Exhibit 99.2

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300.~ www.fspreit.com


	Third 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	Net Asset Value Components		24
Property NOI	11
		Appendix: Non-GAAP Financial Measures Definitions
Debt Summary	12	FFO		25
		EBITDA and NOI		26
Capital Analysis	13	AFFO		27

Owned and Consolidated Portfolio Overview	14-15

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.

			Addison Circle One, Addison, TX

September 30, 2025| Page 2


	Company Information

Overview		Snapshot (as of September 30, 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 Properties	14
				Total Square Feet	4.8 Million
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	103,690,340

Our Business		Total Market Capitalization	$0.4 Billion (1)
As of September 30, 2025, the Company owned a portfolio of real estate consisting of 14 owned properties. 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	8.67%



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

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.

September 30, 2025| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
		30-Sep-25	30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24
Income Items:
Rental revenue	$	27,300	$	26,715	$	27,107	$	28,375	$	29,662
Total revenue		27,300		26,715		27,107		28,375		29,682
Net loss		(8,326)		(7,876)		(21,435)		(8,526)		(15,622)
Adjusted EBITDA*		8,582		8,790		8,418		8,989		9,657
FFO*		2,323		2,516		2,727		2,707		2,665
AFFO*		(3,181)		(514)		(693)		(5,157)		(1,829)

Per Share Data:
Loss per share	$	(0.08)	$	(0.08)	$	(0.21)	$	(0.08)	$	(0.15)
FFO*	$	0.02	$	0.02	$	0.03	$	0.03	$	0.03
AFFO*	$	(0.03)	$	(0.00)	$	(0.01)	$	(0.05)	$	(0.02)
Weighted Average Shares (diluted)		103,690		103,610		103,567		103,567		103,567
Closing share price	$	1.60	$	1.64	$	1.78	$	1.83	$	1.77
Dividend declared	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01

Balance Sheet Items:
Real estate, net	$	799,622	$	803,412	$	810,327	$	834,908	$	837,349
Other assets, net		101,410		99,831		106,039		112,023		144,164
Total assets, net		901,032		903,243		916,366		946,931		981,513
Total liabilities, net		285,695		278,543		282,980		291,074		316,094
Stockholders' equity		615,337		624,700		633,386		655,857		665,419

Market Capitalization and Debt:
Total Market Capitalization (a)	$	414,822	$	419,870	$	434,528	$	439,859	$	461,000
Total debt outstanding (excluding unamortized financing costs)	$	248,917	$	249,818	$	250,179	$	250,332	$	277,687
Debt to Total Market Capitalization		60.0%		59.5%		57.6%		56.9%		60.2%
Net Debt to Adjusted EBITDA ratio*		6.3		6.2		6.5		5.8		6.1

Owned Properties Leasing Statistics:
Owned properties assets		14		14		14		14		15
Owned properties total SF		4,807,663		4,807,663		4,806,456		4,806,253		4,966,398
Owned properties % leased		68.9%		69.1%		69.2%		70.3%		70.4%

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

*	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 25.

September 30, 2025| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


							For The										For the
	For the Three Months Ended						Nine Months Ended		For the Three Months Ended								Year Ended
	31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Revenue:
Rental	$	27,107	$	26,715	$	27,300	$	81,122	$	31,225	$	30,818	$	29,662	$	28,375	$	120,080
Other		—		—		—		—		—		12		20		—		32
Total revenue		27,107		26,715		27,300		81,122		31,225		30,830		29,682		28,375		120,112

Expenses:
Real estate operating expenses		10,095		10,701		10,671		31,467		11,019		11,027		11,574		11,423		45,043
Real estate taxes and insurance		5,369		4,191		5,262		14,822		5,936		5,727		5,512		5,541		22,716
Depreciation and amortization		10,824		10,626		10,550		32,000		11,625		11,482		10,911		10,756		44,774
General and administrative		3,484		3,281		3,034		9,799		4,159		3,635		3,275		2,815		13,884
Interest		5,691		6,339		6,348		18,378		6,846		7,082		6,585		5,911		26,424
Total expenses		35,463		35,138		35,865		106,466		39,585		38,953		37,857		36,446		152,841

Loss on extinguishment of debt		(2)		(3)		(7)		(12)		(137)		—		(477)		(428)		(1,042)
Gain (loss) on sale of properties and impairment of assets held for sale, net		(13,284)		384		—		(12,900)		(5)		(13,200)		(7,254)		(367)		(20,826)
Interest income		259		248		249		756		1,008		348		340		394		2,090
Loss before taxes		(21,383)		(7,794)		(8,323)		(37,500)		(7,494)		(20,975)		(15,566)		(8,472)		(52,507)
Tax expense		52		82		3		137		58		48		56		54		216

Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(37,637)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)

Weighted average number of shares outstanding, basic and diluted		103,567		103,610		103,690		103,623		103,430		103,477		103,567		103,567		103,510

Net loss per share, basic and diluted	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.36)	$	(0.07)	$	(0.20)	$	(0.15)	$	(0.08)	$	(0.51)

September 30, 2025| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		June 30,		September 30,		March 31,		June 30,		September 30,		December 31,
	2025		2025		2025		2024		2024		2024		2024
Assets:
Real estate assets:
Land	$	98,882	$	98,883	$	98,883	$	110,298	$	105,298	$	105,298	$	105,298
Buildings and improvements		1,083,971		1,085,048		1,088,981		1,137,496		1,086,300		1,090,551		1,096,265
Fixtures and equipment		11,289		11,399		11,355		13,002		10,436		10,776		11,053
		1,194,142		1,195,330		1,199,219		1,260,796		1,202,034		1,206,625		1,212,616
Less accumulated depreciation		383,815		391,918		399,597		376,063		361,278		369,276		377,708
Real estate assets, net		810,327		803,412		799,622		884,733		840,756		837,349		834,908
Acquired real estate leases, net		3,737		3,309		2,899		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		30,518		31,575		37,779		31,495		42,375		42,683
Tenant rent receivables, net		1,462		1,568		1,380		2,200		2,349		1,349		1,283
Straight-line rent receivable, net		37,724		37,839		38,857		40,357		38,901		38,432		37,727
Prepaid expenses and other assets		3,429		3,583		3,889		4,140		4,064		3,243		3,114
Office computers and furniture, net of accumulated depreciation		62		55		48		106		92		80		70
Deferred leasing commissions, net		22,381		22,959		22,762		24,730		21,741		21,064		22,941
Total assets	$	916,366	$	903,243	$	901,032	$	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		125,124		125,114	$	149,169	$	149,604	$	137,601	$	124,491
Series A & Series B Senior Notes		122,595		122,656		122,449		147,340		147,611		135,545		122,430
Accounts payable and accrued expenses		27,510		22,010		28,785		30,099		23,765		32,821		34,067
Accrued compensation		1,205		1,911		2,635		1,196		2,300		3,193		3,097
Tenant security deposits		6,156		6,289		6,258		6,268		6,248		6,120		6,237
Lease liability		612		515		417		953		859		763		707
Acquired unfavorable real estate leases, net		41		38		37		74		63		51		45
Total liabilities		282,980		278,543		285,695		335,099		330,450		316,094		291,074

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—		—		—
Common stock		10		10		10		10		10		10		10
Additional paid-in capital		1,335,361		1,335,586		1,335,586		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)		(710,896)		(720,259)		(631,237)		(653,294)		(669,952)		(679,514)
Total stockholders’ equity		633,386		624,700		615,337		703,864		682,077		665,419		655,857
Total liabilities and stockholders’ equity	$	916,366	$	903,243	$	901,032	$	1,038,963	$	1,012,527	$	981,513	$	946,931

September 30, 2025| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)


		Nine Months Ended September 30,

		2025		2024
Cash flows from operating activities:
Net loss	$	(37,637)	$	(44,197)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense		34,045		36,284
Amortization of above and below market leases		—		(17)
Amortization of other comprehensive income into interest expense		—		(355)
Shares issued as compensation		225		270
Loss on extinguishment of debt		12		614
Loss on sale of properties and impairment of assets held for sale, net		12,900		20,459
Changes in operating assets and liabilities:
Tenant rent receivables		(97)		842
Straight-line rents		(41)		1,249
Lease acquisition costs		(1,096)		(660)
Prepaid expenses and other assets		(498)		314
Accounts payable and accrued expenses		(4,274)		(4,364)
Accrued compensation		(462)		(451)
Tenant security deposits		21		(84)
Payment of deferred leasing commissions		(3,176)		(3,168)
Net cash provided by (used in) operating activities		(78)		6,736

Cash flows from investing activities:
Property improvements, fixtures and equipment		(12,608)		(19,074)
Proceeds received from sales of properties		6,100		62,909
Net cash provided by (used in) investing activities		(6,508)		43,835

Cash flows from financing activities:
Distributions to stockholders		(3,108)		(3,104)
Repayments of Bank note payable		—		(22,667)
Repayments of Term loans payable		(716)		(41,775)
Repayments of Series A&B Senior Notes		(698)		(62,870)
Deferred financing costs		—		(5,660)
Net cash used in financing activities		(4,522)		(136,076)
Net decrease in cash, cash equivalents and restricted cash		(11,108)		(85,505)
Cash, cash equivalents and restricted cash, beginning of period		42,683		127,880
Cash, cash equivalents and restricted cash, end of period	$	31,575	$	42,375

September 30, 2025| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)



	Rentable
	Square Feet	Three Months Ended						Nine Months Ended		Three Months Ended								Nine Months Ended				%
(in thousands)	or RSF	31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		30-Sep-24		Inc (Dec)		Change
Region
MidWest	758		1,356		1,758		1,489		4,603		1,640		1,665		1,278		1,170		4,583		20	0.4	%
South	1,908		4,331		4,393		4,144		12,868		4,621		4,579		4,390		4,549		13,590		(722)	(5.3)	%
West	2,142		5,849		5,516		5,450		16,815		6,204		6,224		6,037		5,670		18,465		(1,650)	(8.9)	%
Property NOI* from Owned Properties	4,808		11,536		11,667		11,083		34,286		12,465		12,468		11,705		11,389		36,638		(2,352)	(6.4)	%
Disposition and Acquisition Properties (a)	-		(193)		(108)		9		(292)		1,443		1,280		678		(266)		3,401		(3,693)	(8.7)	%
Property NOI*	4,808	$	11,343	$	11,559	$	11,092	$	33,994	$	13,908	$	13,748	$	12,383	$	11,123	$	40,039	$	(6,045)	(15.1)	%

Same Store		$	11,536	$	11,667	$	11,083	$	34,286	$	12,465	$	12,468	$	11,705	$	11,389	$	36,638	$	(2,352)	(6.4)	%

Less Nonrecurring
Items in NOI* (b)			55		52		52		159		246		255		78		185		579		(420)	1.0	%

Comparative
Same Store		$	11,481	$	11,615	$	11,031	$	34,127	$	12,219	$	12,213	$	11,627	$	11,204	$	36,059	$	(1,932)	(5.4)	%

(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 25.

September 30, 2025| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(37,637)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Loss (gain) on sale of properties and impairment of assets held for sale, net		13,284		(384)		—		12,900		5		13,200		7,254		367		20,826
Depreciation & amortization		10,824		10,626		10,550		32,000		11,619		11,476		10,907		10,755		44,757
NAREIT FFO*		2,673		2,366		2,224		7,263		4,072		3,653		2,539		2,596		12,860
Lease Acquisition costs		54		150		99		303		121		68		126		111		426
Funds From Operations (FFO)*	$	2,727	$	2,516	$	2,323	$	7,566	$	4,193	$	3,721	$	2,665	$	2,707	$	13,286


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	2,727	$	2,516	$	2,323	$	7,566	$	4,193	$	3,721	$	2,665	$	2,707	$	13,286
Loss on extinguishment of debt		2		3		7		12		137		—		477		428		1,042
Amortization of deferred financing costs		685		683		677		2,045		680		818		767		703		2,968
Shares issued as compensation		—		225		—		225		—		270		—		—		270
Straight-line rent		70		(74)		(37)		(41)		206		258		785		720		1,969
Tenant improvements		(2,374)		(1,415)		(4,469)		(8,258)		(2,619)		(2,558)		(4,444)		(4,173)		(13,794)
Leasing commissions		(545)		(1,702)		(929)		(3,176)		(2,237)		(511)		(421)		(2,974)		(6,143)
Non-investment capex		(1,258)		(750)		(753)		(2,761)		(1,019)		(1,480)		(1,658)		(2,568)		(6,725)
Adjusted Funds From Operations (AFFO)*	$	(693)	$	(514)	$	(3,181)	$	(4,388)	$	(659)	$	518	$	(1,829)	$	(5,157)	$	(7,127)

Per Share Data:
Loss per share	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.36)	$	(0.07)	$	(0.20)	$	(0.15)	$	(0.08)	$	(0.51)
FFO*		0.03		0.02		0.02		0.07		0.04		0.04		0.03		0.03		0.13
AFFO*		(0.01)		(0.00)		(0.03)		(0.04)		(0.01)		0.01		(0.02)		(0.05)		(0.07)

Weighted Average Shares (basic and diluted)		103,567		103,610		103,690		103,623		103,430		103,477		103,567		103,567		103,510

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2025| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(37,637)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Interest expense		5,691		6,339		6,348		18,378		6,846		7,082		6,585		5,911		26,424
Depreciation and amortization		10,824		10,626		10,550		32,000		11,619		11,476		10,907		10,755		44,757
Income taxes		52		82		3		137		58		48		56		54		216
EBITDA*	$	(4,868)	$	9,171		8,575	$	12,878	$	10,971	$	(2,417)	$	1,926	$	8,194	$	18,674
Loss on extinguishment of debt		2		3		7		12		137		—		477		428		1,042
Loss (gain) on sale of properties and impairment of assets held for sale, net		13,284		(384)		—		12,900		5		13,200		7,254		367		20,826
Adjusted EBITDA*	$	8,418	$	8,790	$	8,582	$	25,790	$	11,113	$	10,783	$	9,657	$	8,989	$	40,542

Interest expense	$	5,691	$	6,339	$	6,348	$	18,378	$	6,846	$	7,082	$	6,585	$	5,911	$	26,424
Scheduled principal payments		—		—		—		—		—		—		—		—		—
Interest and scheduled principal payments	$	5,691	$	6,339	$	6,348	$	18,378	$	6,846	$	7,082	$	6,585	$	5,911	$	26,424

Interest coverage ratio		1.48		1.39		1.35		1.40		1.62		1.52		1.47		1.52		1.53

Debt service coverage ratio		1.48		1.39		1.35		1.40		1.62		1.52		1.47		1.52		1.53

Debt excluding unamortized financing costs	$	250,179	$	249,818	$	248,917			$	303,000	$	303,000	$	277,687	$	250,332
Cash, cash equivalents and restricted cash		31,559		30,518		31,575				37,779		31,495		42,375		42,683
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	218,620	$	219,300	$	217,342			$	265,221	$	271,505	$	235,312	$	207,649

Adjusted EBITDA*	$	8,418	$	8,790	$	8,582			$	11,113	$	10,783	$	9,657	$	8,989
Annualized	$	33,672	$	35,160	$	34,328			$	44,452	$	43,132	$	38,628	$	35,956

Net Debt-to-Adjusted EBITDA ratio*		6.5		6.2		6.3				6.0		6.3		6.1		5.8

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2025| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24
Net loss	$	(21,435)	$	(7,876)	$	(8,326)	$	(37,637)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Add (deduct):
Loss on extinguishment of debt		2		3		7		12		137		—		477		428		1,042
Loss (gain) on sale of properties and impairment of assets held for sale, net		13,284		(384)		—		12,900		5		13,200		7,254		367		20,826
Management fee income		(380)		(334)		(345)		(1,059)		(462)		(443)		(422)		(386)		(1,713)
Depreciation and amortization		10,824		10,626		10,550		32,000		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		3,281		3,034		9,799		4,159		3,635		3,275		2,815		13,884
Interest expense		5,691		6,339		6,348		18,378		6,846		7,082		6,585		5,912		26,425
Interest income		(259)		(248)		(249)		(756)		(1,008)		(348)		(340)		(395)		(2,091)
Non-property specific items, net		132		152		73		357		164		169		270		152		755
Property NOI*	$	11,343	$	11,559	$	11,092	$	33,994	$	13,908	$	13,748	$	12,383	$	11,123	$	51,162

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

September 30, 2025| Page 11

Debt Summary

(in thousands)

Outstanding

Interest

Maturity

Balance at:

Rate (a)

Rate at

Date

30-Sep-25

Components

30-Sep-25

BofA Term Loan

1-Apr-26

55,315

SOFR

4.00%

9.00%

BMO Term Loan Tranche B

1-Apr-26

70,680

SOFR

4.00%

9.00%

Series A Senior Notes

1-Apr-26

71,295

9.00%

Series B Senior Notes

1-Apr-26

51,627

9.00%

248,917

9.00%

●

The table above is a summary of our debt as of September 30, 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 remained 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.

●

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.

●

On March 4, 2025, May 14, 2025 and July 31, 2025, we received escrows in the aggregate of $1.6 million that were held from the sale of two properties and used approximately $1.4 million 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.

●

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 $2.7 million.

(a)

Interest rates exclude amortization of deferred financing costs.

September 30, 2025| Page 12

Capital Analysis

(in thousands, except per share amounts)


	31-Mar-25		30-Jun-25		30-Sep-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24
Market Data:
Shares Outstanding		103,567		103,690		103,690		103,430		103,567		103,567		103,567
Closing market price per share	$	1.78	$	1.64	$	1.60	$	2.27	$	1.53	$	1.77	$	1.83
Market capitalization	$	184,349	$	170,052	$	165,905	$	234,787	$	158,457	$	183,313	$	189,527
Total debt outstanding excluding unamortized financing costs		250,179		249,818		248,917		303,000		303,000		277,687		250,332
Total Market Capitalization	$	434,528	$	419,870	$	414,822	$	537,787	$	461,457	$	461,000	$	439,859

Dividend Data:
Total dividends declared for the quarter	$	1,036	$	1,035	$	1,037	$	1,034	$	1,034	$	1,036	$	1,036
Common dividend declared per share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01
Declared dividend as a % of Net income (loss) per share		(5)%		(13)%		(12)%		(14)%		(5)%		(7)%		(12)%
Declared dividend as a % of AFFO* per share		(149)%		(202)%		(33)%		(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 25.

September 30, 2025| Page 13


	Owned & Consolidated Portfolio Overview


	As of the Quarter Ended
	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24
Total Owned Properties:
Number of properties (a)	14	14	14	14	15
Square feet	4,807,663	4,807,663	4,806,456	4,806,253	4,966,398
Leased percentage	68.9%	69.1%	69.2%	70.3%	70.4%

Consolidated Property - Single Asset REIT (SAR):
Number of properties	—	—	1	1	1
Square feet	—	—	213,760	213,760	213,760
Leased percentage	—	—	4.1%	4.1%	4.1%

Total Owned and Consolidated Properties:
Number of properties	14	14	15	15	16
Square feet	4,807,663	4,807,663	5,020,216	5,020,013	5,180,158
Leased percentage	68.9%	69.1%	66.4%	67.5%	67.7%

(a)

Includes properties that were classified as assets held for sale.

September 30, 2025| Page 14


	Owned Portfolio Overview


				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	60.9%	51.0%	$	32.40	121 South 8th Street	Minneapolis	MN	297,744	78.5%	76.5%	$	22.32
Addison Circle	Addison	TX	289,333	67.7%	68.4%		35.47	801 Marquette Ave	Minneapolis	MN	129,691	91.8%	91.8%		25.61
Liberty Plaza	Addison	TX	217,841	65.4%	68.8%		27.00	Plaza Seven	Minneapolis	MN	330,096	51.0%	50.8%		29.00
								Midwest Region Total			757,531	68.8%	67.9%	$	25.26
Houston
Park Ten	Houston	TX	157,609	86.8%	84.4%		27.62	West Region
Eldridge Green	Houston	TX	248,399	100.0%	100.0%		29.25	Denver
Park Ten Phase II	Houston	TX	156,746	76.3%	69.7%		29.57	1999 Broadway	Denver	CO	682,639	50.2%	49.0%	$	34.73
Westchase I & II	Houston	TX	629,025	66.2%	63.3%		27.24	Greenwood Plaza	Englewood	CO	196,236	65.0%	65.0%		31.49
								1001 17th Street	Denver	CO	650,607	75.1%	73.6%		36.65
								600 17th Street	Denver	CO	612,135	72.5%	72.6%		34.28
								West Region Total			2,141,617	65.5%	64.7%	$	34.95

South Region Total			1,908,515	72.7%	70.4%	$	29.44	Total Owned Properties			4,807,663	68.9%	67.5%	$	31.13

(a)	Weighted Occupied Percentage for the nine months ended September 30, 2025.

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

September 30, 2025| Page 15

Tenants by Industry

(Owned Properties by Square Feet)

September 30, 2025| Page 16

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)


			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	90	248,399	5.2%	$	7,707,821	7.5%
2	EOG Resources, Inc.	1	15	169,167	3.5%		6,460,488	6.3%
3	US Government (b)	2	4, 64	168,573	3.5%		6,518,834	6.3%
4	Kaiser Foundation Health Plan, Inc.	1	44	120,979	2.5%		4,160,024	4.0%
5	Deluxe Corporation	1	142	98,922	2.1%		3,038,604	2.9%
6	Ping Identity Corp.	1	9	89,856	1.9%		3,743,401	3.6%
7	Olin Corporation	1	118	81,480	1.7%		2,517,732	2.4%
8	Permian Resources Operating, LLC	1	73	67,856	1.4%		3,024,403	2.9%
9	Hall and Evans LLC	1	47	65,878	1.4%		2,830,001	2.7%
10	Cyxtera Management, Inc.	1	52	61,826	1.3%		2,466,239	2.4%
11	Precision Drilling (US) Corporation	1	32	59,569	1.2%		2,155,207	2.1%
12	PwC US Group	1	40	54,334	1.1%		1,841,379	1.8%
13	Coresite, LLC (c)	1	122	49,518	1.0%		—	0.0%
14	Schwegman, Lundberg & Woessner, P.A.	1	28	46,269	1.0%		1,402,045	1.4%
15	Ark-La-Tex Financial Services, LLC.	1	18	41,011	0.8%		1,545,544	1.5%
16	Invenergy, LLC. (d)	1	123	35,088	0.7%		—	0.0%
17	Chevron U.S.A., Inc.	1	23	35,088	0.7%		1,509,135	1.5%
18	Moss, Luse & Womble, LLC (e)	1	131	34,071	0.7%		586,217	0.6%
19	QB Energy Operating, LLC.	1	89	34,063	0.7%		1,465,390	1.4%
20	International Business Machines Corporation (f)	1	3,69	31,564	0.7%		683,028	0.7%

			Total	1,593,511	33.1%	$	53,655,492	52.0%

Footnotes on next page

September 30, 2025| Page 17

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 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.

(d) Includes 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.

(e) Includes 17,182 square feet commencing on November 1, 2025.

(f) Includes 19,095 square feet expiring in 2025. The remaining 12,469 square feet expire in 2031.

September 30, 2025| Page 18

Leasing Activity

(Owned Properties)


				Year		Year
	Nine Months Ended			Ended		Ended
Leasing Activity		30-Sep-25	30-Sep-24		31-Dec-24		31-Dec-23
(in Square Feet - SF)
New leasing		55,000	122,000		171,000		228,000
Renewals and expansions		219,000	242,000		445,000		478,000
		274,000	364,000		616,000		706,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	31.81	29.94	$	30.06		29.71
Weighted average lease term		5.7 Years	5.4 Years		6.3 Years		6.8 Years

Increase over average GAAP rents in prior year (a)		6.0%	10.9%		8.2%		7.4%

Average free rent		4 Months	4 Months		4 Months		6 Months
Tenant Improvements	$	24.83	25.30	$	26.06		22.42
Leasing Costs	$	9.98	7.83	$	9.72		10.56

(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.

September 30, 2025| Page 19

Lease Expirations by Square Feet

(Owned Properties)

September 30, 2025| Page 20

Lease Expirations with Annualized Rent per Square Foot (SF)

(Owned Properties)


			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		Leases (b)		Leases		Leases	Total

2025	8	(c)	77,272		$	1,998,939	$	25.87	1.9%	1.9%
2026	36		552,472			20,239,219		36.63	19.6%	21.5%
2027	33		327,832			11,436,718		34.89	11.1%	32.6%
2028	25		242,046			7,691,017		31.78	7.5%	40.1%
2029	37		522,248			16,861,601		32.29	16.3%	56.4%
2030	19		252,347			7,343,029		29.10	7.1%	63.5%
2031	19		340,013			11,661,045		34.30	11.3%	74.8%
2032	8		81,852			2,330,815		28.48	2.3%	77.1%
2033	10		386,488			12,010,845		31.08	11.7%	88.8%
2034	7		85,260			1,724,368		20.22	1.7%	90.5%
2035 and thereafter	26		442,991	(d)		9,822,423		22.17	9.5%	100.0%
Leased total	228		3,310,821		$	103,120,019	$	31.15	100.0%
Owned property vacant SF			1,496,842
Total Portfolio Square Footage			4,807,663

(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 September 30, 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.

September 30, 2025| Page 21

Capital Expenditures

(Owned and Consolidated Properties)


(in thousands)							Nine Months
	For the Three Months Ended						Ended
	31-Mar-25		30-Jun-25		30-Sep-25		30-Sep-25

Tenant improvements	$	2,374	$	1,415	$	4,469	$	8,258
Deferred leasing costs		545		1,702		929		3,176
Non-investment capex		1,258		750		753		2,761
Total Capital Expenditures	$	4,177	$	3,867	$	6,151	$	14,195


	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

First generation leasing and investment capital expenditures was $0 for the nine months ended September 30, 2025 and $0 for the year ended December 31, 2024.

September 30, 2025| Page 22

Disposition Activity

(in thousands except for Square Feet)


Recent Dispositions:					Gross Sale		Gain (loss)
	City	State	Square Feet	Date Sold	Proceeds		on Sale
2025
Monument Circle	Indianapolis	IN	213,760	6/6/25	$	6,000	$	(12,911)

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		(27,511)

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.

September 30, 2025| Page 23


	Net Asset Value Components


(in thousands except per share data)
	As of
	30-Sep-25		Assets:			Other information:
Total Market Capitalization Values			Straight-line rent receivable	$	38,857	Leased SF to be FFO producing
Shares outstanding		103,690.3	Assets held for sale		—	during 2025-2028 (in 000's)		63
Closing price	$	1.60	Cash, cash equivalents and restricted cash		31,575
Market capitalization	$	165,905	Tenant rent receivables		1,380	Straight-line rental revenue current quarter	$	37
Debt		248,917	Prepaid expenses		3,490
Total Market Capitalization	$	414,822	Office computers and furniture		48
			Other assets:
			Deferred financing costs, net		1,354
	3 Months		Other assets - Right-to-Use Asset		399
	Ended			$	77,103
NOI Components	30-Sep-25

Same Store NOI (1)	$	11,083
Acquisitions (1) (2)		—	Liabilities:
Property NOI (1)		11,083	Debt (excluding contra for unamortized financing costs)	$	248,917	Footnotes to the components
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		31,420	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	11,083	Tenant security deposits		6,258
			Other liabilities: lease liability		417	(2) Includes NOI from acquisitions not in Same Store.
				$	287,012
Financial Statement Reconciliation:						(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	27,300
Rental operating expenses		(10,671)				(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		(5,262)
NOI from dispositions & acquisition properties		(9)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(3)
Management & other fees (5)		(272)
Property NOI (1)	$	11,083

September 30, 2025| Page 24


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Funds From Operations (“FFO”)

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.

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.

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.

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.

September 30, 2025| Page 25


	Appendix: Non-GAAP Financial Measure Definitions

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

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.

Definition of Property Net Operating Income (Property NOI)

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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	Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

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.

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.

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.

September 30, 2025| Page 27

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

September 30, 2025| Page 28