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

6 Months Ended

Jun. 30, 2019

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

	Six Months Ended June 30,
(in thousands)	2019		2018
Equity in loss of East Wacker	$	—	$	26
Equity in loss of Grand Boulevard		—		52
Impairment charge		—		309
Total	$	—	$	387

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-Jun-19		Rate (1)			Fee (2)		30-Jun-19
Secured revolving line of credit
FSP Satellite Place Corp.	Duluth, GA	31-Dec-19	$	5,500	$	530	L+	4.4	%	0.5	%	6.83	%
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	$	21,530

(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

	June 30,		December 31,
(in thousands)	2019		2018
Balance Sheet Data (unaudited):
Real estate, net	$	44,781	$	97,034
Other assets		9,850		18,532
Total liabilities		(22,775)		(75,382)
Shareholders’ equity	$	31,856	$	40,184

	For the Six Months Ended
	June 30,
(in thousands)	2019		2018
Operating Data (unaudited):
Rental revenues	$	7,152	$	25,755
Other revenues		—		1
Operating and maintenance expenses		(3,561)		(13,175)
Depreciation and amortization		(2,664)		(8,606)
Interest expense		(2,538)		(4,030)
Gain (loss) on sale		—		9,393
Net income (loss)	$	(1,611)	$	9,338