Franklin Street Properties (FSP) 10-K18 Feb 142013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Feb. 14, 2014	Jun. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'FRANKLIN STREET PROPERTIES CORP /MA/	'	'
Entity Central Index Key	'0001031316	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$1,189,629,087
Entity Common Stock, Shares Outstanding	'	100,187,405	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real estate assets:	'	'
Land	$185,479	$141,545
Buildings and improvements	1,603,941	1,172,928
Fixtures and equipment	1,170	904
Total real estate assets, gross	1,790,590	1,315,377
Less accumulated depreciation	222,252	180,589
Real estate assets, net	1,568,338	1,134,788
Acquired real estate leases, less accumulated amortization of $69,848 and $39,203, respectively	183,454	108,203
Investment in non-consolidated REITs	80,494	81,960
Asset held for sale	'	10,575
Cash and cash equivalents	19,623	21,267
Restricted cash	643	575
Tenant rent receivables, less allowance for doubtful accounts of $50 and $1,300, respectively	5,102	1,749
Straight-line rent receivable, less allowance for doubtful accounts of $135 and $135, respectively	42,261	35,374
Prepaid expenses and other assets	10,506	13,761
Other assets: derivative asset	5,321	'
Related party mortgage loan receivable	99,746	93,896
Office computers and furniture, net of accumulated depreciation of $747 and $584, respectively	709	544
Deferred leasing commissions, net of accumulated amortization of $15,031 and $11,812, respectively	27,837	23,376
Total assets	2,044,034	1,526,068
Liabilities:	'	'
Bank note payable	306,500	216,750
Term loans payable	620,000	400,000
Accounts payable and accrued expenses	44,137	31,122
Accrued compensation	2,985	2,540
Tenant security deposits	4,027	2,489
Other liabilities: derivative liability	2,044	1,219
Acquired unfavorable real estate leases, less accumulated amortization of $6,926 and $4,618, respectively	14,175	7,199
Total liabilities	993,868	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	1,273,556	1,042,876
Accumulated other comprehensive income (loss)	3,277	-1,219
Earnings (distributions) in excess of accumulated earnings/distributions	-226,677	-176,916
Total stockholders' equity	1,050,166	864,749
Total liabilities and stockholders' equity	$2,044,034	$1,526,068

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Consolidated Balance Sheets	'	'
Acquired real estate leases, accumulated amortization	$69,848	$39,203
Tenant rent receivables, allowance for doubtful accounts	50	1,300
Straight-line rent receivable, allowance for doubtful accounts	135	135
Office computers and furniture, accumulated depreciation	747	584
Deferred leasing commissions, accumulated amortization	15,031	11,812
Acquired unfavorable real estate leases, accumulated amortization	$6,926	$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	100,187,405
Common stock, shares outstanding (in shares)	82,937,405	82,937,405

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Rental	$206,926	$150,434	$133,946
Related party revenue:	'	'	'
Management fees and interest income from loans	6,646	10,947	4,046
Other	64	199	49
Total revenues	213,636	161,580	138,041
Expenses:	'	'	'
Real estate operating expenses	51,100	37,440	35,074
Real estate taxes and insurance	31,616	22,904	20,112
Depreciation and amortization	78,839	54,051	47,417
Selling, general and administrative	11,911	9,916	6,855
Interest	21,054	16,068	12,666
Total expenses	194,520	140,379	122,124
Income before interest income, equity in earnings of non-consolidated REITs and taxes on income	19,116	21,201	15,917
Interest income	16	51	22
Equity in earnings of non-consolidated REITs	-1,358	2,033	3,685
Income before taxes on income	17,774	23,285	19,624
Taxes on income	480	335	267
Income from continuing operations	17,294	22,950	19,357
Discontinued operations:	'	'	'
Income (loss) from discontinued operations, net of income tax	375	-491	2,228
Gain (loss) on sale, less applicable income tax	2,158	-14,826	21,939
Total discontinued operations	2,533	-15,317	24,167
Net income	$19,827	$7,633	$43,524
Weighted average number of shares outstanding, basic and diluted (in shares)	93,855	82,937	81,857
Earnings per share, basic and diluted, attributable to:	'	'	'
Continuing operations (in dollars per share)	$0.18	$0.28	$0.24
Discontinued operations (in dollars per share)	$0.03	($0.19)	$0.29
Net income per share, basic and diluted (in dollars per share)	$0.21	$0.09	$0.53

Consolidated_Statements_of_Oth

Consolidated Statements of Other Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidated Statements of Other Comprehensive Income (Loss)	'	'	'
Net income	$19,827	$7,633	$43,524
Other comprehensive income (loss):	'	'	'
Unrealized gain (loss) on derivative financial instruments	4,496	-1,219	94
Amortized gain on derivative financial instruments	'	'	983
Total other comprehensive income (loss)	4,496	-1,219	1,077
Comprehensive income	$24,323	$6,414	$44,601

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-In Capital	Accumulated other comprehensive loss	Earnings (distributions) in excess of accumulated earnings/distributions
In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Accumulated other comprehensive loss
Balance at Dec. 31, 2010	$921,558	$8	$1,025,491	($1,077)	($102,864)
Balance (in shares) at Dec. 31, 2010	'	81,437,000	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Comprehensive income	44,601	'	'	1,077	43,524
Shares issued for:	'	'	'	'	'
Equity offering	17,385	'	17,385	'	'
Equity offering (in shares)	'	1,500,000	'	'	'
Distributions	-62,177	'	'	'	-62,177
Balance at Dec. 31, 2011	921,367	8	1,042,876	'	-121,517
Balance (in shares) at Dec. 31, 2011	'	82,937,000	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Comprehensive income	6,414	'	'	-1,219	7,633
Shares issued for:	'	'	'	'	'
Distributions	-63,032	'	'	'	-63,032
Balance at Dec. 31, 2012	864,749	8	1,042,876	-1,219	-176,916
Balance (in shares) at Dec. 31, 2012	'	82,937,000	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'
Comprehensive income	24,323	'	'	4,496	19,827
Shares issued for:	'	'	'	'	'
Equity offering	230,682	2	230,680	'	'
Equity offering (in shares)	'	17,250,000	'	'	'
Distributions	-69,588	'	'	'	-69,588
Balance at Dec. 31, 2013	$1,050,166	$10	$1,273,556	$3,277	($226,677)
Balance (in shares) at Dec. 31, 2013	'	100,187,000	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income	$19,827	$7,633	$43,524
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'
Depreciation and amortization expense	81,267	57,500	50,261
Amortization of above market lease	-365	71	-47
Gain (loss) on sale, less applicable income tax	-2,158	14,826	-21,939
Equity in earnings of non-consolidated REITs	1,358	-2,033	-3,086
Distributions from non-consolidated REITs	'	705	3,474
Increase (decrease) in bad debt reserve	-1,250	65	-365
Changes in operating assets and liabilities:	'	'	'
Restricted cash	-68	-82	-73
Tenant rent receivables	-2,103	-354	827
Straight-line rents	-5,782	-4,464	-9,878
Lease acquisition costs	-1,146	-2,520	'
Prepaid expenses and other assets	-1,547	-328	1,611
Accounts payable, accrued expenses and other items	11,137	3,717	4,213
Accrued compensation	445	318	419
Tenant security deposits	1,538	481	78
Payment of deferred leasing commissions	-9,125	-5,179	-8,058
Net cash provided by operating activities	92,028	70,356	60,961
Cash flows from investing activities:	'	'	'
Purchase of real estate assets, office computers and furniture	-473,922	-183,868	-174,020
Acquired real estate leases	-100,143	-37,302	-62,230
Investment in non-consolidated REITs	4,858	-1	-10
Distributions in excess of earnings from non-consolidated REITs	108	2,105	1,582
Investment in related party mortgage loan receivable	-8,200	-74,580	-82,832
Repayment of related party mortgage receivable	2,350	121,200	'
Changes in deposits on real estate assets	'	'	200
Investment in assets held for syndication	'	'	2,230
Proceeds received on sales of real estate assets	12,301	157	96,790
Net cash used in investing activities	-562,648	-172,289	-218,290
Cash flows from financing activities:	'	'	'
Distributions to stockholders	-69,588	-63,032	-62,177
Proceeds from equity offering	241,500	'	18,001
Offering costs	-10,818	'	-706
Borrowings under bank note payable	160,000	294,750	449,000
Repayments of bank note payable	-70,250	-527,000	-209,968
Borrowing (repayment) of term loan payable	220,000	400,000	-74,850
Deferred financing costs	-1,868	-5,331	-5,388
Swap termination payment	'	'	-983
Net cash provided by financing activities	468,976	99,387	112,929
Net increase (decrease) in cash and cash equivalents	-1,644	-2,546	-44,400
Cash and cash equivalents, beginning of year	21,267	23,813	68,213
Cash and cash equivalents, end of year	19,623	21,267	23,813
Cash paid for:	'	'	'
Interest	19,556	13,969	9,688
Taxes on income	515	265	225
Non-cash investing and financing activities:	'	'	'
Accrued costs for purchase of real estate assets	$3,570	$1,692	$733

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2013
Organization	'
Organization	'
	1. 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 14 corporations organized to operate as real estate investment trusts (“REIT”) and a non-controlling preferred stock interest in two of those REITs. Collectively, the 14 REITs are referred to as the “Sponsored REITs”.

	As of December 31, 2013, the Company owned and operated a portfolio of real estate consisting of 39 properties, managed 14 Sponsored REITs and held six promissory notes secured by mortgages on real estate owned by Sponsored REITs, including one mortgage loan, one construction loan and four 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.

	Previously the Company, through FSP Investments LLC, structured real estate investments and offered broker/dealer services that included the organization of Sponsored REITs, the acquisition and development of real estate on behalf of Sponsored REITs and the raising of capital to equitize the Sponsored REITs through sale of preferred stock in private placements. On December 15, 2011, the Company announced that it would no longer sponsor the syndication of shares of preferred stock in newly-formed Sponsored REITs.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Significant Accounting Policies	'
Significant Accounting Policies	'
	2. Significant Accounting Policies

	Basis of Presentation

	The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

	Estimates and Assumptions

	The Company prepares its financial statements and related notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets and the valuation of the derivative.

	Investments in non-consolidated REITs

	The Company has a non-controlling common stock interest in 14 Sponsored REITs and a non-controlling preferred stock interest in two Sponsored REITs. In December 2011, the Company announced that it will no longer sponsor the syndication of newly-formed Sponsored REITs, though it has the capability to sponsor the syndication of any additional shares of preferred stock in existing Sponsored REITs.

	Common stock investments in Sponsored REITs were consolidated while the entity was controlled by the Company. Following the commencement of syndication the Company exercises influence over, but does not control these entities and investments are accounted for using the equity method. Under the equity method of accounting, the Company’s cost basis is adjusted by its share of the Sponsored REITs’ earnings, if any, prior to completion of the syndication. Equity in losses of Sponsored REITs is not recognized to the extent that the investment balance would become negative. Distributions received are recognized as income once the investment balance is reduced to zero, unless there is a loan receivable from the Sponsored REIT entity. Equity in losses or distributions received in excess of common stock investment were recorded as an adjustment to the carrying value of the assets held for syndication.

	Subsequent to the completion of the syndication of preferred shares, the Company does not share in any of the Sponsored REITs’ earnings, or any related distributions, as a result of its common stock ownership.

	On September 22, 2006, the Company purchased 48 preferred shares (approximately 4.6%) of a Sponsored REIT, FSP Phoenix Tower Corp. (“Phoenix Tower”), for $4,116,000. The Company agreed to vote its shares in any matter presented to a vote by the stockholders of Phoenix Tower in the same proportion as shares voted by other stockholders of Phoenix Tower. The investment in Phoenix Tower was accounted for under the equity method. On December 20, 2012, the property owned by Phoenix Tower was sold at a gain. The Company’s share of the gain was $1.6 million and is included in equity in earnings from non-consolidated REITs on the consolidated statements of income.

	On December 27, 2007, the Company purchased 965.75 preferred shares (approximately 43.7%) of a Sponsored REIT, FSP 303 East Wacker Drive Corp. (“East Wacker”), for $82,813,000. The Company agreed to vote its shares in any matter presented to a vote by the stockholders of East Wacker in the same proportion as shares voted by other stockholders of East Wacker. The investment in East Wacker is accounted for under the equity method.

	On May 29, 2009, the Company purchased 175.5 preferred shares (approximately 27.0%) of a Sponsored REIT, FSP Grand Boulevard Corp. (“Grand Boulevard”), for $15,049,000. The Company agreed to vote its shares in any matter presented to a vote by the stockholders of Grand Boulevard in the same proportion as shares voted by other stockholders of Grand Boulevard. The investment in Grand Boulevard is accounted for under the equity method.

	Real Estate and Depreciation

	Real estate assets are stated at the lower of cost, less accumulated depreciation.

	Costs related to property acquisition and improvements are capitalized. Typical capital items include new roofs, site improvements, various exterior building improvements and major interior renovations. Costs incurred in connection with leasing (primarily tenant improvements and leasing commissions) are capitalized and amortized over the lease period. Routine replacements and ordinary maintenance and repairs that do not extend the life of the asset are expensed as incurred. Funding for repairs and maintenance items typically is provided by cash flows from operating activities. Depreciation is computed using the straight-line method over the assets’ estimated useful lives as follows:

	Category		Years
	Commercial buildings		39
	Building improvements		15-39
	Fixtures and equipment		7-Mar

	The Company reviews its properties to determine if their carrying amounts will be recovered from future operating cash flows if certain indicators of impairment are identified at those properties. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Since cash flows are considered on an undiscounted basis in the analysis that the Company conducts to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized. If the Company determines that impairment has occurred, the affected assets must be reduced to their fair value.

	Acquired Real Estate Leases and Amortization

	The Company recorded the value of acquired real estate leases as a result of three acquisitions in 2013, two acquisitions in 2012 and five acquisitions in 2011. Acquired real estate leases represent costs 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) and the value relating to leases with rents above the market rate. Amortization is computed using the straight-line method over the term of the leases, which range from 1 month to 281 months. Amortization expense was approximately $32,230,000, $19,174,000, and $13,697,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Amortization related to costs associated with acquiring an in-place lease is included in depreciation and amortization on the consolidated statements of income. Amortization related to leases with rents above the market rate is offset against the rental revenue in the consolidated statements of income. The estimated annual amortization expense for the five years and thereafter succeeding December 31, 2013 is as follows:

	Acquired Real Estate Leases and Amortization (continued)

	(in thousands)		December 31,
	2014		$	42,243
	2015		36,876
	2016		30,807
	2017		24,524
	2018		19,369
	2019 and thereafter		29,635


	Acquired Unfavorable Real Estate Leases and Amortization

	The Company recorded the value of acquired unfavorable leases as a result of three acquisitions in 2013, two acquisitions in 2012 and five acquisitions in 2011. Acquired unfavorable real estate leases represent the value relating to leases with rents below the market rate. Amortization is computed using the straight-line method over the term of the leases, which range from 2 months to 281 months. Amortization expense was approximately $3,073,000, $1,548,000 and $1,301,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Amortization related to leases with rents below the market rate is included with rental revenue in the consolidated statements of income. The estimated annual amortization for the five years and thereafter succeeding December 31, 2013 is as follows:

	(in thousands)
	2014		$	3,267
	2015		2,948
2016		2,387
2017		1,816
2018		1,397
2019 and thereafter		2,360


Discontinued Operations

The Company reports as discontinued operations, the income and expenses associated with a disposal group (i) that qualifies as a component of an entity, (ii) for which cash flows will be eliminated from the ongoing operations of the entity, and (iii) in which the Company will not have significant continuing involvement.

The Company accounts for sale of properties and assets held for sale as discontinued operations. Classification as held for sale typically occurs upon the execution of a purchase and sale agreement and belief by management that the sale or disposition is probable of occurrence within one year. Upon determining that a property is held for sale, the Company discontinues depreciating the property and reflects the property in its consolidated balance sheets at the lower of its carrying amount or fair value less the cost to sell. The Company presents property held for sale on its consolidated balance sheets as “Asset held for sale”, on a comparative basis. The Company reports the results of operations of its properties sold or held for sale in its consolidated statements of income as discontinued operations if no significant continuing involvement exists after the sale or disposition.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.

Restricted Cash

Restricted cash consists of tenant security deposits, which are required by law in some states or by contractual agreement to be kept in a segregated account, and escrows arising from property sales. Tenant security deposits are refunded when tenants vacate, provided that the tenant has not damaged the property.

Cash held in escrow is paid when the related issue is resolved. Restricted cash also may include funds segregated for specific tenant improvements per lease agreements.

Tenant Rent Receivables

Tenant rent receivables are expected to be collected within one year. The Company provides an allowance for doubtful accounts based on its estimate of a tenant’s ability to make future rent payments. The computation of this allowance is based in part on the tenants’ payment history and current credit status. The Company charged off $1,237,000 in receivables and decreased its allowance by $13,000 during 2013; charged off $20,000 in receivables and increased its allowance by $85,000 during 2012; and charged off $399,000 in receivables and increased its allowance by $34,000 during 2011, based on such analysis.

Related Party Mortgage Loan Receivable

Management monitors and evaluates the secured loans compared to the expected performance, cash flow and value of the underlying real estate and has not experienced a loss on these loans to date.

Concentration of Credit Risks

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, derivatives and accounts receivable. The Company maintains its cash balances principally in two banks which the Company believes to be creditworthy. The Company periodically assesses the financial condition of the banks and believes that the risk of loss is minimal. Cash balances held with various financial institutions frequently exceed the insurance limit of $250,000 provided by the Federal Deposit Insurance Corporation. The derivatives that we have are from two interest rate swap agreements that are discussed in Note 6. The Company performs ongoing credit evaluations of our tenants and require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. The Company has no single tenant which accounts for more than 10% of its annualized rent.

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 approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values as they bear interest at variable interest rates.

Straight-line Rent Receivable

Certain leases provide for fixed rent increases over the term of the lease. Rental revenue is recognized on a straight-line basis over the related lease term; however, billings by the Company are based on the lease agreements. Straight-line rent receivable, which is the cumulative revenue recognized in excess of amounts billed by the Company, is $42,261,000 and $35,441,000 at December 31, 2013 and 2012, respectively. The Company provides an allowance for doubtful accounts based on its estimate of a tenant’s ability to make future rent payments. The computation of this allowance is based in part on the tenants’ payment history and current credit status. The Company charged off $48,000 in receivables and increased its allowance by $48,000 during 2013, charged off $28,000 in receivables and increased its allowance by $28,000 during 2012 and charged off $567,000 in receivables and increased its allowance by $2,000 during 2011, based on such analysis.

Deferred Leasing Commissions

Deferred leasing commissions represent direct and incremental external leasing costs incurred in the leasing of commercial space. These costs are capitalized and are amortized on a straight-line basis over the terms of the related lease agreements. Amortization expense was approximately $4,683,000, $4,173,000 and $3,806,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

Deferred Leasing Commissions (continued)

The estimated annual amortization for the five years and thereafter following December 31, 2013 is as follows:

(in thousands)
2014		$	5,240
2015		4,669
2016		4,193
2017		3,312
2018		2,945
2019 and thereafter		7,476


Common Share Repurchases

The Company recognizes the gross cost of the common shares it repurchases as a reduction in stockholders’ equity using the treasury stock method. Maryland law does not recognize a separate treasury stock account but provides that shares repurchased are classified as authorized but unissued shares. Accordingly, the Company reduces common stock for the par value and the excess of the purchase price over the par value is a reduction to additional paid-in capital.

Revenue Recognition

Rental revenue includes income from leases, certain reimbursable expenses, straight-line rent adjustments and other income associated with renting the property. A summary of rental revenue is shown in the following table:

		Year Ended
		December 31,
(in thousands)		2013			2012			2011
Income from leases		$	159,472		$	116,494		$	98,080
Reimbursable expenses		41,486			29,847			26,006
Straight-line rent adjustment		5,755			4,366			9,863
Amortization of favorable and unfavorable leases		213			(273		)	(3		)
		$	206,926		$	150,434		$	133,946

Rental Revenue - The Company has retained substantially all of the risks and benefits of ownership of the Company’s commercial properties and accounts for its leases as operating leases. Rental income from leases, which includes rent concessions (including free rent and tenant improvement allowances) and scheduled increases in rental rates during the lease term, is recognized on a straight-line basis. The Company does not have any significant percentage rent arrangements with its commercial property tenants. Reimbursable expenses are included in rental income in the period earned.

Related Party and Other Revenue - Property and asset management fees and other income are recognized when the related services are performed and the earnings process is complete.

Segment Reporting

ASC 280 Segment Reporting (“ASC 280”) establishes standards for the way public entities report information about operating segments in the financial statements. The Company is a REIT focused on real estate investments primarily in the office market and currently operates in only one segment: real estate operations. In December 2011, the Company discontinued the activities of its investment banking segment, which are included in discontinued operations for all periods presented.

Income Taxes

Taxes on income for the years ended December 31, 2013, 2012 and 2011 represent taxes incurred by FSP Protective TRS Corp, which is a taxable REIT subsidiary and the State of Texas franchise tax applicable to FSP Corp., which is classified as an income tax for reporting purposes. Taxes on income incurred by FSP Investments, which is a taxable REIT subsidiary, are classified in discontinued operations.

Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of 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 December 31, 2013, 2012, and 2011. The denominator used for calculating basic and diluted net income per share was 93,855,000, 82,937,000, and 81,857,000 for the years ended December 31, 2013, 2012, and 2011, respectively.

Derivative Instruments

The Company recognizes derivatives on the consolidated balance sheet at fair value. Derivatives that do not qualify, or are not designated as hedge relationships, must be adjusted to fair value through income. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash flow hedges are accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability. To the extent hedges are effective, a corresponding amount, adjusted for swap payments, is recorded in accumulated other comprehensive income within stockholders’ equity. Amounts are then reclassified from accumulated other comprehensive income to the income statement in the period or periods the hedged forecasted transaction affects earnings. Ineffectiveness, if any, is recorded in the income statement. The Company periodically reviews the effectiveness of each hedging transaction, which involves estimating future cash flows, at least quarterly. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Company currently has no fair value hedges outstanding. Fair values of derivatives are subject to significant variability based on changes in interest rates and counterparty credit risk. The results of such variability could be a significant increase or decrease in our derivative assets, derivative liabilities, book equity, and/or earnings.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is also an established fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. Financial assets and liabilities recorded on the consolidated balance sheets at fair value are categorized based on the inputs to the valuation techniques as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability including credit risk, which was not significant to the overall value. These inputs were considered and applied to the Company’s derivative, and Level 2 inputs were used to value the interest rate swap.

Subsequent Events

In preparing these consolidated financial statements the Company evaluated events that occurred through the date of issuance of these financial statements for potential recognition or disclosure.

Reclassifications

Certain amounts in the 2012 and 2011 financial statements have been reclassified to conform to 2013 presentation. The reclassifications were related primarily to a property sold, which is presented as discontinued operations for all periods presented. Reclassifications of discontinued operations changed rental revenues, operating and maintenance expenses, general & administrative expenses and 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 consolidated financial statements.

Significant_Acquisitions

Significant Acquisitions	12 Months Ended
Significant Acquisitions	Dec. 31, 2013
Significant Acquisitions	'
Significant Acquisitions	'
	3. Significant Acquisitions

	During the year ended December 31, 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 before deductions of closing costs and adjustments of approximately $3 million. One property is located in Atlanta, Georgia and two properties are located in Denver, Colorado. The Company expensed acquisition costs of approximately $568,000 related to these acquisitions for the year ended December 31, 2013.

	The purchase price of the properties were 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:

	(in thousands)

	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 acquisition 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 Year Ended
	(unaudited)	December 31,
	(in thousands except per share amounts)	2013			2012

	Revenue	$	241,346		$	211,289
	Income from continuing operations	$	12,527		$	10,668
	Net income	$	15,060		$	(4,649	)
	Weighted average shares outstanding	93,855			82,937

	Income from continuing operations per share	$	0.13		$	0.13
	Net income per share	$	0.16		$	(0.06	)

	During the year ended December 31, 2013, the Company recognized approximately $29.7 million of revenues and $3.8 million of net income from operations of these acquisitions.

Related_Party_Transactions_and

Related Party Transactions and Investments in Non-Consolidated Entities	12 Months Ended
	Dec. 31, 2013
Related Party Transactions and Investments in Non-Consolidated Entities	'
Related Party Transactions and Investments in Non-Consolidated Entities	'
	4. Related Party Transactions and Investments in Non-Consolidated Entities

	Investment in Sponsored REITs

	At December 31, 2013, the Company held an interest in 14 Sponsored REITs, all of which were fully syndicated. At December 31, 2012, the Company held an interest in 15 Sponsored REITs, all of which were fully syndicated. At December 31, 2011, the Company held an interest in 16 Sponsored REITs, all of which were fully syndicated. The Company 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 December 2013, the property owned by FSP 505 Waterford Corp. (“505 Waterford”), a Sponsored REIT, was sold and, thereafter, 505 Waterford declared and issued a liquidating distribution for its preferred shareholders. The Company held a mortgage loan secured by the property owned by 505 Waterford in the principal amount of $2,350,000, which was repaid from the proceeds of the sale.

	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. In connection with its common stock ownership of Phoenix Tower, the Company received $10,000 on September 30, 2013. As of December 31, 2013, the Company held a beneficial interest in the Phoenix Tower liquidating trust in the amount of approximately $14,000, which is included in other assets in the accompanying consolidated balance sheet.

	The table below shows the Company’s income and expenses from Sponsored REITs syndicated in 2011. There were no syndications of Sponsored REITs in 2013 or 2012. Management fees of $6,000 for the year ended December 31, 2011, and interest expense related to the Company’s mortgages on properties owned by this entity of $197,000 for the year ended December 31, 2011, are eliminated in consolidation.

			Year Ended
			December 31,
	(in thousands)		2011
	Operating Data:
	Rental revenues		$	1,482
	Operating and maintenance expenses		480
	Depreciation and amortization		610
	Interest expense		197
	Interest income		—
			$	195

	Equity in earnings (losses) of investment in non-consolidated REITs:

	The following table includes equity in earnings (losses) of investments in non-consolidated REITs:

			Year Ended December 31,
	(in thousands)		2013			2012			2011

	Equity in earnings of Sponsored REITs		$	—		$	—		$	1,696
	Equity in earnings (losses) of Phoenix Tower		—			1,618			(14		)
	Equity in earnings (losses) of East Wacker		(1,021		)	670			2,137
	Equity in earnings (losses) of Grand Boulevard		(337		)	(255		)	(134		)
			$	(1,358	)	$	2,033		$	3,685

	Equity in earnings of investments in Sponsored REITs is derived from the Company’s share of income following the commencement of syndication of Sponsored REITs. Following the commencement of syndication the Company exercises influence over, but does not control these entities, and investments are accounted for using the equity method.

	Equity in earnings (losses) of Phoenix Tower were derived from the Company’s preferred stock investment in the entity. In September 2006, the Company purchased 48 preferred shares or 4.6% of the outstanding preferred shares of Phoenix Tower for $4,116,000 (which represented $4,800,000 at the offering price net of commissions of $384,000 and acquisition fees of $300,000 that were excluded). On December 20, 2012, the property owned by Phoenix Tower was sold at a gain, which is included in equity in earnings of non-consolidated REITs on the consolidated statements of income.

	Equity in earnings 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 earnings 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 following table includes distributions received from non-consolidated REITs:

			Year Ended December 31,
	(in thousands)		2013			2012			2011

	Distributions from Sponsored REITs		$	—		$	—		$	1,337
	Distributions from Phoenix Tower		—			173			130
	Distributions from East Wacker		—			2,489			3,319
	Distributions from Grand Boulevard		107			148			270
			$	107		$	2,810		$	5,056

	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 in the future of Sponsored REITs. However, 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 includes the operations of the 15 Sponsored REITs the Company held an interest in during the year and the 14 Sponsored REITS the Company held an interest in as of December 31, 2013. On December 6, 2013, the property owned by 505 Waterford was sold. On December 20, 2012, the property owned by Phoenix Tower was sold. The operating data below for 2012 includes operations of the 15 Sponsored REITs the Company held an interest in as of December 31, 2012. The operating data below for 2011 includes operations of the 16 Sponsored REITs the Company held an interest in as of December 31, 2011.

	Summarized financial information for the Sponsored REITs is as follows:

		December 31,			December 31,
(in thousands)		2013			2012

Balance Sheet Data (unaudited):
Real estate, net		$	642,105		$	659,655
Other assets		187,494			156,785
Total liabilities		(321,099		)	(316,311		)
Shareholders’ equity		$	508,500		$	500,129

		For the Year Ended
		December 31,
(in thousands)		2013			2012			2011

Operating Data (unaudited):
Rental revenues		$	93,608		$	109,676		$	111,417
Other revenues		68			115			90
Operating and maintenance expenses		(48,718		)	(56,621		)	(55,672		)
Selling, general and administrative		—			—			(604		)
Depreciation and amortization		(31,450		)	(35,143		)	(33,909		)
Interest expense		(13,752		)	(17,357		)	(17,180		)
Gain on sale, less applicable income tax		5,851			36,610			—
Net income		$	5,607		$	37,280		$	4,142

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 $1,078,000, $1,149,000 and $958,000 for the years ended December 31, 2013, 2012 and 2011, 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 with a revolving line of credit component which bore interest at a fixed rate and was repaid in July 2012 and a 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. In December 2011, the Company received a loan fee of $762,000 at the time of the closing of the mortgage loan with a revolving line of credit component. In March 2012, a $300,000 fee was collected in connection with a $30 million draw from the revolving line of credit component. That loan was repaid in full during July 2012 and also included a 0.49% fee collected of $520,000. In July 2012, the Company received a loan fee of $301,000 at the time of the closing of the mortgage loan with a fixed interest rate and a 0.98% fee will be collected on all amounts repaid under the loan.

Prior to terminating the activities of its investment banking segment in December 2011, the Company typically made an acquisition loan (“Acquisition Loans”) to each newly-formed Sponsored REIT which was secured by a mortgage on the borrower’s real estate. These loans enabled Sponsored REITs to acquire their respective properties prior to the consummation of the offerings of their equity interests. The Company anticipated that each Acquisition Loan would be repaid at maturity, or earlier, from the proceeds of the Sponsored REIT’s equity offering. Each Acquisition Loan had an original term of two years and bore interest at approximately the same rate paid by FSP Corp. for borrowings under its 2011 Revolver or previous revolving lines of credit. The Company made one Acquisition Loan for the syndication of FSP Union Centre Corp. during 2011, which was repaid on October 20, 2011. There were no Acquisition Loans outstanding at December 31, 2013 and 2012.

The following is a summary of the Sponsored REIT Loans outstanding as of December 31, 2013:

						Maximum			Amount							Interest
(dollars in thousands)				Maturity		Amount			Drawn at			Interest		Draw		Rate at
Sponsored REIT		Location		Date		of Loan			31-Dec-13			Rate (1)		Fee (2)		31-Dec-13

Secured revolving lines of credit
FSP Highland Place I Corp.		Centennial, CO		31-Dec-14		$	5,500		$	1,825		L+4.4	%	0.5	%	4.57	%
FSP Satellite Place Corp.		Duluth, GA		31-Mar-14		5,500			5,500			L+4.4	%	0.5	%	4.57	%
FSP 1441 Main Street Corp.		Columbia, SC		31-Mar-14		10,800			9,000			L+4.4	%	0.5	%	4.57	%
FSP Galleria North Corp.		Dallas, TX		30-Jan-15		15,000			12,880			L+5.0	%	0.5	%	5.17	%

Secured construction loan
FSP 385 Interlocken Development Corp.		Broomfield, CO		30-Apr-14		42,000			37,541			L+4.4	%	n/a		4.57	%

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	%

						$	111,800		$	99,746

(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 $5,568,000, $9,798,000, and $3,087,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

Bank_note_payable_and_term_not

Bank note payable and term note payable

12 Months Ended

Dec. 31, 2013

Bank note payable and term note payable

5. Bank note payable and term 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 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 190 basis points, or 2.06% at December 31, 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 90 basis points, or 4.15% at December 31, 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

—

25%

145

bps

25%

and

35%

155

bps

35%

and

45%

165

bps

45%

and

55%

190

bps

55%

and

220

bps

120

bps

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 December 31, 2013, the interest rate on the 2013 Term Loan was 4.22% 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 December 31, 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 December 31, 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 165 basis points, or 1.82% at December 31, 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 65 basis points, or 3.90% at December 31, 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 (35 basis points at December 31, 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

—

25%

bps

135

bps

25%

and

35%

bps

140

bps

35%

and

45%

bps

145

bps

45%

and

55%

bps

165

bps

55%

and

bps

190

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 December 31, 2013, the interest rate on the 2012 Term Loan was 2.40% per annum. In addition, based upon the Company’s leverage ratio, as of December 31, 2013, there were borrowings of $306,500,000 outstanding under the 2012 Revolver at a weighted average rate of 1.82% per annum. The weighted average interest rate on all amounts outstanding on the 2012 Revolver during the year ended December 31, 2013 was approximately 1.65% 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. As of December 31, 2011, there were borrowings of $449,000,000 outstanding under the 2011 Revolver at a weighted average rate of 2.24% 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 December 31, 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

12 Months Ended

Dec. 31, 2013

Financial Instruments: Derivatives and Hedging

6. 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 5.

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 December 31, 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

Value

2013 Interest Rate Swap

220,000

2.32

13-Aug

20-Aug

(2,044

)

2012 Interest Rate Swap

400,000

0.75

12-Sep

17-Sep

5,321

On December 31, 2013, the 2013 Interest Rate Swap was reported as a liability at its fair value of approximately $2.0 million and the 2012 Interest Rate Swap was reported as an asset at its fair value of approximately $5.3 million. These are included in other liabilities: derivative liability and other assets: derivative asset on the consolidated balance sheet at December 31, 2013, respectively. Offsetting adjustments are reported as unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income of $4.5 million. During the year ended December 31, 2013, $3.9 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 $1.1 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 and are adjusted to reflect credit or nonperformance risk. This risk is estimated by the Company using credit spreads and risk premiums that are observable in the market. These financial instruments were classified within Level 2 of the fair value hierarchy and were classified as an asset or liability on the consolidated balance sheet.

Previously the Company’s hedging activity was limited to an interest rate swap. The purpose of the interest rate swap, which was terminated on February 22, 2011, was to fix the interest rate for the term of the loan and to protect the Company from future interest rate increases on that term loan.

The interest rate swap represented a cash flow hedge and was recorded at fair value and classified as a liability. Changes in the recorded fair value of the interest rate swap were recorded to other comprehensive income. On February 22, 2011, the Company used approximately $983,000 to terminate the interest rate swap agreement applicable to that term loan. The payment to terminate the interest rate swap liability was amortized into interest expense through October 15, 2011.

The interest amortization for the Company’s terminated interest rate swap reclassified from accumulated other comprehensive income into interest expense for the year ended December 31, 2011 was $983,000. The effective portion of the loss on outstanding derivative recognized in other comprehensive income for the year ended December 31, 2011 was $983,000.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2013
Stockholders' Equity	'
Stockholders' Equity	'
	7. Stockholders’ Equity

	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 year ended December 31, 2013 and 2012, the Company did not sell any shares under the ATM Sales Program. During the year ended December 31, 2011, the Company sold 1,500,000 shares of its common stock under the ATM Sales Program at an average price of $12.00 per share, for which approximately $360,000 was payable to the placement/sales agent and $256,000 was incurred for offering related expenses, raising net proceeds of approximately $17.4 million. As of December 31, 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.

	Equity-Based Compensation

	On May 20, 2002, the stockholders of the Company approved the 2002 Stock Incentive Plan (the “Plan”). The Plan is an equity-based incentive compensation plan, and provides for the grants of up to a maximum of 2,000,000 shares of the Company’s common stock (“Awards”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted awards. Awards under the Plan are made at the discretion of the Company’s Board of Directors, and have no vesting requirements. Upon granting an Award, the Company will recognize compensation cost equal to the fair value of the Company’s common stock, as determined by the Company’s Board of Directors, on the date of the grant.

	The Company has not issued any shares under the Plan since 2005, and there are currently 1,944,428 shares available for grant under the Plan.

Federal_Income_Tax_Reporting

Federal Income Tax Reporting	12 Months Ended
Federal Income Tax Reporting	Dec. 31, 2013
Federal Income Tax Reporting	'
Federal Income Tax Reporting	'
	8. Federal Income Tax Reporting

	General

	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.

	FSP Investments operated in the Company’s investment banking segment and in December 2011 announced it would no longer sponsor the syndication of newly-formed Sponsored REITs, which were a significant amount of FSP Investments activities. Revenues, expenses, and income tax benefits, net of valuation allowances, have been reclassified to discontinued operations for these activities.

	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 adopted an accounting pronouncement related to uncertainty in income taxes effective January 1, 2007, which did not result in recording a liability, nor was any accrued interest and penalties recognized with the adoption. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. The Company’s effective tax rate was not affected by the adoption. 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.

	Net operating losses

	Section 382 of the Code restricts a corporation’s ability to use net operating losses (“NOLs”) to offset future taxable income following certain “ownership changes.” Such ownership changes occurred with past mergers and accordingly a portion of the NOLs incurred by the Sponsored REITs available for use by the Company in any particular future taxable year will be limited. To the extent that the Company does not utilize the full amount of the annual NOLs limit, the unused amount may be carried forward to offset taxable income in future years. NOLs expire 20 years after the year in which they arise, and the last of the Company’s NOLs will expire in 2027. A valuation allowance is provided for the full amount of the NOLs as the realization of any tax benefits from such NOLs is not assured. The gross amount of NOLs available to the Company was $13,041,000, as of December 31, 2013, 2012 and 2011.

	Income Tax Expense

	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 expense associated with these activities are reported in the table as Other Taxes in the table below:

			For the years ended December 31,
	(Dollars in thousands)		2013			2012			2011

	Revised Texas franchise tax		$	462		$	330		$	253
	Other Taxes		18			5			14
	Taxes on income		$	480		$	335		$	267

	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.

	In May 2006, the State of Texas enacted a new business tax (the “Revised Texas Franchise Tax”) that replaced its existing franchise tax which the Company became subject to. 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 in income taxes on its income statement of $462,000, $330,000 and $253,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

	At December 31, 2013, the Company’s net tax basis of its real estate assets is more than the amount set forth in the Company’s consolidated balance sheets by $160,599,000 and at December 31, 2012 the net tax basis is more than the Company’s consolidated balance sheets by $61,255,000.

	Reconciliation Between GAAP Net Income and Taxable Income

	The following reconciles book net income to taxable income for the years ended December 31, 2013, 2012 and 2011.

			For the year ended December 31,
	(in thousands)		2013			2012			2011

	Net income per books		$	19,827		$	7,633		$	43,524
	Adjustments to book income:
	Book depreciation and amortization		79,090			55,518			48,439
	Tax depreciation and amortization		(44,552		)	(34,047		)	(31,409		)
	Tax basis more than book basis on assets sold		(735		)	265			(1,281		)
	Straight line rent adjustment, net		(6,748		)	(5,203		)	(9,783		)
	Deferred rent, net		(818		)	1,224			1,290
	Non-taxable distributions		(107		)	(1,114		)	(767		)
	Other, net		1,263			1,899			2,728
	Taxable income		47,220			26,175			52,741
	Less: Capital gains recognized		—			(1,514		)	(21,951		)
	Taxable income subject to distribution requirement		$	47,220		$	24,661		$	30,790

	Tax Components

	The following summarizes the tax components of the Company’s common distributions paid per share for the years ended December 31, 2013, 2012 and 2011:

			2013					2012					2011
			Per Share			%		Per Share			%		Per Share			%
	Ordinary income		$	0.53		69.58	%	$	0.31		40.61	%	$	0.38		50.79	%
	Capital gain (1)		—			0	%	0.02			2.4	%	0.27			35.17	%
Return of capital		0.23			30.42	%	0.43			56.99	%	0.11			14.04	%
Total		$	0.76		100	%	$	0.76		100	%	$	0.76		100	%

(1) For 2013, 2012 and 2011, 0%, 2.4% and 29.78%, respectively, of the total distributions are taxed as capital gains, and 0%, 0% and 5.39%, respectively, are taxed as an Unrecaptured Section 1250 gain.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2013
Commitments	'
Commitments	'
	9. Commitments

	The Company’s commercial real estate operations include the leasing of office buildings and industrial properties subject to leases with terms greater than one year. The leases expire at various dates through 2026. The following is a schedule of approximate future minimum rental income on non-cancelable operating leases as of December 31, 2013:

	(in thousands)	Year ending
		December 31,

	2014	$	176,681
	2015	165,974
	2016	155,794
	2017	133,345
	2018	117,955
	Thereafter (2019-2026)	243,743
		$	993,492

	The Company leases its corporate office space under an operating lease that commenced September 1, 2010 for a seven year term and has a five-year extension option. The lease includes a base annual rent and additional rent for the Company’s share of taxes and operating costs and expires in 2017. Future minimum lease payments are as follows:

	(in thousands)	Year ending
		December 31,
	2014	$	417
	2015	424
	2016	428
	2017	324
	Thereafter	—
		$	1,593

	Rent expense was approximately $412,000, $403,000 and $400,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in selling, general and administration expenses in the consolidated statements of income.

	The Company has entered into the Sponsored REIT Loans described in Note 4, which provide for up to $111.8 million in borrowings of which $99.7 million have been drawn and are outstanding as of December 31, 2013. The Company anticipates that any advances made will be repaid at their maturity or earlier from long term financing of the underlying properties, cash flows of the underlying properties or some other capital events.

Retirement_Plan

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2013
Retirement Plan	'
Retirement Plan	'
	10. Retirement Plan

	In 2006, the Company established a 401(k) plan to cover eligible employees, which permitted deferral of up to $17,000 per year (indexed for inflation) into the 401(k) plan, subject to certain limitations imposed by the Internal Revenue Code. An employee’s elective deferrals are immediately vested upon contribution to the 401(k) plan. The Company matches employee contributions to the 401(k) plan dollar for dollar up to 3% of each employee’s annual compensation up to $200,000. In addition, we may elect to make an annual discretionary profit-sharing contribution. The Company’s total contribution under the 401(k) plan amounted to $120,000, $109,000 and $131,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

Discontinued_Operations

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2013
Discontinued Operations	'
Discontinued Operations	'
	11. Discontinued Operations

	The Company accounts for sale of properties and assets held for sale as discontinued operations. In December 2011, the Company also discontinued the activities of the investment banking segment.

	Dispositions of Property

	The Company sold an office property located in Richardson, Texas on October 29, 2013 at a $2.2 million gain.

	During the three months ended September 30, 2012, the Company reached a decision to classify its office property located in Southfield, Michigan as an asset held for sale. In evaluating the Southfield, Michigan property, management considered various subjective factors, including the time, cost and likelihood of successfully leasing the property, the effect of the property’s results on its unencumbered asset value, which is part of the leverage ratio used to calculate interest rates in the 2012 Credit Facility and future capital costs to upgrade and reposition the multi-tenant property and to lease up the building, recent leasing and economic activity in the local area, and offers to purchase the property. The Company concluded that selling the property was the more prudent decision and outweighed the potential future benefit of continuing to hold the property. The property was expected to sell within one year at a loss, which was recorded as a provision for loss on a property held for sale of $14.3 million net of applicable income taxes and was classified as an asset held for sale of $0.7 million at September 30, 2012. The Company estimated the fair value of the property, less estimated costs to sell using the offers to purchase the property made by third parties (Level 3 inputs, as there is no active market). The Company sold the property on December 21, 2012 for $0.3 million resulting in a total loss of $14.8 million.

	The Company sold an industrial property located in Savage, Maryland on June 24, 2011 at a $2.3 million gain and in 2010 reached an agreement to sell a commercial property, located in Falls Church, Virginia, which was sold on January 21, 2011 at a $19.6 million gain.

	All property dispositions have been classified as discontinued for all periods presented.

	There was no asset held for sale at December 31, 2013. The asset held for sale at December 31, 2012 is summarized below:

		December 31,
	(in thousands)	2012

	Land	$	2,791
	Building	5,216
		8,007
	Less accumulated depreciation	167
		7,840
	Straight-line rent receivable	67
	Deferred leasing comissions, net of accumulated amortization of $859	3,779

	Acquired unfavorable leases, net of accumulated amortization of $252	(1,111		)
		$	10,575

	The Company reports the results of operations of its properties classified as discontinued operations in its consolidated statements of income, which includes rental income, rental operating expenses, real estate taxes and insurance, depreciation and amortization. In addition, in December 2011, the Company announced it would no longer sponsor the syndication of newly-formed Sponsored REITs and cash flows related to this activity were eliminated from ongoing operations. Accordingly, the Company reported the investment banking activities as discontinued operations in its consolidated statements of income, which includes syndication and transaction fee revenues, selling, general and administrative expenses, commission expenses, depreciation and amortization, interest income and income tax benefits. Selling, general and administrative expenses include $378,000 of severance costs and professional fees related to discontinuing investment banking activities. There were no assets of the investment banking segment included in the consolidated balance sheet at December 31, 2013, 2012 and 2011.

	The operating results for discontinued operations are summarized below.

		For the Year Ended
		December 31,
	(in thousands)	2013			2012			2011
	Rental revenue	$	991		$	2,334		$	2,134
	Related party revenue:
	Syndication fees	—			—			4,670
	Transaction fees	—			—			4,454
	Other income	—			—			42
	Rental operating expenses	—			(1,089		)	(1,616		)
	Real estate taxes and insurance	—			(340		)	(377		)
	Selling, general and administrative	—			—			(3,488		)
	Commissions	—			—			(2,535		)
	Depreciation and amortization	(616		)	(1,396		)	(1,070		)
	Income tax benefit	—			—			—
	Interest income	—			—			14
	Net income (loss) from discontinued operations	$	375		$	(491	)	$	2,228

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'
	12. Subsequent Events

	On January 10, 2014, the Board of Directors of the Company declared a cash distribution of $0.19 per share of common stock payable on February 14, 2014 to stockholders of record on January 24, 2014.

	On January 23, 2014, the Company made a $0.6 million advance pursuant to a Sponsored REIT Loan to a wholly-owned subsidiary of FSP Galleria North Corp.

Selected_Unaudited_Quarterly_I

Selected Unaudited Quarterly Information	12 Months Ended
Selected Unaudited Quarterly Information	Dec. 31, 2013
Selected Unaudited Quarterly Information	'
Selected Unaudited Quarterly Information	'
	13. Selected Unaudited Quarterly Information

	Certain amounts in the 2013 and 2012 unaudited quarterly information have been reclassified to present properties sold as discontinued operations for all periods presented. Selected unaudited quarterly information is shown in the following table:

		2013
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
		(in thousands, except per share data)

	Revenue	$	44,495		$	47,671		$	58,446		$	63,024

	Income from continuing operations	$	4,303		$	4,643		$	3,996		$	4,352
	Income from discontinued operations	$	98		$	98		$	98		$	2,239
	Net income	$	4,401		$	4,741		$	4,094		$	6,591

	Basic and diluted net income per share	$	0.05		$	0.05		$	0.04		$	0.07

	Weighted average number of shares outstanding	82,937			91,847			100,187			100,187

		2012
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
		(in thousands, except per share data)

	Revenue	$	38,648		$	38,349		$	41,468		$	43,115

	Income from continuing operations	$	5,960		$	5,606		$	5,471		$	5,913
	Income from discontinued operations	$	(222	)	$	(172	)	$	(14,469	)	$	(454	)
	Net income	$	5,738		$	5,434		$	(8,998	)	$	5,459

	Basic and diluted net income per share	$	0.07		$	0.07		$	(0.11	)	$	0.07

	Weighted average number of shares outstanding	82,937			82,937			82,937			82,937

Schedule_II_Valuation_and_qual

Schedule II Valuation and qualifying accounts:	12 Months Ended
	Dec. 31, 2013
Schedule II Valuation and qualifying accounts:	'
Schedule II Valuation and qualifying accounts:	'
	Franklin Street Properties Corp.
	Valuation and qualifying accounts:

	(in thousands)

				Additions
				(Decreases)
		Balance at		charged to								Balance
		beginning		costs and								at end
	Classification	of year		expenses			Deductions			Other		of year

	Allowance for doubtful accounts
	2011	$	1,600	$	34		$	(399	)	$	—	$	1,235
	2012	1,235		85			(20		)	—		1,300
	2013	1,300		(13		)	(1,237		)	—		50

	Straight-line rent allowance for doubtful accounts
	2011	$	700	$	2		$	(567	)	$	—	$	135
	2012	135		28			(28		)	—		135
	2013	135		48			(48		)	—		135

SCHEDULE_III_REAL_ESTATE_AND_A

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Dec. 31, 2013
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	'
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	'
	FRANKLIN STREET PROPERTIES CORP.
	REAL ESTATE AND ACCUMULATED DEPRECIATION
	December 31, 2013

					Initial Cost								Historical Cost
	Description		Encumbrances		Land			Buildings			Costs		Land		Buildings		Total (2)		Accumulated		Total Costs, Net of		Depreciable	Year	Date of
			-1					Improvements			Capitalized				Improvements				Depreciation		Accumulated		Life	Built	Acquisition
								and Equipment			(Disposals)				and						Depreciation		Years		-3
											Subsequent to				Equipment
											Acquisition
			(in thousands)
	Commercial Properties:
	Park Seneca, Charlotte, NC		—		$	1,815		$	7,917		$	935	$	1,812	$	8,855	$	10,667	$	3,463	$	7,204	May-39	1969	1997
	Hillview Center, Milpitas, CA		—		2,203			2,813			7		2,203		2,820		5,023		1,066		3,957		May-39	1984	1999
	Forest Park, Charlotte, NC		—		1,559			5,672			170		1,559		5,842		7,401		1,695		5,706		May-39	1999	1999
	Centennial Center, Colorado Springs, CO		—		1,549			11,877			1,601		1,549		13,478		15,027		4,225		10,802		May-39	1999	2000
	Meadow Point, Chantilly, VA		—		2,634			18,911			6,442		2,634		25,353		27,987		7,411		20,576		May-39	1999	2001
	Timberlake, Chesterfield, MO		—		2,984			38,661			3,160		2,984		41,821		44,805		12,631		32,174		May-39	1999	2001
	Northwest Point, Elk Grove Village, IL		—		2,914			26,295			8,147		2,914		34,442		37,356		11,580		25,776		May-39	1999	2001
	Timberlake East, Chesterfield, MO		—		2,626			17,608			2,359		2,626		19,967		22,593		6,368		16,225		May-39	2000	2002
	Park Ten, Houston, TX		—		1,061			21,303			2,450		569		24,245		24,814		7,122		17,692		May-39	1999	2002
	Federal Way, Federal Way, WA		—		2,518			13,212			2,335		2,518		15,547		18,065		4,611		13,454		May-39	1982	2001
	Addison, Addison, TX		—		4,325			48,040			5,268		4,325		53,308		57,633		14,408		43,225		May-39	1999	2002
	Collins, Richardson, TX		—		4,000			42,598			6,708		4,000		49,306		53,306		11,333		41,973		May-39	1999	2003
	Montague, San Jose, CA		—		10,250			5,254			3,784		10,250		9,038		19,288		2,354		16,934		May-39	1982	2002
	Greenwood, Englewood, CO		—		3,100			30,201			8,018		3,100		38,219		41,319		7,603		33,716		May-39	2000	2005
	River Crossing, Indianapolis, IN		—		3,000			36,926			3,141		3,000		40,067		43,067		9,078		33,989		May-39	1998	2005
	Willow Bend, Plano, TX		—		3,800			14,842			3,461		3,800		18,303		22,103		4,034		18,069		May-39	1999	2000
	Innsbrook, Glenn Allen, VA		—		5,000			40,216			5,353		5,000		45,569		50,569		9,756		40,813		May-39	1999	2003
	380 Interlocken, Bloomfield, CO		—		8,275			34,462			6,651		8,275		41,113		49,388		9,969		39,419		May-39	2000	2003
	Blue Lagoon, Miami, FL		—		6,306			46,124			1,295		6,306		47,419		53,725		9,435		44,290		May-39	2002	2003
	Eldridge Green, Houston, TX		—		3,900			43,791			3,802		3,900		47,593		51,493		9,229		42,264		May-39	1999	2004
	Liberty Plaza, Addison, TX		—		4,374			21,146			4,560		4,374		25,706		30,080		6,618		23,462		May-39	1985	2006
	One Overton, Atlanta, GA		—		3,900			77,229			7,517		3,900		84,746		88,646		16,911		71,735		May-39	2002	2006
	FSP 390 Interlocken, Broomfield, CO		—		7,013			37,751			3,391		7,013		41,142		48,155		8,533		39,622		May-39	2002	2006
	East Baltimore, Baltimore, MD		—		4,600			55,267			2,780		4,600		58,047		62,647		9,934		52,713		May-39	1989	2007
	Park Ten II, Houston, TX		—		1,300			31,712			409		1,300		32,121		33,421		4,815		28,606		May-39	2006	2006
	Lakeside Crossing, Maryland Heights, MO		—		1,900			16,192			2		1,900		16,194		18,094		2,110		15,984		May-39	2008	2008
	Dulles Virginia, Sterling, VA		—		4,813			13,285			60		4,813		13,345		18,158		1,702		16,456		May-39	1999	2008
	Stonecroft, Chantilly, VA		—		2,102			18,003			0		2,102		18,003		20,105		2,078		18,027		May-39	2008	2009
	Eden Bluff, Eden Prairie, MN		—		5,422			9,294			0		5,422		9,294		14,716		1,072		13,644		May-39	2006	2009
	121 South Eight Street, Minneapolis, MN		—		8,628			15,214			6,275		8,628		21,489		30,117		1,676		28,441		May-39	1974	2010
	909 Davis, Evanston, IL		—		4,912			18,229			217		4,912		18,446		23,358		1,098		22,260		May-39	2002	2011
	Emperor Boulevard, Durham, NC		—		2,423			53,997			52		2,423		54,049		56,472		3,925		52,547		May-39	2009	2011
	Legacy Tennyson Center, Plano, TX		—		3,067			22,064			0		3,067		22,064		25,131		1,603		23,528		May-39	2008	2011
	One Legacy Circle, Plano, TX		—		2,590			36,608			952		2,590		37,560		40,150		2,809		37,341		May-39	2008	2011
	One Ravinia Drive, Atlanta, GA		—		2,686			35,125			1,664		2,686		36,789		39,475		1,438		38,037		May-39	1985	2012
	Westchase I & II, Houston, TX		—		8,491			121,508			1,184		8,491		122,692		131,183		3,704		127,479		May-39	2008	2012
	1999 Broadway, CO		—		16,334			137,726			466		16,334		138,192		154,526		2,060		152,466		May-39	1986	2013
	999 Peachtree, GA		—		10,187			107,727			142		10,187		107,869		118,056		1,385		116,671		May-39	1987	2013
	1001 17th Street, CO		—		17,413			165,058			0		17,413		165,058		182,471		1,410		181,061		May-39	2006	2013
	Balance — Real Estate		—		$	185,974		$	1,499,858		$	104,758	$	185,479	$	1,605,111	$	1,790,590	$	222,252	$	1,568,338

	(1) There are no encumbrances on the above properties.
	(2) The aggregate cost for Federal Income Tax purposes is $1,971,554.
	(3) Original date of acquisition by Sponsored Entity.

	The following table summarizes the changes in the Company’s real estate investments and accumulated depreciation:

			December 31,
	(in thousands)		2013			2012			2011
	Real estate investments, at cost:
	Balance, beginning of year		$	1,323,384		$	1,158,808		$	1,053,678
Acquisitions		454,445			167,812			151,897
Improvements		20,768			16,784			21,296
Assets held for sale		—			(8,007		)	(27,324		)
Dispositions		(8,007		)	(20,020		)	(68,063		)
Balance -Real Estate		1,790,590			1,315,377			1,131,484

Assets held for sale		—			8,007			27,324
Balance, end of year		$	1,790,590		$	1,323,384		$	1,158,808

Accumulated depreciation:
Balance, beginning of year		$	180,756		$	152,587		$	125,741
Depreciation		41,763			33,563			29,729
Assets held for sale		—			(167		)	(4,354		)
Dispositions		(267		)	(5,394		)	(2,883		)
Balance - Accumulated Depreciation		222,252			180,589			148,233

Assets held for sale		—			167			4,354
Balance, end of year		$	222,252		$	180,756		$	152,587

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation

	The accompanying consolidated financial statements include all of the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Estimates and Assumptions	'
	Estimates and Assumptions

	The Company prepares its financial statements and related notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”). These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets and the valuation of the derivative.
Investments in non-consolidated REITs	'
	Investments in non-consolidated REITs

	The Company has a non-controlling common stock interest in 14 Sponsored REITs and a non-controlling preferred stock interest in two Sponsored REITs. In December 2011, the Company announced that it will no longer sponsor the syndication of newly-formed Sponsored REITs, though it has the capability to sponsor the syndication of any additional shares of preferred stock in existing Sponsored REITs.

	Common stock investments in Sponsored REITs were consolidated while the entity was controlled by the Company. Following the commencement of syndication the Company exercises influence over, but does not control these entities and investments are accounted for using the equity method. Under the equity method of accounting, the Company’s cost basis is adjusted by its share of the Sponsored REITs’ earnings, if any, prior to completion of the syndication. Equity in losses of Sponsored REITs is not recognized to the extent that the investment balance would become negative. Distributions received are recognized as income once the investment balance is reduced to zero, unless there is a loan receivable from the Sponsored REIT entity. Equity in losses or distributions received in excess of common stock investment were recorded as an adjustment to the carrying value of the assets held for syndication.

	Subsequent to the completion of the syndication of preferred shares, the Company does not share in any of the Sponsored REITs’ earnings, or any related distributions, as a result of its common stock ownership.

	On September 22, 2006, the Company purchased 48 preferred shares (approximately 4.6%) of a Sponsored REIT, FSP Phoenix Tower Corp. (“Phoenix Tower”), for $4,116,000. The Company agreed to vote its shares in any matter presented to a vote by the stockholders of Phoenix Tower in the same proportion as shares voted by other stockholders of Phoenix Tower. The investment in Phoenix Tower was accounted for under the equity method. On December 20, 2012, the property owned by Phoenix Tower was sold at a gain. The Company’s share of the gain was $1.6 million and is included in equity in earnings from non-consolidated REITs on the consolidated statements of income.

	On December 27, 2007, the Company purchased 965.75 preferred shares (approximately 43.7%) of a Sponsored REIT, FSP 303 East Wacker Drive Corp. (“East Wacker”), for $82,813,000. The Company agreed to vote its shares in any matter presented to a vote by the stockholders of East Wacker in the same proportion as shares voted by other stockholders of East Wacker. The investment in East Wacker is accounted for under the equity method.

	On May 29, 2009, the Company purchased 175.5 preferred shares (approximately 27.0%) of a Sponsored REIT, FSP Grand Boulevard Corp. (“Grand Boulevard”), for $15,049,000. The Company agreed to vote its shares in any matter presented to a vote by the stockholders of Grand Boulevard in the same proportion as shares voted by other stockholders of Grand Boulevard. The investment in Grand Boulevard is accounted for under the equity method.
Real Estate and Depreciation	'
	Real Estate and Depreciation

	Real estate assets are stated at the lower of cost, less accumulated depreciation.

	Costs related to property acquisition and improvements are capitalized. Typical capital items include new roofs, site improvements, various exterior building improvements and major interior renovations. Costs incurred in connection with leasing (primarily tenant improvements and leasing commissions) are capitalized and amortized over the lease period. Routine replacements and ordinary maintenance and repairs that do not extend the life of the asset are expensed as incurred. Funding for repairs and maintenance items typically is provided by cash flows from operating activities. Depreciation is computed using the straight-line method over the assets’ estimated useful lives as follows:

	Category	Years
	Commercial buildings	39
	Building improvements	15-39
	Fixtures and equipment	7-Mar

	The Company reviews its properties to determine if their carrying amounts will be recovered from future operating cash flows if certain indicators of impairment are identified at those properties. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Since cash flows are considered on an undiscounted basis in the analysis that the Company conducts to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized. If the Company determines that impairment has occurred, the affected assets must be reduced to their fair value.
Acquired Real Estate Leases and Amortization	'
	Acquired Real Estate Leases and Amortization

	The Company recorded the value of acquired real estate leases as a result of three acquisitions in 2013, two acquisitions in 2012 and five acquisitions in 2011. Acquired real estate leases represent costs 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) and the value relating to leases with rents above the market rate. Amortization is computed using the straight-line method over the term of the leases, which range from 1 month to 281 months. Amortization expense was approximately $32,230,000, $19,174,000, and $13,697,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Amortization related to costs associated with acquiring an in-place lease is included in depreciation and amortization on the consolidated statements of income. Amortization related to leases with rents above the market rate is offset against the rental revenue in the consolidated statements of income. The estimated annual amortization expense for the five years and thereafter succeeding December 31, 2013 is as follows:

	Acquired Real Estate Leases and Amortization (continued)

	(in thousands)	December 31,
	2014	$	42,243
	2015	36,876
	2016	30,807
	2017	24,524
	2018	19,369
	2019 and thereafter	29,635


Acquired Unfavorable Real Estate Leases and Amortization	'
	Acquired Unfavorable Real Estate Leases and Amortization

	The Company recorded the value of acquired unfavorable leases as a result of three acquisitions in 2013, two acquisitions in 2012 and five acquisitions in 2011. Acquired unfavorable real estate leases represent the value relating to leases with rents below the market rate. Amortization is computed using the straight-line method over the term of the leases, which range from 2 months to 281 months. Amortization expense was approximately $3,073,000, $1,548,000 and $1,301,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Amortization related to leases with rents below the market rate is included with rental revenue in the consolidated statements of income. The estimated annual amortization for the five years and thereafter succeeding December 31, 2013 is as follows:

	(in thousands)
	2014	$	3,267
	2015	2,948
	2016	2,387
	2017	1,816
	2018	1,397
	2019 and thereafter	2,360


Discontinued Operations	'
	Discontinued Operations

	The Company reports as discontinued operations, the income and expenses associated with a disposal group (i) that qualifies as a component of an entity, (ii) for which cash flows will be eliminated from the ongoing operations of the entity, and (iii) in which the Company will not have significant continuing involvement.

	The Company accounts for sale of properties and assets held for sale as discontinued operations. Classification as held for sale typically occurs upon the execution of a purchase and sale agreement and belief by management that the sale or disposition is probable of occurrence within one year. Upon determining that a property is held for sale, the Company discontinues depreciating the property and reflects the property in its consolidated balance sheets at the lower of its carrying amount or fair value less the cost to sell. The Company presents property held for sale on its consolidated balance sheets as “Asset held for sale”, on a comparative basis. The Company reports the results of operations of its properties sold or held for sale in its consolidated statements of income as discontinued operations if no significant continuing involvement exists after the sale or disposition.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents

	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Restricted Cash	'
	Restricted Cash

	Restricted cash consists of tenant security deposits, which are required by law in some states or by contractual agreement to be kept in a segregated account, and escrows arising from property sales. Tenant security deposits are refunded when tenants vacate, provided that the tenant has not damaged the property.

	Cash held in escrow is paid when the related issue is resolved. Restricted cash also may include funds segregated for specific tenant improvements per lease agreements.
Tenant Rent Receivables	'
	Tenant Rent Receivables

	Tenant rent receivables are expected to be collected within one year. The Company provides an allowance for doubtful accounts based on its estimate of a tenant’s ability to make future rent payments. The computation of this allowance is based in part on the tenants’ payment history and current credit status. The Company charged off $1,237,000 in receivables and decreased its allowance by $13,000 during 2013; charged off $20,000 in receivables and increased its allowance by $85,000 during 2012; and charged off $399,000 in receivables and increased its allowance by $34,000 during 2011, based on such analysis.
Related Party Mortgage Loan Receivable	'
	Related Party Mortgage Loan Receivable

	Management monitors and evaluates the secured loans compared to the expected performance, cash flow and value of the underlying real estate and has not experienced a loss on these loans to date.
Concentration of Credit Risks	'
	Concentration of Credit Risks

	Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, derivatives and accounts receivable. The Company maintains its cash balances principally in two banks which the Company believes to be creditworthy. The Company periodically assesses the financial condition of the banks and believes that the risk of loss is minimal. Cash balances held with various financial institutions frequently exceed the insurance limit of $250,000 provided by the Federal Deposit Insurance Corporation. The derivatives that we have are from two interest rate swap agreements that are discussed in Note 6. The Company performs ongoing credit evaluations of our tenants and require certain tenants to provide security deposits or letters of credit. Though these security deposits and letters of credit are insufficient to meet the total value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with re-tenanting the space. The Company has no single tenant which accounts for more than 10% of its annualized rent.
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 approximate their fair values based on their short-term maturity and the bank note and term loans payable approximate their fair values as they bear interest at variable interest rates.
Straight-line Rent Receivable	'
	Straight-line Rent Receivable

	Certain leases provide for fixed rent increases over the term of the lease. Rental revenue is recognized on a straight-line basis over the related lease term; however, billings by the Company are based on the lease agreements. Straight-line rent receivable, which is the cumulative revenue recognized in excess of amounts billed by the Company, is $42,261,000 and $35,441,000 at December 31, 2013 and 2012, respectively. The Company provides an allowance for doubtful accounts based on its estimate of a tenant’s ability to make future rent payments. The computation of this allowance is based in part on the tenants’ payment history and current credit status. The Company charged off $48,000 in receivables and increased its allowance by $48,000 during 2013, charged off $28,000 in receivables and increased its allowance by $28,000 during 2012 and charged off $567,000 in receivables and increased its allowance by $2,000 during 2011, based on such analysis.
Deferred Leasing Commissions	'
	Deferred Leasing Commissions

	Deferred leasing commissions represent direct and incremental external leasing costs incurred in the leasing of commercial space. These costs are capitalized and are amortized on a straight-line basis over the terms of the related lease agreements. Amortization expense was approximately $4,683,000, $4,173,000 and $3,806,000 for the years ended December 31, 2013, 2012 and 2011, respectively.

	Deferred Leasing Commissions (continued)

	The estimated annual amortization for the five years and thereafter following December 31, 2013 is as follows:

	(in thousands)
	2014	$	5,240
	2015	4,669
	2016	4,193
	2017	3,312
	2018	2,945
	2019 and thereafter	7,476


Common Share Repurchases	'
	Common Share Repurchases

	The Company recognizes the gross cost of the common shares it repurchases as a reduction in stockholders’ equity using the treasury stock method. Maryland law does not recognize a separate treasury stock account but provides that shares repurchased are classified as authorized but unissued shares. Accordingly, the Company reduces common stock for the par value and the excess of the purchase price over the par value is a reduction to additional paid-in capital.
Revenue Recognition	'
	Revenue Recognition

	Rental revenue includes income from leases, certain reimbursable expenses, straight-line rent adjustments and other income associated with renting the property. A summary of rental revenue is shown in the following table:

		Year Ended
		December 31,
	(in thousands)	2013		2012			2011
	Income from leases	$	159,472	$	116,494		$	98,080
	Reimbursable expenses	41,486		29,847			26,006
	Straight-line rent adjustment	5,755		4,366			9,863
	Amortization of favorable and unfavorable leases	213		(273		)	(3		)
		$	206,926	$	150,434		$	133,946

	Rental Revenue - The Company has retained substantially all of the risks and benefits of ownership of the Company’s commercial properties and accounts for its leases as operating leases. Rental income from leases, which includes rent concessions (including free rent and tenant improvement allowances) and scheduled increases in rental rates during the lease term, is recognized on a straight-line basis. The Company does not have any significant percentage rent arrangements with its commercial property tenants. Reimbursable expenses are included in rental income in the period earned.

	Related Party and Other Revenue - Property and asset management fees and other income are recognized when the related services are performed and the earnings process is complete.
Segment Reporting	'
	Segment Reporting

	ASC 280 Segment Reporting (“ASC 280”) establishes standards for the way public entities report information about operating segments in the financial statements. The Company is a REIT focused on real estate investments primarily in the office market and currently operates in only one segment: real estate operations. In December 2011, the Company discontinued the activities of its investment banking segment, which are included in discontinued operations for all periods presented.
Income Taxes	'
	Income Taxes

	Taxes on income for the years ended December 31, 2013, 2012 and 2011 represent taxes incurred by FSP Protective TRS Corp, which is a taxable REIT subsidiary and the State of Texas franchise tax applicable to FSP Corp., which is classified as an income tax for reporting purposes. Taxes on income incurred by FSP Investments, which is a taxable REIT subsidiary, are classified in discontinued operations.
Net Income Per Share	'
	Net Income Per Share

	Basic net income per share is computed by dividing net income by the weighted average number of 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 December 31, 2013, 2012, and 2011. The denominator used for calculating basic and diluted net income per share was 93,855,000, 82,937,000, and 81,857,000 for the years ended December 31, 2013, 2012, and 2011, respectively.
Derivative Instruments	'
	Derivative Instruments

	The Company recognizes derivatives on the consolidated balance sheet at fair value. Derivatives that do not qualify, or are not designated as hedge relationships, must be adjusted to fair value through income. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash flow hedges are accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability. To the extent hedges are effective, a corresponding amount, adjusted for swap payments, is recorded in accumulated other comprehensive income within stockholders’ equity. Amounts are then reclassified from accumulated other comprehensive income to the income statement in the period or periods the hedged forecasted transaction affects earnings. Ineffectiveness, if any, is recorded in the income statement. The Company periodically reviews the effectiveness of each hedging transaction, which involves estimating future cash flows, at least quarterly. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Company currently has no fair value hedges outstanding. Fair values of derivatives are subject to significant variability based on changes in interest rates and counterparty credit risk. The results of such variability could be a significant increase or decrease in our derivative assets, derivative liabilities, book equity, and/or earnings.
Fair Value Measurements	'
	Fair Value Measurements

	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is also an established fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. Financial assets and liabilities recorded on the consolidated balance sheets at fair value are categorized based on the inputs to the valuation techniques as follows:

	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability including credit risk, which was not significant to the overall value. These inputs were considered and applied to the Company’s derivative, and Level 2 inputs were used to value the interest rate swap.
Subsequent Events	'
	Subsequent Events

	In preparing these consolidated financial statements the Company evaluated events that occurred through the date of issuance of these financial statements for potential recognition or disclosure.
Reclassifications	'
	Reclassifications

	Certain amounts in the 2012 and 2011 financial statements have been reclassified to conform to 2013 presentation. The reclassifications were related primarily to a property sold, which is presented as discontinued operations for all periods presented. Reclassifications of discontinued operations changed rental revenues, operating and maintenance expenses, general & administrative expenses and 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 consolidated financial statements.

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Dec. 31, 2013
Significant Accounting Policies	'
Schedule of estimated useful lives of real estate assets	'

	Category	Years
	Commercial buildings	39
	Building improvements	15-39
	Fixtures and equipment	7-Mar

Schedule of estimated annual amortization expense for succeeding five years for acquired in-place lease and above-market leases	'

	(in thousands)	December 31,
	2014	$	42,243
	2015	36,876
	2016	30,807
	2017	24,524
	2018	19,369
	2019 and thereafter	29,635

Schedule of estimated annual amortization for unfavorable leases	'

	(in thousands)
	2014	$	3,267
	2015	2,948
	2016	2,387
	2017	1,816
	2018	1,397
	2019 and thereafter	2,360

Schedule of estimated annual amortization for deferred leasing commissions	'

	(in thousands)
	2014	$	5,240
	2015	4,669
	2016	4,193
	2017	3,312
	2018	2,945
	2019 and thereafter	7,476

Summary of rental revenue	'


		Year Ended
		December 31,
	(in thousands)	2013		2012			2011
	Income from leases	$	159,472	$	116,494		$	98,080
	Reimbursable expenses	41,486		29,847			26,006
	Straight-line rent adjustment	5,755		4,366			9,863
	Amortization of favorable and unfavorable leases	213		(273		)	(3		)
		$	206,926	$	150,434		$	133,946

Significant_Acquisitions_Table

Significant Acquisitions (Tables)	12 Months Ended
Significant Acquisitions (Tables)	Dec. 31, 2013
Significant Acquisitions	'
Summary of estimated fair value of assets acquired at the date of acquisition	'

	(in thousands)

	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 Year Ended
	(unaudited)	December 31,
	(in thousands except per share amounts)	2013			2012

	Revenue	$	241,346		$	211,289
	Income from continuing operations	$	12,527		$	10,668
	Net income	$	15,060		$	(4,649	)
	Weighted average shares outstanding	93,855			82,937

	Income from continuing operations per share	$	0.13		$	0.13
	Net income per share	$	0.16		$	(0.06	)

Related_Party_Transactions_and1

Related Party Transactions and Investments in Non-Consolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions and Investments in Non-Consolidated Entities	'
Schedule of income and expenses from Sponsored REITs	'

		Year Ended
		December 31,
	(in thousands)	2011
	Operating Data:
	Rental revenues	$	1,482
	Operating and maintenance expenses	480
	Depreciation and amortization	610
	Interest expense	197
	Interest income	—
		$	195

Schedule of equity in earnings (losses) of investments in non-consolidated REITs	'

		Year Ended December 31,
	(in thousands)	2013			2012			2011

	Equity in earnings of Sponsored REITs	$	—		$	—		$	1,696
	Equity in earnings (losses) of Phoenix Tower	—			1,618			(14		)
	Equity in earnings (losses) of East Wacker	(1,021		)	670			2,137
	Equity in earnings (losses) of Grand Boulevard	(337		)	(255		)	(134		)
		$	(1,358	)	$	2,033		$	3,685

Schedule of distributions received from non-consolidated REITs	'

		Year Ended December 31,
	(in thousands)	2013			2012			2011

	Distributions from Sponsored REITs	$	—		$	—		$	1,337
	Distributions from Phoenix Tower	—			173			130
	Distributions from East Wacker	—			2,489			3,319
	Distributions from Grand Boulevard	107			148			270
		$	107		$	2,810		$	5,056

Summary of financial information of sponsored REITs	'

		December 31,			December 31,
	(in thousands)	2013			2012

	Balance Sheet Data (unaudited):
	Real estate, net	$	642,105		$	659,655
	Other assets	187,494			156,785
	Total liabilities	(321,099		)	(316,311		)
	Shareholders’ equity	$	508,500		$	500,129

		For the Year Ended
		December 31,
	(in thousands)	2013			2012			2011

	Operating Data (unaudited):
	Rental revenues	$	93,608		$	109,676		$	111,417
	Other revenues	68			115			90
	Operating and maintenance expenses	(48,718		)	(56,621		)	(55,672		)
	Selling, general and administrative	—			—			(604		)
	Depreciation and amortization	(31,450		)	(35,143		)	(33,909		)
	Interest expense	(13,752		)	(17,357		)	(17,180		)
	Gain on sale, less applicable income tax	5,851			36,610			—
	Net income	$	5,607		$	37,280		$	4,142

Summary of the Sponsored REIT Loans outstanding	'

						Maximum			Amount						Interest
	(dollars in thousands)			Maturity		Amount			Drawn at		Interest		Draw		Rate at
	Sponsored REIT	Location		Date		of Loan			31-Dec-13		Rate (1)		Fee (2)		31-Dec-13

	Secured revolving lines of credit
	FSP Highland Place I Corp.	Centennial, CO		31-Dec-14		$	5,500		$	1,825	L+4.4	%	0.5	%	4.57	%
	FSP Satellite Place Corp.	Duluth, GA		31-Mar-14		5,500			5,500		L+4.4	%	0.5	%	4.57	%
	FSP 1441 Main Street Corp.	Columbia, SC		31-Mar-14		10,800			9,000		L+4.4	%	0.5	%	4.57	%
	FSP Galleria North Corp.	Dallas, TX		30-Jan-15		15,000			12,880		L+5.0	%	0.5	%	5.17	%

	Secured construction loan
	FSP 385 Interlocken Development Corp.	Broomfield, CO		30-Apr-14		42,000			37,541		L+4.4	%	n/a		4.57	%

	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	%

						$	111,800		$	99,746

	(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.

Bank_note_payable_and_term_not1

Bank note payable and term note payable (Tables)

12 Months Ended

Dec. 31, 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

—

25%

145

bps

25%

and

35%

155

bps

35%

and

45%

165

bps

45%

and

55%

190

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

—

25%

bps

135

bps

25%

and

35%

bps

140

bps

35%

and

45%

bps

145

bps

45%

and

55%

bps

165

bps

55%

and

bps

190

bps

Financial_Instruments_Derivati1

Financial Instruments: Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 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

Value

2013 Interest Rate Swap

220,000

2.32

13-Aug

20-Aug

(2,044

)

2012 Interest Rate Swap

400,000

0.75

12-Sep

17-Sep

5,321

Federal_Income_Tax_Reporting_T

Federal Income Tax Reporting (Tables)	12 Months Ended
Federal Income Tax Reporting (Tables)	Dec. 31, 2013
Federal Income Tax Reporting	'
Schedule of income tax expense (benefit) reflected in condensed consolidated statements of income	'

		For the years ended December 31,
	(Dollars in thousands)	2013			2012			2011

	Revised Texas franchise tax	$	462		$	330		$	253
	Other Taxes	18			5			14
	Taxes on income	$	480		$	335		$	267

Schedule of reconciliation of book net income to taxable income	'

		For the year ended December 31,
	(in thousands)	2013			2012			2011

	Net income per books	$	19,827		$	7,633		$	43,524
	Adjustments to book income:
	Book depreciation and amortization	79,090			55,518			48,439
	Tax depreciation and amortization	(44,552		)	(34,047		)	(31,409		)
	Tax basis more than book basis on assets sold	(735		)	265			(1,281		)
	Straight line rent adjustment, net	(6,748		)	(5,203		)	(9,783		)
	Deferred rent, net	(818		)	1,224			1,290
	Non-taxable distributions	(107		)	(1,114		)	(767		)
	Other, net	1,263			1,899			2,728
	Taxable income	47,220			26,175			52,741
	Less: Capital gains recognized	—			(1,514		)	(21,951		)
	Taxable income subject to distribution requirement	$	47,220		$	24,661		$	30,790

Summary of tax components of Company's common distribution paid per share	'

		2013					2012					2011
		Per Share			%		Per Share			%		Per Share		%
	Ordinary income	$	0.53		69.58	%	$	0.31		40.61	%	$	0.38	50.79	%
	Capital gain (1)	—			0	%	0.02			2.4	%	0.27		35.17	%
	Return of capital	0.23			30.42	%	0.43			56.99	%	0.11		14.04	%
	Total	$	0.76		100	%	$	0.76		100	%	$	0.76	100	%

	(1) For 2013, 2012 and 2011, 0%, 2.4% and 29.78%, respectively, of the total distributions are taxed as capital gains, and 0%, 0% and 5.39%, respectively, are taxed as an Unrecaptured Section 1250 gain.

Commitments_Tables

Commitments (Tables)	12 Months Ended
	Dec. 31, 2013
Office buildings and industrial properties	'
Commitments	'
Schedule of future minimum lease payments	'

	(in thousands)	Year ending
		December 31,

	2014	$	176,681
	2015	165,974
	2016	155,794
	2017	133,345
	2018	117,955
	Thereafter (2019-2026)	243,743
		$	993,492
Corporate office space	'
Commitments	'
Schedule of future minimum lease payments	'


	(in thousands)	Year ending
		December 31,
	2014	$	417
	2015	424
	2016	428
	2017	324
	Thereafter	—
		$	1,593

Discontinued_Operations_Tables

Discontinued Operations (Tables)	12 Months Ended
Discontinued Operations (Tables)	Dec. 31, 2013
Discontinued Operations	'
Schedule of assets held for sale	'

		December 31,
	(in thousands)	2012

	Land	$	2,791
	Building	5,216
		8,007
	Less accumulated depreciation	167
		7,840
	Straight-line rent receivable	67
	Deferred leasing comissions, net of accumulated amortization of $859	3,779

	Acquired unfavorable leases, net of accumulated amortization of $252	(1,111		)
		$	10,575
Summary of operating results for discontinued operations	'

		For the Year Ended
		December 31,
	(in thousands)	2013			2012			2011
	Rental revenue	$	991		$	2,334		$	2,134
	Related party revenue:
	Syndication fees	—			—			4,670
	Transaction fees	—			—			4,454
	Other income	—			—			42
	Rental operating expenses	—			(1,089		)	(1,616		)
	Real estate taxes and insurance	—			(340		)	(377		)
	Selling, general and administrative	—			—			(3,488		)
	Commissions	—			—			(2,535		)
	Depreciation and amortization	(616		)	(1,396		)	(1,070		)
	Income tax benefit	—			—			—
	Interest income	—			—			14
	Net income (loss) from discontinued operations	$	375		$	(491	)	$	2,228

Selected_Unaudited_Quarterly_I1

Selected Unaudited Quarterly Information (Tables)	12 Months Ended
Selected Unaudited Quarterly Information (Tables)	Dec. 31, 2013
Selected Unaudited Quarterly Information	'
Schedule of selected unaudited quarterly information	'

		2013
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
		(in thousands, except per share data)

	Revenue	$	44,495		$	47,671		$	58,446		$	63,024

	Income from continuing operations	$	4,303		$	4,643		$	3,996		$	4,352
	Income from discontinued operations	$	98		$	98		$	98		$	2,239
	Net income	$	4,401		$	4,741		$	4,094		$	6,591

	Basic and diluted net income per share	$	0.05		$	0.05		$	0.04		$	0.07

	Weighted average number of shares outstanding	82,937			91,847			100,187			100,187

		2012
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter
		(in thousands, except per share data)

	Revenue	$	38,648		$	38,349		$	41,468		$	43,115

	Income from continuing operations	$	5,960		$	5,606		$	5,471		$	5,913
	Income from discontinued operations	$	(222	)	$	(172	)	$	(14,469	)	$	(454	)
	Net income	$	5,738		$	5,434		$	(8,998	)	$	5,459

	Basic and diluted net income per share	$	0.07		$	0.07		$	(0.11	)	$	0.07

	Weighted average number of shares outstanding	82,937			82,937			82,937			82,937

Organization_Details

Organization (Details)	12 Months Ended
	Dec. 31, 2013
	note
	entity
	property
Organization	'
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	6
Number of REITs in which the entity holds non-controlling common stock interest	14
Number of REITs in which the entity holds non-controlling preferred stock interest	2
Real estate	'
Number of properties	39
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	4
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%

Significant_Accounting_Policie3

Significant Accounting Policies (Details) (USD $)	Dec. 31, 2013	Dec. 20, 2012	Sep. 30, 2006	Dec. 31, 2007	31-May-09
Significant Accounting Policies (Details) (USD $)	entity	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	East Wacker	Grand Boulevard
Significant Accounting Policies	'	'	'	'	'
Number of corporations organized to operate as real estate investment trusts (REITs)	14	'	'	'	'
Number of REITs in which the entity holds non-controlling preferred stock interest	2	'	'	'	'
Required investment balance for recognition of distributions received as income	$0	'	'	'	'
Sponsored REITs	'	'	'	'	'
Preferred shares purchased	'	'	48	965.75	175.5
Percentage of outstanding preferred shares purchased	'	'	4.60%	43.70%	27.00%
Net cost of preferred shares purchased	'	'	4,116,000	82,813,000	15,049,000
Gain on sale, less applicable income tax	'	$1,600,000	'	'	'

Significant_Accounting_Policie4

Significant Accounting Policies (Details 2)	12 Months Ended
Significant Accounting Policies (Details 2)	Dec. 31, 2013
Commercial buildings	'
Real Estate and Depreciation	'
Estimated useful life	'39 years
Building improvements \| Minimum	'
Real Estate and Depreciation	'
Estimated useful life	'15 years
Building improvements \| Maximum	'
Real Estate and Depreciation	'
Estimated useful life	'39 years
Fixtures and equipment \| Minimum	'
Real Estate and Depreciation	'
Estimated useful life	'3 years
Fixtures and equipment \| Maximum	'
Real Estate and Depreciation	'
Estimated useful life	'7 years

Significant_Accounting_Policie5

Significant Accounting Policies (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item	item	item
Acquired real estate leases and amortization	'	'	'
Number of acquisitions of properties with leases	3	2	5
Amortization expense	($365,000)	$71,000	($47,000)
Acquired in-place and above market real estate leases	'	'	'
Acquired real estate leases and amortization	'	'	'
Amortization expense	32,230,000	19,174,000	13,697,000
Estimated annual amortization for succeeding five years	'	'	'
2014	42,243,000	'	'
2015	36,876,000	'	'
2016	30,807,000	'	'
2017	24,524,000	'	'
2018	19,369,000	'	'
2019 and thereafter	$29,635,000	'	'
Acquired in-place and above market real estate leases \| Minimum	'	'	'
Acquired real estate leases and amortization	'	'	'
Term of lease	'1 month	'	'
Acquired in-place and above market real estate leases \| Maximum	'	'	'
Acquired real estate leases and amortization	'	'	'
Term of lease	'281 months	'	'

Significant_Accounting_Policie6

Significant Accounting Policies (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	item	item	item
Acquired Unfavorable Real Estate Leases and Amortization	'	'	'
Number of acquisitions of properties with leases	3	2	5
Acquired unfavorable real estate leases	'	'	'
Acquired Unfavorable Real Estate Leases and Amortization	'	'	'
Amortization	3,073,000	1,548,000	1,301,000
Estimated annual amortization for succeeding five years	'	'	'
2014	3,267,000	'	'
2015	2,948,000	'	'
2016	2,387,000	'	'
2017	1,816,000	'	'
2018	1,397,000	'	'
2019 and thereafter	2,360,000	'	'
Acquired unfavorable real estate leases \| Minimum	'	'	'
Acquired Unfavorable Real Estate Leases and Amortization	'	'	'
Term of lease	'2 months	'	'
Acquired unfavorable real estate leases \| Maximum	'	'	'
Acquired Unfavorable Real Estate Leases and Amortization	'	'	'
Term of lease	'281 months	'	'

Significant_Accounting_Policie7

Significant Accounting Policies (Details 5) (USD $)	12 Months Ended
Significant Accounting Policies (Details 5) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Discontinued Operations	'	'	'
Time period within which sale or disposition of properties held for sale is probable	'1 year	'	'
Tenant Rent Receivables and Straight-line Rent Receivable	'	'	'
Period within which tenant rent receivables are expected to be collected	'1 year	'	'
Straight-line rent receivable	$42,261,000	$35,441,000	'
Allowance for doubtful accounts - Tenant rent receivables	'	'	'
Allowance for doubtful accounts activity	'	'	'
Receivables charged off	1,237,000	20,000	399,000
Increase (decrease) in allowance	-13,000	85,000	34,000
Allowance for doubtful accounts - Straight-line rent receivable	'	'	'
Allowance for doubtful accounts activity	'	'	'
Receivables charged off	48,000	28,000	567,000
Increase (decrease) in allowance	$48,000	$28,000	$2,000

Significant_Accounting_Policie8

Significant Accounting Policies (Details 6) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	item	Dec. 31, 2012	Dec. 31, 2011
Deferred Leasing Commissions	'	'	'	'	'	'	'	'	'	'	'
Amortization of deferred leasing commissions	'	'	'	'	'	'	'	'	$4,683,000	$4,173,000	$3,806,000
Estimated annual amortization of deferred leasing commissions for the succeeding five years	'	'	'	'	'	'	'	'	'	'	'
2014	'	'	'	'	'	'	'	'	5,240,000	'	'
2015	'	'	'	'	'	'	'	'	4,669,000	'	'
2016	'	'	'	'	'	'	'	'	4,193,000	'	'
2017	'	'	'	'	'	'	'	'	3,312,000	'	'
2018	'	'	'	'	'	'	'	'	2,945,000	'	'
2019 and thereafter	'	'	'	'	'	'	'	'	7,476,000	'	'
Summary of rental revenue	'	'	'	'	'	'	'	'	'	'	'
Income from leases	'	'	'	'	'	'	'	'	159,472,000	116,494,000	98,080,000
Reimbursable expenses	'	'	'	'	'	'	'	'	41,486,000	29,847,000	26,006,000
Straight-line rent adjustment	'	'	'	'	'	'	'	'	5,755,000	4,366,000	9,863,000
Amortization of favorable and unfavorable leases	'	'	'	'	'	'	'	'	213,000	-273,000	-3,000
Rental revenue	'	'	'	'	'	'	'	'	206,926,000	150,434,000	133,946,000
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Number of reporting segments	'	'	'	'	'	'	'	'	1	'	'
Net Income Per Share	'	'	'	'	'	'	'	'	'	'	'
Potential dilutive shares outstanding	'	'	'	'	'	'	'	'	0	0	0
Denominator used for calculating basic and diluted net income per share (in shares)	100,187,000	100,187,000	91,847,000	82,937,000	82,937,000	82,937,000	82,937,000	82,937,000	93,855,000	82,937,000	81,857,000
Derivative instruments	'	'	'	'	'	'	'	'	'	'	'
Fair value hedges outstanding	$0	'	'	'	'	'	'	'	$0	'	'

Significant_Accounting_Policie9

Significant Accounting Policies (Details 7) (USD $)	12 Months Ended
	Dec. 31, 2013
	item
Concentration of Credit Risks	'
Number of banks in which the entity maintains cash balances	2
Insurance limit provided by Federal Deposit Insurance Corporation	$250,000
Number of interest rate swap agreements	2
Cash balances with financial institutions \| Credit concentration risk \| Minimum	'
Concentration of Credit Risks	'
Uninsured deposit threshold amount	$250,000
Annualized rental revenues \| Single tenant rental revenues	'
Concentration of Credit Risks	'
Percentage of annualized rental revenues required for qualification as major tenant	10.00%

Significant_Acquisitions_Detai

Significant Acquisitions (Details) (USD $)	12 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
	sqft
	property
Significant Acquisitions	'	'
Number of properties acquired	3	'
Rental area of properties acquired (in square feet)	1,951,000	'
Aggregate purchase price of properties acquired, before deduction of closing costs and adjustment	$558,000,000	'
Real estate closing costs and adjustment	3,000,000	'
Acquisition costs	568,000	'
Estimated fair value of assets acquired at the date of acquisition	'	'
Real estate assets	454,447,000	'
Value of acquired real estate leases	110,039,000	'
Acquired unfavorable leases	-9,897,000	'
Total	554,589,000	'
Pro forma operating results for the company and acquisitions	'	'
Revenue	241,346,000	211,289,000
Income from continuing operations	12,527,000	10,668,000
Net income	15,060,000	-4,649,000
Weighted average shares outstanding	93,855	82,937
Income from continuing operations per share (in dollars per share)	$0.13	$0.13
Net income per share (in dollars per share)	$0.16	($0.06)
Revenue recognized due to the acquisitions	29,700,000	'
Net income from operations recognized due to the acquisitions	$3,800,000	'
Office property in Atlanta, Georgia	'	'
Significant Acquisitions	'	'
Number of properties acquired	1	'
Office property in Denver, Colorado	'	'
Significant Acquisitions	'	'
Number of properties acquired	2	'

Related_Party_Transactions_and2

Related Party Transactions and Investments in Non-Consolidated Entities (Details) (USD $)	12 Months Ended				1 Months Ended			0 Months Ended	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2011	Sep. 30, 2006	Dec. 31, 2013	Dec. 20, 2012	Jan. 04, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2013
	entity	entity	entity	Sponsored REITs	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP Phoenix Tower Corp	FSP 505 Waterford Corp
								Preferred shares ownership	Preferred shares ownership	Common stock ownership
Related Party Transactions and Investments in Non-Consolidated Entities	'	'	'	'	'	'	'	'	'	'	'
Sponsored REITs (in entities)	14	15	16	'	'	'	'	'	'	'	'
Fully syndicated (in entities)	14	15	16	'	'	'	'	'	'	'	'
Number of REITs in which the entity holds non-controlling preferred stock interest	2	'	'	'	'	'	'	'	'	'	'
Sponsored REIT	'	'	'	'	'	'	'	'	'	'	'
Principal amount of loan	'	'	'	'	'	'	'	'	'	'	$2,350,000
Preferred shares purchased	'	'	'	'	48	'	'	'	'	'	'
Percentage of outstanding preferred shares purchased	'	'	'	'	4.60%	'	'	'	'	'	'
Beneficial interest	'	'	'	'	'	14,000	4,862,000	'	'	'	'
Amount received	'	'	'	'	'	'	'	4,752,000	96,000	10,000	'
Management fees eliminated in consolidation	'	'	'	6,000	'	'	'	'	'	'	'
Interest expense eliminated in consolidation	'	'	'	197,000	'	'	'	'	'	'	'
Operating Data:	'	'	'	'	'	'	'	'	'	'	'
Rental revenue	93,608,000	109,676,000	111,417,000	1,482,000	'	'	'	'	'	'	'
Operating and maintenance expenses	48,718,000	56,621,000	55,672,000	480,000	'	'	'	'	'	'	'
Depreciation and amortization	31,450,000	35,143,000	33,909,000	610,000	'	'	'	'	'	'	'
Interest expense	13,752,000	17,357,000	17,180,000	197,000	'	'	'	'	'	'	'
Net income	$5,607,000	$37,280,000	$4,142,000	$195,000	'	'	'	'	'	'	'

Related_Party_Transactions_and3

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

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Sep. 30, 2006

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2007

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

31-May-09

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Sponsored REITs (no non-controlling preferred stock investment)

FSP Phoenix Tower Corp

East Wacker

Grand Boulevard

Related_Party_Transactions_and4

Related Party Transactions and Investments in Non-Consolidated Entities (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	entity	entity	entity
Related Party Transactions and Investments in Non-Consolidated Entities	'	'	'
Sponsored REITs (in entities)	14	15	16
Balance Sheet Data (unaudited):	'	'	'
Real Estate, net	$642,105,000	$659,655,000	'
Other assets	187,494,000	156,785,000	'
Total liabilities	-321,099,000	-316,311,000	'
Total stockholders' equity	508,500,000	500,129,000	'
Operating Data (unaudited):	'	'	'
Rental revenues	93,608,000	109,676,000	111,417,000
Other revenues	68,000	115,000	90,000
Operating and maintenance expenses	-48,718,000	-56,621,000	-55,672,000
Selling, general and administrative	'	'	-604,000
Depreciation and amortization	-31,450,000	-35,143,000	-33,909,000
Interest expense	-13,752,000	-17,357,000	-17,180,000
Gain on sale, less applicable income tax	5,851,000	36,610,000	'
Net income	5,607,000	37,280,000	4,142,000
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	$1,078,000	$1,149,000	$958,000

Related_Party_Transactions_and5

Related Party Transactions and Investments in Non-Consolidated Entities (Details 4) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Jul. 31, 2012

Mar. 31, 2012

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Jul. 05, 2012

Bank_note_payable_and_term_not2

Bank note payable and term note payable (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Aug. 26, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 27, 2012

Dec. 31, 2013

Sep. 27, 2012

Dec. 31, 2013

Sep. 27, 2012

Dec. 31, 2011

2013 Term Loan

2012 Credit Facility

2012 Revolver

2012 Term Loan

2011 Revolver

Minimum

Maximum

LIBOR

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

Maximum

LIBOR

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

-74,850,000

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)

4.22%

2.06%

4.15%

Total available

900,000,000

500,000,000

400,000,000

600,000,000

Additional borrowing capacity allowed by exercising an accordion feature

250,000,000

Borrowings outstanding

$306,500,000

$216,750,000

$306,500,000

$216,750,000

$82,000,000

$400,000,000

$482,000,000

$449,000,000

Extension available on debt

'12 months

Basis spread on variable rate (as a percent)

1.90%

1.45%

1.55%

1.65%

1.90%

2.20%

1.45%

2.20%

0.90%

0.45%

0.55%

0.65%

0.90%

1.20%

0.45%

1.20%

1.65%

1.35%

1.40%

1.45%

1.65%

1.90%

1.35%

1.90%

0.65%

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)

1.82%

3.90%

1.82%

2.23%

2.40%

2.24%

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

1.65%

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)

0.35%

0.20%

0.25%

0.30%

0.35%

0.40%

0.20%

0.40%

Financial_Instruments_Derivati2

Financial Instruments: Derivatives and Hedging (Details) (USD $)	12 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended		0 Months Ended		12 Months Ended
	Dec. 31, 2011	Feb. 22, 2011	Dec. 31, 2011	Aug. 26, 2013	Dec. 31, 2013	Sep. 27, 2012	Dec. 31, 2013	Dec. 31, 2013
		Interest Rate Swap	Interest Rate Swap	2013 Interest Rate Swap	2013 Interest Rate Swap	2012 Interest Rate Swap	2012 Interest Rate Swap	2013 and 2012 Interest Rate Swaps
		Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges	Cash flow hedges
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	'	'	'	'	-2,044,000	'	5,321,000	'
Unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income	-983,000	'	'	'	'	'	'	4,500,000
Interest reclassified from accumulated other comprehensive income into interest expense	'	'	983,000	'	'	'	'	3,900,000
Amount estimated to be reclassified into earnings within next 12 months	'	'	'	'	'	'	'	1,100,000
Payment to terminate interest rate swap	983,000	983,000	'	'	'	'	'	'
Effective portion of the loss on outstanding derivative recognized in Other Comprehensive Income	'	'	$983,000	'	'	'	'	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	12 Months Ended					0 Months Ended
	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2013	6-May-10	15-May-13	15-May-13
	item	Dec. 31, 2011	ATM Sales Program	ATM Sales Program	ATM Sales Program	May 2013 Public Offering	May 2013 Public Offering Underwriter Overallotment Option
Equity Offerings	'	'	'	'	'	'	'
Maximum aggregate gross sales price of common stock	'	'	'	$34,300,000	$75,000,000	'	'
Shares of common stock sold	'	'	1,500,000	'	'	17,250,000	2,250,000
Average price per share of common stock sold under the Sales Program (in dollars per share)	'	'	$12	'	'	'	'
Amount payable to the placement/sales agent	'	'	360,000	'	'	'	'
Offering related expenses incurred	10,818,000	706,000	256,000	'	'	10,800,000	'
Price per share of common stock sold (in dollars per share)	'	'	'	'	'	$14	'
Proceeds from the issuance of common stock, net	$241,500,000	$18,001,000	$17,400,000	'	'	$230,700,000	'
Equity-Based Compensation	'	'	'	'	'	'	'
Maximum number of shares provided for grant under equity-based incentive compensation plan	2,000,000	'	'	'	'	'	'
Number of vesting requirements	0	'	'	'	'	'	'
Number of shares available for grant under the plan	1,944,428	'	'	'	'	'	'

Federal_Income_Tax_Reporting_D

Federal Income Tax Reporting (Details) (USD $)	12 Months Ended
Federal Income Tax Reporting (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Federal Income Tax Reporting	'	'	'
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	'	'
Net operating losses	'	'	'
NOLs expiration period	'20 years	'	'
Gross amount of NOLs available to company	$13,041,000	$13,041,000	$13,041,000
Increase (decrease) in taxes resulting from:	'	'	'
Revised Texas Franchise tax rate (as a percent)	0.70%	'	'
Revised Texas franchise tax	462,000	330,000	253,000
Other Taxes	18,000	5,000	14,000
Income tax expense	480,000	335,000	267,000
Real estate assets net tax basis more (less) than book basis	160,599,000	61,255,000	'
Deferred income taxes	$0	'	'

Federal_Income_Tax_Reporting_D1

Federal Income Tax Reporting (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation Between GAAP Net Income and Taxable Income	'	'	'	'	'	'	'	'	'	'	'
Net income per books	$6,591	$4,094	$4,741	$4,401	$5,459	($8,998)	$5,434	$5,738	$19,827	$7,633	$43,524
Adjustment to book income:	'	'	'	'	'	'	'	'	'	'	'
Book depreciation and amortization	'	'	'	'	'	'	'	'	79,090	55,518	48,439
Tax depreciation and amortization	'	'	'	'	'	'	'	'	-44,552	-34,047	-31,409
Tax basis more than book basis on assets sold	'	'	'	'	'	'	'	'	-735	265	-1,281
Straight line rent adjustment, net	'	'	'	'	'	'	'	'	-6,748	-5,203	-9,783
Deferred rent, net	'	'	'	'	'	'	'	'	-818	1,224	1,290
Non-taxable distributions	'	'	'	'	'	'	'	'	-107	-1,114	-767
Other, net	'	'	'	'	'	'	'	'	1,263	1,899	2,728
Taxable income	'	'	'	'	'	'	'	'	47,220	26,175	52,741
Less: Capital gains recognized	'	'	'	'	'	'	'	'	'	-1,514	-21,951
Taxable income subject to distribution requirement	'	'	'	'	'	'	'	'	$47,220	$24,661	$30,790
Tax components of the Company's common distributions paid per share	'	'	'	'	'	'	'	'	'	'	'
Ordinary income (in dollars per share)	'	'	'	'	'	'	'	'	$0.53	$0.31	$0.38
Capital gain (in dollars per share)	'	'	'	'	'	'	'	'	'	$0.02	$0.27
Return of capital (in dollars per share)	'	'	'	'	'	'	'	'	$0.23	$0.43	$0.11
Total (in dollars per share)	'	'	'	'	'	'	'	'	$0.76	$0.76	$0.76
Ordinary income (as a percent)	'	'	'	'	'	'	'	'	69.58%	40.61%	50.79%
Capital gain (as a percent)	'	'	'	'	'	'	'	'	0.00%	2.40%	35.17%
Return of capital (as a percent)	'	'	'	'	'	'	'	'	30.42%	56.99%	14.04%
Total (as a percent)	'	'	'	'	'	'	'	'	100.00%	100.00%	100.00%
Capital gains as percentage of total distributions	'	'	'	'	'	'	'	'	0.00%	2.40%	29.78%
Percentage of total distributions taxed as an Unrecaptured Section 1250 gain	'	'	'	'	'	'	'	'	0.00%	0.00%	5.39%

Commitments_Details

Commitments (Details) (USD $)	12 Months Ended
Commitments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Future minimum lease payments	'	'	'
Rent expense	$412,000	$403,000	$400,000
Maximum amount of loan	111,800,000	'	'
Amount drawn and outstanding	99,746,000	93,896,000	'
Office buildings and industrial properties	'	'	'
Future minimum lease payments	'	'	'
2014	176,681,000	'	'
2015	165,974,000	'	'
2016	155,794,000	'	'
2017	133,345,000	'	'
2018	117,955,000	'	'
Thereafter (2019-2026)	243,743,000	'	'
Total	993,492,000	'	'
Office buildings and industrial properties \| Minimum	'	'	'
Future minimum lease payments	'	'	'
Lease term	'1 year	'	'
Corporate office space	'	'	'
Future minimum lease payments	'	'	'
2014	417,000	'	'
2015	424,000	'	'
2016	428,000	'	'
2017	324,000	'	'
Total	$1,593,000	'	'
Lease term	'7 years	'	'
Extension period	'5 years	'	'

Retirement_Plan_Details

Retirement Plan (Details) (USD $)	12 Months Ended
Retirement Plan (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Retirement Plan	'	'	'
Maximum employee compensation to be deferred per year	'	$17,000	'
Maximum employer matching contribution as a percentage of annual compensation	3.00%	3.00%	3.00%
Maximum employer matching contribution for each employee	200,000	200,000	200,000
Company's total contribution under 401 (k) plan	$120,000	$109,000	$131,000

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	12 Months Ended						0 Months Ended		3 Months Ended	1 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Oct. 29, 2013	Dec. 21, 2012	Sep. 30, 2012	Jun. 30, 2011	Jan. 31, 2011
				Discontinued operations	Discontinued operations	Discontinued operations	Discontinued operations	Discontinued operations	Discontinued operations	Discontinued operations	Discontinued operations
							Commercial property in Richardson, Texas	Commercial property in Southfield, Michigan	Commercial property in Southfield, Michigan	Industrial property in Savage, Maryland	Commercial property in Falls Church, Virginia
Discontinued operations	'	'	'	'	'	'	'	'	'	'	'
Gain (Loss) on sale of properties	'	'	'	'	'	'	$2,200,000	($14,800,000)	'	$2,300,000	$19,600,000
Expected term for sale of property	'	'	'	'1 year	'	'	'	'	'	'	'
Provision for loss on a property held for sale net of applicable income tax	'	'	'	'	'	'	'	'	14,300,000	'	'
Sale price of properties sold	'	'	'	'	'	'	'	300,000	'	'	'
Assets held for sale	'	'	'	'	'	'	'	'	'	'	'
Land	185,479,000	141,545,000	'	'	2,791,000	'	'	'	'	'	'
Building	1,603,941,000	1,172,928,000	'	'	5,216,000	'	'	'	'	'	'
Total real estate assets, gross	1,790,590,000	1,315,377,000	'	'	8,007,000	'	'	'	'	'	'
Less accumulated depreciation	222,252,000	180,589,000	'	'	167,000	'	'	'	'	'	'
Real estate assets, net	1,568,338,000	1,134,788,000	'	'	7,840,000	'	'	'	'	'	'
Straight-line rent receivable	42,261,000	35,374,000	'	'	67,000	'	'	'	'	'	'
Deferred leasing commissions, net of accumulated amortization of $81	27,837,000	23,376,000	'	'	3,779,000	'	'	'	'	'	'
Deferred leasing commissions, accumulated amortization	15,031,000	11,812,000	'	'	859,000	'	'	'	'	'	'
Acquired unfavorable leases, net of accumulated amortization of $252	'	'	'	'	-1,111,000	'	'	'	'	'	'
Acquired unfavorable leases, accumulated amortization	'	'	'	'	252,000	'	'	'	'	'	'
Assets held for sale	'	10,575,000	'	0	10,575,000	'	'	'	700,000	'	'
Severance costs and professional fees	'	'	'	'	'	378,000	'	'	'	'	'
Assets of the investment banking segment	'	'	'	0	0	0	'	'	'	'	'
Operating results for the asset held for sale	'	'	'	'	'	'	'	'	'	'	'
Rental revenue	206,926,000	150,434,000	133,946,000	991,000	2,334,000	2,134,000	'	'	'	'	'
Related party revenue:	'	'	'	'	'	'	'	'	'	'	'
Syndication fees	'	'	'	'	'	4,670,000	'	'	'	'	'
Transaction fees	'	'	'	'	'	4,454,000	'	'	'	'	'
Other income	'	'	'	'	'	42,000	'	'	'	'	'
Rental operating expenses	-51,100,000	-37,440,000	-35,074,000	'	-1,089,000	-1,616,000	'	'	'	'	'
Real estate taxes and insurance	-31,616,000	-22,904,000	-20,112,000	'	-340,000	-377,000	'	'	'	'	'
Selling, general and administrative	-11,911,000	-9,916,000	-6,855,000	'	'	-3,488,000	'	'	'	'	'
Commissions	'	'	'	'	'	-2,535,000	'	'	'	'	'
Depreciation and amortization	-78,839,000	-54,051,000	-47,417,000	-616,000	-1,396,000	-1,070,000	'	'	'	'	'
Interest income	16,000	51,000	22,000	'	'	14,000	'	'	'	'	'
Net income (loss) from discontinued operations	$375,000	($491,000)	$2,228,000	$375,000	($491,000)	$2,228,000	'	'	'	'	'

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent event, USD $)	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jan. 23, 2014	Jan. 10, 2014
	Wholly-owned subsidiary	Cash distribution declared
	FSP Galleria North Corp.
Subsequent events	'	'
Cash dividend declared per share (in dollars per share)	'	$0.19
Advance paid to related party pursuant to a Sponsored REIT Loan	$0.60	'

Selected_Unaudited_Quarterly_I2

Selected Unaudited Quarterly Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Selected Unaudited Quarterly Information	'	'	'	'	'	'	'	'	'	'	'
Revenue	$63,024	$58,446	$47,671	$44,495	$43,115	$41,468	$38,349	$38,648	$213,636	$161,580	$138,041
Income from continuing operations	4,352	3,996	4,643	4,303	5,913	5,471	5,606	5,960	17,294	22,950	19,357
Income from discontinued operations	2,239	98	98	98	-454	-14,469	-172	-222	2,533	-15,317	24,167
Net income	$6,591	$4,094	$4,741	$4,401	$5,459	($8,998)	$5,434	$5,738	$19,827	$7,633	$43,524
Basic and diluted net income per share (in dollars per share)	$0.07	$0.04	$0.05	$0.05	$0.07	($0.11)	$0.07	$0.07	$0.21	$0.09	$0.53
Weighted average number of shares outstanding, basic and diluted (in shares)	100,187	100,187	91,847	82,937	82,937	82,937	82,937	82,937	93,855	82,937	81,857

Schedule_II_Valuation_and_qual1

Schedule II Valuation and qualifying accounts: (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts - Tenant rent receivables	'	'	'
Movement in valuation and qualifying accounts	'	'	'
Balance at beginning of year	$1,300	$1,235	$1,600
Additions (Decreases) charged to costs and expenses	-13	85	34
Deductions	-1,237	-20	-399
Balance at end of year	50	1,300	1,235
Allowance for doubtful accounts - Straight-line rent receivable	'	'	'
Movement in valuation and qualifying accounts	'	'	'
Balance at beginning of year	135	135	700
Additions (Decreases) charged to costs and expenses	48	28	2
Deductions	-48	-28	-567
Balance at end of year	$135	$135	$135

SCHEDULE_III_REAL_ESTATE_AND_A1

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Park Seneca, Charlotte, NC

Hillview Center, Milpitas, CA

Forest Park, Charlotte, NC

Centennial Center, Colorado Springs, CO

Meadow Point, Chantilly, VA

Timberlake, Chesterfield, MO

Northwest Point, Elk Grove Village, IL

Timberlake East, Chesterfield, MO

Park Ten, Houston, TX

Federal Way, Federal Way, WA

Addison, Addison, TX

Collins, Richardson, TX

Montague, San Jose, CA

Greenwood, Englewood, CO

River Crossing, Indianapolis, IN

Willow Bend, Plano, TX

Innsbrook, Glenn Allen, VA

380 Interlocken, Bloomfield, CO

Blue Lagoon, Miami, FL

Eldridge Green, Houston, TX

Liberty Plaza, Addison, TX

One Overton, Atlanta, GA

FSP 390 Interlocken, Broomfield, CO

East Baltimore, Baltimore, MD

Park Ten II, Houston, TX

Lakeside Crossing, Maryland Heights, MO

Dulles Virginia, Sterling, VA

Stonecroft, Chantilly, VA

Eden Bluff, Eden Prairie, MN

121 South Eight Street, Minneapolis, MN

909 Davis, Evanston, IL

Emperor Boulevard, Durham, NC

Legacy Tennyson Center, Plano, TX

One Legacy Circle, Plano, TX

One Ravinia Drive, Atlanta, GA

Westchase I & II, Houston, TX

1999 Broadway, CO

999 Peachtree, GA

1001 17th Street, CO

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

REAL ESTATE AND ACCUMULATED DEPRECIATION

Initial cost of Land

$185,974,000

$1,815,000

$2,203,000

$1,559,000

$1,549,000

$2,634,000

$2,984,000

$2,914,000

$2,626,000

$1,061,000

$2,518,000

$4,325,000

$4,000,000

$10,250,000

$3,100,000

$3,000,000

$3,800,000

$5,000,000

$8,275,000

$6,306,000

$3,900,000

$4,374,000

$3,900,000

$7,013,000

$4,600,000

$1,300,000

$1,900,000

$4,813,000

$2,102,000

$5,422,000

$8,628,000

$4,912,000

$2,423,000

$3,067,000

$2,590,000

$2,686,000

$8,491,000

$16,334,000

$10,187,000

$17,413,000

Initial cost of Buildings Improvements and Equipment

1,499,858,000

7,917,000

2,813,000

5,672,000

11,877,000

18,911,000

38,661,000

26,295,000

17,608,000

21,303,000

13,212,000

48,040,000

42,598,000

5,254,000

30,201,000

36,926,000

14,842,000

40,216,000

34,462,000

46,124,000

43,791,000

21,146,000

77,229,000

37,751,000

55,267,000

31,712,000

16,192,000

13,285,000

18,003,000

9,294,000

15,214,000

18,229,000

53,997,000

22,064,000

36,608,000

35,125,000

121,508,000

137,726,000

107,727,000

165,058,000

Costs Capitalized (Disposals) Subsequent to Acquisition

104,758,000

935,000

7,000

170,000

1,601,000

6,442,000

3,160,000

8,147,000

2,359,000

2,450,000

2,335,000

5,268,000

6,708,000

3,784,000

8,018,000

3,141,000

3,461,000

5,353,000

6,651,000

1,295,000

3,802,000

4,560,000

7,517,000

3,391,000

2,780,000

409,000

2,000

60,000

6,275,000

217,000

52,000

952,000

1,664,000

1,184,000

466,000

142,000

Historical Cost of Land

185,479,000

1,812,000

2,203,000

1,559,000

1,549,000

2,634,000

2,984,000

2,914,000

2,626,000

569,000

2,518,000

4,325,000

4,000,000

10,250,000

3,100,000

3,000,000

3,800,000

5,000,000

8,275,000

6,306,000

3,900,000

4,374,000

3,900,000

7,013,000

4,600,000

1,300,000

1,900,000

4,813,000

2,102,000

5,422,000

8,628,000

4,912,000

2,423,000

3,067,000

2,590,000

2,686,000

8,491,000

16,334,000

10,187,000

17,413,000

Historical Cost of Buildings Improvements and Equipment

1,605,111,000

8,855,000

2,820,000

5,842,000

13,478,000

25,353,000

41,821,000

34,442,000

19,967,000

24,245,000

15,547,000

53,308,000

49,306,000

9,038,000

38,219,000

40,067,000

18,303,000

45,569,000

41,113,000

47,419,000

47,593,000

25,706,000

84,746,000

41,142,000

58,047,000

32,121,000

16,194,000

13,345,000

18,003,000

9,294,000

21,489,000

18,446,000

54,049,000

22,064,000

37,560,000

36,789,000

122,692,000

138,192,000

107,869,000

165,058,000

Total

1,790,590,000

10,667,000

5,023,000

7,401,000

15,027,000

27,987,000

44,805,000

37,356,000

22,593,000

24,814,000

18,065,000

57,633,000

53,306,000

19,288,000

41,319,000

43,067,000

22,103,000

50,569,000

49,388,000

53,725,000

51,493,000

30,080,000

88,646,000

48,155,000

62,647,000

33,421,000

18,094,000

18,158,000

20,105,000

14,716,000

30,117,000

23,358,000

56,472,000

25,131,000

40,150,000

39,475,000

131,183,000

154,526,000

118,056,000

182,471,000

Accumulated Depreciation

222,252,000

180,756,000

152,587,000

125,741,000

3,463,000

1,066,000

1,695,000

4,225,000

7,411,000

12,631,000

11,580,000

6,368,000

7,122,000

4,611,000

14,408,000

11,333,000

2,354,000

7,603,000

9,078,000

4,034,000

9,756,000

9,969,000

9,435,000

9,229,000

6,618,000

16,911,000

8,533,000

9,934,000

4,815,000

2,110,000

1,702,000

2,078,000

1,072,000

1,676,000

1,098,000

3,925,000

1,603,000

2,809,000

1,438,000

3,704,000

2,060,000

1,385,000

1,410,000

Total Costs, Net of Accumulated Depreciation

1,568,338,000

7,204,000

3,957,000

5,706,000

10,802,000

20,576,000

32,174,000

25,776,000

16,225,000

17,692,000

13,454,000

43,225,000

41,973,000

16,934,000

33,716,000

33,989,000

18,069,000

40,813,000

39,419,000

44,290,000

42,264,000

23,462,000

71,735,000

39,622,000

52,713,000

28,606,000

15,984,000

16,456,000

18,027,000

13,644,000

28,441,000

22,260,000

52,547,000

23,528,000

37,341,000

38,037,000

127,479,000

152,466,000

116,671,000

181,061,000

Depreciable Life Years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

'5 years

'39 years

Encumbrances

Aggregate cost for Federal Income Tax purposes

$1,971,554

SCHEDULE_III_REAL_ESTATE_AND_A2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real estate investments, at cost:	'	'	'
Balance, beginning of year	$1,323,384	$1,158,808	$1,053,678
Acquisitions	454,445	167,812	151,897
Improvements	20,768	16,784	21,296
Assets held for sale	'	-8,007	-27,324
Dispositions	-8,007	-20,020	-68,063
Balance-Real Estate	1,790,590	1,315,377	1,131,484
Assets held for sale	'	8,007	27,324
Balance, end of year	1,790,590	1,323,384	1,158,808
Accumulated depreciation:	'	'	'
Balance, beginning of year	180,756	152,587	125,741
Depreciation	41,763	33,563	29,729
Assets held for sale	'	-167	-4,354
Dispositions	-267	-5,394	-2,883
Balance- Accumulated Depreciation	222,252	180,589	148,233
Assets held for sale	'	167	4,354
Balance, end of year	$222,252	$180,756	$152,587