
	First Quarter 2025 Table of Contents


	Page			Page

Company Information	3	Tenant Analysis and Leasing Activity
		Tenants by Industry		16
Key Financial Data		20 Largest Tenants with Annualized Rent and Remaining Term		17-18
Financial Highlights	4	Leasing Activity		19
Income Statements	5	Lease Expirations by Square Feet		20
Balance Sheets	6	Lease Expirations with Annualized Rent per Square Foot		21
Cash Flow Statements	7	Capital Expenditures		22
Property Net Operating Income (NOI)	8

Reconciliation		Disposition Activity		23
FFO & AFFO	9
EBITDA	10	Loan Portfolio of Secured Real Estate		24
Property NOI	11
		Net Asset Value Components		25
Debt Summary	12
		Appendix: Non-GAAP Financial Measures Definitions
Capital Analysis	13	FFO		26
		EBITDA and NOI		27
Owned and Consolidated Portfolio Overview	14-15	AFFO		28

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, the effects of changes in tariffs and trade policies, 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 and trade 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.

			Addison Circle One, Addison, TX

March 31, 2025| Page 2


	Company Information

Overview		Snapshot (as of March 31, 2025)
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	15
				Total Square Feet	5.0 Million
				Trading Symbol	FSP
				Exchange	NYSE American
				Common Shares Outstanding	103,566,715

Our Business		Total Market Capitalization	$0.4 Billion (1)
As of March 31, 2025, 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	10.01%



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	Eldridge Green, Houston, TX

Inquiries
Inquiries should be directed to: Georgia Touma
877.686.9496 or [email protected] (1) Total Market Capitalization is the closing share price multiplied by the number of shares outstanding plus total debt outstanding.

March 31, 2025| Page 3


	Summary of Financial Highlights


(in thousands except per share amounts, SF & number of properties)
		31-Mar-25	31-Dec-24		30-Sep-24		30-Jun-24		31-Mar-24
Income Items:
Rental revenue	$	27,107	$	28,375	$	29,662	$	30,818	$	31,225
Total revenue		27,107		28,375		29,682		30,830		31,225
Net loss		(21,435)		(8,526)		(15,622)		(21,023)		(7,552)
Adjusted EBITDA*		8,418		8,989		9,657		10,783		11,113
FFO*		2,727		2,707		2,665		3,721		4,193
AFFO*		(693)		(5,157)		(1,829)		518		(659)

Per Share Data:
Loss per share	$	(0.21)	$	(0.08)	$	(0.15)	$	(0.20)	$	(0.07)
FFO*	$	0.03	$	0.03	$	0.03	$	0.04	$	0.04
AFFO*	$	(0.01)	$	(0.05)	$	(0.02)	$	0.01	$	(0.01)
Weighted Average Shares (diluted)		103,567		103,567		103,567		103,477		103,430
Closing share price	$	1.78	$	1.83	$	1.77	$	1.53	$	2.27
Dividend declared	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01

Balance Sheet Items:
Real estate, net	$	810,327	$	834,908	$	837,349	$	840,756	$	884,733
Other assets, net		106,039		112,023		144,164		171,771		154,230
Total assets, net		916,366		946,931		981,513		1,012,527		1,038,963
Total liabilities, net		282,980		291,074		316,094		330,450		335,099
Stockholders' equity		633,386		655,857		665,419		682,077		703,864

Market Capitalization and Debt:
Total Market Capitalization (a)	$	434,528	$	439,859	$	461,000	$	461,457	$	537,787
Total debt outstanding (excluding unamortized financing costs)	$	250,179	$	250,332	$	277,687	$	303,000	$	303,000
Debt to Total Market Capitalization		57.6%		56.9%		60.2%		65.7%		56.3%
Net Debt to Adjusted EBITDA ratio*		6.5		5.8		6.1		6.3		6.0

Owned Properties Leasing Statistics:
Owned properties assets		14		14		15		16		16
Owned properties total SF		4,806,456		4,806,253		4,966,398		5,264,416		5,264,416
Owned properties % leased		69.2%		70.3%		70.4%		72.3%		73.3%

(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.

March 31, 2025| Page 4

Condensed Consolidated Income Statements

($ in thousands, except per share amounts)


											For the
	For the Three Months Ended		For the Three Months Ended								Year Ended
	31-Mar-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Revenue:
Rental	$	27,107	$	31,225	$	30,818	$	29,662	$	28,375	$	120,080
Other		—		—		12		20		—		32
Total revenue		27,107		31,225		30,830		29,682		28,375		120,112

Expenses:
Real estate operating expenses		10,095		11,019		11,027		11,574		11,423		45,043
Real estate taxes and insurance		5,369		5,936		5,727		5,512		5,541		22,716
Depreciation and amortization		10,824		11,625		11,482		10,911		10,756		44,774
General and administrative		3,484		4,159		3,635		3,275		2,815		13,884
Interest		5,691		6,846		7,082		6,585		5,911		26,424
Total expenses		35,463		39,585		38,953		37,857		36,446		152,841

Loss on extinguishment of debt		(2)		(137)		—		(477)		(428)		(1,042)
Loss on sale of properties and impairment of assets held for sale, net		(13,284)		(5)		(13,200)		(7,254)		(367)		(20,826)
Interest income		259		1,008		348		340		394		2,090
Loss before taxes		(21,383)		(7,494)		(20,975)		(15,566)		(8,472)		(52,507)
Tax expense		52		58		48		56		54		216

Net loss	$	(21,435)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)

Weighted average number of shares outstanding, basic and diluted		103,567		103,430		103,477		103,567		103,567		103,510

Net loss per share, basic and diluted	$	(0.21)	$	(0.07)	$	(0.20)	$	(0.15)	$	(0.08)	$	(0.51)

March 31, 2025| Page 5

$ in thousands, except per share amounts)

Condensed Consolidated Balance Sheets

(in thousands)


	March 31,		March 31,		June 30,		September 30,		December 31,
	2025		2024		2024		2024		2024
Assets:
Real estate assets:
Land	$	98,882	$	110,298	$	105,298	$	105,298	$	105,298
Buildings and improvements		1,083,971		1,137,496		1,086,300		1,090,551		1,096,265
Fixtures and equipment		11,289		13,002		10,436		10,776		11,053
		1,194,142		1,260,796		1,202,034		1,206,625		1,212,616
Less accumulated depreciation		383,815		376,063		361,278		369,276		377,708
Real estate assets, net		810,327		884,733		840,756		837,349		834,908
Acquired real estate leases, net		3,737		5,971		5,306		4,695		4,205
Assets held for sale		5,685		38,947		67,823		32,926		—
Cash, cash equivalents and restricted cash		31,559		37,779		31,495		42,375		42,683
Tenant rent receivables, net		1,462		2,200		2,349		1,349		1,283
Straight-line rent receivable, net		37,724		40,357		38,901		38,432		37,727
Prepaid expenses and other assets		3,429		4,140		4,064		3,243		3,114
Office computers and furniture, net of accumulated depreciation		62		106		92		80		70
Deferred leasing commissions, net		22,381		24,730		21,741		21,064		22,941
Total assets	$	916,366	$	1,038,963	$	1,012,527	$	981,513	$	946,931

Liabilities and Stockholders’ Equity:
Liabilities:
Term loan payable, net of unamortized financing costs	$	124,861	$	149,169	$	149,604	$	137,601	$	124,491
Series A & Series B Senior Notes		122,595		147,340		147,611		135,545		122,430
Accounts payable and accrued expenses		27,510		30,099		23,765		32,821		34,067
Accrued compensation		1,205		1,196		2,300		3,193		3,097
Tenant security deposits		6,156		6,268		6,248		6,120		6,237
Lease liability		612		953		859		763		707
Acquired unfavorable real estate leases, net		41		74		63		51		45
Total liabilities		282,980		335,099		330,450		316,094		291,074

Commitments and contingencies

Stockholders’ Equity:
Preferred stock		—		—		—		—		—
Common stock		10		10		10		10		10
Additional paid-in capital		1,335,361		1,335,091		1,335,361		1,335,361		1,335,361
Accumulated other comprehensive income		—		—		—		—		—
Accumulated distributions in excess of accumulated earnings		(701,985)		(631,237)		(653,294)		(669,952)		(679,514)
Total stockholders’ equity		633,386		703,864		682,077		665,419		655,857
Total liabilities and stockholders’ equity	$	916,366	$	1,038,963	$	1,012,527	$	981,513	$	946,931

March 31, 2025| Page 6

Condensed Consolidated Statements of Cash Flows

(in thousands)


		Three Months Ended March 31,
		2025		2024
Cash flows from operating activities:
Net loss	$	(21,435)	$	(7,552)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense		11,509		12,305
Amortization of above and below market leases		—		(6)
Amortization of other comprehensive income into interest expense		—		(355)
Loss on extinguishment of debt		2		137
Loss on sale of properties and impairment of assets held for sale, net		13,284		5
Changes in operating assets and liabilities:
Tenant rent receivables		(179)		(9)
Straight-line rents		70		206
Lease acquisition costs		(74)		(122)
Prepaid expenses and other assets		(225)		(400)
Accounts payable and accrued expenses		(5,914)		(6,677)
Accrued compensation		(1,892)		(2,448)
Tenant security deposits		(81)		64
Payment of deferred leasing commissions		(546)		(2,236)
Net cash used for operating activities		(5,481)		(7,088)

Cash flows from investing activities:
Property improvements, fixtures and equipment		(4,454)		(8,759)
Proceeds received from sales of properties		—		34,329
Net cash provided by (used for) investing activities		(4,454)		25,570

Cash flows from financing activities:
Distributions to stockholders		(1,036)		(1,034)
Repayments of Bank note payable		—		(22,667)
Repayments of Term loans payable		(77)		(28,963)
Repayments of Series A&B Senior Notes		(76)		(50,370)
Deferred financing costs		—		(5,549)
Net cash used for financing activities		(1,189)		(108,583)
Net decrease in cash, cash equivalents and restricted cash		(11,124)		(90,101)
Cash, cash equivalents and restricted cash, beginning of period		42,683		127,880
Cash, cash equivalents and restricted cash, end of period	$	31,559	$	37,779

March 31, 2025| Page 7

(in thousands)

Property Net Operating Income (NOI)* with

Same Store Comparison (in thousands)



	Rentable
	Square Feet	Three Months Ended		Three Months Ended								Year Ended				%
(in thousands)	or RSF	31-Mar-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24		Inc (Dec)		Change
Region
MidWest	971		1,139		1,422		1,502		1,044		992		4,960		(283)	(19.9)	%
South	1,909		4,331		4,621		4,579		4,390		4,549		18,139		(290)	(6.3)	%
West	2,140		5,849		6,204		6,224		6,037		5,670		24,135		(355)	(5.7)	%
Property NOI* from Owned Properties	5,020		11,319		12,247		12,305		11,471		11,211		47,234		(928)	(7.6)	%
Disposition and Acquisition Properties (a)	-		24		1,661		1,443		912		(88)		3,928		(1,637)	(10.8)	%
Property NOI*	5,020	$	11,343	$	13,908	$	13,748	$	12,383	$	11,123	$	51,162	$	(2,565)	(18.4)	%

Same Store		$	11,319	$	12,247	$	12,305	$	11,471	$	11,211	$	47,234	$	(928)	(7.6)	%

Less Nonrecurring
Items in NOI* (b)			55		246		255		78		185		764		(191)	1.5	%

Comparative
Same Store		$	11,264	$	12,001	$	12,050	$	11,393	$	11,026	$	46,470	$	(737)	(6.1)	%

(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.

March 31, 2025| Page 8

FFO* & AFFO* Reconciliation

(in thousands, except per share amounts)


											Year
	Three Months Ended		Three Months Ended								Ended
	31-Mar-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Net loss	$	(21,435)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Loss on sale of properties and impairment of assets held for sale, net		13,284		5		13,200		7,254		367		20,826
Depreciation & amortization		10,824		11,619		11,476		10,907		10,755		44,757
NAREIT FFO*		2,673		4,072		3,653		2,539		2,596		12,860
Lease Acquisition costs		54		121		68		126		111		426
Funds From Operations (FFO)*	$	2,727	$	4,193	$	3,721	$	2,665	$	2,707	$	13,286


Adjusted Funds From Operations (AFFO)*
Funds From Operations (FFO)*	$	2,727	$	4,193	$	3,721	$	2,665	$	2,707	$	13,286
Loss on extinguishment of debt		2		137		—		477		428		1,042
Amortization of deferred financing costs		685		680		818		767		703		2,968
Shares issued as compensation		—		—		270		—		—		270
Straight-line rent		70		206		258		785		720		1,969
Tenant improvements		(2,374)		(2,619)		(2,558)		(4,444)		(4,173)		(13,794)
Leasing commissions		(545)		(2,237)		(511)		(421)		(2,974)		(6,143)
Non-investment capex		(1,258)		(1,019)		(1,480)		(1,658)		(2,568)		(6,725)
Adjusted Funds From Operations (AFFO)*	$	(693)	$	(659)	$	518	$	(1,829)	$	(5,157)	$	(7,127)

Per Share Data:
Loss per share	$	(0.21)	$	(0.07)	$	(0.20)	$	(0.15)	$	(0.08)	$	(0.51)
FFO*		0.03		0.04		0.04		0.03		0.03		0.13
AFFO*		(0.01)		(0.01)		0.01		(0.02)		(0.05)		(0.07)

Weighted Average Shares (basic and diluted)		103,567		103,430		103,477		103,567		103,567		103,510

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

March 31, 2025| Page 9

EBITDA* & Adjusted EBITDA* Reconciliation

(in thousands, except ratio amounts)


											Year
	Three Months Ended		Three Months Ended								Ended
	31-Mar-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Net loss	$	(21,435)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Interest expense		5,691		6,846		7,082		6,585		5,911		26,424
Depreciation and amortization		10,824		11,619		11,476		10,907		10,755		44,757
Income taxes		52		58		48		56		54		216
EBITDA*	$	(4,868)	$	10,971	$	(2,417)	$	1,926	$	8,194	$	18,674
Loss on extinguishment of debt		2		137		—		477		428		1,042
Loss on sale of properties and impairment of assets held for sale, net		13,284		5		13,200		7,254		367		20,826
Adjusted EBITDA*	$	8,418	$	11,113	$	10,783	$	9,657	$	8,989	$	40,542

Interest expense	$	5,691	$	6,846	$	7,082	$	6,585	$	5,911	$	26,424
Scheduled principal payments		—		—		—		—		—		—
Interest and scheduled principal payments	$	5,691	$	6,846	$	7,082	$	6,585	$	5,911	$	26,424

Interest coverage ratio		1.48		1.62		1.52		1.47		1.52		1.53

Debt service coverage ratio		1.48		1.62		1.52		1.47		1.52		1.53

Debt excluding unamortized financing costs	$	250,179	$	303,000	$	303,000	$	277,687	$	250,332
Cash, cash equivalents and restricted cash		31,559		37,779		31,495		42,375		42,683
Net Debt (Debt less Cash, cash equivalents and restricted cash)	$	218,620	$	265,221	$	271,505	$	235,312	$	207,649

Adjusted EBITDA*	$	8,418	$	11,113	$	10,783	$	9,657	$	8,989
Annualized	$	33,672	$	44,452	$	43,132	$	38,628	$	35,956

Net Debt-to-Adjusted EBITDA ratio*		6.5		6.0		6.3		6.1		5.8

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

March 31, 2025| Page 10

Reconciliation of Net Income (Loss) to Property NOI*

(in thousands)


											Year
	Three Months Ended		Three Months Ended								Ended
	31-Mar-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24
Net loss	$	(21,435)	$	(7,552)	$	(21,023)	$	(15,622)	$	(8,526)	$	(52,723)
Add (deduct):
Loss on extinguishment of debt		2		137		—		477		428		1,042
Loss on sale of properties and impairment of assets held for sale, net		13,284		5		13,200		7,254		367		20,826
Management fee income		(380)		(462)		(443)		(422)		(386)		(1,713)
Depreciation and amortization		10,824		11,625		11,482		10,911		10,757		44,775
Amortization of above/below market leases		—		(6)		(6)		(5)		(1)		(18)
General and administrative		3,484		4,159		3,635		3,275		2,815		13,884
Interest expense		5,691		6,846		7,082		6,585		5,912		26,425
Interest income		(259)		(1,008)		(348)		(340)		(395)		(2,091)
Non-property specific items, net		132		164		169		270		152		755
Property NOI*	$	11,343	$	13,908	$	13,748	$	12,383	$	11,123	$	51,162

*	See Appendix for Non-GAAP Financial Measures Definitions beginning on page 26.

March 31, 2025| Page 11

Debt Summary

(in thousands)

Outstanding

Interest

Maturity

Balance at:

Rate (a)

Rate at

Date

31-Mar-25

Components

31-Mar-25

BofA Term Loan

1-Apr-26

55,595

SOFR

3.00%

8.00%

BMO Term Loan Tranche B

1-Apr-26

71,039

SOFR

3.00%

8.00%

Series A Senior Notes

1-Apr-26

71,656

8.00%

Series B Senior Notes

1-Apr-26

51,889

8.00%

250,179

8.00%

●

The table above is a summary of our debt as of March 31, 2025. 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 $25.5 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.

March 31, 2025| Page 12

Capital Analysis

(in thousands, except per share amounts)


	31-Mar-25		31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24
Market Data:
Shares Outstanding		103,567		103,430		103,567		103,567		103,567
Closing market price per share	$	1.78	$	2.27	$	1.53	$	1.77	$	1.83
Market capitalization	$	184,349	$	234,787	$	158,457	$	183,313	$	189,527
Total debt outstanding excluding unamortized financing costs		250,179		303,000		303,000		277,687		250,332
Total Market Capitalization	$	434,528	$	537,787	$	461,457	$	461,000	$	439,859

Dividend Data:
Total dividends declared for the quarter	$	1,036	$	1,034	$	1,034	$	1,036	$	1,036
Common dividend declared per share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01
Declared dividend as a % of Net income (loss) per share		(5)%		(14)%		(5)%		(7)%		(12)%
Declared dividend as a % of AFFO* per share		(149)%		(157)%		200%		(57)%		(20)%

*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.

March 31, 2025| Page 13


	Owned & Consolidated Portfolio Overview


	As of the Quarter Ended
	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24	31-Mar-24
Total Owned Properties:
Number of properties (a)	14	14	15	16	16
Square feet	4,806,456	4,806,253	4,966,398	5,264,416	5,264,416
Leased percentage	69.2%	70.3%	70.4%	72.3%	73.3%

Consolidated Property - Single Asset REIT (SAR):
Number of properties	1	1	1	1	1
Square feet	213,760	213,760	213,760	213,760	213,760
Leased percentage	4.1%	4.1%	4.1%	4.1%	4.1%

Total Owned and Consolidated Properties:
Number of properties	15	15	16	17	17
Square feet	5,020,216	5,020,013	5,180,158	5,478,176	5,478,176
Leased percentage	66.4%	67.5%	67.7%	69.7%	70.6%

(a)

Includes properties that were classified as assets held for sale.

March 31, 2025| Page 14


	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	209,562	51.0%	51.0%	$	30.20	121 South 8th Street	Minneapolis	MN	297,744	78.5%	73.3%	$	23.08
Addison Circle	Addison	TX	289,333	69.2%	69.2%		35.50	801 Marquette Ave	Minneapolis	MN	129,691	91.8%	91.8%		26.64
Liberty Plaza	Addison	TX	217,841	78.4%	75.0%		27.64	Plaza Seven	Minneapolis	MN	330,096	52.8%	51.6%		30.10

Houston								Indianapolis, IN
Park Ten	Houston	TX	157,609	83.5%	83.7%		27.96	Monument Circle (c)	Indianapolis	IN	213,760	4.1%	4.1%		34.80
Eldridge Green	Houston	TX	248,399	100.0%	100.0%		28.14	Midwest Region Total			971,291	55.2%	53.2%	$	26.42
Park Ten Phase II	Houston	TX	156,746	75.5%	66.9%		29.08
Westchase I & II	Houston	TX	629,025	65.1%	61.6%		28.00	West Region

								Denver
								1999 Broadway	Denver	CO	682,639	51.2%	49.6%	$	35.15
								Greenwood Plaza	Englewood	CO	196,236	65.0%	65.0%		30.50
								1001 17th Street	Denver	CO	649,400	75.4%	74.3%		36.13
South Region Total			1,908,515	72.6%	70.4%	$	29.36	600 17th Street	Denver	CO	612,135	72.5%	73.2%		34.23

								West Region Total			2,140,410	65.9%	65.2%	$	34.77

								Total Owned & Consolidated Properties			5,020,216	66.4%	64.9%	$	31.21

(a)	Weighted Occupied Percentage for the three months ended March 31, 2025.

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

(c)	Consolidated as of January 1, 2023, held by Single Asset REIT (SAR); property was classified as an asset held for sale on March 31, 2025.

March 31, 2025| Page 15

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

1	CITGO Petroleum Corporation	1	96	248,399	4.9%	$	7,707,822	7.4%
2	EOG Resources, Inc.	1	21	169,167	3.4%		6,460,488	6.2%
3	US Government (b)	2	10, 70	168,573	3.4%		6,518,833	6.2%
4	Kaiser Foundation Health Plan, Inc.	1	50	120,979	2.4%		4,074,907	3.9%
5	Deluxe Corporation	1	148	98,922	2.0%		3,003,982	2.9%
6	Ping Identity Corp.	1	15	89,856	1.8%		3,743,401	3.6%
7	Olin Corporation (c)	1	123	81,480	1.6%		1,777,212	1.7%
8	Permian Resources Operating, LLC	1	79	67,856	1.3%		2,968,252	2.8%
9	Hall and Evans LLC	1	53	65,878	1.3%		2,797,062	2.7%
10	Cyxtera Management, Inc.	1	58	61,826	1.2%		2,466,239	2.3%
11	Precision Drilling (US) Corporation	1	38	59,569	1.2%		2,125,422	2.0%
12	PwC US Group	1	46	54,334	1.1%		1,841,379	1.8%
13	Coresite, LLC (d)	1	128	49,518	1.0%		—	0.0%
14	Schwegman, Lundberg & Woessner, P.A.	1	34	46,269	0.9%		1,402,045	1.3%
15	Invenergy, LLC. (e)	2	0,129	42,505	0.9%		299,647	0.3%
16	Ark-La-Tex Financial Services, LLC.	1	24	41,011	0.8%		1,545,544	1.5%
17	Chevron U.S.A., Inc.	1	29	35,088	0.7%		1,509,135	1.4%
18	QB Energy Operating, LLC.	1	95	34,063	0.7%		1,465,390	1.4%
19	CarOffer, LLC.	1	58	30,913	0.6%		1,149,036	1.1%
20	WDT Acquisition Corporation	1	133	30,913	0.6%		1,165,729	1.1%

			Total	1,597,119	31.8%	$	54,021,525	51.6%

Footnotes on next page

March 31, 2025| Page 17

Leasing Activity

(Owned and Consolidated Properties)


				Year		Year
	Three Months Ended			Ended		Ended
Leasing Activity		31-Mar-25	31-Mar-24		31-Dec-24		31-Dec-23
(in Square Feet - SF)
New leasing		-	61,000		171,000		228,000
Renewals and expansions		60,000	136,000		445,000		478,000
		60,000	197,000		616,000		706,000

Other information per SF
(Activity on a year-to-date basis)
GAAP Rents on leasing	$	29.64	26.96	$	30.06		29.71
Weighted average lease term		5.2 Years	6.8 Years		6.3 Years		6.8 Years

Increase over average GAAP rents in prior year (a)		3.4%	13.8%		8.2%		7.4%

Average free rent		3 Months	5 Months		4 Months		6 Months
Tenant Improvements	$	3.77	29.23	$	26.06		22.42
Leasing Costs	$	6.65	9.00	$	9.72		10.56

(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.

March 31, 2025| Page 19

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

2025	31	(c)	246,305		$	8,098,433	$	32.88	7.7%	7.7%
2026	41		582,524			21,370,797		36.69	20.4%	28.1%
2027	31		322,539			11,124,600		34.49	10.6%	38.7%
2028	25		257,393			8,186,138		31.80	7.8%	46.5%
2029	31		481,560			15,240,435		31.65	14.6%	61.1%
2030	20		259,535			7,398,527		28.51	7.1%	68.2%
2031	10		266,586			10,384,241		38.95	9.9%	78.1%
2032	6		58,607			411,028		7.01	0.4%	78.5%
2033	8		379,513			12,016,006		31.66	11.5%	90.0%
2034	6		70,904			1,632,787		23.03	1.6%	91.6%
2035 and thereafter	24		407,538	(d)		8,855,560		21.73	8.4%	100.0%
Leased total	233		3,333,004		$	104,718,552	$	31.42	100.0%
Owned property vacant SF			1,482,167
Monument Circle vacant SF (e)			205,045
Total Portfolio Square Footage			5,020,216

(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 March 31, 2025 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.

March 31, 2025| Page 21

Capital Expenditures

(Owned and Consolidated Properties)


(in thousands)
	For the Three Months Ended
	31-Mar-25

Tenant improvements	$	2,374
Deferred leasing costs		545
Non-investment capex		1,258
Total Capital Expenditures	$	4,177


	For the Three Months Ended								Year Ended
	31-Mar-24		30-Jun-24		30-Sep-24		31-Dec-24		31-Dec-24

Tenant improvements	$	2,619	$	2,558	$	4,444	$	4,173	$	13,794
Deferred leasing costs		2,237		511		421		2,974		6,143
Non-investment capex		1,019		1,480		1,658		2,568		6,725
Total Capital Expenditures	$	5,875	$	4,549	$	6,523	$	9,715	$	26,662

First generation leasing and investment capital expenditures was $0 for the three months ended March 31, 2025 and $0 for the year ended December 31, 2024.

March 31, 2025| Page 22

Disposition Activity

(in thousands except for Square Feet)


Recent Dispositions:					Gross Sale		Gain (loss)
	City	State	Square Feet	Date Sold	Proceeds		on Sale
2024
Collins Crossing	Richardson	TX	300,887	1/26/24	$	35,000	$	(2,145)
Innsbrook	Glenn Allen	VA	298,183	7/8/2024		31,000		(13,247)
Pershing Park	Atlanta	GA	160,145	10/23/24		34,000		(27,523)

2023
Northwest Point	Elk Grove	IL	177,095	3/10/23	$	29,125	$	8,391
Forest Park	Charlotte	NC	64,198	8/9/23		9,200		(844)
Liberty Plaza (a)	Addison	TX	n/a	8/23/23		157		53
One Legacy Circle	Plano	TX	214,110	10/26/23		48,000		10,558
Blue Lagoon Drive	Miami	FL	213,182	12/6/23		68,000		(18,872)

2022
380 Interlocken	Broomfield	CO	240,359	8/31/22	$	42,000	$	5,665
390 Interlocken	Broomfield	CO	241,512	8/31/22		60,500		18,412
909 Davis	Evanston	IL	195,098	12/28/22		27,750		3,359

2021
One Ravinia	Atlanta	GA	386,602	5/27/21	$	74,879	$	29,075
Two Ravinia	Atlanta	GA	411,047	5/27/21		71,771		29
One Overton Park	Atlanta	GA	387,267	5/27/21		72,850		(6,336)
Loudoun Tech Center	Dulles	VA	136,658	6/29/21		17,250		(2,148)
River Crossing	Indianapolis	IN	205,729	8/31/21		35,050		(1,734)
Timberlake	Chesterfield	MO	234,496	9/23/21		44,667		6,184
Timberlake East	Chesterfield	MO	117,036	9/23/21		22,333		4,111
999 Peachtree	Atlanta	GA	621,946	10/22/21		223,900		86,766
Meadow Point	Chantilly	VA	138,537	11/16/21		25,500		1,878
Stonecroft	Chantilly	VA	111,469	11/16/21		14,500		(4,768)

2020
Emperor Boulevard	Durham	NC	259,531	12/23/20	$	89,700	$	41,928

(a)

Conveyance of approximately 7,826 square feet of land as part of a road revitalization project.

March 31, 2025| Page 23

Loan Portfolio of Secured Real Estate

(in thousands)

(dollars in thousands, except footnotes)

Maximum

Amount

Interest

Maturity

Amount

Outstanding

Rate at


(in thousands except per share data)
	As of
	31-Mar-25		Assets:			Other information:
Total Market Capitalization Values			Straight-line rent receivable	$	37,724	Leased SF to be FFO producing
Shares outstanding		103,566.7	Assets held for sale		5,685	during 2025-2028 (in 000's)		59
Closing price	$	1.78	Cash, cash equivalents and restricted cash		31,559
Market capitalization	$	184,349	Tenant rent receivables		1,462	Straight-line rental revenue current quarter	$	(70)
Debt		250,179	Prepaid expenses		2,844
Total Market Capitalization	$	434,528	Office computers and furniture		62
			Other assets:
			Deferred financing costs, net		2,723
	3 Months		Other assets - Right-to-Use Asset		585
	Ended			$	82,644
NOI Components	31-Mar-25

Same Store NOI (1)	$	11,319
Acquisitions (1) (2)		—	Liabilities:
Property NOI (1)		11,319	Debt (excluding contra for unamortized financing costs)	$	250,179	Footnotes to the components
Full quarter adjustment (3)		—	Accounts payable & accrued expenses		28,715	(1) See pages 11 & 30 for definitions and reconciliations.
Stabilized portfolio	$	11,319	Tenant security deposits		6,156
			Other liabilities: lease liability		612	(2) Includes NOI from acquisitions not in Same Store.
				$	285,662
Financial Statement Reconciliation:						(3) Adjustment to reflect property NOI for a full quarter in the quarter acquired, if necessary.
Rental Revenue	$	27,107
Rental operating expenses		(10,095)				(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		(5,369)
NOI from dispositions & acquisition properties		(24)				(5) Management & other fees are eliminated in consolidation but included in Property NOI.
Taxes (4)		(52)
Management & other fees (5)		(248)
Property NOI (1)	$	11,319