SCHEDULE III

FRANKLIN STREET PROPERTIES CORP.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016


		Initial Cost						Historical Cost
						Costs
						Capitalized				Buildings						Total Costs,
				Buildings		(Disposals)				Improvements						Net of		Depreciable				Date of
	Encumbrances			Improvements		Subsequent to				and				Accumulated		Accumulated		Life			Year	Acquisition
Description	(1)	Land		and Equipment		Acquisition		Land		Equipment		Total (2)		Depreciation		Depreciation		Years			Built	(3)
	(in thousands)
Commercial Properties:
Forest Park, Charlotte, NC	—	$	1,559	$	5,672	$	170	$	1,559	$	5,842	$	7,401		2,280	$	5,121	5	-	39	1999	1999
Meadow Point, Chantilly, VA	—		2,634		18,911		7,028		2,634		25,939		28,573		11,647		16,926	5	-	39	1999	2001
Timberlake, Chesterfield, MO	—		2,984		38,661		8,048		2,984		46,709		49,693		17,149		32,544	5	-	39	1999	2001
Northwest Point, Elk Grove Village, IL	—		2,914		26,295		8,881		2,914		35,176		38,090		16,302		21,788	5	-	39	1999	2001
Timberlake East, Chesterfield, MO	—		2,626		17,608		4,464		2,626		22,072		24,698		7,845		16,853	5	-	39	2000	2002
Park Ten, Houston, TX	—		1,061		21,303		4,317		567		26,114		26,681		10,893		15,788	5	-	39	1999	2002
Addison, Addison, TX	—		4,325		48,040		7,233		4,325		55,273		59,598		19,019		40,579	5	-	39	1999	2002
Collins, Richardson, TX	—		4,000		42,598		6,962		4,000		49,560		53,560		18,644		34,916	5	-	39	1999	2003
Greenwood, Englewood, CO	—		3,100		30,201		10,038		3,100		40,239		43,339		13,807		29,532	5	-	39	2000	2005
River Crossing, Indianapolis, IN	—		3,000		36,926		3,799		3,000		40,725		43,725		13,287		30,438	5	-	39	1998	2005
Innsbrook, Glenn Allen, VA	—		5,000		40,216		4,175		5,000		44,391		49,391		14,796		34,595	5	-	39	1999	2003
380 Interlocken, Bloomfield, CO	—		8,275		34,462		8,490		8,275		42,952		51,227		15,387		35,840	5	-	39	2000	2003
Blue Lagoon, Miami, FL	—		6,306		46,124		1,877		6,306		48,001		54,307		15,344		38,963	5	-	39	2002	2003
Eldridge Green, Houston, TX	—		3,900		43,791		3,941		3,900		47,732		51,632		15,312		36,320	5	-	39	1999	2004
Liberty Plaza, Addison, TX	—		4,374		21,146		6,657		4,374		27,803		32,177		9,402		22,775	5	-	39	1985	2006
One Overton, Atlanta, GA	—		3,900		77,229		11,479		3,900		88,708		92,608		28,375		64,233	5	-	39	2002	2006
390 Interlocken, Broomfield, CO	—		7,013		37,751		6,556		7,013		44,307		51,320		13,405		37,915	5	-	39	2002	2006
Park Ten II, Houston, TX	—		1,300		31,712		479		1,300		32,191		33,491		8,257		25,234	5	-	39	2006	2006
Dulles Virginia, Sterling, VA	—		4,813		13,285		5,539		4,813		18,824		23,637		4,573		19,064	5	-	39	1999	2008
Stonecroft, Chantilly, VA	—		2,102		18,003		—		2,102		18,003		20,105		3,924		16,181	5	-	39	2008	2009
121 South Eight Street, Minneapolis, MN	—		4,444		15,214		15,992		4,444		31,206		35,650		5,918		29,732	5	-	39	1974	2010
801 Marquette Ave South, Minneapolis, MN	—		4,184		—		16,541		4,184		16,541		20,725		31		20,694	5	-	39	1923	2010
909 Davis, Evanston, IL	—		4,912		18,229		4,033		4,912		22,262		27,174		3,444		23,730	5	-	39	2002	2011
Emperor Boulevard, Durham, NC	—		2,423		53,997		53		2,423		54,050		56,473		9,469		47,004	5	-	39	2009	2011
Legacy Tennyson Center, Plano, TX	—		3,067		22,064		793		3,067		22,857		25,924		3,934		21,990	5	-	39	2008	2011
One Legacy Circle, Plano, TX	—		2,590		36,608		1,004		2,590		37,612		40,202		6,968		33,234	5	-	39	2008	2011
One Ravinia Drive, Atlanta, GA	—		2,686		35,125		5,495		2,686		40,620		43,306		6,297		37,009	5	-	39	1985	2012
Two Ravinia Drive, Atlanta, GA	—		7,375		58,726		7,770		7,375		66,496		73,871		4,621		69,250	5	-	39	1987	2015
Westchase I & II, Houston, TX	—		8,491		121,508		5,680		8,491		127,188		135,679		17,524		118,155	5	-	39	2008	2012
1999 Broadway, Denver CO	—		16,334		137,726		12,339		16,334		150,065		166,399		18,211		148,188	5	-	39	1986	2013
999 Peachtree, Atlanta, GA	—		10,187		107,727		11,130		10,187		118,857		129,044		13,654		115,390	5	-	39	1987	2013
1001 17th Street, Denver, CO	—		17,413		165,058		6,397		17,413		171,455		188,868		19,410		169,458	5	-	39	2006	2013
Plaza Seven, Minneapolis, MN	—		6,604		54,240		7,016		6,604		61,256		67,860		2,899		64,961	5	-	39	1987	2016
Pershing Plaza, Atlanta, GA	—		5,300		34,158		525		5,300		34,683		39,983		1,254		38,729	5	-	39	1989	2016
600 17th Street, Denver, CO	—		20,876		99,941		1,595		20,876		101,536		122,412		2,849		119,563	5	-	39	1982	2016
Balance — Real Estate	—	$	192,072	$	1,610,255	$	206,496	$	191,578	$	1,817,245	$	2,008,823	$	376,131	$	1,632,692

(1)

There are no encumbrances on the above properties.

(2)

The aggregate cost for Federal Income Tax purposes is $2,210,883.

(3)

Original date of acquisition by Sponsored Entity.

The following table summarizes the changes in the Company’s real estate investments and accumulated depreciation:


	December 31,
(in thousands)	2017		2016		2015
Real estate investments, at cost:
Balance, beginning of year	$	2,027,520	$	1,809,615	$	1,790,591
Acquisitions		—		221,119		66,104
Improvements		54,097		39,438		23,171
Assets held for sale		—		(5,023)		—
Dispositions		(72,794)		(42,652)		(70,251)
Balance -Real Estate		2,008,823		2,022,497		1,809,615

Assets held for sale		—		5,023		—
Balance, end of year	$	2,008,823	$	2,027,520	$	1,809,615

Accumulated depreciation:
Balance, beginning of year	$	338,506	$	299,991	$	266,284
Depreciation		57,312		52,466		49,637
Assets held for sale		—		(1,278)		—
Dispositions		(19,687)		(13,951)		(15,930)
Balance - Accumulated Depreciation		376,131		337,228		299,991

Assets held for sale		—		1,278		—
Balance, end of year	$	376,131	$	338,506	$	299,991