FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2012

		Initial Cost							Historical Cost
Description	Encumbrances (1)	Land		Buildings Improvements and Equipment		Costs Capitalized (Disposals) Subsequent to Acquisition			Land			Buildings Improvements and Equipment			Total (2)			Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Depreciable Life Years	Year Built	Date of Acquisition (3)
	(in thousands)
Commercial Properties:
Park Seneca, Charlotte, NC	—	$	1,815	$	7,917	$	636	$			1,812	$		8,556	$		10,368		$	3,150	$	7,218	5-39	1969	1997
Hillview Center, Milpitas, CA	—	2,203		2,813		7		2,203				2,820			5,023				994		4,029		5-39	1984	1999
Forest Park, Charlotte, NC	—	1,559		5,672		170		1,559				5,842			7,401				1,520		5,881		5-39	1999	1999
Centennial Center, Colorado Springs, CO	—	1,549		11,877		1,461		1,549				13,338			14,887				3,717		11,170		5-39	1999	2000
Meadow Point, Chantilly, VA	—	2,634		18,911		6,442		2,634				25,353			27,987				6,237		21,750		5-39	1999	2001
Timberlake, Chesterfield, MO	—	2,984		38,661		2,896		2,984				41,557			44,541				11,464		33,077		5-39	1999	2001
Northwest Point, Elk Grove Village, IL	—	2,914		26,295		8,147		2,914				34,442			37,356				10,252		27,104		5-39	1999	2001
Timberlake East, Chesterfield, MO	—	2,626		17,608		2,069		2,626				19,677			22,303				5,696		16,607		5-39	2000	2002
Park Ten, Houston, TX	—	1,061		21,303		2,322		569				24,117			24,686				6,236		18,450		5-39	1999	2002
Federal Way, Federal Way, WA	—	2,518		13,212		2,172		2,518				15,384			17,902				4,076		13,826		5-39	1982	2001
Addison, Addison, TX	—	4,325		48,040		4,658		4,325				52,698			57,023				12,347		44,676		5-39	1999	2002
Collins, Richardson, TX	—	4,000		42,598		5,814		4,000				48,412			52,412				9,542		42,870		5-39	1999	2003
Montague, San Jose, CA	—	10,250		5,254		3,784		10,250				9,038			19,288				1,874		17,414		5-39	1982	2002
Greenwood, Englewood, CO	—	3,100		30,201		2,950		3,100				33,151			36,251				6,437		29,814		5-39	2000	2005
River Crossing, Indianapolis, IN	—	3,000		36,926		2,737		3,000				39,663			42,663				7,886		34,777		5-39	1998	2005
Willow Bend, Plano, TX	—	3,800		14,842		2,930		3,800				17,772			21,572				3,317		18,255		5-39	1999	2000
Innsbrook, Glenn Allen, VA	—	5,000		40,216		5,268		5,000				45,484			50,484				8,163		42,321		5-39	1999	2003
380 Interlocken, Bloomfield, CO	—	8,275		34,462		6,384		8,275				40,846			49,121				8,471		40,650		5-39	2000	2003
Blue Lagoon, Miami, FL	—	6,306		46,124		1,218		6,306				47,342			53,648				8,079		45,569		5-39	2002	2003
Eldridge Green, Houston, TX	—	3,900		43,791		3,802		3,900				47,593			51,493				7,718		43,775		5-39	1999	2004
Liberty Plaza, Addison, TX	—	4,374		21,146		4,215		4,374				25,361			29,735				6,016		23,719		5-39	1985	2006
One Overton, Atlanta, GA	—	3,900		77,229		3,195		3,900				80,424			84,324				14,491		69,833		5-39	2002	2006
FSP 390 Interlocken, Broomfield, CO	—	7,013		37,751		3,253		7,013				41,004			48,017				7,316		40,701		5-39	2002	2006
East Baltimore, Baltimore, MD	—	4,600		55,267		1,779		4,600				57,046			61,646				8,269		53,377		5-39	1989	2007
Park Ten II, Houston, TX	—	1,300		31,712		405		1,300				32,117			33,417				3,884		29,533		5-39	2006	2006
Lakeside Crossing, Maryland Heights, MO	—	1,900		16,192		2		1,900				16,194			18,094				1,695		16,399		5-39	2008	2008
Dulles Virginia, Sterling, VA	—	4,813		13,285		0		4,813				13,285			18,098				1,362		16,736		5-39	1999	2008
Stonecroft, Chantilly, VA	—	2,102		18,003		0		2,102				18,003			20,105				1,616		18,489		5-39	2008	2009
Eden Bluff, Eden Prairie, MN	—	5,422		9,294		0		5,422				9,294			14,716				834		13,882		5-39	2006	2009
121 South Eight Street, Minneapolis, MN	—	8,628		15,214		3,267		8,628				18,481			27,109				1,092		26,017		5-39	1974	2010
909 Davis, Evanston, IL	—	4,912		18,229		217		4,912				18,446			23,358				593		22,765		5-39	2002	2011
Emperor Boulevard, Durham, NC	—	2,423		53,997		52		2,423				54,049			56,472				2,539		53,933		5-39	2009	2011
Legacy Tennyson Center, Plano, TX	—	3,067		22,064		0		3,067				22,064			25,131				1,037		24,094		5-39	2008	2011
One Legacy Circle, Plano, TX	—	2,590		36,608		883		2,590				37,491			40,081				1,763		38,318		5-39	2008	2011
East Renner Road, Richardson, TX	—	2,791		5,216		0		2,791				5,216			8,007				167		7,840		5-39	1999	2011
One Ravinia Drive, Atlanta, GA	—	2,686		35,125		468		2,686				35,593			38,279				388		37,891		5-39	1985	2012
Westchase I & II, Houston, TX	—	8,491		121,508		387		8,491				121,895			130,386				518		129,868		5-39	2008	2012
Balance — Real Estate	—	$	144,831	$	1,094,563	$	83,990	$		144,336		$	1,179,048		$	1,323,384			$	180,756	$	1,142,628

(1) There are no encumbrances on the above properties.

(2) The aggregate cost for Federal Income Tax purposes is $1,406,880.

(3) Original date of acquisition by Sponsored Entity.

The following table summarizes the changes in the Company’s real estate investments and accumulated depreciation:

	December 31,
(in thousands)	2012			2011			2010
Real estate investments, at cost:
Balance, beginning of year	$	1,158,808		$	1,053,678		$	1,020,787
Acquisitions	167,812			151,897			23,842
Improvements	16,784			21,296			9,049
Assets held for sale	—			(19,317		)	(86,501		)
Dispositions	(20,020		)	(68,063		)	—
Balance -Real Estate	1,323,384			1,139,491			967,177

Assets held for sale	—			19,317			86,501
Balance, end of year	$	1,323,384		$	1,158,808		$	1,053,678

Accumulated depreciation:
Balance, beginning of year	$	152,587		$	125,741		$	98,954
Depreciation	33,563			29,729			26,787
Assets held for sale	—			(4,321		)	(6,604		)
Dispositions	(5,394		)	(2,883		)	—
Balance - Accumulated Depreciation	180,756			148,266			119,137

Assets held for sale	—			4,321			6,604
Balance, end of year	$	180,756		$	152,587		$	125,741