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

6 Months Ended

Jun. 30, 2014

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.