SCHEDULE III

FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2018


		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	$	2,426	$	4,975	5	-	39	1999	1999
Meadow Point, Chantilly, VA	—		2,634		18,911		7,028		2,634		25,939		28,573		12,566		16,007	5	-	39	1999	2001
Timberlake, Chesterfield, MO	—		2,984		38,661		9,141		2,984		47,802		50,786		19,207		31,579	5	-	39	1999	2001
Northwest Point, Elk Grove Village, IL	—		2,914		26,295		12,007		2,914		38,302		41,216		17,281		23,935	5	-	39	1999	2001
Timberlake East, Chesterfield, MO	—		2,626		17,608		4,464		2,626		22,072		24,698		8,986		15,712	5	-	39	2000	2002
Park Ten, Houston, TX	—		1,061		21,303		5,077		567		26,874		27,441		11,208		16,233	5	-	39	1999	2002
Addison, Addison, TX	—		4,325		48,040		7,641		4,325		55,681		60,006		18,951		41,055	5	-	39	1999	2002
Collins, Richardson, TX	—		4,000		42,598		6,962		4,000		49,560		53,560		20,337		33,223	5	-	39	1999	2003
Greenwood, Englewood, CO	—		3,100		30,201		10,698		3,100		40,899		43,999		15,408		28,591	5	-	39	2000	2005
River Crossing, Indianapolis, IN	—		3,000		36,926		4,331		3,000		41,257		44,257		14,422		29,835	5	-	39	1998	2005
Innsbrook, Glenn Allen, VA	—		5,000		40,216		4,175		5,000		44,391		49,391		16,643		32,748	5	-	39	1999	2003
380 Interlocken, Bloomfield, CO	—		8,275		34,462		8,749		8,275		43,211		51,486		16,967		34,519	5	-	39	2000	2003
Blue Lagoon, Miami, FL	—		6,306		46,124		2,800		6,306		48,924		55,230		16,798		38,432	5	-	39	2002	2003
Eldridge Green, Houston, TX	—		3,900		43,791		4,023		3,900		47,814		51,714		16,841		34,873	5	-	39	1999	2004
Liberty Plaza, Addison, TX	—		4,374		21,146		7,017		4,374		28,163		32,537		10,276		22,261	5	-	39	1985	2006
One Overton, Atlanta, GA	—		3,900		77,229		14,823		3,900		92,052		95,952		31,502		64,450	5	-	39	2002	2006
390 Interlocken, Broomfield, CO	—		7,013		37,751		7,382		7,013		45,133		52,146		14,923		37,223	5	-	39	2002	2006
Park Ten II, Houston, TX	—		1,300		31,712		1,646		1,300		33,358		34,658		8,952		25,706	5	-	39	2006	2006
Dulles Virginia, Sterling, VA	—		4,813		13,285		5,829		4,813		19,114		23,927		5,480		18,447	5	-	39	1999	2008
Stonecroft, Chantilly, VA	—		2,102		18,003		—		2,102		18,003		20,105		4,385		15,720	5	-	39	2008	2009
121 South Eight Street, Minneapolis, MN	—		4,444		15,214		20,805		4,444		36,019		40,463		7,245		33,218	5	-	39	1974	2010
801 Marquette Ave South, Minneapolis, MN	—		4,184		—		18,505		4,184		18,505		22,689		156		22,533	5	-	39	1923	2010
909 Davis, Evanston, IL	—		4,912		18,229		6,429		4,912		24,658		29,570		4,774		24,796	5	-	39	2002	2011
Emperor Boulevard, Durham, NC	—		2,423		53,997		52		2,423		54,049		56,472		10,855		45,617	5	-	39	2009	2011
Legacy Tennyson Center, Plano, TX	—		3,067		22,064		2,120		3,067		24,184		27,251		4,673		22,578	5	-	39	2008	2011
One Legacy Circle, Plano, TX	—		2,590		36,608		2,661		2,590		39,269		41,859		8,164		33,695	5	-	39	2008	2011
One Ravinia Drive, Atlanta, GA	—		2,686		35,125		7,353		2,686		42,478		45,164		7,653		37,511	5	-	39	1985	2012
Two Ravinia Drive, Atlanta, GA	—		7,375		58,726		9,175		7,375		67,901		75,276		6,749		68,527	5	-	39	1987	2015
Westchase I & II, Houston, TX	—		8,491		121,508		10,210		8,491		131,718		140,209		21,427		118,782	5	-	39	2008	2012
1999 Broadway, Denver CO	—		16,334		137,726		17,724		16,334		155,450		171,784		22,967		148,817	5	-	39	1986	2013
999 Peachtree, Atlanta, GA	—		10,187		107,727		13,113		10,187		120,840		131,027		17,324		113,703	5	-	39	1987	2013
1001 17th Street, Denver, CO	—		17,413		165,058		12,186		17,413		177,244		194,657		24,274		170,383	5	-	39	2006	2013
Plaza Seven, Minneapolis, MN	—		6,604		54,240		7,457		6,604		61,697		68,301		4,907		63,394	5	-	39	1987	2016
Pershing Plaza, Atlanta, GA	—		5,300		34,158		1,218		5,300		35,376		40,676		2,173		38,503	5	-	39	1989	2016
600 17th Street, Denver, CO	—		20,876		99,941		3,054		20,876		102,995		123,871		5,679		118,192	5	-	39	1982	2016
Balance — Real Estate	—	$	192,072	$	1,610,255	$	256,025	$	191,578	$	1,866,774	$	2,058,352	$	432,579	$	1,625,773

(1)

There are no encumbrances on the above properties.

(2)

The aggregate cost for Federal Income Tax purposes is $2,281,670.

(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)	2018		2017		2016
Real estate investments, at cost:
Balance, beginning of year	$	2,008,823	$	2,027,520	$	1,809,615
Acquisitions		—		—		221,119
Improvements		53,279		54,097		39,438
Assets held for sale		—		—		(5,023)
Dispositions		(3,750)		(72,794)		(42,652)
Balance -Real Estate		2,058,352		2,008,823		2,022,497

Assets held for sale		—		—		5,023
Balance, end of year	$	2,058,352	$	2,008,823	$	2,027,520

Accumulated depreciation:
Balance, beginning of year	$	376,131	$	338,506	$	299,991
Depreciation		60,198		57,312		52,466
Assets held for sale		—		—		(1,278)
Dispositions		(3,750)		(19,687)		(13,951)
Balance - Accumulated Depreciation		432,579		376,131		337,228

Assets held for sale		—		—		1,278
Balance, end of year	$	432,579	$	376,131	$	338,506