FRANKLIN STREET PROPERTIES CORP /MA/ 10-K

Item 2. Properties ​ Set forth below is information regarding our properties as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/24 ​ of Tenants ​ Major Tenants (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16285 Park Ten Place 6/27/02 157,609 83.5 % 7 Blade Energy Partners, Ltd. ​ Houston, TX 77084 ​ ​ ​ ​ ​ ​ ​ ​ ​ Baytex Energy USA, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Edge Engineering & Science, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liberty Lift Solutions, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15601 Dallas Parkway 9/30/02 289,333 79.9 % 13 Cyxtera Management Inc. ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ WDT Acquisition Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerotek, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CarOffer, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1293 Eldridge Parkway 1/16/04 248,399 100.0 % 1 CITGO Petroleum Corporation ​ Houston, TX 77077 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6550 & 6560 Greenwood Plaza Englewood, CO 80111 2/24/05 196,236 65.0 % 2 Kaiser Foundation Health Plan, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16290 Katy Freeway 9/28/05 156,746 75.5 % 6 Olin Corporation ​ Houston, TX 77094 ​ ​ ​ ​ ​ ​ ​ ​ Bluware, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5055 & 5057 Keller Springs Rd. 2/24/06 217,841 78.4 % 22 See Footnote 3 ​ Addison, TX 75001 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 121 South Eighth Street Minneapolis, MN 55402 6/29/10 297,541 78.5 % 33 Schwegman, Lundberg & Woessner ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 801 Marquette Ave. South ​ 6/29/10 129,691 91.8 % 3 ​ Workbox Marquette MN, LLC ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater Minneapolis Convention & Visitor Association ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deluxe Corporation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5100 & 5160 Tennyson Parkway Plano, TX 75024 3/10/11 209,562 51.0 % 6 ARK-LA-TEX Financial Services, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10370 & 10350 Richmond Ave. 11/1/12 629,025 65.5 % 43 See Footnote 3 ​ Houston, TX 77042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1999 Broadway 5/22/13 682,639 50.2 % 28 United States Government ​ Denver, CO 80202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1001 17th Street Denver CO, 80202 8/28/13 649,400 75.4 % 16 Permian Resources Operating, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hall and Evans, LLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ping Identity Corp. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approx. Percent Approx. ​ ​ Date of ​ Square ​ Leased as ​ Number ​ ​ Property Location ​ Purchase (1) ​ Feet ​ of 12/31/24 ​ of Tenants ​ Major Tenants (2) 45 South Seventh Street 6/6/16 330,096 52.8 % 16 PwC US Group ​ Minneapolis, MN 55402 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 600 17th Street 12/1/16 612,135 77.1 % 32 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 ​ ​ ​ 5,020,013 ​ 67.5 % ​ ​ ​ ​ ​ (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, except for Monument Circle which is a consolidated variable interest entity. None of our owned 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 2025. We believe that our properties are adequately covered by insurance as of December 31, 2024. ​ 20 Table of Contents The information presented below provides the weighted average GAAP rent per square foot for the year ended December 31, 2024 for our properties and weighted occupancy square feet and percentages. GAAP rent includes the impact of tenant concessions and reimbursements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. ​ 2024 (a) ​ Square Feet (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 120 Monument Circle ​ Indianapolis ​ IN ​ 1992 ​ 213,760 ​ 8,721 ​ 4.1 % ​ 34.63 ​ 121 South 8th Street ​ Minneapolis ​ MN ​ 1974 ​ 297,541 ​ 224,733 ​ 75.5 % 25.80 ​ 801 Marquette Ave ​ Minneapolis ​ MN ​ 1923/2017 ​ 129,691 ​ 119,108 ​ 91.8 % ​ 25.90 ​ Plaza Seven ​ Minneapolis ​ MN ​ 1987 ​ 330,096 ​ 187,099 ​ 56.7 % 30.48 ​ Midwest Total ​ ​ ​ ​ ​ ​ ​ 971,088 ​ 539,661 ​ 55.6 % 27.59 ​ Park Ten ​ Houston ​ TX ​ 1999 ​ 157,609 ​ 119,925 ​ 76.1 % 28.95 ​ Addison Circle ​ Addison ​ TX ​ 1999 ​ 289,333 ​ 229,817 ​ 79.4 % 35.06 ​ Eldridge Green ​ Houston ​ TX ​ 1999 ​ 248,399 ​ 248,399 100.0 % ​ 27.43 ​ Park Ten Phase II ​ Houston ​ TX ​ 2006 ​ 156,746 ​ 123,187 78.6 % ​ 29.75 ​ Liberty Plaza ​ Addison ​ TX ​ 1985 ​ 217,841 ​ 163,337 75.0 % ​ 26.51 ​ Legacy Tennyson Center ​ Plano ​ TX ​ 1999/2008 ​ 209,562 ​ 108,574 51.8 % ​ 30.81 ​ Westchase I & II ​ Houston ​ TX ​ 1983/2008 ​ 629,025 ​ 386,850 61.5 % ​ 27.55 ​ South Total ​ ​ ​ ​ ​ ​ ​ 1,908,515 ​ 1,380,089 72.3 % ​ 29.23 ​ 1999 Broadway ​ Denver ​ CO ​ 1986 ​ 682,639 ​ 347,259 50.9 % ​ 35.30 ​ 1001 17th Street ​ Denver ​ CO ​ 1977/2006 ​ 649,400 ​ 462,048 71.2 % ​ 38.56 ​ 600 17th Street ​ Denver ​ CO ​ 1982 ​ 612,135 ​ 475,629 77.7 % ​ 34.82 ​ Greenwood Plaza ​ Englewood ​ CO ​ 2000 ​ 196,236 ​ 128,181 65.3 % ​ 31.25 ​ West Total ​ ​ ​ ​ ​ ​ ​ 2,140,410 ​ 1,413,117 66.0 % ​ 35.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Owned & Consolidated Properties ​ ​ ​ ​ ​ ​ ​ 5,020,013 ​ 3,332,867 ​ 66.4 % $ 31.77 ​ (a) Based on weighted occupied square feet for the year ended December 31, 2024, 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, 2024 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ 41 (c) 321,725 ​ $ 10,682,388 ​ $ 33.20 ​ 10.0 % 10.0 % 2026 ​ 42 ​ 609,509 ​ ​ 21,851,095 ​ ​ 35.85 ​ 20.5 % 30.5 % 2027 ​ 30 ​ 301,642 ​ ​ 10,532,884 ​ ​ 34.92 ​ 9.9 % 40.4 % 2028 ​ 26 ​ 259,540 ​ ​ 8,008,461 ​ ​ 30.86 ​ 7.5 % 47.9 % 2029 ​ 32 ​ 486,384 ​ ​ 15,411,441 ​ ​ 31.69 ​ 14.4 % 62.3 % 2030 ​ 18 ​ 242,551 ​ ​ 7,531,497 ​ ​ 31.05 ​ 7.1 % 69.4 % 2031 ​ 10 ​ 266,031 ​ ​ 10,234,815 ​ ​ 38.47 ​ 9.6 % 79.0 % 2032 ​ 7 ​ 61,352 ​ ​ 36,441 ​ ​ 0.59 ​ 0 % 79.0 % 2033 ​ 8 ​ 390,287 ​ ​ 11,546,827 ​ ​ 29.59 ​ 10.8 % 89.8 % 2034 ​ 5 ​ 51,384 ​ ​ 1,552,826 ​ ​ 30.22 ​ 1.5 % 91.3 % 2035 and thereafter ​ 22 ​ 396,632 (d) ​ 9,330,944 ​ ​ 23.53 ​ 8.7 % 100.0 % Leased total ​ 241 ​ 3,387,037 ​ $ 106,719,619 ​ $ 31.51 ​ 100.0 % ​ ​ Vacancies as of 12/31/24 ​ ​ ​ 1,632,976 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Portfolio Square Footage ​ ​ ​ 5,020,013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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, 2024 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. ​ ​