Related Party Transactions and Investments in Non-Consolidated Entities (Tables)

3 Months Ended

Mar. 31, 2013

Related Party Transactions and Investments in Non-Consolidated Entities

Schedule of equity in earnings (losses) of investments in non-consolidated REITs

	Three Months Ended
	March 31,
(in thousands)	2013		2012
Equity in earnings of Phoenix Tower	$	-	$	3
Equity in earnings (loss) of East Wacker	(110)		439
Equity in loss of Grand Boulevard	(77)		(51)
	$	(187)	$	391

Summary of financial information of sponsored REITs

	March 31,		December 31,
(in thousands)	2013		2012
Balance Sheet Data (unaudited):
Real estate, net	$	659,062	$	659,655
Other assets	154,496		156,785
Total liabilities	(317,365)		(316,311)
Shareholders’ equity	$	496,193	$	500,129

	For the Three Months Ended
	March 31,
(in thousands)	2013		2012
Operating Data (unaudited):
Rental revenues	$	23,372	$	27,658
Other revenues	18		37
Operating and maintenance expenses	(11,588)		(13,750)
Depreciation and amortization	(7,842)		(8,672)
Interest expense	(3,307)		(4,381)
Net income	$	653	$	892

Summary of the Sponsored REIT Loans outstanding

(dollars in thousands)			Maximum		Amount				Interest
		Maturity	Amount		Drawn at		Interest	Draw	Rate at
Sponsored REIT	Location	Date	of Loan		31-Mar-13		Rate (1)	Fee (2)	31-Mar-13
Secured revolving lines of credit
FSP Highland Place I Corp.	Centennial, CO	31-Dec-13	$	5,500	$	1,125	L+4.4%	0.5%	4.60%
FSP Satellite Place Corp.	Duluth, GA	31-Mar-14	5,500		5,500		L+4.4%	0.5%	4.60%
FSP 1441 Main Street Corp.	Columbia, SC	31-Mar-14	10,800		9,000		L+4.4%	0.5%	4.60%
FSP 505 Waterford Corp.	Plymouth, MN	30-Nov-13	7,000		2,350		L+4.4%	0.5%	4.60%
FSP Galleria North Corp.	Dallas, TX	30-Jan-15	15,000		8,380		L+5.0%	0.5%	5.20%
Secured construction loan
FSP 385 Interlocken
Development Corp. (3)	Broomfield, CO	30-Apr-13	42,000		37,541		L+4.4%	n/a	4.60%
Mortgage loan secured by property
FSP Energy Tower I Corp. (4)	Houston, TX	5-Jul-14	33,000		33,000		6.41%	n/a	6.41%
			$	118,800	$	96,896

(1) The interest rate is 30-day LIBOR rate plus the additional rate indicated, otherwise a fixed rate.

(2) The draw fee is a percentage of each new advance, and is paid at the time of each new draw.

(3) On April 26, 2013, the Company agreed to extend the maturity date from April 30, 2013 to April 30, 2014.

(4) The loan has a secured fixed mortgage amount of $33,000,000.  A loan fee of $300,630 was paid at the time of closing and funding of the loan on July 5, 2012.  The borrower is required to pay the Company an exit fee in the amount of 0.982% of the principal repayment amount.