FRANKLIN STREET PROPERTIES CORP /MA/

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), which could materially affect our business, financial condition or future results. The risks described in the 2025 Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

In addition to the risk factors included in the 2025 Form 10-K, we have identified the following additional risk factor:

We may not be able to dispose of properties that we contemplate selling under our strategic plan

As a result of our ongoing review of strategic alternatives, we have identified a number of individual asset sale opportunities that we intend to actively pursue. We may not be able to dispose of these properties for the proceeds we expect, or at all, and we may incur costs and divert management attention from our ongoing operations as part of efforts to dispose of these properties, regardless of whether such efforts are ultimately successful. The failure to dispose of properties, and to timely and efficiently apply the proceeds from any disposition of properties to reduce our outstanding indebtedness and support our leasing activities, could have an adverse effect on our financial condition, cash flows and results of operations.