2014 Annual Report

About FSP

Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE MKT: FSP) is a real estate investment trust that owns and operates a portfolio of high-quality office buildings in select major markets in the U.S. We are focused on long-term value creation, as well as achieving current income, by making property investments in select urban infill and central business district (CBD) locations where we possess extensive first-hand knowledge and experience. Additionally, we seek to invest in markets that exhibit what FSP believes are long-term, domestic and global macroeconomic drivers that have the potential to result in above-average employment growth within those markets. Cities attracting attention from FSP must also demonstrate a track record of committed investment into infill and CBD infrastructure and a diversified local economy. Primary emphasis has been placed on our top five core markets of Atlanta, Dallas, Denver, Houston and Minneapolis. As of December 31, 2014, FSP owned 38 office properties in 13 states, consisting of approximately 9.6 million rentable square feet. Approximately 70% of FSP’s owned portfolio (in square feet) is within these top five core markets. FSP’s portfolio was approximately 92.8% leased as of December 31, 2014.

The principal revenue sources from our real estate operations include rental income from tenants who lease our office space, new property development or redevelopment of select locations already owned by us, interest income from secured first mortgage loans made on some of our sponsored office properties and fee income from asset/property management services. In order to create value for stockholders, the Company primarily seeks to grow revenue through higher occupancies and rental rate levels in its directly-owned portfolio, acquire additional high-quality assets below replacement cost with attractive future leasing opportunities and engage in select new development of properties. The Company also continuously reviews and evaluates its real estate property portfolio for potentially advantageous dispositions that may realize investment returns through gains on sale.

Based in Wakefield, Massachusetts, FSP is a Maryland corporation. The Company was originally founded in 1997 and has been publicly-traded since mid-2005. To learn more about FSP please visit our website at: www.franklinstreetproperties.com

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This Annual Report contains “forward-looking statements” within the meaning of federal securities laws. For more information, please refer to the discussion in the first paragraph of Item 7 in the attached Annual Report on Form 10-K for the year ended December 31, 2014.

Investor Relations
Franklin Street Properties Corp.
401 Edgewater Place
Wakefield, MA 01880
(877) 686-9496