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Related Party Transactions and Investments in Non-Consolidated Entities (Tables)
 12 Months Ended
Dec. 31, 2016
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)

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

Equity in losses of East Wacker

 

$
563

 

$
1,352

 

$
1,568

 

Equity in losses of Grand Boulevard

 

 
268

 

 
99

 

 
192

 

 

 

$
831

 

$
1,451

 

$
1,760

 

 

Schedule of distributions received from non-consolidated REITs

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

(in thousands)

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from East Wacker

 

$
916

 

$

 —

 

$

 —

 

Distributions from Grand Boulevard

 

 
107

 

 
107

 

 
107

 

 

 

$
1,023

 

$
107

 

$
107

 

 

Summary of financial information of Sponsored REITs

 

 

 

 

 

 

 

 

 

    

December 31,

    

December 31,

 

(in thousands)

 

2016

 

2015

 

 

 

 

 

 

 

 

 

Balance Sheet Data (unaudited):

 

 

 

 

 

 

 

Real estate, net

 

$
345,532

 

$
418,959

 

Other assets

 

 
86,594

 

 
101,734

 

Total liabilities

 

 
(164,820)

 

 
(203,628)

 

Shareholders’ equity

 

$
267,306

 

$
317,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

 

December 31,

 

(in thousands)

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

Operating Data (unaudited):

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$
54,257

 

$
57,777

 

$
66,457

 

Other revenues

 

 
39

 

 
34

 

 
43

 

Operating and maintenance expenses

 

 
(29,186)

 

 
(31,693)

 

 
(34,318)

 

Depreciation and amortization

 

 
(18,274)

 

 
(21,149)

 

 
(23,417)

 

Interest expense

 

 
(8,481)

 

 
(9,920)

 

 
(9,627)

 

Gain on sale, less applicable income tax

 

 
26,397

 

 

 —

 

 

 —

 

Net income (loss)

 

$
24,752

 

$
(4,951)

 

$
(862)

 

 

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-16

 

Rate (1)

 

Fee (2)

 

31-Dec-16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured revolving lines of credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSP Satellite Place Corp.

 

Duluth, GA

 

31-Mar-17

 

$
5,500

 

$
3,180

 

L+
4.4

%  
0.5

%  
5.03

%

FSP 1441 Main Street Corp.

 

Columbia, SC

 

31-Mar-17

 

 
10,800

 

 
9,000

 

L+
4.4

%  
0.5

%  
5.03

%

FSP Energy Tower I Corp.

 

Houston, TX

 

30-Jun-17

 

 
20,000

 

 
15,600

 

L+
5.0

%  
0.5

%  
5.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
90,300

 

$
81,780

 

 

 

 

 

 

 

 

(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 includes an annual extension fee of $108,900 paid by the borrower.