SCHEDULE III

FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015


		Initial Cost						Historical Cost
						Costs
						Capitalized				Buildings						Total Costs,
				Buildings		(Disposals)				Improvements						Net of		Depreciable				Date of
	Encumbrances			Improvements		Subsequent to				and				Accumulated		Accumulated		Life			Year	Acquisition
Description	(1)	Land		and Equipment		Acquisition		Land		Equipment		Total (2)		Depreciation		Depreciation		Years			Built	(3)
	(in thousands)
Commercial Properties:
Hillview Center, Milpitas, CA	—	$	2,203	$	2,813	$	7	$	2,203	$	2,820	$	5,023	$	1,212	$	3,811	5	-	39	1984	1999
Forest Park, Charlotte, NC	—		1,559		5,672		170		1,559		5,842		7,401		1,989		5,412	5	-	39	1999	1999
Meadow Point, Chantilly, VA	—		2,634		18,911		6,442		2,634		25,353		27,987		9,737		18,250	5	-	39	1999	2001
Timberlake, Chesterfield, MO	—		2,984		38,661		2,703		2,984		41,364		44,348		14,450		29,898	5	-	39	1999	2001
Northwest Point, Elk Grove Village, IL	—		2,914		26,295		8,157		2,914		34,452		37,366		14,236		23,130	5	-	39	1999	2001
Timberlake East, Chesterfield, MO	—		2,626		17,608		2,826		2,626		20,434		23,060		6,673		16,387	5	-	39	2000	2002
Park Ten, Houston, TX	—		1,061		21,303		3,224		569		25,019		25,588		9,228		16,360	5	-	39	1999	2002
Federal Way, Federal Way, WA	—		2,518		13,212		3,243		2,518		16,455		18,973		5,503		13,470	5	-	39	1982	2001
Addison, Addison, TX	—		4,325		48,040		6,539		4,325		54,579		58,904		17,222		41,682	5	-	39	1999	2002
Collins, Richardson, TX	—		4,000		42,598		6,857		4,000		49,455		53,455		15,059		38,396	5	-	39	1999	2003
Greenwood, Englewood, CO	—		3,100		30,201		8,741		3,100		38,942		42,042		10,672		31,370	5	-	39	2000	2005
River Crossing, Indianapolis, IN	—		3,000		36,926		3,285		3,000		40,211		43,211		11,600		31,611	5	-	39	1998	2005
Innsbrook, Glenn Allen, VA	—		5,000		40,216		5,352		5,000		45,568		50,568		12,955		37,613	5	-	39	1999	2003
380 Interlocken, Bloomfield, CO	—		8,275		34,462		7,540		8,275		42,002		50,277		12,826		37,451	5	-	39	2000	2003
Blue Lagoon, Miami, FL	—		6,306		46,124		1,757		6,306		47,881		54,187		12,267		41,920	5	-	39	2002	2003
Eldridge Green, Houston, TX	—		3,900		43,791		3,902		3,900		47,693		51,593		12,261		39,332	5	-	39	1999	2004
Liberty Plaza, Addison, TX	—		4,374		21,146		5,578		4,374		26,724		31,098		8,260		22,838	5	-	39	1985	2006
One Overton, Atlanta, GA	—		3,900		77,229		8,376		3,900		85,605		89,505		22,407		67,098	5	-	39	2002	2006
FSP 390 Interlocken, Broomfield, CO	—		7,013		37,751		5,078		7,013		42,829		49,842		10,828		39,014	5	-	39	2002	2006
East Baltimore, Baltimore, MD	—		4,600		55,267		4,839		4,600		60,106		64,706		13,472		51,234	5	-	39	1989	2007
Park Ten II, Houston, TX	—		1,300		31,712		442		1,300		32,154		33,454		6,565		26,889	5	-	39	2006	2006
Lakeside Crossing, Maryland Heights, MO	—		1,900		16,192		2		1,900		16,194		18,094		2,941		15,153	5	-	39	2008	2008
Dulles Virginia, Sterling, VA	—		4,813		13,285		5,261		4,813		18,546		23,359		2,796		20,563	5	-	39	1999	2008
Stonecroft, Chantilly, VA	—		2,102		18,003		—		2,102		18,003		20,105		3,000		17,105	5	-	39	2008	2009
121 South Eight Street, Minneapolis, MN	—		4,444		15,214		10,442		4,444		25,656		30,100		3,455		26,645	5	-	39	1974	2010
801 Marquette Ave South, Minneapolis, MN	—		4,184		—		94		4,184		94		4,278		7		4,271	5	-	39	1923	2010
909 Davis, Evanston, IL	—		4,912		18,229		317		4,912		18,546		23,458		2,132		21,326	5	-	39	2002	2011
Emperor Boulevard, Durham, NC	—		2,423		53,997		53		2,423		54,050		56,473		6,698		49,775	5	-	39	2009	2011
Legacy Tennyson Center, Plano, TX	—		3,067		22,064		—		3,067		22,064		25,131		2,734		22,397	5	-	39	2008	2011
One Legacy Circle, Plano, TX	—		2,590		36,608		952		2,590		37,560		40,150		4,904		35,246	5	-	39	2008	2011
One Ravinia Drive, Atlanta, GA	—		2,686		35,125		3,963		2,686		39,088		41,774		3,790		37,984	5	-	39	1985	2012
Two Ravinia Drive, Atlanta, GA	—		7,375		58,726		329		7,375		59,055		66,430		1,135		65,295	5	-	39	1987	2015
Westchase I & II, Houston, TX	—		8,491		121,508		2,976		8,491		124,484		132,975		10,303		122,672	5	-	39	2008	2012
1999 Broadway, Denver CO	—		16,334		137,726		3,447		16,334		141,173		157,507		9,480		148,027	5	-	39	1986	2013
999 Peachtree, Atlanta, GA	—		10,187		107,727		4,234		10,187		111,961		122,148		7,169		114,979	5	-	39	1987	2013
1001 17th Street, Denver, CO	—		17,413		165,058		2,574		17,413		167,632		185,045		10,025		175,020	5	-	39	2006	2013
Balance — Real Estate	—	$	170,513	$	1,509,400	$	129,702	$	170,021	$	1,639,594	$	1,809,615	$	299,991	$	1,509,624

(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)	2015		2014		2013
Real estate investments, at cost:
Balance, beginning of year	$	1,790,591	$	1,790,590	$	1,323,384
Acquisitions		66,104		—		454,445
Improvements		23,171		16,589		20,768
Assets held for sale		—		—		—
Dispositions		(70,251)		(16,588)		(8,007)
Balance -Real Estate		1,809,615		1,790,591		1,790,590

Assets held for sale		—		—		—
Balance, end of year	$	1,809,615	$	1,790,591	$	1,790,590

Accumulated depreciation:
Balance, beginning of year	$	266,284	$	222,252	$	180,756
Depreciation		49,637		48,982		41,763
Assets held for sale		—		—		—
Dispositions		(15,930)		(4,950)		(267)
Balance - Accumulated Depreciation		299,991		266,284		222,252

Assets held for sale		—		—		—
Balance, end of year	$	299,991	$	266,284	$	222,252