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

12 Months Ended

Dec. 31, 2013

Schedule of income and expenses from Sponsored REITs

	Year Ended December 31,
(in thousands)	2011
Operating Data:
Rental revenues	$	1,482
Operating and maintenance expenses	480
Depreciation and amortization	610
Interest expense	197
Interest income	—
	$	195

Schedule of equity in earnings (losses) of investments in non-consolidated REITs

	Year Ended December 31,
(in thousands)	2013			2012			2011

Equity in earnings of Sponsored REITs	$	—		$	—		$	1,696
Equity in earnings (losses) of Phoenix Tower	—			1,618			(14		)
Equity in earnings (losses) of East Wacker	(1,021		)	670			2,137
Equity in earnings (losses) of Grand Boulevard	(337		)	(255		)	(134		)
	$	(1,358	)	$	2,033		$	3,685

Schedule of distributions received from non-consolidated REITs

	Year Ended December 31,
(in thousands)	2013		2012		2011

Distributions from Sponsored REITs	$	—	$	—	$	1,337
Distributions from Phoenix Tower	—		173		130
Distributions from East Wacker	—		2,489		3,319
Distributions from Grand Boulevard	107		148		270
	$	107	$	2,810	$	5,056

Summary of financial information of sponsored REITs

	December 31,			December 31,
(in thousands)	2013			2012

Balance Sheet Data (unaudited):
Real estate, net	$	642,105		$	659,655
Other assets	187,494			156,785
Total liabilities	(321,099		)	(316,311		)
Shareholders’ equity	$	508,500		$	500,129

	For the Year Ended
	December 31,
(in thousands)	2013			2012			2011

Operating Data (unaudited):
Rental revenues	$	93,608		$	109,676		$	111,417
Other revenues	68			115			90
Operating and maintenance expenses	(48,718		)	(56,621		)	(55,672		)
Selling, general and administrative	—			—			(604		)
Depreciation and amortization	(31,450		)	(35,143		)	(33,909		)
Interest expense	(13,752		)	(17,357		)	(17,180		)
Gain on sale, less applicable income tax	5,851			36,610			—
Net income	$	5,607		$	37,280		$	4,142

Summary of the Sponsored REIT Loans outstanding

			Maximum		Amount						Interest
(dollars in thousands)		Maturity	Amount		Drawn at		Interest		Draw		Rate at
Sponsored REIT	Location	Date	of Loan		31-Dec-13		Rate (1)		Fee (2)		31-Dec-13

Secured revolving lines of credit
FSP Highland Place I Corp.	Centennial, CO	31-Dec-14	$	5,500	$	1,825	L+4.4	%	0.5	%	4.57	%
FSP Satellite Place Corp.	Duluth, GA	31-Mar-14	5,500		5,500		L+4.4	%	0.5	%	4.57	%
FSP 1441 Main Street Corp.	Columbia, SC	31-Mar-14	10,800		9,000		L+4.4	%	0.5	%	4.57	%
FSP Galleria North Corp.	Dallas, TX	30-Jan-15	15,000		12,880		L+5.0	%	0.5	%	5.17	%

Secured construction loan
FSP 385 Interlocken Development Corp.	Broomfield, CO	30-Apr-14	42,000		37,541		L+4.4	%	n/a		4.57	%

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	%

			$	111,800	$	99,746

(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.