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Subsequent Events | 12 Months Ended
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Dec. 31, 2022
Subsequent Events |
Subsequent Events | 11. Subsequent Events ​ As of January 1, 2023, the Company will be consolidating FSP Monument Circle LLC. The Company obtained from the stockholders of the parent of FSP Monument Circle LLC the right to vote their shares in favor of any sale of the property owned by FSP Monument Circle LLC any time on or after January 1, 2023, which triggers consolidation accounting rules as the Company now controls the entity. ​ On January 4, 2023, the Company entered into a purchase and sale agreement for the potential disposition of a property located in Elk Grove Village, Illinois to a third party. The transaction is subject to customary closing conditions and is expected to close on or about February 24, 2023. ​ On January 13, 2023, the Board of Directors of the Company declared a cash distribution of $0.01 per share of common stock payable on February 16, 2023 to stockholders of record on January 27, 2023. ​ On February 8, 2023, the Company terminated all remaining interest rate swaps applicable to the BMO Term Loan and, on February 10, 2023, the Company received an aggregate of approximately $4.3 million as a result of such terminations. ​ On February 10, 2023, the Company entered into a First Amendment (the “BMO First Amendment”) to the BMO Term Loan. On February 10, 2023, as part of the BMO First Amendment, the Company repaid a $40 million portion of the BMO Term Loan, so that $125 million remains outstanding. On or before April 1, 2024, the Company is required to repay an additional $25 million of the BMO Term Loan. The BMO First Amendment, among other items, extended the maturity date of the BMO Term Loan from January 31, 2024 to October 1, 2024, changed the interest rate on the BMO Term Loan from a number of basis points over LIBOR depending on the Company’s credit rating to 300 basis points over SOFR, and made certain changes to conditions and covenants. ​ On February 10, 2023 the Company entered into a First Amendment (the “BofA First Amendment”) to the BofA Revolver. The BofA First Amendment, among other items, extended the maturity date of the of the BofA Revolver from January 12, 2024 to October 1, 2024, reduced availability under the BofA Revolver from up to $237.50 million to up to $150 million effective February 10, 2023, with further reductions to $125 million effective October 1, 2023 and to $100 million effective April 1, 2024, changed the interest rate on the BofA Revolver from a number of basis points over SOFR depending on the Company’s credit rating to 300 basis points over SOFR, and made certain changes to conditions and covenants. As of February 10, 2023, there were borrowings of $105 million drawn and outstanding under the BofA Revolver, including a borrowing of $40 million used to repay a portion of the BMO Term Loan. ​ On February 10, 2023, the Company disclosed in a Current Report on Form 8-K that the Board of Directors of the Company had discontinued the previous authorization, made on June 23, 2021, to repurchase up to $50 million of the Company’s common stock from time to time in the open market, privately negotiated transactions or other manners as permitted by federal securities laws. ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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