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Related Party Transactions and Investments in Non-Consolidated Entities (Tables)
 3 Months Ended
Mar. 31, 2012
Related Party Transactions and Investments in Non-Consolidated Entities  
Schedule of equity in earnings of investments in non-consolidated REITs

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Equity in earnings of Sponsored REITs

 

  $

-

 

 

  $

537

 

Equity in earnings (loss) of Phoenix Tower

 

3

 

 

(4

)

Equity in earnings of East Wacker

 

439

 

 

381

 

Equity in earnings (loss) of Grand Boulevard

 

(51

)

 

54

 

 

 

  $

391

 

 

  $

968

 

 
Summary of financial information of sponsored REITs

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Balance Sheet Data (unaudited):

 

 

 

 

 

 

Real estate, net

 

  $

750,499

 

 

  $

755,825

 

Other assets

 

163,234

 

 

135,658

 

Total liabilities

 

(321,202

)

 

(293,326

)

Shareholders’ equity

 

  $

592,531

 

 

  $

598,157

 

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Operating Data (unaudited):

 

 

 

 

 

 

Rental revenues

 

  $

27,658

 

 

  $

27,005

 

Other revenues

 

37

 

 

16

 

Operating and maintenance expenses

 

(13,750

)

 

(13,932

)

Selling, general and administrative

 

 

-

 

(787

)

Depreciation and amortization

 

(8,672

)

 

(7,706

)

Interest expense

 

(4,381

)

 

(3,358

)

Net income

 

  $

892

 

 

  $

1,238

 

 
Summary of the Sponsored REIT Loans outstanding

 

(dollars in thousands)

 

 

 

Maximum

 

Amount

 

 

 

 

 

Interest

 

 

 

Maturity

 

Amount

 

Drawn at

 

Interest

 

Draw

 

Rate at

 

Sponsored REIT

 

Date

 

of Loan

 

31-Mar-12

 

Rate (1)

 

Fee (2)

 

31-Mar-12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving lines of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP Highland Place I Corp. (3)

 

31-Dec-12

 

$

5,500

 

$

1,125

 

L+4.4%

 

0.5%

 

4.64%

 

FSP Satellite Place Corp. (4)

 

31-Mar-13

 

5,500

 

5,500

 

L+4.4%

 

0.5%

 

4.64%

 

FSP 1441 Main Street Corp.(4) (a)

 

31-Mar-13

 

10,800

 

7,500

 

L+4.4%

 

0.5%

 

4.64%

 

FSP 505 Waterford Corp. (4)

 

30-Nov-12

 

7,000

 

1,950

 

L+4.4%

 

0.5%

 

4.64%

 

FSP Phoenix Tower Corp. (4) (b)

 

30-Nov-12

 

15,000

 

12,000

 

L+4.4%

 

0.5%

 

4.64%

 

FSP Gallieria North Corp. (e)

 

30-Jan-15

 

15,000

 

470

 

L+5.0%

 

0.5%

 

5.24%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction loan

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP 385 Interlocken

 

 

 

 

 

 

 

 

 

 

 

 

 

Development Corp. (4) (c) (d)

 

30-Apr-13

 

42,000

 

37,541

 

L+4.4%

 

n/a

 

4.64%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loan

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP 50 South Tenth Street Corp. (5)

 

31-Dec-13

 

106,200

 

106,200

 

6.51%

 

1.0%

 

6.51%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

207,000

 

$

172,286

 

 

 

 

 

 

 

 

(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.

(e) The borrower is FSP Galleria North Limited Partnership, a wholly-owned subsidiary.

 

(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 $300,000 fee was paid upon a $30 million draw from the revolving line of credit component in March 2012.  A 0.49% fee will be paid on all amounts repaid under the loan.