Franklin Street Properties Corp.

Franklin Street Properties Corp. (FSP) (NYSE American: FSP) is a real estate investment trust (REIT) 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 seeks value-oriented investments with an eye towards long-term growth and appreciation. FSP's real estate operations include property acquisitions and dispositions, leasing, development, redevelopment and asset management. As of December 31, 2018, FSP owned and operated a portfolio of real estate consisting of 32 operating and 3 redevelopment properties. FSP's operating portfolio of 32 properties was approximately 89.0% leased as of December 31, 2018.

FSP broadly views our directly-owned portfolio as possessing upside value creation potential for our shareholders through the achievement of leasing success. Additionally, FSP may also pursue, on a selective basis, the sale of certain of its properties in order to take advantage of value creation and strong location-based demand cycles, or for geographic or property-specific reasons. FSP management believes that harvesting appreciation gains in its properties represents a meaningful contribution to the total return earned by its investors.

FSP endeavors to minimize the risk of investing in a traditionally cyclical asset class by not having secured debt at the property level. FSP believes that matching a flexible, moderate leverage ratio with its office investments will allow it to take advantage of disposition opportunities during peaks in the cycles and protect its investments from foreclosure or refinancing risk during the cyclical lows.

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.fspreit.com.

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 Part II, Item 7 in the attached Annual Report on Form 10-K for the year ended December 31, 2018.