Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (Exact name of registrant as specified in its charter) (State or othe ...

Property Dispositions and Sales - The company anticipates property dispositions in 2022 will generate estimated gross proceeds between $250 million and $350 million[26]. - In 2021, the company sold 10 office properties for aggregate gross sale proceeds of $602.7 million, resulting in a net gain of $113.1 million[27]. - The company plans to use proceeds from property sales for debt repayment, stock repurchases, and special dividends to meet REIT requirements[28]. - The company anticipates that Sponsored REIT Loans will be repaid at maturity, but defaults could require additional draws or cash usage, reducing cash available for distribution[70]. Financial Performance and Challenges - The COVID-19 pandemic has caused significant disruptions, adversely impacting financial condition and results of operations, with potential tenant rent payment issues[62]. - The company has experienced increased operational costs and reduced rental receipts due to the pandemic, impacting overall profitability[66]. - The company has been unable to predict the full extent of the COVID-19 pandemic's impact on future financial performance, which remains uncertain[68]. - Ongoing economic impacts from the pandemic could lead to increased rent delinquencies and defaults, affecting occupancy and rental rates[67]. - The company may face challenges in refinancing existing debts, including the BofA Revolver and various term loans, which could adversely affect financial condition[71]. Competition and Market Conditions - The company continues to face competition in its real estate markets, impacting rental revenues and occupancy levels[30]. - The company faces competition from national, regional, and local real estate operators, which could adversely affect cash flow and rental revenues[98]. - The company has a significant concentration of properties in energy-influenced markets, which may be adversely affected by reduced demand for oil[65]. - Approximately 18% of the company's tenants operate in the energy services industry, indicating a concentration risk[94]. Debt and Interest Rate Management - As of December 31, 2021, the company had $35 million drawn and outstanding under the BofA Revolver, with a borrowing limit of $237.5 million[76]. - The BofA Term Loan had $110 million drawn and outstanding as of December 31, 2021, with an accordion feature allowing for up to $500 million in additional borrowing capacity[76]. - The BMO Term Loan had $165 million drawn and outstanding as of December 31, 2021, with the potential to increase by an additional $100 million[77]. - The company faces risks from potential increases in interest rates, which could adversely affect cash flow and refinancing capabilities[79]. - The company has fixed the base LIBOR rate on the BMO Term Loan at 2.39% per annum until January 31, 2024, through interest rate swap agreements[78]. Regulatory Compliance and Risks - The company is committed to compliance with various governmental regulations, which may require substantial capital expenditures[31]. - The company must comply with the Americans With Disabilities Act and fire and safety regulations, which may require significant capital expenditures[106]. - The company is subject to risks associated with climate change, which could increase operating costs and impact property demand[99]. - The company’s ability to qualify as a REIT is complex and could be jeopardized by various factors, leading to adverse tax consequences[117]. Operational and Workforce Insights - The company had 32 employees as of February 4, 2022, with women representing 46.9% of the workforce[38]. - The management team is focused on maintaining financial strength and operational efficiency amid ongoing challenges[58]. - The inability to operate effectively in affected areas could lead to delays in construction and increased operational challenges[65]. Stockholder Value and Market Perception - The company believes its common stock price does not reflect the value of its underlying real estate assets[26]. - The company’s common stock price may fluctuate based on market conditions and financial performance, affecting stockholder value[114]. - The company has provisions in its organizational documents that may inhibit changes in control, potentially affecting stockholder interests[119]. - The company may experience fluctuations in dividends due to changes in real estate occupancy levels and rental rates[111]. Risk Management and Financial Instruments - The company carries comprehensive liability and property insurance, but certain losses may be uninsurable, risking capital investment and anticipated profits[104]. - The Company requires derivatives contracts to be with counterparties that have investment grade ratings to mitigate counterparty credit risk[295]. - The effective portion of the derivatives' fair value is recorded in other comprehensive income in the consolidated statements[296]. - The Company has hedged variable cash flows related to interest on its loans using derivative instruments[295].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name of registrant as specified in its charter) Maryland 0 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021. OR (Registrant's telephone number, including area code) N/A For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name of registrant as specified in its charter) (State or othe ...

Property Holdings and Dispositions - The company owns 34 office properties across 10 states as of December 31, 2020, consisting of 32 operating properties and 2 redevelopment properties[25] - An office property in Durham, North Carolina was sold for approximately $89.7 million, resulting in a gain of approximately $41.9 million on December 23, 2020[26] - The company anticipates property dispositions in 2021 to generate estimated gross proceeds between $350 million and $450 million, primarily for debt repayment[27] - The company has adopted a strategy to dispose of certain properties where valuation objectives have been met, enhancing financial flexibility[27] - The company is focused on acquiring properties in excellent locations with substantial infrastructure to avoid speculative investments[29] Financial Performance and Strategy - The company aims to create shareholder value through increased revenue from rental, dividends, interest, and fees, as well as net gains from property sales[24] - As of February 5, 2021, none of the company's owned properties were subject to mortgage debt, providing financial flexibility[36] Workforce and Diversity - The company had 37 employees as of February 5, 2021, with women representing 48.6% of the workforce, and 50.0% of management roles held by women[38] Debt and Interest Rates - Total debt amounts to $923.5 million, with significant repayments scheduled for 2023 and 2025[288] - The BAML Revolver has a total of $3.5 million due in 2023[288] - The JPM Term Loan remains at $100 million with no repayments due until 2024[288] - The BAML Term Loan has a repayment of $400 million scheduled for 2023[288] - BMO Term Loan Tranche A has a total of $55 million due in 2021[288] - BMO Term Loan Tranche B has a repayment of $165 million due in 2025[288] - Series A Notes total $116 million, with repayments due in 2025[288] - Series B Notes total $84 million, with repayments due thereafter[288] - The company has no immediate repayment obligations for the BAML Revolver and JPM Term Loan until 2024[288] - Overall, the company has structured its debt with staggered repayment schedules to manage cash flow effectively[288] Interest Rate Risk Management - As of December 31, 2020, a 10% increase in market rates on outstanding borrowings would decrease future earnings and cash flows by approximately $5,000 and $153,000 annually for the BAML Revolver and JPM Term Loan, respectively[281] - The interest rate on the BAML Revolver was LIBOR plus 120 basis points, or 1.34% per annum, as of December 31, 2020[281] - The interest rates on the BMO Term Loan, BAML Term Loan, and JPM Term Loan were fixed through interest rate swap agreements, with rates of 2.47%, 3.64%, and 3.69% per annum, respectively[282] - The fair value of the 2017 Interest Rate Swap was $(2,947) thousand, while the 2019 JPM Interest Rate Swap was $(2,102) thousand as of December 31, 2020[283] - The notional value of the 2019 BMO Interest Rate Swap was $220,000 thousand, with a strike rate of 2.39% and expiration in January 2024[283] - The BAML Revolver matures on January 12, 2022, while the JPM Term Loan matures on November 30, 2021[287] - The company has the right to extend the maturity date of the BAML Revolver and JPM Term Loan with two additional six-month extensions[287] - The company has mitigated interest rate risk on the BAML Term Loan through the 2017 Interest Rate Swap until September 27, 2021[282] - The company requires derivatives contracts to be with counterparties that have investment grade ratings to manage counterparty credit risk[285] - The effective portion of the derivatives' fair value is recorded to other comprehensive income in the consolidated statements of other comprehensive income (loss)[286] Regulatory Compliance and Competition - The company is committed to compliance with various governmental regulations, including the Americans With Disabilities Act (ADA) and fire safety regulations, which may require substantial capital expenditures[33][34] - The company may face competition from larger firms with more resources, which could impact rental revenues and occupancy levels[31]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to or organization) 401 Edgewater Place, Suite 200 Wakefield, MA 01880 (Address of principal executive offices)(Zip Code) (781) 557-130 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name of registrant as specified in its charter) Maryland 04-357 ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Table of Contents UNITED STATES (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-32470 Franklin Street Properties Corp. (Exact name of registrant as specified in its charter) Maryland 04-35 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-32470 FRANKLIN STREET PROPERTIES CORP. (Exact name of registrant as specified in its charter) Maryland 04-3578653 (State ...