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Related Party Transactions and Investments in Non-Consolidated Entities (Tables) | 12 Months Ended
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Dec. 31, 2018
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) |  | 2018 |  | 2017 |  | 2016 |
Equity in income (loss) of East Wacker |  | $ | 7,209 |  | $ | (428) |  | $ | (563) |
Equity in (loss) of Grand Boulevard |  |  | (107) |  |  | (657) |  |  | (268) |
Impairment charge |  |  | (309) |  |  | (2,519) |  |  | — |
|  | $ | 6,793 |  | $ | (3,604) |  | $ | (831) |
Schedule of distributions received from non-consolidated REITs |
|  | Year Ended December 31, |
(in thousands) |  | 2018 |  | 2017 |  | 2016 |
Distributions from East Wacker |  | $ | 657 |  | $ | 1,289 |  | $ | 916 |
Distributions from Grand Boulevard |  |  | 53 |  |  | 107 |  |  | 107 |
|  | $ | 710 |  | $ | 1,396 |  | $ | 1,023 |
Summary of financial information of Sponsored REITs |
|  | December 31, |  | December 31, |
(in thousands) |  | 2018 |  | 2017 |
Balance Sheet Data (unaudited): |  |  |  |  |  |  |
Real estate, net |  | $ | 97,034 |  | $ | 312,861 |
Other assets |  |  | 18,532 |  |  | 74,076 |
Total liabilities |  |  | (75,382) |  |  | (151,092) |
Shareholders’ equity |  | $ | 40,184 |  | $ | 235,845 |
|  | For the Year Ended |
|  | December 31, |
(in thousands) |  | 2018 |  | 2017 |  | 2016 |
Operating Data (unaudited): |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $ | 40,382 |  | $ | 53,249 |  | $ | 54,257 |
Other revenues |  |  | 1 |  |  | 7 |  |  | 39 |
Operating and maintenance expenses |  |  | (20,584) |  |  | (27,495) |  |  | (29,186) |
Depreciation and amortization |  |  | (13,077) |  |  | (18,395) |  |  | (18,274) |
Interest expense |  |  | (6,869) |  |  | (8,281) |  |  | (8,481) |
Gain (loss) on sale |  |  | 17,095 |  |  | (702) |  |  | 26,397 |
Net income (loss) |  | $ | 16,948 |  | $ | (1,617) |  | $ | 24,752 |
Summary of the Sponsored REIT Loans outstanding |
|  |  |  |  |  | Maximum |  | Amount |  |  |  |  |  |  | Interest |
(dollars in thousands, except footnotes) |  |  |  | Maturity |  | Amount |  | Drawn at |  | Interest |  | Draw |  | Rate at |
Sponsored REIT |  | Location |  | Date |  | of Loan |  | 31-Dec-18 |  | Rate (1) |  | Fee (2) |  | 31-Dec-18 |
Secured revolving lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Satellite Place Corp. |  | Duluth, GA |  | 31-Dec-19 |  | $ | 5,500 |  | $ | 1,060 |  | L+ | 4.4 | % | 0.5 | % | 6.78 | %
FSP Energy Tower I Corp. |  | Houston, TX |  | 30-Jun-19 |  |  | 20,000 |  |  | 15,600 |  | L+ | 5.0 | % | 0.5 | % | 7.38 | %
Mortgage loan secured by property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FSP Monument Circle LLC (3) (4) |  | Indianapolis, IN |  | 6-Dec-20 |  |  | 21,000 |  |  | 21,000 |  |  | 7.19 | % | n/a |  | 7.19 | %
FSP Energy Tower I Corp. (5) |  | Houston, TX |  | 30-Jun-19 |  |  | 33,000 |  |  | 33,000 |  |  | 6.41 | % | n/a |  | 6.41 | %
|  |  |  |  |  | $ | 79,500 |  | $ | 70,660 |  |  |  |  |  |  |  |
| (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 loan was extended on December 6, 2018.
| (4) |  | This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.
| (5) |  | This mortgage loan includes an annual extension fee of $108,900 paid by the borrower.

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