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

3 Months Ended

Mar. 31, 2014

Schedule of equity in losses of investments in non-consolidated REITs

	Three Months Ended
	March 31,
(in thousands)	2014		2013
Equity in loss of East Wacker	$	431	$	110
Equity in loss of Grand Boulevard	53		78
	$	484	$	188

Summary of financial information of sponsored REITs

	March 31,			December 31,
(in thousands)	2014			2013

Balance Sheet Data (unaudited):
Real estate, net	$	639,165		$	642,105
Other assets	184,961			187,494
Total liabilities	(319,349		)	(321,099		)
Shareholders’ equity	$	504,777		$	508,500

	For the Three Months Ended
	March 31,
(in thousands)	2014			2013

Operating Data (unaudited):
Rental revenues	$	23,305		$	23,372
Other revenues	14			18
Operating and maintenance expenses	(11,746		)	(11,588		)
Depreciation and amortization	(7,677		)	(7,842		)
Interest expense	(3,431		)	(3,307		)
Net income	$	465		$	653

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-Mar-14		Rate (1)	Fee (2)		31-Mar-14

Secured revolving lines of credit
FSP Highland Place I Corp.	Centennial, CO	31-Dec-14	$	5,500	$	2,995	L+4.4%	0.5	%	4.56	%
FSP Satellite Place Corp.	Duluth, GA	31-Mar-15	5,500		5,500		L+4.4%	0.5	%	4.56	%
FSP 1441 Main Street Corp.	Columbia, SC	31-Mar-15	10,800		9,000		L+4.4%	0.5	%	4.56	%
FSP Galleria North Corp.	Dallas, TX	30-Jan-15	15,000		13,880		L+5.0%	0.5	%	5.16	%

Secured construction loan
FSP 385 Interlocken
Development Corp.	Broomfield, CO	30-Apr-14	42,000		37,541		L+4.4%	n/a		4.56	%

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	$	101,916

(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.