XML 35 R18.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2014
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of equity in losses of investments in non-consolidated REITs |
|  | Six Months Ended |
|  | June 30, |
(in thousands) |  | 2014 |  | 2013 |
Equity in loss of East Wacker |  | $ | 960 |  | $ | 231 |
Equity in loss of Grand Boulevard |  | 76 |  | 152 |
|  | $ | 1,036 |  | $ | 383 |
Summary of financial information of sponsored REITs |
|  | June 30, |  | December 31, |
(in thousands) |  | 2014 |  | 2013 |
Balance Sheet Data (unaudited): |  |  |  |  |
Real estate, net |  | $ | 576,861 |  | $ | 642,105 |
Other assets |  | 174,425 |  | 187,494 |
Total liabilities |  | (304,242 | ) | (321,099 | )
Shareholders’ equity |  | $ | 447,044 |  | $ | 508,500 |
|  | For the Six Months Ended |
|  | June 30, |
(in thousands) |  | 2014 |  | 2013 |
Operating Data (unaudited): |  |  |  |  |
Rental revenues |  | $ | 43,162 |  | $ | 46,691 |
Other revenues |  | 27 |  | 36 |
Operating and maintenance expenses |  | (22,234 | ) | (23,604 | )
Depreciation and amortization |  | (14,109 | ) | (15,751 | )
Interest expense |  | (6,522 | ) | (6,805 | )
Net income |  | $ | 324 |  | $ | 567 |
Summary of the Sponsored REIT Loans outstanding |
|  |  |  |  |  | Maximum |  | Amount |  |  |  |  |  | Interest |
|  |  |  | Maturity |  | Amount |  | Drawn at |  | Interest |  | Draw |  | Rate at |
(dollars in thousands) |  | Location |  | Date |  | of Loan |  | 30-Jun-14 |  | Rate (1) |  | Fee (2) |  | 30-Jun-14 |
Sponsored REIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Highland Place I Corp. |  | Centennial, CO |  | 31-Dec-14 |  | $ | 5,500 |  | $ | 3,395 |  | L+4.4% |  | 0.5 | % | 4.55 | %
FSP Satellite Place Corp. |  | Duluth, GA |  | 31-Mar-15 |  | 5,500 |  | 5,500 |  | L+4.4% |  | 0.5 | % | 4.55 | %
FSP 1441 Main Street Corp. |  | Columbia, SC |  | 31-Mar-15 |  | 10,800 |  | 9,000 |  | L+4.4% |  | 0.5 | % | 4.55 | %
Secured construction loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken Development Corp. |  | Broomfield, CO |  | 30-Apr-15 |  | 42,000 |  | 37,541 |  | L+4.4% |  | n/a |  | 4.55 | %
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 | %
|  |  |  |  |  | $ | 96,800 |  | $ | 88,436 |  |  |  |  |  |  |
(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 also is required to pay the Company an exit fee in the amount of 0.982% of the principal repayment amount. On July 3, 2014 the loan’s maturity date was extended for one year from July 5, 2014 to July 3, 2015 and an extension fee of $108,900 was paid by the borrower to the Company.

X
- Definition Tabular disclosure of the mortgage loans receivable on real estate. Information may be provided for each individual mortgage loan or groups of mortgage loans. + References No definition available. + Details
Name: | fsp_MortgageLoansOnRealEstateByLoanTableTextBlock
Namespace Prefix: | fsp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments. + References No definition available. + Details
Name: | us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration