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Related Party Transactions and Investments in Non-Consolidated Entities (Tables)
 6 Months Ended
Jun. 30, 2013
Related Party Transactions and Investments in Non-Consolidated Entities  
Schedule of equity in earnings (losses) of investments in non-consolidated REITs

 

 

 

Six Months Ended

 

 

 

June 30,

 

(in thousands)

 

2013

 

2012

 

Equity in earnings of Phoenix Tower

 

  $

-     

 

  $

25

 

Equity in earnings (loss) of East Wacker

 

(231)

 

968

 

Equity in loss of Grand Boulevard

 

(152)

 

(108)

 

 

 

  $

(383)

 

  $

885

 
Summary of financial information of sponsored REITs

 

 

 

June 30,

 

December 31,

 

(in thousands)

 

2013

 

2012

 

 

 

 

 

 

 

Balance Sheet Data (unaudited):

 

 

 

 

 

Real estate, net

 

  $

698,697

 

  $

659,655

 

Other assets

 

160,698

 

156,785

 

Total liabilities

 

(317,583)

 

(316,311)

 

Shareholders’ equity

 

  $

541,812

 

  $

500,129

 

 

 

 

For the Six Months Ended

 

 

 

June 30,

 

(in thousands)

 

2013

 

2012

 

 

 

 

 

 

 

Operating Data (unaudited):

 

 

 

 

 

Rental revenues

 

  $

46,691

 

  $

55,833

 

Other revenues

 

36

 

70

 

Operating and maintenance  expenses

 

(23,604)

 

(28,032)

 

Depreciation and amortization

 

(15,751)

 

(17,838)

 

Interest expense

 

(6,805)

 

(8,635)

 

Net income

 

  $

567

 

  $

1,398

 
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-13

 

Rate (1)

 

Fee (2)

 

30-Jun-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured revolving lines of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP Highland Place I Corp.

 

Centennial, CO

 

31-Dec-13

 

$

5,500

 

$

1,375

 

L+4.4%

 

0.5%

 

4.59%

 

FSP Satellite Place Corp.

 

Duluth, GA

 

31-Mar-14

 

5,500

 

5,500

 

L+4.4%

 

0.5%

 

4.59%

 

FSP 1441 Main Street Corp.

 

Columbia, SC

 

31-Mar-14

 

10,800

 

9,000

 

L+4.4%

 

0.5%

 

4.59%

 

FSP 505 Waterford Corp.

 

Plymouth, MN

 

30-Nov-13

 

7,000

 

2,350

 

L+4.4%

 

0.5%

 

4.59%

 

FSP Galleria North Corp.

 

Dallas, TX

 

30-Jan-15

 

15,000

 

9,080

 

L+5.0%

 

0.5%

 

5.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured construction loan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP 385 Interlocken

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development Corp.

 

Broomfield, CO

 

30-Apr-14

 

42,000

 

37,541

 

L+4.4%

 

n/a

 

4.59%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loan secured by property

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP Energy Tower I Corp. (3)

 

Houston, TX

 

5-Jul-14

 

33,000

 

33,000

 

6.41%

 

n/a

 

6.41%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

118,800

 

$

97,846

 

 

 

 

 

 

 

 

(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)         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.