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

12 Months Ended

Dec. 31, 2019

Related Party Transactions and Investments in Non-Consolidated Entities

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

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​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2018			2017
​	​	​	​	​	​	​
Equity in income (loss) of East Wacker	​	$	7,209	​	$	(428)	​
Equity in loss of Grand Boulevard	​	​	(107)	​	​	(657)	​
Impairment charge	​		(309)	​		(2,519)	​
Total	​	$	6,793	​	$	(3,604)	​

Schedule of distributions received from non-consolidated REITs

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​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2018			2017
​	​	​	​	​	​	​	​
Distributions from East Wacker	​	$	657	​	$	1,289	​
Distributions from Grand Boulevard	​		53	​		107	​
​	​	$	710	​	$	1,396	​

Summary of financial information of Sponsored REITs

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​	​	​	​	​
​		December 31,
(in thousands)	​	2018
​	​	​	​
Balance Sheet Data (unaudited):	​	​	​	​
Real estate, net	​	$	97,034	​
Other assets	​		18,532	​
Total liabilities	​		(75,382)	​
Shareholders’ equity	​	$	40,184	​

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​	​	​	​	​	​	​	​
​	​	For the Year Ended
​	​	December 31,
(in thousands)		2018			2017
​	​	​	​	​	​	​
Operating Data (unaudited):	​	​	​	​	​	​	​
Rental revenues	​	$	40,382	​	$	53,249	​
Other revenues	​		1	​		7	​
Operating and maintenance expenses	​		(20,584)	​		(27,495)	​
Depreciation and amortization	​		(13,077)	​		(18,395)	​
Interest expense	​		(6,869)	​		(8,281)	​
Gain (loss) on sale	​		17,095	​		(702)	​
Net income (loss)	​	$	16,948	​	$	(1,617)	​

Summary of the Sponsored REIT Loans outstanding

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Maximum

Amount

Interest

(dollars in thousands, except footnotes)

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Maturity

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Amount

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Outstanding

Rate at

Sponsored REIT

Location

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Date

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of Loan

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31-Dec-19

31-Dec-19

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Mortgage loan secured by property

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FSP Monument Circle LLC (1)

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Indianapolis, IN

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6-Dec-20

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21,000

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21,000

7.19

%

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$

21,000

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$

21,000

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(1)This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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