10/28/2025 - 04:26 PM

2025年10月28日- 下午 04:26

WAKEFIELD, Mass.--(BUSINESS WIRE)--Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced its results for the third quarter ended September 30, 2025.

馬薩諸塞州韋克菲爾德 --（商業新聞）-- 富蘭克林街物業公司（“公司”，“FSP”，“我們” 或 “我們的”）（紐約證券交易所美國：FSP），一家房地產投資信託（REIT），公佈了截至2025年9月30日的第三季度業績。

George J. Carter, Chairman and Chief Executive Officer, commented as follows:

喬治·J·卡特，董事長兼首席執行官，評論如下：

“FSP continues to maintain its focus on trying to improve leasing and occupancy across our portfolio. Nationally, the overall office sector continues to face headwinds from capital markets volatility and evolving workplace dynamics, but we have recently seen some encouraging signs of stabilization and “return-to-office” trends in many cities across the United States. While overall leasing volume within the FSP portfolio during the first nine months of 2025 has been modest, we have seen more signs of improved tenant activity in our markets. National office vacancy rates have finally declined slightly for the first time since early 2019. Importantly, we are also seeing and competing for a greater number of larger potential lease transactions at our properties. More prospective tenants are in the market seeking to expand their office space footprints. The increased demand from these prospective tenants is pushing up against a reduced supply of office space from a lack of new development and inventory removal.

“FSP 繼續專注於改善我們投資組合的租賃和入住率。在全國範圍內，整體辦公行業仍面臨資本市場波動和不斷變化的工作場所動態的挑戰，但我們最近在美國許多城市看到了一些穩定和 “迴歸辦公室” 趨勢的積極跡象。儘管在 2025 年前九個月內，FSP 投資組合的整體租賃量仍然温和，但我們在市場上看到更多租户活動改善的跡象。全國辦公空置率自 2019 年初以來首次略有下降。重要的是，我們也在看到並爭取更多較大潛在租賃交易的機會。越來越多的潛在租户正在市場上尋求擴大他們的辦公空間。來自這些潛在租户的需求增加與由於缺乏新開發和庫存移除而減少的辦公空間供應相互碰撞。

While leasing and property operations are ongoing, our Board of Directors continues to work with our financial advisor, BofA Securities, on our ongoing strategic review process. The process has been robust and comprehensive, with a wide range of strategic alternatives considered to explore ways to maximize shareholder value.”

儘管租賃和物業運營仍在進行中，我們的董事會繼續與我們的財務顧問 BofA 證券合作，進行持續的戰略審查過程。該過程已經全面而深入，考慮了多種戰略選擇，以探索最大化股東價值的方式。”

Financial Highlights

財務亮點

GAAP net loss was $8.3 million and $37.6 million, or $0.08 and $0.36 per basic and diluted share for the three and nine months ended September 30, 2025, respectively.
Funds From Operations (FFO) was $2.3 million and $7.6 million, or $0.02 and $0.07 per basic and diluted share, for the three and nine months ended September 30, 2025, respectively.

截至2025年9月30日的三個月和九個月，GAAP 淨虧損分別為 830 萬美元和 3760 萬美元，或每股基本和稀釋後 0.08 美元和 0.36 美元。
運營資金（FFO）為 230 萬美元和 760 萬美元，或每股基本和稀釋後 0.02 美元和 0.07 美元，截止至2025年9月30日的三個月和九個月。

Leasing Highlights

租賃亮點

During the nine months ended September 30, 2025, we leased approximately 274,000 square feet of space of which approximately 219,000 were from renewals and expansions of existing tenants.
Our directly-owned real estate portfolio of 14 properties, totaling approximately 4.8 million square feet, was approximately 68.9% leased as of September 30, 2025, compared to approximately 70.3% leased as of December 31, 2024. The decrease in the leased percentage is due to lease expirations during the nine months ended September 30, 2025.
The weighted average GAAP base rent per square foot achieved on leasing activity during the nine months ended September 30, 2025, was $31.81, or 6.0% higher than average rents in the respective properties for the year ended December 31, 2024. The average lease term on leases signed during the nine months ended September 30, 2025, was 5.7 years compared to 6.3 years during the year ended December 31, 2024. Overall, the portfolio weighted average rent per occupied square foot was $31.13 as of September 30, 2025, compared to $31.77 as of December 31, 2024.
We believe that our continuing portfolio of real estate is well located within their respective markets, primarily in the Sunbelt and Mountain West geographic regions, and consists of high-quality assets with long-term upside leasing potential.

截至2025年9月30日的九個月內，我們租賃了約 274,000 平方英尺的空間，其中約 219,000 平方英尺來自現有租户的續租和擴展。
截至2025年9月30日，我們直接擁有的 14 處房地產投資組合總面積約為 480 萬平方英尺，租賃率約為 68.9%，而截至2024年12月31日的租賃率約為 70.3%。租賃比例的下降是由於截至2025年9月30日的九個月內租約到期所致。
截至2025年9月30日的九個月內，租賃活動中實現的每平方英尺加權平均 GAAP 基礎租金為 31.81 美元，比截至2024年12月31日的相關物業的平均租金高出 6.0%。截至2025年9月30日簽署的租約的平均租期為 5.7 年，而截至2024年12月31日為 6.3 年。整體投資組合的每平方英尺加權平均租金截至2025年9月30日為 31.13 美元，而截至2024年12月31日為 31.77 美元。
我們相信，我們持續的房地產投資組合在各自市場中位置優越，主要位於陽光帶和落基山脈西部地區，且由具有長期增值潛力的高質量資產組成。

Strategic Review

戰略審查

George J. Carter, Chairman and Chief Executive Officer, commented as follows with respect to the Company’s review of strategic alternatives:

喬治·J·卡特，董事長兼首席執行官，評論如下，關於公司戰略選擇的審查：

“Our Board of Directors continues to work with our financial advisor, BofA Securities, in connection with a review of strategic alternatives in order to explore ways to maximize shareholder value. As previously announced, this review includes a range of potential strategic alternatives, including a sale of the Company, a sale of assets, and refinancing of existing indebtedness, among others. No assurances can be given regarding the outcome or timetable for completion of the strategic review process. We do not intend to make any further public comment regarding the process until it has been completed.”

“我們的董事會繼續與我們的財務顧問 BofA 證券合作，進行戰略選擇的審查，以探索最大化股東價值的方式。如之前所述，此次審查包括一系列潛在的戰略選擇，包括公司的出售、資產的出售以及現有債務的再融資等。無法保證戰略審查過程的結果或完成時間表。在完成之前，我們不打算就該過程發表進一步的公開評論。”

Dividend

股息

On October 3, 2025, we announced that our Board of Directors declared a quarterly cash dividend for the three months ended September 30, 2025, of $0.01 per share of common stock that will be paid on November 6, 2025, to stockholders of record on October 17, 2025.

2025年10月3日，我們宣佈董事會宣佈截至2025年9月30日的三個月的季度現金股息為每股普通股 0.01 美元，將於2025年11月6日支付給截至2025年10月17日的股東。

Consolidation of Sponsored REIT

贊助 REIT 的合併

As of January 1, 2023, we consolidated the operations of our Monument Circle sponsored REIT into our financial statements and on June 6, 2025, the property held by Monument Circle was sold. Additional information about the consolidation of Monument Circle can be found in Note 1, “Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards”, Note 8, “Disposition of Properties and Assets Held for Sale” in the Notes to Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.

截至2023年1月1日，我們將我們贊助的紀念圈 REIT 的運營合併到我們的財務報表中，並於2025年6月6日出售了紀念圈持有的物業。有關紀念圈合併的更多信息，請參見我們截至2025年9月30日的季度報告中 “組織、物業、報告基礎、金融工具和最近會計標準” 的第 1 條和 “處置物業和待售資產” 的第 8 條的附註。

Non-GAAP Financial Information

非 GAAP 財務信息

A reconciliation of Net loss to FFO, Adjusted Funds From Operations (AFFO) and Sequential Same Store NOI and our definitions of FFO, AFFO and Sequential Same Store NOI can be found on Supplementary Schedules H and I.

淨虧損與 FFO、調整後的運營資金（AFFO）和連續同店淨營業收入的對賬，以及我們對 FFO、AFFO 和連續同店淨營業收入的定義，可以在補充附表 H 和 I 中找到。

2025 Net Income (Loss), FFO and Disposition Guidance

2025 年淨收入（虧損）、FFO 和處置指引

At this time, due primarily to economic conditions and uncertainty surrounding the timing and amount of proceeds received from property dispositions, we are continuing suspension of Net Income (Loss), FFO and property disposition guidance.

目前，由於經濟條件和關於物業處置所獲收益的時間和金額的不確定性，我們繼續暫停淨收入（虧損）、FFO 和物業處置指引。

Real Estate Update

房地產更新

Supplementary schedules provide property information for the Company’s owned and consolidated properties as of September 30, 2025. The Company will also be filing an updated supplemental information package that will provide stockholders and the financial community with additional operating and financial data. The Company will file this supplemental information package with the SEC and make it available on its website at www.fspreit.com.

補充附表提供了截至2025年9月30日公司擁有和合並物業的財產信息。公司還將提交一份更新的補充信息包，以向股東和金融界提供額外的運營和財務數據。公司將向美國證券交易委員會（SEC）提交此補充信息包，並在其網站 www.fspreit.com 上提供。

Today’s news release, along with other news about Franklin Street Properties Corp., is available on the Internet at www.fspreit.com. We routinely post information that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section of our website regularly for important information about us and, if they are interested in automatically receiving news and information as soon as it is posted, to sign up for E-mail Alerts.

今天的新聞稿以及關於 Franklin Street Properties Corp.的其他新聞可在互聯網上找到，網址為 www.fspreit.com。我們定期在我們網站的投資者關係部分發布可能對投資者重要的信息。我們鼓勵投資者定期查看我們網站的該部分，以獲取關於我們的重要信息，並且如果他們希望在信息發佈後立即自動接收新聞和信息，可以註冊電子郵件提醒。

About Franklin Street Properties Corp.

關於 Franklin Street Properties Corp.

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. To learn more about FSP please visit our website at www.fspreit.com.

Franklin Street Properties Corp.總部位於馬薩諸塞州韋克菲爾德，專注於美國陽光帶和山西地區的填充和中央商務區（CBD）辦公物業，以及一些精選的機會市場。FSP 專注於長期增長和增值，以及當前收入。FSP 是一家馬里蘭州公司，旨在以符合聯邦所得税目的的房地產投資信託（REIT）方式運營。要了解更多關於 FSP 的信息，請訪問我們的網站 www.fspreit.com。

No Quarterly Earnings Call

本季度不舉行財報電話會議

The Company will not be holding an earnings call this quarter.

公司本季度將不舉行財報電話會議。

Forward-Looking Statements

前瞻性聲明

Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements, such as those relating to our review of strategic alternatives, expectations for future potential leasing activity, the payment of dividends and the repayment of debt in future periods, value creation/enhancement in future periods and expectations for growth and leasing activities in future periods that are based on current judgments and current knowledge of management and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, 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 policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as updated in Part II Item 1A of our Quarterly Report on Form 10-Q for the three months ended September 30, 2025, which may be further updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

本新聞稿中關於 FSP 或管理層的意圖、信念、期望或未來預測的聲明可能是 1995 年《私人證券訴訟改革法》意義上的前瞻性聲明。本新聞稿還可能包含前瞻性聲明，例如與我們審查戰略選擇、對未來潛在租賃活動的期望、未來期間的股息支付和債務償還、未來期間的價值創造/提升以及未來期間的增長和租賃活動的期望相關的聲明，這些聲明基於管理層當前的判斷和知識，並受到某些風險、趨勢和不確定性的影響，這些因素可能導致實際結果與這些前瞻性聲明中所指示的結果存在重大差異。因此，讀者應謹慎對待前瞻性聲明。投資者應注意，我們的前瞻性聲明涉及風險和不確定性，包括但不限於，因 COVID-19 大流行的長期影響、戰爭、恐怖襲擊或其他暴力行為而導致的整體經濟或地方市場條件的不利變化，這可能對我們及我們的租户運營的市場產生負面影響；美國及其他國家宣佈或實施的關税變化的影響，以及未來可能實施或撤銷的任何新關税、貿易限制或出口法規；通貨膨脹率、利率、債務市場的干擾、我們擁有物業的市場經濟狀況、對我們所擁有的房地產類型需求減少的風險、能源價格的不利變化，如果持續，可能對我們擁有物業的市場的入住率和租金水平產生負面影響，包括達拉斯、丹佛和休斯頓等受能源影響的市場；政府法規的變化和監管不確定性；對政府財政政策的不確定性；無法預見的地緣政治事件和支出，例如公用事業費率和使用量的增加、施工進度的延誤、施工成本的意外增加、由於物業處置導致的收入減少而使一般和管理成本佔收入比例上升、意外維修、額外人員、保險費用增加和房地產税評估重新評估。請參閲我們截至2024年12月31日的年度報告第 I 部分第 1A 項中列出的 “風險因素”，以及截至2025年9月30日的季度報告第 II 部分第 1A 項中的更新，這些內容可能會在後續向美國證券交易委員會的備案中進一步更新。儘管我們相信前瞻性聲明中反映的期望是合理的，但我們無法保證未來的結果、活動水平、收購、處置、表現或成就。我們不會在本新聞稿日期之後更新任何前瞻性聲明，以使其符合實際結果或在該日期之後發生的期望變化，法律要求的情況除外。



Franklin Street Properties Corp. Earnings Release Supplementary Information Table of Contents


Franklin Street Properties Corp. Financial Results	A-C
Real Estate Portfolio Summary Information	D
Portfolio and Other Supplementary Information	E
Percentage of Leased Space	F
Largest 20 Tenants – FSP Owned Portfolio	G
Reconciliation and Definitions of Funds From Operations (FFO) and Adjusted
Funds From Operations (AFFO)	H
Reconciliation and Definition of Sequential Same Store results to Property Net
Operating Income (NOI) and Net Loss	I



Franklin Street Properties Corp.
財報發佈
補充信息
目錄


Franklin Street Properties Corp. 財務結果	A-C
房地產投資組合摘要信息	D
投資組合及其他補充信息	E
租賃空間百分比	F
最大 20 個租户 – FSP 擁有的投資組合	G
運營資金（FFO）和調整後的運營資金（AFFO）的對賬和定義
	H
同類物業淨運營收入（NOI）和淨損失的順序同類商店結果的對賬和定義	I



Franklin Street Properties Corp. Financial Results
Supplementary Schedule A
Condensed Consolidated Statements of Operations
(Unaudited)

	For the		For the
	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(in thousands, except per share amounts)	2025		2024	2025		2024

Revenue:
Rental	$	27,300		$	29,662		$	81,122		$	91,705
Other		—			20			—			32
Total revenue		27,300			29,682			81,122			91,737

Expenses:
Real estate operating expenses		10,671			11,574			31,467			33,620
Real estate taxes and insurance		5,262			5,512			14,822			17,175
Depreciation and amortization		10,550			10,911			32,000			34,018
General and administrative		3,034			3,275			9,799			11,069
Interest		6,348			6,585			18,378			20,513
Total expenses		35,865			37,857			106,466			116,395

Loss on extinguishment of debt		(7	)		(477	)		(12	)		(614	)
Loss on sale of properties and impairment of assets held for sale, net		—			(7,254	)		(12,900	)		(20,459	)
Interest income		249			340			756			1,696
Loss before taxes		(8,323	)		(15,566	)		(37,500	)		(44,035	)
Tax expense		3			56			137			162
Net loss	$	(8,326	)	$	(15,622	)	$	(37,637	)	$	(44,197	)

Weighted average number of shares outstanding, basic and diluted		103,690			103,567			103,623			103,492

Loss per share, basic and diluted:
Net loss per share, basic and diluted	$	(0.08	)	$	(0.15	)	$	(0.36	)	$	(0.43	)



富蘭克林街物業公司財務結果
補充附表 A
簡明合併經營報表
（未經審計）

	截至		截至
	三個月		九個月
	截至 9 月 30 日，		截至 9 月 30 日，
（以千為單位，除每股金額外）	2025		2024	2025		2024

收入：
租金	$	27,300		$	29,662		$	81,122		$	91,705
其他		—			20			—			32
總收入		27,300			29,682			81,122			91,737

費用：
房地產運營費用		10,671			11,574			31,467			33,620
房地產税和保險		5,262			5,512			14,822			17,175
折舊和攤銷		10,550			10,911			32,000			34,018
一般和行政費用		3,034			3,275			9,799			11,069
利息		6,348			6,585			18,378			20,513
總費用		35,865			37,857			106,466			116,395

債務清償損失		(7	)		(477	)		(12	)		(614	)
物業出售損失和待售資產減值損失，淨額		—			(7,254	)		(12,900	)		(20,459	)
利息收入		249			340			756			1,696
税前損失		(8,323	)		(15,566	)		(37,500	)		(44,035	)
税費		3			56			137			162
淨損失	$	(8,326	)	$	(15,622	)	$	(37,637	)	$	(44,197	)

基本和稀釋後的加權平均流通股數		103,690			103,567			103,623			103,492

每股損失，基本和稀釋後：
每股淨損失，基本和稀釋後	$	(0.08	)	$	(0.15	)	$	(0.36	)	$	(0.43	)



Franklin Street Properties Corp. Financial Results
Supplementary Schedule B
Condensed Consolidated Balance Sheets
(Unaudited)

	September 30,		December 31,
(in thousands, except share and par value amounts)	2025		2024
Assets:
Real estate assets:
Land	$	98,883		$	105,298
Buildings and improvements		1,088,981			1,096,265
Fixtures and equipment		11,355			11,053
		1,199,219			1,212,616
Less accumulated depreciation		399,597			377,708
Real estate assets, net		799,622			834,908
Acquired real estate leases, less accumulated amortization of $14,238 and $13,613, respectively		2,899			4,205
Cash, cash equivalents and restricted cash		31,575			42,683
Tenant rent receivables		1,380			1,283
Straight-line rent receivable		38,857			37,727
Prepaid expenses and other assets		3,889			3,114
Office computers and furniture, net of accumulated depreciation of $1,094 and $1,073, respectively		48			70
Deferred leasing commissions, net of accumulated amortization of $14,749 and $14,195, respectively		22,762			22,941
Total assets	$	901,032		$	946,931

Liabilities and Stockholders’ Equity:
Liabilities:
Term loans payable, less unamortized financing costs of $881 and $2,220, respectively	$	125,114		$	124,491
Series A & Series B Senior Notes, less unamortized financing costs of $473 and $1,191, respectively		122,449			122,430
Accounts payable and accrued expenses		28,785			34,067
Accrued compensation		2,635			3,097
Tenant security deposits		6,258			6,237
Lease liability		417			707
Acquired unfavorable real estate leases, less accumulated amortization of $54 and $89, respectively		37			45
Total liabilities		285,695			291,074

Commitments and contingencies

Stockholders’ Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding		—			—
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,690,340 and 103,566,715 shares issued and outstanding, respectively		10			10
Additional paid-in capital		1,335,586			1,335,361
Accumulated distributions in excess of accumulated earnings		(720,259	)		(679,514	)
Total stockholders’ equity		615,337			655,857
Total liabilities and stockholders’ equity	$	901,032		$	946,931



富蘭克林街地產公司財務結果
補充附表 B
簡明合併資產負債表
（未經審計）

	2025年9月30日		2024年12月31日
（以千美元計，除股份和麪值外）	2025		2024
資產：
房地產資產：
土地	$	98,883		$	105,298
建築物及改進		1,088,981			1,096,265
固定裝置和設備		11,355			11,053
		1,199,219			1,212,616
減去累計折舊		399,597			377,708
淨房地產資產		799,622			834,908
收購的房地產租賃，減去累計攤銷 $14,238 和 $13,613		2,899			4,205
現金、現金等價物和受限現金		31,575			42,683
租户租金應收款		1,380			1,283
直線租金應收款		38,857			37,727
預付費用及其他資產		3,889			3,114
辦公電腦和傢俱，減去累計折舊 $1,094 和 $1,073		48			70
遞延租賃佣金，減去累計攤銷 $14,749 和 $14,195		22,762			22,941
資產總計	$	901,032		$	946,931

負債和股東權益：
負債：
應付定期貸款，減去未攤銷融資費用 $881 和 $2,220	$	125,114		$	124,491
A 系列和 B 系列高級票據，減去未攤銷融資費用 $473 和 $1,191		122,449			122,430
應付賬款和應計費用		28,785			34,067
應計薪酬		2,635			3,097
租户保證金		6,258			6,237
租賃負債		417			707
收購的不利房地產租賃，減去累計攤銷 $54 和 $89		37			45
負債總計		285,695			291,074

承諾和或有事項

股東權益：
優先股，面值 $0.0001，授權 20,000,000 股，未發行或未流通		—			—
普通股，面值 $0.0001，授權 180,000,000 股，已發行和流通 103,690,340 和 103,566,715 股		10			10
額外實收資本		1,335,586			1,335,361
累計分配超過累計收益		(720,259	)		(679,514	)
股東權益總計		615,337			655,857
負債和股東權益總計	$	901,032		$	946,931



Franklin Street Properties Corp. Financial Results
Supplementary Schedule C
Condensed Consolidated Statements of Cash Flows
(Unaudited)

	For the
	Nine Months Ended
	September 30,
(in thousands)	2025		2024
Cash flows from operating activities:
Net loss	$	(37,637	)	$	(44,197	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		34,045			36,284
Amortization of above and below market leases		—			(17	)
Amortization of other comprehensive income into interest expense		—			(355	)
Shares issued as compensation		225			270
Loss on extinguishment of debt		12			614
Loss on sale of properties and impairment of assets held for sale, net		12,900			20,459
Changes in operating assets and liabilities:
Tenant rent receivables		(97	)		842
Straight-line rents		(41	)		1,249
Lease acquisition costs		(1,096	)		(660	)
Prepaid expenses and other assets		(498	)		314
Accounts payable and accrued expenses		(4,274	)		(4,364	)
Accrued compensation		(462	)		(451	)
Tenant security deposits		21			(84	)
Payment of deferred leasing commissions		(3,176	)		(3,168	)
Net cash provided by (used in) operating activities		(78	)		6,736
Cash flows from investing activities:
Property improvements, fixtures and equipment		(12,608	)		(19,074	)
Proceeds received from sales of properties		6,100			62,909
Net cash provided by (used in) investing activities		(6,508	)		43,835
Cash flows from financing activities:
Distributions to stockholders		(3,108	)		(3,104	)
Repayments of Bank note payable		—			(22,667	)
Repayments of Term loans payable		(716	)		(41,775	)
Repayments of Series A&B Senior Notes		(698	)		(62,870	)
Deferred financing costs		—			(5,660	)
Net cash used in financing activities		(4,522	)		(136,076	)
Net decrease in cash, cash equivalents and restricted cash		(11,108	)		(85,505	)
Cash, cash equivalents and restricted cash, beginning of year		42,683			127,880
Cash, cash equivalents and restricted cash, end of period	$	31,575		$	42,375



富蘭克林街物業公司財務結果
補充附表 C
簡明合併現金流量表
（未經審計）

	截至
	九個月結束
	9 月 30 日，
（單位：千美元）	2025		2024
經營活動產生的現金流量：
淨虧損	$	(37,637	)	$	(44,197	)
調整淨虧損以對賬經營活動使用的淨現金：
折舊和攤銷費用		34,045			36,284
市場租賃的攤銷		—			(17	)
其他綜合收益攤銷至利息費用		—			(355	)
作為補償發行的股份		225			270
債務清償損失		12			614
物業出售損失及待售資產減值，淨額		12,900			20,459
經營資產和負債的變動：
租户租金應收款		(97	)		842
直線租金		(41	)		1,249
租賃收購成本		(1,096	)		(660	)
預付費用和其他資產		(498	)		314
應付賬款和應計費用		(4,274	)		(4,364	)
應計薪酬		(462	)		(451	)
租户保證金		21			(84	)
延期租賃佣金支付		(3,176	)		(3,168	)
經營活動提供（使用）的淨現金		(78	)		6,736
投資活動產生的現金流量：
物業改善、固定裝置和設備		(12,608	)		(19,074	)
物業銷售收入		6,100			62,909
投資活動提供（使用）的淨現金		(6,508	)		43,835
融資活動產生的現金流量：
向股東分配		(3,108	)		(3,104	)
銀行應付票據償還		—			(22,667	)
定期貸款償還		(716	)		(41,775	)
A 系列和 B 系列高級票據償還		(698	)		(62,870	)
延期融資費用		—			(5,660	)
融資活動使用的淨現金		(4,522	)		(136,076	)
現金、現金等價物和受限現金的淨減少		(11,108	)		(85,505	)
現金、現金等價物和受限現金，年初餘額		42,683			127,880
現金、現金等價物和受限現金，期末餘額	$	31,575		$	42,375



Franklin Street Properties Corp. Earnings Release
Supplementary Schedule D
Real Estate Portfolio Summary Information
(Unaudited & Approximated)

Commercial portfolio lease expirations (1)
	Total	% of
Year	Square Feet	Portfolio
2025	77,272	1.6%
2026	552,472	11.5%
2027	327,832	6.8%
2028	242,046	5.0%
2029	522,248	10.9%
Thereafter (2)	3,085,793	64.2%
	4,807,663	100.0%



富蘭克林街物業公司收益發布
補充附表 D
房地產投資組合摘要信息
（未經審計及近似）

商業投資組合租賃到期（1）
	總計	佔比
年份	平方英尺	投資組合
2025	77,272	1.6%
2026	552,472	11.5%
2027	327,832	6.8%
2028	242,046	5.0%
2029	522,248	10.9%
之後（2）	3,085,793	64.2%
	4,807,663	100.0%


\\\__________________
(1)		Percentages are determined based upon total square footage.
(2)		Includes 1,496,842 square feet of vacancies at our owned properties as of September 30, 2025.


\\\_________________
(1)		百分比是基於總平方英尺計算的。
(2)		包括截至2025年9月30日我們擁有物業的 1,496,842 平方英尺的空置面積。



(dollars & square feet in 000's)	As of September 30, 2025
					% of		Square		% of
State	Properties	Investment		Portfolio		Feet		Portfolio

Colorado	4	$	431,336		53.9%		2,142		44.5%
Texas	7		257,265		32.2%		1,908		39.7%
Minnesota	3		111,021		13.9%		758		15.8%
Total	14	$	799,622		100.0%		4,808		100.0%



（單位：美元和平方英尺，單位為千）	截至2025年9月30日
					佔比		平方		佔比
州	物業	投資		投資組合		英尺		投資組合

科羅拉多州	4	$	431,336		53.9%		2,142		44.5%
德克薩斯州	7		257,265		32.2%		1,908		39.7%
明尼蘇達州	3		111,021		13.9%		758		15.8%
總計	14	$	799,622		100.0%		4,808		100.0%



Franklin Street Properties Corp. Earnings Release
Supplementary Schedule E
Portfolio and Other Supplementary Information
(Unaudited & Approximated)

Recurring Capital Expenditures

			For the Nine
(in thousands)	For the Three Months Ended		Months Ended
	31-Mar-25		30-Jun-25		30-Sep-25	30-Sep-25
Tenant improvements	$	2,374		$	1,415	$	4,469	$	8,258
Deferred leasing costs		545			1,702		929		3,176
Non-investment capex		1,258			750		753		2,761
	$	4,177		$	3,867	$	6,151	$	14,195



富蘭克林街物業公司收益發布
補充附表 E
投資組合及其他補充信息
（未經審計及近似）

經常性資本支出

			截至九個月
（單位：千美元）	截至三個月		截至九個月
	2025年3月31日		2025年6月30日		2025年9月30日	2025年9月30日
租户改善	$	2,374		$	1,415	$	4,469	$	8,258
延期租賃成本		545			1,702		929		3,176
非投資資本支出		1,258			750		753		2,761
	$	4,177		$	3,867	$	6,151	$	14,195



(in thousands)	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
	$	5,875		$	4,549	$	6,523		$	9,715	$	26,662



(以千為單位)	截至三個月		截至年度
	2024年3月31日		2024年6月30日		2024年9月30日	2024年12月31日		2024年12月31日
租户改善	$	2,619		$	2,558	$	4,444		$	4,173	$	13,794
遞延租賃成本		2,237			511		421			2,974		6,143
非投資性資本支出		1,019			1,480		1,658			2,568		6,725
	$	5,875		$	4,549	$	6,523		$	9,715	$	26,662



Square foot & leased percentages	September 30,	December 31,
	2025	2024
Owned Properties:
Number of properties	14	14
Square feet	4,807,663	4,806,253
Leased percentage	68.9%	70.3%

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

Total Owned and Consolidated Properties:
Number of properties	14	15
Square feet	4,807,663	5,020,013
Leased percentage	68.9%	67.5%



每平方英尺及租賃百分比	2025年9月30日	2024年12月31日

自有物業：
物業數量	14	14
平方英尺	4,807,663	4,806,253
租賃百分比	68.9%	70.3%

合併物業 - 單一資產 REIT (SAR)：
物業數量	—	1
平方英尺	—	213,760
租賃百分比	—	4.1%

總自有及合併物業：
物業數量	14	15
平方英尺	4,807,663	5,020,013
租賃百分比	68.9%	67.5%



Franklin Street Properties Corp. Earnings Release
Supplementary Schedule F
Percentage of Leased Space
(Unaudited & Estimated)

	Property Name	Location	Square Feet	% Leased (1) as of 30-Jun-25	Second Quarter Average % Leased (2)	% Leased (1) as of 30-Sep-25	Third Quarter Average % Leased (2)

1	PARK TEN	Houston, TX	157,609	94.0%	89.0%	86.8%	91.6%
2	PARK TEN PHASE II	Houston, TX	156,746	75.5%	75.5%	76.3%	75.7%
3	GREENWOOD PLAZA	Englewood, CO	196,236	65.0%	65.0%	65.0%	65.0%
4	ADDISON	Addison, TX	289,333	67.7%	68.2%	67.7%	67.7%
5	LIBERTY PLAZA	Addison, TX	217,841	68.9%	68.9%	65.4%	66.5%
6	ELDRIDGE GREEN	Houston, TX	248,399	100.0%	100.0%	100.0%	100.0%
7	121 SOUTH EIGHTH ST	Minneapolis, MN	297,744	78.5%	78.5%	78.5%	77.9%
8	801 MARQUETTE AVE	Minneapolis, MN	129,691	91.8%	91.8%	91.8%	91.8%
9	LEGACY TENNYSON CTR	Plano, TX	209,562	60.9%	57.6%	60.9%	60.9%
10	WESTCHASE I & II	Houston, TX	629,025	65.1%	65.1%	66.2%	65.7%
11	1999 BROADWAY	Denver, CO	682,639	50.4%	50.1%	50.2%	50.4%
12	1001 17TH STREET	Denver, CO	650,607	75.1%	75.1%	75.1%	75.1%
13	PLAZA SEVEN	Minneapolis, MN	330,096	51.0%	52.2%	51.0%	51.0%
14	600 17TH STREET	Denver, CO	612,135	72.5%	72.5%	72.5%	72.5%
	OWNED PORTFOLIO		4,807,663	69.1%	68.9%	68.9%	69.0%



Franklin Street Properties Corp. 收益發布
補充附表 F
租賃空間百分比
(未經審計及估算)

	物業名稱	位置	平方英尺	租賃百分比 (1)
截至
2025年6月30日	第二季度
平均租賃百分比 (2)	租賃百分比 (1)
截至
2025年9月30日	第三季度
平均租賃百分比 (2)

1	PARK TEN	休斯頓， TX	157,609	94.0%	89.0%	86.8%	91.6%
2	PARK TEN PHASE II	休斯頓， TX	156,746	75.5%	75.5%	76.3%	75.7%
3	GREENWOOD PLAZA	英格爾伍德， CO	196,236	65.0%	65.0%	65.0%	65.0%
4	ADDISON	阿迪森， TX	289,333	67.7%	68.2%	67.7%	67.7%
5	LIBERTY PLAZA	阿迪森， TX	217,841	68.9%	68.9%	65.4%	66.5%
6	ELDRIDGE GREEN	休斯頓， TX	248,399	100.0%	100.0%	100.0%	100.0%
7	121 SOUTH EIGHTH ST	明尼阿波利斯， MN	297,744	78.5%	78.5%	78.5%	77.9%
8	801 MARQUETTE AVE	明尼阿波利斯， MN	129,691	91.8%	91.8%	91.8%	91.8%
9	LEGACY TENNYSON CTR	普萊諾， TX	209,562	60.9%	57.6%	60.9%	60.9%
10	WESTCHASE I & II	休斯頓， TX	629,025	65.1%	65.1%	66.2%	65.7%
11	1999 BROADWAY	丹佛， CO	682,639	50.4%	50.1%	50.2%	50.4%
12	1001 17TH STREET	丹佛， CO	650,607	75.1%	75.1%	75.1%	75.1%
13	PLAZA SEVEN	明尼阿波利斯， MN	330,096	51.0%	52.2%	51.0%	51.0%
14	600 17TH STREET	丹佛， CO	612,135	72.5%	72.5%	72.5%	72.5%
	自有投資組合		4,807,663	69.1%	68.9%	68.9%	69.0%


\\\__________________
(1)		% Leased as of month's end includes all leases that expire on the last day of the quarter.
(2)		Average quarterly percentage is the average of the end of the month leased percentage for each of the three months during the quarter.


\\\__________________
(1)		截至月末的租賃百分比包括所有在季度最後一天到期的租約。
(2)		平均季度百分比是季度內每個月末租賃百分比的平均值。



Franklin Street Properties Corp. Earnings Release
Supplementary Schedule G
Largest 20 Tenants – FSP Owned Portfolio
(Unaudited & Estimated)

The following table includes the largest 20 tenants in FSP’s owned portfolio based on total square feet:

As of September 30, 2025

			% of
	Tenant	Sq Ft	Portfolio
1	CITGO Petroleum Corporation	248,399	5.2%
2	EOG Resources, Inc.	169,167	3.5%
3	US Government	168,573	3.5%
4	Kaiser Foundation Health Plan, Inc.	120,979	2.5%
5	Deluxe Corporation	98,922	2.1%
6	Ping Identity Corp.	89,856	1.9%
7	Olin Corporation	81,480	1.7%
8	Permian Resources Operating, LLC	67,856	1.4%
9	Hall and Evans LLC	65,878	1.4%
10	Cyxtera Management, Inc.	61,826	1.3%
11	Precision Drilling (US) Corporation	59,569	1.2%
12	PwC US Group	54,334	1.1%
13	Coresite, LLC	49,518	1.0%
14	Schwegman, Lundberg & Woessner, P.A.	46,269	1.0%
15	Ark-La-Tex Financial Services, LLC.	41,011	0.8%
16	Invenergy, LLC.	35,088	0.7%
17	Chevron U.S.A., Inc.	35,088	0.7%
18	Moss, Luse & Womble, LLC	34,071	0.7%
19	QB Energy Operating, LLC.	34,063	0.7%
20	International Business Machines Corporation	31,564	0.7%
	Total	1,593,511	33.1%



Franklin Street Properties Corp. 收益發布
補充附表 G
最大 20 個租户 - FSP 自有投資組合
(未經審計及估算)

以下表格列出了基於總平方英尺的 FSP 自有投資組合中最大的 20 個租户：

截至2025年9月30日

			百分比
	租户	平方英尺	投資組合
1	CITGO Petroleum Corporation	248,399	5.2%
2	EOG Resources, Inc.	169,167	3.5%
3	美國政府	168,573	3.5%
4	Kaiser Foundation Health Plan, Inc.	120,979	2.5%
5	Deluxe Corporation	98,922	2.1%
6	Ping Identity Corp.	89,856	1.9%
7	Olin Corporation	81,480	1.7%
8	Permian Resources Operating, LLC	67,856	1.4%
9	Hall and Evans LLC	65,878	1.4%
10	Cyxtera Management, Inc.	61,826	1.3%
11	Precision Drilling (US) Corporation	59,569	1.2%
12	PwC US Group	54,334	1.1%
13	Coresite, LLC	49,518	1.0%
14	Schwegman, Lundberg & Woessner, P.A.	46,269	1.0%
15	Ark-La-Tex Financial Services, LLC.	41,011	0.8%
16	Invenergy, LLC.	35,088	0.7%
17	Chevron U.S.A., Inc.	35,088	0.7%
18	Moss, Luse & Womble, LLC	34,071	0.7%
19	QB Energy Operating, LLC.	34,063	0.7%
20	International Business Machines Corporation	31,564	0.7%
	總計	1,593,511	33.1%



Franklin Street Properties Corp. Earnings Release
Supplementary Schedule H
Reconciliation and Definitions of Funds From Operations (“FFO”) and
Adjusted Funds From Operations (“AFFO”)



Frankline Street Properties Corp. 財報發佈
補充附表 H
運營資金（“FFO”）和
調整後的運營資金（“AFFO”）的對賬和定義

A reconciliation of Net loss to FFO and AFFO is shown below and a definition of FFO and AFFO is provided on Supplementary Schedule I. Management believes FFO and AFFO are used broadly throughout the real estate investment trust (REIT) industry as measurements of performance. The Company has included the National Association of Real Estate Investment Trusts (NAREIT) FFO definition as of May 17, 2016 in the table and notes that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. The Company’s computation of FFO and AFFO may not be comparable to FFO or AFFO reported by other REITs or real estate companies that define FFO or AFFO differently.

淨損失與 FFO 和 AFFO 的對賬如下所示，FFO 和 AFFO 的定義見補充附表 I。管理層認為，FFO 和 AFFO 在房地產投資信託（REIT）行業被廣泛用作業績衡量標準。公司在表格中包含了截至2016年5月17日的全國房地產投資信託協會（NAREIT）FFO 定義，並指出其他 REIT 可能不會按照當前 NAREIT 定義來定義 FFO，或者可能對當前 NAREIT 定義有不同的解釋。公司的 FFO 和 AFFO 計算可能與其他 REIT 或房地產公司報告的 FFO 或 AFFO 不可比，因為它們對 FFO 或 AFFO 的定義不同。



Reconciliation of Net loss to FFO and AFFO:	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In thousands, except per share amounts)	2025		2024	2025		2024

Net loss	$	(8,326	)	$	(15,622	)	$	(37,637	)	$	(44,197	)
Loss on sale of properties and impairment of asset held for sale, net		—			7,254			12,900			20,459
Depreciation & amortization		10,550			10,907			32,000			34,002
NAREIT FFO		2,224			2,539			7,263			10,264
Lease Acquisition costs		99			126			303			315
Funds From Operations (FFO)	$	2,323		$	2,665		$	7,566		$	10,579

Funds From Operations (FFO)	$	2,323		$	2,665		$	7,566		$	10,579
Loss on extinguishment of debt		7			477			12			614
Amortization of deferred financing costs		677			767			2,045			2,265
Shares issued as compensation		—			—			225			270
Straight-line rent		(37	)		785			(41	)		1,249
Tenant improvements		(4,469	)		(4,444	)		(8,258	)		(9,621	)
Leasing commissions		(929	)		(421	)		(3,176	)		(3,169	)
Non-investment capex		(753	)		(1,658	)		(2,761	)		(4,157	)
Adjusted Funds From Operations (AFFO)	$	(3,181	)	$	(1,829	)	$	(4,388	)	$	(1,970	)

Per Share Data
EPS	$	(0.08	)	$	(0.15	)	$	(0.36	)	$	(0.43	)
FFO	$	0.02		$	0.03		$	0.07		$	0.10
AFFO	$	(0.03	)	$	(0.02	)	$	(0.04	)	$	(0.02	)

Weighted average shares (basic and diluted)		103,690			103,567			103,623			103,492



淨損失與 FFO 和 AFFO 的對賬：	截至三個月		截至九個月
	2025年9月30日		2024年9月30日
（以千為單位，除每股金額外）
淨損失	$	(8,326	)	$	(15,622	)	$	(37,637	)	$	(44,197	)
物業出售損失和待售資產減值，淨額		—			7,254			12,900			20,459
折舊與攤銷		10,550			10,907			32,000			34,002
NAREIT FFO		2,224			2,539			7,263			10,264
租賃獲取成本		99			126			303			315
運營資金（FFO）	$	2,323		$	2,665		$	7,566		$	10,579

運營資金（FFO）	$	2,323		$	2,665		$	7,566		$	10,579
債務清償損失		7			477			12			614
延期融資成本攤銷		677			767			2,045			2,265
作為補償發行的股份		—			—			225			270
直線租金		(37	)		785			(41	)		1,249
租户改善		(4,469	)		(4,444	)		(8,258	)		(9,621	)
租賃佣金		(929	)		(421	)		(3,176	)		(3,169	)
非投資性資本支出		(753	)		(1,658	)		(2,761	)		(4,157	)
調整後的運營資金（AFFO）	$	(3,181	)	$	(1,829	)	$	(4,388	)	$	(1,970	)

每股數據
每股收益（EPS）	$	(0.08	)	$	(0.15	)	$	(0.36	)	$	(0.43	)
FFO	$	0.02		$	0.03		$	0.07		$	0.10
AFFO	$	(0.03	)	$	(0.02	)	$	(0.04	)	$	(0.02	)

加權平均股份（基本和稀釋）		103,690			103,567			103,623			103,492

Funds From Operations (“FFO”)

運營資金（“FFO”）

The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income or loss (computed in accordance with GAAP), excluding gains (or losses) from sales of property, hedge ineffectiveness, acquisition costs of newly acquired properties that are not capitalized and lease acquisition costs that are not capitalized plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on mortgage loans, properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

公司根據運營資金（FFO）評估業績，管理層認為 FFO 代表了活動的最準確衡量標準，並且是支付給股東分配的基礎。公司將 FFO 定義為淨收入或損失（根據 GAAP 計算），不包括物業銷售的收益（或損失）、對沖無效、未資本化的新購物業的獲取成本和未資本化的租賃獲取成本，加上折舊和攤銷，包括對市場租賃無形資產的攤銷和對抵押貸款、物業或非合併 REIT 投資的減值費用，並在調整後排除來自非合併 REIT 的權益收入或損失，幷包括來自非合併 REIT 的 FFO 的比例份額。

FFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.

FFO 不應被視為淨收入或損失（根據 GAAP 確定）的替代品，也不應作為公司財務業績的指標，或作為經營活動現金流（根據 GAAP 確定）的替代品，或作為公司流動性的衡量標準，也不一定表明有足夠的現金流來滿足公司所有的需求。

Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT, may define this term in a different manner. We have included the NAREIT FFO as of May 17, 2016 in the table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

其他房地產公司和全國房地產投資信託協會（NAREIT）可能以不同的方式定義此術語。我們在表格中包含了截至2016年5月17日的 NAREIT FFO，並指出其他 REIT 可能不會按照當前 NAREIT 定義來定義 FFO，或者可能對當前 NAREIT 定義有不同的解釋。

We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

我們認為，為了便於清晰理解公司的業績，FFO 應與淨收入或損失以及合併財務報表中的經營、投資和融資活動的現金流一起進行審查。

Adjusted Funds From Operations (“AFFO”)

調整後的運營資金（“AFFO”）

The Company also evaluates performance based on Adjusted Funds From Operations, which we refer to as AFFO. The Company defines AFFO as (1) FFO, (2) excluding loss on extinguishment of debt that is non-cash, (3) excluding our proportionate share of FFO and including distributions received, from non-consolidated REITs, (4) excluding the effect of straight-line rent, (5) plus the amortization of deferred financing costs, (6) plus the value of shares issued as compensation and (7) less recurring capital expenditures that are generally for maintenance of properties, which we call non-investment capex or are second generation capital expenditures. Second generation costs include re-tenanting space after a tenant vacates, which include tenant improvements and leasing commissions.

公司還根據調整後的運營資金（Adjusted Funds From Operations，簡稱 AFFO）評估業績。公司將 AFFO 定義為（1）運營資金（FFO），（2）不包括非現金的債務清償損失，（3）不包括我們在非合併房地產投資信託（REITs）中的比例份額的 FFO，但包括收到的分配，（4）不包括直線租金的影響，（5）加上遞延融資成本的攤銷，（6）加上作為補償發行的股份的價值，以及（7）減去通常用於物業維護的經常性資本支出，我們稱之為非投資資本支出或第二代資本支出。第二代成本包括在租户搬離後重新租賃空間的費用，包括租户改善和租賃佣金。

We exclude development/redevelopment activities, capital expenditures planned at acquisition and costs to reposition a property. We also exclude first generation leasing costs, which are generally to fill vacant space in properties we acquire or were planned for at acquisition.

我們排除開發/重開發活動、收購時計劃的資本支出和重新定位物業的費用。我們還排除第一代租賃成本，這通常是為了填補我們收購的物業或在收購時計劃的空置空間。

AFFO should not be considered as an alternative to net income or loss (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs. Other real estate companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, AFFO should be examined in connection with net income or loss and cash flows from operating, investing and financing activities in the consolidated financial statements.

AFFO 不應被視為淨收入或損失（根據公認會計原則 GAAP 確定）的替代品，也不應作為公司財務表現的指標，或作為經營活動現金流（根據 GAAP 確定）的替代品，或作為公司流動性的衡量標準，也不一定表明有足夠的現金流來滿足公司所有的需求。其他房地產公司可能會以不同的方式定義此術語。我們認為，為了便於清晰理解公司的業績，AFFO 應與淨收入或損失以及合併財務報表中的經營、投資和融資活動的現金流一起審查。



Franklin Street Properties Corp. Earnings Release
Supplementary Schedule I
Reconciliation and Definition of Sequential Same Store results to property Net Operating Income (NOI) and Net Income



Franklin Street Properties Corp. 收益發布
補充附表 I
同期同店結果與物業淨運營收入（NOI）和淨收入的對賬與定義

Net Operating Income (“NOI”)

淨運營收入（“NOI”）

The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income or loss (the most directly comparable GAAP financial measure) plus general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, hedge ineffectiveness, gains or losses on extinguishment of debt, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in the periods presented, which we call Sequential Same Store. The comparative Sequential Same Store results include properties held for all periods presented. We exclude properties that have been placed in service, but that do not have operating activity for all periods presented, dispositions and significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income or loss as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI and Sequential Same Store are shown in the following table:

公司根據淨運營收入（Net Operating Income，簡稱 NOI）提供物業表現，管理層認為投資者對此信息感興趣。NOI 是一個非 GAAP 財務指標，公司將其定義為淨收入或損失（最直接可比的 GAAP 財務指標）加上一般和行政費用、折舊和攤銷，包括收購的高於和低於市場租賃無形資產的攤銷和減值費用、利息費用，減去非合併 REITs 的權益收益、利息收入、管理費收入、對沖無效性、債務清償的損益、資產出售的損益，並排除非物業特定的收入和費用。所呈現的信息包括腳註，數據按地區顯示，涵蓋在所呈現期間內擁有的物業，我們稱之為同期同店。比較的同期同店結果包括在所有呈現期間內持有的物業。我們排除已投入使用但在所有呈現期間內沒有運營活動的物業、處置以及重大非經常性收入，如破產和解和租賃終止費用。公司定義的 NOI 可能與其他以不同方式定義 NOI 的 REITs 的 NOI 不可比。NOI 不應被視為淨收入或損失的替代品，以指示我們的表現，或作為現金流的替代品，以衡量公司的流動性或其分配能力。NOI 和同期同店的計算見下表：



	Rentable
	Square Feet	Three Months Ended		Three Months Ended	Inc		%
(in thousands)	or RSF	30-Sep-25		30-Jun-25	(Dec)		Change
Region
MidWest	758		1,489			1,758			(269	)	(15.3	)%
South	1,908		4,144			4,393			(249	)	(5.7	)%
West	2,142		5,450			5,516			(66	)	(1.2	)%
Property NOI* from Owned Properties	4,808		11,083			11,667			(584	)	(5.0	)%
Disposition and Acquisition Properties (a)	-		9			(108	)		117		1.0	%
NOI*	4,808	$	11,092		$	11,559		$	(467	)	(4.0	)%

Sequential Same Store		$	11,083		$	11,667		$	(584	)	(5.0	)%

Less Nonrecurring
Items in NOI* (b)			52			52			—		(0.0	)%

Comparative
Sequential Same Store		$	11,031		$	11,615		$	(584	)	(5.0	)%


Reconciliation to		Three Months Ended		Three Months Ended
Net loss		30-Sep-25		30-Jun-25
Net loss		$	(8,326	)	$	(7,876	)
Add (deduct):
Loss on extinguishment of debt			7			3
(Gain) loss on sale of properties and impairment of assets held for sale, net			—			(384	)
Management fee income			(345	)		(334	)
Depreciation and amortization			10,550			10,626
Amortization of above/below market leases			—			—
General and administrative			3,034			3,281
Interest expense			6,348			6,339
Interest income			(249	)		(248	)
Non-property specific items, net			73			152


NOI*		$	11,092		$	11,559



	可出租面積
	平方英尺	截至三個月		截至三個月	增幅		%
（以千為單位）	或 RSF	2025年9月30日		2025年6月30日	（12 月）		變化
區域
中西部	758		1,489			1,758			(269	)	(15.3	)%
南部	1,908		4,144			4,393			(249	)	(5.7	)%
西部	2,142		5,450			5,516			(66	)	(1.2	)%
自有物業的 NOI*	4,808		11,083			11,667			(584	)	(5.0	)%
處置和收購物業 (a)	-		9			(108	)		117		1.0	%
NOI*	4,808	$	11,092		$	11,559		$	(467	)	(4.0	)%

連續同店		$	11,083		$	11,667		$	(584	)	(5.0	)%

減去非經常性
NOI* 中的項目 (b)			52			52			—		(0.0	)%

比較
連續同店		$	11,031		$	11,615		$	(584	)	(5.0	)%


對賬		截至三個月		截至三個月
淨虧損		2025年9月30日		2025年6月30日
淨虧損		$	(8,326	)	$	(7,876	)
加（減）：
債務清償損失			7			3
物業出售及資產減值的（收益）損失，淨額			—			(384	)
管理費收入			(345	)		(334	)
折舊和攤銷			10,550			10,626
市場租賃的攤銷			—			—
一般和行政費用			3,034			3,281
利息費用			6,348			6,339
利息收入			(249	)		(248	)
非物業特定項目，淨額			73			152


NOI*		$	11,092		$	11,559


(a)		We define Disposition and Acquisition Properties as properties that were sold 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.

*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.


(a)		我們將處置和收購物業定義為已出售、收購或合併且在所有呈現期間沒有運營活動的物業。
(b)		NOI 中的非經常性項目包括破產收入、租約終止費或其他重大非經常性收入或支出，這可能影響可比性。

* 不包括來自對非合併 REIT 的投資和擔保貸款的利息收入的 NOI。

View source version on businesswire.com: https://www.businesswire.com/news/home/20251028965065/en/

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Georgia Touma (877) 686-9496

Source: Franklin Street Properties Corp.

來源：Franklin Street Properties Corp.

Franklin Street Properties Corp. 宣佈 2025 年第三季度業績 | FSP 股票新聞