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

3 Months Ended

Mar. 31, 2019


	Three Months Ended March 31,
(in thousands)	2019		2018

Equity in loss of East Wacker	$	—	$	(77)
Equity in loss of Grand Boulevard		—		(28)
Total	$	—	$	(105)


			Maximum		Amount							Interest
(dollars in thousands, except footnotes)		Maturity	Amount		Drawn at		Interest			Draw		Rate at
Sponsored REIT	Location	Date	of Loan		31-Mar-19		Rate (1)			Fee (2)		31-Mar-19

Secured revolving lines of credit
FSP Satellite Place Corp.	Duluth, GA	31-Dec-19	$	5,500	$	795	L+	4.4	%	0.5	%	6.88	%
FSP Energy Tower I Corp.	Houston, TX	30-Jun-19		20,000		18,000	L+	5.0	%	0.5	%	7.48	%

Mortgage loan secured by property
FSP Monument Circle LLC (3)	Indianapolis, IN	6-Dec-20		21,000		21,000		7.19	%	n/a		7.19	%
FSP Energy Tower I Corp. (4)	Houston, TX	30-Jun-19		33,000		33,000		6.41	%	n/a		6.41	%

			$	79,500	$	72,795

(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.


	March 31,		December 31,
(in thousands)	2019		2018

Balance Sheet Data (unaudited):
Real estate, net	$	95,623	$	97,034
Other assets		19,003		18,532
Total liabilities		(76,258)		(75,382)
Shareholders’ equity	$	38,368	$	40,184


	For the Three Months Ended
	March 31,
(in thousands)	2019		2018

Operating Data (unaudited):
Rental revenues	$	3,429	$	13,229
Other revenues		—		1
Operating and maintenance expenses		(1,795)		(6,892)
Depreciation and amortization		(1,329)		(4,369)
Interest expense		(1,287)		(2,006)
Net income (loss)	$	(982)	$	(37)