Exhibit 99.1


PRESS RELEASE	Franklin Street Properties Corp.

401 Edgewater Place ● Suite 200 ● Wakefield, Massachusetts 01880 ● (781) 557-1300 ● www.fspreit.com


Contact: Georgia Touma (877) 686-9496	For Immediate Release

Franklin Street Properties Corp. Announces

Third Quarter 2021 Results

Strong Execution on our 2021 Strategy to Reduce Debt and Lease Space

$0.04 GAAP Net Income Per Share

$0.14 Funds From Operations (FFO) Per Share

Wakefield, MA—November 8, 2021—Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the third quarter ended September 30, 2021.

Significant Debt Reduction Improves Balance Sheet Flexibility for Future Growth Opportunities

●

Between September 30, 2020 and October 25, 2021, reduced total indebtedness by approximately 53%, from approximately $1.0 billion to approximately $475 million.

●

Between January 1, 2021 and October 25, 2021, repaid approximately $508 million of indebtedness.

●

During the three months ended September 30, 2021, repaid approximately $90 million of indebtedness.

●

On October 25, 2021, repaid approximately $215 million of indebtedness.

Ahead on Property Disposition Strategy

●

Between January 1, 2021 and October 22, 2021, sold eight properties for aggregate gross disposition proceeds of approximately $563 million and an aggregate, weighted-average, in-place, capitalization rate (on both a GAAP and cash basis) of approximately 5.8%.

●

On October 22, 2021, sold 999 Peachtree in Atlanta, Georgia for $223.9 million in gross proceeds and recorded a gain of approximately $86.8 million.

●

Aggregate pricing achieved on our dispositions to date in 2021 has been ahead of our expectations and we believe that such pricing is generally indicative of the level of pricing that could be achieved on our continuing portfolio of real estate assets. We believe that in undertaking these dispositions we have unlocked embedded value for our shareholders that has not been reflected in the current price of our common stock. We believe that the net value of our continuing real estate portfolio assets (net of outstanding liabilities) would exceed $10.00 per share of common stock based on our market valuation estimates using the pricing levels we have achieved to date on our dispositions as a benchmark applied across our continuing real estate portfolio.

-2-

●

Due to strong demand and pricing, increased the top end of our 2021 disposition guidance from a previous range of approximately $350 million to $450 million to a new range of approximately $563 million to $600 million.

Leasing Progress and Continuing Portfolio Upside Leasing Potential

●

Leased approximately 329,000 square feet during the three months ended September 30, 2021, including approximately 172,000 square feet with new tenants.

●

Signed a lease for approximately 100,000 square feet with a new tenant at our Pershing Park property in Atlanta, Georgia during the three months ended September 30, 2021.

●

In-place weighted average GAAP rent increased by approximately 5% during the nine months ended September 30, 2021.

●

We believe that our continuing portfolio of real estate is well located primarily in the Sunbelt and Mountain West geographic regions and consists of high-quality assets with upside leasing potential in a post-COVID-19 environment.

Stock Repurchases

●

During the three months ended September 30, 2021, we repurchased approximately 1.8 million shares of our common stock for approximately $8.2 million pursuant to our previously announced stock repurchase plan.

●

Shares repurchased during the three months ended September 30, 2021 represent approximately 1.5% of the approximately $563 million in aggregate gross disposition proceeds received to date in 2021.

●

Up to approximately $41.8 million remaining for potential future repurchases of our common stock pursuant to our previously announced stock repurchase plan.

Anticipated 2021 Special Dividend

●

In light of the gains achieved on our dispositions to date in 2021, we anticipate declaring a special dividend in December 2021 to be paid in January 2022 in order to meet REIT requirements.

George J. Carter, Chairman and Chief Executive Officer, commented as follows:

“I am pleased to report strong execution on our 2021 strategies to reduce debt and to lease space. Highlights include the sale of 999 Peachtree on October 22, 2021 for $223.9 million and a recorded gain of approximately $86.8 million, and the lease of approximately 100,000 square feet with a new tenant at Pershing Park. As of October 22, 2021, we have sold eight properties in 2021 for aggregate gross proceeds of approximately $563 million and an aggregate, weighted-average, in-place capitalization rate of approximately 5.8%. Between September 30, 2020 and October 25, 2021, we reduced our total indebtedness by approximately 53%, from approximately $1.0 billion to approximately $475 million.

We are encouraged by the strong level of demand that our real estate assets have received in the market to date from a diverse pool of potential buyers. Aggregate pricing on the properties sold has exceeded our expectations

-3-

and reinforced our belief that we are unlocking embedded value for our shareholders that is not currently reflected in the price of our common stock. Due to strong demand and pricing, we have increased the top end of our 2021 disposition guidance from a previous range of approximately $350 million to $450 million to a new range of approximately $563 million to $600 million.

Our criteria for selecting potential properties for disposition is asset-specific. We consider a variety of factors, including short to intermediate term value objectives and upside potential. At the same time, we remain fully committed to our historic Sunbelt and Mountain West geographic focus. Accordingly, our 2021 dispositions in the Sunbelt region should not be viewed as a statement about our commitment to such regions.

Importantly, we believe that our continuing portfolio of real estate is well located primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with significant upside leasing potential in a post-COVID-19 environment. We also believe that the pricing achieved on our dispositions to date in 2021, which has exceeded our expectations, is generally indicative of the pricing that could be achieved on our continuing portfolio of real estate assets.

We continue to believe that the current price of our common stock does not accurately reflect the value of our underlying real estate assets and intend to continue our strategy of seeking to increase shareholder value through the sale of select properties where we believe that our short to intermediate term valuation objectives have been met. We believe that the net value of our continuing real estate portfolio assets (net of outstanding liabilities) would exceed $10.00 per share of common stock based on our market valuation estimates using the pricing levels we have achieved to date on our dispositions as a benchmark applied across our continuing real estate portfolio. We intend to use the proceeds from any future dispositions for debt reduction, repurchases of our common stock, any special dividends required to meet REIT requirements, and other general corporate purposes.”

Financial Highlights

●

GAAP net income was $4.5 million, or $0.04 per share, for the three months ended September 30, 2021.

●

Funds From Operations (FFO) was $14.8 million, or $0.14 per basic and diluted share, for the three months ended September 30, 2021.

●

Adjusted Funds From Operations (AFFO) was $0.04 per basic and diluted share for the three months ended September 30, 2021.

●

During the three months ended September 30, 2021, we repaid approximately $90 million of indebtedness. As of September 30, 2021, our total debt outstanding was approximately $675 million.

●

On October 25, 2021, we repaid approximately $215 million of indebtedness and our total debt outstanding decreased to approximately $475 million.

Leasing Highlights

●

During the three months ended September 30, 2021, we leased approximately 329,000 square feet, including 172,000 square feet of new leases.

●

On September 28, 2021, we signed a lease with a new tenant at our Pershing Park property for approximately 100,000 square feet that will substantially backfill the recent vacancy from the departure of Jones Day.

●

During the nine months ended September 30, 2021, we leased approximately 892,000 square feet, of which approximately 622,000 square feet was with existing tenants. During the year ended December 31, 2020, we leased approximately 1,130,000 square feet, of which approximately 762,000 square feet was with existing tenants.

●

Our directly owned real estate portfolio of 27 owned properties (including one redevelopment

-4-

property) totaling approximately 7.8 million square feet, was approximately 78.8% leased as of September 30, 2021, compared to approximately 78.5% leased as of June 30, 2021. The increase in the leased percentage is primarily a result of 172,000 square feet of new leases executed during the three months ended September 30, 2021.

●

Lease expirations for the remainder of 2021 are approximately 72,000 square feet, representing approximately 0.9% of our owned portfolio.

●

The weighted average GAAP base rent per square foot achieved on leasing activity during the nine months ended September 30, 2021 was $30.10, or 2.0% higher than average rents in the respective properties as applicable compared to the year ended December 31, 2020. The average lease term on leases in the nine months ended September 30, 2021, was 7.8 years compared to 8.3 years for the full year of 2020. Overall the portfolio weighted average rent per occupied square foot was $30.97 as of September 30, 2021 compared to $29.60 as of December 31, 2020, representing an increase of approximately 5%.

Investment Highlights

●Completed dispositions for aggregate gross proceeds of approximately $563 million to date in 2021, which translates into an aggregate, weighted-average, in-place, capitalization rate (on both a GAAP and cash basis) of approximately 5.8%.

●Due to strong demand/pricing, we increased the top end of our 2021 disposition guidance from a previous range of approximately $350 million to $450 million to a new range of approximately $563 million to $600 million.

●Disposition proceeds intended to be used for debt reduction, any special dividends required to meet REIT requirements, repurchases of our common stock, and other general corporate purposes.

●Demand and pricing on assets sold to date in 2021 has exceeded our expectations.

●On August 31, 2021, we sold our River Crossing property in Indianapolis, Indiana for gross proceeds of approximately $35 million.

●On September 23, 2021, we sold our two Timberlake properties in Chesterfield, Missouri for aggregate gross proceeds of approximately $67 million.

●Subsequent to quarter end, on October 22, 2021, we sold our 999 Peachtree property in Atlanta, Georgia for gross proceeds of approximately $224 million, which represented a gain of approximately $86.8 Million.

●We remain committed to our Sunbelt and Mountain West geographic focus.

●Current and potential disposition properties include Meadow Point and Stonecroft in Chantilly, Virginia, both of which are under Purchase & Sale Agreement with a closing anticipated during the fourth quarter of 2021. In addition, Eldridge Green and Park Ten in Houston, Texas are in price discovery.

Dividend Update

On October 8, 2021, the Company announced that its Board of Directors declared a regular quarterly cash dividend for the three months ended September 30, 2021 of $0.09 per share of common stock that will be paid on November 11, 2021 to stockholders of record on October 22, 2021.

Non-GAAP Financial Information

A reconciliation of Net income to FFO, AFFO and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I.

2021 Net Income, FFO and Disposition Guidance

-5-

At this time, due primarily to uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income and FFO guidance. However, we are updating our previously announced disposition guidance for full-year 2021, as we execute on our strategy to dispose of certain properties that we believe have met their short to intermediate term valuation objectives and whose value may not be accurately reflected in our share price. Anticipated dispositions in 2021 are estimated to result in aggregate gross proceeds in the range of approximately $563 million to $600 million, inclusive of the approximately $563 million of gross proceeds in 2021 realized to date. We intend to use the proceeds of any future dispositions for debt reduction, repurchases of our stock, any special distributions required to meet REIT requirements, and other general corporate purposes. This guidance reflects our current expectations of economic and market conditions and is subject to change. We will update our disposition guidance quarterly in our earnings releases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Real Estate Update

Supplementary schedules provide property information for the Company’s owned and managed real estate portfolio as of September 30, 2021. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com.

Today’s news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

Earnings Call

A conference call is scheduled for November 9, 2021 at 11:00 a.m. (ET) to discuss the third quarter 2021 results. To access the call, please dial 1-800-464-8240. Internationally, the call may be accessed by dialing 1-412-902-6521. To access the call from Canada, please dial 1-866-605-3852. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company's website (www.fspreit.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished.

About Franklin Street Properties Corp.

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 seeks value-oriented investments with an eye towards 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. To learn more about FSP please visit our website at www.fspreit.com.

-6-

Forward-Looking Statements

Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our ability to lease space in the future, expectations for dispositions, potential stock repurchases, the payment of special dividends and the repayment of debt in future periods, value creation/enhancement in future periods, the net value of our continuing real estate portfolio per share of common stock, and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the COVID-19 pandemic and other potential infectious disease outbreaks and terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, increasing 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, uncertainty relating to the completion and timing of the disposition of properties under agreement, any inability to dispose of real estate properties at pricing levels comparable to recent historical portfolio dispositions, and any delays in the timing of any such anticipated dispositions, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020, as the same may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

-7-

Franklin Street Properties Corp.

Earnings Release

Supplementary Information

Table of Contents



Franklin Street Properties Corp. Financial Results	A-C
Real Estate Portfolio Summary Information	D
Portfolio and Other Supplementary Information	E
Percentage of Leased Space	F
Largest 20 Tenants – FSP Owned Portfolio	G
Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted
Funds From Operations (AFFO)	H
Reconciliation and Definition of Sequential Same Store results to Property Net
Operating Income (NOI) and Net Loss	I

-8-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule A

Condensed Consolidated Statements of Operations

(Unaudited)


	For the				For the
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands, except per share amounts)	2021		2020		2021		2020

Revenue:
Rental	$	50,326	$	61,834	$	164,671	$	184,799
Related party revenue:
Management fees and interest income from loans		419		400		1,246		1,208
Other		57		13		69		31
Total revenue		50,802		62,247		165,986		186,038

Expenses:
Real estate operating expenses		14,373		16,730		45,664		49,498
Real estate taxes and insurance		10,200		12,279		34,461		36,348
Depreciation and amortization		18,862		22,076		62,379		66,659
General and administrative		3,749		3,817		11,857		11,159
Interest		7,928		8,953		26,582		26,996
Total expenses		55,112		63,855		180,943		190,660

Loss on extinguishment of debt		(236)		—		(403)		—
Gain on sale of properties, net		8,632		—		29,258		—
Income (loss) before taxes		4,086		(1,608)		13,898		(4,622)
Tax expense		51		71		174		203
Equity in income of non-consolidated REITs		421		—		421		—
Net income (loss)	$	4,456	$	(1,679)	$	14,145	$	(4,825)

Weighted average number of shares outstanding, basic and diluted		106,905		107,328		107,196		107,295

Net income (loss) per share, basic and diluted	$	0.04	$	(0.02)	$	0.13	$	(0.04)

-9-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule B

Condensed Consolidated Balance Sheets

(Unaudited)


	September 30,		December 31,
(in thousands, except share and par value amounts)	2021		2020
Assets:
Real estate assets:
Land	$	161,767	$	189,155
Buildings and improvements		1,630,729		1,938,629
Fixtures and equipment		11,727		12,949
		1,804,223		2,140,733
Less accumulated depreciation		459,531		538,717
Real estate assets, net		1,344,692		1,602,016
Acquired real estate leases, less accumulated amortization of $50,302 and $55,447, respectively		19,864		28,206
Cash, cash equivalents and restricted cash		9,731		4,150
Tenant rent receivables		2,681		7,656
Straight-line rent receivable		58,132		67,789
Prepaid expenses and other assets		5,547		5,752
Related party mortgage loan receivables		21,000		21,000
Office computers and furniture, net of accumulated depreciation of $1,180 and $1,443, respectively		153		163
Deferred leasing commissions, net of accumulated amortization of $24,013 and $30,411, respectively		44,729		56,452
Total assets	$	1,506,529	$	1,793,184

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$	—	$	3,500
Term loans payable, less unamortized financing costs of $1,352 and $2,677, respectively		473,648		717,323
Series A & Series B Senior Notes, less unamortized financing costs of $699 and $822, respectively		199,301		199,178
Accounts payable and accrued expenses		59,309		72,058
Accrued compensation		3,482		3,918
Tenant security deposits		6,169		8,677
Lease liability		1,256		1,536
Other liabilities: derivative liabilities		7,583		17,311
Acquired unfavorable real estate leases, less accumulated amortization of $3,377 and $4,031, respectively		708		1,592
Total liabilities		751,456		1,025,093

Commitments and contingencies

Stockholders’ Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding		—		—
Common stock, $.0001 par value, 180,000,000 shares authorized, 105,632,725 and 107,328,199 shares issued and outstanding, respectively		11		11
Additional paid-in capital		1,349,225		1,357,131
Accumulated other comprehensive loss		(7,583)		(17,311)
Accumulated distributions in excess of accumulated earnings		(586,580)		(571,740)
Total stockholders’ equity		755,073		768,091
Total liabilities and stockholders’ equity	$	1,506,529	$	1,793,184

-10-

Franklin Street Properties Corp. Financial Results

Supplementary Schedule C

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	For the
	Nine Months Ended
	September 30,
(in thousands)	2021		2020
Cash flows from operating activities:
Net income (loss)	$	14,145	$	(4,825)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		64,390		68,859
Amortization of above and below market leases		(38)		(234)
Shares issued as compensation		338		337
Equity in income of non-consolidated REITs		(421)		—
Distributions from non-consolidated REITs		421		—
Loss on extinguishment of debt		403		—
Gain on sale of properties, net		(29,258)		—
Decrease in allowance for doubtful accounts and write-off of accounts receivable		—		(13)
Changes in operating assets and liabilities:
Tenant rent receivables		4,975		(143)
Straight-line rents		(3,103)		(2,636)
Lease acquisition costs		(1,666)		(1,516)
Prepaid expenses and other assets		(1,035)		(504)
Accounts payable and accrued expenses		(8,389)		2,527
Accrued compensation		(436)		234
Tenant security deposits		(2,508)		89
Payment of deferred leasing commissions		(10,857)		(6,168)
Net cash provided by operating activities		26,961		56,007
Cash flows from investing activities:
Property improvements, fixtures and equipment		(55,008)		(61,989)
Proceeds received from sale of properties		319,357		—
Net cash provided by (used in) investing activities		264,349		(61,989)
Cash flows from financing activities:
Distributions to stockholders		(28,985)		(28,968)
Stock repurchases		(8,244)		—
Borrowings under bank note payable		76,500		85,000
Repayments of bank note payable		(80,000)		(55,000)
Repayment on term loan payable		(245,000)		—
Net cash provided by (used in) financing activities		(285,729)		1,032
Net increase (decrease) in cash, cash equivalents and restricted cash		5,581		(4,950)
Cash, cash equivalents and restricted cash, beginning of year		4,150		9,790
Cash, cash equivalents and restricted cash, end of period	$	9,731	$	4,840

-11-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule D

Real Estate Portfolio Summary Information

(Unaudited & Approximated)


Commercial portfolio lease expirations (1)
	Total	% of
Year	Square Feet	Portfolio
2021	72,249	0.9%
2022	612,298	7.9%
2023	351,574	4.5%
2024	781,382	10.0%
2025	509,607	6.6%
Thereafter (2)	5,455,634	70.1%
	7,782,744	100.0%

(1)	Percentages are determined based upon total square footage.

(2)

Includes 1,536,276 square feet of vacancies at our operating properties and 111,469 square feet of vacancies at our redevelopment property as of September 30, 2021. We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.


(dollars & square feet in 000's)	As of September 30, 2021 (a)
	# of			% of	Square	% of
State	Properties	Investment		Portfolio	Feet	Portfolio

Colorado	6	$	542,006	40.3%	2,625	33.7%
Texas	9		335,206	24.9%	2,421	31.1%
Georgia	2		154,380	11.4%	782	10.1%
Minnesota	3		124,433	9.3%	758	9.8%
Virginia	3		67,790	5.0%	548	7.0%
Florida	1		67,962	5.1%	213	2.7%
Illinois	2		45,118	3.4%	372	4.8%
North Carolina	1		7,797	0.6%	64	0.8%
Total	27	$	1,344,692	100.0%	7,783	100.0%

(a)

Includes investment in our redevelopment property. We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

-12-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule E

Portfolio and Other Supplementary Information

(Unaudited & Approximated)

Recurring Capital Expenditures


								Nine Months
(in thousands)	For the Three Months Ended						Ended
	31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21
Tenant improvements	$	4,491	$	4,277	$	3,952	$	12,720
Deferred leasing costs		2,597		1,922		2,371		6,890
Non-investment capex		5,336		3,793		4,528		13,657
	$	12,424	$	9,992	$	10,851	$	33,267



	For the Three Months Ended								Year Ended
	31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		31-Dec-20
Tenant improvements	$	10,716	$	13,531	$	8,022	$	837	$	33,106
Deferred leasing costs		2,730		603		2,033		7,432		12,798
Non-investment capex		4,527		6,581		6,373		6,105		23,586
	$	17,973	$	20,715	$	16,428	$	14,374	$	69,490


Square foot & leased percentages	September 30,	December 31,
	2021	2020
Operating Properties:
Number of properties	26	32
Square feet	7,671,275	9,331,489
Leased percentage	80.0%	85.0%

Redevelopment Properties (a):
Number of properties	1	2
Square feet	111,469	324,651
Leased percentage	0.0%	48.0%

Total Owned Properties:
Number of properties	27	34
Square feet	7,782,744	9,656,140
Leased percentage	78.8%	83.8%

Managed Properties - Single Asset REITs (SARs):
Number of properties	2	2
Square feet	348,545	348,545

Total Operating, Redevelopment and Managed Properties:
Number of properties	29	36
Square feet	8,131,289	10,004,685

(a)

We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

-13-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule F

Percentage of Leased Space

(Unaudited & Estimated)


					Second		Third
				% Leased (1)	Quarter	% Leased (1)	Quarter
				as of	Average %	as of	Average %
	Property Name	Location	Square Feet	30-Jun-21	Leased (2)	30-Sep-21	Leased (2)

1	FOREST PARK	Charlotte, NC	64,198	78.4%	78.4%	78.4%	78.4%
2	MEADOW POINT	Chantilly, VA	138,537	91.1%	91.1%	100.0%	97.0%
	TIMBERLAKE	Chesterfield, MO	—	100.0%	100.0%	(4)	(4)
	TIMBERLAKE EAST	Chesterfield, MO	—	100.0%	100.0%	(4)	(4)
3	NORTHWEST POINT	Elk Grove Village, IL	177,095	100.0%	100.0%	100.0%	100.0%
4	PARK TEN	Houston, TX	157,609	71.7%	71.7%	72.0%	72.0%
5	PARK TEN PHASE II	Houston, TX	156,746	95.0%	95.0%	95.0%	95.0%
6	GREENWOOD PLAZA	Englewood, CO	196,236	100.0%	100.0%	100.0%	100.0%
7	ADDISON	Addison, TX	289,325	83.7%	83.7%	85.6%	85.6%
8	COLLINS CROSSING	Richardson, TX	300,887	84.4%	84.4%	84.4%	84.4%
9	INNSBROOK	Glen Allen, VA	298,183	57.2%	57.2%	57.2%	57.2%
	RIVER CROSSING	Indianapolis, IN	—	100.0%	100.0%	(5)	(5)
10	LIBERTY PLAZA	Addison, TX	217,191	79.0%	79.0%	73.9%	79.3%
11	380 INTERLOCKEN	Broomfield, CO	240,359	60.5%	60.5%	60.5%	60.5%
12	390 INTERLOCKEN	Broomfield, CO	241,512	99.4%	99.4%	99.4%	99.4%
13	BLUE LAGOON	Miami, FL	213,182	73.1%	73.1%	73.6%	73.2%
14	ELDRIDGE GREEN	Houston, TX	248,399	100.0%	100.0%	100.0%	100.0%
15	4807 STONECROFT (3)	Chantilly, VA	111,469	0.0%	0.0%	0.0%	0.0%
16	121 SOUTH EIGHTH ST	Minneapolis, MN	298,121	91.6%	91.8%	90.7%	91.3%
17	801 MARQUETTE AVE	Minneapolis, MN	129,821	91.8%	91.8%	91.8%	91.8%
18	LEGACY TENNYSON CTR	Plano, TX	207,049	41.1%	41.1%	41.1%	41.1%
19	ONE LEGACY	Plano, TX	214,110	56.4%	56.4%	57.9%	57.9%
20	909 DAVIS	Evanston, IL	195,098	93.3%	93.3%	93.3%	93.3%
21	WESTCHASE I & II	Houston, TX	629,025	54.4%	54.4%	57.6%	55.7%
22	1999 BROADWAY	Denver, CO	680,255	66.5%	66.5%	67.3%	67.3%
23	999 PEACHTREE	Atlanta, GA	621,946	85.0%	84.8%	85.8%	85.5%
24	1001 17TH STREET	Denver, CO	655,420	95.2%	95.5%	95.2%	95.2%
25	PLAZA SEVEN	Minneapolis, MN	330,096	85.5%	85.5%	85.5%	85.5%
26	PERSHING PLAZA	Atlanta, GA	160,145	12.4%	70.1%	76.6%	33.8%
27	600 17TH STREET	Denver, CO	610,730	84.9%	85.5%	85.8%	85.2%
	OWNED PORTFOLIO		7,782,744	78.5%	79.8%	78.8%	78.7%

(1)	% Leased as of month's end includes all leases that expire on the last day of the quarter.

(2)	Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter.

(3)	We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

(4)	Properties sold on September 23, 2021.

(5)	Property sold on August 31, 2021.

-14-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule G

Largest 20 Tenants – FSP Owned Portfolio

(Unaudited & Estimated)

The following table includes the largest 20 tenants in FSP’s owned portfolio based on total square feet:

As of September 30, 2021


			% of
	Tenant	Sq Ft	Portfolio
1	CITGO Petroleum Corporation	248,399	3.2%
2	Ovintiv USA Inc.	234,495	3.0%
3	Eversheds Sutherland (US) LLP (a)	179,868	2.3%
4	EOG Resources, Inc.	169,167	2.2%
5	US Government	168,573	2.2%
6	The Vail Corporation	164,636	2.1%
7	Lennar Homes, LLC	155,808	2.0%
8	Citicorp Credit Services, Inc	146,260	1.9%
9	Kaiser Foundation Health Plan	120,979	1.5%
10	Argo Data Resource Corporation	114,200	1.5%
11	VMWare, Inc.	100,853	1.3%
12	Deluxe Corporation	98,922	1.3%
13	Swift, Currie, McGhee & Hiers, LLP	98,831	1.3%
14	Ping Identity Corp.	89,856	1.1%
15	Common Grounds, LLC (a)	76,984	1.0%
16	Booz Allen Hamilton, Inc.	75,338	1.0%
17	ADS Alliance Data Systems, Inc.	67,274	0.9%
18	PricewaterhouseCoopers LLP	66,304	0.8%
19	DirecTV, Inc.	66,226	0.8%
20	Hall and Evans LLC	65,878	0.8%
	Total	2,508,851	32.2%

(a)

On October 22, 2021, the property that has the lease with Eversheds Sutherland (US) LLP and one lease with Common Grounds, LLC for 49,506 square feet was sold.

-15-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule H

Reconciliation and Definitions of Funds From Operations (“FFO”) and

Adjusted Funds From Operations (“AFFO”)

A reconciliation of Net income to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently.


Reconciliation of Net Income to FFO and AFFO:	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands, except per share amounts)	2021		2020		2021		2020
Net income (loss)	$	4,456	$	(1,679)	$	14,145	$	(4,825)
Gain on sale of properties, net		(8,632)		—		(29,258)		—
Equity in income from non-consolidated REITs		(421)		—		(421)		—
FFO from non-consolidated REITs		421		—		421		—
Depreciation & amortization		18,861		21,989		62,340		66,424
NAREIT FFO		14,685		20,310		47,227		61,599
Lease Acquisition costs		112		136		297		333
Funds From Operations (FFO)	$	14,797	$	20,446	$	47,524	$	61,932

Funds From Operations (FFO)	$	14,797	$	20,446	$	47,524	$	61,932
Reverse FFO from non-consolidated REITs		(421)		—		(421)		—
Distributions from non-consolidated REITs		421		—		421		—
Amortization of deferred financing costs		854		727		2,414		2,201
Shares issued as compensation		—		—		338		337
Straight-line rent		(245)		(1,293)		(3,190)		(2,636)
Tenant improvements		(3,952)		(8,022)		(12,720)		(32,269)
Leasing commissions		(2,371)		(2,033)		(6,890)		(5,366)
Non-investment capex		(4,528)		(6,373)		(13,657)		(17,481)
Adjusted Funds From Operations (AFFO)	$	4,555	$	3,452	$	13,819	$	6,718

Per Share Data
EPS	$	0.04	$	(0.02)	$	0.13	$	(0.04)
FFO	$	0.14	$	0.19	$	0.44	$	0.58
AFFO	$	0.04	$	0.03	$	0.13	$	0.06

Weighted average shares (basic and diluted)		106,905		107,328		107,196		107,295

-16-

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 as of May 17, 2016 in the table 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.

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 our proportionate share of FFO and including distributions received, from non-consolidated REITs, (3) excluding the effect of straight-line rent, (4) plus the amortization of deferred financing costs, (5) plus the value of shares issued as compensation and (6) 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.

-17-

Franklin Street Properties Corp. Earnings Release

Supplementary Schedule I

Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income

Net Operating Income (“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 Sequential Same Store. The comparative Sequential Same Store results include properties held for the periods presented and exclude our redevelopment properties. We also exclude properties that have been 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. The calculations of NOI and Sequential Same Store are shown in the following table:


	Rentable
	Square Feet	Three Months Ended		Three Months Ended		Inc		%
(in thousands)	or RSF	30-Sep-21		30-Jun-21		(Dec)		Change
Region
East	437	$	642	$	685	$	(43)	(6.3)	%
MidWest	1,000		3,470		3,184		286	9.0	%
South	3,202		8,482		9,207		(725)	(7.9)	%
West	2,625		10,144		9,901		243	2.5	%
Property NOI* from Operating Properties	7,264		22,738		22,977		(239)	(1.0)	%
Dispositions and Redevelopment Properties (a)	519		2,625		5,023		(2,398)	(8.4)	%
NOI*	7,783	$	25,363	$	28,000	$	(2,637)	(9.4)	%

Sequential Same Store		$	22,738	$	22,977	$	(239)	(1.0)	%

Less Nonrecurring
Items in NOI* (b)			281		34		247	(1.1)	%

Comparative
Sequential Same Store		$	22,457	$	22,943	$	(486)	(2.1)	%

-18-


	Three Months Ended		Three Months Ended
Reconciliation to Net income	30-Sep-21		30-Jun-21
Net income	$	4,456	$	16,149
Add (deduct):
Loss on extinguishment of debt		236		167
Gain on sale of properties, net		(8,632)		(20,626)
Management fee income		(380)		(403)
Depreciation and amortization		18,861		19,136
Amortization of above/below market leases		—		(6)
General and administrative		3,749		3,962
Interest expense		7,928		10,054
Interest income		(404)		(399)
Equity in (income) loss of non-consolidated REITs		(421)		—
Non-property specific items, net		(30)		(34)


NOI*	$	25,363	$	28,000

(a)	We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized. We also include properties that have been placed in service, but that 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.

*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.

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 2021
Table of Contents


	Page			Page

Company Information	3	Tenant Analysis and Leasing Activity
		Tenants by Industry		18
Key Financial Data		20 Largest Tenants with Annualized Rent and Remaining Term		19-20
Financial Highlights	4	Leasing Activity		21
Income Statements	5	Lease Expirations by Square Feet		22
Balance Sheets	6	Lease Expirations with Annualized Rent per Square Foot		23
Cash Flow Statements	7	Redevelopment Activity		24
Property Net Operating Income (NOI)	8	Capital Expenditures		25

Reconciliation		Transaction Activity		26
FFO & AFFO	9
EBITDA	10	Loan Portfolio of Secured Real Estate		27
Property NOI	11
		Net Asset Value Components		28
Debt Summary	12
		Appendix: Non-GAAP Financial Measures Definitions
Capital Analysis	13	FFO		29
		EBITDA and NOI		30
Owned and Managed Portfolio Overview	14-17	AFFO		31

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 the COVID-19 pandemic and other potential infectious disease outbreaks and terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, increasing 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, uncertainty relating to the completion and timing of the disposition of properties under agreement, any inability to dispose of other properties on acceptable terms and any delays in the timing of any such anticipated dispositions, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events 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.

			Dominion Towers, Denver, CO

September 30, 2021| Page 2


	Company Information

Overview		Snapshot (as of September 30, 2021)
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 seeks value-oriented investments with an eye towards 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
				Total Properties	27 (1)
				Total Square Feet	7.8 Million (1)
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	105,632,725
				Quarterly Dividend	$0.09
Our Business		Dividend Yield	7.8%
As of September 30, 2021, the Company owned and operated a portfolio of real estate consisting of 26 operating properties, one redevelopment property and two managed Sponsored REITs. From time-to-time, the Company may acquire, develop or redevelop real estate, make additional secured loans or acquire one of its Sponsored REITs. 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, or for geographic or property specific reasons.		Total Market Capitalization	$1.2 Billion (2)
				Insider Holdings	4.89%


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	Pershing Park Plaza, Atlanta, GA

Inquiries
Inquiries should be directed to: Georgia Touma
877.686.9496 or [email protected] (1) Includes both operating and redevelopment properties. (2) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.

September 30, 2021| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
	30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20		30-Sep-20
Income Items:
Rental revenue	$	50,326	$	55,722	$	58,623	$	59,408	$	61,834
Total revenue		50,802		56,145		59,039		59,810		62,247
Net income (loss)		4,456		16,149		(6,460)		37,440		(1,679)
Adjusted EBITDA (a)*		22,900		24,930		26,556		26,409		29,334
FFO*		14,797		14,722		18,005		17,466		20,446
AFFO*		4,555		4,880		4,384		4,867		3,452

Per Share Data:
EPS	$	0.04	$	0.15	$	(0.06)	$	0.35	$	(0.02)
FFO*	$	0.14	$	0.14	$	0.17	$	0.16	$	0.19
AFFO*	$	0.04	$	0.05	$	0.04	$	0.05	$	0.03
Weighted Average Shares (diluted)		106,905		107,359		107,328		107,328		107,328
Closing share price	$	4.64	$	5.26	$	5.45	$	4.37	$	3.66
Dividend declared	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09

Balance Sheet Items:
Real estate, net	$	1,344,692	$	1,413,547	$	1,601,613	$	1,602,016	$	1,649,649
Other assets, net		161,837		187,068		187,820		191,168		190,372
Total assets, net		1,506,529		1,600,615		1,789,433		1,793,184		1,840,021
Total liabilities, net		751,456		833,930		1,033,849		1,025,093		1,102,556
Shareholders' equity		755,073		766,685		755,584		768,091		737,465

Market Capitalization and Debt:
Total Market Capitalization (b)	$	1,165,136	$	1,329,896	$	1,532,439	$	1,392,524	$	1,392,821
Total debt outstanding (excluding unamortized financing costs)	$	675,000	$	765,000	$	947,500	$	923,500	$	1,000,000
Debt to Total Market Capitalization		57.9%		57.5%		61.8%		66.3%		71.8%
Net Debt to Adjusted EBITDA ratio (a)*		7.3		7.4		8.9		8.7		8.5

Operating Properties Leasing Statistics (c):
Operating properties assets		26		29		33		32		32
Operating properties total SF		7,671,275		8,228,148		9,548,810		9,331,489		9,526,822
Operating properties % leased		80.0%		79.5%		81.9%		85.0%		85.6%

(a)

Includes a $3,084 (or $12,336 annualized) charge during the three months ended December 31, 2020 from a lease write-off of a tenant in the travel industry that filed for bankruptcy on December 21, 2020, and includes accrued rent (all of which was included within rental revenue). Management believes excluding the impact of this write-off may be more useful in making period to period comparisons of our leverage ratio, and if such write-off were excluded, our Net Debt-to-Adjusted EBIDTA* ratio would have been 7.8 at December 31, 2020.

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

(c)	Excludes redevelopment properties.

*	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 29.

September 30, 2021| 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-21		30-Jun-21		30-Sep-21		30-Sep-21		31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		31-Dec-20

Revenue:
Rental	$	58,623	$	55,722	$	50,326	$	164,671	$	62,567	$	60,398	$	61,834	$	59,408	$	244,207
Related party revenue:
Management fees and interest income from loans		410		417		419		1,246		403		405		400		402		1,610
Other		6		6		57		69		13		5		13		—		31
Total revenue		59,039		56,145		50,802		165,986		62,983		60,808		62,247		59,810		245,848

Expenses:
Real estate operating expenses		15,939		15,352		14,373		45,664		17,298		15,470		16,730		17,442		66,940
Real estate taxes and insurance		12,366		11,895		10,200		34,461		11,762		12,307		12,279		12,042		48,390
Depreciation and amortization		24,381		19,136		18,862		62,379		22,338		22,245		22,076		21,899		88,558
General and administrative		4,146		3,962		3,749		11,857		3,525		3,817		3,817		3,838		14,997
Interest		8,600		10,054		7,928		26,582		9,063		8,980		8,953		9,030		36,026
Total expenses		65,432		60,399		55,112		180,943		63,986		62,819		63,855		64,251		254,911

Loss on extinguishment of debt		—		(167)		(236)		(403)		—		—		—		—		—
Gain on sale of properties, net		—		20,626		8,632		29,258		—		—		—		41,928		41,928
Income (loss) before taxes on income and equity in income of non-consolidated REITs		(6,393)		16,205		4,086		13,898		(1,003)		(2,011)		(1,608)		37,487		32,865
Tax expense on income		67		56		51		174		68		64		71		47		250
Equity in income of non-consolidated REITs		—		—		421		421		—		—		—		—		—

Net income (loss)	$	(6,460)	$	16,149	$	4,456	$	14,145	$	(1,071)	$	(2,075)	$	(1,679)	$	37,440	$	32,615

Weighted average number of shares outstanding, basic and diluted		107,328		107,359		106,905		107,196		107,269		107,287		107,328		107,328		107,303

Net income (loss) per share, basic and diluted	$	(0.06)	$	0.15	$	0.04	$	0.13	$	(0.01)	$	(0.02)	$	(0.02)	$	0.35	$	0.30

September 30, 2021| 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,
	2021		2021		2021		2020		2020		2020		2020
Assets:
Real estate assets:
Land	$	189,155	$	170,377	$	161,767	$	191,578	$	191,578	$	191,578	$	189,155
Buildings and improvements		1,954,838		1,731,690		1,630,729		1,941,952		1,964,308		1,983,979		1,938,629
Fixtures and equipment		13,308		11,643		11,727		11,917		12,250		12,714		12,949
		2,157,301		1,913,710		1,804,223		2,145,447		2,168,136		2,188,271		2,140,733
Less accumulated depreciation		555,688		500,163		459,531		506,251		522,238		538,622		538,717
Real estate assets, net		1,601,613		1,413,547		1,344,692		1,639,196		1,645,898		1,649,649		1,602,016

Acquired real estate leases, net		25,836		21,932		19,864		37,270		34,022		31,011		28,206
Cash, cash equivalents and restricted cash		4,113		24,180		9,731		17,283		2,890		4,840		4,150
Tenant rent receivables, net		4,337		3,116		2,681		3,609		4,192		4,007		7,656
Straight-line rent receivable, net		69,743		61,475		58,132		68,317		69,062		71,033		67,789
Prepaid expenses and other assets		5,873		5,405		5,547		7,486		6,506		6,538		5,752
Related party mortgage loan receivable		21,000		21,000		21,000		21,000		21,000		21,000		21,000
Office computers and furniture, net of accumulated depreciation		147		167		153		215		196		178		163
Deferred leasing commissions, net		56,771		49,793		44,729		53,251		51,669		51,765		56,452
Total assets	$	1,789,433	$	1,600,615	$	1,506,529	$	1,847,627	$	1,835,435	$	1,840,021	$	1,793,184

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$	27,500	$	—	$	—	$	30,000	$	30,000	$	30,000	$	3,500
Term loan payable, net of unamortized financing costs		717,668		563,151		473,648		766,124		766,493		766,863		717,323
Series A & Series B Senior Notes		199,219		199,260		199,301		199,055		199,096		199,137		199,178
Accounts payable and accrued expenses		63,456		50,799		59,309		57,076		55,712		69,905		72,058
Accrued compensation		1,390		2,309		3,482		1,335		2,278		3,634		3,918
Tenant security deposits		8,041		6,807		6,169		9,615		9,155		9,435		8,677
Lease liability		1,444		1,350		1,256		1,803		1,716		1,627		1,536
Other liabilities: derivative liabilities		13,698		9,425		7,583		23,035		22,958		20,157		17,311
Acquired unfavorable real estate leases, net		1,433		829		708		2,266		2,024		1,798		1,592
Total liabilities		1,033,849		833,930		751,456		1,090,309		1,089,432		1,102,556		1,025,093

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—		—		—
Common stock		11		11		11		11		11		11		11
Additional paid-in capital		1,357,131		1,357,469		1,349,225		1,356,794		1,357,131		1,357,131		1,357,131
Accumulated other comprehensive loss		(13,698)		(9,425)		(7,583)		(23,035)		(22,958)		(20,157)		(17,311)
Accumulated distributions in excess of accumulated earnings		(587,860)		(581,370)		(586,580)		(576,452)		(588,181)		(599,520)		(571,740)
Total stockholders’ equity		755,584		766,685		755,073		757,318		746,003		737,465		768,091
Total liabilities and stockholders’ equity	$	1,789,433	$	1,600,615	$	1,506,529	$	1,847,627	$	1,835,435	$	1,840,021	$	1,793,184

September 30, 2021| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)


		Nine Months Ended September 30,

		2021		2020
Cash flows from operating activities:
Net income (loss)	$	14,145	$	(4,825)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		64,390		68,859
Amortization of above and below market leases		(38)		(234)
Shares issued as compensation		338		337
Loss on extinguishment of debt		403		—
Gain on sale of properties, net		(29,258)		—
Equity in income from non-consolidated REITs		(421)		—
Distributions from non-consolidated REITs		421		—
Decrease in allowance for doubtful accounts and write-off of accounts receivable		—		(13)
Changes in operating assets and liabilities:
Tenant rent receivables		4,975		(143)
Straight-line rents		(3,103)		(2,636)
Lease acquisition costs		(1,666)		(1,516)
Prepaid expenses and other assets		(1,035)		(504)
Accounts payable and accrued expenses		(8,389)		2,527
Accrued compensation		(436)		234
Tenant security deposits		(2,508)		89
Payment of deferred leasing commissions		(10,857)		(6,168)
Net cash provided by operating activities		26,961		56,007

Cash flows from investing activities:
Property improvements, fixtures and equipment		(55,008)		(61,989)
Proceeds received on sale of properties		319,357		—
Net cash provided by (used in) investing activities		264,349		(61,989)

Cash flows from financing activities:
Distributions to stockholders		(28,985)		(28,968)
Stock repurchases		(8,244)		—
Borrowings under bank note payable		76,500		85,000
Repayments of bank note payable		(80,000)		(55,000)
Repayment of term loan payable		(245,000)		—
Net cash provided by (used in) financing activities		(285,729)		1,032
Net increase (decrease) in cash, cash equivalents and restricted cash		5,581		(4,950)
Cash, cash equivalents and restricted cash, beginning of period		4,150		9,790
Cash, cash equivalents and restricted cash, end of period	$	9,731	$	4,840

September 30, 2021| Page 7

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)


	Rentable							Nine Months										Nine Months
	Square Feet	Three Months Ended						Ended		Three Months Ended								Ended		Inc		%
(in thousands)	or RSF	31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21		31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		30-Sep-20		(Dec)		Change
Region
East	437	$	592	$	685	$	642	$	1,919	$	896	$	1,218	$	591	$	662	$	2,705	$	(786)	(29.1)	%
MidWest	1,000		3,139		3,184		3,470		9,793		3,412		3,062		3,000		3,141		9,474		319	3.4	%
South	3,202		9,555		9,207		8,482		27,244		10,312		9,975		10,387		7,143		30,674		(3,430)	(11.2)	%
West	2,625		10,369		9,901		10,144		30,414		11,463		11,211		10,975		11,006		33,649		(3,235)	(9.6)	%
Property NOI* from Operating Properties	7,264		23,655		22,977		22,738		69,370		26,083		25,466		24,953		21,952		76,502		(7,132)	(9.3)	%
Dispositions and Redevelopment Properties (a)	519		6,106		5,023		2,625		13,754		6,791		6,730		7,244		7,428		20,765		(7,011)	(5.2)	%
Property NOI*	7,783	$	29,761	$	28,000	$	25,363	$	83,124	$	32,874	$	32,196	$	32,197	$	29,380	$	97,267	$	(14,143)	(14.5)	%

Same Store		$	23,655	$	22,977	$	22,738	$	69,370	$	26,083	$	25,466	$	24,953	$	21,952	$	76,502	$	(7,132)	(9.3)	%

Less Nonrecurring
Items in NOI* (b)			32		34		281		347		26		810		351		345		1,187		(840)	0.9	%

Comparative
Same Store		$	23,623	$	22,943	$	22,457	$	69,023	$	26,057	$	24,656	$	24,602	$	21,607	$	75,315	$	(6,292)	(8.4)	%

(a)	We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized. We also include properties that have been placed in service, but that 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 29.

September 30, 2021| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21		31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		31-Dec-20

Net income (loss)	$	(6,460)	$	16,149	$	4,456	$	14,145	$	(1,071)	$	(2,075)	$	(1,679)	$	37,440	$	32,615

Gain on sale of properties, net		—		(20,626)		(8,632)		(29,258)		—		—		—		(41,928)		(41,928)
Equity in income from non-consolidated REITs		—		—		(421)		(421)		—		—		—		—		—
FFO from non-consolidated REITs		—		—		421		421		—		—		—		—		—
Depreciation & amortization		24,349		19,130		18,861		62,340		22,265		22,170		21,989		21,820		88,244
NAREIT FFO*		17,889		14,653		14,685		47,227		21,194		20,095		20,310		17,332		78,931
Lease Acquisition costs		116		69		112		297		98		99		136		134		467
Funds From Operations (FFO)*	$	18,005	$	14,722	$	14,797	$	47,524	$	21,292	$	20,194	$	20,446	$	17,466	$	79,398


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	18,005	$	14,722	$	14,797	$	47,524	$	21,292	$	20,194	$	20,446	$	17,466	$	79,398
Reverse FFO from non-consolidated REITs		—		—		(421)		(421)		—		—		—		—		—
Distributions from non-consolidated REITs		—		—		421		421		—		—		—		—		—
Amortization of deferred financing costs		707		853		854		2,414		748		726		727		824		3,025
Shares issued as compensation		—		338		—		338		—		337		—		—		337
Straight-line rent		(1,904)		(1,041)		(245)		(3,190)		(966)		(377)		(1,293)		951		(1,685)
Tenant improvements		(4,491)		(4,277)		(3,952)		(12,720)		(10,716)		(13,531)		(8,022)		(837)		(33,106)
Leasing commissions		(2,597)		(1,922)		(2,371)		(6,890)		(2,730)		(603)		(2,033)		(7,432)		(12,798)
Non-investment capex		(5,336)		(3,793)		(4,528)		(13,657)		(4,527)		(6,581)		(6,373)		(6,105)		(23,586)
Adjusted Funds From Operations (AFFO)*	$	4,384	$	4,880	$	4,555	$	13,819	$	3,101	$	165	$	3,452	$	4,867	$	11,585

Per Share Data:
EPS	$	(0.06)	$	0.15	$	0.04	$	0.13	$	(0.01)	$	(0.02)	$	(0.02)	$	0.35	$	0.30
FFO*		0.17		0.14		0.14		0.44		0.20		0.19		0.19		0.16		0.74
AFFO*		0.04		0.05		0.04		0.13		0.03		0.00		0.03		0.05		0.11

Weighted Average Shares (basic and diluted)		107,328		107,359		106,905		107,196		107,269		107,287		107,328		107,328		107,303

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 29.

September 30, 2021| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21		31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		31-Dec-20

Net income (loss)	$	(6,460)	$	16,149	$	4,456	$	14,145	$	(1,071)	$	(2,075)	$	(1,679)	$	37,440	$	32,615
Interest expense		8,600		10,054		7,928		26,582		9,063		8,980		8,953		9,030		36,026
Depreciation and amortization		24,349		19,130		18,861		62,340		22,265		22,170		21,989		21,820		88,244
Income taxes		67		56		51		174		68		64		71		47		250
EBITDA (1)*	$	26,556	$	45,389		31,296	$	103,241	$	30,325	$	29,139	$	29,334	$	68,337	$	157,135
Loss on extinguishment of debt		—		167		236		403		—		—		—		—		—
Gain on sale of properties, net		—		(20,626)		(8,632)		(29,258)		—		—		—		(41,928)		(41,928)
Adjusted EBITDA (1)*	$	26,556	$	24,930	$	22,900	$	74,386	$	30,325	$	29,139	$	29,334	$	26,409	$	115,207

Interest expense	$	8,600	$	10,054	$	7,928	$	26,582	$	9,063	$	8,980	$	8,953	$	9,030	$	36,026
Scheduled principal payments		—		—		—		—		—		—		—		—		—
Interest and scheduled principal payments	$	8,600	$	10,054	$	7,928	$	26,582	$	9,063	$	8,980	$	8,953	$	9,030	$	36,026

Interest coverage ratio (1)		3.09		2.48		2.89		2.80		3.35		3.24		3.28		2.92		3.20

Debt service coverage ratio (1)		3.09		2.48		2.89		2.80		3.35		3.24		3.28		2.92		3.20

Debt excluding unamortized financing costs	$	947,500	$	765,000	$	675,000			$	1,000,000	$	1,000,000	$	1,000,000	$	923,500
Cash, cash equivalents and restricted cash		4,113		24,180		9,731				17,283		2,890		4,840		4,150
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	943,387	$	740,820	$	665,269			$	982,717	$	997,110	$	995,160	$	919,350

Adjusted EBITDA (1)*	$	26,556	$	24,930	$	22,900			$	30,325	$	29,139	$	29,334	$	26,409
Annualized	$	106,224	$	99,720	$	91,600			$	121,300	$	116,556	$	117,336	$	105,636

Net Debt-to-Adjusted EBITDA ratio (1)*		8.9		7.4		7.3				8.1		8.6		8.5		8.7

See Appendix for Non-GAAP Financial Measures Definitions beginning on page 29. Amounts in the EBITDA and Adjusted EBITDA reconciliation do not reflect our proportionate share of interest expense, depreciation, amortization, income taxes, gains or losses on sales and debt from our investments in non-consolidated REITs, which are accounted for under the equity method.

(1) Includes a $3,084 (or $12,336 annualized) charge during the three months ended December 31, 2020 from a lease write-off of a tenant in the travel industry that filed for bankruptcy on December 21, 2020, and includes accrued rent (all of which was included within rental revenue). Management believes excluding the impact of this write-off may be more useful in making period to period comparisons of our leverage, Interest coverage and Debt service coverage ratios, and if such write-off were excluded, our Interest coverage ratio and our Debt service coverage ratio for the three months ended December 31, 2020 would have each been 3.26, and our Net Debt-to-Adjusted EBIDTA* ratio would have been 7.8 at December 31, 2020.

September 30, 2021| 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-21		30-Jun-21		30-Sep-21		30-Sep-21		31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		31-Dec-20
Net income (loss)	$	(6,460)	$	16,149	$	4,456	$	14,145	$	(1,071)	$	(2,075)	$	(1,679)	$	37,440	$	32,615
Add (deduct):
Loss on extinguishment of debt		—		167		236		403		—		—		—		—		—
Gain on sale of properties, net		—		(20,626)		(8,632)		(29,258)		—		—		—		(41,928)		(41,928)
Management fee income		(465)		(403)		(380)		(1,248)		(478)		(446)		(484)		(464)		(1,872)
Depreciation and amortization		24,381		19,136		18,861		62,378		22,338		22,245		22,076		21,899		88,558
Amortization of above/below market leases		(32)		(6)		—		(38)		(73)		(75)		(86)		(79)		(313)
General and administrative		4,146		3,962		3,749		11,857		3,525		3,817		3,817		3,838		14,997
Interest expense		8,600		10,054		7,928		26,582		9,063		8,980		8,953		9,030		36,026
Interest income		(394)		(399)		(404)		(1,197)		(382)		(381)		(386)		(391)		(1,540)
Equity in income of non-consolidated REITs		—		—		(421)		(421)		—		—		—		—		—
Non-property specific items, net		(15)		(34)		(30)		(79)		(48)		131		(14)		35		104
Property NOI*	$	29,761	$	28,000	$	25,363	$	83,124	$	32,874	$	32,196	$	32,197	$	29,380	$	126,647

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 29.

September 30, 2021| Page 11

Debt Summary

(in thousands)


		Maximum		Amount		Interest			Interest
	Maturity	Amount		Drawn at		Rate (a)			Rate at	Facility
	Date	of Loan		30-Sep-21		Components			30-Sep-21	Fee

BAML Revolver	12-Jan-22	$	600,000	$	—	Libor	+	1.55%	1.63%	0.30%
BAML Term Loan	12-Jan-23		400,000		310,000	Libor	+	1.75%	1.83%
BMO Term Loan Tranche B	31-Jan-24		165,000		165,000	2.39%	+	1.65%	4.04%
Series A Senior Notes	20-Dec-24		116,000		116,000				4.49%
Series B Senior Notes	20-Dec-27		84,000		84,000				4.76%

		$	1,365,000	$	675,000				3.19%

●

The table above is a summary of our debt. Additional information on our debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2020, as updated in our Quarterly Reports on Form 10-Q, on file with the U.S. Securities and Exchange Commission.

●

We have the right to extend the maturity date of the BAML Revolver by two additional six-month periods, or until January 12, 2023, upon payment of a fee and satisfaction of certain customary conditions.

●

The BAML Revolver is subject to a 30 basis point facility fee based on our credit rating and, when applied to our availability of $600 million at September 30, 2021, would be $1.8 million annually as of September 30, 2021.

●

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 $2.1 million.

●

On June 4, 2021, we repaid the JPM Term Loan, which had $100 million outstanding, the BMO Term Loan Tranche A, which had $55 million outstanding, and the drawn balance of our BAML Revolver, which had $47.5 million outstanding.

●

On September 30, 2021, we repaid $90 million of the BAML Term Loan, which had $400 million outstanding.

(a)

Interest rate excludes amortization of deferred financing costs and facility fees, which is discussed in the notes above.

September 30, 2021| Page 12

Capital Analysis

(in thousands, except per share amounts)


	31-Mar-21		30-Jun-21		30-Sep-21		31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20
Market Data:
Shares Outstanding		107,328		107,395		105,633		107,269		107,328		107,328		107,328
Closing market price per share	$	5.45	$	5.26	$	4.64	$	5.73	$	5.09	$	3.66	$	4.37
Market capitalization	$	584,939	$	564,896	$	490,136	$	614,653	$	546,301	$	392,821	$	469,024
Total debt outstanding excluding unamortized financing costs		947,500		765,000		675,000		1,000,000		1,000,000		1,000,000		923,500
Total Market Capitalization	$	1,532,439	$	1,329,896	$	1,165,136	$	1,614,653	$	1,546,301	$	1,392,821	$	1,392,524

Dividend Data:
Total dividends declared for the quarter	$	9,660	$	9,659	$	9,666	$	9,654	$	9,654	$	9,660	$	9,660
Common dividend declared per share	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09
Declared dividend as a % of Net income (loss) per share		(150)%		60%		216%		(901)%		(465)%		(575)%		26%
Declared dividend as a % of AFFO* per share		220%		198%		211%		311%		5852%		280%		198%

Liquidity:
Cash, cash equivalents and restricted cash	$	4,113	$	24,180	$	9,731	$	17,283	$	2,890	$	4,840	$	4,150
Revolver:
Gross potential available under the BAML Revolver		600,000		600,000		600,000		600,000		600,000		600,000		600,000
Less:
Outstanding balance		(27,500)		—		—		(30,000)		(30,000)		(30,000)		(3,500)
Total Liquidity	$	576,613	$	624,180	$	609,731	$	587,283	$	572,890	$	574,840	$	600,650

*	See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 29.

September 30, 2021| Page 13


	Owned Portfolio Overview


	As of the Quarter Ended
	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20
Operating Properties:
Number of properties	26	29	33	32	32
Square feet	7,671,275	8,228,148	9,548,810	9,331,489	9,526,822
Leased percentage	80.0%	79.5%	81.9%	85.0%	85.6%

Redevelopment Properties (a):
Number of properties	1	1	1	2	3
Square feet	111,469	111,469	111,469	324,651	388,849
Leased percentage	0.0%	0.0%	0.0%	48.0%	53.0%

Total Owned Properties:
Number of properties	27	30	34	34	35
Square feet	7,782,744	8,339,617	9,660,279	9,656,140	9,915,671
Leased percentage	78.8%	78.5%	81.0%	83.8%	84.3%

Managed Properties - Single Asset REITs (SARs):
Number of properties	2	2	2	2	2
Square feet	348,545	348,545	348,545	348,545	348,545

Total Operating, Redevelopment and Managed Properties:
Number of properties	29	32	36	36	37
Square feet	8,131,289	8,688,162	10,008,824	10,004,685	10,264,216

(a)

We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

September 30, 2021| 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)

Owned Properties:

East Region								Midwest Region

Washington, D.C.								Chicago
Meadow Point	Chantilly	VA	138,537	100.0%	70.3%	$	26.15	Northwest Point	Elk Grove Village	IL	177,095	100.0%	100.0%	$	30.27
Stonecroft (c)	Chantilly	VA	111,469	0.0%	0.0%	$	—	909 Davis Street	Evanston	IL	195,098	93.3%	93.3%	$	41.83

Richmond, VA								Minneapolis
Innsbrook	Glen Allen	VA	298,183	57.2%	57.2%	$	18.66	121 South 8th Street	Minneapolis	MN	298,121	90.7%	85.9%	$	23.33
								801 Marquette Ave	Minneapolis	MN	129,821	91.8%	55.2%	$	15.72
Charlotte, NC								Plaza Seven	Minneapolis	MN	330,096	85.5%	85.6%	$	33.27
Forest Park	Charlotte	NC	64,198	78.4%	49.1%	$	25.29







East Region Total			612,387	58.7%	48.9%	$	21.79	Midwest Region Total			1,130,231	91.2%	85.8%	$	30.41

(a)	Weighted Occupied Percentage for the nine months ended September 30, 2021.

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

(c)	We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

September 30, 2021| Page 15


	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								West Region

Dallas-Fort Worth								Denver
Legacy Tennyson Center	Plano	TX	207,049	41.1%	47.6%	$	23.75	380 Interlocken	Broomfield	CO	240,359	60.5%	64.7%	$	33.00
One Legacy Circle	Plano	TX	214,110	57.9%	56.4%	$	38.46	1999 Broadway	Denver	CO	680,255	67.3%	67.9%	$	33.69
Addison Circle	Addison	TX	289,325	85.6%	83.7%	$	32.30	Greenwood Plaza	Englewood	CO	196,236	100.0%	100.0%	$	25.13
Collins Crossing	Richardson	TX	300,887	84.4%	83.5%	$	27.40	390 Interlocken	Broomfield	CO	241,512	99.4%	99.4%	$	32.99
Liberty Plaza	Addison	TX	217,191	73.9%	73.9%	$	21.84	1001 17th Street	Denver	CO	655,420	95.2%	95.4%	$	37.02
								600 17th Street	Denver	CO	610,730	85.8%	85.0%	$	32.90
Houston								West Region Total			2,624,512	83.3%	83.7%	$	33.56
Park Ten	Houston	TX	157,609	72.0%	71.8%	$	30.25
Eldridge Green	Houston	TX	248,399	100.0%	100.0%	$	27.89	Total Owned Properties			7,782,744	78.8%	76.3%	$	30.97
Park Ten Phase II	Houston	TX	156,746	95.0%	95.0%	$	29.20
Westchase I & II	Houston	TX	629,025	57.6%	52.5%	$	28.05

Miami-Ft. Lauderdale-West Palm Beach
Blue Lagoon Drive	Miami	FL	213,182	73.6%	65.0%	$	26.21

Atlanta
Pershing Plaza	Atlanta	GA	160,145	76.6%	60.5%	$	33.58
999 Peachtree (d)	Atlanta	GA	621,946	85.8%	84.3%	$	34.60
South Region Total			3,415,614	74.9%	72.4%	$	29.99

(a)	Weighted Occupied Percentage for the nine months ended September 30, 2021.

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

(c)	We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

(d)	On October 22, 2021 this property was sold.

September 30, 2021| Page 16


	Managed Portfolio Overview

MSA / Property Name

City

State

Square Feet

MSA / Property Name

City

State

Square Feet

Southeast Region

Midwest Region

Atlanta

Indianapolis

Satellite Place

Duluth

134,785

Monument Circle

Indianapolis

213,760

Southeast Region Total

134,785

Midwest Region Total

213,760

Total Managed

348,545

Total Owned & Managed

8,131,289

September 30, 2021| Page 17

Tenants by Industry

(By Square Feet)

September 30, 2021| Page 18


	20 Largest Tenants with Annualized Rent and Remaining Term


			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	138	248,399	3.2%	$	2,923,656	1.6%
2	Ovintiv USA Inc. (b)	1	5	234,495	3.0%		10,059,274	5.4%
3	Eversheds Sutherland (US) LLP (i)	1	55	179,868	2.3%		6,254,542	3.4%
4	EOG Resources, Inc.	1	63	169,167	2.2%		6,196,587	3.3%
5	US Government (c)	2	52, 112	168,573	2.2%		5,992,002	3.2%
6	The Vail Corporation	1	102	164,636	2.1%		5,681,289	3.1%
7	Lennar Homes, LLC	1	186	155,808	2.0%		4,128,912	2.2%
8	Citicorp Credit Services, Inc	1	71	146,260	1.9%		4,766,613	2.6%
9	Kaiser Foundation Health Plan	1	32	120,979	1.5%		3,727,645	2.0%
10	Argo Data Resource Corporation (d)	1	23, 107	114,200	1.5%		3,371,184	1.8%
11	VMWare, Inc.	1	56	100,853	1.3%		3,456,232	1.9%
12	Deluxe Corporation (e)	1	190	98,922	1.3%		—	0.0%
13	Swift, Currie, McGhee & Hiers, LLP (f)	1	132	98,831	1.3%		—	0.0%
14	Ping Identity Corp.	1	57	89,856	1.1%		3,529,544	1.9%
15	Common Grounds, LLC (g) (i)	2	117, 132	76,984	1.0%		3,096,415	1.7%
16	Booz Allen Hamilton, Inc. (h)	1	70	75,338	1.0%		1,029,805	0.6%
17	ADS Alliance Data Systems, Inc.	1	57	67,274	0.9%		2,853,090	1.5%
18	PricewaterhouseCoopers LLP	1	88	66,304	0.8%		2,391,616	1.3%
19	DirecTV, Inc.	1	8	66,226	0.8%		2,040,423	1.1%
20	Hall and Evans LLC	1	95	65,878	0.8%		2,473,006	1.3%

			Total	2,508,851	32.2%	$	73,971,835	39.9%

Footnotes on next page

September 30, 2021| Page 19


	20 Largest Tenants with Annualized Rent and Remaining Term

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 2021 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 67,865 square feet that was re-leased by a new tenant on March 1, 2022 and expiring in 2031.

(d) Includes 28,550 square feet expiring in 2023. The remaining 85,650 square feet expire in 2030.

(e) Lease commenced on July 1, 2021 and rent commences on July 31, 2022.

(f) Lease commences on October 1, 2022 and rent commences on October 1, 2023.

(g) Includes 27,478 square feet expiring in 2031. The remaining 49,506 square feet expire in 2032.

(h) Includes 41,120 square feet commencing in 2022.

(i) On October 22, 2021, we sold our property known as 999 Peachtree. Eversheds Sutherland (US) LLP is a tenant at 999 Peachtree. In addition, Common Grounds, LLC is also a tenant at 999 Peachtree, leasing approximately 49,506 square feet with 132 months remaining and annualized revenue of $2,059,945.

September 30, 2021| Page 20

Leasing Activity

(Owned Portfolio)


					Year		Year
	Nine Months Ended				Ended		Ended
Leasing Activity (a)		30-Sep-21		30-Sep-20		31-Dec-20		31-Dec-19
(in Square Feet - SF)
New leasing		270,000		347,000		368,000		534,000
Renewals and expansions		622,000		259,000		762,000		883,000
		892,000		606,000		1,130,000		1,417,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	30.10	$	29.61	$	28.47	$	31.78
Weighted average lease term		7.8 Years		7.8 Years		8.3 Years		8.3 Years

Increase over average GAAP rents in prior year (b)		2.0%		11.8%		7.7%		10.9%

Average free rent		8 Months		6 Months		5 Months		3 Months
Tenant Improvements	$	25.08	$	33.80	$	34.07	$	34.44
Leasing Costs	$	11.61	$	10.71	$	11.36	$	13.51

(a) Leasing activity includes leasing at redevelopment properties. We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

(b) 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, 2021| Page 21

Lease Expirations by Square Feet (a)

(Owned Portfolio)

(a)

Lease expirations include leases in redevelopment properties. We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

September 30, 2021| Page 22

Lease Expirations with Annualized Rent per Square Foot

(Owned Portfolio)


			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

2021	14	(c)	72,249		$	2,450,459	$	33.92	1.3%	1.3%
2022	54		612,298			21,572,479		35.23	11.7%	13.0%
2023	51		351,574			12,100,057		34.42	6.5%	19.5%
2024	49		781,382			24,656,436		31.55	13.3%	32.8%
2025	51		509,607			15,937,407		31.27	8.6%	41.4%
2026	37		792,408			27,128,398		34.24	14.6%	56.0%
2027	24		761,322			22,919,613		30.11	12.4%	68.4%
2028	16		330,030			9,165,063		27.77	4.9%	73.3%
2029	12		337,189			11,437,542		33.92	6.2%	79.5%
2030	8		422,110			13,861,971		32.84	7.5%	87.0%
2031 and thereafter	59		1,164,830	(d)		24,000,857		20.60	13.0%	100.0%
Leased total	375		6,134,999		$	185,230,282	$	30.19	100.0%
Vacancies as of 9/30/21			1,536,276
Redevelopment properties (e)			111,469
Total Portfolio Square Footage			7,782,744

(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. Includes annualized rent from redevelopment properties. We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

(b)	Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 2021 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(c)	Includes 4 leases that are month-to-month.

(d)	Includes 101,233 square feet that are non-revenue producing building amenities.

(e)	Redevelopment properties include properties being developed, redeveloped, or where redevelopment is complete, but are in lease-up and that are not stabilized.

September 30, 2021| Page 23

Redevelopment Activity

(in 000's except square feet)

Estimated

Incurred

Percent

Estimated

Leased

Occupied

Rentable

Anticipated

Through

Leased

Completion

Stabilization

Property Name

City

State

Square Feet

Investment (1)

30-Sep-21

Date

Redevelopment in Process

Stonecroft

Chantilly

111,469

5,055

3,597

0.0%

December-21

January-22

December-22

Total Office in Process

111,469

5,055

3,597

Anticipated Investment includes capitalized redevelopment costs and capitalized interest, but excludes lease-up costs.

(1)

On October 5, 2021, we entered into a Purchase and Sale Agreement with a third-party buyer for the disposition of Stonecroft and our other office property located in Chantilly, Virginia for a purchase price of approximately $40 million. Assuming satisfaction of certain customary conditions to close, including successful completion by the buyer of a due diligence inspection period, the closing of the sale of the properties is expected to take place on or about November 16, 2021. However, if the sale of Stonecroft does not occur, we expect to incur additional lease-up and stabilization costs prior to the property becoming an operating property.

September 30, 2021| Page 24


	Capital Expenditures


(in thousands)							Nine Months
	For the Three Months Ended						Ended
	31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21

Tenant improvements	$	4,491	$	4,277	$	3,952	$	12,720
Deferred leasing costs		2,597		1,922		2,371		6,890
Non-investment capex		5,336		3,793		4,528		13,657
Total Capital Expenditures	$	12,424	$	9,992	$	10,851	$	33,267


	For the Three Months Ended								Year Ended
	31-Mar-20		30-Jun-20		30-Sep-20		31-Dec-20		31-Dec-20

Tenant improvements	$	10,716	$	13,531	$	8,022	$	837	$	33,106
Deferred leasing costs		2,730		603		2,033		7,432		12,798
Non-investment capex		4,527		6,581		6,373		6,105		23,586
Total Capital Expenditures	$	17,973	$	20,715	$	16,428	$	14,374	$	69,490

First generation leasing and investment capital was $29.1 million for nine months ended September 30, 2021 and $19.7 million for the year ended December 31, 2020.

September 30, 2021| Page 25

Transaction Activity

(in thousands except for Square Feet)

Recent Acquisitions:

City

State

Square Feet

Date Acquired

Purchase Price

2016

Plaza Seven

Minneapolis

325,796

6/6/16

82,000

Pershing Plaza

Atlanta

160,145

8/10/16

45,450

600 17th Street

Denver

613,527

12/1/16

154,260


Recent Dispositions:					Gross Sale		Gain (loss)
	City	State	Square Feet	Date Sold	Proceeds		on Sale
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		(1,657)
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		86,755

2020
Emperor Boulevard	Durham	NC	259,531	12/23/20	$	89,700	$	41,928

2017
Hillview	Milpitas	CA	36,288	1/6/17	$	6,342	$	2,289
East Baltimore	Baltimore	MD	325,445	10/20/17		32,547		(20,770)

2016
Lakeside I	Maryland Heights	MO	127,778	4/5/16	$	20,189	$	4,154
Federal Way	Federal Way	WA	117,010	12/16/16		7,500		(7,092)

September 30, 2021| Page 26

Loan Portfolio of Secured Real Estate

(in thousands)

(dollars in thousands, except footnotes)

Maximum

Amount

Interest

Maturity

Amount

Outstanding

Rate at

Maryland	001-32470	04-3578653
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

401 Edgewater Place, Suite 200, Wakefield, Massachusetts	01880
(Address of principal executive offices)	(Zip Code)


Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock, $.0001 par value per share	FSP	NYSE American


Exhibit No.		Description

99.1		Press Release issued by Franklin Street Properties Corp. on November 8, 2021.

99.2		Supplemental Operating and Financial Data for the Third Quarter of 2021.

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


	FRANKLIN STREET PROPERTIES CORP.

Date: November 8, 2021	By:	/s/ George J. Carter
		George J. Carter
		Chief Executive Officer


(in thousands except per share data)
	As of		Assets:			Other information:
	30-Sep-21		Loans outstanding on secured RE	$	21,000	Leased SF to be FFO producing
Total Market Capitalization Values			Investments in SARs (book basis)		—	during 2021 and 2022 (in 000's)		195
Shares outstanding		105,632.7	Straight-line rent receivable		58,132
Closing price	$	4.64	Asset held for sale		—	Straight-line rental revenue current quarter	$	245
Market capitalization	$	490,136	Cash, cash equivalents and restricted cash		9,731
Debt		675,000	Tenant rent receivables		2,681	Management fee income current quarter	$	15
Total Market Capitalization	$	1,165,136	Prepaid expenses		3,986	Interest income from secured loans		404
			Office computers and furniture		153	Management fees and interest income from loans	$	419
			Other assets:
	3 Months		Deferred financing costs, net		2,433
	Ended		Other assets: Derivative Market Value		—
NOI Components	30-Sep-21		Other assets - Right-to-Use Asset		1,179
				$	99,295
Same Store NOI (1)	$	22,738
Acquisitions (1) (2)		—	Liabilities:			Footnotes to the components
Property NOI (1)		22,738	Debt (excluding contra for unamortized financing costs)	$	675,000
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		62,791	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	22,738	Tenant security deposits		6,169
			Other liabilities: lease liability		1,256	(2) Includes NOI from acquisitions not in Same Store.
			Other liabilities: derivative liability		7,583
Financial Statement Reconciliation:				$	752,799	(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	50,326
Rental operating expenses		(14,373)				(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		(10,200)
NOI from dispositions & redevelopment properties		(2,625)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(51)
Management & other fees (5)		(339)
Property NOI (1)	$	22,738