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

Second Quarter 2020 Results

Wakefield, MA—August 4, 2020—Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the second quarter ended June 30, 2020.

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

“After a strong first quarter start to 2020, leasing activity hit the “pause button” in the second quarter at our 32 operating and 3 redevelopment properties. Prior to the emergence of the COVID-19 pandemic, we were confident that the company was well positioned for new tenant absorption, increasing occupancy levels and higher rental rates during 2020, allowing us the potential to start realizing the longer-term value-add property proposition that was such an integral part of the strategy of recasting our portfolio. However, in March 2020 the full weight of the COVID-19 pandemic and the consequent business shutdowns became apparent, negatively affecting both new leasing activity and rent collections for the second quarter.

Most leasing activity that was underway prior to March 2020, while slowed, has continued and we currently have approximately 200,000 square feet of active lease negotiations on-going and another approximately 300,000 square feet of leasing that is in earlier stages of active consideration by potential new tenants. Over the remainder of 2020, we have approximately 176,000 square feet of lease maturities and approximately 324,000 square feet of leases scheduled to commence. We expect continued, anticipated and planned for elevated levels of Capex in the coming quarters as we execute our value-add strategy at both our operating and redevelopment properties. Some of the Capex surrounding tenant space improvements for leasing done in 2019 and the first quarter of 2020 was pulled forward and funded during the second quarter of 2020. As a result of COVID-19 restrictions we had lower physical occupancy of space during the quarter, which enhanced the opportunity for more physical construction and reduced tenant employee disruption.

For the full second quarter of 2020 we collected approximately 98% of contracted rent and as of July 31, 2020 we have collected approximately 97% of July rents. However, at this time, we are not able to predict whether and to what extent our level of rental receipts may change in future months. Consequently, we are continuing suspension of Net Income and Funds From Operations (“FFO”) guidance and will not be providing additional guidance until such time as we have a better understanding of the duration of the COVID-19 pandemic and its impact on our business and the businesses of our tenants.

At this time, we believe the bulk of our tenants will be financially able to weather the COVID-19 pandemic and the inherent value of our property portfolio and our own financial resources and balance sheet flexibility will continue to see us through this difficult time. We believe that we will then be well positioned to resume the strong leasing activity that occurred in 2018, 2019 and the first quarter of 2020.”

Financial Highlights

●

Net loss was $2.1 million, or $0.02 per basic and diluted share, for the second quarter ended June 30, 2020.

●

FFO was $20.2 million, or $0.19 per basic and diluted share, for the second quarter ended June 30, 2020.

●

Adjusted Funds From Operations (AFFO) was $0.2 million or $0.00 per basic and diluted share for the second quarter ended June 30, 2020.

●

As of June 30, 2020, we had $570 million available on our revolving line of credit.

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●

Our debt is entirely unsecured and we have no debt maturities until November of 2021.

COVID-19 Pandemic Update

FSP remains committed to the health and safety of its employees, tenants, vendors and visitors and will continue to implement recommended guidelines for social distancing and other safety protocols at our properties and corporate headquarters.

●

We have implemented working from home policies for FSP employees.

●

All of our properties remain open for business.

●

As of July 31, 2020, we had collected approximately 97% of rental receipts due in July 2020. Due to the high level of uncertainty related to the COVID-19 pandemic, we are unable to predict the level of rental receipts in future months.

●

During the past approximately 18 weeks, we have received rent relief requests from some of our tenants. The majority of these requests for relief have been in the form of potential rent deferrals for varying lengths of time. To date, we have been in discussions with tenants regarding potential rent deferrals representing approximately 1% to 2% of annualized rents. We will continue to review each request for rent relief on a case by case basis. Where prudent, we may grant deferrals and, in some instances, seek extended lease terms. We are unable to predict the outcomes of these ongoing negotiations, the amount of the rent relief packages, if any, and ultimate recovery of any deferred amounts.

Leasing Update

●

Our directly owned real estate portfolio of 32 operating properties (excluding 3 redevelopment properties) totaling approximately 9.5 million square feet was approximately 84.5% leased as of June 30, 2020 compared to approximately 87.6% leased as of December 31, 2019.

●

During the quarter ended June 30, 2020, we leased approximately 44,000 square feet, of which approximately 22,000 square feet was with new tenants. During the six months ended June 30, 2020, we leased approximately 324,000 square feet, of which approximately 166,000 square feet was with new tenants. During the year ended December 31, 2019, we leased approximately 1,417,000 square feet, of which approximately 534,000 square feet was with new tenants.

●

Despite delays caused by COVID-19, we currently have approximately 500,000 square feet of prospective tenants representing potential net absorption, including approximately 200,000 square feet in active lease negotiations. The approximately 500,000 square feet of potential net absorption also includes more than 110,000 square feet of multiple active prospects at our three redevelopment properties in Miami, Minneapolis and Charlotte.

●

Lease expirations for the remainder of 2020 are approximately 176,000 square feet, or 1.8% of our portfolio. Those lease expirations will be offset by approximately 324,000 square feet of executed leases that are scheduled to commence during the remainder of 2020.

●

The weighted average GAAP base rent per square foot achieved on leasing activity during the six months ended June 30, 2020 was $31.28, or 10.3% higher than average rents in the respective properties as applicable compared to the year ended December 31, 2019. The average lease term on leases in the first half of 2020 shortened to 6.1 years compared to 8.3 years for the full year of 2019. Overall the portfolio weighted average rent per occupied square foot decreased to $29.83 as of June 30, 2020 from $29.88 as of December 31, 2019.

Dividend Update

On July 6, 2020, the Company announced that its Board of Directors declared a regular quarterly cash dividend for the three months ended June 30, 2020 of $0.09 per share of common stock that will be paid on August 6, 2020 to stockholders of record on July 17, 2020.

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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.

Real Estate Update

Supplementary schedules provide property information for the Company’s owned and managed real estate portfolio as of June 30, 2020. 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 August 5, 2020 at 11:00 a.m. (ET) to discuss the second quarter 2020 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.

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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 our ability to lease space in the future, value creation/enhancement in future periods 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, 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. 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, 2019, as the same may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission, including without limitation, the “Risk Factors” set forth in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. 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.

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

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule A

Condensed Consolidated Statements of Operations

(Unaudited)


	For the				For the
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share amounts)	2020		2019		2020		2019

Revenue:
Rental	$	60,398	$	65,485	$	122,965	$	128,844
Related party revenue:
Management fees and interest income from loans		405		1,322		808		2,674
Other		5		6		18		11
Total revenue		60,808		66,813		123,791		131,529

Expenses:
Real estate operating expenses		15,470		17,116		32,768		34,842
Real estate taxes and insurance		12,307		12,801		24,069		24,903
Depreciation and amortization		22,245		22,109		44,583		45,354
General and administrative		3,817		3,702		7,342		7,211
Interest		8,980		9,371		18,043		18,739
Total expenses		62,819		65,099		126,805		131,049

Income (loss) before taxes on income		(2,011)		1,714		(3,014)		480
Tax expense on income		64		81		132		52
Net income (loss)	$	(2,075)	$	1,633	$	(3,146)	$	428

Weighted average number of shares outstanding, basic and diluted		107,287		107,231		107,278		107,231

Net income (loss) per share, basic and diluted	$	(0.02)	$	0.02	$	(0.03)	$	0.00

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule B

Condensed Consolidated Balance Sheets

(Unaudited)


	June 30,		December 31,
(in thousands, except share and par value amounts)	2020		2019
Assets:
Real estate assets:
Land	$	191,578	$	191,578
Buildings and improvements		1,964,308		1,924,664
Fixtures and equipment		12,250		11,665
		2,168,136		2,127,907
Less accumulated depreciation		522,238		490,697
Real estate assets, net		1,645,898		1,637,210
Acquired real estate leases, less accumulated amortization of $60,469 and $60,749, respectively		34,022		40,704
Cash, cash equivalents and restricted cash		2,890		9,790
Tenant rent receivables		4,192		3,851
Straight-line rent receivable		69,062		66,881
Prepaid expenses and other assets		6,506		7,246
Related party mortgage loan receivables		21,000		21,000
Other assets: derivative asset		—		3,022
Office computers and furniture, net of accumulated depreciation of $1,409 and $1,362, respectively		196		183
Deferred leasing commissions, net of accumulated amortization of $30,958 and $28,114, respectively		51,669		52,767
Total assets	$	1,835,435	$	1,842,654

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$	30,000	$	—
Term loans payable, less unamortized financing costs of $3,507 and $4,267, respectively		766,493		765,733
Series A & Series B Senior Notes, less unamortized financing costs of $904 and $985, respectively		199,096		199,015
Accounts payable and accrued expenses		55,712		66,658
Accrued compensation		2,278		3,400
Tenant security deposits		9,155		9,346
Lease liability		1,716		1,890
Other liabilities: derivative liabilities		22,958		7,704
Acquired unfavorable real estate leases, less accumulated amortization of $4,804 and $4,676, respectively		2,024		2,512
Total liabilities		1,089,432		1,056,258

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, 107,328,199 and 107,269,201 shares issued and outstanding, respectively		11		11
Additional paid-in capital		1,357,131		1,356,794
Accumulated other comprehensive loss		(22,958)		(4,682)
Accumulated distributions in excess of accumulated earnings		(588,181)		(565,727)
Total stockholders’ equity		746,003		786,396
Total liabilities and stockholders’ equity	$	1,835,435	$	1,842,654

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Franklin Street Properties Corp. Financial Results

Supplementary Schedule C

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	For the
	Six Months Ended
	June 30,
(in thousands)	2020		2019
Cash flows from operating activities:
Net income (loss)	$	(3,146)	$	428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		46,055		46,791
Amortization of above and below market leases		(147)		(193)
Shares issued as compensation		337		—
Decrease in allowance for doubtful accounts and write-off of accounts receivable		(13)		(91)
Changes in operating assets and liabilities:
Tenant rent receivables		(328)		(2,337)
Straight-line rents		(1,343)		(4,829)
Lease acquisition costs		(838)		(2,603)
Prepaid expenses and other assets		21		2,392
Accounts payable and accrued expenses		(10,006)		(8,741)
Accrued compensation		(1,122)		(852)
Tenant security deposits		(191)		2,799
Payment of deferred leasing commissions		(3,682)		(8,114)
Net cash provided by operating activities		25,597		24,650
Cash flows from investing activities:
Property improvements, fixtures and equipment		(43,189)		(28,944)
Repayment of related party mortgage loan receivable		—		(2,400)
Investment in related party mortgage loan receivable		—		51,530
Proceeds received from liquidating trust		—		1,470
Net cash provided by (used in) investing activities		(43,189)		21,656
Cash flows from financing activities:
Distributions to stockholders		(19,308)		(19,302)
Borrowings under bank note payable		60,000		45,000
Repayments of bank note payable		(30,000)		(70,000)
Deferred financing costs		—		(81)
Net cash provided by (used in) financing activities		10,692		(44,383)
Net increase (decrease) in cash, cash equivalents and restricted cash		(6,900)		1,923
Cash, cash equivalents and restricted cash, beginning of year		9,790		11,177
Cash, cash equivalents and restricted cash, end of period	$	2,890	$	13,100

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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
2020	175,855	1.8%
2021	890,133	9.0%
2022	1,194,556	12.0%
2023	661,959	6.7%
2024	859,272	8.7%
Thereafter (2)	6,131,666	61.8%
	9,913,441	100.0%

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

(2)

Includes 1,475,577 square feet of vacancies at our operating properties and 179,254 square feet of vacancies at our redevelopment properties as of June 30, 2020. We define redevelopment properties as properties being developed, redeveloped or where development/redevelopment is complete but that are not yet stabilized.


(dollars & square feet in 000's)	As of June 30, 2020 (a)
	# of			% of	Square	% of
State	Properties	Investment		Portfolio	Feet	Portfolio

Colorado	6	$	556,302	33.8%	2,620	26.4%
Texas	9		343,142	20.8%	2,420	24.4%
Georgia	5		322,785	19.6%	1,967	19.8%
Minnesota	3		121,271	7.4%	757	7.6%
Virginia	4		83,430	5.1%	685	6.9%
North Carolina	2		50,108	3.0%	322	3.2%
Missouri	2		43,943	2.7%	351	3.6%
Illinois	2		47,353	2.9%	372	3.8%
Florida	1		48,315	2.9%	213	2.2%
Indiana	1		29,249	1.8%	206	2.1%
Total	35	$	1,645,898	100.0%	9,913	100.0%

(a)

Includes investment in our redevelopment properties. We define redevelopment properties as properties being developed, redeveloped or where complete, but that are not yet stabilized.

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Franklin Street Properties Corp. Earnings Release

Supplementary Schedule E

Portfolio and Other Supplementary Information

(Unaudited & Approximated)

Recurring Capital Expenditures


						Six Months
(in thousands)	For the Three Months Ended				Ended
	31-Mar-20		30-Jun-20		30-Jun-20
Tenant improvements	$	10,716	$	13,531	$	24,247
Deferred leasing costs		2,730		603		3,333
Non-investment capex		4,527		6,581		11,108
	$	17,973	$	20,715	$	38,688



	For the Three Months Ended								Year Ended
	31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19		31-Dec-19
Tenant improvements	$	8,318	$	10,169	$	7,890	$	15,874	$	42,251
Deferred leasing costs		4,239		3,666		1,286		3,164		12,355
Non-investment capex		2,413		4,049		3,968		6,304		16,734
	$	14,970	$	17,884	$	13,144	$	25,342	$	71,340


Square foot & leased percentages	June 30,	December 31,
	2020	2019
Operating Properties (a):
Number of properties	32	32
Square feet	9,508,226	9,504,634
Leased percentage	84.5%	87.6%

Redevelopment Properties:
Number of properties	3	3
Square feet	405,215	405,215
Leased percentage	55.8%	50.3%

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	37	37
Square feet	10,261,986	10,258,394

(a)

Excludes investment in our redevelopment properties. We define redevelopment properties as properties being developed, redeveloped or where development/redevelopment is complete but that are not yet stabilized.

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Franklin Street Properties Corp. Earnings Release

Supplementary Schedule F

Percentage of Leased Space

(Unaudited & Estimated)


					First		Second
				% Leased (1)	Quarter	% Leased (1)	Quarter
				as of	Average %	as of	Average %
	Property Name	Location	Square Feet	31-Mar-20	Leased (2)	30-Jun-20	Leased (2)

1	MEADOW POINT	Chantilly, VA	138,537	91.1%	94.1%	70.3%	70.3%
2	TIMBERLAKE	Chesterfield, MO	234,496	95.7%	95.7%	95.7%	95.7%
3	TIMBERLAKE EAST	Chesterfield, MO	117,036	100.0%	100.0%	100.0%	100.0%
4	NORTHWEST POINT	Elk Grove Village, IL	177,095	100.0%	100.0%	100.0%	100.0%
5	PARK TEN	Houston, TX	157,460	71.7%	71.7%	71.7%	71.7%
6	PARK TEN PHASE II	Houston, TX	156,746	95.0%	95.0%	95.0%	95.0%
7	GREENWOOD PLAZA	Englewood, CO	196,236	100.0%	100.0%	100.0%	100.0%
8	ADDISON	Addison, TX	289,302	79.4%	76.4%	79.4%	79.4%
9	COLLINS CROSSING	Richardson, TX	300,887	79.7%	79.7%	79.7%	79.7%
10	INNSBROOK	Glen Allen, VA	298,183	57.2%	57.2%	57.2%	57.2%
11	RIVER CROSSING	Indianapolis, IN	205,729	98.5%	98.5%	98.5%	98.5%
12	LIBERTY PLAZA	Addison, TX	216,847	73.4%	72.7%	73.7%	73.6%
13	380 INTERLOCKEN	Broomfield, CO	240,359	73.1%	73.8%	73.1%	73.1%
14	390 INTERLOCKEN	Broomfield, CO	241,512	99.4%	99.0%	98.2%	99.0%
15	ELDRIDGE GREEN	Houston, TX	248,399	100.0%	100.0%	100.0%	100.0%
16	ONE OVERTON PARK	Atlanta, GA	387,267	93.3%	88.9%	93.3%	93.3%
17	LOUDOUN TECH	Dulles, VA	136,658	98.9%	98.9%	98.9%	98.9%
18	4807 STONECROFT	Chantilly, VA	111,469	0.0%	0.0%	0.0%	0.0%
19	121 SOUTH EIGHTH ST	Minneapolis, MN	297,209	93.7%	92.5%	86.4%	91.2%
20	EMPEROR BOULEVARD	Durham, NC	259,531	100.0%	100.0%	100.0%	100.0%
21	LEGACY TENNYSON CTR	Plano, TX	207,049	100.0%	100.0%	100.0%	100.0%
22	ONE LEGACY	Plano, TX	214,110	52.9%	53.2%	52.9%	52.9%
23	909 DAVIS	Evanston, IL	195,098	93.3%	93.3%	93.3%	93.3%
24	ONE RAVINIA DRIVE	Atlanta, GA	386,602	87.9%	86.9%	87.9%	87.9%
25	TWO RAVINIA	Atlanta, GA	411,047	69.8%	70.6%	69.5%	69.4%
26	WESTCHASE I & II	Houston, TX	629,025	55.8%	57.5%	55.6%	55.5%
27	1999 BROADWAY	Denver, CO	677,377	89.7%	89.9%	85.6%	85.6%
28	999 PEACHTREE	Atlanta, GA	621,946	91.8%	91.6%	90.9%	90.9%
29	1001 17th STREET	Denver, CO	655,420	98.5%	98.5%	97.7%	98.0%
30	PLAZA SEVEN	Minneapolis, MN	330,096	89.0%	89.3%	88.8%	89.0%
31	PERSHING PLAZA	Atlanta, GA	160,145	98.9%	98.9%	98.9%	98.9%
32	600 17th STREET	Denver, CO	609,353	92.4%	91.3%	92.9%	91.6%
	OPERATING TOTAL		9,508,226	85.4%	85.2%	84.5%	84.6%

33	FOREST PARK	Charlotte, NC	62,212	35.6%	11.9%	35.6%	35.6%
34	BLUE LAGOON	Miami, FL	213,182	73.1%	73.1%	73.1%	73.1%
35	801 MARQUETTE AVE	Minneapolis, MN	129,821	37.0%	37.0%	37.0%	37.0%
	REDEVELOPMENT TOTAL		405,215	55.8%	52.1%	55.8%	55.8%

	OWNED PORTFOLIO TOTAL		9,913,441

(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.

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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 June 30, 2020


			% of
	Tenant	Sq Ft	Portfolio
1	IQVIA Holdings Inc.	259,531	2.6%
2	CITGO Petroleum Corporation	248,399	2.5%
3	Newfield Exploration Company	234,495	2.4%
4	US Government	231,743	2.3%
5	Centene Management Company, LLC	216,879	2.2%
6	Eversheds Sutherland (US) LLP	179,868	1.8%
7	EOG Resources, Inc.	169,167	1.7%
8	The Vail Corporation	164,636	1.7%
9	Lennar Homes, LLC	155,808	1.6%
10	T-Mobile South, LLC dba T-Mobile	151,792	1.5%
11	Citicorp Credit Services, Inc.	146,260	1.5%
12	Jones Day	140,342	1.4%
13	Worldventures Holdings, LLC	129,998	1.3%
14	Kaiser Foundation Health Plan	120,979	1.2%
15	Argo Data Resource Corporation	114,200	1.1%
16	Giesecke & Devrient America	112,110	1.1%
17	Randstad General Partner (US)	109,638	1.1%
18	VMWare, Inc.	100,853	1.0%
19	Ping Identity Corp.	89,856	1.0%
20	Common Grounds LLC	76,984	0.8%
	Total	3,153,538	31.8%

-12-

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				Six Months Ended
	June 30,				June 30,
(In thousands, except per share amounts)	2020		2019		2020		2019
Net income (loss)	$	(2,075)	$	1,633	$	(3,146)	$	428
Depreciation & amortization		22,170		22,028		44,435		45,161
NAREIT FFO		20,095		23,661		41,289		45,589
Lease Acquisition costs		99		108		197		290
Funds From Operations (FFO)	$	20,194	$	23,769	$	41,486	$	45,879

Funds From Operations (FFO)	$	20,194	$	23,769	$	41,486	$	45,879
Amortization of deferred financing costs		726		720		1,474		1,437
Shares issued as compensation		337		—		337		—
Straight-line rent		(377)		(3,689)		(1,343)		(4,829)
Tenant improvements		(13,531)		(10,169)		(24,247)		(18,487)
Leasing commissions		(603)		(3,666)		(3,333)		(7,905)
Non-investment capex		(6,581)		(4,049)		(11,108)		(6,462)
Adjusted Funds From Operations (AFFO)	$	165	$	2,916	$	3,266	$	9,633

Per Share Data
EPS	$	(0.02)	$	0.02	$	(0.03)	$	0.00
FFO	$	0.19	$	0.22	$	0.39	$	0.43
AFFO	$	0.00	$	0.03	$	0.03	$	0.09

Weighted average shares (basic and diluted)		107,287		107,231		107,278		107,231

-13-

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 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.

-14-

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 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 properties that are redevelopment properties, which include properties being developed, redeveloped or where redevelopment is complete but are in lease-up and are not stabilized, 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-Jun-20		31-Mar-20		(Dec)		Change
Region
East	944	$	2,746	$	2,664	$	82	3.1	%
MidWest	1,557		5,088		5,485		(397)	(7.2)	%
South	4,387		13,025		13,290		(265)	(2.0)	%
West	2,620		11,211		11,463		(252)	(2.2)	%
Property NOI* from Operating Properties	9,508		32,070		32,902		(832)	(2.5)	%
Dispositions and Redevelopment Properties	405		126		(28)		154	0.4	%
NOI*	9,913	$	32,196	$	32,874	$	(678)	(2.1)	%

Sequential Same Store		$	32,070	$	32,902	$	(832)	(2.5)	%

Less Nonrecurring
Items in NOI* (a)			810		26		784	(2.4)	%

Comparative
Sequential Same Store		$	31,260	$	32,876	$	(1,616)	(4.9)	%

-15-


	Three Months Ended		Three Months Ended
Reconciliation to Net income	30-Jun-20		31-Mar-20
Net loss	$	(2,075)	$	(1,071)
Add (deduct):
Management fee income		(446)		(478)
Depreciation and amortization		22,245		22,338
Amortization of above/below market leases		(75)		(73)
General and administrative		3,817		3,525
Interest expense		8,980		9,063
Interest income		(381)		(382)
Non-property specific items, net		131		(48)


NOI*	$	32,196	$	32,874

(a)	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

Second Quarter 2020
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: Definitions of Non-GAAP Measures
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, 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.

		Greenwood Plaza, Englewood, CO

June 30, 2020| Page 2


	Company Information

Overview		Snapshot (as of June 30, 2020)
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	35 (1)
				Total Square Feet	9.9 Million (1)
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	107,328,199
				Quarterly Dividend	$0.09
Our Business		Dividend Yield	7.1%
As of June 30, 2020, the Company owned and operated a portfolio of real estate consisting of 32 operating properties, three redevelopment properties 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	$1.5 Billion (2)
				Insider Holdings	4.14%


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	Plaza Seven, Minneapolis, MN

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.

June 30, 2020| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
	30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19		30-Jun-19
Income Items:
Rental revenue	$	60,398	$	62,567	$	68,575	$	68,108	$	65,485
Total revenue		60,808		62,983		68,997		68,539		66,813
Net income (loss)		(2,075)		(1,071)		3,648		2,399		1,633
Adjusted EBITDA*		29,139		30,325		35,632		33,996		33,113
FFO*		20,194		21,292		26,755		24,908		23,769
AFFO*		165		3,101		544		10,364		2,916

Per Share Data:
EPS	$	(0.02)	$	(0.01)	$	0.03	$	0.02	$	0.02
FFO*	$	0.19	$	0.20	$	0.25	$	0.23	$	0.22
AFFO*	$	0.00	$	0.03	$	0.01	$	0.10	$	0.03
Weighted Average Shares (diluted)		107,287		107,269		107,240		107,231		107,231
Closing share price	$	5.09	$	5.73	$	8.56	$	8.46	$	7.38
Dividend declared	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09

Balance Sheet Items:
Real estate, net	$	1,645,898	$	1,639,196	$	1,637,210	$	1,626,510	$	1,627,681
Other assets, net		189,537		208,431		205,444		216,640		215,661
Total assets, net		1,835,435		1,847,627		1,842,654		1,843,150		1,843,342
Total liabilities, net		1,089,432		1,090,309		1,056,258		1,053,497		1,042,834
Shareholders' equity		746,003		757,318		786,396		789,653		800,508

Market Capitalization and Debt:
Total Market Capitalization (a)	$	1,546,301	$	1,614,653	$	1,888,224	$	1,877,176	$	1,761,366
Total debt outstanding (excluding unamortized financing costs)	$	1,000,000	$	1,000,000	$	970,000	$	970,000	$	970,000
Debt to Total Market Capitalization		64.7%		61.9%		51.4%		51.7%		55.1%
Net Debt to Adjusted EBITDA*		8.6		8.1		6.7		7.0		7.2

Operating Properties Leasing Statistics (b):
Operating properties assets		32		32		32		32		32
Operating properties total SF		9,508,226		9,506,513		9,504,634		9,503,964		9,498,858
Operating properties % leased		84.5%		85.4%		87.6%		89.7%		88.1%

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

(b)	Excludes redevelopment properties.

*	See pages 9 & 10 for reconciliations of Net income or loss to FFO, AFFO and Adjusted EBITDA, respectively, and the Appendix for Definitions of these Non-GAAP Measures beginning on page 29.

June 30, 2020| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


					For the										For the
	For the Three Months Ended				Six Months Ended		For the Three Months Ended								Year Ended
	31-Mar-20		30-Jun-20		30-Jun-20		31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19		31-Dec-19

Revenue:
Rental	$	62,567	$	60,398	$	122,965	$	63,359	$	65,485	$	68,108	$	68,575	$	265,527
Related party revenue:
Management fees and interest income from loans		403		405		808		1,352		1,322		426		417		3,517
Other		13		5		18		5		6		5		5		21
Total revenue		62,983		60,808		123,791		64,716		66,813		68,539		68,997		269,065

Expenses:
Real estate operating expenses		17,298		15,470		32,768		17,726		17,116		18,041		19,428		72,311
Real estate taxes and insurance		11,762		12,307		24,069		12,102		12,801		12,505		10,463		47,871
Depreciation and amortization		22,338		22,245		44,583		23,245		22,109		22,559		22,996		90,909
General and administrative		3,525		3,817		7,342		3,509		3,702		3,886		3,376		14,473
Interest		9,063		8,980		18,043		9,368		9,371		9,036		8,982		36,757
Total expenses		63,986		62,819		126,805		65,950		65,099		66,027		65,245		262,321

Income (loss) before taxes on income		(1,003)		(2,011)		(3,014)		(1,234)		1,714		2,512		3,752		6,744
Tax expense on income		68		64		132		(29)		81		113		104		269

Net income (loss)	$	(1,071)	$	(2,075)	$	(3,146)	$	(1,205)	$	1,633	$	2,399	$	3,648	$	6,475

Weighted average number of shares outstanding, basic and diluted		107,269		107,287		107,278		107,231		107,231		107,231		107,240		107,233

Net income (loss) per share, basic and diluted	$	(0.01)	$	(0.02)	$	(0.03)	$	(0.01)	$	0.02	$	0.02	$	0.03	$	0.06

June 30, 2020| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		June 30,		March 31,		June 30,		September 30,		December 31,
	2020		2020		2019		2019		2019		2019
Assets:
Real estate assets:
Land	$	191,578	$	191,578	$	191,578	$	191,578	$	191,578	$	191,578
Buildings and improvements		1,941,952		1,964,308		1,872,082		1,886,294		1,900,131		1,924,664
Fixtures and equipment		11,917		12,250		9,153		10,607		11,099		11,665
		2,145,447		2,168,136		2,072,813		2,088,479		2,102,808		2,127,907
Less accumulated depreciation		506,251		522,238		447,980		460,798		476,298		490,697
Real estate assets, net		1,639,196		1,645,898		1,624,833		1,627,681		1,626,510		1,637,210

Acquired real estate leases, net		37,270		34,022		53,948		49,475		45,066		40,704
Cash, cash equivalents and restricted cash		17,283		2,890		8,832		13,100		20,159		9,790
Tenant rent receivables, net		3,609		4,192		4,489		6,366		4,410		3,851
Straight-line rent receivable, net		68,317		69,062		55,836		61,438		64,111		66,881
Prepaid expenses and other assets		7,486		6,506		10,469		8,052		8,868		7,246
Related party mortgage loan receivable		21,000		21,000		72,795		21,530		21,265		21,000
Other assets: derivative asset		—		—		10,469		4,645		2,844		3,022
Office computers and furniture, net of accumulated depreciation		215		196		166		154		136		183
Deferred leasing commissions, net		53,251		51,669		49,408		50,901		49,781		52,767
Total assets	$	1,847,627	$	1,835,435	$	1,891,245	$	1,843,342	$	1,843,150	$	1,842,654

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$	30,000	$	30,000	$	40,000	$	—	$	—	$	—
Term loan payable, net of unamortized financing costs		766,124		766,493		764,642		765,005		765,369		765,733
Series A & Series B Senior Notes		199,055		199,096		198,892		198,933		198,974		199,015
Accounts payable and accrued expenses		57,076		55,712		52,248		54,282		61,657		66,658
Accrued compensation		1,335		2,278		1,073		2,191		3,769		3,400
Tenant security deposits		9,615		9,155		6,352		9,118		9,008		9,346
Lease liability		1,803		1,716		2,141		2,059		1,976		1,890
Other liabilities: derivative liabilities		23,035		22,958		2,496		8,132		9,934		7,704
Acquired unfavorable real estate leases, net		2,266		2,024		3,414		3,114		2,810		2,512
Total liabilities		1,090,309		1,089,432		1,071,258		1,042,834		1,053,497		1,056,258

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—		—
Common stock		11		11		11		11		11		11
Additional paid-in capital		1,356,794		1,357,131		1,356,457		1,356,457		1,356,457		1,356,794
Accumulated other comprehensive income (loss)		(23,035)		(22,958)		7,973		(3,487)		(7,090)		(4,682)
Accumulated distributions in excess of accumulated earnings		(576,452)		(588,181)		(544,454)		(552,473)		(559,725)		(565,727)
Total stockholders’ equity		757,318		746,003		819,987		800,508		789,653		786,396
Total liabilities and stockholders’ equity	$	1,847,627	$	1,835,435	$	1,891,245	$	1,843,342	$	1,843,150	$	1,842,654

June 30, 2020| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)


		Six Months Ended June 30,
		2020		2019
Cash flows from operating activities:
Net income (loss)	$	(3,146)	$	428
Adjustments to reconcile net income or loss to net cash provided by operating activities:
Depreciation and amortization expense		46,055		46,791
Amortization of above and below market leases		(147)		(193)
Shares issued as compensation		337		—
Decrease in allowance for doubtful accounts and write-off of accounts receivable		(13)		(91)
Changes in operating assets and liabilities:
Tenant rent receivables		(328)		(2,337)
Straight-line rents		(1,343)		(4,829)
Lease acquisition costs		(838)		(2,603)
Prepaid expenses and other assets		21		2,392
Accounts payable and accrued expenses		(10,006)		(8,741)
Accrued compensation		(1,122)		(852)
Tenant security deposits		(191)		2,799
Payment of deferred leasing commissions		(3,682)		(8,114)
Net cash provided by operating activities		25,597		24,650

Cash flows from investing activities:
Property improvements, fixtures and equipment		(43,189)		(28,944)
Investment in related party mortgage loan receivable		—		(2,400)
Repayment of related party mortgage loan receivable		—		51,530
Proceeds received from liquidating trust		—		1,470
Net cash provided by (used) in investing activities		(43,189)		21,656

Cash flows from financing activities:
Distributions to stockholders		(19,308)		(19,302)
Borrowings under bank note payable		60,000		45,000
Repayments of bank note payable		(30,000)		(70,000)
Deferred Financing Costs		—		(81)
Net cash provided by (used in) financing activities		10,692		(44,383)
Net increase (decrease) in cash, cash equivalents and restricted cash		(6,900)		1,923
Cash, cash equivalents and restricted cash, beginning of period		9,790		11,177
Cash, cash equivalents and restricted cash, end of period	$	2,890	$	13,100

June 30, 2020| Page 7

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)


	Rentable					Six Months						Six Months
	Square Feet	Three Months Ended				Ended		Three Months Ended				Ended		Inc		%
(in thousands)	or RSF	31-Mar-20		30-Jun-20		30-Jun-20		31-Mar-19		30-Jun-19		30-Jun-19		(Dec)		Change
Region
East	944	$	2,664	$	2,746	$	5,410	$	3,185	$	3,301	$	6,486	$	(1,076)	(16.6)	%
MidWest	1,557		5,485		5,088		10,573		5,163		5,174		10,337		236	2.3	%
South	4,387		13,290		13,025		26,315		14,272		15,196		29,468		(3,153)	(10.7)	%
West	2,620		11,463		11,211		22,674		10,559		11,240		21,799		875	4.0	%
Property NOI* from Operating Properties	9,508		32,902		32,070		64,972		33,179		34,911		68,090		(3,118)	(4.6)	%
Dispositions and Redevelopment Properties	405		(28)		126		98		(205)		(215)		(420)		518	0.8	%
Property NOI*	9,913	$	32,874	$	32,196	$	65,070	$	32,974	$	34,696	$	67,670	$	(2,600)	(3.8)	%

Same Store		$	32,902	$	32,070	$	64,972	$	33,179	$	34,911	$	68,090	$	(3,118)	(4.6)	%

Less Nonrecurring
Items in NOI* (a)			26		810		836		35		706		741		95	(0.2)	%

Comparative
Same Store		$	32,876	$	31,260	$	64,136	$	33,144	$	34,205	$	67,349	$	(3,213)	(4.8)	%

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

*	See the Appendix for Definition of Non-GAAP Measures beginning on page 29.

June 30, 2020| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


					Six Months										Year
	Three Months Ended				Ended		Three Months Ended								Ended
	31-Mar-20		30-Jun-20		30-Jun-20		31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19		31-Dec-19

Net income (loss)	$	(1,071)	$	(2,075)	$	(3,146)	$	(1,205)	$	1,633	$	2,399	$	3,648	$	6,475

Depreciation & amortization		22,265		22,170		44,435		23,133		22,028		22,448		22,898		90,507
NAREIT FFO*		21,194		20,095		41,289		21,928		23,661		24,847		26,546		96,982
Lease Acquisition costs		98		99		197		182		108		61		209		560
Funds From Operations (FFO)*	$	21,292	$	20,194	$	41,486	$	22,110	$	23,769	$	24,908	$	26,755	$	97,542


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	21,292	$	20,194	$	41,486	$	22,110	$	23,769	$	24,908	$	26,755	$	97,542
Amortization of deferred financing costs		748		726		1,474		717		720		720		721		2,878
Shares issued as compensation		—		337		337		—		—		—		337		337
Straight-line rent		(966)		(377)		(1,343)		(1,140)		(3,689)		(2,120)		(1,927)		(8,876)
Tenant improvements		(10,716)		(13,531)		(24,247)		(8,318)		(10,169)		(7,890)		(15,874)		(42,251)
Leasing commissions		(2,730)		(603)		(3,333)		(4,239)		(3,666)		(1,286)		(3,164)		(12,355)
Non-investment capex		(4,527)		(6,581)		(11,108)		(2,413)		(4,049)		(3,968)		(6,304)		(16,734)
Adjusted Funds From Operations (AFFO)*	$	3,101	$	165	$	3,266	$	6,717	$	2,916	$	10,364	$	544	$	20,541

Per Share Data:
EPS	$	(0.01)	$	(0.02)	$	(0.03)	$	(0.01)	$	0.02	$	0.02	$	0.03	$	0.06
FFO*		0.20		0.19		0.39		0.21		0.22		0.23		0.25		0.91
AFFO*		0.03		0.00		0.03		0.06		0.03		0.10		0.01		0.19

Weighted Average Shares (basic and diluted)		107,269		107,287		107,278		107,231		107,231		107,231		107,240		107,233

*	See the Appendix for Definitions of these Non-GAAP Measures beginning on page 29.

June 30, 2020| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


					Six Months										Year
	Three Months Ended				Ended		Three Months Ended								Ended
	31-Mar-20		30-Jun-20		30-Jun-20		31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19		31-Dec-19

Net income (loss)	$	(1,071)	$	(2,075)	$	(3,146)	$	(1,205)	$	1,633	$	2,399	$	3,648	$	6,475
Interest expense		9,063		8,980		18,043		9,368		9,371		9,036		8,982		36,757
Depreciation and amortization		22,265		22,170		44,435		23,133		22,028		22,448		22,898		90,507
Income taxes		68		64		132		(29)		81		113		104		269
EBITDA*	$	30,325		29,139		59,464	$	31,267	$	33,113	$	33,996	$	35,632	$	134,008
(Gain) loss on sale of properties and provisions for loss on properties held for sale or equity investments		—		—		—		—		—		—		—		—
Adjusted EBITDA*	$	30,325	$	29,139	$	59,464	$	31,267	$	33,113	$	33,996	$	35,632	$	134,008

Interest expense	$	9,063	$	8,980	$	18,043	$	9,368	$	9,371	$	9,036	$	8,982	$	36,757
Scheduled principal payments		—		—		—		—		—		—		—		—
Interest and scheduled principal payments	$	9,063	$	8,980	$	18,043	$	9,368	$	9,371	$	9,036	$	8,982	$	36,757

Interest coverage ratio		3.35		3.24		3.30		3.34		3.53		3.76		3.97		3.65

Debt service coverage ratio		3.35		3.24		3.30		3.34		3.53		3.76		3.97		3.65

Debt excluding unamortized financing costs	$	1,000,000	$	1,000,000			$	1,010,000	$	970,000	$	970,000	$	970,000
Cash, cash equivalents and restricted cash		17,283		2,890				8,832		13,100		20,159		9,790
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	982,717	$	997,110			$	1,001,168	$	956,900	$	949,841	$	960,210

Adjusted EBITDA*	$	30,325	$	29,139			$	31,267	$	33,113	$	33,996	$	35,632
Annualized	$	121,300	$	116,556			$	125,068	$	132,452	$	135,984	$	142,528

Net Debt-to-Adjusted EBITDA*		8.1		8.6				8.0		7.2		7.0		6.7

See the Appendix for Definitions of these Non-GAAP Measures 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.

June 30, 2020| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


					Six Months										Year
	Three Months Ended				Ended		Three Months Ended								Ended
	31-Mar-20		30-Jun-20		30-Jun-20		31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19		31-Dec-19
Net income (loss)	$	(1,071)	$	(2,075)	$	(3,146)	$	(1,205)	$	1,633	$	2,399	$	3,648	$	6,475
Add (deduct):
Management fee income		(478)		(446)		(924)		(677)		(645)		(634)		(570)		(2,526)
Depreciation and amortization		22,338		22,245		44,583		23,245		22,109		22,559		22,996		90,909
Amortization of above/below market leases		(73)		(75)		(148)		(112)		(81)		(112)		(97)		(402)
General and administrative		3,525		3,817		7,342		3,509		3,703		3,886		3,375		14,473
Interest expense		9,063		8,980		18,043		9,368		9,371		9,036		8,982		36,757
Interest income		(382)		(381)		(763)		(1,294)		(1,259)		(395)		(390)		(3,338)
Non-property specific items, net		(48)		131		83		140		(135)		128		(11)		122
Property NOI*	$	32,874	$	32,196	$	65,070	$	32,974	$	34,696	$	36,867	$	37,933	$	142,470

*	See the Appendix for Definition of Non-GAAP Measures beginning on page 29.

June 30, 2020| Page 11

Debt Summary

(in thousands)


		Maximum		Amount		Interest			Interest
	Maturity	Amount		Drawn at		Rate (a)			Rate at	Facility
	Date	of Loan		30-Jun-20		Components			30-Jun-20	Fee

BAML Revolver	12-Jan-22	$	600,000	$	30,000	L	+	1.20%	1.38%	0.25%
JPM Term Loan (b)	30-Nov-21		150,000		150,000	L	+	1.25%	2.94%
BAML Term Loan	12-Jan-23		400,000		400,000	1.12%	+	1.35%	2.47%
BMO Term Loan Tranche A	30-Nov-21		55,000		55,000	2.32%	+	1.25%	3.57%
BMO Term Loan Tranche B	31-Jan-24		165,000		165,000	2.32%	+	1.25%	3.57%
Series A Senior Notes	20-Dec-24		116,000		116,000				3.99%
Series B Senior Notes	20-Dec-27		84,000		84,000				4.26%

		$	1,570,000	$	1,000,000				3.08%

●

On August 2, 2018, we entered into an Amended and Restated Credit Agreement with respect to the JPM Term Loan, which extended the maturity of the JPM Term Loan to November 30, 2021 and reduced the number of basis points over the LIBOR-based rate used to determine the interest rate. On March 7, 2019, we entered into interest rate swap transactions for a $100 million portion of the $150 million JPM Term Loan that fixed the LIBOR-based rate at 2.44% from March 29, 2019 and until the loan matures on November 30, 2021. Accordingly, the interest rate on the $100 million portion was 3.69% and the interest rate on the remaining $50 million portion was 1.44% at June 30, 2020. The weighted average rate at June 30, 2020 was 2.94% on the JPM Term Loan.

●

On September 27, 2018, we entered into a Second Amended and Restated Credit Agreement with respect to the BMO Term Loan, which consists of a $55 million tranche A term loan and a $165 million tranche B term loan. The tranche A term loan matures on November 30, 2021 and the tranche B term loan matures on January 31, 2024. The number of basis points over LIBOR used to determine the interest rate was reduced.

●

The BAML Revolver is subject to a 25 basis point facility fee based on our credit rating and, when applied to our availability of $600 million at June 30, 2020, would be $1.5 million annually.

●

On October 24, 2017, we entered into a note purchase agreement relating to a private placement of $200 million in aggregate principal amount of unsecured senior notes, consisting of $116 million in aggregate principal amount of 3.99% Series A Senior Notes with a 7-year maturity and $84 million in aggregate principal amount of 4.26% Series B Senior Notes with a 10-year maturity. On December 20, 2017, we drew the proceeds from the private placement and reduced the outstanding balance on our revolving line of credit.

●

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 annualized rate for this amortization to interest expense will be approximately $2.9 million.

●

Additional information on these transactions can be found in Current Reports on Form 8-K that the Company filed with the U.S. Securities and Exchange Commission on October 24, 2017, August 2, 2018 and September 27, 2018.

(a)

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

(b)

The interest rate is calculated as $100 million at the fixed rate of 3.69% and the remaining $50 million at the floating rate plus 1.25%, or 1.44% as of June 30, 2020.

June 30, 2020| Page 12

Capital Analysis

(in thousands, except per share amounts)


	31-Mar-20		30-Jun-20		31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19
Market Data:
Shares Outstanding		107,269		107,328		107,231		107,231		107,231		107,269
Closing market price per share	$	5.73	$	5.09	$	7.19	$	7.38	$	8.46	$	8.56
Market capitalization	$	614,653	$	546,301	$	770,992	$	791,366	$	907,176	$	918,224
Total debt outstanding excluding unamortized financing costs		1,000,000		1,000,000		1,010,000		970,000		970,000		970,000
Total Market Capitalization	$	1,614,653	$	1,546,301	$	1,780,992	$	1,761,366	$	1,877,176	$	1,888,224

Dividend Data:
Total dividends declared for the quarter	$	9,654	$	9,654	$	9,651	$	9,651	$	9,651	$	9,650
Common dividend declared per share	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09
Declared dividend as a % of Net income (loss) per share		-901%		-465%		-801%		591%		402%		265%
Declared dividend as a % of AFFO* per share		311%		5852%		144%		331%		93%		1774%

Liquidity:
Cash, cash equivalents and restricted cash	$	17,283	$	2,890	$	8,832	$	13,100	$	20,159	$	9,790
Revolver:
Gross potential available under the BAML Revolver		600,000		600,000		600,000		600,000		600,000		600,000
Less:
Outstanding balance		(30,000)		(30,000)		(40,000)		—		—		—
Total Liquidity	$	587,283	$	572,890	$	568,832	$	613,100	$	620,159	$	609,790

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

June 30, 2020| Page 13


	Owned Portfolio Overview


	As of the Quarter Ended
	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19
Operating Properties:
Number of properties	32	32	32	32	32
Square feet	9,508,226	9,506,513	9,504,634	9,503,964	9,498,858
Leased percentage	84.5%	85.4%	87.6%	89.7%	88.1%

Redevelopment Properties (a):
Number of properties	3	3	3	3	3
Square feet	405,215	405,215	405,215	405,215	404,652
Leased percentage	55.8%	55.8%	50.3%	50.3%	11.9%

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	37	37	37	37	37
Square feet	10,261,986	10,260,273	10,258,394	10,257,724	10,252,055

(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.

June 30, 2020| 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)

Operating Properties:

East Region								Midwest Region

Washington, D.C.								Chicago
Meadow Point	Chantilly	VA	138,537	70.3%	82.2%	$	23.19	Northwest Point	Elk Grove Village	IL	177,095	100.0%	100.0%	$	27.79
Stonecroft	Chantilly	VA	111,469	0.0%	0.0%	$	—	909 Davis Street	Evanston	IL	195,098	93.3%	93.3%	$	41.14
Loudoun Tech Center	Dulles	VA	136,658	98.9%	98.9%	$	18.27
								Indianapolis
Richmond								River Crossing	Indianapolis	IN	205,729	98.5%	98.0%	$	24.40
Innsbrook	Glen Allen	VA	298,183	57.2%	57.2%	$	18.91
								St. Louis
Raleigh-Durham								Timberlake	Chesterfield	MO	234,496	95.7%	95.7%	$	27.24
Emperor Boulevard	Durham	NC	259,531	100.0%	100.0%	$	32.37	Timberlake East	Chesterfield	MO	117,036	100.0%	100.0%	$	26.67

								Minneapolis
								121 South 8th Street	Minneapolis	MN	297,209	86.4%	88.6%	$	22.76
								Plaza Seven	Minneapolis	MN	330,096	88.8%	88.4%	$	31.24

East Region Total			944,378	70.2%	71.9%	$	24.64	Midwest Region Total			1,556,759	93.3%	93.6%	$	28.60

(a)	Weighted Occupied Percentage for the six months ended June 30, 2020.

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

June 30, 2020| 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	100.0%	91.8%	$	29.90	380 Interlocken	Broomfield	CO	240,359	73.1%	72.4%	$	33.30
One Legacy Circle	Plano	TX	214,110	52.9%	44.5%	$	36.72	1999 Broadway	Denver	CO	677,377	85.6%	79.6%	$	32.56
Addison Circle	Addison	TX	289,302	79.4%	74.9%	$	33.03	Greenwood Plaza	Englewood	CO	196,236	100.0%	100.0%	$	25.10
Collins Crossing	Richardson	TX	300,887	79.7%	79.5%	$	26.79	390 Interlocken	Broomfield	CO	241,512	98.2%	98.6%	$	33.73
Liberty Plaza	Addison	TX	216,847	73.7%	72.5%	$	23.20	1001 17th Street	Denver	CO	655,420	97.7%	98.1%	$	36.79
								600 17th Street	Denver	CO	609,353	92.9%	86.5%	$	32.20
Houston								West Region Total			2,620,257	91.4%	88.4%	$	33.20
Park Ten	Houston	TX	157,460	71.7%	71.7%	$	26.01
Eldridge Green	Houston	TX	248,399	100.0%	100.0%	$	29.81	Total Operating Properties			9,508,226	84.5%	82.3%	$	29.84
Park Ten Phase II	Houston	TX	156,746	95.0%	86.2%	$	28.16
Westchase I & II	Houston	TX	629,025	55.6%	55.9%	$	29.46
								Redevelopment Properties (c)
Atlanta								Forest Park	Charlotte	NC	62,212	35.6%	0.0%	$	—
One Overton Park	Atlanta	GA	387,267	93.3%	82.9%	$	24.30	Blue Lagoon Drive	Miami	FL	213,182	73.1%	0.0%	$	—
One Ravinia	Atlanta	GA	386,602	87.9%	86.4%	$	27.27	801 Marquette Ave	Minneapolis	MN	129,821	37.0%	37.0%	$	28.37
Two Ravinia	Atlanta	GA	411,047	69.5%	67.2%	$	27.19	Total Redevelopment Properties			405,215	55.8%	11.9%	$	28.37
Pershing Plaza	Atlanta	GA	160,145	98.9%	98.7%	$	32.22
999 Peachtree	Atlanta	GA	621,946	90.9%	86.0%	$	33.17	Total Owned Portfolio			9,913,441	83.3%	79.4%	$	29.83
South Region Total			4,386,832	80.3%	76.8%	$	29.12

(a)	Weighted Occupied Percentage for the six months ended June 30, 2020.

(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.

June 30, 2020| 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 Operating & Managed

10,261,986

June 30, 2020| Page 17

Tenants by Industry

(By Square Feet)

June 30, 2020| 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	IQVIA Holdings Inc.	1	71	259,531	2.6%	$	8,970,574	3.8%
2	CITGO Petroleum Corporation	1	20	248,399	2.5%		8,269,203	3.5%
3	Newfield Exploration Company	1	20	234,495	2.4%		9,920,838	4.2%
4	US Government (b)	3	1, 3, 7, 7, 127	231,743	2.3%		5,999,196	2.5%
5	Centene Management Company, LLC	3	36, 36, 36	216,879	2.2%		6,199,728	2.6%
6	Eversheds Sutherland (US) LLP	1	70	179,868	1.8%		6,048,032	2.5%
7	EOG Resources, Inc.	1	78	169,167	1.7%		6,052,795	2.6%
8	The Vail Corporation	1	117	164,636	1.7%		5,641,693	2.4%
9	Lennar Homes, LLC (c)	1	192	155,808	1.6%		—	0.0%
10	T-Mobile South, LLC dba T-Mobile	1	62	151,792	1.5%		4,027,042	1.7%
11	Citicorp Credit Services, Inc	1	86	146,260	1.5%		4,809,029	2.0%
12	Jones Day	1	11	140,342	1.4%		5,029,307	2.1%
13	Worldventures Holdings, LLC	2	115, 121	129,998	1.3%		3,901,586	1.6%
14	Kaiser Foundation Health Plan	1	47	120,979	1.2%		3,714,547	1.6%
15	Argo Data Resource Corporation (d)	1	38, 122	114,200	1.1%		3,280,966	1.4%
16	Giesecke & Devrient America	1	54	112,110	1.1%		2,153,633	0.9%
17	Randstad General Partner (US) (e)	1	12, 47	109,638	1.1%		2,819,226	1.2%
18	VMWare, Inc.	1	71	100,853	1.0%		3,214,072	1.4%
19	Ping Identity Corp.	1	72	89,856	1.0%		3,490,906	1.5%
20	Common Grounds LLC (f)	2	118, 147	76,984	0.8%		905,400	0.4%

			Total	3,153,538	31.8%	$	94,447,773	39.9%

Footnotes on next page

June 30, 2020| 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 June 30, 2020 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b)	Includes 9,867 square feet, which expire in 2020, and 96,876 square feet, which expire in 2021. The remaining 125,000 square feet expire in 2031.

(c)	Lease and rent commence on November 1, 2020.

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

(e) Includes 98,695 square feet, which expire in 2021, and 10,943 square feet, which expire in 2024.

(f) Includes 27,478 square feet, which expire in 2030 and 49,506 square feet, which expire in 2032. Rent commences on 49,506 square feet on October 1, 2020.

June 30, 2020| Page 20

Leasing Activity

(Owned Portfolio)


					Year		Year
	Six Months Ended				Ended		Ended
Leasing Activity (a)		30-Jun-20		30-Jun-19		31-Dec-19		31-Dec-18
(in Square Feet - SF)
New leasing		166,000		218,000		534,000		397,000
Renewals and expansions		158,000		617,000		883,000		1,284,000
		324,000		835,000		1,417,000		1,681,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	31.28	$	31.46	$	31.78	$	31.02
Weighted average lease term		6.1 Years		7.6 Years		8.3 Years		7.2 Years

Increase or decrease over average GAAP rents in prior year (b)		10.3%		13.6%		10.9%		7.3%

Average free rent		4 Months		3 Months		3 Months		4 Months
Tenant Improvements	$	22.91	$	26.69	$	34.44	$	29.13
Leasing Costs	$	7.85	$	11.18	$	13.51	$	8.99

(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.

June 30, 2020| 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.

June 30, 2020| 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

2020	22	(c)	175,855		$	5,691,036	$	32.36	2.4%	2.4%
2021	68		890,133			26,789,070		30.10	11.3%	13.7%
2022	80		1,194,556			39,788,116		33.31	16.8%	30.5%
2023	65		661,959			20,100,511		30.37	8.5%	39.0%
2024	62		859,272			26,067,918		30.34	11.0%	50.0%
2025	56		853,755			22,014,637		25.79	9.3%	59.3%
2026	30		928,953			30,421,427		32.75	12.8%	72.1%
2027	17		646,910			20,556,582		31.78	8.7%	80.8%
2028	15		407,938			7,784,568		19.08	3.3%	84.1%
2029	10		339,437			10,088,533		29.72	4.3%	88.4%
2030 and thereafter	77		1,299,842	(d)		27,542,992		21.19	11.6%	100.0%
Leased total	502		8,258,610		$	236,845,390	$	28.68	100.0%
Vacancies as of 6/30/20			1,475,577
Redevelopment properties (e)			179,254
Total Portfolio Square Footage			9,913,441

(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 June 30, 2020 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(c)	Includes 1 lease that is month-to-month.

(d)	Includes 117,089 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.

June 30, 2020| 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-Jun-20

Date

Redevelopment Activity

Redevelopment in Process

Forest Park (2)

Charlotte

62,212

5,718

1,131

35.6%

30-Jun-20

31-Dec-20

1-Apr-21

Blue Lagoon Drive (3)

Miami

213,182

39,614

13,258

73.1%

31-Dec-20

1-May-21

Total Office in Process

275,394

45,332

14,389

Redevelopment Complete But Not Stabilized

801 Marquette Ave (4)

Minneapolis

129,821

29,593

23,080

37.0%

30-Jun-17

31-Dec-20

1-Jun-21

Total

405,215

74,925

37,469

(1)

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

(2)

Leased square feet was 22,134 as of June 30, 2020.

(3)

Leased square feet was 155,808 as of June 30, 2020.

(4)

Leased square feet was 48,019 as of June 30, 2020.

June 30, 2020| Page 24


	Capital Expenditures


(in thousands)					Six Months
	For the Three Months Ended				Ended
	31-Mar-20		30-Jun-20		30-Jun-20

Tenant improvements	$	10,716	$	13,531	$	24,247
Deferred leasing costs		2,730		603		3,333
Non-investment capex		4,527		6,581		11,108
Total Capital Expenditures	$	17,973	$	20,715	$	38,688


	For the Three Months Ended								Year Ended
	31-Mar-19		30-Jun-19		30-Sep-19		31-Dec-19		31-Dec-19

Tenant improvements	$	8,318	$	10,169	$	7,890	$	15,874	$	42,251
Deferred leasing costs		4,239		3,666		1,286		3,164		12,355
Non-investment capex		2,413		4,049		3,968		6,304		16,734
Total Capital Expenditures	$	14,970	$	17,884	$	13,144	$	25,342	$	71,340

First generation leasing and investment capital was $7.1 million for six months ended June 30, 2020 and $18.1 million for the year ended December 31, 2019.

June 30, 2020| 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

2015

Two Ravinia

Atlanta

442,130

4/8/15

78,000


Recent Dispositions:					Gross Sale		Gain (loss)
	City	State	Square Feet	Date Sold	Proceeds		on Sale
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)

2015
Willow Bend	Plano	TX	117,050	2/23/15	$	20,750	$	1,462
Eden Bluff	Eden Prairie	MN	153,028	3/31/15		28,000		9,000
Park Seneca	Charlotte	NC	109,699	5/13/15		8,150		949
Montague	San Jose	CA	145,561	12/9/15		30,250		12,251

June 30, 2020| 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 August 4, 2020.

99.2		Supplemental Operating and Financial Data for the Second Quarter of 2020.

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


	FRANKLIN STREET PROPERTIES CORP.

Date: August 4, 2020	By:	/s/ George J. Carter
		George J. Carter
		Chief Executive Officer


(in thousands except per share data)
	As of		Assets:			Other information:
	30-Jun-20		Loans outstanding on secured RE	$	21,000	Leased SF to be FFO producing
Total Market Capitalization Values			Investments in SARs (book basis)		—	In 2020 (in 000's)		324
Shares outstanding		107,328.2	Straight-line rent receivable		69,062
Closing price	$	5.09	Asset held for sale		—	Straight-line rental revenue current quarter	$	377
Market capitalization	$	546,301	Cash, cash equivalents and restricted cash		2,890
Debt		1,000,000	Tenant rent receivables		4,192	Management fee income current quarter	$	23
Total Market Capitalization	$	1,546,301	Prepaid expenses		2,888	Interest income from secured loans		382
			Office computers and furniture		196	Management fees and interest income from loans	$	405
			Other assets:
	3 Months		Deferred financing costs, net		6,399
	Ended		Other assets: Derivative Market Value		—
NOI Components	30-Jun-20		Other assets - Right-to-Use Asset		1,630
				$	108,257
Same Store NOI (1)	$	32,070
Acquisitions (1) (2)		—	Liabilities:			Footnotes to the components
Property NOI (1)		32,070	Debt (excluding contra for unamortized financing costs)	$	1,000,000
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		57,990	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	32,070	Tenant security deposits		9,155
			Other liabilities: lease liability		1,716	(2) Includes NOI from acquisitions not in Same Store.
			Other liabilities: derivative liability		22,958
Financial Statement Reconciliation:				$	1,091,819	(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	60,398
Rental operating expenses		(15,470)				(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		(12,307)
NOI from dispositions & redevelopment properties		(126)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(64)
Management & other fees (5)		(361)
Property NOI (1)	$	32,070