EX-12 8 a2234174zex-12.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 Stock Dividends

 

 

 

Nine Months

 

 

 

 

 

Ended

 

For the Fiscal Year Ended December 31,

 

(Dollars in thousands)

 

30-Sep-17

 

2016

 

2015

 

2014

 

2013

 

2012

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

(11,012

)

$

8,378

 

$

35,014

 

$

13,148

 

$

17,294

 

$

22,950

 

Provision for income taxes

 

297

 

418

 

433

 

498

 

480

 

335

 

(Earnings) Loss of equity investees

 

719

 

831

 

1,451

 

1,760

 

1,358

 

(2,033

)

Distributed income of equity investees

 

1,041

 

1,023

 

107

 

107

 

108

 

2,810

 

Fixed charges (see below)

 

23,928

 

26,551

 

25,432

 

27,433

 

21,054

 

16,068

 

Subtract:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(198

)

(3

)

—

 

—

 

—

 

—

 

Preferred distributions of consolidated subsidiaries

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings

 

$

14,775

 

$

37,198

 

$

62,437

 

$

42,946

 

$

40,294

 

$

40,130

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

23,730

 

26,548

 

25,432

 

27,433

 

21,054

 

16,068

 

Interest capitalized

 

198

 

3

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rent expense which is deemed to be representative of the interest factor

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

23,928

 

$

26,551

 

$

25,432

 

$

27,433

 

$

21,054

 

$

16,068

 

Preferred dividends

 

—

 

—

 

—

 

—

 

—

 

—

 

Total combined fixed charges and preferred dividends

 

$

23,928

 

$

26,551

 

$

25,432

 

$

27,433

 

$

21,054

 

$

16,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

0.62

 

1.40

 

2.46

 

1.57

 

1.91

 

2.50

 

Ratio of earnings to combined fixed charges and preferred dividends

 

0.62

 

1.40

 

2.46

 

1.57

 

1.91

 

2.50