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

3 Months Ended

Mar. 31, 2016

Related Party Transactions and Investments in Non-Consolidated Entities

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

	Three Months Ended March 31,
(in thousands)	2016		2015
Equity in losses of East Wacker		257		285
Equity in losses of Grand Boulevard		29		37
	$	286	$	322

Summary of the Sponsored REIT Loans outstanding

			Maximum		Amount							Interest
(dollars in thousands)		Maturity	Amount		Drawn at		Interest			Draw		Rate at
Sponsored REIT	Location	Date	of Loan		31-Mar-16		Rate (1)			Fee (2)		31-Mar-16
Secured revolving lines of credit
FSP Satellite Place Corp.	Duluth, GA	31-Mar-17	$	5,500	$	3,975	L+	4.4	%	0.5	%	4.84	%
FSP 1441 Main Street Corp. (3)	Columbia, SC	31-Mar-17		10,800		9,000	L+	4.4	%	0.5	%	4.84	%
FSP Energy Tower I Corp.	Houston, TX	30-Jun-17		20,000		12,600	L+	5.0	%	0.5	%	5.44	%
Mortgage loan secured by property
FSP Monument Circle LLC (4)	Indianapolis, IN	7-Dec-18		21,000		21,000		4.90	%	n/a		4.90	%
FSP Energy Tower I Corp. (5)	Houston, TX	30-Jun-17		33,000		33,000		6.41	%	n/a		6.41	%
			$	90,300	$	79,575

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

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

(3) This revolving line of credit was extended on March 25, 2016. 

(4) This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.

(5) This mortgage loan includes an annual extension fee of $108,900 paid by the borrower. 

Summary of financial information of Sponsored REITs

	March 31,		December 31,
(in thousands)	2016		2015
Balance Sheet Data (unaudited):
Real estate, net	$	359,005	$	418,959
Other assets		87,374		101,734
Total liabilities		(159,832)		(203,628)
Shareholders’ equity	$	286,547	$	317,065

	For the Three Months Ended
	March 31,
(in thousands)	2016		2015
Operating Data (unaudited):
Rental revenues	$	13,415	$	13,900
Other revenues		10		2
Operating and maintenance expenses		(7,576)		(8,235)
Depreciation and amortization		(4,510)		(4,975)
Interest expense		(2,197)		(2,457)
Gain on sale, less applicable income tax		19,748		—
Net income (loss)	$	18,890	$	(1,765)