EX-12 2 fsp-20151231ex12d26fb72.htm EX-12

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

|  | For the Year Ended |
(Dollars in thousands) |  | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011 |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 35,014 |  | $ | 13,148 |  | $ | 17,294 |  | $ | 22,950 |  | $ | 19,357 |
Provision for income taxes |  |  | 433 |  |  | 498 |  |  | 480 |  |  | 335 |  |  | 267 |
(Earnings) Loss of equity investees |  |  | 1,451 |  |  | 1,760 |  |  | 1,358 |  |  | (2,033) |  |  | (3,685) |
Distributed income of equity investees |  |  | 107 |  |  | 107 |  |  | 108 |  |  | 2,810 |  |  | 5,056 |
Fixed charges (see below) |  |  | 25,432 |  |  | 27,433 |  |  | 21,054 |  |  | 16,068 |  |  | 12,666 |
Subtract: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest capitalized |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Preferred distributions of consolidated subsidiaries |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Earnings |  | $ | 62,437 |  | $ | 42,946 |  | $ | 40,294 |  | $ | 40,130 |  | $ | 33,661 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expensed |  |  | 25,432 |  |  | 27,433 |  |  | 21,054 |  |  | 16,068 |  |  | 12,666 |
Interest capitalized |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest portion of rent expense which is deemed to be representative of the interest factor |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Fixed Charges |  | $ | 25,432 |  | $ | 27,433 |  | $ | 21,054 |  | $ | 16,068 |  | $ | 12,666 |
Preferred dividends |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total combined fixed charges and preferred dividends |  | $ | 25,432 |  | $ | 27,433 |  | $ | 21,054 |  | $ | 16,068 |  | $ | 12,666 |
Ratio of earnings to fixed charges |  |  | 2.46 |  |  | 1.57 |  |  | 1.91 |  |  | 2.50 |  |  | 2.66 |
Ratio of earnings to combined fixed charges and preferred dividends |  |  | 2.46 |  |  | 1.57 |  |  | 1.91 |  |  | 2.50 |  |  | 2.66 |