FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2013

		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	$	935	$	1,812	$	8,855	$	10,667	$	3,463	$	7,204	5-39	1969	1997
Hillview Center, Milpitas, CA	—	2,203		2,813		7		2,203		2,820		5,023		1,066		3,957		5-39	1984	1999
Forest Park, Charlotte, NC	—	1,559		5,672		170		1,559		5,842		7,401		1,695		5,706		5-39	1999	1999
Centennial Center, Colorado Springs, CO	—	1,549		11,877		1,601		1,549		13,478		15,027		4,225		10,802		5-39	1999	2000
Meadow Point, Chantilly, VA	—	2,634		18,911		6,442		2,634		25,353		27,987		7,411		20,576		5-39	1999	2001
Timberlake, Chesterfield, MO	—	2,984		38,661		3,160		2,984		41,821		44,805		12,631		32,174		5-39	1999	2001
Northwest Point, Elk Grove Village, IL	—	2,914		26,295		8,147		2,914		34,442		37,356		11,580		25,776		5-39	1999	2001
Timberlake East, Chesterfield, MO	—	2,626		17,608		2,359		2,626		19,967		22,593		6,368		16,225		5-39	2000	2002
Park Ten, Houston, TX	—	1,061		21,303		2,450		569		24,245		24,814		7,122		17,692		5-39	1999	2002
Federal Way, Federal Way, WA	—	2,518		13,212		2,335		2,518		15,547		18,065		4,611		13,454		5-39	1982	2001
Addison, Addison, TX	—	4,325		48,040		5,268		4,325		53,308		57,633		14,408		43,225		5-39	1999	2002
Collins, Richardson, TX	—	4,000		42,598		6,708		4,000		49,306		53,306		11,333		41,973		5-39	1999	2003
Montague, San Jose, CA	—	10,250		5,254		3,784		10,250		9,038		19,288		2,354		16,934		5-39	1982	2002
Greenwood, Englewood, CO	—	3,100		30,201		8,018		3,100		38,219		41,319		7,603		33,716		5-39	2000	2005
River Crossing, Indianapolis, IN	—	3,000		36,926		3,141		3,000		40,067		43,067		9,078		33,989		5-39	1998	2005
Willow Bend, Plano, TX	—	3,800		14,842		3,461		3,800		18,303		22,103		4,034		18,069		5-39	1999	2000
Innsbrook, Glenn Allen, VA	—	5,000		40,216		5,353		5,000		45,569		50,569		9,756		40,813		5-39	1999	2003
380 Interlocken, Bloomfield, CO	—	8,275		34,462		6,651		8,275		41,113		49,388		9,969		39,419		5-39	2000	2003
Blue Lagoon, Miami, FL	—	6,306		46,124		1,295		6,306		47,419		53,725		9,435		44,290		5-39	2002	2003
Eldridge Green, Houston, TX	—	3,900		43,791		3,802		3,900		47,593		51,493		9,229		42,264		5-39	1999	2004
Liberty Plaza, Addison, TX	—	4,374		21,146		4,560		4,374		25,706		30,080		6,618		23,462		5-39	1985	2006
One Overton, Atlanta, GA	—	3,900		77,229		7,517		3,900		84,746		88,646		16,911		71,735		5-39	2002	2006
FSP 390 Interlocken, Broomfield, CO	—	7,013		37,751		3,391		7,013		41,142		48,155		8,533		39,622		5-39	2002	2006
East Baltimore, Baltimore, MD	—	4,600		55,267		2,780		4,600		58,047		62,647		9,934		52,713		5-39	1989	2007
Park Ten II, Houston, TX	—	1,300		31,712		409		1,300		32,121		33,421		4,815		28,606		5-39	2006	2006
Lakeside Crossing, Maryland Heights, MO	—	1,900		16,192		2		1,900		16,194		18,094		2,110		15,984		5-39	2008	2008
Dulles Virginia, Sterling, VA	—	4,813		13,285		60		4,813		13,345		18,158		1,702		16,456		5-39	1999	2008
Stonecroft, Chantilly, VA	—	2,102		18,003		0		2,102		18,003		20,105		2,078		18,027		5-39	2008	2009
Eden Bluff, Eden Prairie, MN	—	5,422		9,294		0		5,422		9,294		14,716		1,072		13,644		5-39	2006	2009
121 South Eight Street, Minneapolis, MN	—	8,628		15,214		6,275		8,628		21,489		30,117		1,676		28,441		5-39	1974	2010
909 Davis, Evanston, IL	—	4,912		18,229		217		4,912		18,446		23,358		1,098		22,260		5-39	2002	2011
Emperor Boulevard, Durham, NC	—	2,423		53,997		52		2,423		54,049		56,472		3,925		52,547		5-39	2009	2011
Legacy Tennyson Center, Plano, TX	—	3,067		22,064		0		3,067		22,064		25,131		1,603		23,528		5-39	2008	2011
One Legacy Circle, Plano, TX	—	2,590		36,608		952		2,590		37,560		40,150		2,809		37,341		5-39	2008	2011
One Ravinia Drive, Atlanta, GA	—	2,686		35,125		1,664		2,686		36,789		39,475		1,438		38,037		5-39	1985	2012
Westchase I & II, Houston, TX	—	8,491		121,508		1,184		8,491		122,692		131,183		3,704		127,479		5-39	2008	2012
1999 Broadway, CO	—	16,334		137,726		466		16,334		138,192		154,526		2,060		152,466		5-39	1986	2013
999 Peachtree, GA	—	10,187		107,727		142		10,187		107,869		118,056		1,385		116,671		5-39	1987	2013
1001 17th Street, CO	—	17,413		165,058		0		17,413		165,058		182,471		1,410		181,061		5-39	2006	2013
Balance — Real Estate	—	$	185,974	$	1,499,858	$	104,758	$	185,479	$	1,605,111	$	1,790,590	$	222,252	$	1,568,338

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

(2) The aggregate cost for Federal Income Tax purposes is $1,971,554.

(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)	2013			2012			2011
Real estate investments, at cost:
Balance, beginning of year	$	1,323,384		$	1,158,808		$	1,053,678
Acquisitions	454,445			167,812			151,897
Improvements	20,768			16,784			21,296
Assets held for sale	—			(8,007		)	(27,324		)
Dispositions	(8,007		)	(20,020		)	(68,063		)
Balance -Real Estate	1,790,590			1,315,377			1,131,484

Assets held for sale	—			8,007			27,324
Balance, end of year	$	1,790,590		$	1,323,384		$	1,158,808

Accumulated depreciation:
Balance, beginning of year	$	180,756		$	152,587		$	125,741
Depreciation	41,763			33,563			29,729
Assets held for sale	—			(167		)	(4,354		)
Dispositions	(267		)	(5,394		)	(2,883		)
Balance - Accumulated Depreciation	222,252			180,589			148,233

Assets held for sale	—			167			4,354
Balance, end of year	$	222,252		$	180,756		$	152,587