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Selected Unaudited Quarterly Information

12 Months Ended

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

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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