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Selected Unaudited Quarterly Information | 12 Months Ended
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Dec. 31, 2011
Selected Unaudited Quarterly Information |
Selected Unaudited Quarterly Information |
13. Selected Unaudited Quarterly Information Certain amounts in the 2011 and 2010 unaudited quarterly information have been reclassified to present properties sold and the Company’s investment banking segment as discontinued operations for all periods presented. Selected unaudited quarterly information is shown in the following table:
|  | 2011 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
|  | (in thousands, except per share data) |
Revenue |  | $ | 31,914 |  | $ | 34,762 |  | $ | 34,716 |  | $ | 38,094 |
Income from continuing operations |  | $ | 4,555 |  | $ | 4,664 |  | $ | 3,453 |  | $ | 5,308 |
Income from discontinued operations |  | $ | 20,212 |  | $ | 5,717 |  | $ | (139 | ) | $ | (246 | )
Net income |  | $ | 24,767 |  | $ | 10,381 |  | $ | 3,314 |  | $ | 5,062 |
Basic and diluted net income per share |  | $ | 0.30 |  | $ | 0.13 |  | $ | 0.04 |  | $ | 0.06 |
Weighted average number of shares outstanding |  | 81,437 |  | 81,437 |  | 81,600 |  | 82,937 |
|  | 2010 |
|  | First |  | Second |  | Third |  | Fourth |
|  | Quarter |  | Quarter |  | Quarter |  | Quarter |
|  | (in thousands, except per share data) |
Revenue |  | $ | 29,129 |  | $ | 27,611 |  | $ | 29,871 |  | $ | 30,555 |
Income from continuing operations |  | $ | 4,885 |  | $ | 4,536 |  | $ | 4,000 |  | $ | 3,304 |
Income from discontinued operations |  | $ | 677 |  | $ | 1,418 |  | $ | 758 |  | $ | 2,515 |
Net income |  | $ | 5,562 |  | $ | 5,954 |  | $ | 4,758 |  | $ | 5,819 |
Basic and diluted net income per share |  | $ | 0.07 |  | $ | 0.07 |  | $ | 0.06 |  | $ | 0.07 |
Weighted average number of shares outstanding |  | 79,681 |  | 79,681 |  | 79,751 |  | 80,187 |
Schedule II Franklin Street Properties Corp. Valuation and qualifying accounts: (in thousands)
|  |  |  | Additions |  |  |  |  |  |  |
|  |  |  | (Decreases) |  |  |  |  |  |  |
|  | Balance at |  | charged to |  |  |  |  |  | Balance |
|  | beginning |  | costs and |  |  |  |  |  | at end |
Classification |  | of year |  | expenses |  | Deductions |  | Other |  | of year |
Allowance for doubtful accounts |  |  |  |  |  |  |  |  |  |  |
2009 |  | 509 |  | 131 |  | (20 | ) | — |  | 620 |
2010 |  | 620 |  | 1,175 |  | (195 | ) | — |  | 1,600 |
2011 |  | 1,600 |  | 34 |  | (399 | ) | — |  | 1,235 |
Straight-line rent allowance for doubtful accounts |  |  |  |  |  |  |  |  |  |  |
2009 |  | 261 |  | (62 | ) | (99 | ) | — |  | 100 |
2010 |  | 100 |  | 600 |  | — |  | — |  | 700 |
2011 |  | 700 |  | 2 |  | (567 | ) | — |  | 135 |
| SCHEDULE III
FRANKLIN STREET PROPERTIES CORP. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2011
|  |  |  | Initial Cost |  | Historical Cost |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Encumbrances (1) |  | Land |  | Buildings Improvements and Equipment |  | Costs Capitalized (Disposals) Subsequent to Acquisition |  | Land |  | Buildings Improvements and Equipment |  | Total (2) |  | Accumulated Depreciation |  | Total Costs, Net of Accumulated Depreciation |  | Depreciable Life Years |  | Year Built |  | Date of Acquisition (3) |
|  |  |  | (in thousands) |  |  |  |  |  |  |
Commercial Properties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Park Seneca, Charlotte, NC |  | — |  | $ | 1,815 |  | $ | 7,917 |  | $ | 611 |  | $ | 1,812 |  | $ | 8,531 |  | $ | 10,343 |  | $ | 2,983 |  | $ | 7,360 |  | 5-39 |  | 1969 |  | 1997 |
Hillview Center, Milpitas, CA |  | — |  | 2,203 |  | 2,813 |  | 7 |  | 2,203 |  | 2,820 |  | 5,023 |  | 922 |  | 4,101 |  | 5-39 |  | 1984 |  | 1999 |
Southfield Centre, Southfield, MI |  | — |  | 4,344 |  | 11,455 |  | 3,517 |  | 4,344 |  | 14,972 |  | 19,316 |  | 4,321 |  | 14,995 |  | 5-39 |  | 1977 |  | 1999 |
Forest Park, Charlotte, NC |  | — |  | 1,559 |  | 5,672 |  | 171 |  | 1,559 |  | 5,843 |  | 7,402 |  | 1,345 |  | 6,057 |  | 5-39 |  | 1999 |  | 1999 |
Centennial Center, Colorado Springs, CO |  | — |  | 1,549 |  | 11,877 |  | 1,080 |  | 1,549 |  | 12,957 |  | 14,506 |  | 3,461 |  | 11,045 |  | 5-39 |  | 1999 |  | 2000 |
Meadow Point, Chantilly, VA |  | — |  | 2,634 |  | 18,911 |  | 6,446 |  | 2,634 |  | 25,357 |  | 27,991 |  | 5,056 |  | 22,935 |  | 5-39 |  | 1999 |  | 2001 |
Timberlake, Chesterfield, MO |  | — |  | 2,984 |  | 38,661 |  | 2,644 |  | 2,984 |  | 41,305 |  | 44,289 |  | 10,302 |  | 33,987 |  | 5-39 |  | 1999 |  | 2001 |
Northwest Point, Elk Grove Village, IL |  | — |  | 2,914 |  | 26,295 |  | 7,228 |  | 2,914 |  | 33,523 |  | 36,437 |  | 8,937 |  | 27,500 |  | 5-39 |  | 1999 |  | 2001 |
Timberlake East, Chesterfield, MO |  | — |  | 2,626 |  | 17,608 |  | 2,069 |  | 2,626 |  | 19,677 |  | 22,303 |  | 5,028 |  | 17,275 |  | 5-39 |  | 2000 |  | 2002 |
Park Ten, Houston, TX |  | — |  | 1,061 |  | 21,303 |  | 1,674 |  | 569 |  | 23,469 |  | 24,038 |  | 5,283 |  | 18,755 |  | 5-39 |  | 1999 |  | 2002 |
Federal Way, Federal Way, WA |  | — |  | 2,518 |  | 13,212 |  | 2,028 |  | 2,518 |  | 15,240 |  | 17,758 |  | 3,524 |  | 14,234 |  | 5-39 |  | 1982 |  | 2001 |
Addison, Addison, TX |  | — |  | 4,325 |  | 48,040 |  | 4,391 |  | 4,325 |  | 52,431 |  | 56,756 |  | 10,234 |  | 46,522 |  | 5-39 |  | 1999 |  | 2002 |
Collins, Richardson, TX |  | — |  | 4,000 |  | 42,598 |  | 3,988 |  | 4,000 |  | 46,586 |  | 50,586 |  | 7,958 |  | 42,628 |  | 5-39 |  | 1999 |  | 2003 |
Montague, San Jose, CA |  | — |  | 10,250 |  | 5,254 |  | 3,531 |  | 10,250 |  | 8,785 |  | 19,035 |  | 1,633 |  | 17,402 |  | 5-39 |  | 1982 |  | 2002 |
Greenwood, Englewood, CO |  | — |  | 3,100 |  | 30,201 |  | 2,949 |  | 3,100 |  | 33,150 |  | 36,250 |  | 5,379 |  | 30,871 |  | 5-39 |  | 2000 |  | 2005 |
River Crossing, Indianapolis, IN |  | — |  | 3,000 |  | 36,926 |  | 1,487 |  | 3,000 |  | 38,413 |  | 41,413 |  | 6,744 |  | 34,669 |  | 5-39 |  | 1998 |  | 2005 |
Willow Bend, Plano, TX |  | — |  | 3,800 |  | 14,842 |  | 2,610 |  | 3,800 |  | 17,452 |  | 21,252 |  | 2,635 |  | 18,617 |  | 5-39 |  | 1999 |  | 2000 |
Innsbrook, Glenn Allen, VA |  | — |  | 5,000 |  | 40,216 |  | 3,937 |  | 5,000 |  | 44,153 |  | 49,153 |  | 6,578 |  | 42,575 |  | 5-39 |  | 1999 |  | 2003 |
380 Interlocken, Bloomfield, CO |  | — |  | 8,275 |  | 34,462 |  | 6,113 |  | 8,275 |  | 40,575 |  | 48,850 |  | 6,980 |  | 41,870 |  | 5-39 |  | 2000 |  | 2003 |
Blue Lagoon, Miami, FL |  | — |  | 6,306 |  | 46,124 |  | 1,218 |  | 6,306 |  | 47,342 |  | 53,648 |  | 6,729 |  | 46,919 |  | 5-39 |  | 2002 |  | 2003 |
Eldridge Green, Houston, TX |  | — |  | 3,900 |  | 43,791 |  | 1,071 |  | 3,900 |  | 44,862 |  | 48,762 |  | 6,406 |  | 42,356 |  | 5-39 |  | 1999 |  | 2004 |
Liberty Plaza, Addison, TX |  | — |  | 4,374 |  | 21,146 |  | 3,863 |  | 4,374 |  | 25,009 |  | 29,383 |  | 5,161 |  | 24,222 |  | 5-39 |  | 1985 |  | 2006 |
One Overton, Atlanta, GA |  | — |  | 3,900 |  | 77,229 |  | 2,572 |  | 3,900 |  | 79,801 |  | 83,701 |  | 12,073 |  | 71,628 |  | 5-39 |  | 2002 |  | 2006 |
FSP 390 Interlocken, Broomfield, CO |  | — |  | 7,013 |  | 37,751 |  | 3,085 |  | 7,013 |  | 40,836 |  | 47,849 |  | 6,021 |  | 41,828 |  | 5-39 |  | 2002 |  | 2006 |
East Baltimore, Baltimore, MD |  | — |  | 4,600 |  | 55,267 |  | 1,183 |  | 4,600 |  | 56,450 |  | 61,050 |  | 6,707 |  | 54,343 |  | 5-39 |  | 1989 |  | 2007 |
Park Ten II, Houston, TX |  | — |  | 1,300 |  | 31,712 |  | 207 |  | 1,300 |  | 31,919 |  | 33,219 |  | 3,026 |  | 30,193 |  | 5-39 |  | 2006 |  | 2006 |
Lakeside Crossing, Maryland Heights, MO |  | — |  | 1,900 |  | 16,192 |  | 2 |  | 1,900 |  | 16,194 |  | 18,094 |  | 1,280 |  | 16,814 |  | 5-39 |  | 2008 |  | 2008 |
Dulles Virginia, Sterling, VA |  | — |  | 4,813 |  | 13,285 |  | 0 |  | 4,813 |  | 13,285 |  | 18,098 |  | 1,022 |  | 17,076 |  | 5-39 |  | 1999 |  | 2008 |
Stonecroft, Chantilly, VA |  | — |  | 2,102 |  | 18,003 |  | 0 |  | 2,102 |  | 18,003 |  | 20,105 |  | 1,154 |  | 18,951 |  | 5-39 |  | 2008 |  | 2009 |
Eden Bluff, Eden Prairie, MN |  | — |  | 5,422 |  | 9,294 |  | 0 |  | 5,422 |  | 9,294 |  | 14,716 |  | 595 |  | 14,121 |  | 5-39 |  | 2006 |  | 2009 |
121 South Eight Street, Minneapolis, MN |  | — |  | 8,628 |  | 15,214 |  | 830 |  | 8,628 |  | 16,044 |  | 24,672 |  | 618 |  | 24,054 |  | 5-39 |  | 1974 |  | 2010 |
909 Davis, Evanston, IL |  | — |  | 4,912 |  | 18,229 |  | 0 |  | 4,912 |  | 18,229 |  | 23,141 |  | 117 |  | 23,024 |  | 5-39 |  | 2002 |  | 2011 |
Emperor Boulevard, Durham, NC |  | — |  | 2,423 |  | 53,997 |  | 52 |  | 2,423 |  | 54,049 |  | 56,472 |  | 1,154 |  | 55,318 |  | 5-39 |  | 2009 |  | 2011 |
Legacy Tennyson Center, Plano, TX |  | — |  | 3,067 |  | 22,064 |  | 0 |  | 3,067 |  | 22,064 |  | 25,131 |  | 471 |  | 24,660 |  | 5-39 |  | 2008 |  | 2011 |
One Legacy Circle, Plano, TX |  | — |  | 2,590 |  | 36,608 |  | 861 |  | 2,590 |  | 37,469 |  | 40,059 |  | 717 |  | 39,342 |  | 5-39 |  | 2008 |  | 2011 |
East Renner Road, Richardson, TX |  | — |  | 2,791 |  | 5,216 |  | 0 |  | 2,791 |  | 5,216 |  | 8,007 |  | 33 |  | 7,974 |  | 5-39 |  | 1999 |  | 2011 |
Balance — Real Estate |  | — |  | $ | 137,998 |  | $ | 949,385 |  | $ | 71,425 |  | $ | 137,503 |  | $ | 1,021,305 |  | $ | 1,158,808 |  | $ | 152,587 |  | $ | 1,006,221 |  |  |  |  |  |  |
(1) There are no encumbrances on the above properties. (2) The aggregate cost for Federal Income Tax purposes is $1,206,892,000. (3) Original date of acquisition by Sponsored Entity. The following table summarizes the changes in the Company’s real estate investments and accumulated depreciation:
|  | December 31, |
(in thousands) |  | 2011 |  | 2010 |  | 2009 |
Real estate investments, at cost: |  |  |  |  |  |  |
Balance, beginning of year |  | $ | 1,053,678 |  | $ | 1,020,787 |  | $ | 918,184 |
Acquisitions |  | 151,897 |  | 23,842 |  | 97,006 |
Improvements |  | 21,296 |  | 9,049 |  | 5,845 |
Assets held for sale |  | — |  | (68,063 | ) | (68,063 | )
Dispositions |  | (68,063 | ) | — |  | (248 | )
Balance -Real Estate |  | 1,158,808 |  | 985,615 |  | 952,724 |
Assets held for sale |  | — |  | 68,063 |  | 68,063 |
Balance, end of year |  | $ | 1,158,808 |  | $ | 1,053,678 |  | $ | 1,020,787 |
Accumulated depreciation: |  |  |  |  |  |  |
Balance, beginning of year |  | $ | 125,741 |  | $ | 98,954 |  | $ | 74,126 |
Depreciation |  | 29,729 |  | 26,787 |  | 24,828 |
Assets held for sale |  | — |  | (2,824 | ) | (1,421 | )
Dispositions |  | (2,883 | ) | — |  | — |
Balance - Accumulated Depreciation |  | 152,587 |  | 122,917 |  | 97,533 |
Assets held for sale |  | — |  | 2,824 |  | 1,421 |
Balance, end of year |  | $ | 152,587 |  | $ | 125,741 |  | $ | 98,954 |

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