Exhibit 99.2

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300.~ www.fspreit.com


	First Quarter 2026 Table of Contents

`
	Page			Page

Company Information	3	Tenant Analysis and Leasing Activity
		Tenants by Industry		16
Key Financial Data		20 Largest Tenants with Annualized Rent and Remaining Term		17-18
Financial Highlights	4	Leasing Activity		19
Income Statements	5	Lease Expirations by Square Feet		20
Balance Sheets	6	Lease Expirations with Annualized Rent per Square Foot		21
Cash Flow Statements	7	Capital Expenditures		22
Property Net Operating Income (NOI)	8

Reconciliation		Disposition Activity		23
FFO & AFFO	9
EBITDA	10	Net Asset Value Components		24
Property NOI	11
		Appendix: Non-GAAP Financial Measures Definitions
Debt Summary	12	FFO		25
		EBITDA and NOI		26
Capital Analysis	13	AFFO		27

Owned and Consolidated Portfolio Overview	14-15

All financial information contained in this supplemental information package is unaudited. In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from FSP’s current expectations include adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, expectations for future potential property dispositions, expectations for future potential leasing activity, 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, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, 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.

			Liberty Plaza, Addison, TX

March 31, 2026| Page 2


	Company Information

Overview		Snapshot (as of March 31, 2026)
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. FSP’s real estate operations include property acquisitions and dispositions, short-term financing, leasing, development and asset management.		Corporate Headquarters	Wakefield, MA
				Fiscal Year-End	31-Dec
				Owned Properties	14
				Total Square Feet	4.8 Million
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	103,690,340

Our Business		Total Market Capitalization	$0.3 Billion (1)
As of March 31, 2026, the Company owned a portfolio of real estate consisting of 14 owned properties. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes.		Insider Holdings	5.28%



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	1001 17^th Street, Denver, CO

Inquiries
Inquiries should be directed to: Georgia Touma
877.686.9496 or InvestorRelations@fspreit.com (1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.

March 31, 2026| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
		31-Mar-26		31-Dec-25			30-Sep-25		30-Jun-25			31-Mar-25
Income Items:
Rental revenue	$	26,225		$	26,040		$	27,300	$	26,715		$	27,107
Total revenue		26,225			26,040			27,300		26,715			27,107
Net loss		(9,527)			(7,323)			(8,326)		(7,876)			(21,435)
Adjusted EBITDA*		9,186			9,680			8,582		8,790			8,418
FFO*		1,151			3,441			2,323		2,516			2,727
AFFO*		(1,602)			79			(3,181)		(514)			(693)

Per Share Data:
Loss per share	$	(0.09)		$	(0.07)		$	(0.08)	$	(0.08)		$	(0.21)
FFO*	$	0.01		$	0.03		$	0.02	$	0.02		$	0.03
AFFO*	$	(0.02)		$	0.00		$	(0.03)	$	(0.00)		$	(0.01)
Weighted Average Shares (diluted)		103,690			103,690			103,690		103,610			103,567
Closing share price	$	0.66		$	0.95		$	1.60	$	1.64		$	1.78
Dividend declared	$	0.01		$	0.01		$	0.01	$	0.01		$	0.01

Balance Sheet Items:
Real estate, net	$	788,571		$	793,722		$	799,622	$	803,412		$	810,327
Other assets, net		93,215			99,162			101,410		99,831			106,039
Total assets, net		881,786			892,884			901,032		903,243			916,366
Total liabilities, net		285,373			285,907			285,695		278,543			282,980
Stockholders' equity		596,413			606,977			615,337		624,700			633,386

Market Capitalization and Debt:
Total Market Capitalization (a)	$	343,436		$	347,423		$	414,822	$	419,870		$	434,528
Total debt outstanding (excluding unamortized financing costs)	$	275,000		$	248,917		$	248,917	$	249,818		$	250,179
Debt to Total Market Capitalization		80.1%			71.6%			60.0%		59.5%			57.6%
Net Debt to Adjusted EBITDA ratio*		6.8			5.6			6.3		6.2			6.5

Owned Properties Leasing Statistics:
Owned properties assets		14			14			14		14			14
Owned properties total SF		4,809,487			4,807,663			4,807,663		4,807,663			4,806,456
Owned properties % leased		68.4%			68.9%			68.9%		69.1%			69.2%

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

*	See pages 9 & 10 for reconciliations of Net income or loss to FFO, AFFO and Adjusted EBITDA, respectively, and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


											For the
	For the Three Months Ended		For the Three Months Ended								Year Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Revenue:
Rental	$	26,225	$	27,107	$	26,715	$	27,300	$	26,040	$	107,162
Total revenue		26,225		27,107		26,715		27,300		26,040		107,162

Expenses:
Real estate operating expenses		10,290		10,095		10,701		10,671		10,573		42,040
Real estate taxes and insurance		4,243		5,369		4,191		5,262		3,389		18,211
Depreciation and amortization		10,580		10,824		10,626		10,550		10,609		42,609
General and administrative		2,669		3,484		3,281		3,034		2,628		12,427
Interest		6,812		5,691		6,339		6,348		6,340		24,718
Total expenses		34,594		35,463		35,138		35,865		33,539		140,005

Loss on extinguishment of debt		(1,267)		(2)		(3)		(7)		—		(12)
Gain (loss) on sale of properties and impairment of assets held for sale, net		—		(13,284)		384		—		(2)		(12,902)
Interest income		163		259		248		249		230		986
Loss before taxes		(9,473)		(21,383)		(7,794)		(8,323)		(7,271)		(44,771)
Tax expense		54		52		82		3		52		189

Net loss	$	(9,527)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)

Weighted average number of shares outstanding, basic and diluted		103,690		103,567		103,610		103,690		103,690		103,640

Net loss per share, basic and diluted	$	(0.09)	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)

March 31, 2026| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		March 31,		June 30,		September 30,		December 31,
	2026		2025		2025		2025		2025
Assets:
Real estate assets:
Land	$	98,882	$	98,882	$	98,883	$	98,883	$	98,883
Buildings and improvements		1,094,771		1,083,971		1,085,048		1,088,981		1,091,728
Fixtures and equipment		11,562		11,289		11,399		11,355		11,572
		1,205,215		1,194,142		1,195,330		1,199,219		1,202,183
Less accumulated depreciation		416,644		383,815		391,918		399,597		408,461
Real estate assets, net		788,571		810,327		803,412		799,622		793,722
Acquired real estate leases, net		2,080		3,737		3,309		2,899		2,490
Assets held for sale		—		5,685		—		—		—
Cash, cash equivalents and restricted cash		23,753		31,559		30,518		31,575		30,571
Tenant rent receivables, net		1,345		1,462		1,568		1,380		471
Straight-line rent receivable, net		38,670		37,724		37,839		38,857		38,744
Prepaid expenses and other assets		4,322		3,429		3,583		3,889		4,080
Office computers and furniture, net of accumulated depreciation		124		62		55		48		136
Deferred leasing commissions, net		22,921		22,381		22,959		22,762		22,670
Total assets	$	881,786	$	916,366	$	903,243	$	901,032	$	892,884

Liabilities and Stockholders’ Equity:
Liabilities:
Initial Term Loan payable, net of unamortized financing costs and OID	$	251,527	$	—	$	—	$	—	$	—
Term loan payable, net of unamortized financing costs		—		124,861		125,124		125,114		125,555
Series A & Series B Senior Notes		—		122,595		122,656		122,449		122,686
Accounts payable and accrued expenses		26,391		27,510		22,010		28,785		28,724
Accrued compensation		234		1,205		1,911		2,635		2,394
Tenant security deposits		6,186		6,156		6,289		6,258		6,198
Lease liability		1,002		612		515		417		316
Acquired unfavorable real estate leases, net		33		41		38		37		34
Total liabilities		285,373		282,980		278,543		285,695		285,907

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—
Common stock		10		10		10		10		10
Additional paid-in capital		1,335,586		1,335,361		1,335,586		1,335,586		1,335,586
Accumulated distributions in excess of accumulated earnings		(739,183)		(701,985)		(710,896)		(720,259)		(728,619)
Total stockholders’ equity		596,413		633,386		624,700		615,337		606,977
Total liabilities and stockholders’ equity	$	881,786	$	916,366	$	903,243	$	901,032	$	892,884

March 31, 2026| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)



	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net loss	$	(9,527)	$	(21,435)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense		11,600		11,509
Loss on extinguishment of debt		1,267		2
Loss on sale of properties and impairment of assets held for sale, net		—		13,284
Changes in operating assets and liabilities:
Tenant rent receivables		(874)		(179)
Straight-line rents		221		70
Lease acquisition costs		(147)		(74)
Prepaid expenses and other assets		448		(225)
Accounts payable and accrued expenses		(4,582)		(5,914)
Accrued compensation		(2,160)		(1,892)
Tenant security deposits		(12)		(81)
Payment of deferred leasing commissions		(1,386)		(546)
Net cash used in operating activities		(5,152)		(5,481)

Cash flows from investing activities:
Property improvements, fixtures and equipment		(2,696)		(4,454)
Net cash used in investing activities		(2,696)		(4,454)

Cash flows from financing activities:
Distributions to stockholders		(1,037)		(1,036)
Cost of extinguished debt		(1,018)		—
Proceeds received from Initial Term Loans		258,500		—
Repayments of Term loans payable		(125,995)		(77)
Repayments of Series A&B Senior Notes		(122,922)		(76)
Deferred financing costs		(6,498)		—
Net cash provided by (used in) financing activities		1,030		(1,189)
Net decrease in cash, cash equivalents and restricted cash		(6,818)		(11,124)
Cash, cash equivalents and restricted cash, beginning of period		30,571		42,683
Cash, cash equivalents and restricted cash, end of period	$	23,753	$	31,559

March 31, 2026| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)



		Rentable
		Square Feet		Three Months Ended			Three Months Ended											Year Ended						%
(in thousands)		or RSF		31-Mar-26			31-Mar-25			30-Jun-25			30-Sep-25		31-Dec-25			31-Dec-25			Inc (Dec)			Change
Region
MidWest		758			1,372			1,356			1,758			1,489		1,320			5,923			16		1.2	%
South		1,908			4,692			4,331			4,393			4,144		4,740			17,608			361		8.3	%
West		2,143			5,397			5,849			5,516			5,450		5,683			22,498			(452)		(7.7)	%
Property NOI* from Owned Properties		4,809			11,461			11,536			11,667			11,083		11,743			46,029			(75)		(0.7)	%
Disposition and Acquisition Properties (a)		-			(10)			(193)			(108)			9		61			(231)			183		1.7	%
Property NOI*		4,809		$	11,451		$	11,343		$	11,559		$	11,092	$	11,804		$	45,798		$	108		1.0	%

Same Store				$	11,461		$	11,536		$	11,667		$	11,083	$	11,743		$	46,029		$	(75)		(0.7)	%

Less Nonrecurring
Items in NOI* (b)					52			55			52			52		194			353			(3)		0.0	%

Comparative
Same Store				$	11,409		$	11,481		$	11,615		$	11,031	$	11,549		$	45,676		$	(72)		(0.6)	%

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

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

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

March 31, 2026| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


											Year
	Three Months Ended		Three Months Ended								Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Net loss	$	(9,527)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		13,284		(384)		—		2		12,902
Depreciation & amortization		10,580		10,824		10,626		10,550		10,609		42,609
NAREIT FFO*		1,053		2,673		2,366		2,224		3,288		10,551
Lease Acquisition costs		98		54		150		99		153		456
Funds From Operations (FFO)*	$	1,151	$	2,727	$	2,516	$	2,323	$	3,441	$	11,007


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	1,151	$	2,727	$	2,516	$	2,323	$	3,441	$	11,007
Loss on extinguishment of debt		1,267		2		3		7		—		12
Amortization of deferred financing costs and OID		1,020		685		683		677		677		2,722
Shares issued as compensation		—		—		225		—		—		225
Straight-line rent		221		70		(74)		(37)		188		147
Tenant improvements		(3,386)		(2,374)		(1,415)		(4,469)		(2,023)		(10,281)
Leasing commissions		(1,386)		(545)		(1,702)		(929)		(1,050)		(4,226)
Non-investment capex		(489)		(1,258)		(750)		(753)		(1,154)		(3,915)
Adjusted Funds From Operations (AFFO)*	$	(1,602)	$	(693)	$	(514)	$	(3,181)	$	79	$	(4,309)

Per Share Data:
Loss per share	$	(0.09)	$	(0.21)	$	(0.08)	$	(0.08)	$	(0.07)	$	(0.43)
FFO*		0.01		0.03		0.02		0.02		0.03		0.11
AFFO*		(0.02)		(0.01)		(0.00)		(0.03)		0.00		(0.04)

Weighted Average Shares (basic and diluted)		103,690		103,567		103,610		103,690		103,690		103,640

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

March 31, 2026| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


											Year
	Three Months Ended		Three Months Ended								Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25

Net loss	$	(9,527)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)
Interest expense		6,812		5,691		6,339		6,348		6,340		24,718
Depreciation and amortization		10,580		10,824		10,626		10,550		10,609		42,609
Income taxes		54		52		82		3		52		189
EBITDA*	$	7,919	$	(4,868)	$	9,171	$	8,575	$	9,678	$	22,556
Loss on extinguishment of debt		1,267		2		3		7		—		12
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		13,284		(384)		—		2		12,902
Adjusted EBITDA*	$	9,186	$	8,418	$	8,790	$	8,582	$	9,680	$	35,470

Interest expense	$	6,812	$	5,691	$	6,339	$	6,348	$	6,340	$	24,718
Scheduled principal payments		—		—		—		—		—		—
Interest and scheduled principal payments	$	6,812	$	5,691	$	6,339	$	6,348	$	6,340	$	24,718

Interest coverage ratio		1.35		1.48		1.39		1.35		1.53		1.43

Debt service coverage ratio		1.35		1.48		1.39		1.35		1.53		1.43

Debt excluding unamortized financing costs	$	275,000	$	250,179	$	249,818	$	248,917	$	248,917
Cash, cash equivalents and restricted cash		23,753		31,559		30,518		31,575		30,571
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	251,247	$	218,620	$	219,300	$	217,342	$	218,346

Adjusted EBITDA*	$	9,186	$	8,418	$	8,790	$	8,582	$	9,680
Annualized	$	36,744	$	33,672	$	35,160	$	34,328	$	38,720

Net Debt-to-Adjusted EBITDA ratio*		6.8		6.5		6.2		6.3		5.6

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

March 31, 2026| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


											Year
	Three Months Ended		Three Months Ended								Ended
	31-Mar-26		31-Mar-25		30-Jun-25		30-Sep-25		31-Dec-25		31-Dec-25
Net loss	$	(9,527)	$	(21,435)	$	(7,876)	$	(8,326)	$	(7,323)	$	(44,960)
Add (deduct):
Loss on extinguishment of debt		1,267		2		3		7		—		12
Loss (gain) on sale of properties and impairment of assets held for sale, net		—		13,284		(384)		—		2		12,902
Management fee income		(375)		(380)		(334)		(345)		(363)		(1,422)
Depreciation and amortization		10,580		10,824		10,626		10,550		10,609		42,609
General and administrative		2,669		3,484		3,281		3,034		2,628		12,427
Interest expense		6,812		5,691		6,339		6,348		6,340		24,718
Interest income		(163)		(259)		(248)		(249)		(230)		(986)
Non-property specific items, net		188		132		152		73		141		498
Property NOI*	$	11,451	$	11,343	$	11,559	$	11,092	$	11,804	$	45,798

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

March 31, 2026| Page 11

Debt Summary

(in thousands)


	Outstanding		Interest
	Balance at:		Rate at
	31-Mar-26		31-Mar-26

Initial Term Loans	$	275,000	9.00%
Delayed Draw Term Loans		—	9.00%
	$	275,000	9.00%

●

The table above is a summary of our debt as of March 31, 2026.

●

On February 26, 2026, we entered into a Credit Agreement with Alter Domus (US) LLC, as administrative agent, and an affiliate of TPG Credit. The Credit Agreement provides for a secured credit facility for aggregate principal commitments of up to $320 million, consisting of (i) initial term loans in an aggregate principal amount of $275 million, and (ii) delayed draw term loans available upon the approval of the lenders after the closing date in an aggregate principal amount of up to $45 million. The delayed draw term loans may be used, subject to certain conditions, to fund tenant improvements, leasing commissions, building improvements and other uses approved by the lenders. We used the proceeds of the initial term loans on the closing date to refinance and retire all outstanding indebtedness under the BMO Term Loan, BofA Term Loan and the Senior Notes (as such terms are defined in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026).

●

Additional information on our current and prior debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our Quarterly Reports on Form 10-Q.

March 31, 2026| Page 12

Capital Analysis

(in thousands, except per share amounts)


		31-Mar-26		31-Mar-25			30-Jun-25			30-Sep-25			31-Dec-25
Market Data:
Shares Outstanding			103,690		103,567			103,690			103,690			103,690
Closing market price per share		$	0.66	$	1.78		$	1.64		$	1.60		$	0.95
Market capitalization		$	68,436	$	184,349		$	170,052		$	165,905		$	98,506
Total debt outstanding excluding unamortized financing costs			275,000		250,179			249,818			248,917			248,917
Total Market Capitalization		$	343,436	$	434,528		$	419,870		$	414,822		$	347,423

Dividend Data:
Total dividends declared for the quarter		$	1,037	$	1,036		$	1,035		$	1,037		$	1,037
Common dividend declared per share		$	0.01	$	0.01		$	0.01		$	0.01		$	0.01
Declared dividend as a % of Net income (loss) per share			(11)%		(5)%			(13)%			(12)%			(14)%
Declared dividend as a % of AFFO* per share			(65)%		(149)%			(202)%			(33)%			1313%

*See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 25.

March 31, 2026| Page 13


	Owned & Consolidated Portfolio Overview


		As of the Quarter Ended
		31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25
Total Owned Properties:
Number of properties		14	14	14	14	14
Square feet		4,809,487	4,807,663	4,807,663	4,807,663	4,806,456
Leased percentage		68.4%	68.9%	68.9%	69.1%	69.2%

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

Total Owned and Consolidated Properties:
Number of properties (a)		14	14	14	14	15
Square feet		4,809,487	4,807,663	4,807,663	4,807,663	5,020,216
Leased percentage		68.4%	68.9%	68.9%	69.1%	66.4%

(a)

Includes properties that were classified as assets held for sale.

March 31, 2026| Page 14


	Owned Portfolio Overview


								Percent		Wtd Occupied		GAAP										Percent		Wtd Occupied		GAAP
MSA / Property Name		City		State		Square Feet		Leased		Percentage (a)		Rent (b)		MSA / Property Name		City		State		Square Feet		Leased		Percentage (a)		Rent (b)

South Region														Midwest Region
Dallas-Fort Worth														Minneapolis
Legacy Tennyson Center		Plano		TX		209,562		60.9%		60.9%		$	31.16	121 South 8th Street		Minneapolis		MN		297,744		75.2%		74.6%		$	24.53
Addison Circle		Addison		TX		289,333		64.3%		64.3%			37.03	801 Marquette Ave		Minneapolis		MN		129,691		91.8%		91.8%			27.29
Liberty Plaza		Addison		TX		217,841		66.9%		65.4%			26.41	Plaza Seven		Minneapolis		MN		330,096		48.9%		48.9%			31.26
														Midwest Region Total						757,531		66.6%		66.3%		$	27.34
Houston
Park Ten		Houston		TX		157,609		86.8%		82.8%			27.67	West Region
Eldridge Green		Houston		TX		248,399		100.0%		100.0%			28.16	Denver
Park Ten Phase II		Houston		TX		156,746		76.3%		75.8%			28.98	1999 Broadway		Denver		CO		682,639		50.7%		48.6%		$	34.37
Westchase I & II		Houston		TX		629,025		66.2%		61.3%			23.66	Greenwood Plaza		Englewood		CO		196,236		65.0%		65.0%			31.59
														1001 17th Street		Denver		CO		652,423		77.4%		74.0%			35.62
														600 17th Street		Denver		CO		612,143		69.7%		67.6%			34.95
														West Region Total						2,143,441		65.5%		63.2%		$	34.73

South Region Total						1,908,515		72.3%		70.2%		$	28.22	Total Owned Properties						4,809,487		68.4%		66.5%		$	30.84

(a)	Weighted Occupied Percentage for the three months ended March 31, 2026.

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

March 31, 2026| Page 15

Tenants by Industry

(Owned Properties by Square Feet)

March 31, 2026| Page 16

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)


					Remaining		Aggregate							% of Aggregate
	Tenant		Number of		Lease Term		Leased		% of Total		Annualized			Leased
	Name		Leases		in Months		Square Feet		Square Feet		Rent (a)			Annualized Rent

1	CITGO Petroleum Corporation		1		84		248,399		5.2%		$	8,100,291		8.1%
2	EOG Resources, Inc.		1		9		169,167		3.5%			6,580,596		6.6%
3	US Government		2		57, 58		168,573		3.5%			6,644,733		6.6%
4	Kaiser Foundation Health Plan, Inc.		1		38		120,979		2.5%			4,145,507		4.1%
5	Deluxe Corporation		1		136		98,922		2.0%			2,988,497		3.0%
6	Ping Identity Corp. (b)		1		2, 3, 63		89,856		1.9%			2,199		0.0%
7	Olin Corporation		1		112		81,480		1.7%			2,519,361		2.5%
8	Permian Resources Operating, LLC		1		67		67,856		1.4%			3,052,903		3.1%
9	Hall and Evans LLC		1		41		65,878		1.4%			2,857,011		2.9%
10	Cyxtera Management, Inc.		1		46		61,826		1.3%			2,497,152		2.5%
11	Precision Drilling (US) Corporation		1		26		59,569		1.2%			2,128,996		2.1%
12	PwC US Group		1		34		54,334		1.1%			1,807,692		1.8%
13	Coresite, LLC		1		116		49,518		1.0%			1,874,256		1.9%
14	Schwegman, Lundberg & Woessner, P.A.		1		22		46,269		1.0%			1,414,005		1.4%
15	Ark-La-Tex Financial Services, LLC.		1		12		41,011		0.9%			1,566,049		1.6%
16	Invenergy, LLC. (c)		1		117		35,088		0.7%			—		0.0%
17	Chevron U.S.A., Inc.		1		17		35,088		0.7%			1,546,328		1.6%
18	Moss, Luse & Womble, LLC		1		125		34,071		0.7%			830,227		0.8%
19	QB Energy Operating, LLC.		1		83		34,063		0.7%			1,506,266		1.5%
20	International Business Machines Corporation (d)		1		1, 65		31,564		0.7%			1,528		0.0%

					Total		1,593,511		33.1%		$	52,063,597		52.1%

Footnotes on next page

March 31, 2026| Page 17

20 Largest Tenants with Annualized Rent and Remaining Term

(Owned Properties)

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at March 31, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 18,333 square feet expiring on May 31, 2026; 16,559 square feet expiring June 30, 2026; and 54,964 square feet expiring in 2031. Rent is abated through June 2026.

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

(d) Includes 19,095 square feet expiring in 2026 and 12,469 square feet that commenced on April 10, 2026 and expiring in 2031. Rent commences September 1, 2026.

March 31, 2026| Page 18

Leasing Activity

(Owned Properties)


				Year		Year
	Three Months Ended			Ended		Ended
Leasing Activity		31-Mar-26	31-Mar-25		31-Dec-25		31-Dec-24
(in Square Feet - SF)
New leasing		33,000	-		93,000		171,000
Renewals and expansions		112,000	60,000		320,000		445,000
		145,000	60,000		413,000		616,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	35.16	29.64	$	32.42	$	30.06
Weighted average lease term		6.2 Years	5.2 Years		5.7 Years		6.3 Years

Increase over average GAAP rents in prior year (a)		6.4%	3.4%		5.7%		8.2%

Average free rent		5 Months	3 Months		4 Months		4 Months
Tenant Improvements	$	33.55	3.77	$	23.02	$	26.06
Leasing Costs	$	11.53	6.65	$	9.24	$	9.72

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

March 31, 2026| Page 19

Lease Expirations by Square Feet

(Owned Properties)

March 31, 2026| Page 20

Lease Expirations with Annualized Rent per Square Foot (SF)

(Owned Properties)


			Rentable				Annualized		Percentage
	Number of		Square				Rent		of Total
Year of	Leases		Footage		Annualized		Per Square		Annualized
Lease	Expiring		Subject to		Rent Under		Foot Under		Rent Under
Expiration	Within the		Expiring		Expiring		Expiring		Expiring	Cumulative
March 31,	Year (a)		Leases		Leases (b)		Leases		Leases	Total

2026	26	(c)	216,212		$	5,269,802	$	24.37	5.3%	5.3%
2027	34		486,073			17,941,218		36.91	17.9%	23.2%
2028	26		242,409			7,969,512		32.88	8.0%	31.2%
2029	43		568,905			17,422,445		30.62	17.4%	48.6%
2030	20		268,950			8,784,900		32.66	8.8%	57.4%
2031	23		445,501			13,841,215		31.07	13.8%	71.2%
2032	8		77,324			1,715,555		22.19	1.7%	72.9%
2033	11		389,473			12,717,358		32.65	12.7%	85.6%
2034	9		98,153			1,759,402		17.93	1.8%	87.4%
2035	7		173,219			5,783,727		33.39	5.8%	93.2%
2036 and thereafter	24		323,687	(d)		6,800,757		21.01	6.8%	100.0%
Leased total	231		3,289,906		$	100,005,891	$	30.40	100.0%
Owned property vacant SF			1,519,581
Total Portfolio Square Footage			4,809,487

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

(b)	Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at March 31, 2026 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(c)	Includes 3 leases that are month-to-month.

(d)	Includes 52,202 square feet that are non-revenue producing building amenities.

March 31, 2026| Page 21

Capital Expenditures

(Owned and Consolidated Properties)


(in thousands)
	For the Three Months Ended
	31-Mar-26

Tenant improvements	$	3,386
Deferred leasing costs		1,386
Non-investment capex		489
Total Capital Expenditures	$	5,261


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

Tenant improvements	$	2,374	$	1,415	$	4,469	$	2,023	$	10,281
Deferred leasing costs		545		1,702		929		1,050		4,226
Non-investment capex		1,258		750		753		1,154		3,915
Total Capital Expenditures	$	4,177	$	3,867	$	6,151	$	4,227	$	18,422

First generation leasing and investment capital expenditures was $0 for the three months ended March 31, 2026 and the year ended December 31, 2025.

March 31, 2026| Page 22

Disposition Activity

(in thousands except for Square Feet)


Recent Dispositions:										Gross Sale			Gain (loss)
		City		State		Square Feet		Date Sold		Proceeds			on Sale
2025
Monument Circle		Indianapolis		IN		213,760		6/6/25		$	6,000		$	(12,914)

2024
Collins Crossing		Richardson		TX		300,887		1/26/24		$	35,000		$	(2,145)
Innsbrook		Glenn Allen		VA		298,183		7/8/2024			31,000			(13,247)
Pershing Park		Atlanta		GA		160,145		10/23/24			34,000			(27,511)

2023
Northwest Point		Elk Grove		IL		177,095		3/10/23		$	29,125		$	8,391
Forest Park		Charlotte		NC		64,198		8/9/23			9,200			(844)
Liberty Plaza (a)		Addison		TX		n/a		8/23/23			157			53
One Legacy Circle		Plano		TX		214,110		10/26/23			48,000			10,558
Blue Lagoon Drive		Miami		FL		213,182		12/6/23			68,000			(18,872)

2022
380 Interlocken		Broomfield		CO		240,359		8/31/22		$	42,000		$	5,665
390 Interlocken		Broomfield		CO		241,512		8/31/22			60,500			18,412
909 Davis		Evanston		IL		195,098		12/28/22			27,750			3,359

2021
One Ravinia		Atlanta		GA		386,602		5/27/21		$	74,879		$	29,075
Two Ravinia		Atlanta		GA		411,047		5/27/21			71,771			29
One Overton Park		Atlanta		GA		387,267		5/27/21			72,850			(6,336)
Loudoun Tech Center		Dulles		VA		136,658		6/29/21			17,250			(2,148)
River Crossing		Indianapolis		IN		205,729		8/31/21			35,050			(1,734)
Timberlake		Chesterfield		MO		234,496		9/23/21			44,667			6,184
Timberlake East		Chesterfield		MO		117,036		9/23/21			22,333			4,111
999 Peachtree		Atlanta		GA		621,946		10/22/21			223,900			86,766
Meadow Point		Chantilly		VA		138,537		11/16/21			25,500			1,878
Stonecroft		Chantilly		VA		111,469		11/16/21			14,500			(4,768)

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

(a)

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

March 31, 2026| Page 23


	Net Asset Value Components


(in thousands except per share data)
	As of
	31-Mar-26		Assets:			Other information:
Total Market Capitalization Values			Straight-line rent receivable	$	38,670	Leased SF to be FFO producing
Shares outstanding		103,690.3	Assets held for sale		—	during 2026-2028 (in 000's)		80
Closing price	$	0.66	Cash, cash equivalents and restricted cash		23,753
Market capitalization	$	68,436	Tenant rent receivables		1,345	Straight-line rental revenue current quarter	$	(221)
Debt		275,000	Prepaid expenses		3,330
Total Market Capitalization	$	343,436	Office computers and furniture		124
			Other assets:
			Deferred financing costs and OID, net		23,473
	3 Months		Other assets - Right-to-Use Asset		992
	Ended			$	91,687
NOI Components	31-Mar-26

Same Store NOI (1)	$	11,461
Acquisitions (1) (2)		—	Liabilities:
Property NOI (1)		11,461	Debt (excluding contra for unamortized financing costs and OID)	$	275,000	Footnotes to the components
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		26,625	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	11,461	Tenant security deposits		6,186
			Other liabilities: lease liability & acquired unfavorable lease liability		1,035	(2) Includes NOI from acquisitions not in Same Store.
				$	308,846
Financial Statement Reconciliation:						(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	26,225
Rental operating expenses		(10,290)				(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		(4,243)
NOI from dispositions & acquisition properties		—				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(54)
Management & other fees (5)		(177)
Property NOI (1)	$	11,461

March 31, 2026| Page 24


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Funds From Operations (“FFO”)

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

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

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

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

March 31, 2026| Page 25


	Appendix: Non-GAAP Financial Measure Definitions

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

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

Definition of Property Net Operating Income (Property NOI)

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

March 31, 2026| Page 26


	Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

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

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

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

March 31, 2026| Page 27

Investor Relations Contact

Georgia Touma ~ 877.686.9496

InvestorRelations@fspreit.com

Franklin Street Properties Corp.

Supplemental Operating & Financial Data

401 Edgewater Place ~Wakefield, MA 01880

781.557.1300 ~ www.fspreit.com

March 31, 2026| Page 28