Exhibit 99.2 

Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com

Third Quarter 2022
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	Capital Expenditures		24
Property Net Operating Income (NOI)	8
Reconciliation		Transaction Activity		25
FFO & AFFO	9
EBITDA	10	Loan Portfolio of Secured Real Estate		26
Property NOI	11
		Net Asset Value Components		27
Debt Summary	12
		Appendix: Non-GAAP Financial Measures Definitions
Capital Analysis	13	FFO		28
		EBITDA and NOI		29
Owned and Managed Portfolio Overview	14-17	AFFO		30
All financial information contained in this supplemental information package is unaudited.  In addition, certain statements contained in this supplemental information package may be deemed to be forward-looking statements within the meaning of the federal securities laws.  Although FSP believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.  Factors that could cause actual results to differ materially from FSP’s current expectations include adverse changes in general economic or local market conditions, including as a result of geopolitical events, increasing  inflation, 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, any inability to dispose of properties on acceptable terms and any delays in the timing of any such anticipated dispositions, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments.  FSP assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
			801 Marquette, Minneapolis, MN

September 30, 2022| Page 2

Company Information

Overview		Snapshot (as of September 30, 2022)
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	22
		Total Square Feet	6.4 Million
		Trading Symbol	FSP
		Exchange	NYSE American
		Common Shares Outstanding	103,235,914
Our Business		Total Market Capitalization	$0.7 Billion (1)
As of September 30, 2022, the Company owned and operated a portfolio of real estate consisting of 22 operating  properties and one managed Sponsored REIT.  From time-to-time, the Company may acquire, develop or redevelop real estate, make additional secured loans or acquire its Sponsored REIT. 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	5.52%
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	1999 Broadway, 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.

September 30, 2022| Page 3

Summary of Financial Highlights

(in thousands except per share amounts, SF & number of properties)
	30-Sep-22		30-Jun-22		31-Mar-22		31-Dec-21		30-Sep-21
Income Items:
Rental revenue	$	40,366	$	40,831	$	41,797	$	42,910	$	50,326
Total revenue		40,836		41,304		42,264		43,372		50,802
Net income (loss)		17,246		(9,110)		(4,158)		78,572		4,456
Adjusted EBITDA*		15,250		15,891		16,918		17,518		22,900
FFO*		9,041		10,257		11,582		10,955		14,797
AFFO*		(9,735)		(4,072)		918		3,241		4,555
Per Share Data:
EPS	$	0.17	$	(0.09)	$	(0.04)	$	0.75	$	0.04
FFO*	$	0.09	$	0.10	$	0.11	$	0.10	$	0.14
AFFO*	$	(0.09)	$	(0.04)	$	0.01	$	0.03	$	0.04
Weighted Average Shares (diluted)		103,236		103,193		103,691		105,098		106,905
Closing share price	$	2.63	$	4.17	$	5.90	$	5.95	$	4.64
Dividend declared	$	0.01	$	0.09	$	0.09	$	0.41	$	0.09
Balance Sheet Items:
Real estate, net	$	1,118,983	$	1,186,157	$	1,187,348	$	1,190,970	$	1,344,692
Other assets, net		143,087		145,562		149,772		173,203		161,837
Total assets, net		1,262,070		1,331,719		1,337,120		1,364,173		1,506,529
Total liabilities, net		489,509		577,687		567,234		580,970		751,456
Shareholders' equity		772,561		754,032		769,886		783,203		755,073
Market Capitalization and Debt:
Total Market Capitalization (a)	$	701,510	$	960,494	$	1,123,596	$	1,093,791	$	1,165,136
Total debt outstanding (excluding unamortized financing costs)	$	430,000	$	530,000	$	515,000	$	475,000	$	675,000
Debt to Total Market Capitalization		61.3%		55.2%		45.8%		43.4%		57.9%
Net Debt to Adjusted EBITDA ratio*		6.9		8.3		7.4		6.2		7.3
Operating Properties Leasing Statistics (b):
Operating properties assets		22		24		24		24		26
Operating properties total SF		6,433,954		6,915,715		6,915,609		6,911,225		7,671,275
Operating properties % leased		75.9%		76.3%		77.3%		78.4%		80.0%

(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 Non-GAAP Financial Measures Definitions beginning on page 28.

September 30, 2022| Page 4

Condensed Consolidated Income Statements ($ in thousands, except per share amounts)

							For the										For the
	For the Three Months Ended						Nine Months Ended		For the Three Months Ended								Year Ended
	31-Mar-22		30-Jun-22		30-Sep-22		30-Sep-22		31-Mar-21		30-Jun-21		30-Sep-21		31-Dec-21		31-Dec-21
Revenue:
Rental	$	41,797	$	40,831	$	40,366	$	122,994	$	58,623	$	55,722	$	50,326	$	42,910	$	207,581
Related party revenue:
Management fees and interest income from loans		460		467		466		1,393		410		417		419		454		1,700
Other		7		6		4		17		6		6		57		8		77
Total revenue		42,264		41,304		40,836		124,404		59,039		56,145		50,802		43,372		209,358
Expenses:
Real estate operating expenses		12,834		12,344		13,369		38,547		15,939		15,352		14,373		15,217		60,881
Real estate taxes and insurance		8,719		9,043		8,951		26,713		12,366		11,895		10,200		6,600		41,061
Depreciation and amortization		15,670		18,186		15,148		49,004		24,381		19,136		18,862		16,165		78,544
General and administrative		3,784		3,981		3,232		10,997		4,146		3,962		3,749		4,041		15,898
Interest		5,366		5,664		6,110		17,140		8,600		10,054		7,928		5,691		32,273
Total expenses		46,373		49,218		46,810		142,401		65,432		60,399		55,112		47,714		228,657
Loss on extinguishment of debt		—		—		(78)		(78)		—		(167)		(236)		(498)		(901)
Impairment and loan loss reserve		—		(1,140)		(717)		(1,857)		—		—		—		—		—
Gain on sale of properties, net		—		—		24,077		24,077		—		20,626		8,632		83,876		113,134
Income (loss) before taxes on income and equity in income of non-consolidated REITs		(4,109)		(9,054)		17,308		4,145		(6,393)		16,205		4,086		79,036		92,934
Tax expense on income		49		56		62		167		67		56		51		464		638
Equity in income of non-consolidated REITs		—		—		—		—		—		—		421		—		421
Net income (loss)	$	(4,158)	$	(9,110)	$	17,246	$	3,978	$	(6,460)	$	16,149	$	4,456	$	78,572	$	92,717
Weighted average number of shares outstanding, basic and diluted		103,691		103,193		103,236		103,372		107,328		107,359		106,905		105,098		106,667
Net income (loss) per share, basic and diluted	$	(0.04)	$	(0.09)	$	0.17	$	0.04	$	(0.06)	$	0.15	$	0.04	$	0.75	$	0.87

September 30, 2022| Page 5

	$ in thousands, except per share amounts)
	Condensed Consolidated Balance Sheets (in thousands)

	March 31,		June 30,		September 30,		March 31,		June 30,		September 30,		December 31,
	2022		2022		2022		2021		2021		2021		2021
Assets:
Real estate assets:
Land	$	146,844	$	146,844	$	131,556	$	189,155	$	170,377	$	161,767	$	146,844
Buildings and improvements		1,465,312		1,477,913		1,397,303		1,954,838		1,731,690		1,630,729		1,457,209
Fixtures and equipment		11,819		12,192		10,656		13,308		11,643		11,727		11,404
		1,623,975		1,636,949		1,539,515		2,157,301		1,913,710		1,804,223		1,615,457
Less accumulated depreciation		436,627		450,792		420,532		555,688		500,163		459,531		424,487
Real estate assets, net		1,187,348		1,186,157		1,118,983		1,601,613		1,413,547		1,344,692		1,190,970
Acquired real estate leases, net		13,453		12,373		11,177		25,836		21,932		19,864		14,934
Cash, cash equivalents and restricted cash		10,983		4,693		8,717		4,113		24,180		9,731		40,751
Tenant rent receivables, net		2,041		2,627		1,309		4,337		3,116		2,681		1,954
Straight-line rent receivable, net		51,309		54,354		50,885		69,743		61,475		58,132		49,024
Prepaid expenses and other assets		7,403		6,863		6,961		5,873		5,405		5,547		4,031
Related party mortgage loan receivable, less allowance for credit loss		24,000		22,860		22,143		21,000		21,000		21,000		24,000
Other assets: derivative asset		—		1,951		4,266		—		—		—		—
Office computers and furniture, net of accumulated depreciation		204		187		170		147		167		153		198
Deferred leasing commissions, net		40,379		39,654		37,459		56,771		49,793		44,729		38,311
Total assets	$	1,337,120	$	1,331,719	$	1,262,070	$	1,789,433	$	1,600,615	$	1,506,529	$	1,364,173
Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$	40,000	$	55,000	$	65,000	$	27,500	$	—	$	—	$	—
Term loan payable, net of unamortized financing costs		274,402		274,518		164,692		717,668		563,151		473,648		274,286
Series A & Series B Senior Notes		199,383		199,424		199,465		199,219		199,260		199,301		199,342
Accounts payable and accrued expenses		44,700		39,315		50,371		63,456		50,799		59,309		89,493
Accrued compensation		1,206		2,252		3,159		1,390		2,309		3,482		4,704
Tenant security deposits		5,837		5,819		5,726		8,041		6,807		6,169		6,219
Lease liability		1,061		962		862		1,444		1,350		1,256		1,159
Other liabilities: derivative liabilities		195		—		—		13,698		9,425		7,583		5,239
Acquired unfavorable real estate leases, net		450		397		234		1,433		829		708		528
Total liabilities		567,234		577,687		489,509		1,033,849		833,930		751,456		580,970
Commitments and contingencies
Stockholders’ Equity:
Preferred stock		—		—		—		—		—		—		—
Common stock		10		10		10		11		11		11		10
Additional paid-in capital		1,334,383		1,334,776		1,334,776		1,357,131		1,357,469		1,349,225		1,339,226
Accumulated other comprehensive loss		(195)		1,951		4,266		(13,698)		(9,425)		(7,583)		(5,239)
Accumulated distributions in excess of accumulated earnings		(564,312)		(582,705)		(566,491)		(587,860)		(581,370)		(586,580)		(550,794)
Total stockholders’ equity		769,886		754,032		772,561		755,584		766,685		755,073		783,203
Total liabilities and stockholders’ equity	$	1,337,120	$	1,331,719	$	1,262,070	$	1,789,433	$	1,600,615	$	1,506,529	$	1,364,173

September 30, 2022| Page 6

Condensed Consolidated Statements of Cash Flows (in thousands)

		Nine Months Ended September 30,
		2022		2021
Cash flows from operating activities:
Net income	$	3,978	$	14,145
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		50,472		64,390
Amortization of above and below market leases		(88)		(38)
Shares issued as compensation		394		338
Loss on extinguishment of debt		78		403
Impairment and loan loss reserve		1,857		—
Gain on sale of properties, net		(24,077)		(29,258)
Equity in income from non-consolidated REITs		—		(421)
Distributions from non-consolidated REITs		—		421
Changes in operating assets and liabilities:
Tenant rent receivables		645		4,975
Straight-line rents		(4,064)		(3,103)
Lease acquisition costs		(2,659)		(1,666)
Prepaid expenses and other assets		(1,670)		(1,035)
Accounts payable and accrued expenses		(6,388)		(8,389)
Accrued compensation		(1,545)		(436)
Tenant security deposits		(493)		(2,508)
Payment of deferred leasing commissions		(7,086)		(10,857)
Net cash provided by operating activities		9,354		26,961
Cash flows from investing activities:
Property improvements, fixtures and equipment		(38,035)		(55,008)
Proceeds received from sales of properties		102,007		319,357
Net cash provided by investing activities		63,972		264,349
Cash flows from financing activities:
Distributions to stockholders		(52,956)		(28,985)
Stock repurchases		(4,843)		(8,244)
Borrowings under bank note payable		80,000		76,500
Repayments of bank note payable		(15,000)		(80,000)
Repayment of term loan payable		(110,000)		(245,000)
Deferred Financing Costs		(2,561)		—
Net cash used in financing activities		(105,360)		(285,729)
Net increase (decrease) in cash, cash equivalents and restricted cash		(32,034)		5,581
Cash, cash equivalents and restricted cash, beginning of period		40,751		4,150
Cash, cash equivalents and restricted cash, end of period	$	8,717	$	9,731

September 30, 2022| Page 7

Property Net Operating Income (NOI)* with Same Store Comparison (in thousands)

	Rentable							Nine Months								Nine Months
	Square Feet	Three Months Ended						Ended		Three Months Ended						Ended		Inc		%
(in thousands)	or RSF	31-Mar-22		30-Jun-22		30-Sep-22		30-Sep-22		31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21		(Dec)		Change
Region
East	362	$	497	$	475	$	391	$	1,363	$	504	$	523	$	612	$	1,639	$	(276)	(16.8)	%
MidWest	1,130		3,897		4,850		3,905		12,652		3,217		3,243		3,158		9,618		3,034	31.5	%
South	2,796		5,817		5,611		5,902		17,330		7,095		7,070		6,162		20,327		(2,997)	(14.7)	%
West	2,146		8,070		6,609		6,401		21,080		8,721		8,392		8,643		25,756		(4,676)	(18.2)	%
Property NOI* from Operating Properties	6,434		18,281		17,545		16,599		52,425		19,537		19,228		18,575		57,340		(4,915)	(8.6)	%
Dispositions and Redevelopment Properties (a)	-		1,300		1,574		1,068		3,942		10,223		8,772		6,788		25,783		(21,841)	(23.6)	%
Property NOI*	6,434	$	19,581	$	19,119	$	17,667	$	56,367	$	29,760	$	28,000	$	25,363	$	83,123	$	(26,756)	(32.2)	%
Same Store		$	18,281	$	17,545	$	16,599	$	52,425	$	19,537	$	19,228	$	18,575	$	57,340	$	(4,915)	(8.6)	%
Less Nonrecurring
Items in NOI* (b)			273		1,258		494		2,025		32		34		281		347		1,678	(3.0)	%
Comparative
Same Store		$	18,008	$	16,287	$	16,105	$	50,400	$	19,505	$	19,194	$	18,294	$	56,993	$	(6,593)	(11.6)	%

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

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

* See Appendix for Non-GAAP Financial Measures Definitions beginning on page 28.

September 30, 2022| Page 8

FFO* & AFFO* Reconciliation (in thousands, except per share amounts)

							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-22		30-Jun-22		30-Sep-22		30-Sep-22		31-Mar-21		30-Jun-21		30-Sep-21		31-Dec-21		31-Dec-21
Net income (loss)	$	(4,158)	$	(9,110)	$	17,246	$	3,978	$	(6,460)	$	16,149	$	4,456	$	78,572	$	92,717
Impairment and loan loss reserve		—		1,140		717		1,857		—		—		—		—		—
Gain on sale of properties, net		—		—		(24,077)		(24,077)		—		(20,626)		(8,632)		(83,876)		(113,134)
Equity in income from non-consolidated REITs		—		—		—		—		—		—		(421)		—		(421)
FFO from non-consolidated REITs		—		—		—		—		—		—		421		—		421
Depreciation & amortization		15,661		18,141		15,114		48,916		24,349		19,130		18,861		16,169		78,509
NAREIT FFO*		11,503		10,171		9,000		30,674		17,889		14,653		14,685		10,865		58,092
Lease Acquisition costs		79		86		41		206		116		69		112		90		387
Funds From Operations (FFO)*	$	11,582	$	10,257	$	9,041	$	30,880	$	18,005	$	14,722	$	14,797	$	10,955	$	58,479
Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	11,582	$	10,257	$	9,041	$	30,880	$	18,005	$	14,722	$	14,797	$	10,955	$	58,479
Loss on extinguishment of debt		—		—		78		78		—		167		236		498		901
Reverse FFO from non-consolidated REITs		—		—		—		—		—		—		(421)		—		(421)
Distributions from non-consolidated REITs		—		—		—		—		—		—		421		—		421
Amortization of deferred financing costs		526		481		461		1,468		707		686		618		487		2,498
Shares issued as compensation		—		394		—		394		—		338		—		—		338
Straight-line rent		(1,216)		(1,688)		(1,160)		(4,064)		(1,904)		(1,041)		(245)		(827)		(4,017)
Tenant improvements		(1,877)		(5,453)		(6,813)		(14,143)		(4,491)		(4,277)		(3,952)		(1,881)		(14,601)
Leasing commissions		(3,032)		(1,327)		(2,053)		(6,412)		(2,597)		(1,922)		(2,371)		(1,319)		(8,209)
Non-investment capex		(5,065)		(6,736)		(9,289)		(21,090)		(5,336)		(3,793)		(4,528)		(4,672)		(18,329)
Adjusted Funds From Operations (AFFO)*	$	918	$	(4,072)	$	(9,735)	$	(12,889)	$	4,384	$	4,880	$	4,555	$	3,241	$	17,060
Per Share Data:
EPS	$	(0.04)	$	(0.09)	$	0.17	$	0.04	$	(0.06)	$	0.15	$	0.04	$	0.75	$	0.87
FFO*		0.11		0.10		0.09		0.30		0.17		0.14		0.14		0.10		0.55
AFFO*		0.01		(0.04)		(0.09)		(0.12)		0.04		0.05		0.04		0.03		0.16
Weighted Average Shares (basic and diluted)		103,691		103,193		103,236		103,372		107,328		107,359		106,905		105,098		106,667

* See Appendix for Non-GAAP Financial Measures Definitions beginning on page 28.

September 30, 2022| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation (in thousands, except ratio amounts)

							Nine Months										Year
	Three Months Ended						Ended		Three Months Ended								Ended
	31-Mar-22		30-Jun-22		30-Sep-22		30-Sep-22		31-Mar-21		30-Jun-21		30-Sep-21		31-Dec-21		31-Dec-21
Net income (loss)	$	(4,158)	$	(9,110)	$	17,246	$	3,978	$	(6,460)	$	16,149	$	4,456	$	78,572	$	92,717
Interest expense		5,366		5,664		6,110		17,140		8,600		10,054		7,928		5,691		32,273
Depreciation and amortization		15,661		18,141		15,114		48,916		24,349		19,130		18,861		16,169		78,509
Income taxes		49		56		62		167		67		56		51		464		638
EBITDA*	$	16,918	$	14,751		38,532	$	70,201	$	26,556	$	45,389	$	31,296	$	100,896	$	204,137
Loss on extinguishment of debt		—		—		78		78		—		167		236		498		901
Impairment and loan loss reserve		—		1,140		717		1,857		—		—		—		—		—
Gain on sale of properties, net		—		—		(24,077)		(24,077)		—		(20,626)		(8,632)		(83,876)		(113,134)
Adjusted EBITDA*	$	16,918	$	15,891	$	15,250	$	48,059	$	26,556	$	24,930	$	22,900	$	17,518	$	91,904
Interest expense	$	5,366	$	5,664	$	6,110	$	17,140	$	8,600	$	10,054	$	7,928	$	5,691	$	32,273
Scheduled principal payments		—		—		—		—		—		—		—		—		—
Interest and scheduled principal payments	$	5,366	$	5,664	$	6,110	$	17,140	$	8,600	$	10,054	$	7,928	$	5,691	$	32,273
Interest coverage ratio		3.15		2.81		2.50		2.80		3.09		2.48		2.89		3.08		2.85
Debt service coverage ratio		3.15		2.81		2.50		2.80		3.09		2.48		2.89		3.08		2.85
Debt excluding unamortized financing costs	$	515,000	$	530,000	$	430,000			$	947,500	$	765,000	$	675,000	$	475,000
Cash, cash equivalents and restricted cash		10,983		4,693		8,717				4,113		24,180		9,731		40,751
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	504,017	$	525,307	$	421,283			$	943,387	$	740,820	$	665,269	$	434,249
Adjusted EBITDA*	$	16,918	$	15,891	$	15,250			$	26,556	$	24,930	$	22,900	$	17,518
Annualized	$	67,672	$	63,564	$	61,000			$	106,224	$	99,720	$	91,600	$	70,072
Net Debt-to-Adjusted EBITDA ratio*		7.4		8.3		6.9				8.9		7.4		7.3		6.2

* See Appendix for Non-GAAP Financial Measures Definitions beginning on page 28. 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.

September 30, 2022| Page 10

Reconciliation of Net Income (Loss) to Property NOI* (in thousands)

							Nine Months								Nine Months
	Three Months Ended						Ended		Three Months Ended						Ended
	31-Mar-22		30-Jun-22		30-Sep-22		30-Sep-22		31-Mar-21		30-Jun-21		30-Sep-21		30-Sep-21
Net income (loss)	$	(4,158)	$	(9,110)	$	17,246	$	3,978	$	(6,460)	$	16,149	$	4,456	$	14,145
Add (deduct):
Loss on extinguishment of debt		—		—		78		78		—		167		236		403
Impairment and loan loss reserve		—		1,140		717		1,857		—		—		—		—
Gain on sale of properties, net		—		—		(24,077)		(24,077)		—		(20,626)		(8,632)		(29,258)
Management fee income		(291)		(267)		(274)		(832)		(465)		(403)		(380)		(1,248)
Depreciation and amortization		15,670		18,185		15,148		49,003		24,381		19,136		18,862		62,379
Amortization of above/below market leases		(9)		(45)		(34)		(88)		(32)		(6)		—		(38)
General and administrative		3,784		3,981		3,233		10,998		4,146		3,962		3,749		11,857
Interest expense		5,366		5,664		6,109		17,139		8,600		10,054		7,928		26,582
Interest income		(451)		(455)		(461)		(1,367)		(394)		(399)		(404)		(1,197)
Equity in income of non-consolidated REITs		—		—		—		—		—		—		(421)		(421)
Non-property specific items, net		(330)		26		(18)		(322)		(16)		(34)		(31)		(81)
Property NOI*	$	19,581	$	19,119	$	17,667	$	56,367	$	29,760	$	28,000	$	25,363	$	83,123

* See Appendix for Non-GAAP Financial Measures Definitions beginning on page 28.

September 30, 2022| Page 11

Debt Summary (in thousands)

		Maximum		Amount		Interest			Interest
	Maturity	Amount		Drawn at		Rate (a)			Rate at	Facility
	Date	of Loan		30-Sep-22		Components			30-Sep-22	Fee
BofA Revolver	12-Jan-24	$	237,500	$	65,000	SOFR	+	1.95%	4.95%	0.35%
BMO Term Loan Tranche B	31-Jan-24		165,000		165,000	2.39%	+	1.65%	4.04%
Series A Senior Notes	20-Dec-24		116,000		116,000				4.49%
Series B Senior Notes	20-Dec-27		84,000		84,000				4.76%
		$	602,500	$	430,000				4.44%

● The table above is a summary of our debt as of September 30, 2022.  Additional information on our debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2021, as updated in our Quarterly Reports on Form 10-Q, on file with the U.S. Securities and Exchange Commission.  

● On January 10, 2022, we entered into a new BofA Revolver for borrowings of up to $217.5 million, which is a SOFR based loan.  The new BofA Revolver matures on January 12, 2024.  On February 10, 2022, we increased our BofA Revolver availability by $20.0 million to $237.5 million as part of an accordion feature that is available to increase borrowing capacity up to an amount not exceeding $750 million in the aggregate.    

● The BofA Revolver is subject to a 35 basis point facility fee, which translates into approximately $0.8 million annually.        

● We incurred financing costs, some of which are deferred and amortized into interest expense during the terms of the loans we execute.  We estimate the future annualized amount of the amortization included in interest expense will be approximately $1.7 million.    

● On September 30, 2021, October 25, 2021 and September 6, 2022, we repaid $90 million, $200 million and $110 million, respectively, of the term loan that was part of our credit facility with Bank of America, N.A. as administrative agent and the other lending institutions party thereto, which had $400 million outstanding prior to such repayments and has been fully repaid.      

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

September 30, 2022| Page 12

Capital Analysis (in thousands, except per share amounts)

	31-Mar-22		30-Jun-22		30-Sep-22		31-Mar-21		30-Jun-21		30-Sep-21		31-Dec-21
Market Data:
Shares Outstanding		103,152		103,236		103,236		107,328		107,395		105,633		103,999
Closing market price per share	$	5.90	$	4.17	$	2.63	$	5.45	$	5.26	$	4.64	$	5.95
Market capitalization	$	608,596	$	430,494	$	271,510	$	584,939	$	564,896	$	490,136	$	618,791
Total debt outstanding excluding unamortized financing costs		515,000		530,000		430,000		947,500		765,000		675,000		475,000
Total Market Capitalization	$	1,123,596	$	960,494	$	701,510	$	1,532,439	$	1,329,896	$	1,165,136	$	1,093,791
Dividend Data:
Total dividends declared for the quarter	$	9,360	$	9,284	$	1,032	$	9,660	$	9,659	$	9,666	$	9,506
Common dividend declared per share	$	0.09	$	0.09	$	0.01	$	0.09	$	0.09	$	0.09	$	0.41
Declared dividend as a % of Net income (loss) per share		(224)%		(102)%		6%		(150)%		60%		216%		55%
Declared dividend as a % of AFFO* per share		1017%		(228)%		(11)%		220%		198%		211%		1330%
Liquidity:
Cash, cash equivalents and restricted cash	$	10,983	$	4,693	$	8,717	$	4,113	$	24,180	$	9,731	$	40,751
Revolver:
Gross potential available under the BofA Revolver		237,500		237,500		237,500		600,000		600,000		600,000		600,000
Less:
Outstanding balance		(40,000)		(55,000)		(65,000)		(27,500)		—		—		—
Total Liquidity	$	208,483	$	187,193	$	181,217	$	576,613	$	624,180	$	609,731	$	640,751

* See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 28.

September 30, 2022| Page 13

Owned Portfolio Overview

	As of the Quarter Ended
	30-Sep-22	30-Jun-22	31-Mar-22	31-Dec-21	30-Sep-21
Operating Properties:
Number of properties	22	24	24	24	26
Square feet	6,433,954	6,915,715	6,915,609	6,911,225	7,671,275
Leased percentage	75.9%	76.3%	77.3%	78.4%	80.0%
Redevelopment Properties (a):
Number of properties	—	—	—	—	1
Square feet	—	—	—	—	111,469
Leased percentage	0.0%	0.0%	0.0%	0.0%	0.0%
Total Owned Properties:
Number of properties	22	24	24	24	27
Square feet	6,433,954	6,915,715	6,915,609	6,911,225	7,782,744
Leased percentage	75.9%	76.3%	77.3%	78.4%	78.8%
Managed Properties - Single Asset REITs (SARs):
Number of properties	1	1	2	2	2
Square feet	213,760	213,760	348,545	348,545	348,545
Total Operating, Redevelopment and Managed Properties:
Number of properties	23	25	26	26	29
Square feet	6,647,714	7,129,475	7,264,154	7,259,770	8,131,289

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

September 30, 2022| Page 14

Owned Portfolio Overview

				Percent	Wtd Occupied	GAAP						Percent	Wtd Occupied	GAAP
MSA / Property Name	City	State	Square Feet	Leased	Percentage (a)	Rent (b)		MSA / Property Name	City	State	Square Feet	Leased	Percentage (a)	Rent (b)
Owned Properties:
East Region								Midwest Region
Richmond, VA								Chicago
Innsbrook	Glen Allen	VA	298,183	47.8%	48.8%	$	18.94	Northwest Point	Elk Grove Village	IL	177,095	100.0%	100.0%	$	31.64
								909 Davis Street	Evanston	IL	195,098	93.3%	92.2%	$	41.91
Charlotte, NC
Forest Park	Charlotte	NC	64,198	78.4%	78.4%	$	23.38	Minneapolis
								121 South 8th Street	Minneapolis	MN	298,121	88.6%	89.6%	$	24.85
								801 Marquette Ave	Minneapolis	MN	129,691	91.8%	89.2%	$	22.38
								Plaza Seven	Minneapolis	MN	330,096	79.3%	81.8%	$	33.56
East Region Total			362,381	53.2%	54.1%	$	20.08	Midwest Region Total			1,130,101	88.9%	89.4%	$	31.13

(a) Weighted Occupied Percentage for the nine months ended September 30, 2022.

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

September 30, 2022| 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	208,966	40.7%	40.8%	$	30.81	1999 Broadway	Denver	CO	680,255	66.9%	66.5%	$	33.64
One Legacy Circle	Plano	TX	214,110	63.7%	58.6%	$	36.94	Greenwood Plaza	Englewood	CO	196,236	66.3%	81.3%	$	26.95
Addison Circle	Addison	TX	289,333	83.0%	70.1%	$	33.73	1001 17th Street	Denver	CO	657,816	70.1%	78.6%	$	34.62
Collins Crossing	Richardson	TX	300,887	96.1%	86.1%	$	26.58	600 17th Street	Denver	CO	611,163	77.8%	77.5%	$	34.01
Liberty Plaza	Addison	TX	217,600	75.5%	70.3%	$	23.79
								West Region Total			2,145,470	70.9%	74.7%	$	33.40
Houston
Park Ten	Houston	TX	157,609	72.0%	72.0%	$	29.02	Total Owned Properties			6,433,954	75.9%	72.7%	$	30.45
Eldridge Green	Houston	TX	248,399	100.0%	100.0%	$	26.89
Park Ten Phase II	Houston	TX	156,746	95.0%	95.0%	$	28.61
Westchase I & II	Houston	TX	629,025	64.2%	55.3%	$	27.26
Miami-Ft. Lauderdale-West Palm Beach
Blue Lagoon Drive	Miami	FL	213,182	98.5%	73.6%	$	28.68
Atlanta
Pershing Plaza	Atlanta	GA	160,145	79.2%	19.4%	$	24.92
South Region Total			2,796,002	77.5%	66.9%	$	28.64

(a) Weighted Occupied Percentage for the nine months ended September 30, 2022.

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

September 30, 2022| Page 16

Managed Portfolio Overview

MSA / Property Name	City	State	Square Feet
Midwest Region
Indianapolis
Monument Circle	Indianapolis	IN	213,760
Total Managed			213,760
Total Owned & Managed			6,647,714

September 30, 2022| Page 17

Tenants by Industry (By Square Feet)

September 30, 2022| Page 18

20 Largest Tenants with Annualized Rent and Remaining Term

			Remaining	Aggregate				% of Aggregate
	Tenant	Number of	Lease Term	Leased	% of Total	Annualized		Leased
	Name	Leases	in Months	Square Feet	Square Feet	Rent (a)		Annualized Rent
1	CITGO Petroleum Corporation	1	126	248,399	3.9%	$	2,849,137	2.0%
2	EOG Resources, Inc.	1	51	169,167	2.6%		6,062,945	4.3%
3	US Government (b)	2	40, 100	168,573	2.6%		6,316,496	4.5%
4	Lennar Homes, LLC	1	174	155,808	2.4%		6,247,901	4.4%
5	Citicorp Credit Services, Inc	1	59	146,260	2.3%		4,947,976	3.5%
6	Kaiser Foundation Health Plan	1	20	120,979	1.9%		3,936,728	2.8%
7	Argo Data Resource Corporation (c)	1	11, 95	114,200	1.8%		3,358,622	2.4%
8	Swift, Currie, McGhee & Hiers, LLP (d)	1	132	101,296	1.6%		—	0.0%
9	Deluxe Corporation	1	178	98,922	1.5%		3,018,289	2.1%
10	Ping Identity Corp.	1	45	89,856	1.4%		3,543,022	2.5%
11	Permian Resources Operating, LLC (e)	1	109	67,856	1.1%		2,807,881	2.0%
12	Bread Financial Payments, Inc. (f)	1	45	67,274	1.0%		2,758,234	2.0%
13	PricewaterhouseCoopers LLP	1	76	66,304	1.0%		2,329,953	1.7%
14	Hall and Evans LLC	1	83	65,878	1.0%		2,455,474	1.7%
15	Cyxtera Management, Inc.	1	88	61,826	1.0%		2,191,403	1.5%
16	Precision Drilling (US) Corporation	1	68	59,569	0.9%		2,033,090	1.4%
17	Schwegman, Lundberg & Woessner, P.A. (g)	1	8, 64	58,263	0.9%		1,663,730	1.2%
18	EMC Corporation	1	24	57,100	0.9%		1,638,770	1.2%
19	ID Software, LLC	1	80	57,100	0.9%		1,609,649	1.1%
20	Houghton Mifflin Co.	1	54	55,643	0.9%		2,391,016	1.7%
			Total	2,030,273	31.6%	$	62,160,316	44.0%

Footnotes on next page

September 30, 2022| Page 19

20 Largest Tenants with Annualized Rent and Remaining Term

Footnotes:

(a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 2022 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

(b) Includes 43,573 square feet expiring in 2026. The remaining 125,000 square feet expire in 2031.

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

(d) Lease commenced on September 19, 2022 and rent commences on September 19, 2023.

(e) Formerly known as Centennial Resource Production, LLC.

(f) Formerly known as ADS Alliance Data Systems, Inc.

(g) Includes 11,994 square feet expiring in 2023. The remaining 46,269 square feet expire in 2028.

September 30, 2022| Page 20

Leasing Activity (Owned Portfolio)

					Year		Year
	Nine Months Ended				Ended		Ended
Leasing Activity (a)		30-Sep-22		30-Sep-21		31-Dec-21		31-Dec-20
(in Square Feet - SF)
New leasing		217,000		270,000		370,000		368,000
Renewals and expansions		125,000		622,000		665,000		762,000
		342,000		892,000		1,035,000		1,130,000
Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	33.40	$	30.10	$	30.86	$	28.47
Weighted average lease term		7.0 Years		7.8 Years		7.7 Years		8.3 Years
Increase over average GAAP rents in prior year (b)		9.6%		2.0%		2.5%		7.7%
Average free rent		6 Months		8 Months		7 Months		5 Months
Tenant Improvements	$	35.60	$	25.08	$	25.89	$	34.07
Leasing Costs	$	12.83	$	11.61	$	11.45	$	11.36

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

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

September 30, 2022| Page 21

Lease Expirations by Square Feet (Owned Portfolio)

September 30, 2022| 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
2022	11	(c)	52,558		$	1,611,480	$	30.66	1.1%	1.1%
2023	49		443,407			14,686,847		33.12	10.4%	11.5%
2024	48		706,684			22,447,038		31.76	16.0%	27.5%
2025	53		440,323			14,285,944		32.44	10.1%	37.6%
2026	33		443,470			15,853,920		35.75	11.2%	48.8%
2027	23		678,759			21,067,763		31.04	14.9%	63.7%
2028	18		275,053			7,923,659		28.81	5.6%	69.3%
2029	15		371,962			10,248,365		27.55	7.3%	76.6%
2030	11		299,779			8,024,769		26.77	5.7%	82.3%
2031	8		271,904			9,949,942		36.59	7.0%	89.3%
2032 and thereafter	43		901,309	(d)		15,050,888		16.70	10.7%	100.0%
Leased total	312		4,885,208		$	141,150,615	$	28.89	100.0%
Vacancies as of 9/30/22			1,548,746
Total Portfolio Square Footage			6,433,954

(a) The number of leases approximates the number of tenants. Tenants with lease maturities in different years are included in annual totals for each lease. Tenants may have multiple leases in the same year. Includes annualized rent from redevelopment properties. We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.

(b) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at September 30, 2022 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.

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

(d) Includes 89,401 square feet that are non-revenue producing building amenities.

September 30, 2022| Page 23

Capital Expenditures

(in thousands)							Nine Months
	For the Three Months Ended						Ended
	31-Mar-22		30-Jun-22		30-Sep-22		30-Sep-22
Tenant improvements	$	1,877	$	5,453	$	6,813	$	14,143
Deferred leasing costs		3,032		1,327		2,053		6,412
Non-investment capex		5,065		6,736		9,289		21,090
Total Capital Expenditures	$	9,974	$	13,516	$	18,155	$	41,645

	For the Three Months Ended								Year Ended
	31-Mar-21		30-Jun-21		30-Sep-21		31-Dec-21		31-Dec-21
Tenant improvements	$	4,491	$	4,277	$	3,952	$	1,881	$	14,601
Deferred leasing costs		2,597		1,922		2,371		1,319		8,209
Non-investment capex		5,336		3,793		4,528		4,672		18,329
Total Capital Expenditures	$	12,424	$	9,992	$	10,851	$	7,872	$	41,139

First generation leasing and investment capital was $6.2 million for nine months ended September 30, 2022 and $32.0 million for the year ended December 31, 2021.

September 30, 2022| Page 24

Transaction Activity (in thousands except for Square Feet)

Recent Acquisitions:	City	State	Square Feet	Date Acquired	Purchase Price
2016
Plaza Seven	Minneapolis	MN	325,796	6/6/16	$	82,000
Pershing Plaza	Atlanta	GA	160,145	8/10/16		45,450
600 17th Street	Denver	CO	613,527	12/1/16		154,260

Recent Dispositions:					Gross Sale		Gain (loss)
	City	State	Square Feet	Date Sold	Proceeds		on Sale
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
2021
One Ravinia	Atlanta	GA	386,602	5/27/21	$	74,879	$	29,075
Two Ravinia	Atlanta	GA	411,047	5/27/21		71,771		29
One Overton Park	Atlanta	GA	387,267	5/27/21		72,850		(6,336)
Loudoun Tech Center	Dulles	VA	136,658	6/29/21		17,250		(2,148)
River Crossing	Indianapolis	IN	205,729	8/31/21		35,050		(1,657)
Timberlake	Chesterfield	MO	234,496	9/23/21		44,667		6,184
Timberlake East	Chesterfield	MO	117,036	9/23/21		22,333		4,111
999 Peachtree	Atlanta	GA	621,946	10/22/21		223,900		86,766
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

September 30, 2022| Page 25

Loan Portfolio of Secured Real Estate (in thousands)

(dollars in thousands, except footnotes)			Maximum		Amount		Interest
		Maturity	Amount		Outstanding		Rate at
Sponsored REIT	Location	Date	of Loan		30-Sep-22		30-Sep-22
Mortgage loan secured by property
FSP Monument Circle LLC (1)	Indianapolis, IN	30-Jun-23	$	24,000	$	24,000	7.51%
			$	24,000	$	24,000

(1) Includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.

September 30, 2022| Page 26

Net Asset Value Components

(in thousands except per share data)
	As of		Assets:			Other information:
	30-Sep-22		Loans outstanding on secured RE	$	22,143	Leased SF to be FFO producing
Total Market Capitalization Values			Investments in SARs (book basis)		—	during 2022 and 2023 (in 000's)		187
Shares outstanding		103,235.9	Straight-line rent receivable		50,885
Closing price	$	2.63	Asset held for sale		—	Straight-line rental revenue current quarter	$	1,160
Market capitalization	$	271,510	Cash, cash equivalents and restricted cash		8,717
Debt		430,000	Tenant rent receivables		1,309	Management fee income current quarter	$	5
Total Market Capitalization	$	701,510	Prepaid expenses		4,539	Interest income from secured loans		461
			Office computers and furniture		170	Management fees and interest income from loans	$	466
			Other assets:
	3 Months		Deferred financing costs, net		2,463
	Ended		Other assets: Derivative Market Value		4,266
NOI Components	30-Sep-22		Other assets - Right-to-Use Asset		802
				$	95,294
Same Store NOI (1)	$	16,599
Acquisitions (1) (2)		—	Liabilities:			Footnotes to the components
Property NOI (1)		16,599	Debt (excluding contra for unamortized financing costs)	$	430,000
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		53,530	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	16,599	Tenant security deposits		5,726
			Other liabilities: lease liability		862	(2) Includes NOI from acquisitions not in Same Store.
			Other liabilities: derivative liability		—
Financial Statement Reconciliation:				$	490,118	(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	40,366
Rental operating expenses		(13,369)				(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		(8,951)
NOI from dispositions & redevelopment properties		(1,068)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(62)
Management & other fees (5)		(317)
Property NOI (1)	$	16,599

September 30, 2022| Page 27

Appendix: Non-GAAP Financial Measure Definitions

Definition of Funds From Operations (“FFO”)

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

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

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

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

September 30, 2022| Page 28

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 the periods presented and exclude properties that are redevelopment properties.  We also exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees.  We define redevelopment properties as properties being developed, redeveloped or where redevelopment is complete, but are in lease-up and that are not stabilized.  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.

September 30, 2022| Page 29

Appendix: Non-GAAP Financial Measure Definitions

Definition of Adjusted Funds From Operations (AFFO)

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

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

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

September 30, 2022| Page 30

Investor Relations Contact Georgia Touma ~ 877.686.9496 InvestorRelations@fspreit.com Franklin Street Properties Corp. Supplemental Operating & Financial Data 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300 ~ www.fspreit.com

September 30, 2022| Page 31