Related Party Transactions and Investments in Non-Consolidated Entities (Tables)

9 Months Ended

Sep. 30, 2013

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.