FRANKLIN STREET PROPERTIES CORP /MA/ 10-K

Item 2. Properties ​ Set forth below is information regarding our properties as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/22 ​ 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 78.1 % 8 Blade Energy Partners, Ltd. ​ Houston, TX 77084 ​ ​ ​ ​ ​ ​ ​ ​ Ranger Oil Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15601 Dallas Parkway 9/30/02 289,333 83.0 % 14 Cyxtera Management Inc. ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ WDT Acquisition Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerotek, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CarOffer, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1500 & 1600 N. Greenville Ave. 3/3/03 300,887 96.1 % 8 ARGO Data Resource Corp. ​ Richardson, TX 75081 ​ ​ ​ ​ ​ ​ ​ ​ EMC Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Id Software, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5600, 5620 & 5640 Cox Road 7/16/03 298,183 47.8 % 4 ChemTreat, Inc. ​ Glen Allen, VA 23060 ​ ​ ​ ​ ​ ​ ​ ​ General Electric Company ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5505 Blue Lagoon Drive 11/6/03 213,182 98.5 % 2 ​ Lennar Homes, LLC ​ Miami, FL 33126 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unique Vacations, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 66.3 % 2 Kaiser Foundation Health Plan ​ Englewood, CO 80111 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. 2/24/06 217,779 72.9 % 24 See Footnote 3 ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 121 South Eighth Street 6/29/10 298,121 85.2 % 36 Schwegman, Lundberg & Woessner ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 801 Marquette Ave. South ​ 6/29/10 129,691 91.8 % 3 ​ Workbox Marquette MN, LLC ​ 18 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/22 ​ of Tenants ​ Major Tenants (2) Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Minneapolis Convention & Visitor Association ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deluxe Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5100 & 5160 Tennyson Pkwy 3/10/11 209,461 49.0 % 5 ARK-LA-TEX Financial Services, LLC ​ Plano, TX 75024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7500 Dallas Parkway 3/24/11 214,110 64.7 % 9 Bread Financial Payments, Inc. ​ Plano, TX 75024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10370 & 10350 Richmond Ave. 11/1/12 629,025 63.5 % 40 See Footnote 3 ​ Houston, TX 77042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1999 Broadway 5/22/13 680,255 66.9 % 36 United States Government ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1001 17th Street 8/28/13 657,816 70.2 % 15 Hall and Evans, LLC ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ Ping Identity Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Permian Resources Operating, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45 South Seventh Street 6/6/16 330,096 79.3 % 23 PricewaterhouseCoopers LLP ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ Haworth Marketing & Media Company ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1420 Peachtree Street, NE 8/10/16 160,145 79.2 % 4 Swift, Currie, McGhee & Hiers, LLP ​ Atlanta, GA 30309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600 17th Street 12/1/16 611,163 78.3 % 32 EOG Resources, Inc. ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned Portfolio ​ ​ ​ 6,239,530 ​ 75.6 % ​ ​ ​ ​ ​ (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 2023. We believe that our properties are adequately covered by insurance as of December 31, 2022. 19 Table of Contents The information presented below provides the weighted average GAAP rent per square foot for the year ended December 31, 2022 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. ​ 2022 (a) ​ Square Feet (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forest Park ​ Charlotte ​ NC ​ 1999/2020 ​ 64,198 ​ 50,331 ​ 78.4 % $ 23.65 ​ Innsbrook ​ Glen Allen ​ VA ​ 1999 ​ 298,183 ​ 144,738 ​ 48.5 % 18.91 ​ East total ​ ​ ​ ​ ​ ​ ​ 362,381 ​ 195,069 ​ 53.8 % 20.13 ​ Northwest Point ​ Elk Grove Village ​ IL ​ 1999 ​ 177,095 ​ 177,095 ​ 100.0 % 31.64 ​ 121 South 8th Street ​ Minneapolis ​ MN ​ 1974 ​ 298,121 ​ 263,867 ​ 88.5 % 25.10 ​ 801 Marquette Ave ​ Minneapolis ​ MN ​ 1923/2017 ​ 129,691 ​ 109,913 ​ 84.8 % ​ 23.92 ​ Plaza Seven ​ Minneapolis ​ MN ​ 1987 ​ 330,096 ​ 268,005 ​ 81.2 % 33.28 ​ Midwest total ​ ​ ​ ​ ​ ​ ​ 935,003 ​ 818,880 ​ 87.6 % 29.03 ​ Blue Lagoon Drive ​ Miami ​ FL ​ 2002/2021 ​ 213,182 ​ 156,795 ​ 73.6 % ​ 33.10 ​ Park Ten ​ Houston ​ TX ​ 1999 ​ 157,609 ​ 113,431 ​ 72.0 % 29.09 ​ Addison Circle ​ Addison ​ TX ​ 1999 ​ 289,333 ​ 206,989 ​ 71.5 % 34.49 ​ Collins Crossing ​ Richardson ​ TX ​ 1999 ​ 300,887 ​ 261,772 87.0 % ​ 27.06 ​ Eldridge Green ​ Houston ​ TX ​ 1999 ​ 248,399 ​ 248,399 100.0 % ​ 26.11 ​ Park Ten Phase II ​ Houston ​ TX ​ 2006 ​ 156,746 ​ 148,924 95.0 % ​ 28.63 ​ Liberty Plaza ​ Addison ​ TX ​ 1985 ​ 217,779 ​ 155,429 71.4 % ​ 24.56 ​ Legacy Tennyson Center ​ Plano ​ TX ​ 1999/2008 ​ 209,461 ​ 88,225 42.1 % ​ 30.37 ​ One Legacy Circle ​ Plano ​ TX ​ 2008 ​ 214,110 ​ 128,166 59.9 % ​ 37.31 ​ Westchase I & II ​ Houston ​ TX ​ 1983/2008 ​ 629,025 ​ 354,267 56.3 % ​ 26.68 ​ Pershing Park Plaza ​ Atlanta ​ GA ​ 1989 ​ 160,145 ​ 54,994 ​ 34.3 % ​ 33.44 ​ South Total ​ ​ ​ ​ ​ ​ ​ 2,796,676 ​ 1,917,391 68.6 % ​ 29.22 ​ 1999 Broadway ​ Denver ​ CO ​ 1986 ​ 680,255 ​ 453,050 66.6 % ​ 34.02 ​ 1001 17th Street ​ Denver ​ CO ​ 1977/2006 ​ 657,816 ​ 502,703 76.4 % ​ 35.48 ​ 600 17th Street ​ Denver ​ CO ​ 1982 ​ 611,163 ​ 472,674 77.3 % ​ 34.38 ​ Greenwood Plaza ​ Englewood ​ CO ​ 2000 ​ 196,236 ​ 152,083 77.5 % ​ 28.08 ​ West Total ​ ​ ​ ​ ​ ​ ​ 2,145,470 ​ 1,580,510 73.7 % ​ 34.02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned Properties ​ ​ ​ ​ ​ ​ ​ 6,239,530 ​ 4,511,850 ​ 72.3 % $ 30.48 ​ (a) Based on weighted occupied square feet for the year ended December 31, 2022, 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, 2022 per weighted occupied square foot. ​ ​ 20 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 47 (c) 398,204 ​ $ 12,594,621 ​ $ 31.63 ​ 9.2 % 9.2 % 2024 ​ 49 ​ 862,393 ​ ​ 27,667,475 ​ ​ 32.08 ​ 20.3 % 29.5 % 2025 ​ 54 ​ 429,146 ​ ​ 14,038,512 ​ ​ 32.71 ​ 10.3 % 39.8 % 2026 ​ 36 ​ 612,913 ​ ​ 21,289,129 ​ ​ 34.73 ​ 15.6 % 55.4 % 2027 ​ 20 ​ 307,689 ​ ​ 9,694,824 ​ ​ 31.51 ​ 7.1 % 62.5 % 2028 ​ 19 ​ 278,620 ​ ​ 8,125,556 ​ ​ 29.16 ​ 6.0 % 68.5 % 2029 ​ 15 ​ 344,550 ​ ​ 10,011,705 ​ ​ 29.06 ​ 7.3 % 75.8 % 2030 ​ 11 ​ 292,715 ​ ​ 8,077,513 ​ ​ 27.60 ​ 5.9 % 81.7 % 2031 ​ 8 ​ 271,904 ​ ​ 9,952,632 ​ ​ 36.60 ​ 7.3 % 89.0 % 2032 ​ — ​ — ​ ​ — ​ ​ — ​ — % 89.0 % 2033 and thereafter ​ 44 ​ 917,408 (d) ​ 15,053,359 ​ ​ 16.41 ​ 11.0 % 100.0 % Leased total ​ 303 ​ 4,715,542 ​ $ 136,505,326 ​ $ 28.95 ​ 100.0 % ​ ​ Vacancies as of 12/31/22 ​ ​ ​ 1,523,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Portfolio Square Footage ​ ​ ​ 6,239,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2022 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 87,695 square feet that are non-revenue producing building amenities. ​ ​ ​