EX-12 8 ex12.htm

Exhibit 12

FRANKLIN STREET PROPERTIES CORP.
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

		Nine Months
		Ended				For the Year Ended
		September 30
(Dollars in thousands)		2014				2013				2012				2011				2010				2009
Earnings
Add:
Income from continuing operations		$	8,853			$	17,294			$	22,950			$	19,357			$	17,729			$	27,085
Provision for income taxes			403				480				335				267				217				248
(Earnings) Loss of equity investees			1,491				1,358				(2,033	)			(3,685	)			(1,266	)			(1,994	)
Distributed income of equity investees			81				108				2,810				5,056				5,170				5,628
Fixed charges (see below)			20,950				21,054				16,068				12,666				7,284				6,570
Subtract:
Interest capitalized			—				—				—				—				—				—
Preferred distributions of consolidated subsidiaries			—				—				—				—				—				—
Total Earnings		$	31,778			$	40,294			$	40,130			$	33,661			$	29,134			$	37,537
Fixed Charges:
Interest expensed			20,950				21,054				16,068				12,666				7,284				6,570
Interest capitalized			—				—				—				—				—				—
Interest portion of rent expense which is deemed to be representative of the interest factor			—				—				—				—				—				—
Total Fixed Charges		$	20,950			$	21,054			$	16,068			$	12,666			$	7,284			$	6,570
Preferred dividends			—				—				—				—				—				—
Total combined fixed charges and preferred dividends		$	20,950			$	21,054			$	16,068			$	12,666			$	7,284			$	6,570
Ratio of earnings to fixed charges			1.52				1.91				2.50				2.66				4.00				5.71
Ratio of earnings to combined fixed charges and preferred dividends			1.52				1.91				2.50				2.66				4.00				5.71