XML 49 R24.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of equity in earnings (losses) of investments in non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2014 |  | 2013 |  | 2012 |
Equity in earnings of Phoenix Tower |  | $ | — |  | $ | — |  | $ | 1,618 |
Equity in earnings (losses) of East Wacker |  | (1,568 | ) | (1,021 | ) | 670 |
Equity in losses of Grand Boulevard |  | (192 | ) | (337 | ) | (255 | )
|  | $ | (1,760 | ) | $ | (1,358 | ) | $ | 2,033 |
Schedule of distributions received from non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2014 |  | 2013 |  | 2012 |
Distributions from Phoenix Tower |  | $ | — |  | $ | — |  | $ | 173 |
Distributions from East Wacker |  | — |  | — |  | 2,489 |
Distributions from Grand Boulevard |  | 107 |  | 107 |  | 148 |
|  | $ | 107 |  | $ | 107 |  | $ | 2,810 |
Summary of financial information of sponsored REITs |
|  | December 31, |  | December 31, |
(in thousands) |  | 2014 |  | 2013 |
Balance Sheet Data (unaudited): |  |  |  |  |
Real estate, net |  | $ | 451,822 |  | $ | 642,105 |
Other assets |  | 127,259 |  | 187,494 |
Total liabilities |  | (203,239 | ) | (321,099 | )
Shareholders’ equity |  | $ | 375,842 |  | $ | 508,500 |
|  | For the Year Ended |
|  | December 31, |
(in thousands) |  | 2014 |  | 2013 |  | 2012 |
Operating Data (unaudited): |  |  |  |  |  |  |
Rental revenues |  | $ | 66,457 |  | $ | 93,608 |  | $ | 109,676 |
Other revenues |  | 43 |  | 68 |  | 115 |
Operating and maintenance expenses |  | (34,318 | ) | (48,718 | ) | (56,621 | )
Depreciation and amortization |  | (23,417 | ) | (31,450 | ) | (35,143 | )
Interest expense |  | (9,627 | ) | (13,752 | ) | (17,357 | )
Gain on sale, less applicable income tax |  | — |  | 5,851 |  | 36,610 |
Net income (loss) |  | $ | (862 | ) | $ | 5,607 |  | $ | 37,280 |
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-14 |  | Rate (1) |  | Fee (2) |  | 31-Dec-14 |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 | %
FSP Energy Tower I Corp. |  | Houston, TX |  | 3-Jul-15 |  | 20,000 |  | 8,600 |  | L+5.0 | % | 0.5 | % | 5.15 | %
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 |  | 3-Jul-15 |  | 33,000 |  | 33,000 |  | 6.41 | % | n/a |  | 6.41 | %
|  |  |  |  |  | $ | 111,300 |  | $ | 93,641 |  |  |  |  |  |  |
| (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.

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 dividend distributions received from the non-consolidated REITs. + References No definition available. + Details
Name: | fsp_ScheduleOfDividendDistributionReceivedFromNonConsolidatedREITsTableTextBlock
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