EX-99.2 3 fsp-20250429xex99d2.htm EX-99.2

Exhibit 99.2

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​ | ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
| ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin Street Properties Corp. Supplemental Operating & Financial Data ​ ​ ​ 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com

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​ | ​
| First Quarter 2025 Table of Contents

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​ | ​ | ​ | ​ | ​
​ | Page | ​ | ​ | Page
​ | ​ | ​ | ​ | ​
Company Information | 3 | ​ | Tenant Analysis and Leasing Activity | ​
​ | ​ | ​ | Tenants by Industry | 16
Key Financial Data | ​ | ​ | 20 Largest Tenants with Annualized Rent and Remaining Term | 17-18
Financial Highlights | 4 | ​ | Leasing Activity | 19
Income Statements | 5 | ​ | Lease Expirations by Square Feet | 20
Balance Sheets | 6 | ​ | Lease Expirations with Annualized Rent per Square Foot | 21
Cash Flow Statements | 7 | ​ | Capital Expenditures | 22
Property Net Operating Income (NOI) | 8 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Reconciliation | ​ | ​ | Disposition Activity | 23
FFO & AFFO | 9 | ​ | ​ | ​
EBITDA | 10 | ​ | Loan Portfolio of Secured Real Estate | 24
Property NOI | 11 | ​ | ​ | ​
​ | ​ | ​ | Net Asset Value Components | 25
Debt Summary | 12 | ​ | ​ | ​
​ | ​ | ​ | Appendix: Non-GAAP Financial Measures Definitions | ​
Capital Analysis | 13 | ​ | FFO | 26
​ | ​ | ​ | EBITDA and NOI | 27
Owned and Consolidated Portfolio Overview | 14-15 | ​ | AFFO | 28
​ ​ | ​ | ​
All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP’s current expectations include adverse changes in general economic or local market conditions, including as a result of geopolitical events, the long-term effects of the COVID-19 pandemic and wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, the effects of changes in tariffs and trade policies, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal and trade policy and expenditures that cannot be anticipated such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. | ​ |
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​ | ​ | Addison Circle One, Addison, TX

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March 31, 2025| Page 2

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| Company Information

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Overview | ​ | ​ | ​ | ​ | Snapshot (as of March 31, 2025)
​ Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP’s real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management. | ​ | ​ | ​ | ​ | Corporate Headquarters | Wakefield, MA
​ | ​ | ​ | ​ | ​ | Fiscal Year-End | 31-Dec
​ | ​ | ​ | ​ | ​ | Owned & Consolidated Properties | ​ 15
​ | ​ | ​ | ​ | ​ | Total Square Feet | 5.0 Million
​ | ​ | ​ | ​ | ​ | Trading Symbol | FSP
​ | ​ | ​ | ​ | ​ | Exchange | NYSE American
​ | ​ | ​ | ​ | ​ | Common Shares Outstanding | 103,566,715
​ | ​ | ​ | ​ | ​ | ​ | ​
Our Business | ​ | ​ | ​ | ​ | Total Market Capitalization | $0.4 Billion (1)
As of March 31, 2025, the Company owned a portfolio of real estate consisting of 14 owned properties and one consolidated Sponsored REIT. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes. | ​ | ​ | ​ | ​ | Insider Holdings | 10.01%
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Management Team | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
George J. Carter | Jeffrey B. Carter | ​ | ​ | ​ | ​ | ​
Chief Executive Officer and | President and Chief Investment | ​ | ​ | ​ | ​ | ​
Chairman of the Board | Officer | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
John G. Demeritt | Scott H. Carter | ​ | ​ | ​ | ​ | ​
Executive Vice President, Chief | Executive Vice President, General | ​ | ​ | ​ | ​ | ​
Financial Officer and Treasurer | Counsel and Secretary | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
John F. Donahue | Eriel Anchondo | ​ | ​ | ​ | ​ | ​
Executive Vice President | Executive Vice President and Chief Operating Officer | ​ | ​ | ​ | ​ | Eldridge Green, Houston, TX
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Inquiries | ​ | ​ | ​ | ​ | ​ | ​
Inquiries should be directed to: Georgia Touma | ​ | ​ | ​ | ​ | ​ | ​
877.686.9496 or InvestorRelations@fspreit.com ​ (1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding. | ​ | ​ | ​ | ​ | ​ | ​

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March 31, 2025| Page 3

​ | ​
| Summary of Financial Highlights

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands except per share amounts, SF & number of properties) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 31-Mar-25 |  | 31-Dec-24 |  | 30-Sep-24 |  | 30-Jun-24 |  | 31-Mar-24 | ​
Income Items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental revenue | ​ | $ | 27,107 | ​ | $ | 28,375 | ​ | $ | 29,662 | ​ | $ | 30,818 | ​ | $ | 31,225 | ​
Total revenue | ​ | ​ | 27,107 | ​ | ​ | 28,375 | ​ | ​ | 29,682 | ​ | ​ | 30,830 | ​ | ​ | 31,225 | ​
Net loss | ​ | ​ | (21,435) | ​ | ​ | (8,526) | ​ | ​ | (15,622) | ​ | ​ | (21,023) | ​ | ​ | (7,552) | ​
Adjusted EBITDA* | ​ | ​ | 8,418 | ​ | ​ | 8,989 | ​ | ​ | 9,657 | ​ | ​ | 10,783 | ​ | ​ | 11,113 | ​
FFO* | ​ | ​ | 2,727 | ​ | ​ | 2,707 | ​ | ​ | 2,665 | ​ | ​ | 3,721 | ​ | ​ | 4,193 | ​
AFFO* | ​ | ​ | (693) | ​ | ​ | (5,157) | ​ | ​ | (1,829) | ​ | ​ | 518 | ​ | ​ | (659) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per Share Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss per share | ​ | $ | (0.21) | ​ | $ | (0.08) | ​ | $ | (0.15) | ​ | $ | (0.20) | ​ | $ | (0.07) | ​
FFO* | ​ | $ | 0.03 | ​ | $ | 0.03 | ​ | $ | 0.03 | ​ | $ | 0.04 | ​ | $ | 0.04 | ​
AFFO* | ​ | $ | (0.01) | ​ | $ | (0.05) | ​ | $ | (0.02) | ​ | $ | 0.01 | ​ | $ | (0.01) | ​
Weighted Average Shares (diluted) | ​ | ​ | 103,567 | ​ | ​ | 103,567 | ​ | ​ | 103,567 | ​ | ​ | 103,477 | ​ | ​ | 103,430 | ​
Closing share price | ​ | $ | 1.78 | ​ | $ | 1.83 | ​ | $ | 1.77 | ​ | $ | 1.53 | ​ | $ | 2.27 | ​
Dividend declared | ​ | $ | 0.01 | ​ | $ | 0.01 | ​ | $ | 0.01 | ​ | $ | 0.01 | ​ | $ | 0.01 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance Sheet Items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate, net | ​ | $ | 810,327 | ​ | $ | 834,908 | ​ | $ | 837,349 | ​ | $ | 840,756 | ​ | $ | 884,733 | ​
Other assets, net | ​ | ​ | 106,039 | ​ | ​ | 112,023 | ​ | ​ | 144,164 | ​ | ​ | 171,771 | ​ | ​ | 154,230 | ​
Total assets, net | ​ | ​ | 916,366 | ​ | ​ | 946,931 | ​ | ​ | 981,513 | ​ | ​ | 1,012,527 | ​ | ​ | 1,038,963 | ​
Total liabilities, net | ​ | ​ | 282,980 | ​ | ​ | 291,074 | ​ | ​ | 316,094 | ​ | ​ | 330,450 | ​ | ​ | 335,099 | ​
Stockholders' equity | ​ | ​ | 633,386 | ​ | ​ | 655,857 | ​ | ​ | 665,419 | ​ | ​ | 682,077 | ​ | ​ | 703,864 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Market Capitalization and Debt: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Market Capitalization (a) | ​ | $ | 434,528 | ​ | $ | 439,859 | ​ | $ | 461,000 | ​ | $ | 461,457 | ​ | $ | 537,787 | ​
Total debt outstanding (excluding unamortized financing costs) | ​ | $ | 250,179 | ​ | $ | 250,332 | ​ | $ | 277,687 | ​ | $ | 303,000 | ​ | $ | 303,000 | ​
Debt to Total Market Capitalization | ​ | ​ | 57.6% | ​ | ​ | 56.9% | ​ | ​ | 60.2% | ​ | ​ | 65.7% | ​ | ​ | 56.3% | ​
Net Debt to Adjusted EBITDA ratio* | ​ | ​ | 6.5 | ​ | ​ | 5.8 | ​ | ​ | 6.1 | ​ | ​ | 6.3 | ​ | ​ | 6.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Owned Properties Leasing Statistics: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Owned properties assets | ​ | ​ | 14 | ​ | ​ | 14 | ​ | ​ | 15 | ​ | ​ | 16 | ​ | ​ | 16 | ​
Owned properties total SF | ​ | ​ | 4,806,456 | ​ | ​ | 4,806,253 | ​ | ​ | 4,966,398 | ​ | ​ | 5,264,416 | ​ | ​ | 5,264,416 | ​
Owned properties % leased | ​ | ​ | 69.2% | ​ | ​ | 70.3% | ​ | ​ | 70.4% | ​ | ​ | 72.3% | ​ | ​ | 73.3% | ​

(a) | Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding on that date.

(b) | Excludes one property known as Monument Circle that was consolidated in our financial statements effective January 1, 2023. Please see the note: Consolidation of Sponsored REIT on page 24 for more information.

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* | See pages 9 & 10 for reconciliations of Net income or loss to FFO, AFFO and Adjusted EBITDA, respectively, and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

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March 31, 2025| Page 4

| Condensed Consolidated Income Statements ($ in thousands, except per share amounts)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | For the
​ | ​ | For the Three Months Ended | ​ | ​ | For the Three Months Ended | ​ | Year Ended
​ | ​ | 31-Mar-25 | ​ | ​ | 31-Mar-24 | ​ | 30-Jun-24 | ​ | 30-Sep-24 | ​ | 31-Dec-24 | ​ | 31-Dec-24
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental |  | $ | 27,107 |  |  | $ | 31,225 |  | $ | 30,818 |  | $ | 29,662 |  | $ | 28,375 |  | $ | 120,080
Other | ​ | ​ | — | ​ | ​ | ​ | — | ​ | ​ | 12 | ​ | ​ | 20 | ​ | ​ | — | ​ | ​ | 32
Total revenue | ​ | ​ | 27,107 | ​ | ​ | ​ | 31,225 | ​ | ​ | 30,830 | ​ | ​ | 29,682 | ​ | ​ | 28,375 | ​ | ​ | 120,112
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate operating expenses | ​ | ​ | 10,095 | ​ | ​ | ​ | 11,019 | ​ | ​ | 11,027 | ​ | ​ | 11,574 | ​ | ​ | 11,423 | ​ | ​ | 45,043
Real estate taxes and insurance | ​ | ​ | 5,369 | ​ | ​ | ​ | 5,936 | ​ | ​ | 5,727 | ​ | ​ | 5,512 | ​ | ​ | 5,541 | ​ | ​ | 22,716
Depreciation and amortization | ​ | ​ | 10,824 | ​ | ​ | ​ | 11,625 | ​ | ​ | 11,482 | ​ | ​ | 10,911 | ​ | ​ | 10,756 | ​ | ​ | 44,774
General and administrative | ​ | ​ | 3,484 | ​ | ​ | ​ | 4,159 | ​ | ​ | 3,635 | ​ | ​ | 3,275 | ​ | ​ | 2,815 | ​ | ​ | 13,884
Interest | ​ | ​ | 5,691 | ​ | ​ | ​ | 6,846 | ​ | ​ | 7,082 | ​ | ​ | 6,585 | ​ | ​ | 5,911 | ​ | ​ | 26,424
Total expenses | ​ | ​ | 35,463 | ​ | ​ | ​ | 39,585 | ​ | ​ | 38,953 | ​ | ​ | 37,857 | ​ | ​ | 36,446 | ​ | ​ | 152,841
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss on extinguishment of debt | ​ | ​ | (2) | ​ | ​ | ​ | (137) | ​ | ​ | — | ​ | ​ | (477) | ​ | ​ | (428) | ​ | ​ | (1,042)
Loss on sale of properties and impairment of assets held for sale, net | ​ | ​ | (13,284) | ​ | ​ | ​ | (5) | ​ | ​ | (13,200) | ​ | ​ | (7,254) | ​ | ​ | (367) | ​ | ​ | (20,826)
Interest income | ​ | ​ | 259 | ​ | ​ | ​ | 1,008 | ​ | ​ | 348 | ​ | ​ | 340 | ​ | ​ | 394 | ​ | ​ | 2,090
Loss before taxes | ​ | ​ | (21,383) | ​ | ​ | ​ | (7,494) | ​ | ​ | (20,975) | ​ | ​ | (15,566) | ​ | ​ | (8,472) | ​ | ​ | (52,507)
Tax expense | ​ | ​ | 52 | ​ | ​ | ​ | 58 | ​ | ​ | 48 | ​ | ​ | 56 | ​ | ​ | 54 | ​ | ​ | 216
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (21,435) | ​ | ​ | $ | (7,552) | ​ | $ | (21,023) | ​ | $ | (15,622) | ​ | $ | (8,526) | ​ | $ | (52,723)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of shares outstanding, basic and diluted | ​ | ​ | 103,567 | ​ | ​ | ​ | 103,430 | ​ | ​ | 103,477 | ​ | ​ | 103,567 | ​ | ​ | 103,567 | ​ | ​ | 103,510
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss per share, basic and diluted | ​ | $ | (0.21) | ​ | ​ | $ | (0.07) | ​ | $ | (0.20) | ​ | $ | (0.15) | ​ | $ | (0.08) | ​ | $ | (0.51)

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March 31, 2025| Page 5

​ | $ in thousands, except per share amounts) ​
| Condensed Consolidated Balance Sheets (in thousands)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | ​ | March 31, | ​ | June 30, | ​ | September 30, | ​ | December 31, | ​
​ |  | 2025 |  |  | 2024 | ​ | 2024 |  | 2024 |  | 2024 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 98,882 | ​ | ​ | $ | 110,298 | ​ | $ | 105,298 | ​ | $ | 105,298 | ​ | $ | 105,298 | ​
Buildings and improvements | ​ | ​ | 1,083,971 | ​ | ​ | ​ | 1,137,496 | ​ | ​ | 1,086,300 | ​ | ​ | 1,090,551 | ​ | ​ | 1,096,265 | ​
Fixtures and equipment | ​ | ​ | 11,289 | ​ | ​ | ​ | 13,002 | ​ | ​ | 10,436 | ​ | ​ | 10,776 | ​ | ​ | 11,053 | ​
​ | ​ | ​ | 1,194,142 | ​ | ​ | ​ | 1,260,796 | ​ | ​ | 1,202,034 | ​ | ​ | 1,206,625 | ​ | ​ | 1,212,616 | ​
Less accumulated depreciation | ​ | ​ | 383,815 | ​ | ​ | ​ | 376,063 | ​ | ​ | 361,278 | ​ | ​ | 369,276 | ​ | ​ | 377,708 | ​
Real estate assets, net | ​ | ​ | 810,327 | ​ | ​ | ​ | 884,733 | ​ | ​ | 840,756 | ​ | ​ | 837,349 | ​ | ​ | 834,908 | ​
Acquired real estate leases, net | ​ | ​ | 3,737 | ​ | ​ | ​ | 5,971 | ​ | ​ | 5,306 | ​ | ​ | 4,695 | ​ | ​ | 4,205 | ​
Assets held for sale | ​ | ​ | 5,685 | ​ | ​ | ​ | 38,947 | ​ | ​ | 67,823 | ​ | ​ | 32,926 | ​ | ​ | — | ​
Cash, cash equivalents and restricted cash | ​ | ​ | 31,559 | ​ | ​ | ​ | 37,779 | ​ | ​ | 31,495 | ​ | ​ | 42,375 | ​ | ​ | 42,683 | ​
Tenant rent receivables, net | ​ | ​ | 1,462 | ​ | ​ | ​ | 2,200 | ​ | ​ | 2,349 | ​ | ​ | 1,349 | ​ | ​ | 1,283 | ​
Straight-line rent receivable, net | ​ | ​ | 37,724 | ​ | ​ | ​ | 40,357 | ​ | ​ | 38,901 | ​ | ​ | 38,432 | ​ | ​ | 37,727 | ​
Prepaid expenses and other assets | ​ | ​ | 3,429 | ​ | ​ | ​ | 4,140 | ​ | ​ | 4,064 | ​ | ​ | 3,243 | ​ | ​ | 3,114 | ​
Office computers and furniture, net of accumulated depreciation | ​ | ​ | 62 | ​ | ​ | ​ | 106 | ​ | ​ | 92 | ​ | ​ | 80 | ​ | ​ | 70 | ​
Deferred leasing commissions, net | ​ | ​ | 22,381 | ​ | ​ | ​ | 24,730 | ​ | ​ | 21,741 | ​ | ​ | 21,064 | ​ | ​ | 22,941 | ​
Total assets | ​ | $ | 916,366 | ​ | ​ | $ | 1,038,963 | ​ | $ | 1,012,527 | ​ | $ | 981,513 | ​ | $ | 946,931 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Term loan payable, net of unamortized financing costs | ​ | $ | 124,861 | ​ | ​ | $ | 149,169 | ​ | $ | 149,604 | ​ | $ | 137,601 | ​ | $ | 124,491 | ​
Series A & Series B Senior Notes | ​ | ​ | 122,595 | ​ | ​ | ​ | 147,340 | ​ | ​ | 147,611 | ​ | ​ | 135,545 | ​ | ​ | 122,430 | ​
Accounts payable and accrued expenses | ​ | ​ | 27,510 | ​ | ​ | ​ | 30,099 | ​ | ​ | 23,765 | ​ | ​ | 32,821 | ​ | ​ | 34,067 | ​
Accrued compensation | ​ | ​ | 1,205 | ​ | ​ | ​ | 1,196 | ​ | ​ | 2,300 | ​ | ​ | 3,193 | ​ | ​ | 3,097 | ​
Tenant security deposits | ​ | ​ | 6,156 | ​ | ​ | ​ | 6,268 | ​ | ​ | 6,248 | ​ | ​ | 6,120 | ​ | ​ | 6,237 | ​
Lease liability | ​ | ​ | 612 | ​ | ​ | ​ | 953 | ​ | ​ | 859 | ​ | ​ | 763 | ​ | ​ | 707 | ​
Acquired unfavorable real estate leases, net | ​ | ​ | 41 | ​ | ​ | ​ | 74 | ​ | ​ | 63 | ​ | ​ | 51 | ​ | ​ | 45 | ​
Total liabilities | ​ | ​ | 282,980 | ​ | ​ | ​ | 335,099 | ​ | ​ | 330,450 | ​ | ​ | 316,094 | ​ | ​ | 291,074 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments and contingencies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Preferred stock | ​ | ​ | — | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Common stock | ​ | ​ | 10 | ​ | ​ | ​ | 10 | ​ | ​ | 10 | ​ | ​ | 10 | ​ | ​ | 10 | ​
Additional paid-in capital | ​ | ​ | 1,335,361 | ​ | ​ | ​ | 1,335,091 | ​ | ​ | 1,335,361 | ​ | ​ | 1,335,361 | ​ | ​ | 1,335,361 | ​
Accumulated other comprehensive income | ​ | ​ | — | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Accumulated distributions in excess of accumulated earnings | ​ | ​ | (701,985) | ​ | ​ | ​ | (631,237) | ​ | ​ | (653,294) | ​ | ​ | (669,952) | ​ | ​ | (679,514) | ​
Total stockholders’ equity | ​ | ​ | 633,386 | ​ | ​ | ​ | 703,864 | ​ | ​ | 682,077 | ​ | ​ | 665,419 | ​ | ​ | 655,857 | ​
Total liabilities and stockholders’ equity | ​ | $ | 916,366 | ​ | ​ | $ | 1,038,963 | ​ | $ | 1,012,527 | ​ | $ | 981,513 | ​ | $ | 946,931 | ​

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March 31, 2025| Page 6

| Condensed Consolidated Statements of Cash Flows (in thousands)

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​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ | ​ | 2025 | ​ | 2024 | ​
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​
Net loss | $ | (21,435) | $ | (7,552) | ​
Adjustments to reconcile net loss to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | ​ | 11,509 | ​ | 12,305 | ​
Amortization of above and below market leases | ​ | — | ​ | (6) | ​
Amortization of other comprehensive income into interest expense | ​ | — | ​ | (355) | ​
Loss on extinguishment of debt | ​ | 2 | ​ | 137 | ​
Loss on sale of properties and impairment of assets held for sale, net | ​ | 13,284 | ​ | 5 | ​
Changes in operating assets and liabilities: | ​ | ​ | ​ | ​ | ​
Tenant rent receivables | ​ | (179) | ​ | (9) | ​
Straight-line rents | ​ | 70 | ​ | 206 | ​
Lease acquisition costs | ​ | (74) | ​ | (122) | ​
Prepaid expenses and other assets | ​ | (225) | ​ | (400) | ​
Accounts payable and accrued expenses | ​ | (5,914) | ​ | (6,677) | ​
Accrued compensation | ​ | (1,892) | ​ | (2,448) | ​
Tenant security deposits | ​ | (81) | ​ | 64 | ​
Payment of deferred leasing commissions | ​ | (546) | ​ | (2,236) | ​
Net cash used for operating activities | ​ | (5,481) | ​ | (7,088) | ​
​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ | ​ | ​ | ​ | ​
Property improvements, fixtures and equipment | ​ | (4,454) | ​ | (8,759) | ​
Proceeds received from sales of properties | ​ | — | ​ | 34,329 | ​
Net cash provided by (used for) investing activities | ​ | (4,454) | ​ | 25,570 | ​
​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​
Distributions to stockholders | ​ | (1,036) | ​ | (1,034) | ​
Repayments of Bank note payable | ​ | — | ​ | (22,667) | ​
Repayments of Term loans payable | ​ | (77) | ​ | (28,963) | ​
Repayments of Series A&B Senior Notes | ​ | (76) | ​ | (50,370) | ​
Deferred financing costs | ​ | — | ​ | (5,549) | ​
Net cash used for financing activities | ​ | (1,189) | ​ | (108,583) | ​
Net decrease in cash, cash equivalents and restricted cash | ​ | (11,124) | ​ | (90,101) | ​
Cash, cash equivalents and restricted cash, beginning of period | ​ | 42,683 | ​ | 127,880 | ​
Cash, cash equivalents and restricted cash, end of period | $ | 31,559 | $ | 37,779 | ​

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March 31, 2025| Page 7

​ | (in thousands) ​
| Property Net Operating Income (NOI)* with Same Store Comparison (in thousands)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Rentable | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Square Feet | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Year Ended | ​ | ​ | ​ | % |
(in thousands) |  | or RSF |  | 31-Mar-25 |  | 31-Mar-24 |  | 30-Jun-24 |  | 30-Sep-24 | ​ | 31-Dec-24 |  | 31-Dec-24 |  | Inc (Dec) |  | Change |
Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
MidWest |  | 971 | ​ |  | 1,139 | ​ |  | 1,422 | ​ |  | 1,502 | ​ | ​ | 1,044 | ​ | ​ | 992 | ​ |  | 4,960 | ​ |  | (283) |  | (19.9) | %
South |  | 1,909 | ​ |  | 4,331 | ​ |  | 4,621 | ​ |  | 4,579 | ​ | ​ | 4,390 | ​ | ​ | 4,549 | ​ |  | 18,139 | ​ |  | (290) |  | (6.3) | %
West |  | 2,140 | ​ |  | 5,849 | ​ |  | 6,204 | ​ |  | 6,224 | ​ | ​ | 6,037 | ​ | ​ | 5,670 | ​ |  | 24,135 | ​ |  | (355) |  | (5.7) | %
Property NOI* from Owned Properties |  | 5,020 | ​ |  | 11,319 | ​ |  | 12,247 | ​ |  | 12,305 | ​ |  | 11,471 | ​ |  | 11,211 | ​ |  | 47,234 | ​ |  | (928) |  | (7.6) | %
Disposition and Acquisition Properties (a) | ​ | - | ​ |  | 24 | ​ |  | 1,661 | ​ |  | 1,443 | ​ | ​ | 912 | ​ | ​ | (88) | ​ |  | 3,928 | ​ |  | (1,637) |  | (10.8) | %
Property NOI* | ​ | 5,020 |  | $ | 11,343 |  | $ | 13,908 |  | $ | 13,748 |  | $ | 12,383 | ​ | $ | 11,123 |  | $ | 51,162 |  | $ | (2,565) |  | (18.4) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Same Store | ​ | ​ |  | $ | 11,319 |  | $ | 12,247 |  | $ | 12,305 |  | $ | 11,471 | ​ | $ | 11,211 |  | $ | 47,234 |  | $ | (928) |  | (7.6) | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less Nonrecurring | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items in NOI* (b) | ​ | ​ | ​ |  | 55 | ​ |  | 246 | ​ |  | 255 | ​ | ​ | 78 | ​ | ​ | 185 | ​ |  | 764 | ​ |  | (191) |  | 1.5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comparative | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same Store | ​ | ​ |  | $ | 11,264 |  | $ | 12,001 |  | $ | 12,050 |  | $ | 11,393 | ​ | $ | 11,026 |  | $ | 46,470 |  | $ | (737) |  | (6.1) | %

​

(a) | We define Disposition and Acquisition Properties as properties that were sold or acquired or consolidated and do not have operating activity for all periods presented.

(b) | Nonrecurring items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.

​

* | See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

​

​

March 31, 2025| Page 8

| FFO* & AFFO* Reconciliation (in thousands, except per share amounts)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Year | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Ended | ​
​ |  | 31-Mar-25 |  | 31-Mar-24 |  | 30-Jun-24 |  | 30-Sep-24 |  | 31-Dec-24 |  | 31-Dec-24 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (21,435) | ​ | $ | (7,552) | ​ | $ | (21,023) | ​ | $ | (15,622) | ​ | $ | (8,526) | ​ | $ | (52,723) | ​
Loss on sale of properties and impairment of assets held for sale, net | ​ | ​ | 13,284 | ​ | ​ | 5 | ​ | ​ | 13,200 | ​ | ​ | 7,254 | ​ | ​ | 367 | ​ | ​ | 20,826 | ​
Depreciation & amortization | ​ | ​ | 10,824 | ​ | ​ | 11,619 | ​ | ​ | 11,476 | ​ | ​ | 10,907 | ​ | ​ | 10,755 | ​ | ​ | 44,757 | ​
NAREIT FFO* | ​ | ​ | 2,673 | ​ | ​ | 4,072 | ​ | ​ | 3,653 | ​ | ​ | 2,539 | ​ | ​ | 2,596 | ​ | ​ | 12,860 | ​
Lease Acquisition costs | ​ | ​ | 54 | ​ | ​ | 121 | ​ | ​ | 68 | ​ | ​ | 126 | ​ | ​ | 111 | ​ | ​ | 426 | ​
Funds From Operations (FFO)* | ​ | $ | 2,727 | ​ | $ | 4,193 | ​ | $ | 3,721 | ​ | $ | 2,665 | ​ | $ | 2,707 | ​ | $ | 13,286 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted Funds From Operations (AFFO)* | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funds From Operations (FFO)* | ​ | $ | 2,727 | ​ | $ | 4,193 | ​ | $ | 3,721 | ​ | $ | 2,665 | ​ | $ | 2,707 | ​ | $ | 13,286 | ​
Loss on extinguishment of debt | ​ | ​ | 2 | ​ | ​ | 137 | ​ | ​ | — | ​ | ​ | 477 | ​ | ​ | 428 | ​ | ​ | 1,042 | ​
Amortization of deferred financing costs | ​ | ​ | 685 | ​ | ​ | 680 | ​ | ​ | 818 | ​ | ​ | 767 | ​ | ​ | 703 | ​ | ​ | 2,968 | ​
Shares issued as compensation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 270 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 270 | ​
Straight-line rent | ​ | ​ | 70 | ​ | ​ | 206 | ​ | ​ | 258 | ​ | ​ | 785 | ​ | ​ | 720 | ​ | ​ | 1,969 | ​
Tenant improvements | ​ | ​ | (2,374) | ​ | ​ | (2,619) | ​ | ​ | (2,558) | ​ | ​ | (4,444) | ​ | ​ | (4,173) | ​ | ​ | (13,794) | ​
Leasing commissions | ​ | ​ | (545) | ​ | ​ | (2,237) | ​ | ​ | (511) | ​ | ​ | (421) | ​ | ​ | (2,974) | ​ | ​ | (6,143) | ​
Non-investment capex | ​ | ​ | (1,258) | ​ | ​ | (1,019) | ​ | ​ | (1,480) | ​ | ​ | (1,658) | ​ | ​ | (2,568) | ​ | ​ | (6,725) | ​
Adjusted Funds From Operations (AFFO)* | ​ | $ | (693) | ​ | $ | (659) | ​ | $ | 518 | ​ | $ | (1,829) | ​ | $ | (5,157) | ​ | $ | (7,127) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Per Share Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss per share | ​ | $ | (0.21) | ​ | $ | (0.07) | ​ | $ | (0.20) | ​ | $ | (0.15) | ​ | $ | (0.08) | ​ | $ | (0.51) | ​
FFO* | ​ | ​ | 0.03 | ​ | ​ | 0.04 | ​ | ​ | 0.04 | ​ | ​ | 0.03 | ​ | ​ | 0.03 | ​ | ​ | 0.13 | ​
AFFO* | ​ | ​ | (0.01) | ​ | ​ | (0.01) | ​ | ​ | 0.01 | ​ | ​ | (0.02) | ​ | ​ | (0.05) | ​ | ​ | (0.07) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted Average Shares (basic and diluted) | ​ | ​ | 103,567 | ​ | ​ | 103,430 | ​ | ​ | 103,477 | ​ | ​ | 103,567 | ​ | ​ | 103,567 | ​ | ​ | 103,510 | ​

​

* | See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

​

​

March 31, 2025| Page 9

​ | ​ ​
| EBITDA* & Adjusted EBITDA* Reconciliation (in thousands, except ratio amounts)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Year
​ | ​ | Three Months Ended | ​ | ​ | Three Months Ended | ​ | Ended
​ |  | 31-Mar-25 |  | ​ | ​ | 31-Mar-24 |  | 30-Jun-24 |  | 30-Sep-24 |  | 31-Dec-24 |  | 31-Dec-24
​ | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (21,435) | ​ | ​ | ​ | $ | (7,552) | ​ | $ | (21,023) | ​ | $ | (15,622) | ​ | $ | (8,526) | ​ | $ | (52,723)
Interest expense | ​ | ​ | 5,691 | ​ | ​ | ​ | ​ | 6,846 | ​ | ​ | 7,082 | ​ | ​ | 6,585 | ​ | ​ | 5,911 | ​ | ​ | 26,424
Depreciation and amortization | ​ | ​ | 10,824 | ​ | ​ | ​ | ​ | 11,619 | ​ | ​ | 11,476 | ​ | ​ | 10,907 | ​ | ​ | 10,755 | ​ | ​ | 44,757
Income taxes | ​ | ​ | 52 | ​ | ​ | ​ | ​ | 58 | ​ | ​ | 48 | ​ | ​ | 56 | ​ | ​ | 54 | ​ | ​ | 216
EBITDA* | ​ | $ | (4,868) | ​ | ​ | ​ | $ | 10,971 | ​ | $ | (2,417) | ​ | $ | 1,926 | ​ | $ | 8,194 | ​ | $ | 18,674
Loss on extinguishment of debt | ​ | ​ | 2 | ​ | ​ | ​ | ​ | 137 | ​ | ​ | — | ​ | ​ | 477 | ​ | ​ | 428 | ​ | ​ | 1,042
Loss on sale of properties and impairment of assets held for sale, net | ​ | ​ | 13,284 | ​ | ​ | ​ | ​ | 5 | ​ | ​ | 13,200 | ​ | ​ | 7,254 | ​ | ​ | 367 | ​ | ​ | 20,826
Adjusted EBITDA* | ​ | $ | 8,418 | ​ | ​ | ​ | $ | 11,113 | ​ | $ | 10,783 | ​ | $ | 9,657 | ​ | $ | 8,989 | ​ | $ | 40,542
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | $ | 5,691 | ​ | ​ | ​ | $ | 6,846 | ​ | $ | 7,082 | ​ | $ | 6,585 | ​ | $ | 5,911 | ​ | $ | 26,424
Scheduled principal payments | ​ | ​ | — | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Interest and scheduled principal payments | ​ | $ | 5,691 | ​ | ​ | ​ | $ | 6,846 | ​ | $ | 7,082 | ​ | $ | 6,585 | ​ | $ | 5,911 | ​ | $ | 26,424
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest coverage ratio | ​ | ​ | 1.48 | ​ | ​ | ​ | ​ | 1.62 | ​ | ​ | 1.52 | ​ | ​ | 1.47 | ​ | ​ | 1.52 | ​ | ​ | 1.53
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt service coverage ratio | ​ | ​ | 1.48 | ​ | ​ | ​ | ​ | 1.62 | ​ | ​ | 1.52 | ​ | ​ | 1.47 | ​ | ​ | 1.52 | ​ | ​ | 1.53
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt excluding unamortized financing costs | ​ | $ | 250,179 | ​ | ​ | ​ | $ | 303,000 | ​ | $ | 303,000 | ​ | $ | 277,687 | ​ | $ | 250,332 | ​ | ​ | ​
Cash, cash equivalents and restricted cash | ​ | ​ | 31,559 | ​ | ​ | ​ | ​ | 37,779 | ​ | ​ | 31,495 | ​ | ​ | 42,375 | ​ | ​ | 42,683 | ​ | ​ | ​
Net Debt (Debt less Cash, cash equivalents and restricted cash) | ​ | $ | 218,620 | ​ | ​ | ​ | $ | 265,221 | ​ | $ | 271,505 | ​ | $ | 235,312 | ​ | $ | 207,649 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA* | ​ | $ | 8,418 | ​ | ​ | ​ | $ | 11,113 | ​ | $ | 10,783 | ​ | $ | 9,657 | ​ | $ | 8,989 | ​ | ​ | ​
Annualized | ​ | $ | 33,672 | ​ | ​ | ​ | $ | 44,452 | ​ | $ | 43,132 | ​ | $ | 38,628 | ​ | $ | 35,956 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Debt-to-Adjusted EBITDA ratio* | ​ | ​ | 6.5 | ​ | ​ | ​ | ​ | 6.0 | ​ | ​ | 6.3 | ​ | ​ | 6.1 | ​ | ​ | 5.8 | ​ | ​ | ​

* | See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

​

March 31, 2025| Page 10

​ | ​ ​
| Reconciliation of Net Income (Loss) to Property NOI* (in thousands)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Year | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended | ​ | Ended | ​
​ |  | 31-Mar-25 |  | 31-Mar-24 |  | 30-Jun-24 |  | 30-Sep-24 |  | 31-Dec-24 |  | 31-Dec-24 |
Net loss | ​ | $ | (21,435) | ​ | $ | (7,552) | ​ | $ | (21,023) | ​ | $ | (15,622) | ​ | $ | (8,526) | ​ | $ | (52,723) | ​
Add (deduct): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss on extinguishment of debt | ​ | ​ | 2 | ​ | ​ | 137 | ​ | ​ | — | ​ | ​ | 477 | ​ | ​ | 428 | ​ | ​ | 1,042 | ​
Loss on sale of properties and impairment of assets held for sale, net | ​ | ​ | 13,284 | ​ | ​ | 5 | ​ | ​ | 13,200 | ​ | ​ | 7,254 | ​ | ​ | 367 | ​ | ​ | 20,826 | ​
Management fee income | ​ | ​ | (380) | ​ | ​ | (462) | ​ | ​ | (443) | ​ | ​ | (422) | ​ | ​ | (386) | ​ | ​ | (1,713) | ​
Depreciation and amortization | ​ | ​ | 10,824 | ​ | ​ | 11,625 | ​ | ​ | 11,482 | ​ | ​ | 10,911 | ​ | ​ | 10,757 | ​ | ​ | 44,775 | ​
Amortization of above/below market leases | ​ | ​ | — | ​ | ​ | (6) | ​ | ​ | (6) | ​ | ​ | (5) | ​ | ​ | (1) | ​ | ​ | (18) | ​
General and administrative | ​ | ​ | 3,484 | ​ | ​ | 4,159 | ​ | ​ | 3,635 | ​ | ​ | 3,275 | ​ | ​ | 2,815 | ​ | ​ | 13,884 | ​
Interest expense | ​ | ​ | 5,691 | ​ | ​ | 6,846 | ​ | ​ | 7,082 | ​ | ​ | 6,585 | ​ | ​ | 5,912 | ​ | ​ | 26,425 | ​
Interest income | ​ | ​ | (259) | ​ | ​ | (1,008) | ​ | ​ | (348) | ​ | ​ | (340) | ​ | ​ | (395) | ​ | ​ | (2,091) | ​
Non-property specific items, net | ​ | ​ | 132 | ​ | ​ | 164 | ​ | ​ | 169 | ​ | ​ | 270 | ​ | ​ | 152 | ​ | ​ | 755 | ​
Property NOI* | ​ | $ | 11,343 | ​ | $ | 13,908 | ​ | $ | 13,748 | ​ | $ | 12,383 | ​ | $ | 11,123 | ​ | $ | 51,162 | ​

​

* | See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

​

​

​

March 31, 2025| Page 11

| Debt Summary (in thousands)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Outstanding | ​ | Interest | ​ | Interest | ​
​ | ​ | Maturity | ​ | Balance at: | ​ | Rate (a) | ​ | Rate at | ​
​ |  | Date |  | 31-Mar-25 |  | Components |  | 31-Mar-25 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
BofA Term Loan | ​ | 1-Apr-26 | ​ | $ | 55,595 | ​ | SOFR | + | 3.00% | ​ | 8.00% | ​
BMO Term Loan Tranche B | ​ | 1-Apr-26 | ​ | ​ | 71,039 | ​ | SOFR | + | 3.00% | ​ | 8.00% | ​
Series A Senior Notes | ​ | 1-Apr-26 | ​ | ​ | 71,656 | ​ | ​ | ​ | ​ | ​ | 8.00% | ​
Series B Senior Notes | ​ | 1-Apr-26 | ​ | ​ | 51,889 | ​ | ​ | ​ | ​ | ​ | 8.00% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | $ | 250,179 | ​ | ​ | ​ | ​ | ​ | 8.00% | ​

​

​

| ● | The table above is a summary of our debt as of March 31, 2025. Additional information on our debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, which may be updated in our future Quarterly Reports on Form 10-Q, on file with the U.S. Securities and Exchange Commission.

| ● | On February 21, 2024, we entered into an amendment to the credit agreement evidencing our BMO Term Loan Tranche B. On February 21, 2024, as part of the amendment to the credit agreement, we repaid a $29.0 million portion of the BMO Term Loan, so that $86.0 million of the principal amount remains outstanding. The amendment, among other items, extended the maturity date from October 1, 2024 to April 1, 2026.

| ● | On February 21, 2024, we entered into an amendment to the credit agreement evidencing our BofA Revolver. On February 21, 2024, as part of the amendment to the revolving line of credit agreement, we repaid a $22.7 million portion of the $90 million then outstanding, so that $67.3 million of the principal amount remained outstanding. The amendment, among other items, extended the maturity date from October 1, 2024 to April 1, 2026 and converted the revolving loan to a term loan.

| ● | On February 21, 2024, we entered into an amendment to the note purchase agreement evidencing our $200 million of Senior Notes. On February 21, 2024, as part of the amendment to the note purchase agreement, we repaid a $29.2 million portion of the Series A Notes, so that $86.8 million of the principal amount remained outstanding. On February 21, 2024, as part of the amendment to the note purchase agreement, we repaid a $21.2 million portion of the Series B Notes, so that $62.8 million of the principal amount remained outstanding. The amendment, among other items, changed the maturity date applicable to the Series A Notes from December 20, 2024 to April 1, 2026, and changed the maturity date applicable to the Series B Notes from December 20, 2027 to April 1, 2026.

| ● | On July 8, 2024, we sold a property located in Glen Allen, Virginia for a gross sales price of $31 million, and on July 10, 2024, we used approximately $25.5 million of net proceeds to repay our outstanding debt pari passu based on principal amounts then outstanding, resulting in the debt that remains outstanding included in the table above.

| ● | On October 23, 2024, we sold a property located in Atlanta, Georgia for a gross selling price of $34 million, and on October 25, 2024, we used approximately $27.4 million of net proceeds to repay our outstanding debt pari passu based on principal amounts then outstanding.

| ● | We incurred financing costs, some of which are deferred and amortized into interest expense during the terms of the loans we execute. We estimate the future annualized amount of the amortization included in interest expense will be approximately $3.0 million.

​

| (a) | Interest rates exclude amortization of deferred financing costs.

​

​

March 31, 2025| Page 12

​ | ​ ​
| Capital Analysis (in thousands, except per share amounts)

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 31-Mar-25 | ​ | ​ | 31-Mar-24 | ​ | 30-Jun-24 | ​ | 30-Sep-24 | ​ | 31-Dec-24 | ​
Market Data: |  | ​ | ​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Shares Outstanding | ​ | ​ | 103,567 | ​ | ​ | ​ | 103,430 | ​ | ​ | 103,567 | ​ | ​ | 103,567 | ​ | ​ | 103,567 | ​
Closing market price per share | ​ | $ | 1.78 | ​ | ​ | $ | 2.27 | ​ | $ | 1.53 | ​ | $ | 1.77 | ​ | $ | 1.83 | ​
Market capitalization | ​ | $ | 184,349 | ​ | ​ | $ | 234,787 | ​ | $ | 158,457 | ​ | $ | 183,313 | ​ | $ | 189,527 | ​
Total debt outstanding excluding unamortized financing costs | ​ | ​ | 250,179 | ​ | ​ | ​ | 303,000 | ​ | ​ | 303,000 | ​ | ​ | 277,687 | ​ | ​ | 250,332 | ​
Total Market Capitalization | ​ | $ | 434,528 | ​ | ​ | $ | 537,787 | ​ | $ | 461,457 | ​ | $ | 461,000 | ​ | $ | 439,859 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividend Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total dividends declared for the quarter | ​ | $ | 1,036 | ​ | ​ | $ | 1,034 | ​ | $ | 1,034 | ​ | $ | 1,036 | ​ | $ | 1,036 | ​
Common dividend declared per share | ​ | $ | 0.01 | ​ | ​ | $ | 0.01 | ​ | $ | 0.01 | ​ | $ | 0.01 | ​ | $ | 0.01 | ​
Declared dividend as a % of Net income (loss) per share | ​ | ​ | (5)% | ​ | ​ | ​ | (14)% | ​ | ​ | (5)% | ​ | ​ | (7)% | ​ | ​ | (12)% | ​
Declared dividend as a % of AFFO* per share | ​ | ​ | (149)% | ​ | ​ | ​ | (157)% | ​ | ​ | 200% | ​ | ​ | (57)% | ​ | ​ | (20)% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

*See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

​

​

March 31, 2025| Page 13

​ | ​ ​
| Owned & Consolidated Portfolio Overview

​

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of the Quarter Ended | ​
​ |  | 31-Mar-25 | ​ | 31-Dec-24 | ​ | 30-Sep-24 | ​ | 30-Jun-24 | ​ | 31-Mar-24 |
Total Owned Properties: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of properties (a) | ​ | 14 | ​ | 14 | ​ | 15 | ​ | 16 | ​ | 16 | ​
Square feet | ​ | 4,806,456 | ​ | 4,806,253 | ​ | 4,966,398 | ​ | 5,264,416 | ​ | 5,264,416 | ​
Leased percentage | ​ | 69.2% | ​ | 70.3% | ​ | 70.4% | ​ | 72.3% | ​ | 73.3% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated Property - Single Asset REIT (SAR): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of properties | ​ | 1 | ​ | 1 | ​ | 1 | ​ | 1 | ​ | 1 | ​
Square feet | ​ | 213,760 | ​ | 213,760 | ​ | 213,760 | ​ | 213,760 | ​ | 213,760 | ​
Leased percentage | ​ | 4.1% | ​ | 4.1% | ​ | 4.1% | ​ | 4.1% | ​ | 4.1% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Owned and Consolidated Properties: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Number of properties | ​ | 15 | ​ | 15 | ​ | 16 | ​ | 17 | ​ | 17 | ​
Square feet | ​ | 5,020,216 | ​ | 5,020,013 | ​ | 5,180,158 | ​ | 5,478,176 | ​ | 5,478,176 | ​
Leased percentage | ​ | 66.4% | ​ | 67.5% | ​ | 67.7% | ​ | 69.7% | ​ | 70.6% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

| (a) | Includes properties that were classified as assets held for sale.

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March 31, 2025| Page 14

​ | ​ ​
| Owned & Consolidated Portfolio Overview

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percent | ​ | Wtd Occupied | ​ | GAAP | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Percent | ​ | Wtd Occupied | ​ | GAAP | ​
MSA / Property Name |  | City |  | State |  | Square Feet |  | Leased |  | Percentage (a) |  | Rent (b) |  |  | MSA / Property Name |  | City |  | State |  | Square Feet |  | Leased |  | Percentage (a) |  | Rent (b) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
South Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Midwest Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dallas-Fort Worth | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Minneapolis | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Legacy Tennyson Center | ​ | Plano | ​ | TX | ​ | 209,562 | ​ | 51.0% | ​ | 51.0% | ​ | $ | 30.20 | ​ | ​ | 121 South 8th Street | ​ | Minneapolis | ​ | MN | ​ | 297,744 | ​ | 78.5% | ​ | 73.3% | ​ | $ | 23.08 | ​
Addison Circle | ​ | Addison | ​ | TX | ​ | 289,333 | ​ | 69.2% | ​ | 69.2% | ​ | ​ | 35.50 | ​ | ​ | 801 Marquette Ave | ​ | Minneapolis | ​ | MN | ​ | 129,691 | ​ | 91.8% | ​ | 91.8% | ​ | ​ | 26.64 | ​
Liberty Plaza | ​ | Addison | ​ | TX | ​ | 217,841 | ​ | 78.4% | ​ | 75.0% | ​ | ​ | 27.64 | ​ | ​ | Plaza Seven | ​ | Minneapolis | ​ | MN | ​ | 330,096 | ​ | 52.8% | ​ | 51.6% | ​ | ​ | 30.10 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Houston | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Indianapolis, IN | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Park Ten | ​ | Houston | ​ | TX | ​ | 157,609 | ​ | 83.5% | ​ | 83.7% | ​ | ​ | 27.96 | ​ | ​ | Monument Circle (c) | ​ | Indianapolis | ​ | IN | ​ | 213,760 | ​ | 4.1% | ​ | 4.1% | ​ | ​ | 34.80 | ​
Eldridge Green | ​ | Houston | ​ | TX | ​ | 248,399 | ​ | 100.0% | ​ | 100.0% | ​ | ​ | 28.14 | ​ | ​ | Midwest Region Total | ​ | ​ | ​ | ​ | ​ | 971,291 | ​ | 55.2% | ​ | 53.2% | ​ | $ | 26.42 | ​
Park Ten Phase II | ​ | Houston | ​ | TX | ​ | 156,746 | ​ | 75.5% | ​ | 66.9% | ​ | ​ | 29.08 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Westchase I & II | ​ | Houston | ​ | TX | ​ | 629,025 | ​ | 65.1% | ​ | 61.6% | ​ | ​ | 28.00 | ​ | ​ | West Region | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Denver | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1999 Broadway | ​ | Denver | ​ | CO | ​ | 682,639 | ​ | 51.2% | ​ | 49.6% | ​ | $ | 35.15 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greenwood Plaza | ​ | Englewood | ​ | CO | ​ | 196,236 | ​ | 65.0% | ​ | 65.0% | ​ | ​ | 30.50 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1001 17th Street | ​ | Denver | ​ | CO | ​ | 649,400 | ​ | 75.4% | ​ | 74.3% | ​ | ​ | 36.13 | ​
South Region Total | ​ | ​ | ​ | ​ | ​ | 1,908,515 | ​ | 72.6% | ​ | 70.4% | ​ | $ | 29.36 | ​ | ​ | 600 17th Street | ​ | Denver | ​ | CO | ​ | 612,135 | ​ | 72.5% | ​ | 73.2% | ​ | ​ | 34.23 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | West Region Total | ​ | ​ | ​ | ​ | ​ | 2,140,410 | ​ | 65.9% | ​ | 65.2% | ​ | $ | 34.77 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Owned & Consolidated Properties | ​ | ​ | ​ | ​ | ​ | 5,020,216 | ​ | 66.4% | ​ | 64.9% | ​ | $ | 31.21 | ​

​

(a) | Weighted Occupied Percentage for the three months ended March 31, 2025.

(b) | Weighted Average GAAP Rent per Occupied Square Foot.

(c) | Consolidated as of January 1, 2023, held by Single Asset REIT (SAR); property was classified as an asset held for sale on March 31, 2025.

March 31, 2025| Page 15

​ | ​ ​
| Tenants by Industry (Owned and Consolidated Properties by Square Feet) ​

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March 31, 2025| Page 16

​ | ​ ​
| 20 Largest Tenants with Annualized Rent and Remaining Term (Owned and Consolidated Properties)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | Aggregate | ​ | ​ | ​ | ​ | ​ | % of Aggregate | ​
​ | ​ | Tenant | ​ | Number of | ​ | Lease Term | ​ | Leased | ​ | % of Total | ​ | Annualized | ​ | Leased | ​
​ |  | Name |  | Leases |  | in Months |  | Square Feet |  | Square Feet |  | Rent (a) |  | Annualized Rent |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1 | ​ | CITGO Petroleum Corporation | ​ | 1 | ​ | 96 | ​ | 248,399 | ​ | 4.9% | ​ | $ | 7,707,822 | ​ | 7.4% | ​
2 | ​ | EOG Resources, Inc. | ​ | 1 | ​ | 21 | ​ | 169,167 | ​ | 3.4% | ​ | ​ | 6,460,488 | ​ | 6.2% | ​
3 | ​ | US Government (b) | ​ | 2 | ​ | 10, 70 | ​ | 168,573 | ​ | 3.4% | ​ | ​ | 6,518,833 | ​ | 6.2% | ​
4 | ​ | Kaiser Foundation Health Plan, Inc. | ​ | 1 | ​ | 50 | ​ | 120,979 | ​ | 2.4% | ​ | ​ | 4,074,907 | ​ | 3.9% | ​
5 | ​ | Deluxe Corporation | ​ | 1 | ​ | 148 | ​ | 98,922 | ​ | 2.0% | ​ | ​ | 3,003,982 | ​ | 2.9% | ​
6 | ​ | Ping Identity Corp. | ​ | 1 | ​ | 15 | ​ | 89,856 | ​ | 1.8% | ​ | ​ | 3,743,401 | ​ | 3.6% | ​
7 | ​ | Olin Corporation (c) | ​ | 1 | ​ | 123 | ​ | 81,480 | ​ | 1.6% | ​ | ​ | 1,777,212 | ​ | 1.7% | ​
8 | ​ | Permian Resources Operating, LLC | ​ | 1 | ​ | 79 | ​ | 67,856 | ​ | 1.3% | ​ | ​ | 2,968,252 | ​ | 2.8% | ​
9 | ​ | Hall and Evans LLC | ​ | 1 | ​ | 53 | ​ | 65,878 | ​ | 1.3% | ​ | ​ | 2,797,062 | ​ | 2.7% | ​
10 | ​ | Cyxtera Management, Inc. | ​ | 1 | ​ | 58 | ​ | 61,826 | ​ | 1.2% | ​ | ​ | 2,466,239 | ​ | 2.3% | ​
11 | ​ | Precision Drilling (US) Corporation | ​ | 1 | ​ | 38 | ​ | 59,569 | ​ | 1.2% | ​ | ​ | 2,125,422 | ​ | 2.0% | ​
12 | ​ | PwC US Group | ​ | 1 | ​ | 46 | ​ | 54,334 | ​ | 1.1% | ​ | ​ | 1,841,379 | ​ | 1.8% | ​
13 | ​ | Coresite, LLC (d) | ​ | 1 | ​ | 128 | ​ | 49,518 | ​ | 1.0% | ​ | ​ | — | ​ | 0.0% | ​
14 | ​ | Schwegman, Lundberg & Woessner, P.A. | ​ | 1 | ​ | 34 | ​ | 46,269 | ​ | 0.9% | ​ | ​ | 1,402,045 | ​ | 1.3% | ​
15 | ​ | Invenergy, LLC. (e) | ​ | 2 | ​ | 0,129 | ​ | 42,505 | ​ | 0.9% | ​ | ​ | 299,647 | ​ | 0.3% | ​
16 | ​ | Ark-La-Tex Financial Services, LLC. | ​ | 1 | ​ | 24 | ​ | 41,011 | ​ | 0.8% | ​ | ​ | 1,545,544 | ​ | 1.5% | ​
17 | ​ | Chevron U.S.A., Inc. | ​ | 1 | ​ | 29 | ​ | 35,088 | ​ | 0.7% | ​ | ​ | 1,509,135 | ​ | 1.4% | ​
18 | ​ | QB Energy Operating, LLC. | ​ | 1 | ​ | 95 | ​ | 34,063 | ​ | 0.7% | ​ | ​ | 1,465,390 | ​ | 1.4% | ​
19 | ​ | CarOffer, LLC. | ​ | 1 | ​ | 58 | ​ | 30,913 | ​ | 0.6% | ​ | ​ | 1,149,036 | ​ | 1.1% | ​
20 | ​ | WDT Acquisition Corporation | ​ | 1 | ​ | 133 | ​ | 30,913 | ​ | 0.6% | ​ | ​ | 1,165,729 | ​ | 1.1% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | 1,597,119 | ​ | 31.8% | ​ | $ | 54,021,525 | ​ | 51.6% | ​

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Footnotes on next page

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March 31, 2025| Page 17

​ | ​ ​
| 20 Largest Tenants with Annualized Rent and Remaining Term (Owned and Consolidated Properties)

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Footnotes:

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(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at March 31, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 43,573 square feet expiring in 2026. The remaining 125,000 square feet expire in 2031.

(c) Includes 27,400 square feet that commenced on January 1, 2025 and rent commences on July 1, 2025.

(d) Rent abated through November 30, 2025.

(e) Includes 7,417 square feet expiring in 2025; 28,013 square feet that commenced on December 20, 2024 with rent commencing on April 20, 2026; 3,146 square feet commencing on January 1, 2027; and 3,929 square feet commencing on January 1, 2028.

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March 31, 2025| Page 18

​ | ​ ​
| Leasing Activity (Owned and Consolidated Properties)

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​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Year | ​ | Year | ​
​ |  | Three Months Ended | ​ | Ended |  | Ended |
Leasing Activity | ​ | ​ | 31-Mar-25 | ​ | 31-Mar-24 | ​ | ​ | 31-Dec-24 | ​ | ​ | 31-Dec-23 | ​
(in Square Feet - SF) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
New leasing | ​ | ​ | - | ​ | 61,000 | ​ | ​ | 171,000 | ​ | ​ | 228,000 | ​
Renewals and expansions | ​ | ​ | 60,000 | ​ | 136,000 | ​ | ​ | 445,000 | ​ | ​ | 478,000 | ​
​ | ​ | ​ | 60,000 | ​ | 197,000 | ​ | ​ | 616,000 | ​ | ​ | 706,000 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other information per SF | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Activity on a year-to-date basis) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
GAAP Rents on leasing | ​ | $ | 29.64 | ​ | 26.96 | ​ | $ | 30.06 | ​ | ​ | 29.71 | ​
Weighted average lease term | ​ | ​ | 5.2 Years | ​ | 6.8 Years | ​ | ​ | 6.3 Years | ​ | ​ | 6.8 Years | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase over average GAAP rents in prior year (a) | ​ | ​ | 3.4% | ​ | 13.8% | ​ | ​ | 8.2% | ​ | ​ | 7.4% | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average free rent | ​ | ​ | 3 Months | ​ | 5 Months | ​ | ​ | 4 Months | ​ | ​ | 6 Months | ​
Tenant Improvements | ​ | $ | 3.77 | ​ | 29.23 | ​ | $ | 26.06 | ​ | ​ | 22.42 | ​
Leasing Costs | ​ | $ | 6.65 | ​ | 9.00 | ​ | $ | 9.72 | ​ | ​ | 10.56 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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(a) The increase or decrease percentage is calculated by comparing average GAAP rents at properties that had leasing activity in the current year to average GAAP rents at the same properties in the prior year.

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March 31, 2025| Page 19

​ | ​ ​
| Lease Expirations by Square Feet (Owned and Consolidated Properties)

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March 31, 2025| Page 20

​ | ​ ​
| Lease Expirations with Annualized Rent per Square Foot (SF) (Owned and Consolidated Properties)

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​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Rentable | ​ | ​ | ​ | ​ | Annualized | ​ | Percentage | ​ | ​
​ | ​ | Number of | ​ | Square | ​ | ​ | ​ | ​ | Rent | ​ | of Total | ​ | ​
Year of | ​ | Leases | ​ | Footage | ​ | Annualized | ​ | Per Square | ​ | Annualized | ​ | ​
Lease | ​ | Expiring | ​ | Subject to | ​ | Rent Under | ​ | Foot Under | ​ | Rent Under | ​ | ​
Expiration | ​ | Within the | ​ | Expiring | ​ | Expiring | ​ | Expiring | ​ | Expiring | Cumulative | ​
December 31, |  | Year (a) |  | Leases (e) |  | Leases (b) |  | Leases |  | Leases | Total |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 | ​ | 31 | (c) | 246,305 | ​ | $ | 8,098,433 | ​ | $ | 32.88 | ​ | 7.7% | 7.7% | ​
2026 | ​ | 41 | ​ | 582,524 | ​ | ​ | 21,370,797 | ​ | ​ | 36.69 | ​ | 20.4% | 28.1% | ​
2027 | ​ | 31 | ​ | 322,539 | ​ | ​ | 11,124,600 | ​ | ​ | 34.49 | ​ | 10.6% | 38.7% | ​
2028 | ​ | 25 | ​ | 257,393 | ​ | ​ | 8,186,138 | ​ | ​ | 31.80 | ​ | 7.8% | 46.5% | ​
2029 | ​ | 31 | ​ | 481,560 | ​ | ​ | 15,240,435 | ​ | ​ | 31.65 | ​ | 14.6% | 61.1% | ​
2030 | ​ | 20 | ​ | 259,535 | ​ | ​ | 7,398,527 | ​ | ​ | 28.51 | ​ | 7.1% | 68.2% | ​
2031 | ​ | 10 | ​ | 266,586 | ​ | ​ | 10,384,241 | ​ | ​ | 38.95 | ​ | 9.9% | 78.1% | ​
2032 | ​ | 6 | ​ | 58,607 | ​ | ​ | 411,028 | ​ | ​ | 7.01 | ​ | 0.4% | 78.5% | ​
2033 | ​ | 8 | ​ | 379,513 | ​ | ​ | 12,016,006 | ​ | ​ | 31.66 | ​ | 11.5% | 90.0% | ​
2034 | ​ | 6 | ​ | 70,904 | ​ | ​ | 1,632,787 | ​ | ​ | 23.03 | ​ | 1.6% | 91.6% | ​
2035 and thereafter | ​ | 24 | ​ | 407,538 | (d) | ​ | 8,855,560 | ​ | ​ | 21.73 | ​ | 8.4% | 100.0% | ​
Leased total | ​ | 233 | ​ | 3,333,004 | ​ | $ | 104,718,552 | ​ | $ | 31.42 | ​ | 100.0% | ​ | ​
Owned property vacant SF | ​ | ​ | ​ | 1,482,167 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Monument Circle vacant SF (e) | ​ | ​ | ​ | 205,045 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Portfolio Square Footage | ​ | ​ | ​ | 5,020,216 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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(a) | The number of leases approximates the number of tenants. Tenants with lease maturities in different years are included in annual totals for each lease. Tenants may have multiple leases in the same year.

(b) | Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at March 31, 2025 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(c) | Includes 2 leases that are month-to-month.

(d) | Includes 51,088 square feet that are non-revenue producing building amenities.

(e) | Includes one property known as Monument Circle that was consolidated in our financial statements effective January 1, 2023. Please see the note: Consolidation of Sponsored REIT on page 24 for more information.

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March 31, 2025| Page 21

​ | ​ ​
| Capital Expenditures (Owned and Consolidated Properties)

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​ | ​ | ​ | ​
(in thousands) | ​ | ​
​ | ​ | For the Three Months Ended
​ |  | 31-Mar-25
​ | ​ | ​ | ​
Tenant improvements | ​ | $ | 2,374
Deferred leasing costs | ​ | ​ | 545
Non-investment capex | ​ | ​ | 1,258
Total Capital Expenditures | ​ | $ | 4,177

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​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | Year Ended
​ |  | 31-Mar-24 |  | 30-Jun-24 |  | 30-Sep-24 |  | 31-Dec-24 |  | 31-Dec-24
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tenant improvements | ​ | $ | 2,619 | ​ | $ | 2,558 | ​ | $ | 4,444 | ​ | $ | 4,173 | ​ | $ | 13,794
Deferred leasing costs | ​ | ​ | 2,237 | ​ | ​ | 511 | ​ | ​ | 421 | ​ | ​ | 2,974 | ​ | ​ | 6,143
Non-investment capex | ​ | ​ | 1,019 | ​ | ​ | 1,480 | ​ | ​ | 1,658 | ​ | ​ | 2,568 | ​ | ​ | 6,725
Total Capital Expenditures | ​ | $ | 5,875 | ​ | $ | 4,549 | ​ | $ | 6,523 | ​ | $ | 9,715 | ​ | $ | 26,662

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First generation leasing and investment capital expenditures was $0 for the three months ended March 31, 2025 and $0 for the year ended December 31, 2024.

March 31, 2025| Page 22

​ | ​ ​
| Disposition Activity (in thousands except for Square Feet)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recent Dispositions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross Sale | ​ | Gain (loss) | ​
​ |  | City |  | State |  | Square Feet |  | Date Sold |  | Proceeds |  | on Sale |
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collins Crossing | ​ | Richardson | ​ | TX | ​ | 300,887 | ​ | 1/26/24 | ​ | $ | 35,000 | ​ | $ | (2,145) | ​
Innsbrook | ​ | Glenn Allen | ​ | VA | ​ | 298,183 | ​ | 7/8/2024 | ​ | ​ | 31,000 | ​ | ​ | (13,247) | ​
Pershing Park | ​ | Atlanta | ​ | GA | ​ | 160,145 | ​ | 10/23/24 | ​ | ​ | 34,000 | ​ | ​ | (27,523) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Northwest Point | ​ | Elk Grove | ​ | IL | ​ | 177,095 | ​ | 3/10/23 | ​ | $ | 29,125 | ​ | $ | 8,391 | ​
Forest Park | ​ | Charlotte | ​ | NC | ​ | 64,198 | ​ | 8/9/23 | ​ | ​ | 9,200 | ​ | ​ | (844) | ​
Liberty Plaza (a) | ​ | Addison | ​ | TX | ​ | n/a | ​ | 8/23/23 | ​ | ​ | 157 | ​ | ​ | 53 | ​
One Legacy Circle | ​ | Plano | ​ | TX | ​ | 214,110 | ​ | 10/26/23 | ​ | ​ | 48,000 | ​ | ​ | 10,558 | ​
Blue Lagoon Drive | ​ | Miami | ​ | FL | ​ | 213,182 | ​ | 12/6/23 | ​ | ​ | 68,000 | ​ | ​ | (18,872) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
380 Interlocken | ​ | Broomfield | ​ | CO | ​ | 240,359 | ​ | 8/31/22 | ​ | $ | 42,000 | ​ | $ | 5,665 | ​
390 Interlocken | ​ | Broomfield | ​ | CO | ​ | 241,512 | ​ | 8/31/22 | ​ | ​ | 60,500 | ​ | ​ | 18,412 | ​
909 Davis | ​ | Evanston | ​ | IL | ​ | 195,098 | ​ | 12/28/22 | ​ | ​ | 27,750 | ​ | ​ | 3,359 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One Ravinia | ​ | Atlanta | ​ | GA | ​ | 386,602 | ​ | 5/27/21 | ​ | $ | 74,879 | ​ | $ | 29,075 | ​
Two Ravinia | ​ | Atlanta | ​ | GA | ​ | 411,047 | ​ | 5/27/21 | ​ | ​ | 71,771 | ​ | ​ | 29 | ​
One Overton Park | ​ | Atlanta | ​ | GA | ​ | 387,267 | ​ | 5/27/21 | ​ | ​ | 72,850 | ​ | ​ | (6,336) | ​
Loudoun Tech Center | ​ | Dulles | ​ | VA | ​ | 136,658 | ​ | 6/29/21 | ​ | ​ | 17,250 | ​ | ​ | (2,148) | ​
River Crossing | ​ | Indianapolis | ​ | IN | ​ | 205,729 | ​ | 8/31/21 | ​ | ​ | 35,050 | ​ | ​ | (1,734) | ​
Timberlake | ​ | Chesterfield | ​ | MO | ​ | 234,496 | ​ | 9/23/21 | ​ | ​ | 44,667 | ​ | ​ | 6,184 | ​
Timberlake East | ​ | Chesterfield | ​ | MO | ​ | 117,036 | ​ | 9/23/21 | ​ | ​ | 22,333 | ​ | ​ | 4,111 | ​
999 Peachtree | ​ | Atlanta | ​ | GA | ​ | 621,946 | ​ | 10/22/21 | ​ | ​ | 223,900 | ​ | ​ | 86,766 | ​
Meadow Point | ​ | Chantilly | ​ | VA | ​ | 138,537 | ​ | 11/16/21 | ​ | ​ | 25,500 | ​ | ​ | 1,878 | ​
Stonecroft | ​ | Chantilly | ​ | VA | ​ | 111,469 | ​ | 11/16/21 | ​ | ​ | 14,500 | ​ | ​ | (4,768) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Emperor Boulevard | ​ | Durham | ​ | NC | ​ | 259,531 | ​ | 12/23/20 | ​ | $ | 89,700 | ​ | $ | 41,928 | ​

| (a) | Conveyance of approximately 7,826 square feet of land as part of a road revitalization project.

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March 31, 2025| Page 23

​ | ​ ​
| Loan Portfolio of Secured Real Estate (in thousands)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands, except footnotes) | ​ | ​ | ​ | ​ | ​ | Maximum | ​ | Amount | ​ | Interest | ​
​ | ​ | ​ | ​ | Maturity | ​ | Amount | ​ | Outstanding | ​ | Rate at | ​
Sponsored REIT |  | Location |  | Date |  | of Loan |  | 31-Mar-25 |  | 31-Mar-25 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage loan secured by property | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FSP Monument Circle LLC (1) | ​ | Indianapolis, IN | ​ | 30-Sep-25 | ​ | $ | 24,000 | ​ | $ | 24,000 | ​ | 7.51% | ​
​ | ​ | ​ | ​ | ​ | ​ | $ | 24,000 | ​ | $ | 24,000 | ​ | ​ | ​

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(1) | Includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.

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On September 27, 2024, the maturity date of this mortgage loan was extended to September 30, 2025. The mortgage loan is secured by the property and has been eliminated in consolidation, which is explained below.

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Consolidation of Sponsored REIT

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As of January 1, 2023, we consolidated Monument Circle into our financial statements. On October 29, 2021, we agreed to amend and restate our existing loan to Monument Circle that is secured by a mortgage on real estate owned by Monument Circle, which we refer to as the Sponsored REIT Loan. The amended and restated Sponsored REIT Loan extended the maturity date from December 6, 2022 to June 30, 2023 (and was further extended to September 30, 2023 on June 26, 2023), increased the aggregate principal amount of the loan from $21 million to $24 million, and included certain other modifications. On September 26, 2023, the maturity date of this mortgage loan was extended to September 30, 2024 and on September 27, 2024, further extended to September 30, 2025. In consideration of our agreement to amend and restate the Sponsored REIT Loan, we obtained from the stockholders of Monument Circle the right to vote their shares in favor of any sale of the property owned by Monument Circle any time on or after January 1, 2023. As a result of our obtaining this right to vote shares, GAAP variable interest entity (VIE) rules required us to consolidate Monument Circle as of January 1, 2023. A gain on consolidation of approximately $0.4 million was recognized in the three months ended March 31, 2023.

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Additional information about the consolidation of Monument Circle can be found in Note 1, “Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards”, Note 8, “Disposition of Properties and Assets Held for Sale” and Note 10, “Subsequent Events”, in the Notes to Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025.

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March 31, 2025| Page 24

​ | ​ ​
| Net Asset Value Components

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands except per share data) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 31-Mar-25 |  |  | Assets: | ​ | ​ | ​ | ​ |  | Other information: | ​ | ​ | ​
Total Market Capitalization Values | ​ | ​ | ​ | ​ | ​ | Straight-line rent receivable | ​ | $ | 37,724 | ​ | ​ | Leased SF to be FFO producing |  | ​ | ​
Shares outstanding | ​ | ​ | 103,566.7 | ​ | ​ | Assets held for sale | ​ | ​ | 5,685 | ​ | ​ | during 2025-2028 (in 000's) | ​ | ​ | 59
Closing price | ​ | $ | 1.78 | ​ | ​ | Cash, cash equivalents and restricted cash | ​ | ​ | 31,559 | ​ | ​ | ​ | ​ | ​ | ​
Market capitalization | ​ | $ | 184,349 | ​ | ​ | Tenant rent receivables | ​ | ​ | 1,462 | ​ | ​ | Straight-line rental revenue current quarter | ​ | $ | (70)
Debt | ​ | ​ | 250,179 | ​ | ​ | Prepaid expenses | ​ | ​ | 2,844 | ​ | ​ | ​ | ​ | ​ | ​
Total Market Capitalization | ​ | $ | 434,528 | ​ | ​ | Office computers and furniture | ​ | ​ | 62 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Deferred financing costs, net | ​ | ​ | 2,723 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 3 Months | ​ | ​ | Other assets - Right-to-Use Asset | ​ | ​ | 585 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Ended | ​ | ​ | ​ | ​ | $ | 82,644 | ​ | ​ | ​ | ​ | ​ | ​
NOI Components | ​ | 31-Mar-25 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Same Store NOI (1) | ​ | $ | 11,319 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisitions (1) (2) | ​ | ​ | — | ​ | ​ | Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property NOI (1) | ​ | ​ | 11,319 | ​ | ​ | Debt (excluding contra for unamortized financing costs) | ​ | $ | 250,179 | ​ | ​ | Footnotes to the components | ​ | ​ | ​
Full quarter adjustment (3) | ​ | ​ | — | ​ | ​ | Accounts payable & accrued expenses | ​ | ​ | 28,715 | ​ | ​ | (1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio | ​ | $ | 11,319 | ​ | ​ | Tenant security deposits | ​ | ​ | 6,156 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other liabilities: lease liability | ​ | ​ | 612 | ​ | ​ | (2) Includes NOI from acquisitions not in Same Store.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 285,662 | ​ | ​ | ​
Financial Statement Reconciliation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue | ​ | $ | 27,107 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental operating expenses | ​ | ​ | (10,095) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4) HB3 Tax in Texas is classified as an income tax, though we treat it as a real estate tax in Property NOI.
Real estate taxes and insurance | ​ | ​ | (5,369) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
NOI from dispositions & acquisition properties | ​ | ​ | (24) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4) | ​ | ​ | (52) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Management & other fees (5) | ​ | ​ | (248) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property NOI (1) | ​ | $ | 11,319 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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March 31, 2025| Page 25

​ | ​ ​
| Appendix: Non-GAAP Financial Measure Definitions

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​

Definition of Funds From Operations (“FFO”)

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The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

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FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.

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Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO definition as of May 17, 2016 in the table on page 9 and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

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We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

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March 31, 2025| Page 26

​ | ​ ​
| Appendix: Non-GAAP Financial Measure Definitions

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​

Definition of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
and Adjusted EBITDA

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EBITDA is defined as net income or loss plus interest expense, income tax expense and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA excluding hedge ineffectiveness, gains or losses on extinguishment of debt, gains and losses on sales of properties or shares of equity investments or provisions for losses on assets held for sale or equity investments. EBITDA and Adjusted EBITDA are not intended to represent cash flow for the period, are not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and are not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDA and Adjusted EBITDA are presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. Because all companies do not calculate EBITDA or Adjusted EBITDA the same way, this presentation may not be comparable to similarly titled measures of other companies. The Company believes that net income or loss is the financial measure calculated and presented in accordance with GAAP that is most directly comparable to EBITDA and Adjusted EBITDA.

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Definition of Property Net Operating Income (Property NOI)

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The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Same Store. The comparative Same Store results include properties held for all periods presented. We also exclude properties that have been acquired, consolidated or placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.

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March 31, 2025| Page 27

​ | ​ ​
| Appendix: Non-GAAP Financial Measure Definitions

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​

​

​

Definition of Adjusted Funds From Operations (AFFO)

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The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions.

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We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition.

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AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

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March 31, 2025| Page 28

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| ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investor Relations Contact Georgia Touma ~ 877.686.9496 InvestorRelations@fspreit.com ​ Franklin Street Properties Corp. Supplemental Operating & Financial Data ​ ​ 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300 ~ www.fspreit.com

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March 31, 2025| Page 29