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Related Party Transactions and Investments in Non-Consolidated Entities (Tables)
 6 Months Ended
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.