FRANKLIN STREET PROPERTIES CORP /MA/ 10-K

Item 2. Properties ​ Set forth below is information regarding our properties as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/21 ​ of Tenants ​ Major Tenants (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600 Forest Point Circle 7/8/99 64,198 78.4 % 2 ​ Willis Towers Watson Southeast Inc. ​ Charlotte, NC 28273 ​ ​ ​ ​ ​ ​ ​ ​ ​ Flexential Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 50 Northwest Point Rd. 12/5/01 177,095 100.0 % 2 Citicorp Credit Services, Inc. ​ Elk Grove Village, IL 60005 ​ ​ ​ ​ ​ ​ ​ ​ ​ NCS Pearson, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16285 Park Ten Place 6/27/02 157,609 72.0 % 7 Penn Virginia Corporation ​ Houston, TX 77084 ​ ​ ​ ​ ​ ​ ​ ​ Blade Energy Partners, Ltd. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranger Oil Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15601 Dallas Parkway 9/30/02 289,325 75.8 % 11 Cyxtera Management Inc. ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ WDT Acquisition Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerotek, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1500 & 1600 N. Greenville Ave. 3/3/03 300,887 84.4 % 6 ARGO Data Resource Corp. ​ Richardson, TX 75081 ​ ​ ​ ​ ​ ​ ​ ​ EMC Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Id Software, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5600, 5620 & 5640 Cox Road 7/16/03 298,183 57.2 % 5 ChemTreat, Inc. ​ Glen Allen, VA 23060 ​ ​ ​ ​ ​ ​ ​ ​ General Electric Company ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 380 Interlocken Crescent 8/15/03 240,359 60.5 % 6 VMWare, Inc. ​ Broomfield, CO 80021 ​ ​ ​ ​ ​ ​ ​ ​ Sierra Financial Services, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5505 Blue Lagoon Drive (4) 11/6/03 213,182 73.6 % 1 ​ Lennar Homes, LLC ​ Miami, FL 33126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1293 Eldridge Parkway 1/16/04 248,399 100.0 % 1 CITGO Petroleum Corporation ​ Houston, TX 77077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6550 & 6560 Greenwood Plaza 2/24/05 196,236 100.0 % 3 Kaiser Foundation Health Plan ​ Englewood, CO 80111 ​ ​ ​ ​ ​ ​ ​ ​ DirecTV, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16290 Katy Freeway 9/28/05 156,746 95.0 % 7 Olin Corporation ​ Houston, TX 77094 ​ ​ ​ ​ ​ ​ ​ ​ Hargrove and Associates, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bluware, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5055 & 5057 Keller Springs Rd. 2/24/06 217,191 83.4 % 24 Acrisure, LLC ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 390 Interlocken Crescent 12/21/06 241,512 99.4 % 6 The Vail Corporation ​ Broomfield, CO 80021 ​ ​ ​ ​ ​ ​ ​ ​ ​ AppExtremes, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 121 South Eighth Street 6/29/10 298,121 90.2 % 42 Schwegman, Lundberg & Woessner ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/21 ​ of Tenants ​ Major Tenants (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 801 Marquette Ave. South ​ 6/29/10 129,821 91.8 % 3 ​ Common Grounds Minneapolis I, LLC ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Minneapolis Convention & Visitor Association ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deluxe Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5100 & 5160 Tennyson Pkwy 3/10/11 207,049 41.1 % 4 ARK-LA-TEX Financial Services, LLC ​ Plano, TX 75024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7500 Dallas Parkway 3/24/11 214,110 57.9 % 7 ADS Alliance Data Systems, Inc. ​ Plano, TX 75024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 909 Davis Street 9/30/11 195,098 93.3 % 9 Houghton Mifflin Co. ​ Evanston, IL 60201 ​ ​ ​ ​ ​ ​ ​ ​ Aptinyx, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northshore University Healthsystem ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrious Evn 909 Davis Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10370 & 10350 Richmond Ave. 11/1/12 629,025 57.6 % 34 See Footnote 3 ​ Houston, TX 77042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1999 Broadway 5/22/13 680,255 67.0 % 36 United States Government ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1001 17th Street 8/28/13 655,420 95.2 % 18 Ovintiv USA Inc. ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ WPX Energy. Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hall and Evans, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ping Identity Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45 South Seventh Street 6/6/16 330,096 83.6 % 25 PricewaterhouseCoopers LLP ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ Haworth Marketing & Media Company ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1420 Peachtree Street, NE 8/10/16 160,145 76.6 % 4 Swift, Currie, McGhee & Hiers, LLP ​ Atlanta, GA 30309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600 17th Street 12/1/16 611,163 80.7 % 38 EOG Resources, Inc. ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned Portfolio ​ ​ ​ 6,911,225 ​ 78.4 % ​ ​ ​ ​ ​ (1) Date of purchase or merged entity date of purchase. (2) Major tenants that occupy 10% or more of the space in an individual property. (3) No tenant occupies more than 10% of the space. ​ All of the properties listed above are owned, directly or indirectly, by us. None of our properties are subject to any mortgage loans. We have no other material undeveloped or unimproved properties, or proposed programs for material renovation or development of any of our properties in 2022. We believe that our properties are adequately covered by insurance as of December 31, 2021. 20 Table of Contents The information presented below provides the weighted average GAAP rent per square foot for the year ended December 31, 2021 for our properties and weighted occupancy square feet and percentages. GAAP rent includes the impact of tenant concessions and reimbursements. This table does not include information about properties held by our investments in nonconsolidated REITs or those which we have provided Sponsored REIT Loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Occupied ​ Weighted ​ ​ ​ ​ ​ ​ Year Built ​ ​ ​ Weighted ​ Percentage as of ​ Average ​ ​ ​ ​ ​ ​ or ​ Net Rentable ​ Occupied ​ December 31, ​ Rent per Occupied Property Name ​ City ​ State ​ Renovated ​ Square Feet ​ Sq. Ft. ​ 2021 (a) ​ Square Feet (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forest Park ​ Charlotte ​ NC ​ 1999/2020 ​ 64,198 ​ 36,233 ​ 56.4 % $ 24.68 ​ Innsbrook ​ Glen Allen ​ VA ​ 1999 ​ 298,183 ​ 170,680 ​ 57.2 % 18.71 ​ East total ​ ​ ​ ​ ​ ​ ​ 362,381 ​ 206,913 ​ 57.1 % 19.76 ​ Northwest Point ​ Elk Grove Village ​ IL ​ 1999 ​ 177,095 ​ 177,095 ​ 100.0 % 31.00 ​ 909 Davis Street ​ Evanston ​ IL ​ 2002 ​ 195,098 ​ 182,104 ​ 93.3 % 41.97 ​ 121 South 8th Street ​ Minneapolis ​ MN ​ 1974 ​ 298,121 ​ 259,246 ​ 87.0 % 24.01 ​ 801 Marquette Ave ​ Minneapolis ​ MN ​ 1923/2017 ​ 129,821 ​ 83,566 ​ 64.4 % ​ 19.61 ​ Plaza Seven ​ Minneapolis ​ MN ​ 1987 ​ 330,096 ​ 281,407 ​ 85.3 % 34.27 ​ Midwest total ​ ​ ​ ​ ​ ​ ​ 1,130,231 ​ 983,418 ​ 87.0 % 31.16 ​ Blue Lagoon Drive ​ Miami ​ FL ​ 2002/2021 ​ 213,182 ​ 143,152 ​ 67.2 % ​ 26.15 ​ Park Ten ​ Houston ​ TX ​ 1999 ​ 157,609 ​ 113,258 ​ 71.9 % 29.96 ​ Addison Circle ​ Addison ​ TX ​ 1999 ​ 289,325 ​ 233,688 ​ 80.8 % 32.92 ​ Collins Crossing ​ Richardson ​ TX ​ 1999 ​ 300,887 ​ 251,933 83.7 % ​ 27.03 ​ Eldridge Green ​ Houston ​ TX ​ 1999 ​ 248,399 ​ 248,399 100.0 % ​ 27.43 ​ Park Ten Phase II ​ Houston ​ TX ​ 2006 ​ 156,746 ​ 148,924 95.0 % ​ 28.98 ​ Liberty Plaza ​ Addison ​ TX ​ 1985 ​ 217,191 ​ 159,853 73.6 % ​ 22.61 ​ Legacy Tennyson Center ​ Plano ​ TX ​ 1999/2008 ​ 207,049 ​ 95,242 46.0 % ​ 25.55 ​ One Legacy Circle ​ Plano ​ TX ​ 2008 ​ 214,110 ​ 121,229 56.6 % ​ 38.35 ​ Westchase I & II ​ Houston ​ TX ​ 1983/2008 ​ 629,025 ​ 332,503 52.9 % ​ 27.51 ​ Pershing Park Plaza ​ Atlanta ​ GA ​ 1989 ​ 160,145 ​ 77,574 ​ 48.4 % ​ 32.89 ​ South Total ​ ​ ​ ​ ​ ​ ​ 2,793,668 ​ 1,925,755 68.9 % ​ 28.65 ​ 380 Interlocken ​ Broomfield ​ CO ​ 2000 ​ 240,359 ​ 152,916 63.6 % ​ 32.80 ​ 1999 Broadway ​ Denver ​ CO ​ 1986 ​ 680,255 ​ 459,580 67.6 % ​ 32.72 ​ 1001 17th Street ​ Denver ​ CO ​ 1977/2006 ​ 655,420 ​ 624,615 95.3 % ​ 36.24 ​ 600 17th Street ​ Denver ​ CO ​ 1982 ​ 611,163 ​ 512,705 83.9 % ​ 32.73 ​ Greenwood Plaza ​ Englewood ​ CO ​ 2000 ​ 196,236 ​ 196,236 100.0 % ​ 25.79 ​ 390 Interlocken ​ Broomfield ​ CO ​ 2002 ​ 241,512 ​ 239,991 99.4 % ​ 32.64 ​ West Total ​ ​ ​ ​ ​ ​ ​ 2,624,945 ​ 2,186,043 83.3 % ​ 33.10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned Properties ​ ​ ​ ​ ​ ​ ​ 6,911,225 ​ 5,302,129 ​ 76.7 % $ 30.60 ​ (a) Based on weighted occupied square feet for the year ended December 31, 2021, including month-to-month tenants, divided by the property’s net rentable square footage. (b) Represents annualized GAAP rental revenue for the year ended December 31, 2021 per weighted occupied square foot. ​ ​ 21 Table of Contents The information presented below is a lease expiration table for ten years and thereafter, stating (i) the number of tenants whose leases will expire, (ii) the total area in square feet covered by such leases, (iii) the annual rental represented by such leases in dollars and by square feet, and (iv) the percentage of gross annual rental represented by such leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rentable ​ ​ ​ ​ Annualized ​ Percentage ​ ​ ​ ​ ​ Number of ​ Square ​ ​ ​ ​ Rent ​ of Total ​ ​ ​ Year of ​ Leases ​ Footage ​ Annualized ​ Per Square ​ Annualized ​ ​ ​ Lease ​ Expiring ​ Subject to ​ Rent Under ​ Foot Under ​ Rent Under ​ ​ ​ Expiration ​ Within the ​ Expiring ​ Expiring ​ Expiring ​ Expiring ​ Cumulative ​ December 31, Year (a) Leases Leases (b) Leases Leases Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 54 (c) 503,150 ​ $ 16,927,555 ​ $ 33.64 ​ 10.5 % 10.5 % 2023 ​ 43 ​ 313,234 ​ ​ 10,601,811 ​ ​ 33.85 ​ 6.6 % 17.1 % 2024 ​ 50 ​ 738,892 ​ ​ 23,275,750 ​ ​ 31.50 ​ 14.4 % 31.5 % 2025 ​ 51 ​ 507,056 ​ ​ 16,009,360 ​ ​ 31.57 ​ 9.9 % 41.4 % 2026 ​ 31 ​ 532,267 ​ ​ 19,064,325 ​ ​ 35.82 ​ 11.8 % 53.2 % 2027 ​ 22 ​ 697,549 ​ ​ 23,297,104 ​ ​ 33.40 ​ 14.4 % 67.6 % 2028 ​ 15 ​ 273,175 ​ ​ 7,513,529 ​ ​ 27.50 ​ 4.7 % 72.3 % 2029 ​ 13 ​ 338,249 ​ ​ 9,241,476 ​ ​ 27.32 ​ 5.7 % 78.0 % 2030 ​ 8 ​ 422,110 ​ ​ 13,861,254 ​ ​ 32.84 ​ 8.6 % 86.6 % 2031 ​ 8 ​ 290,886 ​ ​ 10,718,039 ​ ​ 36.85 ​ 6.6 % 93.2 % 2032 and thereafter ​ 37 ​ 798,533 (d) ​ 10,887,055 ​ ​ 13.63 ​ 6.8 % 100.0 % Leased total ​ 332 ​ 5,415,101 ​ $ 161,397,258 ​ $ 29.81 ​ 100.0 % ​ ​ Vacancies as of 12/31/21 ​ ​ ​ 1,496,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Portfolio Square Footage ​ ​ ​ 6,911,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2021 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges. (c) Includes 3 leases that are month-to-month. (d) Includes 91,958 square feet that are non-revenue producing building amenities. ​ ​ ​