Material Agreement (Form 8-K)

401 Edgewater Place · Suite 200 · Wakefield, Massachusetts 01880 · (781) 557-1300 · www.fspreit.com

Contact: Georgia Touma, Investor Relations - 877-686-9496

For Immediate Release

Franklin Street Properties Corp. Closes

$320 Million Secured Credit Facility

Refinancing All Outstanding Indebtedness

and Provides Additional Update on Review of Strategic Alternatives

WAKEFIELD, MA - February 27, 2026 - Franklin Street Properties Corp. (the "Company", "FSP", "our" or "we") (NYSE American: FSP) announced today that it has closed a $320 million secured credit facility (the "Facility") with an affiliate of TPG Credit (the "Lender"). The Company repaid in full all of its outstanding $248.9 million aggregate principal amount of indebtedness in an initial drawdown of $258.5 million under the Facility, net of original issue discount of $16.5 million (the "Initial Term Loans"). The Facility includes up to $45 million of delayed draw term loans, which, subject to certain conditions, will be used to fund tenant improvements, leasing commissions, building improvements and other uses approved by the Lender ("Delayed Draw Term Loans") and contains customary covenants. Alter Domus (US) LLC will act as administrative agent for the Facility.

A summary of key terms is below:

FSP was represented by Wilmer Cutler Pickering Hale and Dorr LLP and Stifel. The Lender was represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.

George J. Carter, Chairman and Chief Executive Officer of FSP, said, "After considering a number of different potential strategic alternatives in consultation with our professional advisors, we concluded that refinancing our outstanding indebtedness was the best alternative available to us at this time. In addition, the Delayed Draw Term Loan feature of the Facility provides additional flexibility to allow us to lease additional space in our existing portfolio, which could enhance future value. We are pleased to have TPG as a strategic lending partner and look forward to building a long-term relationship with them.

However, now that our near-term debt maturity has been addressed, we are continuing our review of potential strategic alternatives. Our Board of Directors and management team remain deeply committed to continuing to explore ways to maximize shareholder value. We believe that having successfully addressed our near-term debt maturities has reduced a significant source of near-term uncertainty and avoided having to make forced or suboptimal decisions, enabling us to focus on executing property-level initiatives in what continues to be an uneven office market environment. We believe this approach best positions the Company to navigate current market conditions while preserving maximum strategic flexibility. We look forward to continuing to update the market as and when appropriate."

David Busker, Managing Director and Head of Commercial Real Estate Debt, TPG Credit, said "We are pleased to partner with Franklin Street Properties to provide a tailored capital solution that provides the financial flexibility needed to navigate the current market. We look forward to supporting the Board and management team as they work to enhance value for all shareholders."