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

12 Months Ended

Dec. 31, 2014

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.