Franklin Street Properties (FSP) S-3ASR Automatic shelf registration

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