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