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Investment Banking/Investment Services Activity

9 Months Ended

Sep. 30, 2011

Investment Banking/Investment Services Activity

Investment Banking/Investment Services Activity

2.     Investment Banking/Investment Services Activity

During the nine months ended September 30, 2011, the Company sold on a best efforts basis, through private placements, preferred stock in the following Sponsored REITs:

Sponsored REIT		Property Location		Gross Proceeds (1)
				(in thousands)
FSP Monument Circle Corp.		Indianapolis, IN		$	4,750
FSP Union Centre Corp.		West Chester, OH		52,800
		Total		$	57,550

(1)   The syndication of FSP Monument Circle Corp. (“Monument Circle”) commenced in October 2010 and was fully subscribed on March 1, 2011.  The syndication of FSP Union Centre Corp. (“Union Centre”), which commenced in March 2011, was not complete at September 30, 2011.

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