XML 30 R20.htm IDEA: XBRL DOCUMENT

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

9 Months Ended

Sep. 30, 2019

Related Party Transactions and Investments in Non-Consolidated Entities

Schedule of equity in losses of investments in non-consolidated REITs


		Nine Months Ended September 30,
(in thousands)		2019			2018

Equity in income of East Wacker		$	—		$	7,209
Equity in loss of Grand Boulevard			—			(107)
Impairment charge			—			(309)
Total		$	—		$	6,793

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			30-Sep-19			Rate (1)			Fee (2)		30-Sep-19

Secured revolving line of credit
FSP Satellite Place Corp.		Duluth, GA		31-Dec-19		$	5,500		$	265		L+	4.4	%	0.5	%	6.48	%

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	%

						$	26,500		$	21,265

(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.

Summary of financial information of Sponsored REITs


		September 30,			December 31,
(in thousands)		2019			2018

Balance Sheet Data (unaudited):
Real estate, net		$	44,440		$	97,034
Other assets			9,709			18,532
Total liabilities			(22,954)			(75,382)
Shareholders’ equity		$	31,195		$	40,184


		For the Nine Months Ended
		September 30,
(in thousands)		2019			2018

Operating Data (unaudited):
Rental revenues		$	7,819		$	35,714
Other revenues			—			1
Operating and maintenance expenses			(4,276)			(18,479)
Depreciation and amortization			(2,971)			(11,451)
Interest expense			(2,939)			(5,692)
Gain (loss) on sale			26,195			17,095
Net income (loss)		$	23,828		$	17,188