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)                                                                       |      | 2016               |      | 2015   |      | 2014           |      | 2013   |      | 2012   |   |
| Earnings                                                                                     |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Add:                                                                                         |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Income from continuing operations                                                            |                     | $                  | 8,378                    |   | $                        | 35,014         |                     | $      | 13,148                   |   | $      | 17,294         |   | $      | 22,950         |   |
| Provision for income taxes                                                                   |                     |               | 418                      |   |                     | 433            |                     |   | 498                      |   |   | 480            |   |   | 335            |   |
| (Earnings) Loss of equity investees                                                          |                     |               | 831                      |   |                     | 1,451          |                     |   | 1,760                    |   |   | 1,358          |   |   | (2,033)        |   |
| Distributed income of equity investees                                                       |                     |               | 1,023                    |   |                     | 107            |                     |   | 107                      |   |   | 108            |   |   | 2,810          |   |
| Fixed charges (see below)                                                                    |                     |               | 26,551                   |   |                     | 25,432         |                     |   | 27,433                   |   |   | 21,054         |   |   | 16,068         |   |
| Subtract:                                                                                    |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Interest capitalized                                                                         |                     |               | (3)                      |   |                     |  — |                     |   |  —           |   |   |  — |   |   |  — |   |
| Preferred distributions of consolidated subsidiaries                                         |                     |               |  —           |   |                     |  — |                     |   |  —           |   |   |  — |   |   |  — |   |
|                                                                                         |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Total Earnings                                                                               |                     | $                  | 37,198                   |   | $                        | 62,437         |                     | $      | 42,946                   |   | $      | 40,294         |   | $      | 40,130         |   |
| Fixed Charges:                                                                               |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
|                                                                                         |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Interest expensed                                                                            |                     |               | 26,548                   |   |                     | 25,432         |                     |   | 27,433                   |   |   | 21,054         |   |   | 16,068         |   |
| Interest capitalized                                                                         |                     |               | 3                        |   |                     |  — |                     |   |  —           |   |   |  — |   |   |  — |   |
|                                                                                         |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Interest portion of rent expense which is deemed to be representative of the interest factor |                     |               |  —           |   |                     |  — |                     |   |  —           |   |   |  — |   |   |  — |   |
|                                                                                         |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Total Fixed Charges                                                                          |                     | $                  | 26,551                   |   | $                        | 25,432         |                     | $      | 27,433                   |   | $      | 21,054         |   | $      | 16,068         |   |
| Preferred dividends                                                                          |                     |               |  —           |   |                     |  — |                     |   |  —           |   |   |  — |   |   |  — |   |
| Total combined fixed charges and preferred dividends                                         |                     | $                  | 26,551                   |   | $                        | 25,432         |                     | $      | 27,433                   |   | $      | 21,054         |   | $      | 16,068         |   |
|                                                                                         |                     |               |                     |   |                     |           |                     |   |                     |   |   |           |   |   |           |   |
| Ratio of earnings to fixed charges                                                           |                     |               | 1.40                     |   |                     | 2.46           |                     |   | 1.57                     |   |   | 1.91           |   |   | 2.50           |   |
| Ratio of earnings to combined fixed charges and preferred dividends                          |                     |               | 1.40                     |   |                     | 2.46           |                     |   | 1.57                     |   |   | 1.91           |   |   | 2.50           |   |

 

 

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