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