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Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2015
Related Party Transactions and Investments in Non-Consolidated Entities |
Schedule of equity in losses of investments in non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2015 |  | 2014 |  | 2013 |
Equity in losses of East Wacker |  |  | 1,352 |  |  | 1,568 |  |  | 1,021 |
Equity in losses of Grand Boulevard |  |  | 99 |  |  | 192 |  |  | 337 |
|  | $ | 1,451 |  | $ | 1,760 |  | $ | 1,358 |
Schedule of distributions received from non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2015 |  | 2014 |  | 2013 |
Distributions from East Wacker |  | $ | — |  | $ | — |  | $ | — |
Distributions from Grand Boulevard |  |  | 107 |  |  | 107 |  |  | 107 |
|  | $ | 107 |  | $ | 107 |  | $ | 107 |
Summary of financial information of Sponsored REITs |
|  | December 31, |  | December 31, |
(in thousands) |  | 2015 |  | 2014 |
Balance Sheet Data (unaudited): |  |  |  |  |  |  |
Real estate, net |  | $ | 418,959 |  | $ | 451,822 |
Other assets |  |  | 101,734 |  |  | 127,259 |
Total liabilities |  |  | (203,628) |  |  | (203,239) |
Shareholders’ equity |  | $ | 317,065 |  | $ | 375,842 |
|  | For the Year Ended |
|  | December 31, |
(in thousands) |  | 2015 |  | 2014 |  | 2013 |
Operating Data (unaudited): |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 57,777 |  | $ | 66,457 |  | $ | 93,608 |
Other revenues |  |  | 34 |  |  | 43 |  |  | 68 |
Operating and maintenance expenses |  |  | (31,693) |  |  | (34,318) |  |  | (48,718) |
Depreciation and amortization |  |  | (21,149) |  |  | (23,417) |  |  | (31,450) |
Interest expense |  |  | (9,920) |  |  | (9,627) |  |  | (13,752) |
Gain on sale, less applicable income tax |  |  | — |  |  | — |  |  | 5,851 |
Net income (loss) |  | $ | (4,951) |  | $ | (862) |  | $ | 5,607 |
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-15 |  | Rate (1) |  | Fee (2) |  | 31-Dec-15 |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Satellite Place Corp. |  | Duluth, GA |  | 31-Mar-17 |  | $ | 5,500 |  | $ | 5,500 |  | L+ | 4.4 | % | 0.5 | % | 4.64 | %
FSP 1441 Main Street Corp. |  | Columbia, SC |  | 31-Mar-16 |  |  | 10,800 |  |  | 9,000 |  | L+ | 4.4 | % | 0.5 | % | 4.64 | %
FSP Energy Tower I Corp. |  | Houston, TX |  | 30-Jun-17 |  |  | 20,000 |  |  | 12,600 |  | L+ | 5.0 | % | 0.5 | % | 5.24 | %
Secured construction loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP 385 Interlocken Development Corp. |  | Broomfield, CO |  | 30-Apr-16 |  |  | 42,000 |  |  | 37,541 |  | L+ | 4.4 | % | n/a |  | 4.64 | %
Mortgage loan secured by property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Monument Circle LLC (3) |  | Indianapolis, IN |  | 7-Dec-18 |  |  | 21,000 |  |  | 21,000 |  |  | 4.90 | % | n/a |  | 4.90 | %
FSP Energy Tower I Corp. (4) |  | Houston, TX |  | 30-Jun-17 |  |  | 33,000 |  |  | 33,000 |  |  | 6.41 | % | n/a |  | 6.41 | %
|  |  |  |  |  | $ | 132,300 |  | $ | 118,641 |  |  |  |  |  |  |  |
| (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) |  | This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.
| (4) |  | This mortgage loan was extended on June 30, 2015 and includes an annual extension fee of $108,900 paid by the borrower to the Company.

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