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Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2012
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of income and expenses from Sponsored REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2011 |  | 2010 |
Operating Data: |  |  |  |  |
Rental revenues |  | $ | 1,482 |  | $ | 498 |
Operating and maintenance expenses |  | 480 |  | 536 |
Depreciation and amortization |  | 610 |  | 146 |
Interest expense |  | 197 |  | 38 |
Interest income |  | — |  | 1 |
|  | $ | 195 |  | $ | (221 | )
Schedule of equity in earnings of investments in non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2012 |  | 2011 |  | 2010 |
Equity in earnings of Sponsored REITs |  | $ | — |  | $ | 1,696 |  | $ | 71 |
Equity in earnings (losses) of Phoenix Tower |  | 1,618 |  | (14 | ) | (47 | )
Equity in earnings of East Wacker |  | 670 |  | 2,137 |  | 1,168 |
Equity in earnings of Grand Boulevard |  | (255 | ) | (134 | ) | 74 |
|  | $ | 2,033 |  | $ | 3,685 |  | $ | 1,266 |
Schedule of distributions received from non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2012 |  | 2011 |  | 2010 |
Distributions from Sponsored REITs |  | $ | — |  | $ | 1,337 |  | $ | 391 |
Distributions from Phoenix Tower |  | 173 |  | 130 |  | 179 |
Distributions from East Wacker |  | 2,489 |  | 3,319 |  | 3,705 |
Distributions from Grand Boulevard |  | 148 |  | 270 |  | 895 |
|  | $ | 2,810 |  | $ | 5,056 |  | $ | 5,170 |
Summary of financial information of sponsored REITs |
|  | December 31, |  | December 31, |
(in thousands) |  | 2012 |  | 2011 |
Balance Sheet Data (unaudited): |  |  |  |  |
Real estate, net |  | $ | 659,655 |  | $ | 755,825 |
Other assets |  | 156,785 |  | 135,658 |
Total liabilities |  | (316,311 | ) | (293,326 | )
Shareholders’ equity |  | $ | 500,129 |  | $ | 598,157 |
|  | For the Year Ended |
|  | December 31, |
(in thousands) |  | 2012 |  | 2011 |  | 2010 |
Operating Data (unaudited): |  |  |  |  |  |  |
Rental revenues |  | $ | 109,676 |  | $ | 111,417 |  | $ | 91,406 |
Other revenues |  | 115 |  | 90 |  | 162 |
Operating and maintenance expenses |  | (56,621 | ) | (55,672 | ) | (50,339 | )
Selling, general and administrative |  | — |  | (604 | ) | — |
Depreciation and amortization |  | 35,143 |  | (33,909 | ) | (27,138 | )
Interest expense |  | (17,357 | ) | (17,180 | ) | (11,160 | )
Gain on sale, less applicable income tax |  | 36,610 |  | — |  | — |
Net income |  | $ | 37,280 |  | $ | 4,142 |  | $ | 2,931 |
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 |  | 31-Dec-12 |  | Rate (1) |  | Fee (2) |  | 31-Dec-12 |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Highland Place I Corp. (3) |  | Centennial, CO |  | 31-Dec-13 |  | $ | 5,500 |  | $ | 1,125 |  | L+4.4 | % | 0.5 | % | 4.62 | %
FSP Satellite Place Corp. (4) |  | Duluth, GA |  | 31-Mar-13 |  | 5,500 |  | 5,500 |  | L+4.4 | % | 0.5 | % | 4.62 | %
FSP 1441 Main Street Corp.(4) (a) |  | Columbia, SC |  | 31-Mar-13 |  | 10,800 |  | 8,500 |  | L+4.4 | % | 0.5 | % | 4.62 | %
FSP 505 Waterford Corp. (4) |  | Plymouth, MN |  | 30-Nov-13 |  | 7,000 |  | 2,350 |  | L+4.4 | % | 0.5 | % | 4.62 | %
FSP Galleria North Corp. (d) |  | Dallas, TX |  | 30-Jan-15 |  | 15,000 |  | 5,880 |  | L+5.0 | % | 0.5 | % | 5.22 | %
Secured construction loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken Development Corp. (4) (b) (c) |  | Broomfield, CO |  | 30-Apr-13 |  | 42,000 |  | 37,541 |  | L+4.4 | % | n/a |  | 4.62 | %
Mortgage loan secured by property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Energy Tower I Corp. (5) (e) |  | Houston, TX |  | 5-Jul-14 |  | 33,000 |  | 33,000 |  | 6.41 | % | n/a |  | 6.41 | %
|  |  |  |  |  | $ | 118,800 |  | $ | 93,896 |  |  |  |  |  |  |
(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 385 Interlocken LLC, a wholly-owned subsidiary. (c) The borrower paid a commitment fee of $210,000 at loan origination in March 2009. (d) The borrower is FSP Galleria North Limited Partnership, a wholly-owned subsidiary. (e) The borrower is FSP Energy Tower I Limited Partnership, a wholly-owned subsidiary. (5) The loan has a secured fixed mortgage amount of $33,000,000. A loan fee of $300,630 was paid at the time of closing and funding of the loan on July 5, 2012. The borrower is required to pay the Company an exit fee in the amount of 0.982% of the principal repayment amount.

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