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Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 6 Months Ended
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Jun. 30, 2012
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of equity in earnings of investments in non-consolidated REITs |
|  | Six Months Ended |
|  | June 30, |
(in thousands) |  | 2012 |  |  | 2011 |
Equity in earnings of Sponsored REITs |  | $ | - |  |  | $ | 948 |
Equity in earnings (loss) of Phoenix Tower |  | 25 |  |  | (11 | )
Equity in earnings of East Wacker |  | 968 |  |  | 1,186 |
Equity in earnings (loss) of Grand Boulevard |  | (108 | ) |  | 11 |
|  | $ | 885 |  |  | $ | 2,134 |
Summary of financial information of sponsored REITs |
|  | June 30, |  |  | December 31, |
(in thousands) |  | 2012 |  |  | 2011 |
Balance Sheet Data (unaudited): |  |  |  |  |  |
Real estate, net |  | $ | 744,948 |  |  | $ | 755,825 |
Other assets |  | 167,825 |  |  | 135,658 |
Total liabilities |  | (326,960 | ) |  | (293,326 | )
Shareholders’ equity |  | $ | 585,813 |  |  | $ | 598,157 |
|  | For the Six Months Ended |
|  | June 30, |
(in thousands) |  | 2012 |  | 2011 |
Operating Data (unaudited): |  |  |  |  |
Rental revenues |  | $ | 55,833 |  | $ |  | 54,495 |
Other revenues |  | 70 |  | 33 |
Operating and maintenance expenses |  | (28,032) |  | (26,935 | )
Selling, general and administrative |  | - |  | (789 | )
Depreciation and amortization |  | (17,838) |  | (16,426 | )
Interest expense |  | (8,635) |  | (9,234 | )
Net income |  | $ | 1,398 |  | $ |  | 1,144 |
Summary of the Sponsored REIT Loans outstanding |
(dollars in thousands) |  |  |  |  |  | Maximum |  | Amount |  |  |  |  |  | Interest |
|  |  |  | Maturity |  | Amount |  | Drawn at |  | Interest |  | Draw |  | Rate at |
Sponsored REIT |  | Location |  | Date |  | of Loan |  | 30-Jun-12 |  | Rate (1) |  | Fee (2) |  | 30-Jun-12 |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Highland Place I Corp. (3) |  | Centennial, CO |  | 31-Dec-12 |  | $ | 5,500 |  | $ | 1,125 |  | L+4.4% |  | 0.5% |  | 4.64% |
FSP Satellite Place Corp. (4) |  | Duluth, GA |  | 31-Mar-13 |  | 5,500 |  | 5,500 |  | L+4.4% |  | 0.5% |  | 4.64% |
FSP 1441 Main Street Corp.(4) (a) |  | Columbia, SC |  | 31-Mar-13 |  | 10,800 |  | 7,500 |  | L+4.4% |  | 0.5% |  | 4.64% |
FSP 505 Waterford Corp. (4) |  | Plymouth, MN |  | 30-Nov-12 |  | 7,000 |  | 2,350 |  | L+4.4% |  | 0.5% |  | 4.64% |
FSP Phoenix Tower Corp. (4) (b) |  | Houston, TX |  | 30-Nov-12 |  | 15,000 |  | 15,000 |  | L+4.4% |  | 0.5% |  | 4.64% |
FSP Galleria North Corp. (e) |  | Dallas, TX |  | 30-Jan-15 |  | 15,000 |  | 2,320 |  | L+5.0% |  | 0.5% |  | 5.24% |
Secured construction loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Development Corp. (4) (c) (d) |  | Broomfield, CO |  | 30-Apr-13 |  | 42,000 |  | 37,541 |  | L+4.4% |  | n/a |  | 4.64% |
Mortgage loan secured by property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 50 South Tenth Street Corp. (5) |  | Minneapolis, MN |  | 31-Dec-13 |  | 106,200 |  | 106,200 |  | 6.51% |  | 1.0% |  | 6.51% |
|  |  |  |  |  | $ | 207,000 |  | $ | 177,536 |  |  |  |  |  |  |
(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 secured fixed mortgage amount of $76,200,000 and a $30,000,000 secured 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 secured revolving line of credit component in March 2012. A 0.49% fee will be paid on all amounts repaid under the loan.

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