FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2014


		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	$	1,025	$	1,812	$	8,945	$	10,757	$	3,793	$	6,964	5-39	1969	1997
Hillview Center, Milpitas, CA	—	2,203		2,813		7		2,203		2,820		5,023		1,138		3,885		5-39	1984	1999
Forest Park, Charlotte, NC	—	1,559		5,672		170		1,559		5,842		7,401		1,843		5,558		5-39	1999	1999
Meadow Point, Chantilly, VA	—	2,634		18,911		6,442		2,634		25,353		27,987		8,585		19,402		5-39	1999	2001
Timberlake, Chesterfield, MO	—	2,984		38,661		3,165		2,984		41,826		44,810		13,814		30,996		5-39	1999	2001
Northwest Point, Elk Grove Village, IL	—	2,914		26,295		8,147		2,914		34,442		37,356		12,908		24,448		5-39	1999	2001
Timberlake East, Chesterfield, MO	—	2,626		17,608		2,359		2,626		19,967		22,593		7,046		15,547		5-39	2000	2002
Park Ten, Houston, TX	—	1,061		21,303		3,080		569		24,875		25,444		8,375		17,069		5-39	1999	2002
Federal Way, Federal Way, WA	—	2,518		13,212		3,267		2,518		16,479		18,997		5,178		13,819		5-39	1982	2001
Addison, Addison, TX	—	4,325		48,040		5,784		4,325		53,824		58,149		16,025		42,124		5-39	1999	2002
Collins, Richardson, TX	—	4,000		42,598		6,768		4,000		49,366		53,366		13,194		40,172		5-39	1999	2003
Montague, San Jose, CA	—	10,250		5,254		3,784		10,250		9,038		19,288		2,779		16,509		5-39	1982	2002
Greenwood, Englewood, CO	—	3,100		30,201		8,399		3,100		38,600		41,700		9,128		32,572		5-39	2000	2005
River Crossing, Indianapolis, IN	—	3,000		36,926		3,195		3,000		40,121		43,121		10,302		32,819		5-39	1998	2005
Willow Bend, Plano, TX	—	3,800		14,842		3,513		3,800		18,355		22,155		4,632		17,523		5-39	1999	2000
Innsbrook, Glenn Allen, VA	—	5,000		40,216		5,353		5,000		45,569		50,569		11,356		39,213		5-39	1999	2003
380 Interlocken, Bloomfield, CO	—	8,275		34,462		6,913		8,275		41,375		49,650		11,395		38,255		5-39	2000	2003
Blue Lagoon, Miami, FL	—	6,306		46,124		1,473		6,306		47,597		53,903		10,823		43,080		5-39	2002	2003
Eldridge Green, Houston, TX	—	3,900		43,791		3,802		3,900		47,593		51,493		10,739		40,754		5-39	1999	2004
Liberty Plaza, Addison, TX	—	4,374		21,146		5,488		4,374		26,634		31,008		7,547		23,461		5-39	1985	2006
One Overton, Atlanta, GA	—	3,900		77,229		7,440		3,900		84,669		88,569		19,746		68,823		5-39	2002	2006
FSP 390 Interlocken, Broomfield, CO	—	7,013		37,751		3,605		7,013		41,356		48,369		9,751		38,618		5-39	2002	2006
East Baltimore, Baltimore, MD	—	4,600		55,267		3,881		4,600		59,148		63,748		11,644		52,104		5-39	1989	2007
Park Ten II, Houston, TX	—	1,300		31,712		409		1,300		32,121		33,421		5,700		27,721		5-39	2006	2006
Lakeside Crossing, Maryland Heights, MO	—	1,900		16,192		2		1,900		16,194		18,094		2,525		15,569		5-39	2008	2008
Dulles Virginia, Sterling, VA	—	4,813		13,285		3,828		4,813		17,113		21,926		2,078		19,848		5-39	1999	2008
Stonecroft, Chantilly, VA	—	2,102		18,003		0		2,102		18,003		20,105		2,540		17,565		5-39	2008	2009
Eden Bluff, Eden Prairie, MN	—	5,422		9,294		0		5,422		9,294		14,716		1,310		13,406		5-39	2006	2009
121 South Eight Street, Minneapolis, MN	—	8,628		15,214		8,575		8,628		23,789		32,417		2,450		29,967		5-39	1974	2010
909 Davis, Evanston, IL	—	4,912		18,229		317		4,912		18,546		23,458		1,611		21,847		5-39	2002	2011
Emperor Boulevard, Durham, NC	—	2,423		53,997		52		2,423		54,049		56,472		5,311		51,161		5-39	2009	2011
Legacy Tennyson Center, Plano, TX	—	3,067		22,064		0		3,067		22,064		25,131		2,169		22,962		5-39	2008	2011
One Legacy Circle, Plano, TX	—	2,590		36,608		952		2,590		37,560		40,150		3,857		36,293		5-39	2008	2011
One Ravinia Drive, Atlanta, GA	—	2,686		35,125		2,742		2,686		37,867		40,553		2,558		37,995		5-39	1985	2012
Westchase I & II, Houston, TX	—	8,491		121,508		1,930		8,491		123,438		131,929		6,956		124,973		5-39	2008	2012
1999 Broadway, CO	—	16,334		137,726		1,298		16,334		139,024		155,358		5,664		149,694		5-39	1986	2013
999 Peachtree, GA	—	10,187		107,727		818		10,187		108,545		118,732		4,168		114,564		5-39	1987	2013
1001 17th Street, CO	—	17,413		165,058		202		17,413		165,260		182,673		5,646		177,027		5-39	2006	2013
Balance — Real Estate	—	$	184,425	$	1,487,981	$	118,185	$	183,930	$	1,606,661	$	1,790,591	$	266,284	$	1,524,307

(1)

There are no encumbrances on the above properties.

(2)

The aggregate cost for Federal Income Tax purposes is $1,966,780.

(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)	2014		2013		2012
Real estate investments, at cost:
Balance, beginning of year	$	1,790,590	$	1,323,384	$	1,158,808
Acquisitions		—		454,445		167,812
Improvements		16,589		20,768		16,784
Assets held for sale		—		—		(8,007)
Dispositions		(16,588)		(8,007)		(20,020)
Balance -Real Estate		1,790,591		1,790,590		1,315,377

Assets held for sale		—		—		8,007
Balance, end of year	$	1,790,591	$	1,790,590	$	1,323,384

Accumulated depreciation:
Balance, beginning of year	$	222,252	$	180,756	$	152,587
Depreciation		48,982		41,763		33,563
Assets held for sale		—		—		(167)
Dispositions		(4,950)		(267)		(5,394)
Balance - Accumulated Depreciation		266,284		222,252		180,589

Assets held for sale		—		—		167
Balance, end of year	$	266,284	$	222,252	$	180,756