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

12 Months Ended

Dec. 31, 2017

Related Party Transactions and Investments in Non-Consolidated Entities

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

	Year Ended December 31,
(in thousands)	2017		2016		2015
Equity in losses of East Wacker	$	428	$	563	$	1,352
Equity in losses of Grand Boulevard		657		268		99
Impairment charge		2,519		—		—
	$	3,604	$	831	$	1,451

Schedule of distributions received from non-consolidated REITs

	Year Ended December 31,
(in thousands)	2017		2016		2015
Distributions from East Wacker	$	1,289	$	916	$	—
Distributions from Grand Boulevard		107		107		107
	$	1,396	$	1,023	$	107

Summary of financial information of Sponsored REITs

	December 31,		December 31,
(in thousands)	2017		2016
Balance Sheet Data (unaudited):
Real estate, net	$	312,861	$	345,532
Other assets		74,076		86,594
Total liabilities		(151,092)		(164,820)
Shareholders’ equity	$	235,845	$	267,306

	For the Year Ended
	December 31,
(in thousands)	2017		2016		2015
Operating Data (unaudited):
Rental revenues	$	53,249	$	54,257	$	57,777
Other revenues		7		39		34
Operating and maintenance expenses		(27,495)		(29,186)		(31,693)
Depreciation and amortization		(18,395)		(18,274)		(21,149)
Interest expense		(8,281)		(8,481)		(9,920)
Gain (loss) on sale, less applicable income tax		(702)		26,397		—
Net income (loss)	$	(1,617)	$	24,752	$	(4,951)

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-Dec-17		Rate (1)			Fee (2)		31-Dec-17
Secured revolving lines of credit
FSP Satellite Place Corp.	Duluth, GA	31-Dec-19	$	5,500	$	2,120	L+	4.4	%	0.5	%	5.78	%
FSP Energy Tower I Corp. (3)	Houston, TX	30-Jun-19		20,000		15,600	L+	5.0	%	0.5	%	6.38	%
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. (3) (5)	Houston, TX	30-Jun-19		33,000		33,000		6.41	%	n/a		6.41	%
			$	79,500	$	71,720

(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) These loans were extended on June 16, 2017.

(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.