** | $**11667** | Tenant security deposits | 6289 |  |  |
|  |  | Other liabilities: lease liability | 515 | (2) Includes NOI from acquisitions not in Same Store. | (2) Includes NOI from acquisitions not in Same Store. |
|  |  |  | $280543 |  |  |
| Financial Statement Reconciliation: |  |  |  | (3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary. | (3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary. |
| Rental Revenue | $26715 |  |  |  |  |
| Rental operating expenses | (10701) |  |  | (4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI. | (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 | (4191) |  |  |  |  |
| NOI from dispositions & acquisition properties | 108 |  |  | (5) Management & other fees are eliminated in consolidation but included in Property NOI.  | (5) Management & other fees are eliminated in consolidation but included in Property NOI.  |
| Taxes (4) | (82) |  |  |  |  |
| Management & other fees (5) | (182) |  |  |  |  |
| Property NOI (1) | $11667 |  |  |  |  |

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June 30, 2025\| Page 24

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| | |
|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Appendix: Non-GAAP Financial Measure Definitions** |

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**Definition of 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 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.

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.

June 30, 2025\| Page 25

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|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Appendix: Non-GAAP Financial Measure Definitions** |

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**Definition of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)<br>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.

June 30, 2025\| Page 26

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|:---|:---|
| ![Graphic](fsp-20250729xex99d2002.jpg) | **Appendix: Non-GAAP Financial Measure Definitions** |

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**Definition of 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.

June 30, 2025\| Page 27

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|:---|:---|
| &nbsp;&nbsp;![Graphic](fsp-20250729xex99d2041.jpg) | &nbsp;&nbsp;<br>**Investor Relations Contact**<br>Georgia Touma ~ 877.686.9496<br>InvestorRelations@fspreit.com<br>**Franklin Street Properties Corp.**<br>Supplemental Operating & Financial Data<br>401 Edgewater Place ~Wakefield, MA 01880<br>781.557.1300 ~ www.fspreit.com |

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June 30, 2025\| Page 28

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