Franklin Street Properties (FSP) 10-Q 29 Oct 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 25, 2013
Document and Entity Information
Entity Registrant Name	FRANKLIN STREET PROPERTIES CORP /MA/
Entity Central Index Key	1031316
Document Type	10-Q
Document Period End Date	30-Sep-13
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		100,187,405
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate assets:
Land	$185,479	$141,545
Buildings and improvements	1,599,519	1,172,928
Fixtures and equipment	985	904
Total real estate assets, gross	1,785,983	1,315,377
Less accumulated depreciation	210,293	180,589
Real estate assets, net	1,575,690	1,134,788
Acquired real estate leases, less accumulated amortization of $60,589 and $39,203, respectively	194,893	108,203
Investment in non-consolidated REITs	81,065	81,960
Asset held for sale	10,143	10,575
Cash and cash equivalents	25,539	21,267
Restricted cash	623	575
Tenant rent receivables, less allowance for doubtful accounts of $80 and $1,300, respectively	6,029	1,749
Straight-line rent receivable, less allowance for doubtful accounts of $135 and $135, respectively	40,086	35,374
Related party mortgage loan receivables	98,846	93,896
Prepaid expenses and other assets	11,303	13,761
Other assets: derivative asset	4,365
Office computers and furniture, net of accumulated depreciation of $694 and $584, respectively	543	544
Deferred leasing commissions, net of accumulated amortization of $14,402 and $11,812, respectively	27,504	23,376
Total assets	2,076,629	1,526,068
Liabilities:
Bank note payable	331,500	216,750
Term loans payable	620,000	400,000
Accounts payable and accrued expenses	39,907	31,122
Accrued compensation	2,432	2,540
Tenant security deposits	3,891	2,489
Other liabilities: derivative liability	4,579	1,219
Acquired unfavorable real estate leases, less accumulated amortization of $5,936 and $4,618, respectively	15,171	7,199
Total liabilities	1,017,480	661,319
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.0001 par value, 20,000,000 shares authorized, none issued or outstanding
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,187,405 and 82,937,405 shares issued and outstanding, respectively	10	8
Additional paid-in capital	1,273,585	1,042,876
Accumulated other comprehensive loss	-214	-1,219
Accumulated distributions in excess of accumulated earnings	-214,232	-176,916
Total stockholders' equity	1,059,149	864,749
Total liabilities and stockholders' equity	$2,076,629	$1,526,068

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Condensed Consolidated Balance Sheets
Acquired real estate leases, accumulated amortization	$60,589	$39,203
Tenant rent receivables, allowance for doubtful accounts	80	1,300
Straight-line rent receivable, allowance for doubtful accounts	135	135
Office computers and furniture, accumulated depreciation	694	584
Deferred leasing commissions, accumulated amortization	14,402	11,812
Acquired unfavorable real estate leases, accumulated amortization	$5,936	$4,618
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	180,000,000	180,000,000
Common stock, shares issued (in shares)	100,187,405	82,937,405
Common stock, shares outstanding (in shares)	100,187,405	82,937,405

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue:
Rental	$56,760	$37,944	$145,618	$109,207
Related party revenue:
Management fees and interest income from loans	1,665	3,485	4,929	9,146
Other	21	39	64	112
Total revenue	58,446	41,468	150,611	118,465
Expenses:
Real estate operating expenses	13,991	9,642	35,877	26,938
Real estate taxes and insurance	8,801	5,761	22,704	16,946
Depreciation and amortization	22,163	13,367	54,863	39,031
Selling, general and administrative	3,477	3,141	9,213	7,454
Interest	5,474	4,187	13,856	11,901
Total expenses	53,906	36,098	136,513	102,270
Income before interest income, equity in earnings (losses) of non-consolidated REITs and taxes	4,540	5,370	14,098	16,195
Interest income	5	5	10	17
Equity in earnings (losses) of non-consolidated REITs	-431	176	-814	1,061
Income before taxes on income	4,114	5,551	13,294	17,273
Taxes on income	118	80	352	236
Income from continuing operations	3,996	5,471	12,942	17,037
Discontinued operations:
Income (loss) from discontinued operations, net of income tax	98	-169	294	-563
Provision for loss on property held for sale of $14,300 less applicable income tax		-14,300		-14,300
Total discontinued operations	98	-14,469	294	-14,863
Net income (loss)	$4,094	($8,998)	$13,236	$2,174
Weighted average number of shares outstanding, basic and diluted (in shares)	100,187	82,937	91,720	82,937
Earnings per share, basic and diluted, attributable to:
Continuing operations (in dollars per share)	$0.04	$0.07	$0.14	$0.21
Discontinued operations (in dollars per share)	$0	($0.18)	$0	($0.18)
Net income (loss) per share, basic and diluted (in dollars per share)	$0.04	($0.11)	$0.14	$0.03

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Income (Loss) (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Condensed Consolidated Statements of Income (Loss)
Provision for loss on property held for sale	$14,300

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Other Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Condensed Consolidated Statements of Other Comprehensive Income (Loss)
Net income (loss)	$4,094	($8,998)	$13,236	$2,174
Other comprehensive income:
Unrealized gain (loss) on derivative financial instruments	-6,953		1,005
Total other comprehensive income	-6,953		1,005
Comprehensive income (loss)	($2,859)	($8,998)	$14,241	$2,174

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$13,236	$2,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	56,796	41,846
Amortization of above market lease	-277	56
Provision for loss on property held for sale of $14,300 less applicable income tax		14,300
Equity in (earnings) losses of non-consolidated REITs	814	-1,061
Distributions from non-consolidated REITs		1,246
Increase (decrease) in bad debt reserve	-1,220	105
Changes in operating assets and liabilities:
Restricted cash	-48	-53
Tenant rent receivables, net	-3,060	173
Straight-line rents, net	-3,920	-3,498
Lease acquisition costs	-820	-2,235
Prepaid expenses and other assets, net	-1,845	-1,278
Accounts payable and accrued expenses	6,860	-25
Accrued compensation	-108	-28
Tenant security deposits	1,402	273
Payment of deferred leasing commissions	-7,532	-2,425
Net cash provided by operating activities	60,278	49,570
Cash flows from investing activities:
Purchase of real estate assets, office computers and furniture	-468,893	-49,209
Acquired real estate leases	-100,143	-14,376
Investments in non-consolidated REITs	4,858	-1
Distributions in excess of earnings from non-consolidated REITs	81	1,487
Investment in related party mortgage loan receivable	-4,950	-73,920
Repayment of related party mortgage loan receivable		106,200
Net cash used in investing activities	-569,047	-29,819
Cash flows from financing activities:
Proceeds from stock offering	241,500
Offering costs	-10,789
Distributions to stockholders	-50,552	-47,274
Borrowings under bank note payable	160,000	160,000
Repayment of bank note payable	-45,250	-527,000
Borrowing from term loan payable	220,000	400,000
Deferred financing costs	-1,868	-5,328
Net cash provided by (used in) financing activities	513,041	-19,602
Net increase in cash and cash equivalents	4,272	149
Cash and cash equivalents, beginning of period	21,267	23,813
Cash and cash equivalents, end of period	25,539	23,962
Non-cash investing and financing activities:
Accrued costs for purchase of real estate assets	$3,617	$774

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Condensed Consolidated Statements of Cash Flows
Provision for loss on property held for sale	$14,300

Organization_Properties_Basis_

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards	9 Months Ended
	Sep. 30, 2013
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards	1.              Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
	Organization
	Franklin Street Properties Corp. (“FSP Corp.” or the “Company”), holds, directly and indirectly, 100% of the interest in FSP Investments LLC, FSP Property Management LLC, FSP Holdings LLC and FSP Protective TRS Corp.  FSP Investments LLC is a registered broker/dealer with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority, or FINRA.  FSP Property Management LLC provides asset management and property management services.  The Company also has a non controlling common stock interest in 15 corporations organized to operate as real estate investment trusts (“REIT”) and a non-controlling preferred stock interest in two of those REITs.  Collectively, the 15 REITs are referred to as the “Sponsored REITs”.
	As of September 30, 2013, the Company owned and operated a portfolio of real estate consisting of 40 properties, including one asset held for sale, managed 15 Sponsored REITs and held seven promissory notes secured by mortgages on real estate owned by Sponsored REITs, including one mortgage loan, one construction loan and five revolving lines of credit.  From time-to-time, the Company may acquire real estate, make additional secured loans or acquire a Sponsored REIT.  The Company may also pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, or for geographic or property specific reasons.
	Properties
	The following table summarizes the Company’s investment in real estate assets, including one asset held for sale:
		As of September 30,
		2013	2012
	Commercial real estate:
	Number of properties	40	37
	Rentable square feet	9,807,483	7,439,195
	Basis of Presentation
	The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries.  All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2012, as filed with the Securities and Exchange Commission.
	The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission.  Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included.  Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ended December 31, 2013 or for any other period.
	Financial Instruments
	The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits and the bank note and term loans payable approximate their fair values based on their short-term maturity and prevailing interest rates.
	Reclassifications
	Certain amounts from the 2012 financial statements have been reclassified to conform to the 2013 presentation. The reclassifications were related primarily to a property held for sale, which is presented as discontinued operations for all periods presented. Reclassifications of discontinued operations changed rental revenues, operating and maintenance expenses, depreciation and amortization and the related assets. There was no change to net income for any period presented as a result of these reclassifications.
	Recent Accounting Standards
	In February 2013, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. This update was effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the disclosures in, or presentation of, our condensed consolidated financial statements.

Related_Party_Transactions_and

Related Party Transactions and Investments in Non-Consolidated Entities	9 Months Ended
	Sep. 30, 2013
Related Party Transactions and Investments in Non-Consolidated Entities
Related Party Transactions and Investments in Non-Consolidated Entities	2.              Related Party Transactions and Investments in Non-Consolidated Entities
	Investment in Sponsored REITs:
	At September 30, 2013, the Company held a common stock interest in 15 Sponsored REITs, from which it no longer derives economic benefits or risks.  The Company also holds a non-controlling preferred stock investment in two of these Sponsored REITs, FSP 303 East Wacker Drive Corp. (“East Wacker”) and FSP Grand Boulevard Corp. (“Grand Boulevard”), from which it continues to derive economic benefits and risks.
	In September 2006, the Company purchased 48 preferred shares or 4.6% of the outstanding preferred shares of one of its Sponsored REITs, FSP Phoenix Tower Corp (“Phoenix Tower”).  On December 20, 2012, the property owned by Phoenix Tower was sold and, thereafter, Phoenix Tower declared and issued a liquidating distribution for its preferred shareholders, from which the Company was entitled to $4,862,000.  The Company received $4,752,000 on January 4, 2013 and $96,000 on September 30, 2013.  As of September 30, 2013, the Company held a beneficial interest in the Phoenix Tower liquidating trust in the amount of $14,000, which is included in other assets in the accompanying consolidated balance sheet.  In connection with its common stock ownership of Phoenix Tower, the Company received $10,000 on September 30, 2013.
	Equity in earnings (losses) of investment in non-consolidated REITs:
	The following table includes equity in earnings (losses) of investments in non-consolidated REITs:
		Nine Months Ended
		September 30,
	(in thousands)	2013			2012
	Equity in earnings of Phoenix Tower	$	—		$	48
	Equity in earnings (loss) of East Wacker	(572		)	1,197
	Equity in loss of Grand Boulevard	(242		)	(184		)
		$	(814	)	$	1,061
	Equity in earnings of investments in non-consolidated REITs is derived from the Company’s share of income (loss) in the operations of those entities.  The Company exercises influence over, but does not control these entities, and investments are accounted for using the equity method.
	Equity in earnings of Phoenix Tower was derived from the Company’s preferred stock investment in the entity.  On December 20, 2012, the property owned by Phoenix Tower was sold and the Company’s share of the gain was $1,582,000.
	Equity in earnings (loss) of East Wacker is derived from the Company’s preferred stock investment in the entity.  In December 2007, the Company purchased 965.75 preferred shares or 43.7% of the outstanding preferred shares of East Wacker for $82,813,000 (which represented $96,575,000 at the offering price net of commissions of $7,726,000, loan fees of $5,553,000 and acquisition fees of $483,000 that were excluded).
	Equity in loss of Grand Boulevard is derived from the Company’s preferred stock investment in the entity.  In May 2009, the Company purchased 175.5 preferred shares or 27.0% of the outstanding preferred shares of Grand Boulevard for $15,049,000 (which represented $17,550,000 at the offering price net of commissions of $1,404,000, loan fees of $1,009,000 and acquisition fees of $88,000 that were excluded).
	The Company recorded distributions of $81,000 and $2,733,000 from non-consolidated REITs during the nine months ended September 30, 2013 and 2012, respectively.
	Non-consolidated REITs:
	The Company has in the past acquired by merger entities similar to the Sponsored REITs.  The Company’s business model for growth includes the potential acquisition, by merger or otherwise, of Sponsored REITs.  The Company has no legal or any other enforceable obligation to acquire or to offer to acquire any Sponsored REIT.  In addition, any offer (and the related terms and conditions) that might be made in the future to acquire any Sponsored REIT would require the approval of the boards of directors of the Company and the Sponsored REIT and the approval of the shareholders of the Sponsored REIT.
	The operating data below for 2013 and 2012 includes operations of the 15 and 16 Sponsored REITs the Company held an interest in as of September 30, 2013 and 2012, respectively.
	At September 30, 2013, December 31, 2012 and September 30, 2012, the Company had ownership interests in 15, 15 and 16 Sponsored REITs, respectively.  Summarized financial information for these Sponsored REITs is as follows:
		September 30,			December 31,
	(in thousands)	2013			2012
	Balance Sheet Data (unaudited):
	Real estate, net	$	694,469		$	659,655
	Other assets	164,153			156,785
	Total liabilities	(322,608		)	(316,311		)
	Shareholders’ equity	$	536,014		$	500,129
		For the Nine Months Ended
		September 30,
	(in thousands)	2013			2012
	Operating Data (unaudited):
	Rental revenues	$	70,427		$	83,933
	Other revenues	52			93
	Operating and maintenance expenses	(36,395		)	(42,134		)
	Depreciation and amortization	(23,638		)	(26,452		)
	Interest expense	(10,261		)	(13,633		)
	Net income	$	185		$	1,807
	Management fees and interest income from loans:
	Asset management fees range from 1% to 5% of collected rents and the applicable contracts are cancelable with 30 days notice.  Asset management fee income from non-consolidated entities amounted to approximately $794,000 and $847,000 for the nine months ended September 30, 2013 and 2012, respectively.
	From time to time the Company may make secured loans (“Sponsored REIT Loans”) to Sponsored REITs in the form of mortgage loans or revolving lines of credit to fund construction costs, capital expenditures, leasing costs and for other purposes.  The Company anticipates that each Sponsored REIT Loan will be repaid at maturity or earlier from long term financings of the underlying properties, cash flows from the underlying properties or some other capital event.  Each Sponsored REIT Loan is secured by a mortgage on the underlying property and has a term of approximately two to three years.  Except for the mortgage loan which bears interest at a fixed rate, advances under each Sponsored REIT Loan bear interest at a rate equal to the 30-day LIBOR rate plus an agreed upon amount of basis points and most advances also require a 50 basis point draw fee.
	The following is a summary of the Sponsored REIT Loans outstanding as of September 30, 2013:
	(dollars in thousands)
						Maximum		Amount					Interest
				Maturity		Amount		Drawn at		Interest	Draw		Rate at
	Sponsored REIT	Location		Date		of Loan		30-Sep-13		Rate (1)	Fee (2)		30-Sep-13
	Secured revolving lines of credit
	FSP Highland Place I Corp.	Centennial, CO		31-Dec-13		$	5,500	$	1,575	L+4.4%	0.5	%	4.58	%
	FSP Satellite Place Corp.	Duluth, GA		31-Mar-14		5,500		5,500		L+4.4%	0.5	%	4.58	%
	FSP 1441 Main Street Corp.	Columbia, SC		31-Mar-14		10,800		9,000		L+4.4%	0.5	%	4.58	%
	FSP 505 Waterford Corp.	Plymouth, MN		30-Nov-13		7,000		2,350		L+4.4%	0.5	%	4.58	%
	FSP Galleria North Corp.	Dallas, TX		30-Jan-15		15,000		9,880		L+5.0%	0.5	%	5.18	%
	Secured construction loan
	FSP 385 Interlocken Development Corp.	Broomfield, CO		30-Apr-14		42,000		37,541		L+4.4%	n/a		4.58	%
	Mortgage loan secured by property
	FSP Energy Tower I Corp. (3)	Houston, TX		5-Jul-14		33,000		33,000		6.41%	n/a		6.41	%
						$	118,800	$	98,846
	(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)          The loan has a secured fixed mortgage amount of $33,000,000.  A loan fee of $300,630 was paid at the time of closing and funding of the loan on July 5, 2012.  The borrower is required to pay the Company an exit fee in the amount of 0.982% of  the principal repayment amount.
	The Company recognized interest income and fees from the Sponsored REIT Loans of approximately $4,135,000 and $8,299,000 for the nine months ended September 30, 2013 and 2012, respectively.

Significant_Acquisitions

Significant Acquisitions	9 Months Ended
	Sep. 30, 2013
Significant Acquisitions
Significant Acquisitions	3.              Significant Acquisitions
	During the nine months ended September 30, 2013, the Company acquired three properties with an aggregate of approximately 1,951,000 rentable square feet at an aggregate purchase price of approximately $558 million excluding closing costs and adjustments.  One property is located in Atlanta, Georgia and two properties are located in Denver, Colorado.  The Company expensed acquisition costs of approximately $556,000 related to these acquisitions.
	The purchase price of the properties was allocated to real estate investments and leases, including lease origination costs.  Lease origination costs represent the value associated with acquiring an in-place lease (i.e. the market cost to execute a similar lease, including leasing commission, legal, vacancy, and other related costs).  The value assigned to buildings approximates their replacement cost; the value assigned to land approximates its appraised value; and the value assigned to leases approximates their fair value.  Other assets and liabilities are recorded at their historical costs, which approximates fair value.
	The following table summarizes the estimated fair value of the assets acquired at the date of acquisition:
	Real estate assets	$	454,447
	Value of acquired real estate leases	110,039
	Acquired unfavorable leases	(9,897		)
	Total	$	554,589
	The Company assessed the fair value of the acquired real estate leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy.
	Pro forma operating results for the Company and the acquisitions are shown in the following table.  The results assume that the properties were acquired on January 1, 2012.  The results are not necessarily indicative of what the Company’s actual results of operations would have been for the periods indicated, nor do they purport to represent the results of operations of any future periods.
		For the Three Months Ended						For the Nine Months Ended
	(unaudited)	September 30,						September 30,
	(in thousands except per share amounts)	2013			2012			2013		2012
	Revenue	$	61,300		$	53,895		$	178,322	$	155,747
	Income from continuing operations	$	4,080		$	2,539		$	8,175	$	7,687
	Net income	$	4,178		$	(11,930	)	$	8,469	$	(7,176	)
	Weighted average shares outstanding	100,187			82,937			91,720		82,937
	Income from continuing operations per share	$	0.04		$	0.03		$	0.09	$	0.09
	Net income per share	$	0.04		$	(0.14	)	$	0.09	$	(0.09	)
	During the nine months ended September 30, 2013, the Company recognized approximately $14.2 million of revenues and $1.4 million of net income from operations of these acquisitions.

Bank_note_payable

Bank note payable	9 Months Ended
	Sep. 30, 2013
Bank note payable
Bank note payable	4.              Bank note payable
	2013 Term Loan
	On August 26, 2013, the Company and certain of its wholly-owned subsidiaries entered into a Credit Agreement (the “2013 Credit Agreement”) with the lending institutions referenced in the 2013 Credit Agreement and those lenders from time to time party thereto and Bank of Montreal, as administrative agent, to provide for a single unsecured term loan borrowing on the closing date in the amount of $220,000,000 (the “2013 Term Loan”).  On August 26, 2013, the Company drew down $220,000,000 under the 2013 Term Loan.  The 2013 Term Loan has a seven year term that matures on August 26, 2020.  The 2013 Term Loan includes an accordion feature that allows for up to $50,000,000 of additional loans subject to receipt of lender commitments and satisfaction of certain customary conditions.
	The 2013 Term Loan bears interest at either (i) a rate equal to LIBOR plus 145 to 220 basis points depending on the Company’s total leverage ratio for the applicable period (LIBOR plus 145 basis points, or 1.63% at September 30, 2013) or (ii) a rate equal to the bank’s base rate plus 45 to 120 basis points depending on our total leverage ratio for the applicable period (the bank’s base rate plus 45 basis points, or 3.70% at September 30, 2013).  The actual LIBOR rate or base rate is determined based on the Company’s total leverage ratio for the applicable period as described in the table below:
	Leverage Ratio					Base
	Greater		Less Than	LIBOR		Rate
	Than		or Equal to	Margin		Margin
	—		25%	145	bps	45	bps
	25%	and	35%	155	bps	55	bps
	35%	and	45%	165	bps	65	bps
	45%	and	55%	190	bps	90	bps
	55%	and		220	bps	120	bps
	Notwithstanding the Company’s actual leverage ratio and the table above, during the period from closing and funding on August 26, 2013 until the Company furnishes Bank of Montreal with its compliance certificate (the “Compliance Certificate”) for the quarter ended September 30, 2013, the 2013 Term Loan bears interest at the < 25% leverage ratio.  From and after the Company furnishes the Compliance Certificate to Bank of Montreal, the 2013 Term Loan will bear interest based on the Company’s actual total leverage ratio for the applicable period as described in the table above.
	Although the interest rate on the 2013 Term Loan is variable, the Company fixed the base LIBOR interest rate on the 2013 Term Loan by entering into an interest rate swap agreement. On August 26, 2013, the Company entered into an ISDA Master Agreement with Bank of Montreal that fixed the base LIBOR interest rate on the 2013 Term Loan at 2.32% per annum for seven years.  Accordingly, based upon the Company’s leverage ratio, as of September 30, 2013, the interest rate on the 2013 Term Loan was 3.77% per annum.
	The 2013 Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, mergers and acquisitions, disposition of assets, changes in business, certain restricted payments, the requirement to join certain subsidiaries as co-borrowers under the 2013 Credit Agreement and transactions with affiliates. The 2013 Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a minimum fixed charge coverage ratio, a maximum secured leverage ratio, a maximum leverage ratio, a maximum unencumbered leverage ratio, a minimum unencumbered debt service coverage ratio, a maximum ratio of certain investments to total assets and a maximum amount of secured recourse indebtedness. The 2013 Credit Agreement provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, certain cross defaults and a change in control of the Company (as defined in the 2013 Credit Agreement). In the event of a default by the Company, the administrative agent may, and at the request of the requisite number of lenders shall, declare all obligations under the 2013 Credit Agreement immediately due and payable, terminate the lenders’ commitments to make loans under the 2013 Credit Agreement, and enforce any and all rights of the lenders or administrative agent under the 2013 Credit Agreement and related documents. For certain events of default related to bankruptcy, insolvency, and receivership, the commitments of lenders will be automatically terminated and all outstanding obligations of the Company will become immediately due and payable.  The Company was in compliance with the 2013 Term Loan financial covenants as of September 30, 2013.
	The Company may use the proceeds of the 2013 Term Loan to finance the acquisition of real properties and for other permitted investments, to finance investments associated with Sponsored REITs, to refinance or retire existing indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the 2013 Credit Agreement.
	2012 Credit Facility
	As of September 30, 2013, the Company had bank notes payable to a group of banks for an unsecured credit facility comprised of both a revolving line of credit and a term loan (the “2012 Credit Facility”). The revolving line of credit portion of the 2012 Credit Facility is for borrowings, at the Company’s election, of up to $500,000,000 (the “2012 Revolver”). The term loan portion of the 2012 Credit Facility is for $400,000,000 (the “2012 Term Loan”).  The 2012 Revolver includes an accordion feature that allows for up to $250,000,000 of additional borrowing capacity subject to receipt of lender commitments and satisfaction of certain customary conditions.
	On September 27, 2012, the Company and certain of its wholly-owned subsidiaries entered into an Amended and Restated Credit Agreement (as amended, the “2012 Credit Agreement”) with the lending institutions referenced in the 2012 Credit Agreement and those lenders from time to time party thereto and Bank of America, N.A., as administrative agent, letter of credit issuer and swing line lender, for the 2012 Credit Facility.  On September 27, 2012, the Company drew down the entire $400,000,000 under the 2012 Term Loan and $82,000,000 under the 2012 Revolver. The Company’s $600,000,000 revolving credit facility (the “2011 Revolver”) that was scheduled to mature on February 22, 2014 was amended and restated in its entirety by the 2012 Credit Agreement and the $482,000,000 in advances outstanding under the 2011 Revolver were repaid from the proceeds of the 2012 Credit Facility.
	The 2012 Term Loan has a five year term that matures on September 27, 2017. Borrowings made pursuant to the 2012 Revolver may be revolving loans, swing line loans or letters of credit, the combined sum of which may not exceed $500,000,000 outstanding at any time. Borrowings made pursuant to the 2012 Revolver may be borrowed, repaid and reborrowed from time to time for four years until September 27, 2016, the initial maturity date of the 2012 Revolver. The Company has the right to extend the initial maturity date of the 2012 Revolver by an additional 12 months, or until September 27, 2017, upon payment of a fee and satisfaction of certain customary conditions.
	The 2012 Credit Facility bears interest at either (i) a rate equal to LIBOR plus 135 to 190 basis points depending on the Company’s total leverage ratio at the time of the borrowing (LIBOR plus 140 basis points, or 1.58% at September 30, 2013) or (ii) a rate equal to the bank’s base rate plus 35 to 90 basis points depending on our total leverage ratio at the time of the borrowing (the bank’s base rate plus 40 basis points, or 3.65% at September 30, 2013).  The 2012 Credit Facility also obligates the Company to pay an annual facility fee of 20 to 40 basis points depending on the Company’s total leverage ratio (25 basis points at September 30, 2013).  The facility fee is assessed against the total amount of the 2012 Credit Facility, or $900,000,000. The actual amount of any applicable facility fee, LIBOR rate or base rate is determined based on the Company’s total leverage ratio as described in the table below:
	Leverage Ratio							Base
	Greater		Less Than	Facility		LIBOR		Rate
	Than		or Equal to	Fee		Margin		Margin
	—		25%	20	bps	135	bps	35	bps
	25%	and	35%	25	bps	140	bps	40	bps
	35%	and	45%	30	bps	145	bps	45	bps
	45%	and	55%	35	bps	165	bps	65	bps
	55%	and		40	bps	190	bps	90	bps
	For purposes of the 2012 Credit Facility, base rate means, for any day, a fluctuating rate per annum equal to the highest of: (i) the bank’s prime rate for such day, (ii) the Federal Funds Rate for such day, plus 1/2 of 1.00%, and (iii) the one month LIBOR base rate for such day plus 1.00%.
	Although the interest rate on the 2012 Credit Facility is variable, under the 2012 Credit Agreement, the Company fixed the base LIBOR interest rate on the 2012 Term Loan by entering into an interest rate swap agreement. On September 27, 2012, the Company entered into an ISDA Master Agreement with Bank of America, N.A. that fixed the base LIBOR interest rate on the 2012 Term Loan at 0.75% per annum for five years.  Accordingly, based upon the Company’s leverage ratio, as of September 30, 2013, the interest rate on the 2012 Term Loan was 2.20% per annum.  In addition, based upon the Company’s leverage ratio, as of September 30, 2013, there were borrowings of $331,500,000 outstanding under the 2012 Revolver at a weighted average rate of 1.65% per annum.  The weighted average interest rate on all amounts outstanding on the 2012 Revolver during the nine months ended September 30, 2013 was approximately 1.63% per annum.
	As of December 31, 2012, there were borrowings of $216,750,000 outstanding under the 2012 Revolver at a weighted average rate of 2.23% per annum.
	The 2012 Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations with respect to indebtedness, liens, investments, mergers and acquisitions, disposition of assets, changes in business, certain restricted payments, the requirement to join certain subsidiaries as co-borrowers under the 2012 Credit Agreement and transactions with affiliates. The 2012 Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a minimum fixed charge coverage ratio, a maximum secured leverage ratio, a maximum leverage ratio, a maximum unencumbered leverage ratio, a minimum unencumbered debt service coverage ratio, a maximum ratio of certain investments to total assets and a maximum amount of secured recourse indebtedness. The 2012 Credit Agreement provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, certain cross defaults and a change in control of the Company (as defined in the 2012 Credit Agreement). In the event of a default by the Company, the administrative agent may, and at the request of the requisite number of lenders shall, declare all obligations under the 2012 Credit Agreement immediately due and payable, terminate the lenders’ commitments to make loans under the 2012 Credit Agreement, and enforce any and all rights of the lenders or administrative agent under the 2012 Credit Agreement and related documents. For certain events of default related to bankruptcy, insolvency, and receivership, the commitments of lenders will be automatically terminated and all outstanding obligations of the Company will become immediately due and payable.  The Company was in compliance with the 2012 Credit Facility financial covenants as of September 30, 2013.
	The Company may use the proceeds of the loans under the 2012 Credit Agreement to finance the acquisition of real properties and for other permitted investments, to finance investments associated with Sponsored REITs, to refinance or retire existing indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the 2012 Credit Agreement.

Financial_Instruments_Derivati

Financial Instruments: Derivatives and Hedging	9 Months Ended
	Sep. 30, 2013
Financial Instruments: Derivatives and Hedging
Financial Instruments: Derivatives and Hedging	5.              Financial Instruments: Derivatives and Hedging
	On August 26, 2013, the Company fixed the interest rate for seven years on the 2013 Term Loan with an interest rate swap agreement (the “2013 Interest Rate Swap”) and on September 27, 2012, the Company fixed the interest rate for five years on the 2012 Term Loan with an interest rate swap agreement (the “2012 Interest Rate Swap”). The variable rates that were fixed under the 2013 Interest Rate Swap and the 2012 Interest Rate Swap are described in Note 4.
	The 2013 Interest Rate Swap and the 2012 Interest Rate Swap qualify as cash flow hedges and have been recognized on the consolidated balance sheet at fair value.  If a derivative qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.  The ineffective portion of a derivative’s change in fair value will be immediately recognized in earnings, which may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.
	The following table summarizes the notional and fair value of our derivative financial instruments at September 30, 2013.  The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks.
		Notional		Strike		Effective	Expiration	Fair
	(in thousands)	Value		Rate		Date	Date	Value
	2013 Interest Rate Swap	$	220,000	2.32	%	13-Aug	20-Aug	$	(4,579	)
	2012 Interest Rate Swap	$	400,000	0.75	%	12-Sep	17-Sep	$	4,365
	On September 30, 2013, the 2013 Interest Rate Swap was reported as a liability at its fair value of approximately $4.6 million and the 2012 Interest Rate Swap was reported as an asset at its fair value of approximately $4.4 million.  These are included in other liabilities: derivative liability and other assets: derivative asset on the consolidated balance sheet at September 30, 2013, respectively.  Offsetting adjustments are reported as unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income of $1.0 million.  During the nine months ended September 30, 2013, $2.1 million was reclassified out of other comprehensive income and into interest expense.
	Over time, the unrealized gains and losses held in accumulated other comprehensive income will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings.  We estimate that approximately $0.4 million of the current balance held in accumulated other comprehensive income will be reclassified into earnings within the next 12 months.
	We are hedging the exposure to variability in future cash flows for forecasted transactions in addition to anticipated future interest payments on existing debt.
	The fair value of the Company’s derivative instruments are determined using the net discounted cash flows of the expected cash flows of the derivative based on the market based interest rate curve. These financial instruments were classified within Level 2 of the fair value hierarchy and were classified as an asset or liability on the condensed consolidated balance sheet.

Net_Income_Per_Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2013
Net Income Per Share
Net Income Per Share	6.              Net Income Per Share
	Basic net income per share is computed by dividing net income by the weighted average number of Company shares outstanding during the period.  Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares.  There were no potential dilutive shares outstanding at September 30, 2013 and 2012, respectively.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity
Stockholders' Equity	7.              Stockholders’ Equity
	As of September 30, 2013, the Company had 100,187,405 shares of common stock outstanding.
	Equity Offerings
	On May 15, 2013, the Company completed an underwritten public offering of 17,250,000 shares of its common stock (including 2,250,000 shares issued as a result of the full exercise of an overallotment option by the underwriter) at a price to the public of $14.00 per share. The proceeds from this public offering, net of underwriter discounts and offering costs, totaled approximately $230.7 million (after payment of offering costs of approximately $10.8 million).
	On May 6, 2010, the Company entered into an on demand offering sales agreement whereby the Company may offer and sell up to an aggregate gross sales price of $75 million of its common stock from time to time (the “ATM Sales Program”).  The on demand offering sales agreement for the ATM Sales Program was amended on April 27, 2012 in connection with the Company’s filing of a new Registration Statement on Form S-3.  Sales of shares of the Company’s common stock depend upon market conditions and other factors determined by the Company and may be deemed to be “at the market offerings” as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made directly on the NYSE MKT or sales made to or through a market maker other than on an exchange, as well as in negotiated transactions, if and to the extent agreed by the Company in writing.  The Company has no obligation to sell any shares of its common stock, and may at any time suspend solicitation and offers. During the three and nine months ended September 30, 2013, the Company did not sell any shares under the ATM Sales Program.  As of September 30, 2013, the Company was authorized to offer and sell a remainder of approximately $34.3 million of its shares of common stock under the ATM Sales Program.
	The Company declared and paid dividends as follows (in thousands, except per share amounts):
	Quarter Paid	Dividends Per		Total
		Share		Dividends
	First quarter of 2013	$	0.19	$	15,758
	Second quarter of 2013	$	0.19	$	15,758
	Third quarter of 2013	$	0.19	$	19,036
	First quarter of 2012	$	0.19	$	15,758
	Second quarter of 2012	$	0.19	$	15,758
	Third quarter of 2012	$	0.19	$	15,758

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes
Income Taxes	8.                        Income Taxes
	The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”).  As a REIT, the Company generally is entitled to a tax deduction for distributions paid to its shareholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only.  The Company must comply with a variety of restrictions to maintain its status as a REIT.  These restrictions include the type of income it can earn, the type of assets it can hold, the number of shareholders it can have and the concentration of their ownership, and the amount of the Company’s taxable income that must be distributed annually.
	One such restriction is that the Company generally cannot own more than 10% of the voting power or value of the securities of any one issuer unless the issuer is itself a REIT or a taxable REIT subsidiary (“TRS”).  In the case of TRSs, the Company’s ownership of securities in all TRSs generally cannot exceed 25% of the value of all of the Company’s assets and, when considered together with other non-real estate assets, cannot exceed 25% of the value of all of the Company’s assets.  FSP Investments and FSP Protective TRS Corp. are the Company’s taxable REIT subsidiaries operating as taxable corporations under the Code.
	Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future.  The Company and one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions.  The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2010 and thereafter.
	Income taxes are recorded based on the future tax effects of the difference between the tax and financial reporting bases of the Company’s assets and liabilities.  In estimating future tax consequences, potential future events are considered except for potential changes in income tax law or in rates.
	The Company is subject to business tax (the “Revised Texas Franchise Tax”).  The Revised Texas Franchise Tax is a tax at a rate of approximately 0.7% of revenues at Texas properties commencing with 2007 revenues.  Some of the Company’s leases allow reimbursement by tenants for these amounts because the Revised Texas Franchise Tax replaces a portion of the property tax for school districts.  Because the tax base on the Revised Texas Franchise Tax is derived from an income based measure it is considered an income tax.  The Company recorded a provision for income taxes on its income statement of $337,000 and $234,000 for the nine months ended September 30, 2013 and 2012, respectively.
	The income tax expense reflected in the consolidated statements of income relates primarily to a franchise tax on our Texas properties.  FSP Protective TRS Corp. provides taxable services to tenants at some of the Company’s properties and the tax expenses associated with these activities are reported as Other Taxes in the table below:
		For the
		Nine Months Ended
		September 30,
	(in thousands)	2013		2012
	Revised Texas franchise tax	$	337	$	234
	Other Taxes	15		2
	Income tax expense	$	352	$	236
	Taxes on income are a current tax expense.  No deferred income taxes were provided as there were no material temporary differences between the financial reporting basis and the tax basis of the TRSs.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2013
Discontinued Operations
Discontinued Operations	9.                        Discontinued Operations
	The Company reports the results of operations of its properties either sold or held for sale as discontinued operations in its consolidated statements of income, which includes rental income, rental operating expenses, real estate taxes and insurance, depreciation and amortization.
	During the three months ended September 30, 2013, the Company reached an agreement to sell an office property located in Richardson, Texas.  The property was classified as an asset held for sale at September 30, 2013 and is expected to be sold within one year in excess of its net book value.  The Company sold an office property located in Southfield, Michigan, on December 21, 2012.  Accordingly, both properties were classified as discontinued for all periods presented.
	The operating results for discontinued operations are summarized below.
		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
	(in thousands)	2013			2012			2013			2012
	Rental revenue	$	305		$	560		$	917		$	1,795
	Rental operating expenses	—			(282		)	—			(889		)
	Real estate taxes and insurance	(2		)	(73		)	(7		)	(278		)
	Depreciation and amortization	(205		)	(374		)	(616		)	(1,191		)
	Loss from discontinued operations	$	98		$	(169	)	$	294		$	(563	)

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events
Subsequent Events	10.                               Subsequent Events
	On October 11 2013, the Board of Directors of the Company declared a cash distribution of $0.19 per share of common stock payable on November 14, 2013 to stockholders of record on October 25, 2013.
	On October 10, 2013, the Company made a $1.2 million advance pursuant to a Sponsored REIT loan to FSP Galleria North Corp.

Organization_Properties_Basis_1

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2013
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
Basis of Presentation	Basis of Presentation
	The unaudited condensed consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiaries.  All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2012, as filed with the Securities and Exchange Commission.
	The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission.  Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included.  Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ended December 31, 2013 or for any other period.
Financial Instruments	Financial Instruments
	The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, tenant security deposits and the bank note and term loans payable approximate their fair values based on their short-term maturity and prevailing interest rates.
Reclassifications	Reclassifications
	Certain amounts from the 2012 financial statements have been reclassified to conform to the 2013 presentation. The reclassifications were related primarily to a property held for sale, which is presented as discontinued operations for all periods presented. Reclassifications of discontinued operations changed rental revenues, operating and maintenance expenses, depreciation and amortization and the related assets. There was no change to net income for any period presented as a result of these reclassifications.
Recent Accounting Standards	Recent Accounting Standards
	In February 2013, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. This update was effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of this update did not have a material impact on the disclosures in, or presentation of, our condensed consolidated financial statements.

Organization_Properties_Basis_2

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2013
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
Summary of the entity's investment in real estate assets, including one asset held for sale
		As of September 30,
		2013	2012
	Commercial real estate:
	Number of properties	40	37
	Rentable square feet	9,807,483	7,439,195

Related_Party_Transactions_and1

Related Party Transactions and Investments in Non-Consolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions and Investments in Non-Consolidated Entities
Schedule of equity in earnings (losses) of investments in non-consolidated REITs
		Nine Months Ended
		September 30,
	(in thousands)	2013			2012
	Equity in earnings of Phoenix Tower	$	—		$	48
	Equity in earnings (loss) of East Wacker	(572		)	1,197
	Equity in loss of Grand Boulevard	(242		)	(184		)
		$	(814	)	$	1,061
Summary of financial information of sponsored REITs
		September 30,			December 31,
	(in thousands)	2013			2012
	Balance Sheet Data (unaudited):
	Real estate, net	$	694,469		$	659,655
	Other assets	164,153			156,785
	Total liabilities	(322,608		)	(316,311		)
	Shareholders’ equity	$	536,014		$	500,129
		For the Nine Months Ended
		September 30,
	(in thousands)	2013			2012
	Operating Data (unaudited):
	Rental revenues	$	70,427		$	83,933
	Other revenues	52			93
	Operating and maintenance expenses	(36,395		)	(42,134		)
	Depreciation and amortization	(23,638		)	(26,452		)
	Interest expense	(10,261		)	(13,633		)
	Net income	$	185		$	1,807
Summary of the Sponsored REIT Loans outstanding
	(dollars in thousands)
						Maximum		Amount					Interest
				Maturity		Amount		Drawn at		Interest	Draw		Rate at
	Sponsored REIT	Location		Date		of Loan		30-Sep-13		Rate (1)	Fee (2)		30-Sep-13
	Secured revolving lines of credit
	FSP Highland Place I Corp.	Centennial, CO		31-Dec-13		$	5,500	$	1,575	L+4.4%	0.5	%	4.58	%
	FSP Satellite Place Corp.	Duluth, GA		31-Mar-14		5,500		5,500		L+4.4%	0.5	%	4.58	%
	FSP 1441 Main Street Corp.	Columbia, SC		31-Mar-14		10,800		9,000		L+4.4%	0.5	%	4.58	%
	FSP 505 Waterford Corp.	Plymouth, MN		30-Nov-13		7,000		2,350		L+4.4%	0.5	%	4.58	%
	FSP Galleria North Corp.	Dallas, TX		30-Jan-15		15,000		9,880		L+5.0%	0.5	%	5.18	%
	Secured construction loan
	FSP 385 Interlocken Development Corp.	Broomfield, CO		30-Apr-14		42,000		37,541		L+4.4%	n/a		4.58	%
	Mortgage loan secured by property
	FSP Energy Tower I Corp. (3)	Houston, TX		5-Jul-14		33,000		33,000		6.41%	n/a		6.41	%
						$	118,800	$	98,846
	(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)          The loan has a secured fixed mortgage amount of $33,000,000.  A loan fee of $300,630 was paid at the time of closing and funding of the loan on July 5, 2012.  The borrower is required to pay the Company an exit fee in the amount of 0.982% of  the principal repayment amount.

Significant_Acquisitions_Table

Significant Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2013
Significant Acquisitions
Summary of estimated fair value of assets acquired at the date of acquisition
	Real estate assets	$	454,447
	Value of acquired real estate leases	110,039
	Acquired unfavorable leases	(9,897		)
	Total	$	554,589
Schedule of pro forma operating results for the company and acquisitions
		For the Three Months Ended						For the Nine Months Ended
	(unaudited)	September 30,						September 30,
	(in thousands except per share amounts)	2013			2012			2013		2012
	Revenue	$	61,300		$	53,895		$	178,322	$	155,747
	Income from continuing operations	$	4,080		$	2,539		$	8,175	$	7,687
	Net income	$	4,178		$	(11,930	)	$	8,469	$	(7,176	)
	Weighted average shares outstanding	100,187			82,937			91,720		82,937
	Income from continuing operations per share	$	0.04		$	0.03		$	0.09	$	0.09
	Net income per share	$	0.04		$	(0.14	)	$	0.09	$	(0.09	)

Bank_note_payable_Tables

Bank note payable (Tables)	9 Months Ended
	Sep. 30, 2013
2013 Term Loan
Bank note payable
Schedule of actual amount of applicable facility fee, LIBOR rate or base rate determined based on total leverage ratio
	Leverage Ratio					Base
	Greater		Less Than	LIBOR		Rate
	Than		or Equal to	Margin		Margin
	—		25%	145	bps	45	bps
	25%	and	35%	155	bps	55	bps
	35%	and	45%	165	bps	65	bps
	45%	and	55%	190	bps	90	bps
	55%	and		220	bps	120	bps
2012 Credit Facility
Bank note payable
Schedule of actual amount of applicable facility fee, LIBOR rate or base rate determined based on total leverage ratio
	Leverage Ratio							Base
	Greater		Less Than	Facility		LIBOR		Rate
	Than		or Equal to	Fee		Margin		Margin
	—		25%	20	bps	135	bps	35	bps
	25%	and	35%	25	bps	140	bps	40	bps
	35%	and	45%	30	bps	145	bps	45	bps
	45%	and	55%	35	bps	165	bps	65	bps
	55%	and		40	bps	190	bps	90	bps

Financial_Instruments_Derivati1

Financial Instruments: Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2013
Financial Instruments: Derivatives and Hedging
Schedule of notional and fair value of derivative financial instruments
		Notional		Strike		Effective	Expiration	Fair
	(in thousands)	Value		Rate		Date	Date	Value
	2013 Interest Rate Swap	$	220,000	2.32	%	13-Aug	20-Aug	$	(4,579	)
	2012 Interest Rate Swap	$	400,000	0.75	%	12-Sep	17-Sep	$	4,365

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity
Schedule of dividends declared and paid	The Company declared and paid dividends as follows (in thousands, except per share amounts):
	Quarter Paid	Dividends Per		Total
		Share		Dividends
	First quarter of 2013	$	0.19	$	15,758
	Second quarter of 2013	$	0.19	$	15,758
	Third quarter of 2013	$	0.19	$	19,036
	First quarter of 2012	$	0.19	$	15,758
	Second quarter of 2012	$	0.19	$	15,758
	Third quarter of 2012	$	0.19	$	15,758

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2013
Income Taxes
Schedule of income tax expense (benefit) reflected in condensed consolidated statements of income
		For the
		Nine Months Ended
		September 30,
	(in thousands)	2013		2012
	Revised Texas franchise tax	$	337	$	234
	Other Taxes	15		2
	Income tax expense	$	352	$	236

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations
Summary of operating results for discontinued operations
		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
	(in thousands)	2013			2012			2013			2012
	Rental revenue	$	305		$	560		$	917		$	1,795
	Rental operating expenses	—			(282		)	—			(889		)
	Real estate taxes and insurance	(2		)	(73		)	(7		)	(278		)
	Depreciation and amortization	(205		)	(374		)	(616		)	(1,191		)
	Loss from discontinued operations	$	98		$	(169	)	$	294		$	(563	)

Organization_Properties_Basis_3

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Details)	Sep. 30, 2013
	property
	entity
	note
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	7
Number of corporations organized to operate as real estate investment trusts (REITs)	15
Number of REITs in which the entity holds non-controlling preferred stock interest	2
Number of properties held for sale	1
Mortgage loan
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	1
Secured construction loan
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	1
Revolving lines of credit
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	5
FSP Investments LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Property Management LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Holdings LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Protective TRS Corp.
Organization
Ownership interest (as a percent)	100.00%

Organization_Properties_Basis_4

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Details 2)	Sep. 30, 2013	Sep. 30, 2012
	sqft	property
	property	sqft
Commercial real estate:
Number of properties	40	37
Rentable square feet	9,807,483	7,439,195

Related_Party_Transactions_and2

Related Party Transactions and Investments in Non-Consolidated Entities (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Sep. 30, 2013	Jan. 04, 2013	Sep. 30, 2006	Dec. 20, 2012	Sep. 30, 2013
	entity	entity	entity	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp
				Preferred shares ownership	Preferred shares ownership	Preferred shares ownership	Preferred shares ownership	Common stock ownership
Related Party Transactions and Investments in Non-Consolidated Entities
Sponsored REITs (in entities)	15	15	16
Number of REITs in which the entity holds non-controlling preferred stock interest	2
Sponsored REIT
Preferred shares purchased						48
Percentage of outstanding preferred shares purchased						4.60%
Beneficial interest (in dollars)				$14,000			$4,862,000
Proceeds received				$96,000	$4,752,000			$10,000

Related_Party_Transactions_and3

Related Party Transactions and Investments in Non-Consolidated Entities (Details 2) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 20, 2012

Sep. 30, 2012

Dec. 31, 2007

Sep. 30, 2013

Sep. 30, 2012

31-May-09

Sep. 30, 2013

Sep. 30, 2012

FSP Phoenix Tower Corp

FSP Phoenix Tower Corp

East Wacker

East Wacker

East Wacker

Grand Boulevard

Grand Boulevard

Grand Boulevard

Sponsored REITs

Equity in earnings (loss)

($431,000)

$176,000

($814,000)

$1,061,000

$48,000

($572,000)

$1,197,000

($242,000)

($184,000)

Gain resulted from sale of property

1,582,000

Preferred shares purchased

965.75

175.5

Percentage of outstanding preferred shares purchased

43.70%

27.00%

Net cost of preferred shares purchased

82,813,000

15,049,000

Offering price of preferred shares purchased

96,575,000

17,550,000

Commissions excluded

7,726,000

1,404,000

Loan fees excluded

5,553,000

1,009,000

Acquisition fees excluded

483,000

88,000

Distributions received from non-consolidated REITs

Distributions from non-consolidated REITs

$81,000

$2,733,000

Related_Party_Transactions_and4

Related Party Transactions and Investments in Non-Consolidated Entities (Details 3) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
	entity	entity	entity
Related Party Transactions and Investments in Non-Consolidated Entities
Sponsored REITs (in entities)	15	16	15
Balance Sheet Data (unaudited):
Real Estate, net	$694,469,000		$659,655,000
Other assets	164,153,000		156,785,000
Total liabilities	-322,608,000		-316,311,000
Total stockholders' equity	536,014,000		500,129,000
Operating Data (unaudited):
Rental revenues	70,427,000	83,933,000
Other revenues	52,000	93,000
Operating and maintenance expenses	-36,395,000	-42,134,000
Depreciation and amortization	-23,638,000	-26,452,000
Interest expense	-10,261,000	-13,633,000
Net income	185,000	1,807,000
Asset management fees, low end of range (as a percent)	1.00%
Asset management fees, high end of range (as a percent)	5.00%
Notice period for cancellation of applicable contracts	30 days
Asset management fee income from non-consolidated entities	$794,000	$847,000

Related_Party_Transactions_and5

Related Party Transactions and Investments in Non-Consolidated Entities (Details 4) (USD $)	9 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Jul. 05, 2012
				Sponsored REITs	Secured revolving lines of credit	Secured revolving lines of credit	Secured revolving lines of credit	Secured revolving lines of credit	Secured revolving lines of credit	Secured construction loan	Mortgage loan secured by property	Mortgage loan secured by property
					FSP High Land Place I Corp.	FSP Satellite Place Corp.	FSP 1441 Main Street Corp.	FSP 505 Waterford Corp.	FSP Galleria North Corp.	FSP 385 Interlocken Development Corp.	FSP Energy Tower Corp.	FSP Energy Tower Corp.
Sponsored REITs
Term of sponsored REIT loan secured by mortgage, minimum				2 years
Term of sponsored REIT loan secured by mortgage, maximum				3 years
Maximum amount of loan	$118,000,000				$5,500,000	$5,500,000	$10,800,000	$7,000,000	$15,000,000	$42,000,000	$33,000,000
Amount Drawn	98,846,000		93,896,000		1,575,000	5,500,000	9,000,000	2,350,000	9,880,000	37,541,000	33,000,000
Sponsored REIT loans, base rate					30-day LIBOR	30-day LIBOR	30-day LIBOR	30-day LIBOR	30-day LIBOR	30-day LIBOR
Sponsored REIT loans, base rate margin (as a percent)					4.40%	4.40%	4.40%	4.40%	5.00%	4.40%
Fixed rate of interest (as a percent)											6.41%
Draw Fee (as a percent)					0.50%	0.50%	0.50%	0.50%	0.50%
Interest rate (as a percent)					4.58%	4.58%	4.58%	4.58%	5.18%	4.58%	6.41%
Payment of loan fee related to fixed mortgage component												300,630
Exit fees (as a percent)											0.98%
Interest income and fees from the Sponsored REIT Loans	$4,135,000	$8,299,000

Significant_Acquisitions_Detai

Significant Acquisitions (Details) (USD $)	3 Months Ended		9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
			property
			sqft
Significant Acquisitions
Number of properties acquired			3
Rental area of properties acquired (in square feet)			1,951,000
Purchase price of property acquired			$558,000,000
Acquisition costs			556,000
Estimated fair value of assets acquired at the date of acquisition
Real estate assets	454,447,000		454,447,000
Value of acquired real estate leases	110,039,000		110,039,000
Acquired unfavorable leases	-9,897,000		-9,897,000
Total	554,589,000		554,589,000
Pro forma operating results for the company and acquisitions
Revenue	61,300,000	53,895,000	178,322,000	155,747,000
Income from continuing operations	4,080,000	2,539,000	8,175,000	7,687,000
Net income	4,178,000	-11,930,000	8,469,000	-7,176,000
Weighted average shares outstanding	100,187	82,937	91,720	82,937
Income from continuing operations per share (in dollars per share)	$0.04	$0.03	$0.09	$0.09
Net income per share (in dollars per share)	$0.04	($0.14)	$0.09	($0.09)
Revenue recognized due to the acquisitions			14,200,000
Net income from operations recognized due to the acquisitions			$1,400,000
Office property in Atlanta, Georgia
Significant Acquisitions
Number of properties acquired			1
Office property in Denver, Colorado
Significant Acquisitions
Number of properties acquired			2

Bank_note_payable_Details

Bank note payable (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Aug. 26, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 27, 2012

Sep. 30, 2013

Sep. 27, 2012

Sep. 30, 2013

Sep. 27, 2012

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2013 Term Loan

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Credit Facility

2012 Revolver

2012 Revolver

2012 Revolver

2012 Term Loan

2012 Term Loan

2012 Term Loan

2011 Revolver

Minimum

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Maximum

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Minimum

Minimum

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Maximum

Maximum

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Bank's base rate

Federal funds rate

One month LIBOR

LIBOR

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Minimum

Maximum

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Minimum

Maximum

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Minimum

Maximum

Less than or equal to 25%

Greater than 25% to less than or equal to 35%

Greater than 35% to less than or equal to 45%

Greater than 45% to less than or equal to 55%

Greater than 55%

Minimum

Maximum

Bank note and term note payable

Maximum borrowing capacity

$220,000,000

Amount drawn down

220,000,000

400,000,000

220,000,000

Term of the borrowing

7 years

4 years

5 years

Additional loans allowed by exercising an accordion feature

50,000,000

Variable base rate

LIBOR

Bank's base rate

LIBOR

Bank's base rate

Federal Funds Rate

One month LIBOR

LIBOR

Debt instrument overall rate (basis spread plus variable rate), end of period (as a percent)

3.77%

1.63%

3.70%

Total available

900,000,000

500,000,000

400,000,000

600,000,000

Borrowings outstanding

331,500,000

216,750,000

331,500,000

216,750,000

82,000,000

400,000,000

482,000,000

Additional borrowing capacity allowed by exercising an accordion feature

$250,000,000

Extension available on debt

12 months

Basis spread on variable rate (as a percent)

1.45%

1.45%

1.55%

1.65%

1.90%

2.20%

1.45%

2.20%

0.45%

0.45%

0.55%

0.65%

0.90%

1.20%

0.45%

1.20%

1.40%

1.35%

1.40%

1.45%

1.65%

1.90%

1.35%

1.90%

0.40%

0.35%

0.40%

0.45%

0.65%

0.90%

0.35%

0.90%

0.50%

1.00%

Fixed rate (as a percent)

2.32%

0.75%

Overall rate (basis spread plus variable rate), end of period (as a percent)

1.58%

3.65%

1.65%

2.23%

2.20%

Weighted average rate interest rate, during period (as a percent)

1.63%

Leverage Ratio (as a percent)

25.00%

35.00%

45.00%

55.00%

25.00%

35.00%

45.00%

55.00%

25.00%

35.00%

45.00%

55.00%

25.00%

35.00%

45.00%

55.00%

Facility fee (as a percent)

0.25%

0.20%

0.25%

0.30%

0.35%

0.40%

0.20%

0.40%

Financial_Instruments_Derivati2

Financial Instruments: Derivatives and Hedging (Details) (Cash flow hedges, USD $)	0 Months Ended		0 Months Ended	9 Months Ended
	Aug. 26, 2013	Sep. 30, 2013	Sep. 27, 2012	Sep. 30, 2013
	2013 Interest Rate Swap	2013 Interest Rate Swap	2012 Interest Rate Swap	2012 Interest Rate Swap
Financial Instruments: Derivatives and Hedging
Term pursuant to interest rate swap agreement	7 years		5 years
Notional Value		$220,000,000		$400,000,000
Strike Rate (as a percent)		2.32%		0.75%
Fair Value		-4,579,000		4,365,000
Unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income				1,000,000
Interest reclassified from accumulated other comprehensive income into interest expense				2,100,000
Amount estimated to be reclassified into earnings within next 12 months				$400,000

Net_Income_Per_Share_Details

Net Income Per Share (Details)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Net Income Per Share
Potential dilutive shares outstanding	0	0

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	3 Months Ended						9 Months Ended				0 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	6-May-10	15-May-13	15-May-13
									ATM Sales Program	ATM Sales Program	May 2013 Public Offering	May 2013 Public Offering Underwriter Overallotment Option
Equity Offerings
Common stock, shares outstanding	100,187,405						100,187,405	82,937,405
Maximum aggregate gross sales price of common stock									$34,300,000	$75,000,000
Shares of common stock sold											17,250,000	2,250,000
Price per share of common stock sold (in dollars per share)											$14
Proceeds from the issuance of common stock, net							241,500,000				230,700,000
Offering related expenses incurred							10,789,000				10,800,000
Dividends declared and paid
Dividends Per Share (in dollars per share)	$0.19	$0.19	$0.19	$0.19	$0.19	$0.19
Total Dividends	$19,036,000	$15,758,000	$15,758,000	$15,758,000	$15,758,000	$15,758,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Taxes
Maximum ownership as a percentage of the voting power or value of the securities of each issuer other than REIT or "TRS"			10.00%
Maximum ownership of securities in all TRS (as a percent)			25.00%
Maximum ownership of securities in all TRS when considered together with other non-real estate assets (as a percent)			25.00%
Period of statute of limitations applicable to the entity's income tax returns			3 years
Increase (decrease) in taxes resulting from:
Revised Texas Franchise tax rate (as a percent)			0.70%
Revised Texas franchise tax			$337	$234
Other Taxes			15	2
Income tax expense	118	80	352	236
Deferred income taxes			$0

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Discontinued operations
Expected term for sale of property			1 year
Operating results for the asset held for sale
Rental revenue	$56,760	$37,944	$145,618	$109,207
Rental operating expenses	-13,991	-9,642	-35,877	-26,938
Real estate taxes and insurance	-8,801	-5,761	-22,704	-16,946
Depreciation and amortization	-22,163	-13,367	-54,863	-39,031
Loss from discontinued operations	98	-169	294	-563
Discontinued operations
Operating results for the asset held for sale
Rental revenue	305	560	917	1,795
Rental operating expenses		-282		-889
Real estate taxes and insurance	-2	-73	-7	-278
Depreciation and amortization	-205	-374	-616	-1,191
Loss from discontinued operations	$98	($169)	$294	($563)
Discontinued operations | Commercial property in Richardson, Texas
Discontinued operations
Expected term for sale of property			1 year

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended						0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Oct. 09, 2013	Oct. 11, 2013
							Subsequent event	Cash distribution declared
							FSP Galleria North Corp.	Subsequent event
Subsequent events
Cash dividend declared per share (in dollars per share)	$0.19	$0.19	$0.19	$0.19	$0.19	$0.19		$0.19
Advance paid to related party pursuant to a Sponsored REIT Loan							$1.20