0001104659-15-053837.txt : 20150728 0001104659-15-053837.hdr.sgml : 20150728 20150728161744 ACCESSION NUMBER: 0001104659-15-053837 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150728 DATE AS OF CHANGE: 20150728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN STREET PROPERTIES CORP /MA/ CENTRAL INDEX KEY: 0001031316 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 042724223 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32470 FILM NUMBER: 151009891 BUSINESS ADDRESS: STREET 1: 401 EDGEWATER PLACE STREET 2: STE 200 CITY: WAKEFIELD STATE: MA ZIP: 01880 BUSINESS PHONE: 7815571300 MAIL ADDRESS: STREET 1: 401 EDGEWATER PLACE STREET 2: STE 200 CITY: WAKEFIELD STATE: MA ZIP: 01880 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN STREET PARTNERS LP DATE OF NAME CHANGE: 20010301 10-Q 1 a15-12098_110q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10 - Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015.

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-32470

Franklin Street Properties Corp.

(Exact name of registrant as specified in its charter)

Maryland		04-3578653
(State or other jurisdiction of incorporation		(I.R.S. Employer Identification No.)
or organization)

401 Edgewater Place, Suite 200

Wakefield, MA 01880

(Address of principal executive offices)(Zip Code)

(781) 557-1300

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x		Accelerated filer o

Non-accelerated filer o (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ¨ NO x

The number of shares of common stock outstanding as of July 24, 2015 was 100,187,405.

Table of Contents

Franklin Street Properties Corp.

Form 10-Q

Quarterly Report

June 30, 2015

Table of Contents

			Page

Part I.	Financial Information

	Item 1.	Financial Statements

		Condensed Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014	3

		Condensed Consolidated Statements of Income for the three and six months ended June 30, 2015 and 2014	4

		Condensed Consolidated Statements of Other Comprehensive Income for the three and six months ended June 30, 2015 and 2014	5

		Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014	6

		Notes to Condensed Consolidated Financial Statements	7-15

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16-30

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

	Item 4.	Controls and Procedures	33

Part II.	Other Information

	Item 1.	Legal Proceedings	34

	Item 1A.	Risk Factors	34

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

	Item 3.	Defaults Upon Senior Securities	34

	Item 4.	Mine Safety Disclosures	34

	Item 5.	Other Information	34

	Item 6.	Exhibits	34

Signatures			35

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Franklin Street Properties Corp.

Condensed Consolidated Balance Sheets

(Unaudited)

	June 30,			December 31,
(in thousands, except share and par value amounts)	2015			2014
Assets:
Real estate assets:
Land	$	180,271		$	183,930
Buildings and improvements	1,636,444			1,604,984
Fixtures and equipment	1,800			1,677
	1,818,515			1,790,591
Less accumulated depreciation	279,172			266,284
Real estate assets, net	1,539,343			1,524,307
Acquired real estate leases, less accumulated amortization of $110,884 and $101,838, respectively	126,926			138,714
Investment in non-consolidated REITs	78,164			78,611
Cash and cash equivalents	15,841			7,519
Restricted cash	48			742
Tenant rent receivables, less allowance for doubtful accounts of $250 and $325, respectively	2,886			4,733
Straight-line rent receivable, less allowance for doubtful accounts of $50 and $162, respectively	46,168			47,021
Prepaid expenses and other assets	9,096			10,292
Related party mortgage loan receivables	93,641			93,641
Other assets: derivative asset	918			3,020
Office computers and furniture, net of accumulated depreciation of $1,183 and $1,036, respectively	562			609
Deferred leasing commissions, net of accumulated amortization of $18,386 and $16,944, respectively	26,508			27,181
Total assets	$	1,940,101		$	1,936,390

Liabilities and Stockholders’ Equity:
Liabilities:
Bank note payable	$	300,000		$	268,000
Term loans payable	620,000			620,000
Accounts payable and accrued expenses	39,199			42,561
Accrued compensation	2,327			3,758
Tenant security deposits	4,315			4,248
Other liabilities: derivative liability	7,632			7,268
Acquired unfavorable real estate leases, less accumulated amortization of $9,779 and $8,687, respectively	11,082			10,908
Total liabilities	984,555			956,743

Commitments and contingencies

Stockholders’ Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding	—			—
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,187,405 and 100,187,405 shares issued and outstanding, respectively	10			10
Additional paid-in capital	1,273,556			1,273,556
Accumulated other comprehensive loss	(6,714		)	(4,248		)
Accumulated distributions in excess of accumulated earnings	(311,306		)	(289,671		)
Total stockholders’ equity	955,546			979,647
Total liabilities and stockholders’ equity	$	1,940,101		$	1,936,390

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Franklin Street Properties Corp.

Condensed Consolidated Statements of Income (Loss)

(Unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in thousands, except per share amounts)	2015			2014			2015			2014

Revenue:
Rental	$	58,801		$	60,994		$	117,814		$	122,591
Related party revenue:
Management fees and interest income from loans	1,412			1,671			2,885			3,314
Other	20			76			41			99
Total revenue	60,233			62,741			120,740			126,004

Expenses:
Real estate operating expenses	14,644			14,995			30,000			30,066
Real estate taxes and insurance	9,469			9,763			19,517			19,014
Depreciation and amortization	23,207			23,563			45,879			47,863
Selling, general and administrative	3,401			3,148			7,092			6,420
Interest	6,365			6,891			12,552			14,067

Total expenses	57,086			58,360			115,040			117,430

Income before interest income, equity in losses of non-consolidated REITs and taxes	3,147			4,381			5,700			8,574
Interest income	—			1			1			2
Equity in losses of non-consolidated REITs	(38		)	(552		)	(360		)	(1,036		)
Gain on sale of properties, less applicable income tax	948			—			11,410			—

Income before taxes on income	4,057			3,830			16,751			7,540
Taxes on income	154			117			315			254

Net income	$	3,903		$	3,713		$	16,436		$	7,286

Weighted average number of shares outstanding, basic and diluted	100,187			100,187			100,187			100,187

Earnings per share, basic and diluted:
Net income per share, basic and diluted	$	0.04		$	0.04		$	0.16		$	0.07

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Franklin Street Properties Corp.

Condensed Consolidated Statements of Other Comprehensive Income (Loss)

(Unaudited)

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
(in thousands)	2015		2014			2015			2014

Net income	$	3,903	$	3,713		$	16,436		$	7,286

Other comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	2,348		(4,335		)	(2,466		)	(6,636		)
Total other comprehensive income (loss)	2,348		(4,335		)	(2,466		)	(6,636		)

Comprehensive income (loss)	$	6,251	$	(622	)	$	13,970		$	650

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Franklin Street Properties Corp.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	For the Six Months Ended June 30,
(in thousands)	2015			2014
Cash flows from operating activities:
Net income	$	16,436		$	7,286
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	46,913			48,854
Amortization of above market lease	(32		)	63
Equity in losses of non-consolidated REITs	360			1,036
Gain on sale of properties, less applicable income tax	(11,410		)	—
Increase (decrease) in allowance for doubtful accounts	(75		)	125
Changes in operating assets and liabilities:
Restricted cash	694			(85		)
Tenant rent receivables	1,922			2,110
Straight-line rents	(643		)	(3,323		)
Lease acquisition costs	(231		)	(437		)
Prepaid expenses and other assets	196			503
Accounts payable, accrued expenses and other items	(4,306		)	(8,405		)
Accrued compensation	(1,431		)	(933		)
Tenant security deposits	66			232
Payment of deferred leasing commissions	(2,737		)	(3,908		)
Net cash provided by operating activities	45,722			43,118
Cash flows from investing activities:
Property acquisitions	(66,104		)	—
Acquired real estate leases	(10,604		)	—
Property improvements, fixtures and equipment	(10,333		)	(7,578		)
Distributions in excess of earnings from non-consolidated REITs	54			54
Repayment of related party mortgage loan receivable	––			13,880
Investment in related party mortgage loan receivable	—			(2,570		)
Proceeds received on sales of real estate assets	55,659			—
Net cash provided by (used in) investing activities	(31,328		)	3,786
Cash flows from financing activities:
Distributions to stockholders	(38,072		)	(38,072		)
Borrowings under bank note payable	95,000			10,000
Repayments of bank note payable	(63,000		)	(20,000		)
Net cash used in financing activities	(6,072		)	(48,072		)
Net increase in cash and cash equivalents	8,322			(1,168		)
Cash and cash equivalents, beginning of year	7,519			19,623
Cash and cash equivalents, end of period	$	15,841		$	18,455

Non-cash investing and financing activities:
Accrued costs for purchase of real estate assets	$	2,732		$	2,428

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards

Organization

Franklin Street Properties Corp. (“FSP Corp.” or the “Company”), holds, directly and indirectly, 100% of the interest in FSP Investments LLC, FSP Property Management LLC, FSP Holdings LLC and FSP Protective TRS Corp. FSP Property Management LLC provides asset management and property management services. The Company also has a non-controlling common stock interest in nine corporations organized to operate as real estate investment trusts (“REIT”) and a non-controlling preferred stock interest in two of those REITs. Collectively, the nine REITs are referred to as the “Sponsored REITs”.

As of June 30, 2015, the Company owned and operated a portfolio of real estate consisting of 36 properties, managed nine Sponsored REITs and held five promissory notes secured by mortgages on real estate owned by Sponsored REITs, including one mortgage loan, one construction loan and three revolving lines of credit. From time-to-time, the Company may acquire real estate, make additional secured loans or acquire a Sponsored REIT. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, or for geographic or property specific reasons.

Properties

The following table summarizes the Company’s number of properties and rentable square feet of real estate:

	As of June 30,
	2015	2014
Commercial real estate:
Number of properties	36	39
Rentable square feet	9,639,740	9,686,215

Basis of Presentation

The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2014, as filed with the Securities and Exchange Commission.

The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for any other period.

Financial Instruments

The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values.

Recent Accounting Standards

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the condensed consolidated financial statements.

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (continued)

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to the condensed consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, $6.6 million and $7.6 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of ASU 2015-02 will have on the condensed consolidated financial statements.

2. Related Party Transactions and Investments in Non-Consolidated Entities

Investment in Sponsored REITs:

At June 30, 2015 and December 31, 2014, the Company held a common stock interest in 9 and 10 Sponsored REITs, respectively. The Company holds a non-controlling preferred stock investment in two of these Sponsored REITs, FSP 303 East Wacker Drive Corp. (“East Wacker”) and FSP Grand Boulevard Corp. (“Grand Boulevard”), from which it continues to derive economic benefits and risks.

During the year ended December 31, 2014, properties owned by four Sponsored REITs were sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued. The Company held a mortgage loan with two of these entities secured by the property owned by FSP Galleria North Corp. (“Galleria”) and the property owned by FSP Highland Place I Corp. (“Highland”). The loan with Galleria in the principal amount of $13,880,000 was repaid from the proceeds of the sale and the loan with Highland in the principal amount of $3,395,000 was repaid from the proceeds of the sale.

During the six months ended June 30, 2015, a property owned by a Sponsored REIT was sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued.

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

2. Related Party Transactions and Investments in Non-consolidated Entities (continued)

Equity in losses of investment in non-consolidated REITs:

The following table includes equity in losses of investments in non-consolidated REITs

	Six Months Ended
	June 30,
(in thousands)	2015		2014
Equity in loss of East Wacker	$	309	$	960
Equity in loss of Grand Boulevard	51		76
	$	360	$	1,036

Equity in losses of investments in non-consolidated REITs is derived from the Company’s share of income or loss in the operations of those entities. The Company exercises influence over, but does not control these entities, and investments are accounted for using the equity method.

Equity in losses of East Wacker is derived from the Company’s preferred stock investment in the entity. In December 2007, the Company purchased 965.75 preferred shares or 43.7% of the outstanding preferred shares of East Wacker for $82,813,000 (which represented $96,575,000 at the offering price net of commissions of $7,726,000, loan fees of $5,553,000 and acquisition fees of $483,000 that were excluded).

Equity in losses of Grand Boulevard is derived from the Company’s preferred stock investment in the entity. In May 2009, the Company purchased 175.5 preferred shares or 27.0% of the outstanding preferred shares of Grand Boulevard for $15,049,000 (which represented $17,550,000 at the offering price net of commissions of $1,404,000, loan fees of $1,009,000 and acquisition fees of $88,000 that were excluded).

The Company recorded distributions of $54,000 from non-consolidated REITs during the six months ended June 30, 2015 and 2014.

Management fees and interest income from loans:

Asset management fees range from 1% to 5% of collected rents and the applicable contracts are cancelable with 30 days notice. Asset management fee income from non-consolidated entities amounted to approximately $346,000 and $497,000 for the six months ended June 30, 2015 and 2014, respectively.

From time to time the Company may make secured loans (“Sponsored REIT Loans”) to Sponsored REITs in the form of mortgage loans or revolving lines of credit to fund construction costs, capital expenditures, leasing costs and for other purposes. The Company anticipates that each Sponsored REIT Loan will be repaid at maturity or earlier from long term financings of the underlying properties, cash flows from the underlying properties or some other capital event. Each Sponsored REIT Loan is secured by a mortgage on the underlying property and has a term of approximately one to three years, which may be extended from time to time by one year or longer. Except for the mortgage loan which bears interest at a fixed rate, advances under each Sponsored REIT Loan bear interest at a rate equal to the 30-day LIBOR rate plus an agreed upon amount of basis points and most advances also require a 50 basis point draw fee.

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

2. Related Party Transactions and Investments in Non-consolidated Entities (continued)

The following is a summary of the Sponsored REIT Loans outstanding as of June 30, 2015:

			Maximum		Amount						Interest
		Maturity	Amount		Drawn at		Interest		Draw		Rate at
(dollars in thousands)	Location	Date	of Loan		30-Jun-15		Rate (1)		Fee (2)		30-Jun-15
Sponsored REIT

Secured revolving lines of credit
FSP Satellite Place Corp.	Duluth, GA	31-Mar-17	$	5,500	$	5,500	L+4.4	%	0.5	%	4.58	%
FSP 1441 Main Street Corp.	Columbia, SC	31-Mar-16	10,800		9,000		L+4.4	%	0.5	%	4.58	%
FSP Energy Tower I Corp.	Houston, TX	30-Jun-17	20,000		8,600		L+5.0	%	0.5	%	5.18	%

Secured construction loan
FSP 385 Interlocken Development Corp.	Broomfield, CO	30-Apr-16	42,000		37,541		L+4.4	%	n/a		4.58	%

Mortgage loan secured by property
FSP Energy Tower I Corp.	Houston, TX	30-Jun-17	33,000		33,000		6.41	%	n/a		6.41	%

			$	111,300	$	93,641

(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.

The Company recognized interest income and fees from the Sponsored REIT Loans of approximately $2,539,000 and $2,816,000 for the six months ended June 30, 2015 and 2014, respectively.

Non-consolidated REITs:

The balance sheet data below for 2015 and 2014 includes the 9 and 10 Sponsored REITs the Company held an interest in as of June 30, 2015 and December 31, 2014, respectively. The operating data below for 2015 and 2014 include the operations of the 10 and 14 Sponsored REITs in which the Company held an interest in during the six months ended June 30, 2015 and 2014, respectively.

Summarized financial information for these Sponsored REITs is as follows:

	June 30,			December 31,
(in thousands)	2015			2014
Balance Sheet Data (unaudited):
Real estate, net	$	421,429		$	451,822
Other assets	101,701			127,259
Total liabilities	(198,575		)	(203,239		)
Shareholders’ equity	$	324,555		$	375,842

	For the Six Months Ended
	June 30,
(in thousands)	2015			2014
Operating Data (unaudited):
Rental revenues	$	28,174		$	23,305
Other revenues	25			14
Operating and maintenance expenses	(15,266		)	(11,746		)
Depreciation and amortization	(9,925		)	(7,677		)
Interest expense	(4,930		)	(3,431		)
Net income (loss)	$	(1,922	)	$	465

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

3. Bank Note Payable and Term Note Payable

BMO Term Loan

On October 29, 2014, the Company entered into an Amended and Restated Credit Agreement (the “BMO Credit Agreement”) with the lending institutions referenced in the BMO Credit Agreement and Bank of Montreal, as administrative agent, that continued a single, unsecured term loan borrowing in the amount of $220,000,000 (the “BMO Term Loan”). On August 26, 2013, the Company drew down the entire $220,000,000 under the BMO Term Loan, which remains fully advanced and outstanding under the BMO Credit Agreement. The BMO Term Loan matures on August 26, 2020. The BMO Credit Agreement also includes an accordion feature that allows up to $50,000,000 of additional loans, subject to receipt of lender commitments and satisfaction of certain customary conditions.

The BMO Term Loan bears interest at either (i) a number of basis points over LIBOR depending on the Company’s credit rating (165 basis points over LIBOR at June 30, 2015) or (ii) a number of basis points over the base rate depending on the Company’s credit rating (65 basis points over the base rate at June 30, 2015).

Although the interest rate on the BMO Term Loan is variable, the Company is permitted to hedge the base LIBOR interest rate by entering into an interest rate swap agreement. On August 26, 2013, the Company entered into an ISDA Master Agreement with Bank of Montreal that fixed the base LIBOR interest rate on the BMO Term Loan at 2.32% per annum for seven years, until the August 26, 2020 maturity date. Accordingly, based upon the Company’s credit rating, as of June 30, 2015, the effective interest rate on the BMO Term Loan was 3.97% per annum.

The BMO Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type. The BMO Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The Company was in compliance with the BMO Term Loan financial covenants as of June 30, 2015.

The Company may use the proceeds of the loans under the BMO Credit Agreement to finance the acquisition of real properties and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BMO Credit Agreement.

BAML Credit Facility

On October 29, 2014, the Company entered into a Second Amended and Restated Credit Agreement (the “BAML Credit Agreement”) with the lending institutions referenced in the BAML Credit Agreement and those lenders from time to time party thereto and Bank of America, N.A., as administrative agent, L/C Issuer and Swing Line Lender (the “BAML Credit Facility”) that continued an existing unsecured credit facility comprised of both a revolving line of credit (the “BAML Revolver) and a term loan (the “BAML Term Loan”).

BAML Revolver Highlights

· The BAML Revolver is for borrowings, at the Company’s election, of up to $500,000,000. Borrowings made pursuant to the BAML Revolver may be revolving loans, swing line loans or letters of credit, the combined sum of which may not exceed $500,000,000 outstanding at any time.

· Borrowings made pursuant to the BAML Revolver may be borrowed, repaid and reborrowed from time to time until the initial maturity date of October 29, 2018. The Company has the right to extend the initial maturity date of the BAML Revolver by an additional 12 months, or until October 29, 2019, upon payment of a fee and satisfaction of certain customary conditions.

· The BAML Revolver includes an accordion feature that allows for up to $250,000,000 of additional borrowing capacity subject to receipt of lender commitments and satisfaction of certain customary conditions.

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

3. Bank Note Payable and Term Note Payable (continued)

As of June 30, 2015, there were borrowings of $300,000,000 outstanding under the BAML Revolver. The BAML Revolver bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.25% over LIBOR at June 30, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.25% over the base rate at June 30, 2015). The BAML Credit Facility also obligates the Company to pay an annual facility fee in an amount that is also based on the Company’s credit rating. The facility fee is assessed against the total amount of the BAML Revolver, or $500,000,000 (0.25% at June 30, 2015).

Based upon the Company’s credit rating, as of June 30, 2015, the weighted average interest rate on the BAML Revolver was 1.43% per annum and there were borrowings of $300,000,000 outstanding. As of December 31, 2014, the weighted average interest rate on the BAML Revolver was 1.41% per annum and there were borrowings of $268,000,000 outstanding. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the six months ended June 30, 2015 was approximately 1.43% per annum. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the year ended December 31, 2014 was approximately 1.60% per annum.

BAML Term Loan Highlights

· The BAML Term Loan is for $400,000,000.

· The BAML Term Loan matures on September 27, 2017.

· On September 27, 2012, the Company drew down the entire $400,000,000 and such amount remains fully advanced and outstanding under the BAML Credit Agreement.

The BAML Term Loan bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.45% over LIBOR at June 30, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.45% over the base rate at June 30, 2015). The actual margin over LIBOR rate or base rate is determined based on the Company’s credit rating.

Although the interest rate on the BAML Credit Facility is variable, the Company fixed the base LIBOR interest rate on the BAML Term Loan by entering into an interest rate swap agreement. On September 27, 2012, the Company entered into an ISDA Master Agreement with Bank of America, N.A. that fixed the base LIBOR interest rate on the BAML Term Loan at 0.75% per annum for five years, until the September 27, 2017 maturity date. Accordingly, based upon the Company’s credit rating, as of June 30, 2015, the effective interest rate on the BAML Term Loan was 2.20% per annum.

BAML Credit Facility General Information

The BAML Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type. The BAML Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The Company was in compliance with the BAML Credit Facility financial covenants as of June 30, 2015.

The Company may use the proceeds of the loans under the BAML Credit Agreement to finance the acquisition of real properties and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BAML Credit Agreement.

4. Financial Instruments: Derivatives and Hedging

On August 26, 2013, the Company fixed the interest rate for seven years on the BMO Credit Agreement with an interest rate swap agreement (the “BMO Interest Rate Swap”) and on September 27, 2012, the Company fixed the interest rate for five years on the BAML Term Loan with an interest rate swap agreement (the “BAML Interest Rate Swap”). The variable rates that were fixed under the BMO Interest Rate Swap and the BAML Interest Rate Swap are described in Note 3.

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Franklin Street Properties Corp.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

4. Financial Instruments: Derivatives and Hedging (continued)

The BMO Interest Rate Swap and the BAML Interest Rate Swap qualify as cash flow hedges and have been recognized on the consolidated balance sheet at fair value. If a derivative qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings, which may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.

The following table summarizes the notional and fair value of our derivative financial instruments at June 30, 2015. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks.

	Notional		Strike		Effective	Expiration	Fair
(in thousands)	Value		Rate		Date	Date	Value

BMO Interest Rate Swap	$	220,000	2.32	%	Aug-13	Aug-20	$	(7,632	)
BAML Interest Rate Swap	$	400,000	0.75	%	Sep-12	Sep-17	$	918

On June 30, 2015, the BMO Interest Rate Swap was reported as a liability at its fair value of approximately $7.6 million and the BAML Interest Rate Swap was reported as an asset at its fair value of approximately $0.9 million. These are included in other liabilities: derivative liability and other assets: derivative asset on the condensed consolidated balance sheet at June 30, 2015 and December 31, 2014, respectively. Offsetting adjustments are reported as unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income of $2.5 million. During the six months ended June 30, 2015, $3.5 million was reclassified out of other comprehensive income and into interest expense.

Over time, the unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that approximately $1.1 million of the current balance held in accumulated other comprehensive income will be reclassified into earnings within the next 12 months.

We are hedging the exposure to variability in anticipated future interest payments on existing debt.

The fair value of the Company’s derivative instruments are determined using the net discounted cash flows of the expected cash flows of the derivative based on the market based interest rate curve and are adjusted to reflect credit or nonperformance risk. The risk is estimated by the Company using credit spreads and risk premiums that are observable in the market. These financial instruments were classified within Level 2 of the fair value hierarchy and were classified as an asset or liability on the condensed consolidated balance sheets.

5. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of Company shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares. There were no potential dilutive shares outstanding at June 30, 2015 and 2014, respectively.

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Franklin Street Properties Corp.

Notes to the Consolidated Financial Statements

(Unaudited)

6. Stockholders’ Equity

As of June 30, 2015, the Company had 100,187,405 shares of common stock outstanding. The Company declared and paid dividends as follows (in thousands, except per share amounts):

Quarter Paid	Dividends Per Share		Total Dividends

First quarter of 2015	$	0.19	$	19,036
Second quarter of 2015	$	0.19	$	19,035

First quarter of 2014	$	0.19	$	19,036
Second quarter of 2014	$	0.19	$	19,035

7. Income Taxes

General

The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally is entitled to a tax deduction for distributions paid to its shareholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only. The Company must comply with a variety of restrictions to maintain its status as a REIT. These restrictions include the type of income it can earn, the type of assets it can hold, the number of shareholders it can have and the concentration of their ownership, and the amount of the Company’s taxable income that must be distributed annually.

One such restriction is that the Company generally cannot own more than 10% of the voting power or value of the securities of any one issuer unless the issuer is itself a REIT or a taxable REIT subsidiary (“TRS”). In the case of TRSs, the Company’s ownership of securities in all TRSs generally cannot exceed 25% of the value of all of the Company’s assets and, when considered together with other non-real estate assets, cannot exceed 25% of the value of all of the Company’s assets. FSP Investments and FSP Protective TRS Corp. are the Company’s taxable REIT subsidiaries operating as taxable corporations under the Code.

Income taxes are recorded based on the future tax effects of the difference between the tax and financial reporting bases of the Company’s assets and liabilities. In estimating future tax consequences, potential future events are considered except for potential changes in income tax law or in rates.

The Company adopted an accounting pronouncement related to uncertainty in income taxes effective January 1, 2007, which did not result in recording a liability, nor was any accrued interest and penalties recognized with the adoption. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. The Company’s effective tax rate was not affected by the adoption. The Company and one or more of its subsidiaries files income tax returns in the U.S federal jurisdiction and various state jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2011 and thereafter.

The Company is subject to business tax (the “Revised Texas Franchise Tax”). The Revised Texas Franchise Tax is a tax at a rate of approximately 0.7% of revenues at Texas properties commencing with 2007 revenues. Some of the Company’s leases allow reimbursement by tenants for these amounts because the Revised Texas Franchise Tax replaces a portion of the property tax for school districts. Because the tax base on the Revised Texas Franchise Tax is derived from an income based measure it is considered an income tax. The Company recorded a provision for the Revised Texas Franchise Tax of $295,000 and $244,000 for the six months ended June 30, 2015 and 2014, respectively.

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Franklin Street Properties Corp.

Notes to the Consolidated Financial Statements

(Unaudited)

7. Income Taxes (continued)

Net operating losses

Section 382 of the Code restricts a corporation’s ability to use net operating losses (“NOLs”) to offset future taxable income following certain “ownership changes.” Such ownership changes occurred with past mergers and accordingly a portion of the NOLs incurred by the Sponsored REITs available for use by the Company in any particular future taxable year will be limited. To the extent that the Company does not utilize the full amount of the annual NOLs limit, the unused amount may be carried forward to offset taxable income in future years. NOLs expire 20 years after the year in which they arise, and the last of the Company’s NOLs will expire in 2027. A valuation allowance is provided for the full amount of the NOLs as the realization of any tax benefits from such NOLs is not assured. The gross amount of NOLs available to the Company was $13,041,000, as of June 30, 2015 and December 31, 2014.

Income Tax Expense

The income tax expense reflected in the consolidated statements of income relates primarily to a franchise tax on our Texas properties. FSP Protective TRS Corp. provides taxable services to tenants at some of the Company’s properties and the tax expenses associated with these activities are reported as Other Taxes in the table below:

	For the
	Six Months Ended
	June 30,
(in thousands)	2015		2014

Revised Texas franchise tax	$	295	$	244
Other Taxes	20		10
Income tax expense	$	315	$	254

Taxes on income are a current tax expense. No deferred income taxes were provided as there were no material temporary differences between the financial reporting basis and the tax basis of the TRSs.

8. Dispositions of properties

The Company sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain and an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain. The disposal of the properties does not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the properties remain classified within continuing operations for all periods presented.

9. Subsequent Events

On July 10, 2015, the Board of Directors of the Company declared a cash distribution of $0.19 per share of common stock payable on August 13, 2015 to stockholders of record on July 24, 2015.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2014. Historical results and percentage relationships set forth in the condensed consolidated financial statements, including trends which might appear, should not be taken as necessarily indicative of future operations. The following discussion and other parts of this Quarterly Report on Form 10-Q may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, economic conditions in the United States, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, uncertainties relating to fiscal policy, changes in government regulations and regulatory uncertainty, geopolitical events, and expenditures that cannot be anticipated such as utility rate and usage increases, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See Part II, Item 1A. “Risk Factors” below. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We may not update any of the forward-looking statements after the date this Quarterly Report on Form 10-Q is filed to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

Overview

FSP Corp., or we, or the Company, operates in the real estate operations segment. The real estate operations segment involves real estate rental operations, leasing, secured financing of real estate and services provided for asset management, property management, property acquisitions, dispositions and development. Our current strategy is to invest in select urban infill and central business district properties, with primary emphasis on our top five markets of Atlanta, Dallas, Denver, Houston and Minneapolis. We believe that our top five markets have macro-economic drivers that have the potential to increase occupancies and rents. We will also monitor San Diego, Silicon Valley, Greater Boston, Raleigh-Durham, and Greater Washington, DC, as well as other markets, for opportunistic investments. FSP Corp. seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income.

The main factor that affects our real estate operations is the broad economic market conditions in the United States. These market conditions affect the occupancy levels and the rent levels on both a national and local level. We have no influence on broader economic/market conditions. We look to acquire and/or develop quality properties in good locations in order to lessen the impact of downturns in the market and to take advantage of upturns when they occur.

Critical Accounting Policies

We have certain critical accounting policies that are subject to judgments and estimates by our management and uncertainties of outcome that affect the application of these policies. We base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances. On an on-going basis, we evaluate our estimates. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current information. The accounting policies that we believe are most critical to the understanding of our financial position and results of operations, and that require significant management estimates and judgments, are discussed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2014.

Critical accounting policies are those that have the most impact on the reporting of our financial condition and results of operations and those requiring significant judgments and estimates. We believe that our judgments and assessments are consistently applied and produce financial information that fairly presents our results of operations. No changes to our critical accounting policies have occurred since the filing of our Annual Report on Form 10-K for the year ended December 31, 2014.

Recent Accounting Standards

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Trends and Uncertainties

Economic Conditions

The economy in the United States is continuing to experience a period of slow economic growth, with slowly declining unemployment from recent high levels, which directly affects the demand for office space, our primary income producing asset. The broad economic market conditions in the United States are affected by numerous factors, including but not limited to, inflation and employment levels, energy prices, slow economic growth and/or recessionary concerns, uncertainty about government fiscal and tax policy, changes in currency exchange rates, geopolitical events, the regulatory environment, the availability of credit and interest rates. In addition, the Federal Reserve Bank has indicated that it may begin to raise interest rates later in 2015. Any increase in interest rates could result in increased borrowing costs to us. However, we could also benefit from any further improved economic fundamentals and increasing levels of employment. We believe that the economy is in the early stages of a cyclically-slower but prolonged broad-based upswing. However, future economic factors may negatively affect real estate values, occupancy levels and property income.

Real Estate Operations

Leasing

Our real estate portfolio was approximately 90.6% leased as of June 30, 2015, a decrease from 92.8% as of December 31, 2014. The 2.2% decrease in leased space was a result of lease expirations and terminations during 2015 that were not leased at June 30, 2015, and the impact of the acquisition of a property on April 8, 2015 with 442,130 rentable square feet that was approximately 80% leased and the sale of three properties in 2015 with approximately 380,000 of rentable square feet in the aggregate that were approximately 98% leased in the aggregate. As of June 30, 2015, we had 902,000 square feet of vacancy in our portfolio compared to 689,000 square feet of vacancy at December 31, 2014. During the six months ended June 30, 2015, we leased approximately 547,000 square feet of office space, of which approximately 329,000 square feet were with existing tenants, at a weighted average term of 4.8 years. On average, tenant improvements for such leases were $15.97 per square foot, lease commissions were $5.80 per square foot and rent concessions were approximately three months of free rent. Average GAAP base rents under such leases were $26.38 per square foot, or 12.9% higher than average rents in the respective properties as applicable compared to the year ended December 31, 2014.

As of June 30, 2015, leases for approximately 2.3% and 11.3% of the square footage in our portfolio are scheduled to expire during 2015 and 2016, respectively. As the third quarter of 2015 begins, we believe that our property portfolio is well stabilized, with a balanced lease expiration schedule.

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While we cannot generally predict when existing vacancy in our real estate portfolio will be leased or if existing tenants with expiring leases will renew their leases or what the terms and conditions of the lease renewals will be, we expect to renew or sign new leases at then-current market rates for locations in which the buildings are located, which could be above or below the expiring rates. Also, even as the economy continues to slowly recover, we believe the potential for any of our tenants to default on its lease or to seek the protection of bankruptcy still exists. If any of our tenants defaults on its lease, we may experience delays in enforcing our rights as a landlord and may incur substantial costs in protecting our investment. In addition, at any time, a tenant of one of our properties may seek the protection of bankruptcy laws, which could result in the rejection and termination of such tenant’s lease and thereby cause a reduction in cash available for distribution to our stockholders.

Real Estate Acquisition and Investment Activity

During 2015:

· on April 8, we acquired an office property with approximately 442,130 rentable square feet of space for $78.0 million located in the Central Perimeter Submarket of Atlanta, Georgia.

Additional potential real estate investment opportunities are actively being explored and we would anticipate further real estate investments in the future.

During 2014:

· we funded advances on Sponsored REIT Loans for revolving lines of credit in the aggregate amount of approximately $11.2 million;

· on June 19, we received approximately $13.9 million from FSP Galleria North Corp. as repayment in full of a Sponsored REIT Loan; and

· on December 23, we received approximately $3.4 million from FSP Highland Place I Corp. as repayment in full of a Sponsored REIT Loan.

Dispositions of Properties

During 2015, we sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, sold an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain and sold an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain. During 2014, we sold an office property located in Colorado Springs, Colorado on December 3, 2014 at a $0.9 million gain.

We will continue to evaluate our portfolio, and in the future may decide to dispose of additional properties from time-to-time in the ordinary course of business. We believe that the current property sales environment continues to improve in many markets relative to both liquidity and pricing. We believe that both improving office property fundamentals as well as attractive financing availability will likely be required to continue improvement in the marketplace for potential property dispositions. As an important part of our total return strategy, we intend to be active in property dispositions when we believe that market conditions warrant such activity and, as a consequence, we continuously review and evaluate our portfolio of properties for potentially advantageous dispositions.

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Results of Operations

The following table shows results for the three months ended June 30, 2015 and 2014:

	Three months ended June 30,
(in thousands)	2015			2014			Change
Revenue:
Rental	$	58,801		$	60,994		$	(2,193	)
Related party revenue:
Management fees and interest income from loans	1,412			1,671			(259		)
Other	20			76			(56		)
Total revenue	60,233			62,741			(2,508		)

Expenses:
Real estate operating expenses	14,644			14,995			(351		)
Real estate taxes and insurance	9,469			9,763			(294		)
Depreciation and amortization	23,207			23,563			(356		)
Selling, general and administrative	3,401			3,148			253
Interest	6,365			6,891			(526		)
Total expenses	57,086			58,360			(1,274		)

Income before interest income, equity in losses of non-consolidated REITs and taxes	3,147			4,381			(1,234		)
Interest income	—			1			(1		)
Equity in losses of non-consolidated REITs	(38		)	(552		)	514
Gain on sale of properties, less applicable income tax	948			—			948

Income before taxes on income	4,057			3,830			227
Taxes on income	154			117			37

Net income	$	3,903		$	3,713		$	190

Comparison of the three months ended June 30, 2015 to the three months ended June 30, 2014:

Revenues

Total revenues decreased by $2.5 million to $60.2 million for the quarter ended June 30, 2015, as compared to the quarter ended June 30, 2014. The decrease was primarily a result of:

· A decrease in rental revenue of approximately $2.2 million arising primarily from loss of revenue from the disposition of a property on December 3, 2014, the disposition of another property on February 23, 2015, the disposition of another property on March 31, 2015 and the disposition of another property on May 13, 2015. In addition, our rental revenues decreased because leased space decreased approximately 3.5 percentage points to 90.6% in the real estate portfolio at June 30, 2015 compared to June 30, 2014. These decreases were partially offset by increased rental revenue for a property we acquired on April 8, 2015.

· A decrease in interest income from loans to Sponsored REITs of approximately $0.3 million as a result of repayments of Sponsored REIT Loans in the last twelve months.

Expenses

Total expenses decreased by $1.3 million to $57.1 million for the quarter ended June 30, 2015, as compared to the quarter ended June 30, 2014. The decrease was primarily a result of:

· A decrease in depreciation and amortization of $0.4 million as a result of the disposition of four properties in the last twelve months, which was partially offset by depreciation and amortization of a property we acquired on April 8, 2015.

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· A decrease to interest expense of approximately $0.5 million to $6.4 million for the three months ended June 30, 2015 compared to the same period in 2014. The decrease was primarily attributable to lower interest rates during the three months ended June 30, 2015 compared to the same period in 2014.

· A decrease in real estate operating expenses and real estate taxes and insurance of approximately $0.6 million, which was primarily from the disposition of four properties in the last twelve months, which was partially offset by real estate operating expenses from a property we acquired on April 8, 2015.

These decreases were partially offset by:

· An increase in selling, general and administrative expenses of approximately $0.2 million, which was primarily the result of increased personnel related expenses and professional fees. We had 39 and 38 employees as of June 30, 2015 and 2014, respectively, at our headquarters in Wakefield, Massachusetts.

Equity in losses of non-consolidated REITs

Equity in losses from non-consolidated REITs decreased approximately $0.5 million to a loss of $38,000 during the three months ended June 30, 2015 compared to the same period in 2014. The decrease was primarily because equity in loss from our preferred stock investment in a Sponsored REIT, FSP 303 East Wacker Drive Corp., which we refer to as East Wacker, decreased $0.5 million during the three months ended June 30, 2015 compared to the same period in 2014.

Gain on sale of properties, less applicable income tax

During the three months ended June 30, 2015, we recorded a gain on sale of a property. We sold an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain. During the three months ended June 30, 2014, we did not sell any properties.

Taxes on income

Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties that increased $32,000 and federal and other income taxes decreased $8,000 for the three months ended June 30, 2015, compared to the three months ended June 30, 2014.

Net Income

Net Income for the three months ended June 30, 2015 was $3.9 million compared to $3.7 million for the three months ended June 30, 2014, for the reasons described above.

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The following table shows results for the six months ended June 30, 2015 and 2014:

	Six months ended June 30,
(in thousands)	2015			2014			Change
Revenue:
Rental	$	117,814		$	122,591		$	(4,777	)
Related party revenue:
Management fees and interest income from loans	2,885			3,314			(429		)
Other	41			99			(58		)
Total revenue	120,740			126,004			(5,264		)

Expenses:
Real estate operating expenses	30,000			30,066			(66		)
Real estate taxes and insurance	19,517			19,014			503
Depreciation and amortization	45,879			47,863			(1,984		)
Selling, general and administrative	7,092			6,420			672
Interest	12,552			14,067			(1,515		)
Total expenses	115,040			117,430			(2,390		)

Income before interest income, equity in losses of non-consolidated REITs and taxes	5,700			8,574			(2,874		)
Interest income	1			2			(1		)
Equity in losses of non-consolidated REITs	(360		)	(1,036		)	676
Gain on sale of properties, less applicable income tax	11,410			—			11,410

Income before taxes on income	16,751			7,540			9,211
Taxes on income	315			254			61

Net income	$	16,436		$	7,286		$	9,150

Comparison of the six months ended June 30, 2015 to the six months ended June 30, 2014:

Revenues

Total revenues decreased by $5.3 million to $120.7 million for the six months ended June 30, 2015, as compared to the six months ended June 30, 2014. The decrease was primarily a result of:

· A decrease in rental revenue of approximately $4.8 million arising primarily from loss of revenue from the disposition of a property on December 3, 2014, the disposition of another property on February 23, 2015, the disposition of another property on March 31, 2015 and the disposition of another property on May 13, 2015. In addition, our rental revenues decreased because leased space decreased approximately 3.5 percentage points to 90.6% in the real estate portfolio at June 30, 2015 compared to June 30, 2014. These decreases were partially offset by increased rental revenue for a property we acquired on April 8, 2015.

· A decrease in interest income from loans to Sponsored REITs of approximately $0.4 million as a result of repayments of Sponsored REIT Loans in the last twelve months.

Expenses

Total expenses decreased by $2.4 million to $115.0 million for the six months ended June 30, 2015, as compared to the six months ended June 30, 2014. The decrease was primarily a result of:

· A decrease in depreciation and amortization of $2.0 million as a result of the disposition of four properties over the last twelve months, which was partially offset by depreciation and amortization of a property we acquired on April 8, 2015.

· A decrease to interest expense of approximately $1.5 million to $12.6 million for the six months ended June 30, 2015 compared to the same period in 2014. The decrease was attributable to a lower amount of debt outstanding and lower interest rates during the six months ended June 30, 2015 compared to the same period in 2014.

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These decreases were partially offset by:

· An increase in real estate operating expenses and real estate taxes and insurance of approximately $0.4 million, which was primarily from increases to real estate taxes and the acquisition of a property on April 8, 2015 and was partially offset by dispositions of four properties over the last twelve months.

· An increase in selling, general and administrative expenses of approximately $0.7 million, which was primarily the result of increased personnel related expenses and professional fees. We had 39 and 38 employees as of June 30, 2015 and 2014, respectively, at our headquarters in Wakefield, Massachusetts.

Equity in losses of non-consolidated REITs

Equity in losses from non-consolidated REITs decreased approximately $0.7 million to a loss of $0.4 million during the six months ended June 30, 2015 compared to the same period in 2014. The decrease was primarily because equity in loss from our preferred stock investment in a Sponsored REIT, FSP 303 East Wacker Drive Corp., which we refer to as East Wacker, decreased $0.7 million during the six months ended June 30, 2015 compared to the same period in 2014.

Gain on sale of properties, less applicable income tax

During the six months ended June 30, 2015, we recorded gains on sale of three properties. We sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain and an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain. During the six months ended June 30, 2014, we did not sell any properties.

Taxes on income

Included in income taxes is the Revised Texas Franchise Tax, which is a tax on revenues from Texas properties that increased $51,000 and federal and other income taxes increased $10,000 for the six months ended June 30, 2015, compared to the six months ended June 30, 2014.

Net Income

Net Income for the six months ended June 30, 2015 was $16.4 million compared to $7.3 million for the six months ended June 30, 2014, for the reasons described above.

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Non-GAAP Financial Measures

Funds From Operations

The Company evaluates performance based on Funds From Operations, which we refer to as FFO, as management believes that FFO represents the most accurate measure of activity and is the basis for distributions paid to equity holders. The Company defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and acquisition costs of newly acquired properties that are not capitalized, plus depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges on properties or investments in non-consolidated REITs, and after adjustments to exclude equity in income or losses from, and, to include the proportionate share of FFO from, non-consolidated REITs.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP), nor as an indicator of the Company’s financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company’s liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company’s needs.

Other real estate companies and the National Association of Real Estate Investment Trusts, or NAREIT may define this term in a different manner. We have included the NAREIT FFO definition in our table and note that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do.

We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income and cash flows from operating, investing and financing activities in the consolidated financial statements.

The calculations of FFO are shown in the following table:

	For the					For the
	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in thousands):	2015			2014		2015			2014

Net income (loss)	$	3,903		$	3,713	$	16,436		$	7,286
Gain on sale or properties, less applicable income tax	(948		)	—		(11,410		)	—
Equity in losses of non-consolidated REITs	38			552		360			1,036
FFO from non-consolidated REITs	885			351		1,486			770
Depreciation and amortization	23,168			23,638		45,846			47,927
NAREIT FFO	27,046			28,254		52,718			57,019
Acquisition costs of new properties	142			—		142			14

Funds From Operations	$	27,188		$	28,254	$	52,860		$	57,033

Net Operating Income (NOI)

The Company provides property performance based on Net Operating Income, which we refer to as NOI. Management believes that investors are interested in this information. NOI is a non-GAAP financial measure that the Company defines as net income (the most directly comparable GAAP financial measure) plus selling, general and administrative expenses, depreciation and amortization, including amortization of acquired above and below market lease intangibles and impairment charges, interest expense, less equity in earnings of nonconsolidated REITs, interest income, management fee income, gains or losses on the sale of assets and excludes non-property specific income and expenses. The information presented includes footnotes and the data is shown by region with properties owned in both periods, which we call Same Store. The Comparative Same Store results include properties held for the periods presented and exclude significant nonrecurring income such as bankruptcy settlements and lease termination fees. NOI, as defined by the Company, may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. The calculations of NOI are shown in the following table:

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Net Operating Income (NOI)*

	Rentable					Six Months						Six Months
	Square Feet	Three Months Ended				Ended		Three Months Ended				Ended		Inc			%
(in thousands)	or RSF	31-Mar-15		30-Jun-15		30-Jun-15		31-Mar-14		30-Jun-14		30-Jun-14		(Dec)			Change
Region
East	1,333	$	4,736	$	4,648	$	9,384	$	4,577	$	4,655	$	9,232	$	152		1.6	%
MidWest	1,530	3,469		3,563		7,032		4,586		4,541		9,127		(2,095		)	-23.0	%
South	4,026	15,781		15,995		31,776		16,796		16,183		32,979		(1,203		)	-3.6	%
West	2,309	8,216		8,571		16,787		9,388		9,290		18,678		(1,891		)	-10.1	%
Same Store	9,198	32,202		32,777		64,979		35,347		34,669		70,016		(5,037		)	-7.2	%

Acquisitions	442	—		1,057		1,057		—		—		—		1,057			1.5	%
Property NOI from the continuing portfolio	9,640	32,202		33,834		66,036		35,347		34,669		70,016		(3,980		)	-5.7	%
Dispositions		822		61		883		1,226		1,257		2,483		(1,600		)	-2.1	%
Property NOI		$	33,024	$	33,895	$	66,919	$	36,573	$	35,926	$	72,499	$	(5,580	)	-7.7	%

Same Store		$	32,202	$	32,777	$	64,979	$	35,347	$	34,669	$	70,016	$	(5,037	)	-7.2	%

Less Nonrecurring
Items in NOI (a)		75		81		156		707		287		994		(838		)	1.1	%

Comparative
Same Store		$	32,127	$	32,696	$	64,823	$	34,640	$	34,382	$	69,022	$	(4,199	)	-6.1	%

	Three Months Ended						Six Months Ended			Three Months Ended						Six Months Ended
Reconciliation to Net income	31-Mar-15			30-Jun-15			30-Jun-15			31-Mar-14			30-Jun-14			30-Jun-14
Net Income	$	12,533		$	3,903		$	16,436		$	3,573		$	3,713		$	7,286
Add (deduct):
Gain on sale of properties, less applicable income taxes	(10,462		)	(948		)	(11,410		)	—			—			—
Management fee income	(643		)	(559		)	(1,202		)	(646		)	(682		)	(1,328		)
Depreciation and amortization	22,672			23,207			45,879			24,300			23,563			47,863
Amortization of above/below market leases	6			(39		)	(33		)	(11		)	74			63
Selling, general and administrative	3,691			3,401			7,092			3,272			3,148			6,420
Interest expense	6,187			6,365			12,552			7,176			6,891			14,067
Interest income	(1,262		)	(1,278		)	(2,540		)	(1,410		)	(1,408		)	(2,818		)
Equity in losses of non-consolidated REITs	322			38			360			484			552			1,036
Non-property specific items, net	(20		)	(195		)	(215		)	(165		)	75			(90		)

Property NOI	$	33,024		$	33,895		$	66,919		$	36,573		$	35,926		$	72,499

(a) Nonrecurring Items in NOI include proceeds from bankruptcies, lease termination fees or other significant nonrecurring income or expenses, which may affect comparability.

*Excludes NOI from investments in and interest income from secured loans to non-consolidated REITs.

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The information presented below provides the weighted average GAAP rent per square foot for the six months ending June 30, 2015 for our properties and weighted occupancy square feet and percentages. GAAP rent includes the impact of tenant concessions and reimbursements. This table does not include information about properties held by our investments in nonconsolidated REITs or those to which we have provided Sponsored REIT Loans.

						Weighted
						Occupied		Weighted
			Year Built		Weighted	Percentage as of		Average
			or	Net Rentable	Occupied	June 30,		Rent per Occupied
Property Name	City	State	Renovated	Square Feet	Sq. Ft.	2015(a)		Square Feet (b)

Forest Park	Charlotte	NC	1999	62,212	62,212	100.0	%	$	13.77
Meadow Point	Chantilly	VA	1999	138,537	128,313	92.6	%	27.29
Innsbrook	Glen Allen	VA	1999	298,456	298,187	99.9	%	18.74
East Baltimore	Baltimore	MD	1989	325,445	264,522	81.3	%	23.13
Loudoun Tech Center	Dulles	VA	1999	136,658	125,753	92.0	%	18.53
Stonecroft	Chantilly	VA	2008	111,469	111,469	100.0	%	37.76
Emperor Boulevard	Durham	NC	2009	259,531	259,531	100.0	%	36.18
East total				1,332,308	1,249,987	93.8	%	25.59
Northwest Point	Elk Grove Village	IL	1999	176,848	176,848	100.0	%	23.17
909 Davis Street	Evanston	IL	2002	195,245	192,102	98.4	%	35.91
River Crossing	Indianapolis	IN	1998	205,059	198,292	96.7	%	19.55
Timberlake	Chesterfield	MO	1999	234,023	102,338	43.7	%	24.03
Timberlake East	Chesterfield	MO	2000	116,197	24,297	20.9	%	21.03
Lakeside Crossing	Maryland Heights	MO	2008	127,778	127,778	100.0	%	24.47
121 South 8th Street	Minneapolis	MN	1974	475,012	428,461	90.2	%	15.34
Midwest total				1,530,162	1,250,115	81.7	%	22.03
Blue Lagoon Drive	Miami	FL	2002	212,619	212,619	100.0	%	23.28
One Overton Place	Atlanta	GA	2002	387,267	302,378	78.1	%	24.82
Park Ten	Houston	TX	1999	157,460	99,357	63.1	%	31.66
Addison Circle	Addison	TX	1999	289,974	249,813	86.2	%	23.77
Collins Crossing	Richardson	TX	1999	300,472	299,000	99.5	%	24.15
Eldridge Green	Houston	TX	1999	248,399	248,399	100.0	%	31.37
Park Ten Phase II	Houston	TX	2006	156,746	156,746	100.0	%	31.43

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						Weighted
						Occupied		Weighted
			Year Built		Weighted	Percentage as of		Average
			or	Net Rentable	Occupied	June 30,		Rent per Occupied
Property Name	City	State	Renovated	Square Feet	Sq. Ft.	2015 (a)		Square Feet (b)

Liberty Plaza	Addison	TX	1985	218,934	192,465	87.9	%	20.65
Legacy Tennyson Center	Plano	TX	1999/2008	202,600	202,600	100.0	%	17.60
One Legacy Circle	Plano	TX	2008	214,110	214,110	100.0	%	33.33
One Ravinia Drive	Atlanta	GA	1985	386,603	368,046	95.2	%	22.82
Two Ravinia Drive	Atlanta	GA	1987	442,130	335,621	75.9	%	24.79
Westchase I & II	Houston	TX	1983/2008	629,025	605,248	96.2	%	33.83
999 Peachtree	Atlanta	GA	1987	621,946	595,451	95.7	%	28.90
South Total				4,468,285	4,081,852	91.4	%	27.08
380 Interlocken	Broomfield	CO	2000	240,185	230,169	95.8	%	29.39
1999 Broadway	Denver	CO	1986	676,379	586,962	86.8	%	32.16
1001 17th Street	Denver	CO	1977/2006	655,420	544,851	83.1	%	34.65
Greenwood Plaza	Englewood	CO	2000	196,236	196,236	100.0	%	24.48
390 Interlocken	Broomfield	CO	2002	241,516	172,201	71.3	%	28.40
Hillview Center	Milpitas	CA	1984	36,288	36,288	100.0	%	16.28
Federal Way	Federal Way	WA	1982	117,010	67,515	57.7	%	18.65
Montague Business Center	San Jose	CA	1982	145,951	118,381	81.1	%	16.37
West Total				2,308,985	1,952,602	84.6	%	29.71

Grand Total				9,639,740	8,534,557	88.5	%	26.73

(a) Based on weighted occupied square feet for the six months ended June 30, 2015, including month-to-month tenants, divided by the Property’s net rentable square footage.

(b) Represents annualized GAAP rental revenue for the six months ended June 30, 2015 per weighted occupied square foot.

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Liquidity and Capital Resources

Cash and cash equivalents were $15.8 million and $7.5 million at June 30, 2015 and December 31, 2014, respectively. The increase of $8.3 million is attributable to $45.7 million provided by operating activities less $31.3 million used in investing activities, less $6.1 million used in financing activities. Management believes that existing cash, cash anticipated to be generated internally by operations and our existing debt financing will be sufficient to meet working capital requirements and anticipated capital expenditures for at least the next 12 months. Although there is no guarantee that we will be able to obtain the funds necessary for our future growth, we anticipate generating funds from continuing real estate operations. We believe that we have adequate funds to cover unusual expenses and capital improvements, in addition to normal operating expenses. Our ability to maintain or increase our level of dividends to stockholders, however, depends in significant part upon the level of rental income from our real properties.

Operating Activities

The cash provided by our operating activities of $45.7 million is primarily attributable to net income of $16.4 million excluding the gain on sale of properties of $11.4 million, plus the add-back of $46.5 million of non-cash activities, a $1.9 million decrease in tenant rent receivables, a $0.7 million decrease in restricted cash and a $0.2 million decrease in prepaid expenses. These increases were partially offset by a $5.7 million decrease in accounts payable and accrued expenses, $2.7 million in payments of deferred leasing commissions and a $0.2 million increase in lease acquisition costs.

Investing Activities

Our cash used in investing activities for the six months ended June 30, 2015 of $31.3 million is primarily attributable to the acquisition of a property for approximately $76.7 million and purchases of real estate assets and office equipment investments and office equipment of approximately $10.3 million. These uses were partially offset by $55.7 million in proceeds received from the sale of three properties.

Financing Activities

Our cash used by financing activities for the six months ended June 30, 2015 of $6.1 million is primarily attributable to distributions paid to stockholders of $38.1 million less net borrowings under the BAML Revolver (as defined below) of $32.0 million.

BMO Term Loan

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BAML Credit Facility

BAML Revolver Highlights

BAML Term Loan Highlights

· The BAML Term Loan is for $400,000,000.

· The BAML Term Loan matures on September 27, 2017.

· On September 27, 2012, the Company drew down the entire $400,000,000 and such amount remains fully advanced and outstanding under the BAML Credit Agreement.

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BAML Credit Facility General Information

Equity Securities

On January 12, 2015, we filed a new automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission relating to the offer and sale, from time to time, of an indeterminate amount of our debt securities, common stock, preferred stock or depository shares. From time-to-time, we expect to issue debt securities, common stock, preferred stock or depository shares under our existing automatic shelf registration statements or a different registration statement to fund the acquisition of additional properties, to pay down any existing debt financing and for other corporate purposes.

Contingencies

From time to time, we may provide financing to Sponsored REITs in the form of a construction loan and/or a revolving line of credit secured by a mortgage. As of June 30, 2015, we were committed to fund up to $111.3 million to four Sponsored REITs under such arrangements for the purpose of funding construction costs, capital expenditures, leasing costs or for other purposes, of which $93.6 million has been drawn and is outstanding. We anticipate that advances made under these facilities will be repaid at their maturity date or earlier from long term financings of the underlying properties, cash flows from the underlying properties or another other capital event.

We may be subject to various legal proceedings and claims that arise in the ordinary course of our business. Although occasional adverse decisions (or settlements) may occur, we believe that the final disposition of such matters will not have a material adverse effect on our financial position or results of operations.

Related Party Transactions

We intend to draw on the BAML Credit Facility in the future for a variety of corporate purposes, including the acquisition of properties that we acquire directly for our portfolio and for Sponsored REIT Loans as described below.

Loans to Sponsored REITs

Sponsored REIT Loans

From time to time we may make secured loans (“Sponsored REIT Loans”) to Sponsored REITs in the form of mortgage loans or revolving lines of credit to fund construction costs, capital expenditures, leasing costs and for other purposes. We anticipate that each Sponsored REIT Loan will be repaid at maturity or earlier from long term financings of the underlying properties, cash flows from the underlying properties or some other capital event. Each Sponsored REIT Loan is secured by a mortgage on the underlying property and has a term of approximately one to three years, which may be extended from time to time by one year or longer. Except a mortgage loan which bears interest at a fixed rate, advances under each Sponsored REIT Loan bear interest at a rate equal to the 30-day LIBOR rate plus an agreed upon amount of basis points and most advances also require a 50 basis point draw fee.

Our Sponsored REIT Loans subject us to credit risk. However, we believe that our position as asset manager of each of the Sponsored REITs helps mitigate that risk by providing us with unique insight and the ability to rely on qualitative analysis of the Sponsored REITs. Before making a Sponsored REIT Loan, we consider a variety of subjective factors, including the quality of the underlying real estate, leasing, the financial condition of the applicable Sponsored REIT and local and national market conditions. These factors are subject to change and we do not apply a formula or assign relative weights to the factors. Instead, we make a subjective determination after considering such factors collectively.

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Additional information about our Sponsored REIT Loans outstanding as of June 30, 2015, including a summary table of our Sponsored REIT Loans, is incorporated herein by reference to Part I, Item 1, Note 2, “Related Party Transactions and Investments in Non-consolidated Entities, Management fees and interest income from loans”, in the Notes to Condensed Consolidated Financial Statements included in this report.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Rate Risk

We are exposed to changes in interest rates primarily from our floating rate borrowing arrangements. We use interest rate derivative instruments to manage exposure to interest rate changes. As of June 30, 2015 and December 31, 2014, if market rates on our outstanding borrowings under our BAML Revolver increased by 10% at maturity, or approximately 14 and 14 basis points, respectively, over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by $0.4 million and $0.4 million annually, respectively. Based upon our credit rating, the interest rate on our borrowings on the BAML Revolver as of June 30, 2015 was LIBOR plus 125 basis points, or 1.43% per annum. We do not believe that the interest rate risk represented by borrowings under our BAML Revolver is material as of June 30, 2015.

Although the interest rates on the BMO Term Loan and the BAML Credit Facility are variable, the Company fixed the base LIBOR interest rates on the BMO Term Loan and the BAML Term Loan by entering into interest rate swap agreements. On August 26, 2013, the Company entered into an ISDA Master Agreement with Bank of Montreal that fixed the base LIBOR interest rate on the BMO Term Loan at 2.32% per annum for seven years (the “BMO Interest Rate Swap”). On September 27, 2012, the Company entered into an ISDA Master Agreement with Bank of America, N.A. that fixed the base LIBOR interest rate on the BAML Term Loan at 0.75% per annum for five years (the “BAML Interest Rate Swap”). Accordingly, based upon our credit rating, as of June 30, 2015, the interest rate on the BMO Term Loan was 3.97% per annum and the interest rate on the BAML Term Loan was 2.20% per annum. The fair value of the BMO Interest Rate Swap and the BAML Interest Rate Swap is affected by changes in market interest rates. We believe that we have mitigated interest rate risk with respect to the BMO Term Loan through the BMO Interest Rate Swap for the seven year term of the BMO Term Loan. We believe that we have mitigated interest rate risk with respect to the BAML Term Loan through the BAML Interest Rate Swap for the five year term of the BAML Term Loan. The BMO Interest Rate Swap and the BAML Interest Rate Swap were our only derivative instruments as of June 30, 2015.

The table below lists our derivative instruments, which are hedging variable cash flows related to interest on our BMO Term Loan and our BAML Term Loan as of June 30, 2015 (in thousands):

	Notional		Strike		Effective	Expiration	Fair
(in thousands)	Value		Rate		Date	Date	Value

BMO Interest Rate Swap	$	220,000	2.32	%	Aug-13	Aug-20	$	(7,632	)
BAML Interest Rate Swap	$	400,000	0.75	%	Sep-12	Sep-17	$	918

Our BMO Term Loan and our BAML Term Loan hedging transactions used derivative instruments that involve certain additional risks such as counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in either or both of the contracts. We require our derivatives contracts to be with counterparties that have investment grade ratings. The counterparty to the BMO Interest Rate Swap is Bank of Montreal and the counterparty to the BAML Interest Rate Swap is Bank of America, N.A., both of which have investment grade ratings. As a result, we do not anticipate that either counterparty will fail to meet its obligations. However, there can be no assurance that we will be able to adequately protect against the foregoing risks or that we will ultimately realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging strategies.

The BAML Revolver has a term of four years and matures on October 29, 2018. We have the right to extend the initial maturity date of the BAML Revolver by an additional 12 months, or until October 29, 2019, upon payment of a fee and satisfaction of certain customary conditions. The BAML Revolver includes an accordion feature that allows for up to $250,000,000 of additional borrowing capacity subject to receipt of lender commitments and satisfaction of certain customary conditions. Upon maturity, our future income, cash flows and fair values relevant to financial instruments will be dependent upon the balance then outstanding and prevalent market interest rates.

We borrow from time-to-time under the BAML Revolver. These borrowings bear interest at either (i) a rate equal to LIBOR plus 87.5 to 165 basis points depending on our credit rating at the time of the borrowing (LIBOR plus 125 basis points, or 1.43% at June 30, 2015) or (ii) a rate equal to the bank’s base rate plus up to 65 basis points depending on our credit rating at the time of the borrowing (the bank’s base rate plus 25 basis points, or 3.50% at June 30, 2015). There were borrowings totaling $300.0 million and $268.0 million on the BAML Revolver, at a weighted average rate of 1.43% and 1.41% outstanding at June 30, 2015 and December 31, 2014, respectively. We have drawn on the BAML Revolver, and intend to draw on the BAML Revolver in the future for a variety of corporate purposes, including the funding of Sponsored REIT Loans and the acquisition of properties that we acquire directly for our portfolio. Information about our Sponsored REIT Loans as of June 30, 2015 is incorporated herein by

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reference to Part I, Item 1, Note 2, “Related Party Transactions and Investments in Non-consolidated Entities, Management fees and interest income from loans”, in the Notes to Condensed Consolidated Financial Statements included in this report.

The following table presents as of June 30, 2015, our contractual variable rate borrowings under our BAML Revolver, which matures on October 29, 2018, under our BAML Term Loan, which matures on September 27, 2017 and under our BMO Term Loan, which matures on August 26, 2020. Under the BAML Revolver, we have the right to extend the initial maturity date by an additional 12 months, or until October 29, 2019, upon payment of a fee and satisfaction of certain customary conditions.

	Payment due by period
	(in thousands)
	Total		2015		2016		2017		2018		2019		Thereafter
BAML Revolver	$	300,000	$	—	$	—	$	—	$	300,000	$	—	$	—
BAML Term Loan	400,000						400,000		—		—
BMO Term Loan	220,000										—		220,000
Total	$	920,000	$	—	$	—	$	400,000	$	300,000	$	—	$	220,000

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Item 4. Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2015. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of June 30, 2015, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

No change in our internal control over financial reporting occurred during the quarter ended June 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may be subject to legal proceedings and claims that arise in the ordinary course of our business. Although occasional adverse decisions (or settlements) may occur, we believe that the final disposition of such matters will not have a material adverse effect on our financial position, cash flows or results of operations.

Item 1A. Risk Factors

There were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2014, except to the extent previously updated or to the extent additional factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2014, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K for the year ended December 31, 2014 are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

The Exhibits listed in the Exhibit Index are filed as part of this Quarterly Report on Form 10-Q and are incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN STREET PROPERTIES CORP.

Date	Signature	Title

Date: July 28, 2015	/s/ George J. Carter	Chief Executive Officer and Director
	George J. Carter	(Principal Executive Officer)

Date: July 28, 2015	/s/ John G. Demeritt	Chief Financial Officer
	John G. Demeritt	(Principal Financial Officer)

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EXHIBIT INDEX

Exhibit No.		Description

3.1 (1)		Articles of Incorporation.

3.2 (2)		Amended and Restated By-laws.

31.1*		Certification of FSP Corp.’s President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of FSP Corp.’s Chief Financial Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.

32.1*		Certification of FSP Corp.’s President and Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of FSP Corp.’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*		The following materials from FSP Corp.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Statements of Other Comprehensive Income; and (v) the Notes to Condensed Consolidated Financial Statements.

Footnotes		Description

(1)		Incorporated by reference to FSP Corp.’s Form 8-A, filed on April 5, 2005 (File No. 001-32470).

(2)		Incorporated by reference to FSP Corp.’s Current Report on Form 8-K, filed on February 15, 2013 (File No. 001-32470).

*		Filed herewith.

EX-31.1 2 a15-12098_1ex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, George J. Carter, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Franklin Street Properties Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 28, 2015	/s/ George J. Carter
	George J. Carter
	President and Chief Executive Officer

EX-31.2 3 a15-12098_1ex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, John G. Demeritt, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Franklin Street Properties Corp.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 28, 2015	/s/ John G. Demeritt
	John G. Demeritt
	Chief Financial Officer

EX-32.1 4 a15-12098_1ex32d1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Franklin Street Properties Corp. (the “Company”) for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, George J. Carter, President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 28, 2015	/s/ George J. Carter
	George J. Carter
	President and Chief Executive Officer

EX-32.2 5 a15-12098_1ex32d2.htm EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Franklin Street Properties Corp. (the “Company”) for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, John G. Demeritt, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that to his knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 28, 2015	/s/ John G. Demeritt
	John G. Demeritt
	Chief Financial Officer

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2015-01-01 2015-03-31 0001031316 2014-01-01 2014-03-31 0001031316 2013-12-31 0001031316 fsp:BmoInterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-06-30 0001031316 fsp:BamlInterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-06-30 0001031316 fsp:FSPProtectiveTRSCorpMember 2015-06-30 0001031316 fsp:FSPPropertyManagementLLCMember 2015-06-30 0001031316 fsp:FSPInvestmentsLLCMember 2015-06-30 0001031316 fsp:FSPHoldingsLLCMember 2015-06-30 0001031316 2014-06-30 0001031316 us-gaap:MortgagesMember 2015-06-30 0001031316 us-gaap:ConstructionLoansMember 2015-06-30 0001031316 fsp:RevolvingLineOfCreditMember 2015-06-30 0001031316 2014-01-01 2014-12-31 0001031316 fsp:SponsoredREITsMember 2015-01-01 2015-06-30 0001031316 2015-04-01 2015-06-30 0001031316 2014-04-01 2014-06-30 0001031316 us-gaap:MortgagesMember fsp:FSPEnergyTowerCorpMember 2015-06-30 0001031316 us-gaap:ConstructionLoansMember fsp:FSP385InterlockenDevelopmentCorpMember 2015-06-30 0001031316 fsp:RevolvingLineOfCreditMember fsp:FSPSatellitePlaceCorpMember 2015-06-30 0001031316 fsp:RevolvingLineOfCreditMember fsp:FSPEnergyTowerCorpMember 2015-06-30 0001031316 fsp:RevolvingLineOfCreditMember fsp:FSP1441MainStreetCorpMember 2015-06-30 0001031316 us-gaap:RevolvingCreditFacilityMember 2015-06-30 0001031316 2014-01-01 2014-06-30 0001031316 fsp:BMOTermLoanMember 2014-10-29 0001031316 us-gaap:RevolvingCreditFacilityMember 2015-01-01 2015-06-30 0001031316 2015-06-30 0001031316 2014-12-31 0001031316 fsp:FSPGrandBoulevardCorpMember 2009-05-01 2009-05-31 0001031316 fsp:FSP303EastWackerDriveCorpMember 2007-12-01 2007-12-31 0001031316 2015-07-24 0001031316 2015-01-01 2015-06-30 fsp:property iso4217:USD xbrli:shares utr:sqft fsp:item fsp:entity xbrli:pure iso4217:USD xbrli:shares false --12-31 Q2 2015 2015-06-30 10-Q 0001031316 100187405 Yes Large Accelerated Filer FRANKLIN STREET PROPERTIES CORP /MA/ 483000 88000 162000 50000 0.05 0.01 7726000 1404000 P12M 50000000 0.007 54000 54000 54000 54000 0.437 0.270 965.75 175.5 96575000 17550000 82813000 15049000 7677000 9925000 3431000 4930000 11746000 15266000 127259000 101701000 14000 25000 451822000 421429000 23305000 28174000 <div> <div style="margin-left:0pt;margin-right:0pt;">   Financial Instruments   The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values.   </div> </div> -1036000 -360000 244000 295000 437000 231000 250000000 5553000 1009000 111300000 10800000 20000000 5500000 42000000 33000000 0.005 0.005 0.005 0.0641 3314000 1671000 2885000 1412000 0.25 0.25 0.10 P1Y P3Y P1Y <div> <div style="margin-left:0pt;margin-right:0pt;">     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> Maximum </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> Amount </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Interest </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> Maturity </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> Amount </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> Drawn at </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Interest </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Draw </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Rate at </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (dollars in thousands) </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Location </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Date </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> of Loan </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 30-Jun-15 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Rate (1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fee (2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 30-Jun-15 </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> Sponsored REIT </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> Secured revolving lines of credit </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> FSP Satellite Place Corp. </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;"> Duluth, GA </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> 31-Mar-17 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,500  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,500  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> L+4.4 </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5  </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.58  </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> FSP 1441 Main Street Corp. </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;"> Columbia, SC </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;"> 31-Mar-16 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,800  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,000  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;"> L+4.4 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.58  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> FSP Energy Tower I Corp. </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;"> Houston, TX </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> 30-Jun-17 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,000  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,600  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> L+5.0 </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5  </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.18  </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> Secured construction loan </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> FSP 385 Interlocken Development Corp. </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;"> Broomfield, CO </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;"> 30-Apr-16 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,000  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,541  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;"> L+4.4 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;"> n/a </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.58  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> Mortgage loan secured by property </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> FSP Energy Tower I Corp. </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;"> Houston, TX </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> 30-Jun-17 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,000  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,000  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.41  </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> n/a </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.41  </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111,300  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,641  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The interest rate is 30-day LIBOR rate plus the additional rate indicated, otherwise a fixed rate.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> The draw fee is a percentage of each new advance, and is paid at the time of each new draw.</td></tr></table></div>   </div> </div> 0.0458 0.0518 0.0458 0.0458 0.0641 P30D 2 5 3 1 1 9 2 14 10 9 4 1 P20Y <div> <div style="margin-left:0pt;margin-right:0pt;">   1.Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards   Organization   Franklin Street Properties Corp. (“FSP Corp.” or the “Company”), holds, directly and indirectly, 100% of the interest in FSP Investments LLC, FSP Property Management LLC, FSP Holdings LLC and FSP Protective TRS Corp.  FSP Property Management LLC provides asset management and property management services.  The Company also has a non-controlling common stock interest in nine corporations organized to operate as real estate investment trusts (“REIT”) and a non-controlling preferred stock interest in two of those REITs.  Collectively, the nine REITs are referred to as the “Sponsored REITs”.   As of June 30, 2015, the Company owned and operated a portfolio of real estate consisting of 36 properties, managed nine Sponsored REITs and held five promissory notes secured by mortgages on real estate owned by Sponsored REITs, including one mortgage loan, one construction loan and three revolving lines of credit.  From time-to-time, the Company may acquire real estate, make additional secured loans or acquire a Sponsored REIT.  The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, or for geographic or property specific reasons.   Properties   The following table summarizes the Company’s number of properties and rentable square feet of real estate:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:50.04%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:44.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, </td> <td valign="bottom" style="width:01.64%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:50.04%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.64%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.04%;background-color: #CCEEFF;padding:0pt;"> Commercial real estate: </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.04%;padding:0pt;"> Number of properties </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36  </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39  </td> <td valign="bottom" style="width:01.64%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.04%;background-color: #CCEEFF;padding:0pt;"> Rentable square feet </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,639,740  </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,686,215  </td> <td valign="bottom" style="width:01.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Basis of Presentation   The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries.  All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2014, as filed with the Securities and Exchange Commission.   The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission.  Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included.  Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for any other period.   Financial Instruments   The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values.   Recent Accounting Standards   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017.  The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the condensed consolidated financial statements.   In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.  This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances.  This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted.  The implementation of this update is not expected to cause any significant changes to the condensed consolidated financial statements.   In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, $6.6 million and $7.6 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets.   In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of ASU 2015-02 will have on the condensed consolidated financial statements.   </div> </div> 1.00 1.00 1.00 1.00 P3Y 7600000 6600000 <div> <div style="margin-left:0pt;margin-right:0pt;">   2.Related Party Transactions and Investments in Non-Consolidated Entities   Investment in Sponsored REITs:   At June 30, 2015 and December 31, 2014, the Company held a common stock interest in 9 and 10 Sponsored REITs, respectively.  The Company holds a non-controlling preferred stock investment in two of these Sponsored REITs, FSP 303 East Wacker Drive Corp. (“East Wacker”) and FSP Grand Boulevard Corp. (“Grand Boulevard”), from which it continues to derive economic benefits and risks.   During the year ended December 31, 2014, properties owned by four Sponsored REITs were sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued.  The Company held a mortgage loan with two of these entities secured by the property owned by FSP Galleria North Corp. (“Galleria”) and the property owned by FSP Highland Place I Corp. (“Highland”).  The loan with Galleria in the principal amount of $13,880,000 was repaid from the proceeds of the sale and the loan with Highland in the principal amount of $3,395,000 was repaid from the proceeds of the sale.   During the six months ended June 30, 2015, a property owned by a Sponsored REIT was sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued.   Equity in losses of investment in non-consolidated REITs:   The following table includes equity in losses of investments in non-consolidated REITs   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:90pt;"> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;padding:0pt;"> Six Months Ended </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;"> Equity in loss of East Wacker </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>309  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>960  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> Equity in loss of Grand Boulevard </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51  </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,036  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Equity in losses of investments in non-consolidated REITs is derived from the Company’s share of income or loss in the operations of those entities.  The Company exercises influence over, but does not control these entities, and investments are accounted for using the equity method.   Equity in losses of East Wacker is derived from the Company’s preferred stock investment in the entity.  In December 2007, the Company purchased 965.75 preferred shares or 43.7% of the outstanding preferred shares of East Wacker for $82,813,000 (which represented $96,575,000 at the offering price net of commissions of $7,726,000, loan fees of $5,553,000 and acquisition fees of $483,000 that were excluded).   Equity in losses of Grand Boulevard is derived from the Company’s preferred stock investment in the entity.  In May 2009, the Company purchased 175.5 preferred shares or 27.0% of the outstanding preferred shares of Grand Boulevard for $15,049,000 (which represented $17,550,000 at the offering price net of commissions of $1,404,000, loan fees of $1,009,000 and acquisition fees of $88,000 that were excluded).   The Company recorded distributions of $54,000 from non-consolidated REITs during the six months ended June 30, 2015 and 2014.   Management fees and interest income from loans:   Asset management fees range from 1% to 5% of collected rents and the applicable contracts are cancelable with 30 days notice.  Asset management fee income from non-consolidated entities amounted to approximately $346,000 and $497,000 for the six months ended June 30, 2015 and 2014, respectively.   From time to time the Company may make secured loans (“Sponsored REIT Loans”) to Sponsored REITs in the form of mortgage loans or revolving lines of credit to fund construction costs, capital expenditures, leasing costs and for other purposes.  The Company anticipates that each Sponsored REIT Loan will be repaid at maturity or earlier from long term financings of the underlying properties, cash flows from the underlying properties or some other capital event.  Each Sponsored REIT Loan is secured by a mortgage on the underlying property and has a term of approximately one to three years, which may be extended from time to time by one year or longer.  Except for the mortgage loan which bears interest at a fixed rate, advances under each Sponsored REIT Loan bear interest at a rate equal to the 30-day LIBOR rate plus an agreed upon amount of basis points and most advances also require a 50 basis point draw fee.   The following is a summary of the Sponsored REIT Loans outstanding as of June 30, 2015:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> Maximum </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> Amount </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Interest </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> Maturity </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> Amount </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> Drawn at </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Interest </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Draw </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> Rate at </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:21.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (dollars in thousands) </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Location </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Date </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> of Loan </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 30-Jun-15 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Rate (1) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fee (2) </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 30-Jun-15 </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> Sponsored REIT </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> Secured revolving lines of credit </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> FSP Satellite Place Corp. </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;"> Duluth, GA </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> 31-Mar-17 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,500  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,500  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> L+4.4 </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5  </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.58  </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> FSP 1441 Main Street Corp. </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;"> Columbia, SC </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;"> 31-Mar-16 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,800  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,000  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;"> L+4.4 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.58  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> FSP Energy Tower I Corp. </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;"> Houston, TX </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> 30-Jun-17 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,000  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,600  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> L+5.0 </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5  </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.18  </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> Secured construction loan </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> FSP 385 Interlocken Development Corp. </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;"> Broomfield, CO </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;"> 30-Apr-16 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,000  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,541  </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;"> L+4.4 </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;"> n/a </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.58  </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;"> Mortgage loan secured by property </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;"> FSP Energy Tower I Corp. </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;"> Houston, TX </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;"> 30-Jun-17 </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,000  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33,000  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.41  </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> % </td> <td valign="bottom" style="width:07.24%;padding:0pt;"> n/a </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.41  </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111,300  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> $ </td> <td valign="bottom" style="width:06.34%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,641  </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:21.86%;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;padding:0pt;">   </td> <td valign="bottom" style="width:13.20%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:09.02%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:02.58%;padding:0pt;">   </td> <td valign="bottom" style="width:07.24%;padding:0pt;">   </td> <td valign="bottom" style="width:00.94%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (1) </td><td style="width:0pt;"></td><td align="left" valign="top"> The interest rate is 30-day LIBOR rate plus the additional rate indicated, otherwise a fixed rate.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> (2) </td><td style="width:0pt;"></td><td align="left" valign="top"> The draw fee is a percentage of each new advance, and is paid at the time of each new draw.</td></tr></table></div>   The Company recognized interest income and fees from the Sponsored REIT Loans of approximately $2,539,000 and $2,816,000 for the six months ended June 30, 2015 and 2014, respectively.   Non-consolidated REITs:   The balance sheet data below for 2015 and 2014 includes the 9 and 10 Sponsored REITs the Company held an interest in as of June 30, 2015 and December 31, 2014, respectively.  The operating data below for 2015 and 2014 include the operations of the 10 and 14 Sponsored REITs in which the Company held an interest in during the six months ended June 30, 2015 and 2014, respectively.   Summarized financial information for these Sponsored REITs is as follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:57.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:57.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;"> Balance Sheet Data (unaudited): </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;padding:0pt;"> Real estate, net </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>421,429 </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,822 </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;"> Other assets </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101,701 </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127,259 </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(198,575 </td> <td valign="bottom" style="width:03.58%;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(203,239 </td> <td valign="bottom" style="width:01.44%;"> ) </td> </tr> <tr> <td valign="top" style="width:57.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;"> Shareholders’ equity </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324,555 </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,842 </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:57.16%;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:37.82%;padding:0pt;"> For the Six Months Ended </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:57.16%;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:37.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:57.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Operating Data (unaudited): </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;"> Rental revenues </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,174 </td> <td valign="bottom" style="width:03.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,305 </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Other revenues </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25 </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14 </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;"> Operating and maintenance expenses </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,266 </td> <td valign="bottom" style="width:03.56%;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,746 </td> <td valign="bottom" style="width:01.38%;"> ) </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,925 </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,677 </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,930 </td> <td valign="bottom" style="width:03.56%;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,431 </td> <td valign="bottom" style="width:01.38%;"> ) </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Net income (loss) </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,922 </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>465 </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:57.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:57.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;"> Balance Sheet Data (unaudited): </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;padding:0pt;"> Real estate, net </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>421,429 </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>451,822 </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;"> Other assets </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>101,701 </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127,259 </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(198,575 </td> <td valign="bottom" style="width:03.58%;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(203,239 </td> <td valign="bottom" style="width:01.44%;"> ) </td> </tr> <tr> <td valign="top" style="width:57.12%;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;"> Shareholders’ equity </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>324,555 </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>375,842 </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.44%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:57.16%;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:37.82%;padding:0pt;"> For the Six Months Ended </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:57.16%;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:37.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:57.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Operating Data (unaudited): </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;"> Rental revenues </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,174 </td> <td valign="bottom" style="width:03.56%;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,305 </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Other revenues </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25 </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14 </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;"> Operating and maintenance expenses </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,266 </td> <td valign="bottom" style="width:03.56%;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,746 </td> <td valign="bottom" style="width:01.38%;"> ) </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,925 </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,677 </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,930 </td> <td valign="bottom" style="width:03.56%;"> ) </td> <td colspan="2" valign="bottom" style="width:17.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,431 </td> <td valign="bottom" style="width:01.38%;"> ) </td> </tr> <tr> <td valign="top" style="width:57.16%;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.56%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;"> Net income (loss) </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,922 </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.62%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:15.52%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>465 </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:57.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:15.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.38%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> 8687000 9779000 400000000 220000000

42561000

39199000

4733000

2886000

1036000

1183000

289671000

311306000

-4248000

-6714000

1273556000

325000

250000

63000

-32000

9686215

9639740

497000

346000

1936390000

1940101000

2428000

2732000

19623000

18455000

7519000

15841000

-1168000

8322000

0.19

0.0001

180000000

100187405

10000

650000

-622000

13970000

6251000

30066000

14995000

30000000

14644000

117430000

58360000

115040000

57086000

<div> <div style="margin-left:0pt;margin-right:0pt;">   3.Bank Note Payable and Term Note Payable   BMO Term Loan   On October 29, 2014, the Company entered into an Amended and Restated Credit Agreement (the “BMO Credit Agreement”) with the lending institutions referenced in the BMO Credit Agreement and Bank of Montreal, as administrative agent, that continued a single, unsecured term loan borrowing in the amount of $220,000,000 (the “BMO Term Loan”).  On August 26, 2013, the Company drew down the entire $220,000,000 under the BMO Term Loan, which remains fully advanced and outstanding under the BMO Credit Agreement. The BMO Term Loan matures on August 26, 2020. The BMO Credit Agreement also includes an accordion feature that allows up to $50,000,000 of additional loans, subject to receipt of lender commitments and satisfaction of certain customary conditions.   The BMO Term Loan bears interest at either (i) a number of basis points over LIBOR depending on the Company’s credit rating (165 basis points over LIBOR at June 30, 2015) or (ii) a number of basis points over the base rate depending on the Company’s credit rating (65 basis points over the base rate at June 30, 2015).   Although the interest rate on the BMO Term Loan is variable, the Company is permitted to hedge the base LIBOR interest rate by entering into an interest rate swap agreement. On August 26, 2013, the Company entered into an ISDA Master Agreement with Bank of Montreal that fixed the base LIBOR interest rate on the BMO Term Loan at 2.32% per annum for seven years, until the August 26, 2020 maturity date.  Accordingly, based upon the Company’s credit rating, as of June 30, 2015, the effective interest rate on the BMO Term Loan was 3.97% per annum.   The BMO Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type.  The BMO Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The Company was in compliance with the BMO Term Loan financial covenants as of June 30, 2015.   The Company may use the proceeds of the loans under the BMO Credit Agreement to finance the acquisition of real properties and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BMO Credit Agreement.   BAML Credit Facility   On October 29, 2014, the Company entered into a Second Amended and Restated Credit Agreement (the “BAML Credit Agreement”) with the lending institutions referenced in the BAML Credit Agreement and those lenders from time to time party thereto and Bank of America, N.A., as administrative agent, L/C Issuer and Swing Line Lender (the “BAML Credit Facility”) that continued an existing unsecured credit facility comprised of both a revolving line of credit (the “BAML Revolver) and a term loan (the “BAML Term Loan”).   BAML Revolver Highlights   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> · </td><td style="width:0pt;"></td><td align="left" valign="top"> The BAML Revolver is for borrowings, at the Company’s election, of up to $500,000,000.  Borrowings made pursuant to the BAML Revolver may be revolving loans, swing line loans or letters of credit, the combined sum of which may not exceed $500,000,000 outstanding at any time.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> · </td><td style="width:0pt;"></td><td align="left" valign="top"> Borrowings made pursuant to the BAML Revolver may be borrowed, repaid and reborrowed from time to time until the initial maturity date of October 29, 2018.  The Company has the right to extend the initial maturity date of the BAML Revolver by an additional 12 months, or until October 29, 2019, upon payment of a fee and satisfaction of certain customary conditions.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> · </td><td style="width:0pt;"></td><td align="left" valign="top"> The BAML Revolver includes an accordion feature that allows for up to $250,000,000 of additional borrowing capacity subject to receipt of lender commitments and satisfaction of certain customary conditions.</td></tr></table></div>   As of June 30, 2015, there were borrowings of $300,000,000 outstanding under the BAML Revolver.  The BAML Revolver bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.25% over LIBOR at June 30, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.25% over the base rate at June 30, 2015). The BAML Credit Facility also obligates the Company to pay an annual facility fee in an amount that is also based on the Company’s credit rating. The facility fee is assessed against the total amount of the BAML Revolver, or $500,000,000 (0.25% at June 30, 2015).   Based upon the Company’s credit rating, as of June 30, 2015, the weighted average interest rate on the BAML Revolver was 1.43% per annum and there were borrowings of $300,000,000 outstanding.  As of December 31, 2014, the weighted average interest rate on the BAML Revolver was 1.41% per annum and there were borrowings of $268,000,000 outstanding.   The weighted average interest rate on all amounts outstanding on the BAML Revolver during the six months ended June 30, 2015 was approximately 1.43% per annum.  The weighted average interest rate on all amounts outstanding on the BAML Revolver during the year ended December 31, 2014 was approximately 1.60% per annum.   BAML Term Loan Highlights   <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> · </td><td style="width:0pt;"></td><td align="left" valign="top"> The BAML Term Loan is for $400,000,000.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> · </td><td style="width:0pt;"></td><td align="left" valign="top"> The BAML Term Loan matures on September 27, 2017.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> · </td><td style="width:0pt;"></td><td align="left" valign="top"> On September 27, 2012, the Company drew down the entire $400,000,000 and such amount remains fully advanced and outstanding under the BAML Credit Agreement.</td></tr></table></div>   The BAML Term Loan bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.45% over LIBOR at June 30, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.45% over the base rate at June 30, 2015). The actual margin over LIBOR rate or base rate is determined based on the Company’s credit rating.   Although the interest rate on the BAML Credit Facility is variable, the Company fixed the base LIBOR interest rate on the BAML Term Loan by entering into an interest rate swap agreement.  On September 27, 2012, the Company entered into an ISDA Master Agreement with Bank of America, N.A. that fixed the base LIBOR interest rate on the BAML Term Loan at 0.75% per annum for five years, until the September 27, 2017 maturity date.  Accordingly, based upon the Company’s credit rating, as of June 30, 2015, the effective interest rate on the BAML Term Loan was 2.20% per annum.   BAML Credit Facility General Information   The BAML Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type.  The BAML Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The Company was in compliance with the BAML Credit Facility financial covenants as of June 30, 2015.   The Company may use the proceeds of the loans under the BAML Credit Agreement to finance the acquisition of real properties and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BAML Credit Agreement.   </div> </div>

0.0065

0.0165

0.0025

0.0125

0.0045

0.0145

400000000

220000000

0.0397

0.0220

0.0160

0.0143

16944000

18386000

27181000

26508000

47021000

46168000

47863000

23563000

45879000

23207000

48854000

46913000

3020000

918000

0.0075

0.0232

0.0075

0.0232

7268000

7632000

<div> <div style="margin-left:0pt;margin-right:0pt;">   4.Financial Instruments: Derivatives and Hedging   On August 26, 2013, the Company fixed the interest rate for seven years on the BMO Credit Agreement with an interest rate swap agreement (the “BMO Interest Rate Swap”) and on September 27, 2012, the Company fixed the interest rate for five years on the BAML Term Loan with an interest rate swap agreement (the “BAML Interest Rate Swap”). The variable rates that were fixed under the BMO Interest Rate Swap and the BAML Interest Rate Swap are described in Note 3.   The BMO Interest Rate Swap and the BAML Interest Rate Swap qualify as cash flow hedges and have been recognized on the consolidated balance sheet at fair value.  If a derivative qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.  The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings, which may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.   The following table summarizes the notional and fair value of our derivative financial instruments at June 30, 2015.  The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks.   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:29.62%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.56%;padding:0pt;"> Notional </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Strike </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Effective </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Expiration </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;"> Fair </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Value </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Rate </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Date </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Date </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Value </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:29.62%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.56%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:29.62%;background-color: #CCEEFF;padding:0pt;"> BMO Interest Rate Swap </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.26%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220,000 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.32 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;"> Aug-13 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;"> Aug-20 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,632 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:29.62%;padding:0pt;"> BAML Interest Rate Swap </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>400,000 </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.75 </td> <td valign="bottom" style="width:02.30%;padding:0pt;"> % </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Sep-12 </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Sep-17 </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>918 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>   On June 30, 2015, the BMO Interest Rate Swap was reported as a liability at its fair value of approximately $7.6 million and the BAML Interest Rate Swap was reported as an asset at its fair value of approximately $0.9 million.  These are included in other liabilities: derivative liability and other assets: derivative asset on the condensed consolidated balance sheet at June 30, 2015 and December 31, 2014, respectively.  Offsetting adjustments are reported as unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income of $2.5 million.  During the six months ended June 30, 2015, $3.5 million was reclassified out of other comprehensive income and into interest expense.   Over time, the unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings.  We estimate that approximately $1.1 million of the current balance held in accumulated other comprehensive income will be reclassified into earnings within the next 12 months.   We are hedging the exposure to variability in anticipated future interest payments on existing debt.   The fair value of the Company’s derivative instruments are determined using the net discounted cash flows of the expected cash flows of the derivative based on the market based interest rate curve and are adjusted to reflect credit or nonperformance risk.  The risk is estimated by the Company using credit spreads and risk premiums that are observable in the market. These financial instruments were classified within Level 2 of the fair value hierarchy and were classified as an asset or liability on the condensed consolidated balance sheets.   </div> </div>

19036000

19035000

19036000

19035000

<div> <div style="margin-left:0pt;margin-right:0pt;">   The Company declared and paid dividends as follows (in thousands, except per share amounts):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:49.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quarter Paid </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Dividends Per  Share </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total  Dividends </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.96%;padding:0pt;">   </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;padding:0pt;">   </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.96%;background-color: #CCEEFF;padding:0pt;"> First quarter of 2015 </td> <td valign="bottom" style="width:04.18%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.19  </td> <td valign="bottom" style="width:04.18%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,036  </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.96%;padding:0pt;"> Second quarter of 2015 </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.19  </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,035  </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.18%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.18%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.96%;padding:0pt;"> First quarter of 2014 </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.19  </td> <td valign="bottom" style="width:04.18%;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,036  </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:49.96%;background-color: #CCEEFF;padding:0pt;"> Second quarter of 2014 </td> <td valign="bottom" style="width:04.18%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.19  </td> <td valign="bottom" style="width:04.18%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,035  </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

0.07

0.04

0.16

0.04

3758000

2327000

<div> <div style="margin-left:0pt;margin-right:0pt;">     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:90pt;"> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;padding:0pt;"> Six Months Ended </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;"> Equity in loss of East Wacker </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>309  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>960  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> Equity in loss of Grand Boulevard </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51  </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,036  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

375842000

324555000

203239000

198575000

465000

-1922000

101838000

110884000

138714000

126926000

1677000

1800000

11410000

1500000

9000000

948000

900000

7540000

3830000

16751000

4057000

-1036000

-960000

-76000

-552000

-360000

-309000

-51000

-38000

<div> <div style="margin-left:0pt;margin-right:0pt;">   7.Income Taxes   General   The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”).  As a REIT, the Company generally is entitled to a tax deduction for distributions paid to its shareholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only.  The Company must comply with a variety of restrictions to maintain its status as a REIT.  These restrictions include the type of income it can earn, the type of assets it can hold, the number of shareholders it can have and the concentration of their ownership, and the amount of the Company’s taxable income that must be distributed annually.   One such restriction is that the Company generally cannot own more than 10% of the voting power or value of the securities of any one issuer unless the issuer is itself a REIT or a taxable REIT subsidiary (“TRS”).  In the case of TRSs, the Company’s ownership of securities in all TRSs generally cannot exceed 25% of the value of all of the Company’s assets and, when considered together with other non-real estate assets, cannot exceed 25% of the value of all of the Company’s assets.   FSP Investments and FSP Protective TRS Corp. are the Company’s taxable REIT subsidiaries operating as taxable corporations under the Code.   Income taxes are recorded based on the future tax effects of the difference between the tax and financial reporting bases of the Company’s assets and liabilities.  In estimating future tax consequences, potential future events are considered except for potential changes in income tax law or in rates.   The Company adopted an accounting pronouncement related to uncertainty in income taxes effective January 1, 2007, which did not result in recording a liability, nor was any accrued interest and penalties recognized with the adoption.  Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future.  The Company’s effective tax rate was not affected by the adoption.  The Company and one or more of its subsidiaries files income tax returns in the U.S federal jurisdiction and various state jurisdictions.  The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2011 and thereafter.   The Company is subject to business tax (the “Revised Texas Franchise Tax”).  The Revised Texas Franchise Tax is a tax at a rate of approximately 0.7% of revenues at Texas properties commencing with 2007 revenues.  Some of the Company’s leases allow reimbursement by tenants for these amounts because the Revised Texas Franchise Tax replaces a portion of the property tax for school districts.  Because the tax base on the Revised Texas Franchise Tax is derived from an income based measure it is considered an income tax.  The Company recorded a provision for the Revised Texas Franchise Tax of $295,000 and $244,000 for the six months ended June 30, 2015 and 2014, respectively.   Net operating losses   Section 382 of the Code restricts a corporation’s ability to use net operating losses (“NOLs”) to offset future taxable income following certain “ownership changes.” Such ownership changes occurred with past mergers and accordingly a portion of the NOLs incurred by the Sponsored REITs available for use by the Company in any particular future taxable year will be limited. To the extent that the Company does not utilize the full amount of the annual NOLs limit, the unused amount may be carried forward to offset taxable income in future years. NOLs expire 20 years after the year in which they arise, and the last of the Company’s NOLs will expire in 2027. A valuation allowance is provided for the full amount of the NOLs as the realization of any tax benefits from such NOLs is not assured.  The gross amount of NOLs available to the Company was $13,041,000, as of June 30, 2015 and December 31, 2014.   Income Tax Expense   The income tax expense reflected in the consolidated statements of income relates primarily to a franchise tax on our Texas properties.  FSP Protective TRS Corp. provides taxable services to tenants at some of the Company’s properties and the tax expenses associated with these activities are reported as Other Taxes in the table below:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:90pt;"> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;padding:0pt;"> For the </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;padding:0pt;"> Six Months Ended </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;"> Revised Texas franchise tax </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>295  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>244  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> Other Taxes </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20  </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;"> Income tax expense </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>315  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>254  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.04%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Taxes on income are a current tax expense.  No deferred income taxes were provided as there were no material temporary differences between the financial reporting basis and the tax basis of the TRSs.   </div> </div>

254000

117000

315000

154000

10000

20000

-8405000

-4306000

-2110000

-1922000

3908000

2737000

-933000

-1431000

-503000

-196000

85000

-694000

232000

66000

2816000

2539000

14067000

6891000

12552000

6365000

918000

-7632000

3500000

1100000

1604984000

1636444000

2000

1000

78611000

78164000

183930000

180271000

956743000

984555000

1936390000

1940101000

268000000

300000000

0.0025

0.0141

0.0143

500000000

93641000

9000000

8600000

5500000

37541000

33000000

0.044

0.050

0.044

30-day LIBOR

P5Y

P7Y

-48072000

-6072000

3786000

-31328000

43118000

45722000

7286000

3713000

16436000

3903000

<div> <div style="margin-left:0pt;margin-right:0pt;">   Recent Accounting Standards   In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017.  The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the condensed consolidated financial statements.   In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.  This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances.  This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted.  The implementation of this update is not expected to cause any significant changes to the condensed consolidated financial statements.   In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, $6.6 million and $7.6 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets.   In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of ASU 2015-02 will have on the condensed consolidated financial statements.   </div> </div>

10908000

11082000

8574000

4381000

5700000

3147000

13041000

-6636000

-4335000

-2466000

2348000

2500000

-6636000

-4335000

-2466000

2348000

99000

76000

41000

20000

38072000

66104000

10604000

7578000

10333000

2570000

0.0001

20000000

10292000

9096000

400000000

220000000

10000000

95000000

55659000

609000

562000

125000

-75000

266284000

279172000

1790591000

1818515000

1524307000

1539343000

122591000

60994000

117814000

58801000

19014000

9763000

19517000

9469000

13880000

3395000

20000000

63000000

742000

48000

126004000

62741000

120740000

60233000

<div> <div style="margin-left:0pt;margin-right:0pt;">   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:29.62%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.56%;padding:0pt;"> Notional </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Strike </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Effective </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Expiration </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;"> Fair </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Value </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Rate </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Date </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Date </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Value </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:29.62%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.56%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.54%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:29.62%;background-color: #CCEEFF;padding:0pt;"> BMO Interest Rate Swap </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.26%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220,000 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.32 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;"> Aug-13 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;background-color: #CCEEFF;padding:0pt;"> Aug-20 </td> <td valign="bottom" style="width:02.30%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,632 </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:29.62%;padding:0pt;"> BAML Interest Rate Swap </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>400,000 </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.75 </td> <td valign="bottom" style="width:02.30%;padding:0pt;"> % </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Sep-12 </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:11.54%;padding:0pt;"> Sep-17 </td> <td valign="bottom" style="width:02.30%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>918 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:55.06%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;padding:0pt;"> For the </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.06%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;padding:0pt;"> Six Months Ended </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.06%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:39.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:55.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in thousands) </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.06%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.06%;background-color: #CCEEFF;padding:0pt;"> Revised Texas franchise tax </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>295  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>244  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.06%;padding:0pt;"> Other Taxes </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20  </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10  </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.06%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.06%;background-color: #CCEEFF;padding:0pt;"> Income tax expense </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>315  </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>254  </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:55.06%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.48%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">     <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:50.04%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:44.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, </td> <td valign="bottom" style="width:01.64%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:50.04%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.64%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.04%;background-color: #CCEEFF;padding:0pt;"> Commercial real estate: </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.04%;padding:0pt;"> Number of properties </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36  </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39  </td> <td valign="bottom" style="width:01.64%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:50.04%;background-color: #CCEEFF;padding:0pt;"> Rentable square feet </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,639,740  </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,686,215  </td> <td valign="bottom" style="width:01.64%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

4248000

4315000

6420000

3148000

7092000

3401000

979647000

955546000

3323000

643000

620000000

100187000

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Unfavorable Real Estate Leases Accumulated Amortization Acquired unfavorable real estate leases, accumulated amortization Preferred Stock, Par or Stated Value Per Share Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred stock, shares authorized (in shares) Preferred Stock, Shares Issued Preferred stock, shares issued (in shares) Preferred Stock, Shares Outstanding Preferred stock, shares outstanding (in shares) Common Stock, Par or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized (in shares) Common Stock, Shares, Issued Common stock, shares issued (in shares) Common Stock, Shares, Outstanding Common stock, shares outstanding (in shares) Condensed Consolidated Statements of Income (Loss) Revenues [Abstract] Revenue: Real Estate Revenue, Net Rental Related Party Revenue [Abstract] Related party revenue: Revenue, comprised of base and incentive revenue derived from the management of joint ventures, managing third-party properties, or another entity's operations. Interest generated from day to day operating activities of the business. This element represents a revenue generating activity and is therefore gross (before any related cost of revenue items). Management Fees and Interest Income, Operating Revenue Management fees and interest income from loans Other Real Estate Revenue Other Revenues Total revenues Costs and Expenses [Abstract] Expenses: Cost of Real Estate Revenue Real estate operating expenses Real Estate Taxes and Insurance Real estate taxes and insurance Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Selling, General and Administrative Expense Selling, general and administrative Interest Expense Interest Costs and Expenses Total expenses Operating Income (Loss) Income before interest income, equity in losses of non-consolidated REITs and taxes Investment Income, Interest Interest income Income (Loss) from Equity Method Investments Equity in loss Equity in losses of non-consolidated REITs Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes Gain on sale of properties, less applicable income tax Gain (loss) on sale of property Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income before taxes on income Income Tax Expense (Benefit) Taxes on income Income tax expense Net Income (Loss) Available to Common Stockholders, Basic Net income Net income Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average number of shares outstanding, basic and diluted (in shares) Earnings Per Share, Basic and Diluted [Abstract] Earnings per share, basic and diluted: Earnings Per Share, Basic and Diluted Net income per share, basic and diluted (in dollars per share) Condensed Consolidated Statements of Other Comprehensive Income (Loss) Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other comprehensive income (loss): Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Unrealized gain (loss) on derivative financial instruments Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Total other comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income (loss) Condensed Consolidated Statements of Cash Flows Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization expense Amortization of Intangible Assets Amortization of above market lease This item represents the entity's proportionate share for the period of the net income (loss) from unconsolidated Sponsored REITs to which the equity method of accounting is applied as well as consolidated net income (loss), if any, from Sponsored REITs. Income (Loss) from Equity Method Investments and Consolidated Investments Equity in losses of non-consolidated REITs Gain (Loss) on Disposition of Assets Gain on sale of properties, less applicable income tax Provision for Doubtful Accounts Increase (decrease) in allowance for doubtful accounts Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Restricted Cash for Operating Activities Restricted cash Increase (Decrease) in Accounts Receivable Tenant rent receivables Straight Line Rent Straight-line rents The increase (decrease) in the balance of operating lease acquisition costs, which represent payments made to tenants as part of a leasing arrangement. Increase (Decrease) in Operating Lease Acquisition Costs Lease acquisition costs Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable, accrued expenses and other items Increase (Decrease) in Employee Related Liabilities Accrued compensation Increase (Decrease) in Security Deposits Tenant security deposits Increase (Decrease) in Deferred Leasing Fees Payment of deferred leasing commissions Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Payments to Acquire Buildings Property acquisitions Payments to Acquire Intangible Assets Acquired real estate leases Payments to Acquire Property, Plant, and Equipment Property improvements, fixtures and equipment Represents a distribution from non-consolidated REITS which constitutes a return of investment. Equity Method Investment Distribution in Excess of Earnings Distributions in excess of earnings from non-consolidated REITs Repayment of Notes Receivable from Related Parties Repayment of related party mortgage loan receivable Payments to Fund Long-term Loans to Related Parties Investment in related party mortgage loan receivable Proceeds from Sale of Property, Plant, and Equipment Proceeds received on sales of real estate assets Net Cash Provided by (Used in) Investing Activities Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Payments of Ordinary Dividends, Common Stock Distributions to stockholders Proceeds from Lines of Credit Borrowings under bank note payable Repayments of Lines of Credit Repayments of bank note payable Proceeds from Issuance of Unsecured Debt Borrowing of term loan payable Amount drawn down Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash and cash equivalents Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Non-cash investing and financing activities: Capital Expenditures Incurred but Not yet Paid Accrued costs for purchase of real estate assets Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards The entire disclosure for organization, properties, consolidation and basis of presentation of financial statements, fair value of financial instruments, reclassification of certain amounts to conform to prior presentation and recent accounting pronouncements. Organization Consolidation and Presentation of Financial Statements Financial Instruments and Recent Accounting Standards Disclosure [Text Block] Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards Related Party Transactions and Investments in Non-Consolidated Entities The entire disclosure related to investments in banking or services activity. Related Party Transactions and Investments in Non Consolidated Entities Disclosure [Text Block] Related Party Transactions and Investments in Non-Consolidated Entities Bank Note Payable and Term Note Payable Debt Disclosure [Text Block] Bank Note Payable and Term Note Payable Financial Instruments: Derivatives and Hedging Derivatives and Fair Value [Text Block] Financial Instruments: Derivatives and Hedging Net Income Per Share Earnings Per Share [Text Block] Net Income Per Share Stockholders' Equity Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity Income Taxes Income Tax Disclosure [Text Block] Income Taxes Dispositions of properties Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Dispositions of properties Subsequent Events Subsequent Events [Text Block] Subsequent Events Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] Basis of Presentation Disclosure of accounting policy for financial instruments. Financial Instruments [Policy Text Block] Financial Instruments New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Standards Schedule of Real Estate Properties [Table Text Block] Summary of the entity's investment in real estate assets, including number of properties and rentable square feet of real estate Equity Method Investments [Table Text Block] Schedule of equity in losses of investments in non-consolidated REITs Tabular disclosure of the mortgage loans receivable on real estate. Information may be provided for each individual mortgage loan or groups of mortgage loans. Mortgage Loans on Real Estate by Loan [Table Text Block] Summary of the Sponsored REIT Loans outstanding Tabular disclosure of the summarized financial information of sponsored REITs in which the entity has ownership interests. Sponsored REIT Summarized Financial Information [Table Text Block] Summary of financial information of Sponsored REITs Schedule of Derivative Instruments [Table Text Block] Schedule of notional and fair value of derivative financial instruments Dividends Declared [Table Text Block] Schedule of dividends declared and paid Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule of income tax expense reflected in the condensed consolidated statements of income Summarization of information related to consolidated entities. Organization and Consolidation [Table] Legal Entity [Axis] Entity [Domain] Entity [Domain] Represents information pertaining to FSP Investments LLC. F S P Investments L L C [Member] FSP Investments LLC Represents information pertaining to FSP Property Management LLC. F S P Property Management L L C [Member] FSP Property Management LLC Represents information pertaining to FSP Holdings LLC. F S P Holdings L L C [Member] FSP Holdings LLC Represents information pertaining to FSP Protective TRS Corp. F S P Protective T R S Corp [Member] FSP Protective TRS Corp. Mortgage Loans on Real Estate, Description, Loan Category [Axis] Mortgage Loans On Real Estate Loan Category [Domain] Mortgage Loans on Real Estate, Loan Category [Domain] Mortgages [Member] Mortgage loan secured by property Construction Loans [Member] Secured construction loan Organization and Consolidation [Line Items] Organization Represents the ownership interest percentage of the parent in consolidated entities. Ownership Interest, Percentage of Parent in Consolidated Entities Ownership interest (as a percent) Represents the number of promissory notes secured by mortgages on real estate owned by Sponsored REITs. Number of Promissory Notes Secured by Mortgages on Real Estate Owned by Sponsored REITs Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs Represents the number of entities in which the reporting entity has a non-controlling common stock interest. Number of REITs in which Entity Holds Noncontrolling Common Stock Interest Number of REITs in which the entity holds non-controlling common stock interest Represents the number of entities in which the reporting entity has a non-controlling preferred stock interest. Number of REITs in which Entity Holds Noncontrolling Preferred Stock Interest Number of REITs in which the entity holds non-controlling preferred stock interest Number of sponsored real estate investment trusts in which the entity has an interest. Number of Sponsored REITs Sponsored REITs (in entities) Real Estate Investments, Net [Abstract] Properties Number of Real Estate Properties Number of properties Area of Real Estate Property Rentable square feet No definition available. Recent Accounting Standards Abstract Recent Accounting Standards Represents the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets as a result of a recently issued ASU. Reclassification Of Debt Issuance Costs From Assets To Contra Liabilities Reclassification of debt issuance costs from assets to contra liabilities Represents the number of sponsored REITs having properties which were sold. Number Of Sponsored REITs Having Properties Which Were Sold Number of sponsored REITs having properties which were sold Represents the number of entities holding mortgage loans. Number Of Entities Holding Mortgage Loans Number of entities holding mortgage loans Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Line Items] Sponsored REITs Investment in Sponsored REITs Repayments of Debt Repayment of principal Investment, Name [Axis] Equity Method Investee Name [Domain] Investment, Name [Domain] Represents the information pertaining to FSP 303 East Wacker Drive Corp. ("East Wacker"), a sponsored REIT in which the entity holds a non-controlling preferred stock interest. F S P303 East Wacker Drive Corp [Member] East Wacker Represents the information pertaining to FSP Grand Boulevard Corp. ("Grand Boulevard"), a sponsored REIT in which the entity holds a non-controlling preferred stock interest. F S P Grand Boulevard Corp [Member] Grand Boulevard The number of preferred stock purchased in the investee accounted for under the equity method of accounting. 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Dispositions of properties (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

May. 13, 2015

Mar. 31, 2015

Feb. 23, 2015

Jun. 30, 2015

Jun. 30, 2015

Gain (loss) on sale of property

Gain (loss) on sale of property $ 948 $ 11,410

Office Property in Plano, Texas

Gain (loss) on sale of property

Gain (loss) on sale of property $ 1,500

Office Property in Eden Prairie, Minnesota

Gain (loss) on sale of property

Gain (loss) on sale of property $ 9,000

Office Property in Charlotte, North Carolina

Gain (loss) on sale of property

Gain (loss) on sale of property $ 900

X

- Definition
This element represents the amount of gain (loss) on sale of properties during the reporting period net of the applicable income taxes realized.
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Related Party Transactions and Investments in Non-Consolidated Entities (Details 3) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Related Party Transactions and Investments in Non-Consolidated Entities

Asset management fees, low end of range (as a percent) 1.00%

Asset management fees, high end of range (as a percent) 5.00%

Notice period for cancellation of applicable contracts 30 days

Asset management fee income from non-consolidated entities $ 346,000 $ 497,000

X

- Definition
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Bank Note Payable and Term Note Payable
6 Months Ended

Jun. 30, 2015

Bank Note Payable and Term Note Payable

Bank Note Payable and Term Note Payable

3.Bank Note Payable and Term Note Payable

BMO Term Loan

On October 29, 2014, the Company entered into an Amended and Restated Credit Agreement (the “BMO Credit Agreement”) with the lending institutions referenced in the BMO Credit Agreement and Bank of Montreal, as administrative agent, that continued a single, unsecured term loan borrowing in the amount of $220,000,000 (the “BMO Term Loan”). On August 26, 2013, the Company drew down the entire $220,000,000 under the BMO Term Loan, which remains fully advanced and outstanding under the BMO Credit Agreement. The BMO Term Loan matures on August 26, 2020. The BMO Credit Agreement also includes an accordion feature that allows up to $50,000,000 of additional loans, subject to receipt of lender commitments and satisfaction of certain customary conditions.

The BMO Term Loan bears interest at either (i) a number of basis points over LIBOR depending on the Company’s credit rating (165 basis points over LIBOR at June 30, 2015) or (ii) a number of basis points over the base rate depending on the Company’s credit rating (65 basis points over the base rate at June 30, 2015).

Although the interest rate on the BMO Term Loan is variable, the Company is permitted to hedge the base LIBOR interest rate by entering into an interest rate swap agreement. On August 26, 2013, the Company entered into an ISDA Master Agreement with Bank of Montreal that fixed the base LIBOR interest rate on the BMO Term Loan at 2.32% per annum for seven years, until the August 26, 2020 maturity date. Accordingly, based upon the Company’s credit rating, as of June 30, 2015, the effective interest rate on the BMO Term Loan was 3.97% per annum.

The BMO Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type. The BMO Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The Company was in compliance with the BMO Term Loan financial covenants as of June 30, 2015.

The Company may use the proceeds of the loans under the BMO Credit Agreement to finance the acquisition of real properties and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BMO Credit Agreement.

BAML Credit Facility

On October 29, 2014, the Company entered into a Second Amended and Restated Credit Agreement (the “BAML Credit Agreement”) with the lending institutions referenced in the BAML Credit Agreement and those lenders from time to time party thereto and Bank of America, N.A., as administrative agent, L/C Issuer and Swing Line Lender (the “BAML Credit Facility”) that continued an existing unsecured credit facility comprised of both a revolving line of credit (the “BAML Revolver) and a term loan (the “BAML Term Loan”).

BAML Revolver Highlights

·

The BAML Revolver is for borrowings, at the Company’s election, of up to $500,000,000. Borrowings made pursuant to the BAML Revolver may be revolving loans, swing line loans or letters of credit, the combined sum of which may not exceed $500,000,000 outstanding at any time.

·

Borrowings made pursuant to the BAML Revolver may be borrowed, repaid and reborrowed from time to time until the initial maturity date of October 29, 2018. The Company has the right to extend the initial maturity date of the BAML Revolver by an additional 12 months, or until October 29, 2019, upon payment of a fee and satisfaction of certain customary conditions.

·

The BAML Revolver includes an accordion feature that allows for up to $250,000,000 of additional borrowing capacity subject to receipt of lender commitments and satisfaction of certain customary conditions.

As of June 30, 2015, there were borrowings of $300,000,000 outstanding under the BAML Revolver. The BAML Revolver bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.25% over LIBOR at June 30, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.25% over the base rate at June 30, 2015). The BAML Credit Facility also obligates the Company to pay an annual facility fee in an amount that is also based on the Company’s credit rating. The facility fee is assessed against the total amount of the BAML Revolver, or $500,000,000 (0.25% at June 30, 2015).

Based upon the Company’s credit rating, as of June 30, 2015, the weighted average interest rate on the BAML Revolver was 1.43% per annum and there were borrowings of $300,000,000 outstanding. As of December 31, 2014, the weighted average interest rate on the BAML Revolver was 1.41% per annum and there were borrowings of $268,000,000 outstanding. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the six months ended June 30, 2015 was approximately 1.43% per annum. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the year ended December 31, 2014 was approximately 1.60% per annum.

BAML Term Loan Highlights

·

The BAML Term Loan is for $400,000,000.

·

The BAML Term Loan matures on September 27, 2017.

·

On September 27, 2012, the Company drew down the entire $400,000,000 and such amount remains fully advanced and outstanding under the BAML Credit Agreement.

The BAML Term Loan bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.45% over LIBOR at June 30, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.45% over the base rate at June 30, 2015). The actual margin over LIBOR rate or base rate is determined based on the Company’s credit rating.

Although the interest rate on the BAML Credit Facility is variable, the Company fixed the base LIBOR interest rate on the BAML Term Loan by entering into an interest rate swap agreement. On September 27, 2012, the Company entered into an ISDA Master Agreement with Bank of America, N.A. that fixed the base LIBOR interest rate on the BAML Term Loan at 0.75% per annum for five years, until the September 27, 2017 maturity date. Accordingly, based upon the Company’s credit rating, as of June 30, 2015, the effective interest rate on the BAML Term Loan was 2.20% per annum.

BAML Credit Facility General Information

The BAML Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type. The BAML Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The Company was in compliance with the BAML Credit Facility financial covenants as of June 30, 2015.

The Company may use the proceeds of the loans under the BAML Credit Agreement to finance the acquisition of real properties and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BAML Credit Agreement.

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Financial Instruments: Derivatives and Hedging (Details) - Cash flow hedges - USD ($)
$ in Thousands
6 Months Ended

Aug. 26, 2013

Sep. 27, 2012

Jun. 30, 2015

BMO and BAML Interest Rate Swaps

Financial Instruments: Derivatives and Hedging

Unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income $ 2,500

Interest reclassified from accumulated other comprehensive income into interest expense 3,500

Amount estimated to be reclassified into earnings within next 12 months 1,100

BMO Interest Rate Swap

Financial Instruments: Derivatives and Hedging

Term pursuant to interest rate swap agreement 7 years

Notional Value $ 220,000

Strike Rate (as a percent) 2.32%

Fair Value $ (7,632)

BAML Interest Rate Swap

Financial Instruments: Derivatives and Hedging

Term pursuant to interest rate swap agreement 5 years

Notional Value $ 400,000

Strike Rate (as a percent) 0.75%

Fair Value $ 918

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Bank Note Payable and Term Note Payable (Details) - USD ($)
6 Months Ended 12 Months Ended

Aug. 26, 2013

Sep. 27, 2012

Jun. 30, 2015

Dec. 31, 2014

Oct. 29, 2014

Bank note payable and term note payable

Borrowings outstanding $ 300,000,000 $ 268,000,000

BAML Revolver

Bank note payable and term note payable

Total available 500,000,000

Additional borrowing capacity allowed by exercising an accordion feature 250,000,000

Borrowings outstanding $ 300,000,000 $ 268,000,000

Extension available on debt 12 months

Facility fee (as a percent) 0.25%

Interest rate during period (as a percent) 1.43% 1.41%

Weighted average interest rate (as a percent) 1.43% 1.60%

BAML Term Loan

Bank note payable and term note payable

Principal amount of loan $ 400,000,000

Amount drawn down $ 400,000,000

Effective interest rate (as a percent) 2.20%

LIBOR | BAML Revolver

Bank note payable and term note payable

Basis spread on variable rate (as a percent) 1.25%

LIBOR | BAML Term Loan

Bank note payable and term note payable

Basis spread on variable rate (as a percent) 1.45%

Fixed rate (as a percent) 0.75%

Term pursuant to interest rate swap agreement 5 years

Base Rate | BAML Revolver

Bank note payable and term note payable

Basis spread on variable rate (as a percent) 0.25%

Base Rate | BAML Term Loan

Bank note payable and term note payable

Basis spread on variable rate (as a percent) 0.45%

BMO Term Loan

Bank note payable and term note payable

Principal amount of loan $ 220,000,000

Amount drawn down $ 220,000,000

Additional loans allowed by exercising an accordion feature $ 50,000,000

Effective interest rate (as a percent) 3.97%

BMO Term Loan | LIBOR

Bank note payable and term note payable

Basis spread on variable rate (as a percent) 1.65%

Fixed rate (as a percent) 2.32%

Term pursuant to interest rate swap agreement 7 years

BMO Term Loan | Base Rate

Bank note payable and term note payable

Basis spread on variable rate (as a percent) 0.65%

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$ / shares in Units, $ in Thousands
3 Months Ended

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Mar. 31, 2015

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2014

Stockholders' Equity

Common stock, shares outstanding (in shares) 100,187,405 100,187,405

Dividends declared and paid

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Total Dividends $ 19,035 $ 19,036 $ 19,035 $ 19,036

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Related Party Transactions and Investments in Non-Consolidated Entities
6 Months Ended

Jun. 30, 2015

Related Party Transactions and Investments in Non-Consolidated Entities

Related Party Transactions and Investments in Non-Consolidated Entities

2.Related Party Transactions and Investments in Non-Consolidated Entities

Investment in Sponsored REITs:

At June 30, 2015 and December 31, 2014, the Company held a common stock interest in 9 and 10 Sponsored REITs, respectively. The Company holds a non-controlling preferred stock investment in two of these Sponsored REITs, FSP 303 East Wacker Drive Corp. (“East Wacker”) and FSP Grand Boulevard Corp. (“Grand Boulevard”), from which it continues to derive economic benefits and risks.

During the year ended December 31, 2014, properties owned by four Sponsored REITs were sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued. The Company held a mortgage loan with two of these entities secured by the property owned by FSP Galleria North Corp. (“Galleria”) and the property owned by FSP Highland Place I Corp. (“Highland”). The loan with Galleria in the principal amount of $13,880,000 was repaid from the proceeds of the sale and the loan with Highland in the principal amount of $3,395,000 was repaid from the proceeds of the sale.

During the six months ended June 30, 2015, a property owned by a Sponsored REIT was sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued.

Equity in losses of investment in non-consolidated REITs:

The following table includes equity in losses of investments in non-consolidated REITs

Six Months Ended

June 30,

(in thousands)

2015

2014

Equity in loss of East Wacker

$

309

$

960

Equity in loss of Grand Boulevard

51

76

$

360

$

1,036

Equity in losses of investments in non-consolidated REITs is derived from the Company’s share of income or loss in the operations of those entities. The Company exercises influence over, but does not control these entities, and investments are accounted for using the equity method.

Equity in losses of East Wacker is derived from the Company’s preferred stock investment in the entity. In December 2007, the Company purchased 965.75 preferred shares or 43.7% of the outstanding preferred shares of East Wacker for $82,813,000 (which represented $96,575,000 at the offering price net of commissions of $7,726,000, loan fees of $5,553,000 and acquisition fees of $483,000 that were excluded).

Equity in losses of Grand Boulevard is derived from the Company’s preferred stock investment in the entity. In May 2009, the Company purchased 175.5 preferred shares or 27.0% of the outstanding preferred shares of Grand Boulevard for $15,049,000 (which represented $17,550,000 at the offering price net of commissions of $1,404,000, loan fees of $1,009,000 and acquisition fees of $88,000 that were excluded).

The Company recorded distributions of $54,000 from non-consolidated REITs during the six months ended June 30, 2015 and 2014.

Management fees and interest income from loans:

Asset management fees range from 1% to 5% of collected rents and the applicable contracts are cancelable with 30 days notice. Asset management fee income from non-consolidated entities amounted to approximately $346,000 and $497,000 for the six months ended June 30, 2015 and 2014, respectively.

From time to time the Company may make secured loans (“Sponsored REIT Loans”) to Sponsored REITs in the form of mortgage loans or revolving lines of credit to fund construction costs, capital expenditures, leasing costs and for other purposes. The Company anticipates that each Sponsored REIT Loan will be repaid at maturity or earlier from long term financings of the underlying properties, cash flows from the underlying properties or some other capital event. Each Sponsored REIT Loan is secured by a mortgage on the underlying property and has a term of approximately one to three years, which may be extended from time to time by one year or longer. Except for the mortgage loan which bears interest at a fixed rate, advances under each Sponsored REIT Loan bear interest at a rate equal to the 30-day LIBOR rate plus an agreed upon amount of basis points and most advances also require a 50 basis point draw fee.

The following is a summary of the Sponsored REIT Loans outstanding as of June 30, 2015:

Maximum

Amount

Interest

Maturity

Amount

Drawn at

Interest

Draw

Rate at

(dollars in thousands)

Location

Date

of Loan

30-Jun-15

Rate (1)

Fee (2)

30-Jun-15

Sponsored REIT

Secured revolving lines of credit

FSP Satellite Place Corp.

Duluth, GA

31-Mar-17

$

5,500

$

5,500

L+4.4

%

0.5
%

4.58
%

FSP 1441 Main Street Corp.

Columbia, SC

31-Mar-16

10,800

9,000

L+4.4

%

0.5
%

4.58
%

FSP Energy Tower I Corp.

Houston, TX

30-Jun-17

20,000

8,600

L+5.0

%

0.5
%

5.18
%

Secured construction loan

FSP 385 Interlocken Development Corp.

Broomfield, CO

30-Apr-16

42,000

37,541

L+4.4

%

n/a

4.58
%

Mortgage loan secured by property

FSP Energy Tower I Corp.

Houston, TX

30-Jun-17

33,000

33,000

6.41
%

n/a

6.41
%

$

111,300

$

93,641

(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.

The Company recognized interest income and fees from the Sponsored REIT Loans of approximately $2,539,000 and $2,816,000 for the six months ended June 30, 2015 and 2014, respectively.

Non-consolidated REITs:

The balance sheet data below for 2015 and 2014 includes the 9 and 10 Sponsored REITs the Company held an interest in as of June 30, 2015 and December 31, 2014, respectively. The operating data below for 2015 and 2014 include the operations of the 10 and 14 Sponsored REITs in which the Company held an interest in during the six months ended June 30, 2015 and 2014, respectively.

Summarized financial information for these Sponsored REITs is as follows:

June 30,

December 31,

(in thousands)

2015

2014

Balance Sheet Data (unaudited):

Real estate, net

$

421,429

$

451,822

Other assets

101,701

127,259

Total liabilities

(198,575
)

(203,239
)

Shareholders’ equity

$

324,555

$

375,842

For the Six Months Ended

June 30,

(in thousands)

2015

2014

Operating Data (unaudited):

Rental revenues

$

28,174

$

23,305

Other revenues

25

14

Operating and maintenance expenses

(15,266
)

(11,746
)

Depreciation and amortization

(9,925
)

(7,677
)

Interest expense

(4,930
)

(3,431
)

Net income (loss)

$

(1,922
)

$

465

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Income Taxes (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Income Taxes

Maximum ownership as a percentage of the voting power or value of the securities of each issuer other than REIT or "TRS" 10.00%

Maximum ownership of securities in all TRS (as a percent) 25.00%

Maximum ownership of securities in all TRS when considered together with other non-real estate assets (as a percent) 25.00%

Period of statute of limitations applicable to the entity's income tax returns 3 years

Net operating losses

NOLs expiration period 20 years

Gross amount of NOLs available to company $ 13,041,000 $ 13,041,000 $ 13,041,000

Income Tax Expense

Revised Texas Franchise tax rate (as a percent) 0.70%

Revised Texas franchise tax $ 295,000 $ 244,000

Other Taxes 20,000 10,000

Income tax expense $ 154,000 $ 117,000 315,000 $ 254,000

Deferred income taxes $ 0

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Real estate assets:

Land $ 180,271 $ 183,930

Buildings and improvements 1,636,444 1,604,984

Fixtures and equipment 1,800 1,677

Total real estate assets, gross 1,818,515 1,790,591

Less accumulated depreciation 279,172 266,284

Real estate assets, net 1,539,343 1,524,307

Acquired real estate leases, less accumulated amortization of $110,884 and $101,838, respectively 126,926 138,714

Investment in non-consolidated REITs 78,164 78,611

Cash and cash equivalents 15,841 7,519

Restricted cash 48 742

Tenant rent receivables, less allowance for doubtful accounts of $250 and $325, respectively 2,886 4,733

Straight-line rent receivable, less allowance for doubtful accounts of $50 and $162, respectively 46,168 47,021

Prepaid expenses and other assets 9,096 10,292

Related party mortgage loan receivables 93,641 93,641

Other assets: derivative asset 918 3,020

Office computers and furniture, net of accumulated depreciation of $1,183 and $1,036, respectively 562 609

Deferred leasing commissions, net of accumulated amortization of $18,386 and $16,944, respectively 26,508 27,181

Total assets 1,940,101 1,936,390

Liabilities:

Bank note payable 300,000 268,000

Term loans payable 620,000 620,000

Accounts payable and accrued expenses 39,199 42,561

Accrued compensation 2,327 3,758

Tenant security deposits 4,315 4,248

Other liabilities: derivative liability 7,632 7,268

Acquired unfavorable real estate leases, less accumulated amortization of $9,779 and $8,687, respectively 11,082 10,908

Total liabilities $ 984,555 $ 956,743

Commitments and contingencies

Stockholders' Equity:

Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding

Common stock, $.0001 par value, 180,000,000 shares authorized, 100,187,405 and 100,187,405 shares issued and outstanding, respectively $ 10 $ 10

Additional paid-in capital 1,273,556 1,273,556

Accumulated other comprehensive loss (6,714) (4,248)

Accumulated distributions in excess of accumulated earnings (311,306) (289,671)

Total stockholders' equity 955,546 979,647

Total liabilities and stockholders' equity $ 1,940,101 $ 1,936,390

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XML 24 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Cash flows from operating activities:

Net income $ 16,436 $ 7,286

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense 46,913 48,854

Amortization of above market lease (32) 63

Equity in losses of non-consolidated REITs 360 1,036

Gain on sale of properties, less applicable income tax (11,410)

Increase (decrease) in allowance for doubtful accounts (75) 125

Changes in operating assets and liabilities:

Restricted cash 694 (85)

Tenant rent receivables 1,922 2,110

Straight-line rents (643) (3,323)

Lease acquisition costs (231) (437)

Prepaid expenses and other assets 196 503

Accounts payable, accrued expenses and other items (4,306) (8,405)

Accrued compensation (1,431) (933)

Tenant security deposits 66 232

Payment of deferred leasing commissions (2,737) (3,908)

Net cash provided by operating activities 45,722 43,118

Cash flows from investing activities:

Property acquisitions (66,104)

Acquired real estate leases (10,604)

Property improvements, fixtures and equipment (10,333) (7,578)

Distributions in excess of earnings from non-consolidated REITs 54 54

Repayment of related party mortgage loan receivable 13,880

Investment in related party mortgage loan receivable (2,570)

Proceeds received on sales of real estate assets 55,659

Net cash provided by (used in) investing activities (31,328) 3,786

Cash flows from financing activities:

Distributions to stockholders (38,072) (38,072)

Borrowings under bank note payable 95,000 10,000

Repayments of bank note payable (63,000) (20,000)

Net cash used in financing activities (6,072) (48,072)

Net increase in cash and cash equivalents 8,322 (1,168)

Cash and cash equivalents, beginning of year 7,519 19,623

Cash and cash equivalents, end of period 15,841 18,455

Non-cash investing and financing activities:

Accrued costs for purchase of real estate assets $ 2,732 $ 2,428

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Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Details)
$ in Millions

Jun. 30, 2015

USD ($)

ft²

property

item

entity

Dec. 31, 2014

USD ($)

entity

Jun. 30, 2014

ft²

property

entity

Organization

Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs 5

Number of REITs in which the entity holds non-controlling common stock interest | entity 9

Number of REITs in which the entity holds non-controlling preferred stock interest | entity 2

Number of Sponsored REITs | entity 9 10 14

Properties

Number of properties | property 36 39

Rentable square feet | ft² 9,639,740 9,686,215

Recent Accounting Standards

Reclassification of debt issuance costs from assets to contra liabilities | $ $ 6.6 $ 7.6

Mortgage loan secured by property

Organization

Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs 1

Secured construction loan

Organization

Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs 1

Secured revolving lines of credit

Organization

Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs 3

FSP Investments LLC

Organization

Ownership interest (as a percent) 100.00%

FSP Property Management LLC

Organization

Ownership interest (as a percent) 100.00%

FSP Holdings LLC

Organization

Ownership interest (as a percent) 100.00%

FSP Protective TRS Corp.

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Ownership interest (as a percent) 100.00%

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Related Party Transactions and Investments in Non-Consolidated Entities (Details 2) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended

May. 31, 2009

Dec. 31, 2007

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Sponsored REITs

Equity in loss $ 38,000 $ 552,000 $ 360,000 $ 1,036,000

Distributions received from non-consolidated REITs

Distributions from non-consolidated REITs 54,000 54,000

East Wacker

Sponsored REITs

Equity in loss 309,000 960,000

Preferred shares purchased 965.75

Percentage of outstanding preferred shares purchased 43.70%

Net cost of preferred shares purchased $ 82,813,000

Offering price of preferred shares purchased 96,575,000

Commissions excluded 7,726,000

Loan fees excluded 5,553,000

Acquisition fees excluded $ 483,000

Grand Boulevard

Sponsored REITs

Equity in loss $ 51,000 $ 76,000

Preferred shares purchased 175.5

Percentage of outstanding preferred shares purchased 27.00%

Net cost of preferred shares purchased $ 15,049,000

Offering price of preferred shares purchased 17,550,000

Commissions excluded 1,404,000

Loan fees excluded 1,009,000

Acquisition fees excluded $ 88,000

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Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
6 Months Ended

Jun. 30, 2015

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards

1.Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards

Organization

Franklin Street Properties Corp. (“FSP Corp.” or the “Company”), holds, directly and indirectly, 100% of the interest in FSP Investments LLC, FSP Property Management LLC, FSP Holdings LLC and FSP Protective TRS Corp. FSP Property Management LLC provides asset management and property management services. The Company also has a non-controlling common stock interest in nine corporations organized to operate as real estate investment trusts (“REIT”) and a non-controlling preferred stock interest in two of those REITs. Collectively, the nine REITs are referred to as the “Sponsored REITs”.

As of June 30, 2015, the Company owned and operated a portfolio of real estate consisting of 36 properties, managed nine Sponsored REITs and held five promissory notes secured by mortgages on real estate owned by Sponsored REITs, including one mortgage loan, one construction loan and three revolving lines of credit. From time-to-time, the Company may acquire real estate, make additional secured loans or acquire a Sponsored REIT. The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, or for geographic or property specific reasons.

Properties

The following table summarizes the Company’s number of properties and rentable square feet of real estate:

As of June 30,

2015

2014

Commercial real estate:

Number of properties

36

39

Rentable square feet

9,639,740

9,686,215

Basis of Presentation

The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2014, as filed with the Securities and Exchange Commission.

The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for any other period.

Financial Instruments

The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values.

Recent Accounting Standards

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the condensed consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to the condensed consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, $6.6 million and $7.6 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of ASU 2015-02 will have on the condensed consolidated financial statements.

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Condensed Consolidated Balance Sheets

Acquired real estate leases, accumulated amortization $ 110,884 $ 101,838

Tenant rent receivables, allowance for doubtful accounts 250 325

Straight-line rent receivable, allowance for doubtful accounts 50 162

Office computers and furniture, accumulated depreciation 1,183 1,036

Deferred leasing commissions, accumulated amortization 18,386 16,944

Acquired unfavorable real estate leases, accumulated amortization $ 9,779 $ 8,687

Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Preferred stock, shares authorized (in shares) 20,000,000 20,000,000

Preferred stock, shares issued (in shares) 0 0

Preferred stock, shares outstanding (in shares) 0 0

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized (in shares) 180,000,000 180,000,000

Common stock, shares issued (in shares) 100,187,405 100,187,405

Common stock, shares outstanding (in shares) 100,187,405 100,187,405

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Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Tables)
6 Months Ended

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Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards

Summary of the entity's investment in real estate assets, including number of properties and rentable square feet of real estate

As of June 30,

2015

2014

Commercial real estate:

Number of properties

36

39

Rentable square feet

9,639,740

9,686,215

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Jul. 24, 2015

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Entity Registrant Name FRANKLIN STREET PROPERTIES CORP /MA/

Entity Central Index Key 0001031316

Document Type 10-Q

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

Jun. 30, 2015

Related Party Transactions and Investments in Non-Consolidated Entities

Schedule of equity in losses of investments in non-consolidated REITs

Six Months Ended

June 30,

(in thousands)

2015

2014

Equity in loss of East Wacker

$

309

$

960

Equity in loss of Grand Boulevard

51

76

$

360

$

1,036

Summary of the Sponsored REIT Loans outstanding

Maximum

Amount

Interest

Maturity

Amount

Drawn at

Interest

Draw

Rate at

(dollars in thousands)

Location

Date

of Loan

30-Jun-15

Rate (1)

Fee (2)

30-Jun-15

Sponsored REIT

Secured revolving lines of credit

FSP Satellite Place Corp.

Duluth, GA

31-Mar-17

$

5,500

$

5,500

L+4.4

%

0.5
%

4.58
%

FSP 1441 Main Street Corp.

Columbia, SC

31-Mar-16

10,800

9,000

L+4.4

%

0.5
%

4.58
%

FSP Energy Tower I Corp.

Houston, TX

30-Jun-17

20,000

8,600

L+5.0

%

0.5
%

5.18
%

Secured construction loan

FSP 385 Interlocken Development Corp.

Broomfield, CO

30-Apr-16

42,000

37,541

L+4.4

%

n/a

4.58
%

Mortgage loan secured by property

FSP Energy Tower I Corp.

Houston, TX

30-Jun-17

33,000

33,000

6.41
%

n/a

6.41
%

$

111,300

$

93,641

(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.

Summary of financial information of Sponsored REITs

June 30,

December 31,

(in thousands)

2015

2014

Balance Sheet Data (unaudited):

Real estate, net

$

421,429

$

451,822

Other assets

101,701

127,259

Total liabilities

(198,575
)

(203,239
)

Shareholders’ equity

$

324,555

$

375,842

For the Six Months Ended

June 30,

(in thousands)

2015

2014

Operating Data (unaudited):

Rental revenues

$

28,174

$

23,305

Other revenues

25

14

Operating and maintenance expenses

(15,266
)

(11,746
)

Depreciation and amortization

(9,925
)

(7,677
)

Interest expense

(4,930
)

(3,431
)

Net income (loss)

$

(1,922
)

$

465

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Condensed Consolidated Statements of Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Revenue:

Rental $ 58,801 $ 60,994 $ 117,814 $ 122,591

Related party revenue:

Management fees and interest income from loans 1,412 1,671 2,885 3,314

Other 20 76 41 99

Total revenues 60,233 62,741 120,740 126,004

Expenses:

Real estate operating expenses 14,644 14,995 30,000 30,066

Real estate taxes and insurance 9,469 9,763 19,517 19,014

Depreciation and amortization 23,207 23,563 45,879 47,863

Selling, general and administrative 3,401 3,148 7,092 6,420

Interest 6,365 6,891 12,552 14,067

Total expenses 57,086 58,360 115,040 117,430

Income before interest income, equity in losses of non-consolidated REITs and taxes 3,147 4,381 5,700 8,574

Interest income 1 1 2

Equity in losses of non-consolidated REITs (38) (552) (360) (1,036)

Gain on sale of properties, less applicable income tax 948 11,410

Income before taxes on income 4,057 3,830 16,751 7,540

Taxes on income 154 117 315 254

Net income $ 3,903 $ 3,713 $ 16,436 $ 7,286

Weighted average number of shares outstanding, basic and diluted (in shares) 100,187 100,187 100,187 100,187

Earnings per share, basic and diluted:

Net income per share, basic and diluted (in dollars per share) $ 0.04 $ 0.04 $ 0.16 $ 0.07

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Stockholders' Equity
6 Months Ended

Jun. 30, 2015

Stockholders' Equity

Stockholders' Equity

6.Stockholders’ Equity

As of June 30, 2015, the Company had 100,187,405 shares of common stock outstanding. The Company declared and paid dividends as follows (in thousands, except per share amounts):

Quarter Paid

Dividends Per
Share

Total
Dividends

First quarter of 2015

$

0.19

$

19,036

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0.19

$

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0.19

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19,036

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Net Income Per Share
6 Months Ended

Jun. 30, 2015

Net Income Per Share

Net Income Per Share

5.Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of Company shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares. There were no potential dilutive shares outstanding at June 30, 2015 and 2014, respectively.

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Related Party Transactions and Investments in Non-Consolidated Entities (Details)
6 Months Ended 12 Months Ended

Jun. 30, 2015

entity

Dec. 31, 2014

USD ($)

entity

Jun. 30, 2014

entity

Related Party Transactions and Investments in Non-Consolidated Entities

Sponsored REITs (in entities) 9 10 14

Number of REITs in which the entity holds non-controlling preferred stock interest 2

Number of sponsored REITs having properties which were sold 1 4

Number of entities holding mortgage loans 2

FSP Galleria North Corp.

Investment in Sponsored REITs

Repayment of principal | $ $ 13,880,000

FSP Highland Place I Corp.

Investment in Sponsored REITs

Repayment of principal | $ $ 3,395,000

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Financial Instruments: Derivatives and Hedging (Tables)
6 Months Ended

Jun. 30, 2015

Financial Instruments: Derivatives and Hedging

Schedule of notional and fair value of derivative financial instruments

Notional

Strike

Effective

Expiration

Fair

(in thousands)

Value

Rate

Date

Date

Value

BMO Interest Rate Swap

$

220,000

2.32
%

Aug-13

Aug-20

$

(7,632
)

BAML Interest Rate Swap

$

400,000

0.75
%

Sep-12

Sep-17

$

918

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Subsequent Events
6 Months Ended

Jun. 30, 2015

Subsequent Events

Subsequent Events

9.Subsequent Events

On July 10, 2015, the Board of Directors of the Company declared a cash distribution of $0.19 per share of common stock payable on August 13, 2015 to stockholders of record on July 24, 2015.

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Income Taxes
6 Months Ended

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Income Taxes

Income Taxes

7.Income Taxes

General

The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally is entitled to a tax deduction for distributions paid to its shareholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only. The Company must comply with a variety of restrictions to maintain its status as a REIT. These restrictions include the type of income it can earn, the type of assets it can hold, the number of shareholders it can have and the concentration of their ownership, and the amount of the Company’s taxable income that must be distributed annually.

One such restriction is that the Company generally cannot own more than 10% of the voting power or value of the securities of any one issuer unless the issuer is itself a REIT or a taxable REIT subsidiary (“TRS”). In the case of TRSs, the Company’s ownership of securities in all TRSs generally cannot exceed 25% of the value of all of the Company’s assets and, when considered together with other non-real estate assets, cannot exceed 25% of the value of all of the Company’s assets. FSP Investments and FSP Protective TRS Corp. are the Company’s taxable REIT subsidiaries operating as taxable corporations under the Code.

Income taxes are recorded based on the future tax effects of the difference between the tax and financial reporting bases of the Company’s assets and liabilities. In estimating future tax consequences, potential future events are considered except for potential changes in income tax law or in rates.

The Company adopted an accounting pronouncement related to uncertainty in income taxes effective January 1, 2007, which did not result in recording a liability, nor was any accrued interest and penalties recognized with the adoption. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. The Company’s effective tax rate was not affected by the adoption. The Company and one or more of its subsidiaries files income tax returns in the U.S federal jurisdiction and various state jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2011 and thereafter.

The Company is subject to business tax (the “Revised Texas Franchise Tax”). The Revised Texas Franchise Tax is a tax at a rate of approximately 0.7% of revenues at Texas properties commencing with 2007 revenues. Some of the Company’s leases allow reimbursement by tenants for these amounts because the Revised Texas Franchise Tax replaces a portion of the property tax for school districts. Because the tax base on the Revised Texas Franchise Tax is derived from an income based measure it is considered an income tax. The Company recorded a provision for the Revised Texas Franchise Tax of $295,000 and $244,000 for the six months ended June 30, 2015 and 2014, respectively.

Net operating losses

Section 382 of the Code restricts a corporation’s ability to use net operating losses (“NOLs”) to offset future taxable income following certain “ownership changes.” Such ownership changes occurred with past mergers and accordingly a portion of the NOLs incurred by the Sponsored REITs available for use by the Company in any particular future taxable year will be limited. To the extent that the Company does not utilize the full amount of the annual NOLs limit, the unused amount may be carried forward to offset taxable income in future years. NOLs expire 20 years after the year in which they arise, and the last of the Company’s NOLs will expire in 2027. A valuation allowance is provided for the full amount of the NOLs as the realization of any tax benefits from such NOLs is not assured. The gross amount of NOLs available to the Company was $13,041,000, as of June 30, 2015 and December 31, 2014.

Income Tax Expense

The income tax expense reflected in the consolidated statements of income relates primarily to a franchise tax on our Texas properties. FSP Protective TRS Corp. provides taxable services to tenants at some of the Company’s properties and the tax expenses associated with these activities are reported as Other Taxes in the table below:

For the

Six Months Ended

June 30,

(in thousands)

2015

2014

Revised Texas franchise tax

$

295

$

244

Other Taxes

20

10

Income tax expense

$

315

$

254

Taxes on income are a current tax expense. No deferred income taxes were provided as there were no material temporary differences between the financial reporting basis and the tax basis of the TRSs.

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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Dispositions of properties
6 Months Ended

Jun. 30, 2015

Dispositions of properties

Dispositions of properties

8.Dispositions of properties

The Company sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain and an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain. The disposal of the properties does not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the properties remain classified within continuing operations for all periods presented.

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The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).
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Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Policies)
6 Months Ended

Jun. 30, 2015

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards

Basis of Presentation

Basis of Presentation

The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2014, as filed with the Securities and Exchange Commission.

The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for any other period.

Financial Instruments

Financial Instruments

The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values.

Recent Accounting Standards

Recent Accounting Standards

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the condensed consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to the condensed consolidated financial statements.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, $6.6 million and $7.6 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of ASU 2015-02 will have on the condensed consolidated financial statements.

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Subsequent Events (Details) - $ / shares
3 Months Ended

Jul. 10, 2015

Jun. 30, 2015

Mar. 31, 2015

Jun. 30, 2014

Mar. 31, 2014

Subsequent Events

Cash dividend declared per share (in dollars per share) $ 0.19 $ 0.19 $ 0.19 $ 0.19

Cash distribution declared | Subsequent Events

Subsequent Events

Cash dividend declared per share (in dollars per share) $ 0.19

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Income Taxes (Tables)
6 Months Ended

Jun. 30, 2015

Income Taxes

Schedule of income tax expense reflected in the condensed consolidated statements of income

For the

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June 30,

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2015

2014

Revised Texas franchise tax

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$

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Other Taxes

20

10

Income tax expense

$

315

$

254

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Related Party Transactions and Investments in Non-Consolidated Entities (Details 4) - USD ($)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Sponsored REITs

Maximum amount of loan $ 111,300,000

Amount Drawn 93,641,000 $ 93,641,000

Interest income and fees from the Sponsored REIT Loans $ 2,539,000 $ 2,816,000

Sponsored REITs

Sponsored REITs

Term of sponsored REIT loan secured by mortgage, minimum 1 year

Term of sponsored REIT loan secured by mortgage, maximum 3 years

Extended term of sponsored REIT loan secured by mortgage, minimum 1 year

Secured revolving lines of credit | FSP Satellite Place Corp.

Sponsored REITs

Maximum amount of loan $ 5,500,000

Amount Drawn $ 5,500,000

Sponsored REIT loans, base rate 30-day LIBOR

Sponsored REIT loans, base rate margin (as a percent) 4.40%

Draw Fee (as a percent) 0.50%

Interest rate (as a percent) 4.58%

Secured revolving lines of credit | FSP 1441 Main Street Corp.

Sponsored REITs

Maximum amount of loan $ 10,800,000

Amount Drawn $ 9,000,000

Sponsored REIT loans, base rate 30-day LIBOR

Sponsored REIT loans, base rate margin (as a percent) 4.40%

Draw Fee (as a percent) 0.50%

Interest rate (as a percent) 4.58%

Secured revolving lines of credit | FSP Energy Tower I Corp.

Sponsored REITs

Maximum amount of loan $ 20,000,000

Amount Drawn $ 8,600,000

Sponsored REIT loans, base rate 30-day LIBOR

Sponsored REIT loans, base rate margin (as a percent) 5.00%

Draw Fee (as a percent) 0.50%

Interest rate (as a percent) 5.18%

Secured construction loan | FSP 385 Interlocken Development Corp.

Sponsored REITs

Maximum amount of loan $ 42,000,000

Amount Drawn $ 37,541,000

Sponsored REIT loans, base rate 30-day LIBOR

Sponsored REIT loans, base rate margin (as a percent) 4.40%

Interest rate (as a percent) 4.58%

Mortgage loan secured by property | FSP Energy Tower I Corp.

Sponsored REITs

Maximum amount of loan $ 33,000,000

Amount Drawn $ 33,000,000

Fixed rate of interest (as a percent) 6.41%

Interest rate (as a percent) 6.41%

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Condensed Consolidated Statements of Other Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Condensed Consolidated Statements of Other Comprehensive Income (Loss)

Net income $ 3,903 $ 3,713 $ 16,436 $ 7,286

Other comprehensive income (loss):

Unrealized gain (loss) on derivative financial instruments 2,348 (4,335) (2,466) (6,636)

Total other comprehensive income (loss) 2,348 (4,335) (2,466) (6,636)

Comprehensive income (loss) $ 6,251 $ (622) $ 13,970 $ 650

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Financial Instruments: Derivatives and Hedging
6 Months Ended

Jun. 30, 2015

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

4.Financial Instruments: Derivatives and Hedging

On August 26, 2013, the Company fixed the interest rate for seven years on the BMO Credit Agreement with an interest rate swap agreement (the “BMO Interest Rate Swap”) and on September 27, 2012, the Company fixed the interest rate for five years on the BAML Term Loan with an interest rate swap agreement (the “BAML Interest Rate Swap”). The variable rates that were fixed under the BMO Interest Rate Swap and the BAML Interest Rate Swap are described in Note 3.

The BMO Interest Rate Swap and the BAML Interest Rate Swap qualify as cash flow hedges and have been recognized on the consolidated balance sheet at fair value. If a derivative qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings, which may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.

The following table summarizes the notional and fair value of our derivative financial instruments at June 30, 2015. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks.

Notional

Strike

Effective

Expiration

Fair

(in thousands)

Value

Rate

Date

Date

Value

BMO Interest Rate Swap

$

220,000

2.32
%

Aug-13

Aug-20

$

(7,632
)

BAML Interest Rate Swap

$

400,000

0.75
%

Sep-12

Sep-17

$

918

On June 30, 2015, the BMO Interest Rate Swap was reported as a liability at its fair value of approximately $7.6 million and the BAML Interest Rate Swap was reported as an asset at its fair value of approximately $0.9 million. These are included in other liabilities: derivative liability and other assets: derivative asset on the condensed consolidated balance sheet at June 30, 2015 and December 31, 2014, respectively. Offsetting adjustments are reported as unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income of $2.5 million. During the six months ended June 30, 2015, $3.5 million was reclassified out of other comprehensive income and into interest expense.

Over time, the unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. We estimate that approximately $1.1 million of the current balance held in accumulated other comprehensive income will be reclassified into earnings within the next 12 months.

We are hedging the exposure to variability in anticipated future interest payments on existing debt.

The fair value of the Company’s derivative instruments are determined using the net discounted cash flows of the expected cash flows of the derivative based on the market based interest rate curve and are adjusted to reflect credit or nonperformance risk. The risk is estimated by the Company using credit spreads and risk premiums that are observable in the market. These financial instruments were classified within Level 2 of the fair value hierarchy and were classified as an asset or liability on the condensed consolidated balance sheets.

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Related Party Transactions and Investments in Non-Consolidated Entities (Details 5)
$ in Thousands
6 Months Ended

Jun. 30, 2015

USD ($)

entity

Jun. 30, 2014

USD ($)

entity

Dec. 31, 2014

USD ($)

entity

Related Party Transactions and Investments in Non-Consolidated Entities

Sponsored REITs (in entities) | entity 9 14 10

Balance Sheet Data (unaudited):

Real estate, net $ 421,429 $ 451,822

Other assets 101,701 127,259

Total liabilities (198,575) (203,239)

Shareholders' equity 324,555 $ 375,842

Operating Data (unaudited):

Rental revenues 28,174 $ 23,305

Other revenues 25 14

Operating and maintenance expenses (15,266) (11,746)

Depreciation and amortization (9,925) (7,677)

Interest expense (4,930) (3,431)

Net income (loss) $ (1,922) $ 465

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Stockholders' Equity (Tables)
6 Months Ended

Jun. 30, 2015

Stockholders' Equity

Schedule of dividends declared and paid

The Company declared and paid dividends as follows (in thousands, except per share amounts):

Quarter Paid

Dividends Per
Share

Total
Dividends

First quarter of 2015

$

0.19

$

19,036

Second quarter of 2015

$

0.19

$

19,035

First quarter of 2014

$

0.19

$

19,036

Second quarter of 2014

$

0.19

$

19,035

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Dispositions of properties (Details) - USD ($) $ in Thousands				3 Months Ended	6 Months Ended
	May. 13, 2015	Mar. 31, 2015	Feb. 23, 2015	Jun. 30, 2015	Jun. 30, 2015
Gain (loss) on sale of property
Gain (loss) on sale of property				$ 948	$ 11,410
Office Property in Plano, Texas
Gain (loss) on sale of property
Gain (loss) on sale of property			$ 1,500
Office Property in Eden Prairie, Minnesota
Gain (loss) on sale of property
Gain (loss) on sale of property		$ 9,000
Office Property in Charlotte, North Carolina
Gain (loss) on sale of property
Gain (loss) on sale of property	$ 900

Related Party Transactions and Investments in Non-Consolidated Entities (Details 3) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Related Party Transactions and Investments in Non-Consolidated Entities
Asset management fees, low end of range (as a percent)	1.00%
Asset management fees, high end of range (as a percent)	5.00%
Notice period for cancellation of applicable contracts	30 days
Asset management fee income from non-consolidated entities	$ 346,000	$ 497,000

Financial Instruments: Derivatives and Hedging (Details) - Cash flow hedges - USD ($) $ in Thousands			6 Months Ended
	Aug. 26, 2013	Sep. 27, 2012	Jun. 30, 2015
BMO and BAML Interest Rate Swaps
Financial Instruments: Derivatives and Hedging
Unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income			$ 2,500
Interest reclassified from accumulated other comprehensive income into interest expense			3,500
Amount estimated to be reclassified into earnings within next 12 months			1,100
BMO Interest Rate Swap
Financial Instruments: Derivatives and Hedging
Term pursuant to interest rate swap agreement	7 years
Notional Value			$ 220,000
Strike Rate (as a percent)			2.32%
Fair Value			$ (7,632)
BAML Interest Rate Swap
Financial Instruments: Derivatives and Hedging
Term pursuant to interest rate swap agreement		5 years
Notional Value			$ 400,000
Strike Rate (as a percent)			0.75%
Fair Value			$ 918

Net Income Per Share (Details) - shares	6 Months Ended
Net Income Per Share (Details) - shares	Jun. 30, 2015	Jun. 30, 2014
Net Income Per Share
Potential dilutive shares outstanding	0	0

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes
Maximum ownership as a percentage of the voting power or value of the securities of each issuer other than REIT or "TRS"			10.00%
Maximum ownership of securities in all TRS (as a percent)			25.00%
Maximum ownership of securities in all TRS when considered together with other non-real estate assets (as a percent)			25.00%
Period of statute of limitations applicable to the entity's income tax returns			3 years
Net operating losses
NOLs expiration period			20 years
Gross amount of NOLs available to company	$ 13,041,000		$ 13,041,000		$ 13,041,000
Income Tax Expense
Revised Texas Franchise tax rate (as a percent)			0.70%
Revised Texas franchise tax			$ 295,000	$ 244,000
Other Taxes			20,000	10,000
Income tax expense	$ 154,000	$ 117,000	315,000	$ 254,000
Deferred income taxes			$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate assets:
Land	$ 180,271	$ 183,930
Buildings and improvements	1,636,444	1,604,984
Fixtures and equipment	1,800	1,677
Total real estate assets, gross	1,818,515	1,790,591
Less accumulated depreciation	279,172	266,284
Real estate assets, net	1,539,343	1,524,307
Acquired real estate leases, less accumulated amortization of $110,884 and $101,838, respectively	126,926	138,714
Investment in non-consolidated REITs	78,164	78,611
Cash and cash equivalents	15,841	7,519
Restricted cash	48	742
Tenant rent receivables, less allowance for doubtful accounts of $250 and $325, respectively	2,886	4,733
Straight-line rent receivable, less allowance for doubtful accounts of $50 and $162, respectively	46,168	47,021
Prepaid expenses and other assets	9,096	10,292
Related party mortgage loan receivables	93,641	93,641
Other assets: derivative asset	918	3,020
Office computers and furniture, net of accumulated depreciation of $1,183 and $1,036, respectively	562	609
Deferred leasing commissions, net of accumulated amortization of $18,386 and $16,944, respectively	26,508	27,181
Total assets	1,940,101	1,936,390
Liabilities:
Bank note payable	300,000	268,000
Term loans payable	620,000	620,000
Accounts payable and accrued expenses	39,199	42,561
Accrued compensation	2,327	3,758
Tenant security deposits	4,315	4,248
Other liabilities: derivative liability	7,632	7,268
Acquired unfavorable real estate leases, less accumulated amortization of $9,779 and $8,687, respectively	11,082	10,908
Total liabilities	$ 984,555	$ 956,743
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,187,405 and 100,187,405 shares issued and outstanding, respectively	$ 10	$ 10
Additional paid-in capital	1,273,556	1,273,556
Accumulated other comprehensive loss	(6,714)	(4,248)
Accumulated distributions in excess of accumulated earnings	(311,306)	(289,671)
Total stockholders' equity	955,546	979,647
Total liabilities and stockholders' equity	$ 1,940,101	$ 1,936,390

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Details) $ in Millions	Jun. 30, 2015 USD ($) ft² property item entity	Dec. 31, 2014 USD ($) entity	Jun. 30, 2014 ft² property entity
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	5
Number of REITs in which the entity holds non-controlling common stock interest \| entity	9
Number of REITs in which the entity holds non-controlling preferred stock interest \| entity	2
Number of Sponsored REITs \| entity	9	10	14
Properties
Number of properties \| property	36		39
Rentable square feet \| ft²	9,639,740		9,686,215
Recent Accounting Standards
Reclassification of debt issuance costs from assets to contra liabilities \| $	$ 6.6	$ 7.6
Mortgage loan secured by property
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	1
Secured construction loan
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	1
Secured revolving lines of credit
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	3
FSP Investments LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Property Management LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Holdings LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Protective TRS Corp.
Organization
Ownership interest (as a percent)	100.00%

Related Party Transactions and Investments in Non-Consolidated Entities (Details 2) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	May. 31, 2009	Dec. 31, 2007	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Sponsored REITs
Equity in loss			$ 38,000	$ 552,000	$ 360,000	$ 1,036,000
Distributions received from non-consolidated REITs
Distributions from non-consolidated REITs					54,000	54,000
East Wacker
Sponsored REITs
Equity in loss					309,000	960,000
Preferred shares purchased		965.75
Percentage of outstanding preferred shares purchased		43.70%
Net cost of preferred shares purchased		$ 82,813,000
Offering price of preferred shares purchased		96,575,000
Commissions excluded		7,726,000
Loan fees excluded		5,553,000
Acquisition fees excluded		$ 483,000
Grand Boulevard
Sponsored REITs
Equity in loss					$ 51,000	$ 76,000
Preferred shares purchased	175.5
Percentage of outstanding preferred shares purchased	27.00%
Net cost of preferred shares purchased	$ 15,049,000
Offering price of preferred shares purchased	17,550,000
Commissions excluded	1,404,000
Loan fees excluded	1,009,000
Acquisition fees excluded	$ 88,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Acquired real estate leases, accumulated amortization	$ 110,884	$ 101,838
Tenant rent receivables, allowance for doubtful accounts	250	325
Straight-line rent receivable, allowance for doubtful accounts	50	162
Office computers and furniture, accumulated depreciation	1,183	1,036
Deferred leasing commissions, accumulated amortization	18,386	16,944
Acquired unfavorable real estate leases, accumulated amortization	$ 9,779	$ 8,687
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, shares issued (in shares)	100,187,405	100,187,405
Common stock, shares outstanding (in shares)	100,187,405	100,187,405

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 24, 2015
Document and Entity Information
Entity Registrant Name	FRANKLIN STREET PROPERTIES CORP /MA/
Entity Central Index Key	0001031316
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		100,187,405
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

Related Party Transactions and Investments in Non-Consolidated Entities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015 entity	Dec. 31, 2014 USD ($) entity	Jun. 30, 2014 entity
Related Party Transactions and Investments in Non-Consolidated Entities
Sponsored REITs (in entities)	9	10	14
Number of REITs in which the entity holds non-controlling preferred stock interest	2
Number of sponsored REITs having properties which were sold	1	4
Number of entities holding mortgage loans		2
FSP Galleria North Corp.
Investment in Sponsored REITs
Repayment of principal \| $		$ 13,880,000
FSP Highland Place I Corp.
Investment in Sponsored REITs
Repayment of principal \| $		$ 3,395,000

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events
Subsequent Events	9.Subsequent Events On July 10, 2015, the Board of Directors of the Company declared a cash distribution of $0.19 per share of common stock payable on August 13, 2015 to stockholders of record on July 24, 2015.

Dispositions of properties	6 Months Ended
Dispositions of properties	Jun. 30, 2015
Dispositions of properties
Dispositions of properties	8.Dispositions of properties The Company sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain and an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain. The disposal of the properties does not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, the properties remain classified within continuing operations for all periods presented.

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2014, as filed with the Securities and Exchange Commission. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or for any other period.
Financial Instruments	Financial Instruments The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values.
Recent Accounting Standards	Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the condensed consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to the condensed consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of June 30, 2015 and December 31, 2014, $6.6 million and $7.6 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of ASU 2015-02 will have on the condensed consolidated financial statements.

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Jul. 10, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014
Subsequent Events
Cash dividend declared per share (in dollars per share)		$ 0.19	$ 0.19	$ 0.19	$ 0.19
Cash distribution declared \| Subsequent Events
Subsequent Events
Cash dividend declared per share (in dollars per share)	$ 0.19

Related Party Transactions and Investments in Non-Consolidated Entities (Details 5) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($) entity	Jun. 30, 2014 USD ($) entity	Dec. 31, 2014 USD ($) entity
Related Party Transactions and Investments in Non-Consolidated Entities
Sponsored REITs (in entities) \| entity	9	14	10
Balance Sheet Data (unaudited):
Real estate, net	$ 421,429		$ 451,822
Other assets	101,701		127,259
Total liabilities	(198,575)		(203,239)
Shareholders' equity	324,555		$ 375,842
Operating Data (unaudited):
Rental revenues	28,174	$ 23,305
Other revenues	25	14
Operating and maintenance expenses	(15,266)	(11,746)
Depreciation and amortization	(9,925)	(7,677)
Interest expense	(4,930)	(3,431)
Net income (loss)	$ (1,922)	$ 465