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Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 9 Months Ended
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Sep. 30, 2013
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of equity in earnings (losses) of investments in non-consolidated REITs |
|  | Nine Months Ended |
|  | September 30, |
(in thousands) |  | 2013 |  | 2012 |
Equity in earnings of Phoenix Tower |  | $ | — |  | $ | 48 |
Equity in earnings (loss) of East Wacker |  | (572 | ) | 1,197 |
Equity in loss of Grand Boulevard |  | (242 | ) | (184 | )
|  | $ | (814 | ) | $ | 1,061 |
Summary of financial information of sponsored REITs |
|  | September 30, |  | December 31, |
(in thousands) |  | 2013 |  | 2012 |
Balance Sheet Data (unaudited): |  |  |  |  |
Real estate, net |  | $ | 694,469 |  | $ | 659,655 |
Other assets |  | 164,153 |  | 156,785 |
Total liabilities |  | (322,608 | ) | (316,311 | )
Shareholders’ equity |  | $ | 536,014 |  | $ | 500,129 |
|  | For the Nine Months Ended |
|  | September 30, |
(in thousands) |  | 2013 |  | 2012 |
Operating Data (unaudited): |  |  |  |  |
Rental revenues |  | $ | 70,427 |  | $ | 83,933 |
Other revenues |  | 52 |  | 93 |
Operating and maintenance expenses |  | (36,395 | ) | (42,134 | )
Depreciation and amortization |  | (23,638 | ) | (26,452 | )
Interest expense |  | (10,261 | ) | (13,633 | )
Net income |  | $ | 185 |  | $ | 1,807 |
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-Sep-13 |  | Rate (1) |  | Fee (2) |  | 30-Sep-13 |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Highland Place I Corp. |  | Centennial, CO |  | 31-Dec-13 |  | $ | 5,500 |  | $ | 1,575 |  | L+4.4% |  | 0.5 | % | 4.58 | %
FSP Satellite Place Corp. |  | Duluth, GA |  | 31-Mar-14 |  | 5,500 |  | 5,500 |  | L+4.4% |  | 0.5 | % | 4.58 | %
FSP 1441 Main Street Corp. |  | Columbia, SC |  | 31-Mar-14 |  | 10,800 |  | 9,000 |  | L+4.4% |  | 0.5 | % | 4.58 | %
FSP 505 Waterford Corp. |  | Plymouth, MN |  | 30-Nov-13 |  | 7,000 |  | 2,350 |  | L+4.4% |  | 0.5 | % | 4.58 | %
FSP Galleria North Corp. |  | Dallas, TX |  | 30-Jan-15 |  | 15,000 |  | 9,880 |  | L+5.0% |  | 0.5 | % | 5.18 | %
Secured construction loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken Development Corp. |  | Broomfield, CO |  | 30-Apr-14 |  | 42,000 |  | 37,541 |  | L+4.4% |  | n/a |  | 4.58 | %
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 |  | $ | 98,846 |  |  |  |  |  |  |
(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.

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