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Related Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2011
Related Party Transactions |
Schedule of income and expenses from Sponsored REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2011 |  | 2010 |  | 2009 |
Operating Data: |  |  |  |  |  |  |
Rental revenues |  | $ | 1,482 |  | $ | 498 |  | $ | 74 |
Operating and maintenance expenses |  | 480 |  | 536 |  | 50 |
Depreciation and amortization |  | 610 |  | 146 |  | 6 |
Interest expense |  | 197 |  | 38 |  | 6 |
Interest income |  |  |  | 1 |  | — |
|  | $ | 195 |  | $ | (221 | ) | $ | 12 |
Schedule of equity in earnings of investments in non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2011 |  | 2010 |  | 2009 |
Equity in earnings of Sponsored REITs |  | $ | 1,696 |  | $ | 71 |  | $ | 153 |
Equity in earnings (losses) of Phoenix Tower |  | (14 | ) | (47 | ) | 30 |
Equity in earnings of East Wacker |  | 2,137 |  | 1,168 |  | 1,673 |
Equity in earnings of Grand Boulevard |  | (134 | ) | 74 |  | 138 |
|  | $ | 3,685 |  | $ | 1,266 |  | $ | 1,994 |
Schedule of distributions received from non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2011 |  | 2010 |  | 2009 |
Distributions from Sponsored REITs |  | $ | 1,337 |  | $ | 391 |  | $ | 442 |
Distributions from Phoenix Tower |  | 130 |  | 179 |  | 125 |
Distributions from East Wacker |  | 3,319 |  | 3,705 |  | 4,661 |
Distributions from Grand Boulevard |  | 270 |  | 895 |  | 400 |
|  | $ | 5,056 |  | $ | 5,170 |  | $ | 5,628 |
Summary of financial information of sponsored REITs |
|  | December 31, |  | December 31, |
(in thousands) |  | 2011 |  | 2010 |
Balance Sheet Data (unaudited): |  |  |  |  |
Real estate, net |  | $ | 755,825 |  | $ | 767,938 |
Other assets |  | 135,658 |  | 105,218 |
Total liabilities |  | (293,326 | ) | (256,612 | )
Shareholders’ equity |  | $ | 598,157 |  | $ | 616,544 |
|  | For the Year Ended |
|  | December 31, |
(in thousands) |  | 2011 |  | 2010 |  | 2009 |
Operating Data (unaudited): |  |  |  |  |  |  |
Rental revenues |  | $ | 111,417 |  | $ | 91,406 |  | $ | 95,918 |
Other revenues |  | 90 |  | 162 |  | 386 |
Operating and maintenance expenses |  | (55,672 | ) | (50,339 | ) | (50,080 | )
Selling, general and administrative |  | (604 | ) | — |  | — |
Depreciation and amortization |  | (33,909 | ) | (27,138 | ) | (24,359 | )
Interest expense |  | (17,180 | ) | (11,160 | ) | (9,412 | )
Net income |  | $ | 4,142 |  | $ | 2,931 |  | $ | 12,453 |
Summary of the Sponsored REIT Loans outstanding |
|  |  |  | Maximum |  | Amount |  |  |  |  |  | Interest |
(dollars in 000’s) |  | Maturity |  | Amount |  | Drawn at |  | Interest |  | Draw |  | Rate at |
Sponsored REIT |  | Date |  | of Loan |  | 31-Dec-11 |  | Rate (1) |  | Fee (2) |  | 31-Dec-11 |
Revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Highland Place I Corp. (3) |  | 31-Dec-12 |  | $ | 5,500 |  | $ | 1,125 |  | L+4.4 | % | 0.5 | % | 4.67 | %
FSP Satellite Place Corp. (4) |  | 31-Mar-13 |  | 5,500 |  | 5,500 |  | L+4.4 | % | 0.5 | % | 4.67 | %
FSP 1441 Main Street Corp.(4) (a) |  | 31-Mar-13 |  | 10,800 |  | 7,500 |  | L+4.4 | % | 0.5 | % | 4.67 | %
FSP 505 Waterford Corp. (4) |  | 30-Nov-12 |  | 7,000 |  | 1,650 |  | L+4.4 | % | 0.5 | % | 4.67 | %
FSP Phoenix Tower Corp. (4) (b) |  | 30-Nov-12 |  | 15,000 |  | 11,000 |  | L+4.4 | % | 0.5 | % | 4.67 | %
Construction loan |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken Development Corp. (4) (c) (d) |  | 30-Apr-13 |  | 42,000 |  | 37,541 |  | L+4.4 | % | n/a |  | 4.67 | %
Mortgage loan |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 50 South Tenth Street Corp. (5) |  | 31-Dec-13 |  | 106,200 |  | 76,200 |  | 6.51 | % | 1.0 | % | 6.51 | %
|  |  |  | $ | 192,000 |  | $ | 140,516 |  |  |  |  |  |  |
(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) 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. (5) The loan has a fixed mortgage amount of $76,200,000 and a $30,000,000 revolving line of credit component. A loan fee of $762,000 was paid related to the fixed mortgage component and a 1% fee will be paid on draws related to the line of credit component. A 0.49% fee will be paid on all amounts repaid under the loan. As of December 31, 2011, no amounts have been drawn under the revolving line of credit component.

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