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Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com
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Second Quarter 2026 Table of Contents June 30, 2026| Page 2 ` Page Page Company Information 3 Tenant Analysis and Leasing Activity Tenants b y Industry 16 Key Financial Data 20 Largest Tenants with Annualized Rent and Remaining Term 17-18 Financial Highlights 4 Leasin g Activity 19 Income Statements 5 Lease Expirations by Square Feet 20 Balance Sheets 6 Lease Ex pirations 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 ex pectations 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 change s in general economic o r 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 mark ets 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 implemente d or reversed in the future, in flation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening o f demand for the types of real estate owned by us, adverse chan ges in energy prices, which if sustained, could negativel y 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 regu latory 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 reve nues decrease as a result of property dispositions, additional staffing, insurance increases and real estate tax valuation reasse ssments. FSP assumes no obligation to update o r supplement forward-looking statements that become untrue because of subsequent events. Libert y Plaza, Addison, TX
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Company Information June 30, 2026| Page 3 Overview Snapshot (as of June 30, 2026) Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation. FSP is a Maryland corporation that operates in a manne r intended to qualify as a real estate investment trust (R EIT) for federal income tax purposes. FSP’s real estate operations include property acquisitions and dispositions , short-term financing, leasing, development and asse t management. Cor porate Headquarters Wakefield, MA Fiscal Yea r-End 31-Dec Owned Pro perties 14 Total S quare Feet 4.8 Million Tradin g Symbol FSP Exchange NYSE American Common Shares Outstandin g 104,011,708 Our Business Total Market Ca pitalization $0.3 Billion (1) As of June 30, 2026, the Company owned a portfolio of real estate consisting of 14 owned properties. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes. Insider Holdin gs 5.49% Management Team George J. Carter Jeffre y B. Carter Chief Executive Officer and President and Chief Investment Chairman of the Board Office r John G. Demeritt Scott H. Carte r Executive Vice President, Chief Executive Vice President, General Financial Officer and Treasurer Counsel and Secretary John F. Donahue Eriel Anchondo Executive Vice President Executive Vice President and Chief Operating Officer 1001 17th Street, Denver, CO Inquiries Inquiries should be directed to: Georgia Touma 877.686.9496 or InvestorRelations@fspreit.com (1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.
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Summary of Financial Highlights June 30, 2026| Page 4 (in thousands except per share amounts, SF & number of properties) 30-Jun-26 31-Mar-26 31-Dec-25 30-Se p-25 30-Jun-25 Income Items: Rental revenue $ 26,355 26,225 $ 26,040 $ 27,300 $ 26,715 Total revenue 26,355 26,225 26,040 27,300 26,715 Net loss (16,605) (9,527) (7,323) (8,326) (7,876) Adjusted EBITDA* 9,554 9,186 9,680 8,582 8,790 FFO* 1,566 1,151 3,441 2,323 2,516 AFFO* 1,393 (1,602) 79 (3,181) (514) Per Share Data: Loss per share $ (0.16) (0.09) $ (0.07) $ (0.08) $ (0.08) FFO* $ 0.02 0.01 $ 0.03 $ 0.02 $ 0.02 AFFO* $ 0.01 (0.02) $ 0.00 $ (0.03) $ (0.00) Weighted Average Shares (diluted) 103,810 103,690 103,690 103,690 103,610 Closing share price $ 0.52 0.66 $ 0.95 $ 1.60 $ 1.64 Dividend declared $ — 0.01 $ 0.01 $ 0.01 $ 0.01 Balance Sheet Items: Real estate, net $ 758,039 788,571 $ 793,722 $ 799,622 $ 803,412 Other assets, net 106,815 93,215 99,162 101,410 99,831 Total assets, net 864,854 881,786 892,884 901,032 903,243 Total liabilities, net 284,866 285,373 285,907 285,695 278,543 Stockholders' equity 579,988 596,413 606,977 615,337 624,700 Market Capitalization and Debt: Total Market Capitalization (a) $ 329,086 343,436 $ 347,423 $ 414,822 $ 419,870 Total debt outstanding (excluding unamortized financing costs) $ 275,000 275,000 $ 248,917 $ 248,917 $ 249,818 Debt to Total Market Capitalization 83.6% 80.1% 71.6% 60.0% 59.5% Net Debt to Adjusted EBITDA ratio* 6.6 6.8 5.6 6.3 6.2 Owned Properties Leasing Statistics: Owned properties assets 14 14 14 14 14 Owned properties total SF 4,809,487 4,809,487 4,807,663 4,807,663 4,807,663 Owned properties % leased 67.4% 68.4% 68.9% 68.9% 69.1% (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.
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Condensed Consolidated Income Statements ($ in thousands, except per share amounts) June 30, 2026| Page 5 F o r T h e F o r t h e For the Three Months Ended Six Months Ende d For the Three Months Ended Year Ended 31-Ma r-26 30-Jun-26 30-Jun-26 31-Ma r-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-25 Revenue: Rental $ 26,225 $ 26,355 $ 52,580 $ 27,107 $ 26,715 $ 27,300 $ 26,040 $ 107,162 Total revenue 26,225 26,355 52,580 27,107 26,715 27,300 26,040 107,162 Expenses: Real estate operating expenses 10,290 10,006 20,296 10,095 10,701 10,671 10,573 42,040 Real estate taxes and insurance 4,243 4,550 8,793 5,369 4,191 5,262 3,389 18,211 Depreciation and amortization 10,580 10,432 21,012 10,824 10,626 10,550 10,609 42,609 General and administrative 2,669 2,401 5,070 3,484 3,281 3,034 2,628 12,427 Interest 6,812 7,987 14,799 5,691 6,339 6,348 6,340 24,718 Total expenses 34,594 35,376 69,970 35,463 35,138 35,865 33,539 140,005 Loss on extinguishment of debt (1,267) — (1,267) (2) (3) (7) — (12) Gain (loss) on sale of properties and impairment of assets held for sale, net — (7,691) (7,691) (13,284) 384 — (2) (12,902) Interest income 163 157 320 259 248 249 230 986 Loss before taxes (9,473) (16,555) (26,028) (21,383) (7,794) (8,323) (7,271) (44,771) Tax expense 54 50 104 52 82 3 52 189 Net loss $ (9,527) $ (16,605) $ (26,132) $ (21,435) $ (7,876) $ (8,326) $ (7,323) $ (44,960) Weighted average number of shares outstanding, basic and diluted 103,690 103,810 103,751 103,567 103,610 103,690 103,690 103,640 Net loss per share, basic and diluted $ (0.09) $ (0.16) $ (0.25) $ (0.21) $ (0.08) $ (0.08) $ (0.07) $ (0.43)
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Condensed Consolidated Balance Sheets (in thousands) June 30, 2026| Page 6 March 31, June 30, March 31, J une 30, September 30, December 31, 2026 2026 2025 2025 2025 2025 Assets: Real estate assets: Land $ 98,882 $ 95,782 $ 98,882 $ 98,883 $ 98,883 $ 98,883 Buildings and improvements 1,094,771 1,053,670 1,083,971 1,085,048 1,088,981 1,091,728 Fixtures and equipment 11,562 11,220 11,289 11,399 11,355 11,572 1,205,215 1,160,672 1,194,142 1,195,330 1,199,219 1,202,183 Less accumulated depreciation 416,644 402,633 383,815 391,918 399,597 408,461 Real estate assets, net 788,571 758,039 810,327 803,412 799,622 793,722 Acquired real estate leases, net 2,080 1,670 3,737 3,309 2,899 2,490 Assets held for sale — 17,987 5,685 — — — Cash, cash equivalents and restricted cash 23,753 22,459 31,559 30,518 31,575 30,571 Tenant rent receivables, net 1,345 1,436 1,462 1,568 1,380 471 Straight-line rent receivable, net 38,670 37,411 37,724 37,839 38,857 38,744 Prepaid expenses and other assets 4,322 4, 445 3,429 3,583 3,889 4,080 Office computers and furniture, net of accumulated depreciation 124 132 62 55 48 136 Deferred leasing commissions, net 22,921 21,275 22,381 22,959 22,762 22,670 Total assets $ 881,786 $ 864,854 $ 916,366 $ 903,243 $ 901,032 $ 892,884 Liabilities and Stockholders’ Equity: Liabilities: Initial Term Loan payable, net of unamortized financing costs and OID $ 251,527 $ 253,136 $ — $ — $ — $ — Term loan payable, net of unamortized financing costs — — 124,861 125,124 125,114 125,555 Series A & Series B Senior Notes — — 122,595 122,656 122,449 122,686 Accounts payable and accrued expenses 26,391 24,220 27, 510 22,010 28,785 28,724 Accrued compensation 234 349 1,205 1,911 2,635 2,394 Tenant security deposits 6,186 6,207 6,156 6,289 6,258 6,198 Lease liability 1,002 923 612 515 417 316 Acquired unfavorable real estate leases, net 33 31 41 38 37 34 Total liabilities 285,373 284,866 282,980 278,543 285,695 285,907 Commitments and contingencies Stockholders’ Equity: Preferred stock — — — — — — Common stock 10 10 10 10 10 10 Additional paid-in capital 1,335,586 1,335,766 1,335,361 1,335,586 1,335,586 1,335,586 Accumulated distributions in excess of accumulated earnings (739,183) (755,788) (701,985) (710,896) (720,259) (728,619) Total stockholders’ equity 596,413 579,988 633,386 624,700 615,337 606,977 Total liabilities and stockholders’ equity $ 881,786 $ 864,854 $ 916,366 $ 903,243 $ 901,032 $ 892,884
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Condensed Consolidated Statements of Cash Flows (in thousands) June 30, 2026| Page 7 Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net loss $ (26,132) $ (29,311) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization expense 23,763 22,818 Amortization of above and below market leases (1) — Shares issued as compensation 180 225 Loss on extinguishment of debt 1,267 5 Loss on sale of properties and impairment of assets held for sale, net 7,691 12,900 Changes in operating assets and liabilities: Tenant rent receivables (965) (285) Straight-line rents 951 (4) Lease acquisition costs (269) (115) Prepaid expenses and other assets 239 (287) Accounts payable and accrued expenses (5,171) (10,924) Accrued compensation (2,045) (1,186) Tenant security deposits 9 52 Payment of deferred leasing commissions (1,634) (2,247) Net cash used in operating activities (2,117) (8,359) Cash flows from investing activities: Property improvements, fixtures and equipment (5,834) (7,320) Proceeds received from sales of properties — 6,099 Net cash used in investing activities (5,834) (1,221) Cash flows from financing activities: Distributions to stockholders (1,037) (2,071) Cost of extinguished debt (1,018) — Proceeds received from Initial Term Loan 258,500 — Repayments of term loans payable (125,995) (260) Repayments of Series A&B Senior Notes (122,922) (254) Deferred financing costs (7,689) — Net cash used in financing activities (161) (2,585) Net decrease in cash, cash equivalents and restricted cash (8,112) (12,165) Cash, cash equivalents and restricted cash, beginning of period 30,571 42,683 Cash, cash equivalents and restricted cash, end of period $ 22,459 $ 30,518
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Property Net Operating Income (NOI)* with Same Store Comparison (in thousands) June 30, 2026| Page 8 Rentable S quare Feet Three Months Ended Six Months Ended Three Months Ended Six Months Ended % (in thousands) or RSF 31-Mar-26 30-Jun-26 30-Jun-26 31-Mar-25 30-Jun-25 30-Jun-25 Inc (Dec) Change Region MidWest 758 1,372 1,466 2,838 1,356 1,758 3,114 (276) (8.9) % South 1,908 4,692 4,479 9,171 4,331 4,393 8,724 447 5.1 % West 2,143 5,397 5,607 11,004 5,849 5,516 11,365 (361) (3.2) % Property NOI* from Owned Properties 4,809 11,461 11,552 23,013 11,536 11,667 23,203 (190) (0.8) % Disposition and Acquisition Properties (a) - (10) — (10) (193) (108) (301) 291 1.2 % Property NOI* 4,809 $ 11,451 $ 11,552 $ 23,003 $ 11,343 $ 11,559 $ 22,902 $ 101 0.4 % Same Store $ 11,461 $ 11,552 $ 23,013 $ 11,536 $ 11,667 $ 23,203 $ (190) (0.8) % Less Nonrecurring Items in NOI* (b) 52 347 399 55 52 107 292 (1.3) % Comparative Same Store $ 11,409 $ 11,205 $ 22,614 $ 11,481 $ 11,615 $ 23,096 $ (482) (2.1) % (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 M easures Definitions beginning on page 25.
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FFO* & AFFO* Reconciliation (in thousands, except per share amounts) June 30, 2026| Page 9 Six Months Year Three Months Ended Ended Three Months Ended Ended 31-Ma r-26 30-Jun-26 30-Jun-26 31-Ma r-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-25 Net loss $ (9,527) $ (16,605) $ (26,132) $ (21,435) $ (7,876) $ (8,326) $ (7,323) $ (44,960) Loss (gain) on sale of properties and impairment of assets held for sale, net — 7,691 7,691 13,284 (384) — 2 12,902 Amortization of favorable leases — (1) (1) — — — — — Depreciation & amortization 10,580 10,432 21,012 10,824 10,626 10,550 10,609 42,609 NAREIT FFO* 1,053 1,517 2,570 2,673 2,366 2,224 3,288 10,551 Lease Acquisition costs 98 49 147 54 150 99 153 456 Funds From Operations (FFO)* $ 1,151 $ 1,566 $ 2,717 $ 2,727 $ 2,516 $ 2,323 $ 3,441 $ 11,007 Adjusted Funds From Operations (AFFO)* Funds From Operations (FFO)* $ 1,151 $ 1,566 $ 2,717 $ 2,727 $ 2,516 $ 2,323 $ 3,441 $ 11,007 Loss on extinguishment of debt 1,267 — 1,267 2 3 7 — 12 Amortization of deferred financing costs and OID 1,020 1,732 2,752 685 683 677 677 2,722 Shares issued as compensation — 180 180 — 225 — — 225 Straight-line rent 221 730 951 70 (74) (37) 188 147 Tenant improvements (3,386) (1,838) (5,224) (2,374) (1,415) (4,469) (2,023) (10,281) Leasing commissions (1,386) (248) (1,634) (545) (1,702) (929) (1,050) (4,226) Non-investment capex (489) (729) (1,218) (1,258) (750) (753) (1,154) (3,915) Adjusted Funds From Operations (AFFO)* $ (1,602) $ 1,393 $ (209) $ (693) $ (514) $ (3,181) $ 79 $ (4,309) Per Share Data: Loss per share $ (0.09) $ (0.16) $ (0.25) $ (0.21) $ (0.08) $ (0.08) $ (0.07) $ (0.43) FFO* 0.01 0.02 0.03 0.03 0.02 0.02 0.03 0.11 AFFO* (0.02) 0.01 (0.00) (0.01) (0.00) (0.03) 0.00 (0.04) Weighted Average Shares (basic and diluted) 103,690 103,810 103,751 103,567 103,610 103,690 103,690 103,640 * See Appendix for Non-GAAP Financial Measu res Definitions beginning on page 25.
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EBITDA* & Adjusted EBITDA* Reconciliation (in thousands, except ratio amounts) June 30, 2026| Page 10 Six Months Year Three Months Ended Ended Three Months Ended Ended 31-Ma r-26 30-Jun-26 30-Jun-26 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-25 Net loss $ (9,527) $ (16,605) $ (26,132) $ (21,435) $ (7,876) $ (8,326) $ (7,323) $ (44,960) Interest expense 6,812 7,987 14,799 5,691 6,339 6,348 6,340 24,718 Amortization of favorable leases — (1) (1) — — — — — Depreciation and amortization 10,580 10,432 21,012 10,824 10,626 10,550 10,609 42,609 Income taxes 54 50 104 52 82 3 52 189 EBITDA* $ 7,919 $ 1,863 $ 9,782 $ (4 ,868) $ 9,171 $ 8,575 $ 9,678 $ 22,556 Loss on extinguishment of debt 1,267 — 1,267 2 3 7 — 12 Loss (gain) on sale of properties and impairment of assets held for sale, net — 7,691 7,691 13,284 (384) — 2 12,902 Adjusted EBITDA* $ 9,186 $ 9,554 $ 18,740 $ 8,418 $ 8,790 $ 8,582 $ 9,680 $ 35,470 Interest expense $ 6,812 $ 7,987 $ 14,799 $ 5,691 $ 6,339 $ 6,348 $ 6,340 $ 24,718 Scheduled principal payments — — — — — — — — Interest and scheduled principal payments $ 6,812 $ 7,987 $ 14,799 $ 5,691 $ 6,339 $ 6,348 $ 6,340 $ 24,718 Interest coverage ratio 1.35 1.20 1.27 1.48 1.39 1.35 1.53 1.43 Debt service coverage ratio 1.35 1.20 1.27 1.48 1.39 1.35 1.53 1.43 Debt excluding unamortized financing costs $ 275,000 $ 275,000 $ 250,179 $ 249,818 $ 248,917 $ 248,917 Cash, cash equivalents and restricted cash 23,753 22,459 31,559 30,518 31,575 30,571 Net Debt (Debt less Cash, cash equivalents and restricted cash) $ 251,247 $ 252,541 $ 218,620 $ 219,300 $ 217,342 $ 218,346 Adjusted EBITDA* $ 9,186 $ 9,554 $ 8,418 $ 8,790 $ 8,582 $ 9,680 Annualized $ 36,744 $ 38,216 $ 33,672 $ 35,160 $ 34,328 $ 38,720 Net Debt-to-Adjusted EBITDA ratio* 6.8 6.6 6.5 6.2 6.3 5.6 * See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.
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Reconciliation of Net Income (Loss) to Property NOI* (in thousands) June 30, 2026| Page 11 Six Months Six Months Three Months Ende d Ende d Three Months Ende d Ende d 31-Mar-26 30-Jun-26 30-Jun-26 31-Ma r-25 30-Jun-25 30-Jun-25 Net loss $ (9,527) $ (16,605) $ (26,132) $ (21,435) $ (7,876) $ (29,311) Add (deduct): Loss on extinguishment of debt 1,267 — 1,267 2 3 5 Loss (gain) on sale of properties and impairment of assets held for sale, net — 7,691 7,691 13,284 (384) 12,900 Management fee income (375) (311) (686) (380) (334) (714) Depreciation and amortization 10,580 10,432 21,012 10,824 10,626 21,450 Amortization of above/below market leases — (1) (1) — — — General and administrative 2,669 2,401 5,070 3,484 3,281 6,765 Interest expense 6,812 7,987 14,799 5,691 6,339 12,030 Interest income (163) (157) (320) (259) (248) (507) Non-property specific items, net 188 115 303 132 152 284 Property NOI* $ 11,451 $ 11,552 $ 23,003 $ 11,343 $ 11,559 $ 22,902 * See Appendix for Non-GAAP Financial M easures Definitions beginning on page 25.
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Debt Summary (in thousands) June 30, 2026| Page 12 Outstanding Interest Balance at: Rate at 30-Jun-26 30-Jun-26 Initial Term Loans $ 275,000 9.00% Delayed Draw Term Loans — 9.00% $ 275,000 9.00% The table above is a summary of our debt as of June 30, 2026. On February 26, 2026, we entered into a Credit Agreement with Alter Domus (US) LLC, as administrative agent, and an affiliate of TPG Credit. The Credit Agreement provides for a secured credit facility for aggregate principal commitments of up to $320 million, consisting of (i) initial term loans in an aggregate principal amount of $275 million, and (ii) delayed draw term loans available upon the approval of the lenders after the closing date in an aggregate principal amount of up to $45 million. The delayed draw term loans may be used, subject to certain conditions, to fund tenant improvements, leasing commissions, building improvements and other u ses approved by the lenders. We used the proceeds of the initial term loans on the closing date to refinance and retire all outstanding indebtedness under the BMO Term Loan, BofA Term Loan and the Senior Notes (as such terms are defined in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026). Additional information on our current and prior debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our Quarterly Reports on Form 10-Q.
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Capital Analysis (in thousands, except per share amounts) June 30, 2026| Page 13 31-Ma r-26 30-Jun-26 31-Ma r-25 30-Jun-25 30-Sep-25 31-Dec-25 Market Data: Shares Outstanding 103,690 104,012 103,567 103,690 103,690 103,690 Closing market price per share $ 0.66 $ 0.52 $ 1.78 $ 1.64 $ 1.60 $ 0.95 Market capitalization $ 68,436 $ 54,086 $ 184,349 $ 170,052 $ 165,905 $ 98,506 Total debt outstanding excluding unamortized financing costs 275,000 275,000 250,179 249,818 248,917 248,917 Total Market Capitalization $ 343,436 $ 329,086 $ 434,528 $ 419,870 $ 414,822 $ 347,423 D i v i d e n d D a t a : Total dividends declared for the quarter $ 1,037 $ — $ 1,036 $ 1,035 $ 1,037 $ 1,037 Common dividend declared per share $ 0.01 $ — $ 0.01 $ 0.01 $ 0.01 $ 0.01 Declared dividend as a % of Net income (loss) per share (11)% — (5)% (13)% (12)% (14)% Declared dividend as a % of AFFO* per share (65)% — (149)% (202)% (33)% 1313% * See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.
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Owned & Consolidated Portfolio Overview June 30, 2026| Page 14 As of the Quarter Ended 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 Total Owned Properties: Number of properties (a) 14 14 14 14 14 Square feet 4,809,487 4,809,487 4,807,663 4,807,663 4,807,663 Leased percentage 67.4% 68.4% 68.9% 68.9% 69.1% (a) Includes property classified as an asset held for sale as of June 30, 2026.
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Owned Portfolio Overview June 30, 2026| Page 15 Percent Wtd Occupied GAAP Percent Wtd Occupied GAAP MSA / Property Name City State Square Fe et Leased Percentage (a) Rent (b) MSA / Property Name City State Square Fe et Leased Percentage (a) Rent (b) South Region Midwest Region Dallas-Fort Worth Minneapolis Legacy Tennyson Center Plano TX 209,562 60.9% 60.9% $ 32.18 121 South 8th Street Minneapolis MN 297,744 75.5% 73.6% $ 24.44 Addison Circle Addison TX 289,333 64.3% 64.3% 35.59 801 Marquette Ave Minneapolis MN 129,691 91.8% 91.8% 27.13 Liberty Plaza Addison TX 217,841 64.3% 65.7% 25.66 Plaza Seven Minneapolis MN 330,096 45.3% 47.7% 32.32 Midwest Region Total 757,531 65.1% 65.4% $ 27.59 Houston Park Ten Houston TX 157,609 86.8% 84.8% 27.40 West Region Eldridge Green Houston TX 248,399 100.0% 100.0% 27.86 Denver Park Ten Phase II Houston TX 156,746 78.3% 76.0% 29.09 1999 Broadway Denve r CO 682,639 47.5% 48.3% $ 34.27 Westchase I & II Houston TX 629,025 67.0% 60.9% 25.41 Greenwood Plaza (c) Englewood CO 196,236 65.0% 65.0% 31.46 1001 17th Stree t Denve r CO 652,423 74.5% 73.4% 34.64 600 17th Street Denver CO 612,143 69.7% 67.8% 34.69 West Region Total 2,143,441 63.7% 63.0% $ 34.26 South Region Total 1,908,515 72.5% 70.3% $ 28.47 Total Owned Properties 4,809,487 67.4% 66.3% $ 30.79 (a) Weighted Occupied Percentage for the six months ended June 30, 2026. (b) Weighted Average GAAP Rent per Occupied Square Foot. (c) This property was sold on July 8, 2026.
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Tenants by Industry (Owned Properties by Square Feet) June 30, 2026| Page 16 Oil & Gas 25% Professional Services 10% Legal Services 9% Manufacturing 8%Government 8% Technology 7% General Business Services 6% Insurance 5% Architecture & Engineering 5% Real Estate 5% Banking 3% Other 3% Wholesalers 2% Medical & Social Services 2% Communications 2%
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20 Largest Tenants with Annualized Rent and Remaining Term (Owned Properties) June 30, 2026| Page 17 Remaining Aggregate % of Aggregate Tenant Number o f Lease Term Leased % of Total Annualized Leased Name Leases in Months Square Feet Square Feet Rent (a) Annualized Rent 1 CITGO Petroleum Corporation 1 81 248,399 5.2% $ 8,100,292 7.7% 2 EOG Resources, Inc. 1 6 169, 167 3.5% 6,580,596 6.3% 3 US Government 2 54, 55 168,573 3.5% 6,654,754 6.3% 4 Kaiser Foundation Health Plan, Inc. (b) 1 35 120,979 2.5% 4,232,752 4.0% 5 Deluxe Corporation 1 133 98,922 2.1% 2,988,497 2.8% 6 Olin Corporation 1 109 81,480 1.7% 2,519,362 2.4% 7 Ping Identity Corp. (c) 1 0, 60 71,523 1.5% 1,451,700 1.4% 8 Permian Resources Operating, LLC 1 64 67,856 1.4% 3,052,903 2.9% 9 Hall and Evans LLC 1 8 65,878 1.4% 2,857,011 2.7% 10 Cyxtera Management, Inc. 1 43 61,826 1.3% 2,497,152 2.4% 11 Precision Drilling (US) Corporation 1 23 59,569 1.2% 2,128,996 2.0% 12 PwC US Group 1 31 54,334 1.1% 1,807,692 1.7% 13 Coresite, LLC 1 113 49,518 1.0% 1,874,256 1.8% 14 Schwegman, Lundberg & Woessner, P.A. 1 19 46,269 1.0% 1,414,005 1.3% 15 Ark-La-Tex Financial Services, LLC. 1 9 41,011 0.9% 1,566,049 1.5% 16 Invenergy, LLC. (d) 1 114 35,088 0.7% 1,134,527 1.1% 17 Chevron U.S.A., Inc. 1 14 35,088 0.7% 1,546,328 1.5% 18 Moss, Luse & Womble, LLC 1 122 34,071 0.7% 830,227 0.8% 19 QB Energy Operating, LLC. 1 80 34,063 0.7% 1,506,266 1.4% 20 WDT Acquisition Corporation 1 118 30,913 0.6% 1,134,816 1.1% Total 1,574,527 32.7% $ 55,878,181 53.1% Footnotes on next page
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20 Largest Tenants with Annualized Rent and Remaining Term (Owned Properties) June 30, 2026| Page 18 Footnotes: (a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at June 30, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges. (b) Kaiser Foundation Health Plan, Inc. is a tenant in our property, which was sold on July 8, 2026. (c) Includes 16,559 square feet expiring June 30, 2026, which is rent abated and 54,964 square feet expiring in 2031. (d) Includes 3,146 square feet commencing on January 1, 2027; and 3,929 square feet commencing on January 1, 2028.
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Leasing Activity (Owned Properties) June 30, 2026| Page 19 Yea r Yea r Six Months Ended Ended Ended Leasing Activity 30-Jun-26 30-Jun-25 31-Dec-25 31-Dec-24 (in Square Feet - SF) New leasing 50,000 16,000 93,000 171,000 Renewals and expansions 120,000 171,000 320,000 445,000 170,000 187,000 413,000 616,000 Other information per SF (Activity on a year-to-date basis) GAAP Rents on leasing $ 34.34 31.89 $ 32.42 $ 30.06 Weighted average lease term 6.3 Years 6.3 Years 5.7 Years 6.3 Years Increase over average GAAP rents in prior year (a) 7.4% 4.2% 5.7% 8.2% Average free rent 5 Months 4 Months 4 Months 4 Months Tenant Improvements $ 33.32 25.78 $ 23.02 $ 26.06 Leasing Costs $ 11.31 11.15 $ 9.24 $ 9.72 (a) The increase or decrease percentage is calculated by comparing average GAAP rents at properties that had leasing activity in the current year to average GAAP rents at the same properties in the prior year.
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Lease Expirations by Square Feet (Owned Properties as of June 30, 2026, includes an asset held for sale that was sold on July 8, 2026) June 30, 2026| Page 20
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Lease Expirations with Annualized Rent per Square Foot (SF) (Owned Properties as of June 30, 2026, includes an asset held for sale that was sold on July 8, 2026) June 30, 2026| Page 21 Rentable Annualized Percentage Numbe r of Square Ren t of Total Year of Leases Footage Annualized Pe r Square Annualized Lease Expiring Subjec t to Ren t Under Foo t Under Ren t Under Expiration Within the Expiring Expiring Expiring Expiring Cumulative June 30, Yea r (a) Leases Leases (b) Leases Leases Total 2026 19 (c) 143,154 $ 4,129,218 $ 28.84 3.9% 3.9% 2027 35 551,951 20,830,307 37.74 19.8% 23.7% 2028 25 240,505 7,928,382 32.97 7.5% 31.2% 2029 43 505,301 15,899,414 31.47 15.1% 46.3% 2030 20 268,950 8,806,981 32.75 8.4% 54.7% 2031 24 448,002 15,656,331 34.95 14.9% 69.6% 2032 9 82,393 1,758,286 21.34 1.7% 71.3% 2033 12 399,182 13,207,048 33.09 12.5% 83.8% 2034 9 101,344 2,642,283 26.07 2.5% 86.3% 2035 8 176,208 5,783,727 32.82 5.5% 91.8% 2036 and thereafter 24 323,687 (d) 8,663,080 26.76 8.2% 100.0% Leased total 228 3,240,677 $ 105,305,057 $ 32.49 100.0% Owned property vacant SF 1,568,810 Total Portfolio Square Footage 4,809,487 (a) The number of leases approximates the number of tenants. Tenants with lease maturities in different years are included in annual totals for each lease. Tenants may have multiple leases in the same year. (b) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at June 30, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges. (c) Includes 3 leases that are month-to-month. (d) Includes 52,202 square feet that are non-revenue producing building amenities.
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Capital Expenditures (Owned and Consolidated Properties) June 30, 2026| Page 22 (in thousands) Six Months For the Three Months Ended Ended 31-Ma r-26 30-Jun-26 30-Jun-26 Tenant improvements $ 3,386 $ 1,838 $ 5,224 Deferred leasing costs 1,386 248 1,634 Non-investment capex 489 729 1,218 Total Capital Expenditures $ 5,261 $ 2,815 $ 8,076 For the Three Months Ended Year Ended 31-Ma r-25 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-25 Tenant improvements $ 2,374 $ 1,415 $ 4,469 $ 2,023 $ 10,281 Deferred leasing costs 545 1,702 929 1,050 4,226 Non-investment capex 1,258 750 753 1,154 3,915 Total Capital Expenditures $ 4,177 $ 3,867 $ 6,151 $ 4,227 $ 18,422 First generation leasing and investment capital expenditures was $0 for the six months ended June 30, 2026 and the year ended December 31, 2025.
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Disposition Activity (in thousands except for Square Feet) June 30, 2026| Page 23 Recent Dispositions: Gross Sale Gain (loss) City State Square Feet Date Sold Proceeds on Sale 2026 Greenwood Plaza En glewood CO 196,236 7/8/26 $ 19,356 $ (7,645) 2025 Monument Circle Indianapolis IN 213,760 6/6/25 $ 6,000 $ (12,960) 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 Broomfiel d 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 Chesterfiel d 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 62 1,946 10/22/21 223,900 86,766 Meadow Point Chantilly VA 138,537 11/16/21 25,500 1,878 Stonecroft Chantill y VA 111,469 11/16/21 14,500 (4,768) (a) Conveyance of approximately 7,826 square feet of land as part of a road revitalization project.
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Net Asset Value Components June 30, 2026| Page 24 (in thousands except per share data) As of 30-Jun-26 Assets: Other information: Total Market Capitalization Values Straight-line rent receivable $ 37,411 Leased SF to be FFO producing Shares outstanding 104,012 Assets held for sale 17,987 during 2026-2028 (in 000's) 75 Closing price $ 0.52 Cash, cash equivalents and restricted cash 22,459 Market capitalization $ 54,086 Tenant rent receivables 1,436 Straigh t-line rental revenue current quarter $ (730) Debt 275,000 Prepaid expenses 3,539 Total Market Capitalization $ 329,086 Office computers and furniture 132 Other assets: Deferred financing costs and OID, ne t 21,864 3 Months Other assets - Right-to-Use Asset 906 Ended $ 105,734 NOI Components 30-Jun-26 Same Store NOI (1) $ 11,552 Acquisitions (1) (2) — Liabilities: Property NOI (1) 11,552 Debt (excluding contra for unamortized financing costs and OID) $ 275,000 Footnotes to the components Full quarter adjustment (3) — Accounts payable & accrued expenses 24,569 (1) See pages 11 & 30 for definitions and reconciliations. Stabilized portfolio $ 11,552 Tenant security deposits 6,207 Other liabilities: lease liability & acquired unfavorable lease liability 954 (2) Includes NOI from acquisitions not in Same Store. $ 306,730 Financial Statement Reconciliation: (3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary. Rental Revenue $ 26,355 Rental operating expenses (10,006) (4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI. Real estate taxes and insurance (4,550) NOI from dispositions & acquisition properties — (5) Management & other fees are eliminated in consolidation but included in Property NOI. Taxes (4) (50) Management & other fees (5) (197) Property NOI (1) $ 11,552
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Appendix: Non-GAAP Financial Measure Definitions June 30, 2026| Page 25 Definition of Funds From Operations (“FFO”) The Company evaluates performance based on Fu nds From Operations, which we refer to as FFO, as management believes that FFO rep resents 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 ineffec tiveness, 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 le ase intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated RE ITs, and after adjustments to exclude equity in income or lo sses 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 Com pany’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 Es tate 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.
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Appendix: Non-GAAP Financial Measure Definitions June 30, 2026| Page 26 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 be lieves that net income or loss is the fi nancial 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 inv estors 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 a nd amortization, including amortization of acquired above and below market lease int angibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REIT s, 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-pr operty specific income and expenses. The information present ed includes footnotes and the data is shown by region with properties owned in the periods presented, wh ich we call Same Store. The comparative Same Store results in clude properties held for all periods presented. We also exclude properties that have been acquired, consolidated or placed in service, but that do not have operati ng activity for all periods presented, dispositions and significant nonrecurring income such as bankr uptcy 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.
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Appendix: Non-GAAP Financial Measure Definitions June 30, 2026| Page 27 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 recei ved, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amor tization of deferred financing costs and original issue discounts, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions. We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition. AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.
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June 30, 2026| Page 28 Investor Relations Contact Georgia Touma ~ 877.686.9496 InvestorRelations@fspreit.com Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300 ~ www.fspreit.com