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Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 9 Months Ended
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Sep. 30, 2011
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of equity in earnings of investments in non-consolidated REITs |
|  | Nine Months Ended |
|  | September 30, |
(in thousands) |  | 2011 |  |  | 2010 |
Equity in earnings of Sponsored REITs |  | $ | 1,020 |  |  | $ | 161 |
Equity in earnings (loss) of Phoenix Tower |  | (16 | ) |  | (43 | )
Equity in earnings of East Wacker |  | 1,739 |  |  | 720 |
Equity in earnings of Grand Boulevard |  | (36 | ) |  | 199 |
|  | $ | 2,707 |  |  | $ | 1,037 |
Summary of financial information of sponsored REITs |
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2011 |  |  | 2010 |
Balance Sheet Data (unaudited): |  |  |  |  |  |
Real estate, net |  | $ | 758,425 |  |  | $ | 767,938 |
Other assets |  | 137,818 |  |  | 105,218 |
Total liabilities |  | (292,460 | ) |  | (256,612 | )
Shareholders’ equity |  | $ | 603,783 |  |  | $ | 616,544 |
|  | For the Nine Months Ended
|  | September 30,
(in thousands) |  | 2011 |  |  | 2010 |
Operating Data (unaudited): |  |  |  |  |  |
Rental revenues |  | $ | 83,754 |  |  | $ | 68,383 |
Other revenues |  | 52 |  |  | 140 |
Operating and maintenance expenses |  | (41,132 | ) |  | (38,206 | )
Selling, general and administrative |  | (787 | ) |  |  | -
Depreciation and amortization |  | (24,988 | ) |  | (20,464 | )
Interest expense |  | (12,754 | ) |  | (6,847 | )
Net income |  | $ | 4,145 |  |  | $ | 3,006 |
Summary of the Sponsored REIT Loans outstanding |
(dollars in 000’s) |  |  |  | Maximum |  | Amount |  |  |  |  |  | Interest |
|  | Maturity |  | Amount |  | Drawn at |  | Interest |  | Draw |  | Rate at |
Sponsored REIT |  | Date |  | of Loan |  | 30-Sep-11 |  | Rate (1) |  | Fee (2) |  | 30-Sep-11 |
Revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Highland Place I Corp. (3) |  | 31-Dec-12 |  | $ | 5,500 |  | $ | 1,125 |  | L+4.4% |  | 0.5% |  | 4.62% |
FSP Satellite Place Corp. (4) |  | 31-Mar-13 |  | 5,500 |  | 5,500 |  | L+4.4% |  | 0.5% |  | 4.62% |
FSP 1441 Main Street Corp.(4) (a) |  | 31-Mar-13 |  | 10,800 |  | 7,300 |  | L+4.4% |  | 0.5% |  | 4.62% |
FSP 505 Waterford Corp. (4) |  | 30-Nov-12 |  | 7,000 |  | 1,150 |  | L+4.4% |  | 0.5% |  | 4.62% |
FSP Phoenix Tower Corp. (4) (b) |  | 30-Nov-12 |  | 15,000 |  | 9,300 |  | L+4.4% |  | 0.5% |  | 4.62% |
Construction loan |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken |  |  |  |  |  |  |  |  |  |  |  |  |
Development Corp. (4) (c) (d) |  | 30-Apr-13 |  | 42,000 |  | 37,541 |  | L+4.4% |  | n/a |  | 4.62% |
|  |  |  | $ | 85,800 |  | $ | 61,916 |  |  |  |  |  |  |
(1) The interest rate is 30-Day LIBOR rate plus the additional rate indicated. (2) The draw fee is a percentage of each new advance, and is paid at the time of each new draw. (3) Effective January 1, 2011 and February 1, 2011, the interest rate was 30-day LIBOR plus 3% and effective March 1, 2011 became LIBOR plus 4.4% until maturity. Effective January 31, 2011, any future draws will require a draw fee in an amount equal to 0.5%. (4) Effective January 1, 2011 through March 30, 2011, the interest rate was 30-day LIBOR plus 3%. (a) The Borrower is FSP 1441 Main Street LLC, a wholly-owned subsidiary. (b) The Borrower is FSP Phoenix Tower Limited Partnership, a wholly-owned subsidiary. (c) The Borrower is FSP 385 Interlocken LLC, a wholly-owned subsidiary. (d) The Borrower paid a commitment fee of $210,000 at loan origination in March 2009.

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