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  Title	Form 8-K - Current report
  ID	6798013
  External ID	7542826241
  Author	Unknown
  Published Date	Feb. 11, 2025, 3:43 p.m.
  Summary	false UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ​ ​ FORM 8-K ​ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ​ D
  Tags	press-release
  URL	https://mx.advfn.com/bolsa-de-valores/amex/fsp/noticias/95412775/form-8-k-current-report
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  Content ID	4227733
  Key	ed4c98e8-3f6c-477a-8c52-bf1fcd750037
  Content	false UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ​ ​ FORM 8-K ​ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ​ Date of Report (Date of earliest event reported): February 11, 2025 ​ ​ Franklin Street Properties Corp. ​ (Exact name of registrant as specified in its charter) ​ Maryland (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) ​ 401 Edgewater Place Suite 200 Wakefield Massachusetts (Address of principal executive offices) (Zip Code) ​ Registrant's telephone number, including area code: ( ​ ​ (Former name or former address, if changed since last report.) ​ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): ​ ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ​ ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ​ ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ​ ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ​ Securities registered pursuant to Section 12(b) of the Act: ​ Title of each class Trading Symbol (s) Name of each exchange on which registered Common Stock, $.0001 par value per share ​ FSP ​ NYSE American ​ ​ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ​ Emerging growth company ☐ ​ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ ​ ​ ​ Item 2.02. Results of Operations and Financial Condition. ​ On February 11, 2025, Franklin Street Properties Corp. (the “Registrant”) announced its financial results for the three and twelve months ended December 31, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The press release references certain supplemental operating and financial data that is now available on the Registrant's website. A copy of the supplemental operating and financial data is attached hereto as Exhibit 99.2 and is incorporated by reference herein. ​ The information in this Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing. ​ Item 9.01. Financial Statements and Exhibits. ​ (d) Exhibits ​ ​ ​ ​ ​ Exhibit No. Description ​ ​ ​ ​ Press Release issued by Franklin Street Properties Corp. on February 11, 2025. ​ ​ ​ ​ Supplemental Operating and Financial Data for the Fourth Quarter of 2024. ​ ​ ​ ​ Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). ​ ​ ​ ​ ​ SIGNATURES ​ Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ​ ​ FRANKLIN STREET PROPERTIES CORP. ​ ​ Date: F ebruary 11, 2025 By: /s/ George J. Carter ​ ​ George J. Carter ​ ​ Chief Executive Officer ​ ​ ​ ​ ​ ​ ​ Exhibit 99.1 ​ ​ ​ PRESS RELEASE Franklin Street Properties Corp. ​ 401 Edgewater Place ● Suite 200 ● Wakefield, Massachusetts 01880 ● ● www.fspreit.com ​ ​ ​ Contact: Georgia Touma ( For Immediate Release ​ Franklin Street Properties Corp. Announces Fourth Quarter and Full Year 2024 Results ​ Wakefield, MA—February 11, 2025—Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the fourth quarter and the year ended December 31, 2024. George J. Carter, Chairman and Chief Executive Officer, commented as follows: “During the fourth quarter of 2024, we leased a total of approximately 252,000 square feet of office space within our approximately 4.8 million square foot directly–owned property portfolio. ​ As previously reported, on October 23, 2024, we completed the sale of our last property in Atlanta, Georgia. The property, known as Pershing Park Plaza, sold for a gross selling price of $34 million. On October 25, 2024, we repaid approximately $27.4 million of our debt with a portion of the net proceeds from the Pershing Park Plaza disposition. As of October 25, 2024 and December 31, 2024, our total indebtedness was approximately $250.3 million, equivalent to approximately $52 per square foot on our remaining approximately 4.8 million square foot directly-owned property portfolio.” ​ Financial Highlights ● GAAP net loss was $8.5 million and $52.7 million, or $0.08 and $0.51 per basic and diluted share for the three and twelve months ended December 31, 2024, respectively. ● Funds From Operations (FFO) was $2.7 million and $13.3 million, or $0.03 and $0.13 per basic and diluted share, for the three and twelve months ended December 31, 2024, respectively. ​ Leasing Highlights ● During the twelve months ended December 31, 2024, we leased approximately 616,000 square feet, including 171,000 square feet of new leases. ● Our directly-owned real estate portfolio of 14 owned properties, totaling approximately 4.8 million square feet, was approximately 70.3% leased as of December 31, 2024, compared to approximately 74.0% leased as of December 31, 2023. The decrease in the leased percentage is primarily a result of three property dispositions and lease expirations during the year ended December 31, 2024, which were partially offset by leasing completed during the year ended December 31, 2024 . ● The weighted average GAAP base rent per square foot achieved on leasing activity during the year ended December 31, 2024, was $30.06, or 8.2% higher than average rents in the respective properties for the year ended December 31, 2023. The average lease term on leases signed during the year ended December 31, 2024, was 6.3 years compared to 6.8 years during the year ended December 31, 2023. Overall, the portfolio weighted average rent per occupied square foot was $31.77 as of December 31, 2024, compared to $30.72 as of December 31, 2023. ● We believe that our continuing portfolio of real estate is well located, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with upside leasing potential. ​ ​ ​ Investment Highlights ● We continue to believe that the current price of our common stock does not accurately reflect the intrinsic value of our underlying real estate assets. We will continue to seek to increase shareholder value by pursuing the sale of select properties when we believe that short to intermediate term valuation potential has been reached. ● Since December of 2020, our property dispositions have resulted in aggregate gross proceeds of approximately $1.1 billion and reflect an average sales price per square foot of approximately $211. ● Since December of 2020, we have used net proceeds from property dispositions to reduce our total indebtedness by approximately 75%, from approximately $1.0 billion to approximately $250 million. ● On October 23, 2024, we sold our last property in Atlanta, Georgia, known as Pershing Park Plaza. The property, an approximately 160,145 square foot office building, sold for a gross selling price of $34 million. On October 25, 2024, we used approximately $27.4 million of the net proceeds from the disposition to repay debt resulting in a reduction in total indebtedness to an aggregate of approximately $250.3 million, which reflects about $52 per square foot on the remaining approximately 4.8 million square foot directly owned portfolio. ​ Dividends ● On January 10, 2025, we announced that our Board of Directors declared a quarterly cash dividend for the three months ended December 31, 2024, of $0.01 per share of common stock that will be paid on February 13, 2025, to stockholders of record on January 24, 2025. ​ Consolidation of Sponsored REI T As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements. On October 29, 2021, we agreed to amend and restate our existing loan to Monument Circle that is secured by a mortgage on real estate owned by Monument Circle, which we refer to as the Sponsored REIT Loan. The amended and restated Sponsored REIT Loan extended the maturity date from December 6, 2022 to June 30, 2023 (and was further extended to September 30, 2023 on June 26, 2023), increased the aggregate principal amount of the loan from $21 million to $24 million, and included certain other modifications. On September 26, 2023, the maturity date was extended to September 30, 2024 and on September 27, 2024, was further extended to September 30, 2025. In consideration of our agreement to amend and restate the Sponsored REIT Loan, we obtained from the stockholders of Monument Circle the right to vote their shares in favor of any sale of the property owned by Monument Circle any time on or after January 1, 2023. As a result of our obtaining this right to vote shares, GAAP variable interest entity (VIE) rules required us to consolidate Monument Circle as of January 1, 2023. A gain on consolidation of approximately $0.4 million was recognized in the three months ended March 31, 2023. ​ Additional information about the consolidation of Monument Circle can be found in Note 2, “Significant Accounting Policies - Variable Interest Entities (VIEs)” and Note 3, “Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for year ended December 31, 2024. ​ Non-GAAP Financial Information A reconciliation of Net income (loss) to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I. ​ 2024 Net Income (Loss), FFO and Disposition Guidance ​ At this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income (Loss), FFO and property disposition guidance. ​ Real Estate Update Supplementary schedules provide property information for the Company's owned and consolidated properties as of December 31, 2024. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com. ​ Today's news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts. ​ Earnings Call ​ A conference call is scheduled for February 12, 2025, at 11:00 a.m. (ET) to discuss the fourth quarter and full year 2024 results. To access the call, please dial 888-440-4368 and use conference ID 5398803. Internationally, the call may be accessed by dialing 646-960-0856 and using conference ID 5398803. To listen via live audio webcast, please visit the Webcasts & Presentations section in the Investor Relations section of the Company's website (www.fspreit.com) at least ten minutes prior to the start of the call and follow the posted directions. The webcast will also be available via replay from the above location starting one hour after the call is finished. ​ ​ About Franklin Street Properties Corp. ​ Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP is focused on long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com. ​ ​ Forward-Looking Statements ​ Statements made in this press release that state FSP's or management's intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to expectations for future potential leasing activity, expectations for future potential property dispositions, the payment of dividends and the repayment of debt in future periods, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the 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, 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, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, which may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law. Franklin Street Properties Corp. Earnings Release Supplementary Information Table of Contents ​ ​ ​ ​ ​ ​ Franklin Street Properties Corp. Financial Results A-C Real Estate Portfolio Summary Information D Portfolio and Other Supplementary Information E Percentage of Leased Space F Largest 20 Tenants – FSP Owned Portfolio G Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted ​ Funds From Operations (AFFO) H Reconciliation and Definition of Sequential Same Store results to Property Net ​ Operating Income (NOI) and Net Loss I ​ ​ ​ Franklin Street Properties Corp. Financial Results Supplementary Schedule A Condensed Consolidated Statements of Operations (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ For the ​ ​ ​ Three Months Ended ​ Year Ended ​ ​ ​ December 31, ​ December 31, ​ (in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental ​ ​ ​ ​ ​ Other ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate taxes and insurance ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ Gain on consolidation of Sponsored REIT ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ Gain (loss) on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ Franklin Street Properties Corp. Financial Results Supplementary Schedule B Condensed Consolidated Balance Sheets (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ (in thousands, except share and par value amounts) Assets: ​ ​ ​ ​ ​ ​ ​ Real estate assets: ​ ​ ​ ​ ​ ​ ​ Land ​ ​ ​ Buildings and improvements ​ ​ ​ ​ ​ Fixtures and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less accumulated depreciation ​ ​ ​ ​ ​ Real estate assets, net ​ ​ ​ ​ ​ Acquired real estate leases, less accumulated amortization of $13,613 and $20,413, respectively ​ ​ ​ ​ ​ Assets held for sale ​ ​ — ​ ​ ​ Cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ Tenant rent receivables ​ ​ ​ ​ ​ Straight-line rent receivable ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ ​ ​ ​ ​ Office computers and furniture, net of accumulated depreciation of $1,073 and $1,020, respectively ​ ​ ​ ​ ​ Deferred leasing commissions, net of accumulated amortization of $14,195 and $16,008, respectively ​ ​ ​ ​ ​ Total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Bank note payable ​ — ​ ​ Term loans payable, less unamortized financing costs of $2,220 and $293, respectively ​ ​ ​ ​ ​ Series A & Series B Senior Notes, less unamortized financing costs of $1,191 and $329, respectively ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ ​ ​ ​ ​ Accrued compensation ​ ​ ​ ​ ​ Tenant security deposits ​ ​ ​ ​ ​ Lease liability ​ ​ ​ ​ ​ Acquired unfavorable real estate leases, less accumulated amortization of $89 and $396, respectively ​ ​ ​ ​ ​ Total liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding ​ ​ — ​ ​ — ​ Common stock, $.0001 par value, 180,000,000 shares authorized, 103,566,715 and 103,430,353 shares issued and outstanding, respectively ​ ​ ​ ​ ​ Additional paid-in capital ​ ​ ​ ​ ​ Accumulated other comprehensive income ​ ​ — ​ ​ ​ Accumulated distributions in excess of accumulated earnings ​ ​ ​ ​ ​ Total stockholders' equity ​ ​ ​ ​ ​ Total liabilities and stockholders' equity ​ ​ ​ ​ ​ Franklin Street Properties Corp. Financial Results Supplementary Schedule C Condensed Consolidated Statements of Cash Flows (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ (in thousands) Cash flows from operating activities: ​ ​ ​ ​ ​ ​ ​ Net loss ​ ​ ​ Adjustments to reconcile net income (loss) to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization expense ​ ​ ​ ​ ​ Amortization of above and below market leases ​ ​ ​ ​ ​ Amortization of other comprehensive income into interest expense ​ ​ ​ ​ ​ Shares issued as compensation ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ ​ Gain on consolidation of Sponsored REIT ​ ​ — ​ ​ ​ Loss on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ ​ Tenant rent receivables ​ ​ ​ ​ ​ Straight-line rents ​ ​ ​ ​ ​ Lease acquisition costs ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ ​ ​ ​ ​ Accrued compensation ​ ​ ​ ​ — ​ Tenant security deposits ​ ​ ​ ​ ​ Payment of deferred leasing commissions ​ ​ ​ ​ ​ Net cash provided by operating activities ​ ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ Property improvements, fixtures and equipment ​ ​ ​ ​ ​ Consolidation of Sponsored REIT ​ ​ — ​ ​ ​ Proceeds received from sales of properties ​ ​ ​ ​ ​ Net cash provided by investing activities ​ ​ ​ ​ ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ Distributions to stockholders ​ ​ ​ ​ ​ Proceeds received from termination of interest rate swap ​ ​ — ​ ​ ​ Borrowings under Bank note payable ​ ​ — ​ ​ ​ Repayments of Bank note payable ​ ​ ​ ​ ​ Repayments of Term loans payable ​ ​ ​ ​ ​ Repayments of Series A&B Senior Notes ​ ​ ​ ​ — ​ Deferred financing costs ​ ​ ​ ​ ​ Net cash used in financing activities ​ ​ ​ ​ ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash , beginning of year ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash , end of period ​ ​ ​ ​ Franklin Street Properties Corp. Earnings Release Supplementary Schedule D Real Estate Portfolio Summary Information (Unaudited & Approximated) ​ ​ ​ ​ ​ ​ ​ ​ Commercial portfolio lease expirations (1) ​ ​ ​ ​ ​ ​ ​ Total ​ % of ​ Year Square Feet Portfolio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thereafter (2) ​ ​ ​ ​ ​ ​ ​ Percentages are determined based upon total square footage. Includes 1,632,976 square feet of vacancies at our owned and consolidated properties as of December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars & square feet in 000's) ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ % of ​ Square ​ % of ​ State Properties Investment Portfolio Feet Portfolio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Colorado ​ ​ ​ ​ ​ ​ Texas ​ ​ ​ ​ ​ ​ ​ Minnesota ​ ​ ​ ​ ​ ​ ​ Indiana ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Franklin Street Properties Corp. Earnings Release Supplementary Schedule E Portfolio and Other Supplementary Information (Unaudited & Approximated) ​ Recurring Capital Expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ For the Three Months Ended ​ Year Ended ​ ​ 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Dec-24 ​ Tenant improvements ​ ​ ​ ​ ​ ​ Deferred leasing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-investment capex ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ For the Three Months Ended ​ Year Ended ​ ​ 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Dec-23 ​ Tenant improvements ​ ​ ​ ​ ​ ​ Deferred leasing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-investment capex ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square foot & leased percentages ​ December 31, ​ December 31, ​ ​ Owned Properties: ​ ​ ​ ​ ​ Number of properties (a) ​ ​ ​ Square feet ​ ​ ​ Leased percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Property - Single Asset REIT (SAR): ​ ​ ​ ​ ​ Number of properties ​ ​ ​ Square feet ​ ​ ​ Leased percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned and Consolidated Properties: ​ ​ ​ ​ ​ Number of properties ​ ​ ​ Square feet ​ ​ ​ Leased percentage ​ ​ ​ ​ (a) Includes two properties that were classified as assets held for sale as of December 31, 2023. ​ ​ ​ Franklin Street Properties Corp. Earnings Release Supplementary Schedule F Percentage of Leased Space (Unaudited & Estimated) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third ​ ​ ​ Fourth ​ ​ ​ ​ ​ ​ ​ ​ ​ % Leased (1) ​ Quarter ​ % Leased (1) ​ Quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ as of ​ Average % ​ as of ​ Average % ​ ​ Property Name Location Square Feet 30-Sep-24 Leased (2) 31-Dec-24 Leased (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PARK TEN ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ PARK TEN PHASE II ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ GREENWOOD PLAZA ​ Englewood, CO ​ ​ ​ ​ ​ ​ ​ ADDISON ​ Addison, TX ​ ​ ​ ​ ​ ​ ​ LIBERTY PLAZA ​ Addison, TX ​ ​ ​ ​ ​ ​ ​ ELDRIDGE GREEN ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ 121 SOUTH EIGHTH ST ​ Minneapolis, MN ​ ​ ​ ​ ​ ​ ​ 801 MARQUETTE AVE ​ Minneapolis, MN ​ ​ ​ ​ ​ ​ ​ LEGACY TENNYSON CTR ​ Plano, TX ​ ​ ​ ​ ​ ​ ​ WESTCHASE I & II ​ Houston, TX ​ ​ ​ ​ ​ ​ ​ 1999 BROADWAY ​ Denver, CO ​ ​ ​ ​ ​ ​ ​ 1001 17TH STREET ​ Denver, CO ​ ​ ​ ​ ​ ​ ​ PLAZA SEVEN ​ Minneapolis, MN ​ ​ ​ ​ ​ ​ ​ ​ PERSHING PLAZA (3) ​ Atlanta, GA ​ — ​ ​ ​ ​ ​ ​ 600 17TH STREET ​ Denver, CO ​ ​ ​ ​ ​ ​ ​ ​ OWNED PORTFOLIO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MONUMENT CIRCLE (4) ​ Indianapolis, IN ​ ​ ​ ​ ​ ​ ​ ​ OWNED & CONSOLIDATED PORTFOLIO ​ ​ ​ ​ ​ ​ ​ ​ % Leased as of month's end includes all leases that expire on the last day of the quarter. Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter. Property was sold on October 23, 2024. Consolidated property as of January 1, 2023, which was previously a managed property. ​ ​ Franklin Street Properties Corp. Earnings Release Supplementary Schedule G Largest 20 Tenants – FSP Owned and Consolidated Portfolio (Unaudited & Estimated) ​ The following table includes the largest 20 tenants in FSP's owned and consolidated portfolio based on total square feet: ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ Tenant Sq Ft Portfolio ​ CITGO Petroleum Corporation ​ ​ ​ ​ EOG Resources, Inc. ​ ​ ​ ​ US Government ​ ​ ​ ​ Kaiser Foundation Health Plan, Inc. ​ ​ ​ ​ Deluxe Corporation ​ ​ ​ ​ Ping Identity Corp. ​ ​ ​ ​ Olin Corporation ​ ​ ​ ​ Permian Resources Operating, LLC ​ ​ ​ ​ Hall and Evans LLC ​ ​ ​ ​ Cyxtera Management, Inc. ​ ​ ​ ​ Precision Drilling (US) Corporation ​ ​ ​ ​ PwC US Group ​ ​ ​ ​ Coresite, LLC ​ ​ ​ ​ Schwegman, Lundberg & Woessner, P.A. ​ ​ ​ ​ Invenergy, LLC. ​ ​ ​ ​ Ark-La-Tex Financial Services, LLC. ​ ​ ​ ​ Chevron U.S.A., Inc. ​ ​ ​ ​ QB Energy Operating, LLC ​ ​ ​ ​ CarOffer, LLC. ​ ​ ​ ​ WDT Acquisition Corporation ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Franklin Street Properties Corp. Earnings Release Supplementary Schedule H Reconciliation and Definitions of Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) ​ A reconciliation of Net income (loss) to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company's computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of Net income (loss) to FFO and AFFO: ​ Three Months Ended ​ Year Ended ​ ​ December 31, ​ December 31, (In thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ ​ Gain on consolidation of Sponsored REIT ​ ​ — ​ ​ — ​ ​ — ​ ​ Loss on sale of properties and impairment of asset held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ Depreciation & amortization ​ ​ ​ ​ ​ ​ ​ ​ NAREIT FFO ​ ​ ​ ​ ​ ​ ​ ​ Lease Acquisition costs ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations (FFO) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations (FFO) ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ — ​ ​ ​ ​ Amortization of deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ Shares issued as compensation ​ ​ — ​ ​ — ​ ​ ​ ​ Straight-line rent ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements ​ ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ ​ ​ ​ ​ ​ ​ ​ Non-investment capex ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Funds From Operations (AFFO) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EPS ​ ​ ​ ​ FFO ​ ​ ​ ​ AFFO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares (basic and diluted) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations (“FFO”) ​ The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs. ​ FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. ​ Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do. ​ We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements. ​ Adjusted Funds From Operations (“AFFO”) ​ The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding 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. ​ ​ ​ Franklin Street Properties Corp. Earnings Release Supplementary Schedule I Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income ​ Net Operating Income (“NOI”) ​ The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square Feet ​ Three Months Ended ​ Three Months Ended ​ Inc ​ (in thousands) or RSF 31-Dec-24 30-Sep-24 (Dec) Change Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MidWest ​ ​ ​ South ​ ​ ​ West ​ ​ ​ Property NOI* from Owned Properties ​ ​ ​ Disposition and Acquisition Properties (a) ​ ​ ​ ​ NOI* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sequential Same Store ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Nonrecurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Items in NOI* (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comparative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sequential Same Store ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation to ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ ​ ​ ​ ​ Net loss ​ ​ ​ 31-Dec-24 ​ 30-Sep-24 ​ ​ ​ ​ ​ ​ Net loss ​ ​ ​ ​ ​ ​ ​ ​ Add (deduct): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fee income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of above/below market leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-property specific items, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NOI* ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) We define Disposition and Acquisition Properties as properties that were sold 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. ​ *Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs. Exhibit 99.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Franklin Street Properties Corp. Supplemental Operating & Financial Data ​ ​ ​ 401 Edgewater Place ~Wakefield, MA 01880 781.557.1300.~ www.fspreit.com ​ ​ ​ Fourth Quarter 2024 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ Page ​ ​ Page ​ ​ ​ ​ ​ Company Information ​ Tenant Analysis and Leasing Activity ​ ​ ​ ​ Tenants by Industry Key Financial Data ​ ​ 20 Largest Tenants with Annualized Rent and Remaining Term Financial Highlights ​ Leasing Activity Income Statements ​ Lease Expirations by Square Feet Balance Sheets ​ Lease Expirations with Annualized Rent per Square Foot Cash Flow Statements ​ Capital Expenditures Property Net Operating Income (NOI) ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation ​ ​ Disposition Activity FFO & AFFO ​ ​ ​ EBITDA ​ Loan Portfolio of Secured Real Estate Property NOI ​ ​ ​ ​ ​ ​ Net Asset Value Components Debt Summary ​ ​ ​ ​ ​ ​ Appendix: Non-GAAP Financial Measures Definitions ​ Capital Analysis ​ FFO ​ ​ ​ EBITDA and NOI Owned and Consolidated Portfolio Overview ​ AFFO ​ ​ ​ ​ 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, the long-term effects of the COVID-19 pandemic and wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, 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, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy 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. ​ ​ ​ ​ ​ ​ 45 South Seventh Street Minneapolis, MN ​ December 31, 2024| Page ​ ​ Company Information ​ ​ Overview ​ ​ ​ ​ Snapshot (as of December 31, 2024) ​ 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, 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 ​ ​ ​ ​ ​ Owned & Consolidated Properties ​ ​ ​ ​ ​ ​ Total Square Feet 5.0 Million ​ ​ ​ ​ ​ Trading Symbol FSP ​ ​ ​ ​ ​ Exchange NYSE American ​ ​ ​ ​ ​ Common Shares Outstanding ​ ​ ​ ​ ​ ​ ​ Our Business ​ ​ ​ ​ Total Market Capitalization $0.4 Billion (1) As of December 31, 2024, the Company owned a portfolio of real estate consisting of 14 owned properties and one consolidated 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ 1420 Peachtree Street NE Atlanta, GA ​ ​ ​ ​ ​ ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024| Page ​ ​ Summary of Financial Highlights ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands except per share amounts, SF & number of properties) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 ​ Income Items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental revenue ​ ​ ​ ​ ​ ​ Total revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FFO* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ ​ ​ ​ ​ ​ FFO* ​ ​ ​ ​ ​ ​ AFFO* ​ ​ ​ ​ ​ ​ Weighted Average Shares (diluted) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing share price ​ ​ ​ ​ ​ ​ Dividend declared ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate, net ​ ​ ​ ​ ​ ​ Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market Capitalization and Debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Market Capitalization (a) ​ ​ ​ ​ ​ ​ Total debt outstanding (excluding unamortized financing costs) ​ ​ ​ ​ ​ ​ Debt to Total Market Capitalization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Debt to Adjusted EBITDA ratio* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owned Properties Leasing Statistics (b): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owned properties assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owned properties total SF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owned properties % leased ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 one property known as Monument Circle that was consolidated in our financial statements effective January 1, 2023. Please see the note: Consolidation of Sponsored REIT on page 24 for more information ​ 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 26. ​ ​ December 31, 2024| Page Condensed Consolidated Income Statements ($ in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the ​ ​ For the Three Months Ended ​ Year Ended ​ ​ For the Three Months Ended ​ Year Ended ​ ​ 31-Mar-24 ​ 30-Jun-24 ​ 30-Sep-24 ​ 31-Dec-24 ​ 31-Dec-24 ​ ​ 31-Mar-23 ​ 30-Jun-23 ​ 30-Sep-23 ​ 31-Dec-23 ​ 31-Dec-23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Other ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ ​ ​ Total revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate taxes and insurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ Gain on consolidation of Sponsored REIT ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ Gain (loss) on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ Income (loss) before taxes on income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax expense on income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024| Page ​ $ in thousands, except per share amounts) ​ Condensed Consolidated Balance Sheets (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixtures and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired real estate leases, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant rent receivables, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent receivable, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office computers and furniture, net of accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred leasing commissions, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank note payable ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ Term loan payable, net of unamortized financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A & Series B Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued compensation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant security deposits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease liability ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired unfavorable real estate leases, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commitments and contingencies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders' Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated distributions in excess of accumulated earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024| Page Condensed Consolidated Statements of Cash Flows (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ Cash flows from operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ Adjustments to reconcile net income (loss) to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization expense ​ ​ ​ ​ ​ ​ Amortization of above and below market leases ​ ​ ​ ​ ​ ​ Amortization of other comprehensive income into interest expense ​ ​ ​ ​ ​ — ​ Shares issued as compensation ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ ​ ​ Gain on consolidation of Sponsored REIT ​ — ​ ​ ​ ​ — ​ Impairment and loan loss reserve ​ — ​ ​ — ​ ​ ​ Loss on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant rent receivables ​ ​ ​ ​ ​ ​ Straight-line rents ​ ​ ​ ​ ​ ​ Lease acquisition costs ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ ​ ​ ​ ​ ​ Accounts payable and accrued expenses ​ ​ ​ ​ ​ ​ Accrued compensation ​ ​ ​ — ​ ​ ​ Tenant security deposits ​ ​ ​ ​ ​ ​ Payment of deferred leasing commissions ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Property improvements, fixtures and equipment ​ ​ ​ ​ ​ ​ Consolidation of Sponsored REIT ​ — ​ ​ ​ ​ — ​ Proceeds received from sales of properties ​ ​ ​ ​ ​ ​ Net cash provided by investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions to stockholders ​ ​ ​ ​ ​ ​ Stock repurchases ​ — ​ ​ — ​ ​ ​ Proceeds received from termination of interest rate swap ​ — ​ ​ ​ ​ — ​ Borrowings under Bank note payable ​ — ​ ​ ​ ​ ​ Repayments of Bank note payable ​ ​ ​ ​ ​ ​ Repayments of Term loans payable ​ ​ ​ ​ ​ ​ Repayments of Series A&B Senior Notes ​ ​ ​ — ​ ​ — ​ Deferred financing costs ​ ​ ​ ​ ​ ​ Net cash used in financing activities ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash, beginning of period ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash, end of period ​ ​ ​ ​ ​ December 31, 2024| Page ​ (in thousands) ​ Property Net Operating Income (NOI)* with Same Store Comparison (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Square Feet ​ Three Months Ended ​ Year Ended ​ Three Months Ended ​ Year Ended ​ ​ ​ (in thousands) or RSF 31-Mar-24 30-Jun-24 30-Sep-24 ​ 31-Dec-24 31-Dec-24 31-Mar-23 30-Jun-23 30-Sep-23 ​ 31-Dec-23 31-Dec-23 Inc (Dec) Change Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MidWest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property NOI* from Owned Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Disposition and Acquisition Properties (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property NOI* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same Store ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Nonrecurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Items in NOI* (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comparative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same Store ​ ​ ​ ​ ​ (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 26. ​ ​ December 31, 2024| Page FFO* & AFFO* Reconciliation (in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ Three Months Ended ​ Ended ​ ​ Three Months Ended ​ Ended ​ ​ 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Dec-24 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Dec-23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Gain) on consolidation of Sponsored REIT ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ (Gain) loss on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation & amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NAREIT FFO* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Acquisition costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations (FFO)* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Funds From Operations (AFFO)* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations (FFO)* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ ​ Amortization of deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares issued as compensation ​ ​ — ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ — ​ ​ ​ Straight-line rent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leasing commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-investment capex ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted Funds From Operations (AFFO)* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FFO* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares (basic and diluted) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26. ​ ​ December 31, 2024| Page ​ ​ ​ EBITDA* & Adjusted EBITDA* Reconciliation (in thousands, except ratio amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ Three Months Ended ​ Ended ​ ​ Three Months Ended ​ Ended ​ 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Dec-24 ​ ​ 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Dec-23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EBITDA* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ Gain on consolidation of Sponsored REIT ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (Gain) loss on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Scheduled principal payments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Interest and scheduled principal payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest coverage ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt service coverage ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt excluding unamortized financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Debt (Debt less Cash, cash equivalents and restricted cash) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted EBITDA* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Debt-to-Adjusted EBITDA ratio* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26. ​ December 31, 2024| Page ​ ​ ​ Reconciliation of Net Income (Loss) to Property NOI* (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ ​ Three Months Ended ​ Ended ​ Three Months Ended ​ Ended ​ ​ 31-Mar-24 30-Jun-24 30-Sep-24 ​ 31-Dec-24 31-Dec-24 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Dec-23 Net income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Add (deduct): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on extinguishment of debt ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ ​ Gain on consolidation of Sponsored REIT ​ ​ — ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ (Gain) loss on sale of properties and impairment of assets held for sale, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fee income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of above/below market leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ General and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Non-property specific items, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property NOI* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26. ​ ​ ​ December 31, 2024| Page Debt Summary (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Interest ​ Interest ​ ​ ​ Maturity ​ Balance at: ​ Rate (a) ​ Rate at ​ ​ Date 31-Dec-24 Components 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BofA Term Loan ​ 1-Apr-26 ​ ​ SOFR ​ ​ BMO Term Loan Tranche B ​ 1-Apr-26 ​ ​ ​ SOFR ​ ​ Series A Senior Notes ​ 1-Apr-26 ​ ​ ​ ​ ​ ​ ​ ​ Series B Senior Notes ​ 1-Apr-26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ● The table above is a summary of our debt as of December 31, 2024. Additional information on our debt can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, which may be updated in our future Quarterly Reports on Form 10-Q, on file with the U.S. Securities and Exchange Commission. ● On February 21, 2024, we entered into an amendment to the credit agreement evidencing our BMO Term Loan Tranche B. On February 21, 2024, as part of the amendment to the credit agreement, we repaid a $29.0 million portion of the BMO Term Loan, so that $86.0 million of the principal amount remains outstanding. The amendment, among other items, extended the maturity date from October 1, 2024 to April 1, 2026. ● On February 21, 2024, we entered into an amendment to the credit agreement evidencing our BofA Revolver. On February 21, 2024, as part of the amendment to the revolving line of credit agreement, we repaid a $22.7 million portion of the $90 million then outstanding, so that $67.3 million of the principal amount remained outstanding. The amendment, among other items, extended the maturity date from October 1, 2024 to April 1, 2026 and converted the revolving loan to a term loan. ● On February 21, 2024, we entered into an amendment to the note purchase agreement evidencing our $200 million of Senior Notes. On February 21, 2024, as part of the amendment to the note purchase agreement, we repaid a $29.2 million portion of the Series A Notes, so that $86.8 million of the principal amount remained outstanding. On February 21, 2024, as part of the amendment to the note purchase agreement, we repaid a $21.2 million portion of the Series B Notes, so that $62.8 million of the principal amount remained outstanding. The amendment, among other items, changed the maturity date applicable to the Series A Notes from December 20, 2024 to April 1, 2026, and changed the maturity date applicable to the Series B Notes from December 20, 2027 to April 1, 2026. ● On July 8, 2024, we sold a property located in Glen Allen, Virginia for a gross sales price of $31 million and on July 10, 2024, we used approximately $25.3 million of net proceeds to repay our outstanding debt pari passu based on principal amounts then outstanding, resulting in the debt that remains outstanding included in the table above. ● On October 23, 2024, we sold a property located in Atlanta, Georgia for a gross selling price of $34 million and on October 25, 2024, we used approximately $27.4 million of net proceeds to repay our outstanding debt pari passu based on principal amounts then outstanding. ● 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 $3.0 million. ​ (a) Interest rates exclude amortization of deferred financing costs. ​ ​ December 31, 2024| Page ​ ​ ​ Capital Analysis (in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31-Mar-24 ​ 30-Jun-24 ​ 30-Sep-24 ​ 31-Dec-24 ​ ​ 31-Mar-23 ​ 30-Jun-23 ​ 30-Sep-23 ​ 31-Dec-23 ​ Market Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Closing market price per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market capitalization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt outstanding excluding unamortized financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Market Capitalization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividend Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total dividends declared for the quarter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common dividend declared per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared dividend as a % of Net income (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declared dividend as a % of AFFO* per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liquidity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolver (converted to Term Loan 2/21/24): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross potential available under the BofA Revolver ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding balance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liquidity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See page 9 for a reconciliation of Net Income (Loss) to AFFO and the Appendix for Non-GAAP Financial Measures Definitions beginning on page 26. ​ ​ December 31, 2024| Page ​ ​ ​ Owned & Consolidated Portfolio Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of the Quarter Ended ​ ​ 31-Dec-24 ​ 30-Sep-24 ​ 30-Jun-24 ​ 31-Mar-24 ​ 31-Dec-23 Total Owned Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of properties (a) ​ ​ ​ ​ ​ ​ Square feet ​ ​ ​ ​ ​ ​ Leased percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Property - Single Asset REIT (SAR): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of properties ​ ​ ​ ​ ​ ​ Square feet ​ ​ ​ ​ ​ ​ Leased percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned and Consolidated Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of properties ​ ​ ​ ​ ​ ​ Square feet ​ ​ ​ ​ ​ ​ Leased percentage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Includes properties that were classified as assets held for sale. ​ ​ ​ ​ December 31, 2024| Page ​ ​ ​ Owned & Consolidated 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 ​ ​ ​ ​ ​ ​ 121 South 8th Street ​ Minneapolis ​ MN ​ ​ ​ ​ ​ Addison Circle ​ Addison ​ TX ​ ​ ​ ​ ​ ​ ​ 801 Marquette Ave ​ Minneapolis ​ MN ​ ​ ​ ​ ​ ​ Liberty Plaza ​ Addison ​ TX ​ ​ ​ ​ ​ ​ ​ Plaza Seven ​ Minneapolis ​ MN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Houston ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indianapolis, IN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Park Ten ​ Houston ​ TX ​ ​ ​ ​ ​ ​ ​ Monument Circle (c) ​ Indianapolis ​ IN ​ ​ ​ ​ ​ ​ Eldridge Green ​ Houston ​ TX ​ ​ ​ ​ ​ ​ ​ Midwest Region Total ​ ​ ​ ​ ​ ​ ​ ​ ​ Park Ten Phase II ​ Houston ​ TX ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Westchase I & II ​ Houston ​ TX ​ ​ ​ ​ ​ ​ ​ West Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denver ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1999 Broadway ​ Denver ​ CO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greenwood Plaza ​ Englewood ​ CO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1001 17th Street ​ Denver ​ CO ​ ​ ​ ​ ​ ​ South Region Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600 17th Street ​ Denver ​ CO ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Region Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned & Consolidated Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Weighted Occupied Percentage for the year ended December 31, 2024. (b) Weighted Average GAAP Rent per Occupied Square Foot. (c) Consolidated as of January 1, 2023, held by Single Asset REIT (SAR). December 31, 2024| Page ​ ​ ​ Tenants by Industry (Owned and Consolidated Properties by Square Feet) ​ ​ ​ December 31, 2024| Page ​ ​ ​ 20 Largest Tenants with Annualized Rent and Remaining Term (Owned and Consolidated 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CITGO Petroleum Corporation ​ ​ ​ ​ ​ ​ ​ ​ EOG Resources, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ US Government (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ Kaiser Foundation Health Plan, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Deluxe Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ Ping Identity Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ Olin Corporation (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Resources Operating, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ Hall and Evans LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ Cyxtera Management, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ Precision Drilling (US) Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ PwC US Group ​ ​ ​ ​ ​ ​ ​ ​ ​ Coresite, LLC ​ ​ ​ ​ ​ ​ — ​ ​ ​ Schwegman, Lundberg & Woessner, P.A. ​ ​ ​ ​ ​ ​ ​ ​ ​ Invenergy, LLC. (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ Ark-La-Tex Financial Services, LLC. ​ ​ ​ ​ ​ ​ ​ ​ ​ Chevron U.S.A., Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ QB Energy Operating, LLC. (e) ​ ​ ​ ​ ​ ​ ​ ​ ​ CarOffer, LLC. ​ ​ ​ ​ ​ ​ ​ ​ ​ WDT Acquisition Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Footnotes on next page ​ ​ ​ ​ December 31, 2024| Page ​ ​ ​ 20 Largest Tenants with Annualized Rent and Remaining Term (Owned and Consolidated Properties) ​ Footnotes: ​ (a) Annualized rent represents the monthly rent charged, including tenant reimbursements, for each lease in effect at December 31, 2024 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 27,400 square feet that commenced on January 1, 2025. (d) Includes 7,417 square feet expiring in 2025; 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. (e) Formerly known as Caerus Operating, LLC. ​ ​ ​ ​ December 31, 2024| Page ​ ​ ​ Leasing Activity (Owned and Consolidated Properties) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ​ Year ​ Year ​ ​ Ended Ended Ended Leasing Activity ​ ​ 31-Dec-24 ​ ​ 31-Dec-23 ​ ​ 31-Dec-22 ​ (in Square Feet - SF) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New leasing ​ ​ ​ ​ ​ ​ ​ Renewals and expansions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information per SF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Activity on a year-to-date basis) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAAP Rents on leasing ​ ​ ​ ​ ​ Weighted average lease term ​ ​ 6.3 Years ​ ​ 6.8 Years ​ ​ 6.4 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase over average GAAP rents in prior year (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average free rent ​ ​ 4 Months ​ ​ 6 Months ​ ​ 6 Months ​ Tenant Improvements ​ ​ ​ ​ ​ Leasing Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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. ​ ​ ​ December 31, 2024| Page ​ ​ ​ Lease Expirations by Square Feet (Owned and Consolidated Properties) ​ ​ ​ ​ ​ ​ ​ December 31, 2024| Page ​ ​ ​ Lease Expirations with Annualized Rent per Square Foot (SF) (Owned and Consolidated 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 ​ December 31, Year (a) Leases (e) Leases (b) Leases Leases Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2035 and thereafter ​ ​ (d) ​ ​ ​ ​ ​ Leased total ​ ​ ​ ​ ​ ​ ​ Owned property vacant SF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monument Circle vacant SF (e) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Portfolio Square Footage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 December 31, 2024 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges. (c) Includes 2 leases that are month-to-month. (d) Includes 51,088 square feet that are non-revenue producing building amenities. (e) Includes one property known as Monument Circle that was consolidated in our financial statements effective January 1, 2023. Please see the note: Consolidation of Sponsored REIT on page 24 for more information. ​ ​ ​ December 31, 2024| Page ​ ​ ​ Capital Expenditures (Owned and Consolidated Properties) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ Year ​ ​ For the Three Months Ended ​ Ended ​ 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements ​ ​ ​ ​ Deferred leasing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-investment capex ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Capital Expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ Year Ended ​ 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Dec-23 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements ​ ​ ​ ​ ​ Deferred leasing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-investment capex ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Capital Expenditures ​ ​ ​ ​ ​ ​ First generation leasing and investment capital expenditures was $0 for the year ended December 31 and $1.5 million for the year ended December 31, 2023. December 31, 2024| Page ​ ​ ​ Disposition Activity (in thousands except for Square Feet) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recent Dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Sale ​ Gain (loss) ​ ​ City State Square Feet Date Sold Proceeds on Sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collins Crossing ​ Richardson ​ TX ​ ​ ​ ​ ​ Innsbrook ​ Glenn Allen ​ VA ​ ​ ​ ​ ​ ​ ​ Pershing Park ​ Atlanta ​ GA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northwest Point ​ Elk Grove ​ IL ​ ​ ​ ​ ​ Forest Park ​ Charlotte ​ NC ​ ​ ​ ​ ​ ​ ​ Liberty Plaza (a) ​ Addison ​ TX ​ n/a ​ ​ ​ ​ ​ ​ One Legacy Circle ​ Plano ​ TX ​ ​ ​ ​ ​ ​ ​ Blue Lagoon Drive ​ Miami ​ FL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 380 Interlocken ​ Broomfield ​ CO ​ ​ ​ ​ ​ 390 Interlocken ​ Broomfield ​ CO ​ ​ ​ ​ ​ ​ ​ 909 Davis ​ Evanston ​ IL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ One Ravinia ​ Atlanta ​ GA ​ ​ ​ ​ ​ Two Ravinia ​ Atlanta ​ GA ​ ​ ​ ​ ​ ​ ​ One Overton Park ​ Atlanta ​ GA ​ ​ ​ ​ ​ ​ ​ Loudoun Tech Center ​ Dulles ​ VA ​ ​ ​ ​ ​ ​ ​ River Crossing ​ Indianapolis ​ IN ​ ​ ​ ​ ​ ​ ​ Timberlake ​ Chesterfield ​ MO ​ ​ ​ ​ ​ ​ ​ Timberlake East ​ Chesterfield ​ MO ​ ​ ​ ​ ​ ​ ​ 999 Peachtree ​ Atlanta ​ GA ​ ​ ​ ​ ​ ​ ​ Meadow Point ​ Chantilly ​ VA ​ ​ ​ ​ ​ ​ ​ Stonecroft ​ Chantilly ​ VA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Emperor Boulevard ​ Durham ​ NC ​ ​ ​ ​ ​ (a) Conveyance of approximately 7,826 square feet of land as part of a road revitalization project. ​ December 31, 2024| Page ​ ​ ​ 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 31-Dec-24 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loan secured by property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FSP Monument Circle LLC (1) ​ Indianapolis, IN ​ 30-Sep-25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower. ​ On September 27, 2024, the maturity date of this mortgage loan was extended to September 30, 2025. The mortgage loan is secured by the property and has been eliminated in consolidation, which is explained below. ​ Consolidation of Sponsored REIT ​ As of January 1, 2023, we consolidated Monument Circle into our financial statements. On October 29, 2021, we agreed to amend and restate our existing loan to Monument Circle that is secured by a mortgage on real estate owned by Monument Circle, which we refer to as the Sponsored REIT Loan. The amended and restated Sponsored REIT Loan extended the maturity date from December 6, 2022 to June 30, 2023 (and was further extended to September 30, 2023 on June 26, 2023), increased the aggregate principal amount of the loan from $21 million to $24 million, and included certain other modifications. On September 26, 2023, the maturity date of this mortgage loan was extended to September 30, 2024 and on September 27, 2024, further extended to September 30, 2025. In consideration of our agreement to amend and restate the Sponsored REIT Loan, we obtained from the stockholders of Monument Circle the right to vote their shares in favor of any sale of the property owned by Monument Circle any time on or after January 1, 2023. As a result of our obtaining this right to vote shares, GAAP variable interest entity (VIE) rules required us to consolidate Monument Circle as of January 1, 2023. A gain on consolidation of approximately $0.4 million was recognized in the three months ended March 31, 2023. ​ Additional information about the consolidation of Monument Circle can be found in Note 2, “Significant Accounting Policies - Variable Interest Entities (VIEs)” and Note 3, “Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for year ended December 31, 2024. ​ December 31, 2024| Page ​ ​ ​ Net Asset Value Components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands except per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31-Dec-24 Assets: ​ ​ ​ ​ Other information: ​ ​ ​ Total Market Capitalization Values ​ ​ ​ ​ ​ Straight-line rent receivable ​ ​ ​ Leased SF to be FFO producing ​ ​ Shares outstanding ​ ​ ​ ​ Assets held for sale ​ ​ — ​ ​ during 2025-2028 (in 000's) ​ ​ Closing price ​ ​ ​ Cash, cash equivalents and restricted cash ​ ​ ​ ​ ​ ​ ​ ​ Market capitalization ​ ​ ​ Tenant rent receivables ​ ​ ​ ​ Straight-line rental revenue current quarter ​ Debt ​ ​ ​ ​ Prepaid expenses ​ ​ ​ ​ ​ ​ ​ ​ Total Market Capitalization ​ ​ ​ Office computers and furniture ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing costs, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 Months ​ ​ Other assets - Right-to-Use Asset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NOI Components ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same Store NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions (1) (2) ​ ​ — ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Property NOI (1) ​ ​ ​ ​ Debt (excluding contra for unamortized financing costs) ​ ​ ​ Footnotes to the components ​ ​ ​ Full quarter adjustment (3) ​ ​ — ​ ​ Accounts payable & accrued expenses ​ ​ ​ ​ (1) See pages 11 & 30 for definitions and reconciliations. Stabilized portfolio ​ ​ ​ Tenant security deposits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other liabilities: lease liability ​ ​ ​ ​ (2) Includes NOI from acquisitions not in Same Store. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Statement Reconciliation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary. Rental Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NOI from dispositions & acquisition properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5) Management & other fees are eliminated in consolidation but included in Property NOI. Taxes (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management & other fees (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property NOI (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024| Page ​ ​ ​ 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. ​ ​ ​ December 31, 2024| Page ​ ​ ​ 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. ​ ​ December 31, 2024| Page ​ ​ ​ 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. ​ ​ ​ ​ ​ December 31, 2024| Page ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ December 31, 2024| Page v3.25.0.1 Document and Entity Information Feb. 11, 2025 Document and Entity Information [Abstract] Document Type 8-K Document Period End Date Feb. 11, 2025 Entity File Number Entity Registrant Name Franklin Street Properties Corp. 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References No definition available. + Details Name: fsp_DocumentAndEntityInformationAbstract Namespace Prefix: fsp_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration Franklin Street Properties (AMEX:FSP) Gráfica de Acción Histórica De Ene 2025 a Feb 2025 Franklin Street Properties (AMEX:FSP) Gráfica de Acción Histórica De Feb 2024 a Feb 2025
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• Publisher

  Publisher Name	Advanced Financial Network (#1592)
  Publisher URL	https://www.advfn.com
  Description	None
  Trust Flow Score	61
  Citation Flow Score	45

• Data Source

  Data Source Name	Quantexa News (#5)
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
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