EX-99.2 3 fsp-20260309xex99d2.htm EX-99.2

Exhibit 99.2

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300.~ www.fspreit.com


	Fourth Quarter 2025 Table of Contents

`
	Page			Page

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

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

Owned and Consolidated Portfolio Overview	14-15

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP’s current expectations include adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, expectations for future potential property dispositions, expectations for future potential leasing activity, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, additional staffing, insurance increases and real estate tax valuation reassessments. FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

			Addison Circle One, Addison, TX

December 31, 2025| Page 2


	Company Information

Overview		Snapshot (as of December 31, 2025)
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP’s real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management.		Corporate Headquarters	Wakefield, MA
				Fiscal Year-End	31-Dec
				Owned Properties	14
				Total Square Feet	4.8 Million
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	103,690,340

Our Business		Total Market Capitalization	$0.3 Billion (1)
As of December 31, 2025, the Company owned a portfolio of real estate consisting of 14 owned properties. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes.		Insider Holdings	5.28%



Management Team

George J. Carter	Jeffrey B. Carter
Chief Executive Officer and	President and Chief Investment
Chairman of the Board	Officer

John G. Demeritt	Scott H. Carter
Executive Vice President, Chief	Executive Vice President, General
Financial Officer and Treasurer	Counsel and Secretary

John F. Donahue	Eriel Anchondo
Executive Vice President	Executive Vice President and Chief Operating Officer	Eldridge Green, Houston, TX

Inquiries
Inquiries should be directed to: Georgia Touma
877.686.9496 or [email protected] (1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.

December 31, 2025| Page 3


	Summary of Financial Highlights


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

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

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

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

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

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

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

December 31, 2025| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


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

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

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

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

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

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

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

December 31, 2025| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


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

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

Commitments and contingencies

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

December 31, 2025| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)



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

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

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

December 31, 2025| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)



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

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

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

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

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

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

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

December 31, 2025| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


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

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


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

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

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

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

December 31, 2025| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


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

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

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

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

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

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

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

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

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

December 31, 2025| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


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

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

December 31, 2025| Page 11

Debt Summary

(in thousands)


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

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

	$	248,917	9.00%

●

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

●

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

●

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

December 31, 2025| Page 12

Capital Analysis

(in thousands, except per share amounts)


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

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

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

December 31, 2025| Page 13


	Owned & Consolidated Portfolio Overview


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

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

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

(a)

Includes properties that were classified as assets held for sale.

December 31, 2025| Page 14


	Owned Portfolio Overview


								Percent		Wtd Occupied		GAAP										Percent		Wtd Occupied		GAAP
MSA / Property Name		City		State		Square Feet		Leased		Percentage (a)		Rent (b)		MSA / Property Name		City		State		Square Feet		Leased		Percentage (a)		Rent (b)

South Region														Midwest Region
Dallas-Fort Worth														Minneapolis
Legacy Tennyson Center		Plano		TX		209,562		60.9%		52.5%		$	32.13	121 South 8th Street		Minneapolis		MN		297,744		80.4%		76.8%		$	22.96
Addison Circle		Addison		TX		289,333		67.7%		68.2%			35.43	801 Marquette Ave		Minneapolis		MN		129,691		91.8%		91.8%			25.97
Liberty Plaza		Addison		TX		217,841		66.9%		67.9%			26.43	Plaza Seven		Minneapolis		MN		330,096		51.0%		50.6%			29.30
														Midwest Region Total						757,531		69.5%		68.0%		$	25.71
Houston
Park Ten		Houston		TX		157,609		86.8%		84.1%			27.45	West Region
Eldridge Green		Houston		TX		248,399		100.0%		100.0%			27.93	Denver
Park Ten Phase II		Houston		TX		156,746		76.3%		71.2%			29.26	1999 Broadway		Denver		CO		682,639		50.7%		48.8%		$	34.74
Westchase I & II		Houston		TX		629,025		66.2%		63.1%			26.44	Greenwood Plaza		Englewood		CO		196,236		65.0%		65.0%			30.96
														1001 17th Street		Denver		CO		650,607		76.4%		73.7%			36.64
														600 17th Street		Denver		CO		612,135		69.1%		71.7%			33.85
														West Region Total						2,141,617		65.1%		64.4%		$	34.77

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

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

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

December 31, 2025| Page 15

Tenants by Industry

(Owned Properties by Square Feet)

December 31, 2025| Page 16

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)


					Remaining		Aggregate							% of Aggregate
	Tenant		Number of		Lease Term		Leased		% of Total		Annualized			Leased
	Name		Leases		in Months		Square Feet		Square Feet		Rent (a)			Annualized Rent

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

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

Footnotes on next page

December 31, 2025| Page 17

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at December 31, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

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

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

(d) Includes 19,095 square feet expiring in 2026 and 12,469 square feet commencing on March 1, 2026 and expiring in 2031.

December 31, 2025| Page 18

Leasing Activity

(Owned Properties)


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

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

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

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

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

December 31, 2025| Page 19

Lease Expirations by Square Feet

(Owned Properties)

December 31, 2025| Page 20

Lease Expirations with Annualized Rent per Square Foot (SF)

(Owned Properties)


			Rentable				Annualized		Percentage
	Number of		Square				Rent		of Total
Year of	Leases		Footage		Annualized		Per Square		Annualized
Lease	Expiring		Subject to		Rent Under		Foot Under		Rent Under
Expiration	Within the		Expiring		Expiring		Expiring		Expiring	Cumulative
December 31,	Year (a)		Leases		Leases (b)		Leases		Leases	Total

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

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

(b)	Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at December 31, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

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

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

December 31, 2025| Page 21

Capital Expenditures

(Owned and Consolidated Properties)


(in thousands)									Year
	For the Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Tenant improvements	$	2,374	$	1,415	$	4,469	$	2,023	$	10,281
Deferred leasing costs		545		1,702		929		1,050		4,226
Non-investment capex		1,258		750		753		1,154		3,915
Total Capital Expenditures	$	4,177	$	3,867	$	6,151	$	4,227	$	18,422


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

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

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

December 31, 2025| Page 22

Disposition Activity

(in thousands except for Square Feet)


Recent Dispositions:										Gross Sale			Gain (loss)
		City		State		Square Feet		Date Sold		Proceeds			on Sale
2025
Monument Circle		Indianapolis		IN		213,760		6/6/25		$	6,000		$	(12,914)

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

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

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

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

2020
Emperor Boulevard		Durham		NC		259,531		12/23/20		$	89,700		$	41,928

(a)

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

December 31, 2025| Page 23


	Net Asset Value Components


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

Same Store NOI (1)	$	11,743
Acquisitions (1) (2)		—	Liabilities:
Property NOI (1)		11,743	Debt (excluding contra for unamortized financing costs)	$	248,917	Footnotes to the components
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		31,118	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	11,743	Tenant security deposits		6,198
			Other liabilities: lease liability		316	(2) Includes NOI from acquisitions not in Same Store.
				$	286,549
Financial Statement Reconciliation:						(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	26,040
Rental operating expenses		(10,573)				(4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI.
Real estate taxes and insurance		(3,389)
NOI from dispositions & acquisition properties		(61)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(52)
Management & other fees (5)		(222)
Property NOI (1)	$	11,743

December 31, 2025| Page 24


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Funds From Operations (“FFO”)

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.

December 31, 2025| Page 25


	Appendix: Non-GAAP Financial Measure Definitions

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

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

Definition of Property Net Operating Income (Property NOI)

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

December 31, 2025| Page 26


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

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.

December 31, 2025| Page 27

Investor Relations Contact

Georgia Touma ~ 877.686.9496

[email protected]

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300 ~ www.fspreit.com

December 31, 2025| Page 28