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