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Related Party Transactions (Tables)
 12 Months Ended
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.