FRANKLIN STREET PROPERTIES CORP /MA/ 10-K

Item 2. Properties ​ Set forth below is information regarding our properties as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/23 ​ of Tenants ​ Major Tenants (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16285 Park Ten Place 6/27/02 157,609 83.8 % 7 Blade Energy Partners, Ltd. ​ Houston, TX 77084 ​ ​ ​ ​ ​ ​ ​ ​ ​ Baytex Energy USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Edge Engineering & Science, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 85.5 % 8 ARGO Data Resource Corp. ​ Richardson, TX 75081 ​ ​ ​ ​ ​ ​ ​ ​ EMC Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ID Software, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5600, 5620 & 5640 Cox Road 7/16/03 298,183 90.5 % 5 Commonwealth of Virginia ​ Glen Allen, VA 23060 ​ ​ ​ ​ ​ ​ ​ ​ ​ ChemTreat, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GE Vernova International LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, Inc. ​ 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. 2/24/06 217,841 80.2 % 22 See Footnote 3 ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 121 South Eighth Street 6/29/10 298,121 80.5 % 35 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 Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Minneapolis Convention & Visitor Association ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deluxe Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5100 & 5160 Tennyson Parkway 3/10/11 209,461 56.6 % 6 ARK-LA-TEX Financial Services, LLC ​ Plano, TX 75024 ​ ​ ​ ​ ​ ​ ​ ​ ​ CountryPlace Mortgage, LTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10370 & 10350 Richmond Ave. 11/1/12 629,025 62.7 % 41 See Footnote 3 ​ Houston, TX 77042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1999 Broadway 5/22/13 682,639 51.7 % 32 United States Government ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1001 17th Street 8/28/13 649,235 71.1 % 16 Permian Resources Operating, LLC ​ Denver CO, 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ Hall and Evans, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ping Identity Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 45 South Seventh Street 6/6/16 330,096 62.3 % 18 PwC US Group ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1420 Peachtree Street, NE 8/10/16 160,145 79.8 % 4 Swift, Currie, McGhee & Hiers, LLP ​ Atlanta, GA 30309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600 17th Street 12/1/16 612,135 81.7 % 36 EOG Resources, Inc. ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 120 Monument Circle ​ 1/1/23 ​ 213,760 ​ 4.1 % 2 ​ See Footnote 3 ​ Indianapolis, IN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned & Consolidated Portfolio ​ ​ ​ 5,779,542 ​ 71.5 % ​ ​ ​ ​ ​ (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 2024. We believe that our properties are adequately covered by insurance as of December 31, 2023. ​ 19 Table of Contents The information presented below provides the weighted average GAAP rent per square foot for the year ended December 31, 2023 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. ​ 2023 (a) ​ Square Feet (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Innsbrook ​ Glen Allen ​ VA ​ 1999 ​ 298,183 ​ 142,382 ​ 47.8 % 18.69 ​ East Total ​ ​ ​ ​ ​ ​ ​ 298,183 ​ 142,382 ​ 47.8 % 18.69 ​ 120 Monument Circle ​ Indianapolis ​ IN ​ 1992 ​ 213,760 ​ 8,722 ​ 4.1 % ​ 31.77 ​ 121 South 8th Street ​ Minneapolis ​ MN ​ 1974 ​ 298,121 ​ 243,088 ​ 81.5 % 25.28 ​ 801 Marquette Ave ​ Minneapolis ​ MN ​ 1923/2017 ​ 129,691 ​ 119,108 ​ 91.8 % ​ 24.38 ​ Plaza Seven ​ Minneapolis ​ MN ​ 1987 ​ 330,096 ​ 211,162 ​ 64.0 % 30.03 ​ Midwest Total ​ ​ ​ ​ ​ ​ ​ 971,668 ​ 582,080 ​ 59.9 % 26.91 ​ Park Ten ​ Houston ​ TX ​ 1999 ​ 157,609 ​ 125,157 ​ 79.4 % 28.86 ​ Addison Circle ​ Addison ​ TX ​ 1999 ​ 289,333 ​ 240,175 ​ 83.0 % 35.58 ​ Collins Crossing (c) ​ Richardson ​ TX ​ 1999 ​ 300,887 ​ 278,381 92.5 % ​ 27.10 ​ Eldridge Green ​ Houston ​ TX ​ 1999 ​ 248,399 ​ 248,399 100.0 % ​ 26.82 ​ Park Ten Phase II ​ Houston ​ TX ​ 2006 ​ 156,746 ​ 148,924 95.0 % ​ 29.42 ​ Liberty Plaza ​ Addison ​ TX ​ 1985 ​ 217,841 ​ 157,107 72.1 % ​ 24.65 ​ Legacy Tennyson Center ​ Plano ​ TX ​ 1999/2008 ​ 209,461 ​ 98,510 47.0 % ​ 30.96 ​ Westchase I & II ​ Houston ​ TX ​ 1983/2008 ​ 629,025 ​ 370,118 58.8 % ​ 26.49 ​ Pershing Park Plaza (c) ​ Atlanta ​ GA ​ 1989 ​ 160,145 ​ 127,796 ​ 79.8 % ​ 38.51 ​ South Total ​ ​ ​ ​ ​ ​ ​ 2,369,446 ​ 1,794,567 75.7 % ​ 29.20 ​ 1999 Broadway ​ Denver ​ CO ​ 1986 ​ 682,639 ​ 407,194 59.7 % ​ 33.97 ​ 1001 17th Street ​ Denver ​ CO ​ 1977/2006 ​ 649,235 ​ 456,542 70.3 % ​ 39.04 ​ 600 17th Street ​ Denver ​ CO ​ 1982 ​ 612,135 ​ 484,934 79.2 % ​ 34.29 ​ Greenwood Plaza ​ Englewood ​ CO ​ 2000 ​ 196,236 ​ 130,006 66.3 % ​ 29.16 ​ West Total ​ ​ ​ ​ ​ ​ ​ 2,140,245 ​ 1,478,676 69.1 % ​ 35.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned & Consolidated Properties ​ ​ ​ ​ ​ ​ ​ 5,779,542 ​ 3,997,705 ​ 69.2 % $ 30.72 ​ (a) Based on weighted occupied square feet for the year ended December 31, 2023, 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, 2023 per weighted occupied square foot. (c) Properties were classified as assets held for sale as of December 31, 2023. ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 47 (c) 518,878 ​ $ 15,816,296 ​ $ 30.48 ​ 12.5 % 12.5 % 2025 ​ 55 ​ 437,374 ​ ​ 14,785,284 ​ ​ 33.80 ​ 11.7 % 24.2 % 2026 ​ 43 ​ 567,886 ​ ​ 20,136,729 ​ ​ 35.46 ​ 15.9 % 40.1 % 2027 ​ 26 ​ 330,757 ​ ​ 10,530,650 ​ ​ 31.84 ​ 8.3 % 48.4 % 2028 ​ 19 ​ 233,589 ​ ​ 7,484,290 ​ ​ 32.04 ​ 5.9 % 54.3 % 2029 ​ 30 ​ 538,125 ​ ​ 15,738,822 ​ ​ 29.25 ​ 12.4 % 66.7 % 2030 ​ 11 ​ 307,108 ​ ​ 9,327,691 ​ ​ 30.37 ​ 7.4 % 74.1 % 2031 ​ 8 ​ 256,836 ​ ​ 9,358,506 ​ ​ 36.44 ​ 7.4 % 81.5 % 2032 ​ 1 ​ 5,901 ​ ​ — ​ ​ — ​ — % 81.5 % 2033 ​ 8 ​ 489,626 ​ ​ 16,080,101 ​ ​ 32.84 ​ 12.7 % 94.2 % 2034 and thereafter ​ 39 ​ 443,514 (d) ​ 7,275,536 ​ ​ 16.40 ​ 5.8 % 100.0 % Leased total ​ 287 ​ 4,129,594 ​ $ 126,533,905 ​ $ 30.64 ​ 100.0 % ​ ​ Vacancies as of 12/31/23 ​ ​ ​ 1,649,948 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Portfolio Square Footage ​ ​ ​ 5,779,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2023 multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges. (c) Includes 4 leases that are month-to-month. (d) Includes 61,623 square feet that are non-revenue producing building amenities. ​ ​