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

3 Months Ended

Mar. 31, 2015

	Three Months Ended
	March 31,
(in thousands)	2015		2014
Equity in loss of East Wacker	$	285	$	431
Equity in loss of Grand Boulevard	37		53
	$	322	$	484

(dollars in thousands)

			Maximum		Amount						Interest
		Maturity	Amount		Drawn at		Interest		Draw		Rate at
Sponsored REIT	Location	Date	of Loan		31-Mar-15		Rate (1)		Fee (2)		31-Mar-15

Secured revolving lines of credit
FSP Satellite Place Corp.	Duluth, GA	31-Mar-17	$	5,500	$	5,500	L+4.4	%	0.5	%	4.57	%
FSP 1441 Main Street Corp.	Columbia, SC	31-Mar-16	10,800		9,000		L+4.4	%	0.5	%	4.57	%
FSP Energy Tower I Corp.	Houston, TX	3-Jul-15	20,000		8,600		L+5.0	%	0.5	%	5.17	%

Secured construction loan
FSP 385 Interlocken Development Corp.	Broomfield, CO	30-Apr-16	42,000		37,541		L+4.4	%	n/a		4.57	%

Mortgage loan secured by property
FSP Energy Tower I Corp.	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.

	March 31,			December 31,
(in thousands)	2015			2014

Balance Sheet Data (unaudited):
Real estate, net	$	421,849		$	451,822
Other assets	105,791			127,259
Total liabilities	(200,754		)	(203,239		)
Shareholders’ equity	$	326,886		$	375,842

	For the Three Months Ended
	March 31,
(in thousands)	2015			2014

Operating Data (unaudited):
Rental revenues	$	13,900		$	23,305
Other revenues	2			14
Operating and maintenance expenses	(8,235		)	(11,746		)
Depreciation and amortization	(4,975		)	(7,677		)
Interest expense	(2,457		)	(3,431		)
Net income	$	(1,765	)	$	465