Franklin Street Properties Corporation (NYSE:FSP) Q3 2022 Earnings Conference Call November 2, 2022 11:00 AM ET Company Participants Scott Carter - EVP, General Counsel & Secretary John Demeritt - EVP, CFO & Treasurer George Carter - Chairman & CEO John Donahue - EVP Jeffrey Carter - President & CIO Conference Call Participants Operator Good morning. Thank you for attending today's Franklin Street Properties Corp. Q3 2022 Earnings Call. My name is Megan, and I'll be your moderator for today's call. [Operato ...

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, 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. (Exact name of registrant as specified in its charter) (State or ...

Franklin Street Properties Corp (NYSE:FSP) Q2 2022 Results Earnings Conference Call August 6, 2022 11:00 AM ET Company Participants Scott Carter - Executive Vice President, General Counsel and Secretary John Demeritt - Executive Vice President and Chief Financial Officer George Carter - Chief Executive Officer and Chairman John Donahue - Executive Vice President of FSP Corp. and President of FSP Property Management LLC Jeffrey Carter - President and Chief Investment Officer Conference Call Participants Nich ...

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, 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. (Exact name of registrant as specified in its charter) (State or other ...

Franklin Street Properties Corp (NYSE:FSP) Q1 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants Scott Carter - Executive VP, General Counsel & Secretary John Demeritt - Executive VP, CFO & Treasurer George Carter - Chairman & CEO John Donahue - EVP Jeffrey Carter - President & CIO Conference Call Participants Nicholas Thillman - Robert W. Baird Operator Good morning, and thank you for attending today's Franklin Street Properties Corp. Q1 2022 Earnings Call. My name is Selena, and I ...

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 ...

Franklin Street Properties Corp. (NYSE:FSP) Q4 2021 Earnings Conference Call February 16, 2022 11:00 AM ET Company Participants Scott Carter - Executive Vice President, General Counsel and Secretary John Demeritt - Executive Vice President, Chief Financial Officer and Treasurer George Carter - Chief Executive Officer and Chairman of the Board John Donahue - President, FSP Property Management & Executive Vice President Jeffrey Carter - President, Chief Investment Officer Conference Call Participants Robert ...

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].

Franklin Street Properties Corp. (NYSE:FSP) Q3 2021 Earnings Conference Call November 9, 2021 11:00 AM ET Company Participants Scott Carter - Executive Vice President, General Counsel and Secretary John Demeritt - Executive Vice President, Chief Financial Officer George Carter - CEO and Chairman of the Board John Donahue - Executive Vice President Jeffrey Carter - President, Chief Investment Officer Leo ("Toby") Daley, Jr. - Senior Vice President William Friend - Senior Vice President Conference Call Partic ...

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 ...