SCHEDULE III

FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016


		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:
Forest Park, Charlotte, NC	—	$	1,559	$	5,672	$	170	$	1,559	$	5,842	$	7,401		2,134	$	5,267	5	-	39	1999	1999
Meadow Point, Chantilly, VA	—		2,634		18,911		7,028		2,634		25,939		28,573		10,721		17,852	5	-	39	1999	2001
Timberlake, Chesterfield, MO	—		2,984		38,661		7,204		2,984		45,865		48,849		15,313		33,536	5	-	39	1999	2001
Northwest Point, Elk Grove Village, IL	—		2,914		26,295		8,253		2,914		34,548		37,462		15,566		21,896	5	-	39	1999	2001
Timberlake East, Chesterfield, MO	—		2,626		17,608		2,140		2,626		19,748		22,374		6,773		15,601	5	-	39	2000	2002
Park Ten, Houston, TX	—		1,061		21,303		3,854		567		25,651		26,218		10,098		16,120	5	-	39	1999	2002
Addison, Addison, TX	—		4,325		48,040		7,058		4,325		55,098		59,423		18,270		41,153	5	-	39	1999	2002
Collins, Richardson, TX	—		4,000		42,598		6,929		4,000		49,527		53,527		16,886		36,641	5	-	39	1999	2003
Greenwood, Englewood, CO	—		3,100		30,201		9,181		3,100		39,382		42,482		12,224		30,258	5	-	39	2000	2005
River Crossing, Indianapolis, IN	—		3,000		36,926		2,247		3,000		39,173		42,173		12,090		30,083	5	-	39	1998	2005
Innsbrook, Glenn Allen, VA	—		5,000		40,216		4,175		5,000		44,391		49,391		13,318		36,073	5	-	39	1999	2003
380 Interlocken, Bloomfield, CO	—		8,275		34,462		7,444		8,275		41,906		50,181		14,074		36,107	5	-	39	2000	2003
Blue Lagoon, Miami, FL	—		6,306		46,124		1,877		6,306		48,001		54,307		13,800		40,507	5	-	39	2002	2003
Eldridge Green, Houston, TX	—		3,900		43,791		3,941		3,900		47,732		51,632		13,787		37,845	5	-	39	1999	2004
Liberty Plaza, Addison, TX	—		4,374		21,146		6,127		4,374		27,273		31,647		8,954		22,693	5	-	39	1985	2006
One Overton, Atlanta, GA	—		3,900		77,229		9,951		3,900		87,180		91,080		25,335		65,745	5	-	39	2002	2006
390 Interlocken, Broomfield, CO	—		7,013		37,751		5,798		7,013		43,549		50,562		11,796		38,766	5	-	39	2002	2006
East Baltimore, Baltimore, MD	—		4,600		55,267		4,955		4,600		60,222		64,822		15,428		49,394	5	-	39	1989	2007
Park Ten II, Houston, TX	—		1,300		31,712		464		1,300		32,176		33,476		7,432		26,044	5	-	39	2006	2006
Dulles Virginia, Sterling, VA	—		4,813		13,285		5,486		4,813		18,771		23,584		3,672		19,912	5	-	39	1999	2008
Stonecroft, Chantilly, VA	—		2,102		18,003		—		2,102		18,003		20,105		3,462		16,643	5	-	39	2008	2009
121 South Eight Street, Minneapolis, MN	—		4,444		15,214		11,415		4,444		26,629		31,073		4,564		26,509	5	-	39	1974	2010
801 Marquette Ave South, Minneapolis, MN	—		4,184		—		4,090		4,184		4,090		8,274		10		8,264	5	-	39	1923	2010
909 Davis, Evanston, IL	—		4,912		18,229		2,082		4,912		20,311		25,223		2,670		22,553	5	-	39	2002	2011
Emperor Boulevard, Durham, NC	—		2,423		53,997		53		2,423		54,050		56,473		8,084		48,389	5	-	39	2009	2011
Legacy Tennyson Center, Plano, TX	—		3,067		22,064		41		3,067		22,105		25,172		3,300		21,872	5	-	39	2008	2011
One Legacy Circle, Plano, TX	—		2,590		36,608		1,002		2,590		37,610		40,200		5,951		34,249	5	-	39	2008	2011
One Ravinia Drive, Atlanta, GA	—		2,686		35,125		4,140		2,686		39,265		41,951		5,042		36,909	5	-	39	1985	2012
Two Ravinia Drive, Atlanta, GA	—		7,375		58,726		4,038		7,375		62,764		70,139		2,756		67,383	5	-	39	1987	2015
Westchase I & II, Houston, TX	—		8,491		121,508		4,292		8,491		125,800		134,291		13,754		120,537	5	-	39	2008	2012
1999 Broadway, Denver CO	—		16,334		137,726		6,531		16,334		144,257		160,591		13,597		146,994	5	-	39	1986	2013
999 Peachtree, Atlanta, GA	—		10,187		107,727		7,992		10,187		115,719		125,906		10,287		115,619	5	-	39	1987	2013
1001 17th Street, Denver, CO	—		17,413		165,058		4,403		17,413		169,461		186,874		14,609		172,265	5	-	39	2006	2013
Plaza Seven, Minneapolis, MN	—		6,604		54,240		5,452		6,604		59,692		66,296		992		65,304	5	-	39	1987	2016
Pershing Plaza, Atlanta, GA	—		5,300		34,158		43		5,300		34,201		39,501		365		39,136	5	-	39	1989	2016
600 17th Street, Denver, CO	—		20,876		99,941		447		20,876		100,388		121,264		114		121,150	5	-	39	1982	2016
Balance — Real Estate	—	$	196,672	$	1,665,522	$	160,303	$	196,178	$	1,826,319	$	2,022,497	$	337,228	$	1,685,269

Asset Held For Sale	—		2,203		2,813		7		2,203		2,820		5,023		1,278		3,745	5	-	39	1984	1999
Balance — Real Estate	—	$	198,875	$	1,668,335	$	160,310	$	198,381	$	1,829,139	$	2,027,520	$	338,506	$	1,689,014

(1)

There are no encumbrances on the above properties.

(2)

The aggregate cost for Federal Income Tax purposes is $2,228,368.

(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)	2016		2015		2014
Real estate investments, at cost:
Balance, beginning of year	$	1,809,615	$	1,790,591	$	1,790,590
Acquisitions		221,119		66,104		—
Improvements		39,438		23,171		16,589
Assets held for sale		(5,023)		—		—
Dispositions		(42,652)		(70,251)		(16,588)
Balance -Real Estate		2,022,497		1,809,615		1,790,591

Assets held for sale		5,023		—		—
Balance, end of year	$	2,027,520	$	1,809,615	$	1,790,591

Accumulated depreciation:
Balance, beginning of year	$	299,991	$	266,284	$	222,252
Depreciation		52,466		49,637		48,982
Assets held for sale		(1,278)		—		—
Dispositions		(13,951)		(15,930)		(4,950)
Balance - Accumulated Depreciation		337,228		299,991		266,284

Assets held for sale		1,278		—		—
Balance, end of year	$	338,506	$	299,991	$	266,284