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

9 Months Ended

Sep. 30, 2014

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

	Nine Months Ended
	September 30,
(in thousands)	2014		2013
Equity in loss of East Wacker	$	1,346	$	572
Equity in loss of Grand Boulevard	145		242
	$	1,491	$	814

Summary of financial information of sponsored REITs

	September 30,			December 31,
(in thousands)	2014			2013

Balance Sheet Data (unaudited):
Real estate, net	$	461,717		$	642,105
Other assets	128,982			187,494
Total liabilities	(198,079		)	(321,099		)
Shareholders’ equity	$	392,620		$	508,500

	For the Nine Months Ended
	September 30,
(in thousands)	2014			2013

Operating Data (unaudited):
Rental revenues	$	52,904		$	70,427
Other revenues	33			52
Operating and maintenance expenses	(27,403		)	(36,395		)
Depreciation and amortization	(18,278		)	(23,638		)
Interest expense	(7,306		)	(10,261		)
Net income	$	(50	)	$	185

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		30-Sep-14		Rate (1)		Fee (2)		30-Sep-14

Secured revolving lines of credit
FSP Highland Place I Corp.	Centennial, CO	31-Dec-14	$	5,500	$	3,395	L+4.4	%	0.5	%	4.56	%
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 Energy Tower I Corp.	Houston, TX	3-Jul-15	20,000		—		L+5.0	%	0.5	%	5.16	%

Secured construction loan
FSP 385 Interlocken Development Corp.	Broomfield, CO	30-Apr-15	42,000		37,541		L+4.4	%	n/a		4.56	%

Mortgage loan secured by property
FSP Energy Tower I Corp. (3)	Houston, TX	3-Jul-15	33,000		33,000		6.41	%	n/a		6.41	%

			$	116,800	$	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, which 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.