Franklin Street Properties (FSP) 10-K 16 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	FRANKLIN STREET PROPERTIES CORP /MA/
Entity Central Index Key	1,031,316
Document Type	10-K
Document Period End Date	Dec. 31, 2015
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			$ 1,087,162,776
Entity Common Stock, Shares Outstanding		100,187,405
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real estate assets:
Land	$ 170,021	$ 183,930
Buildings and improvements	1,637,066	1,604,984
Fixtures and equipment	2,528	1,677
Total real estate assets, gross	1,809,615	1,790,591
Less accumulated depreciation	299,991	266,284
Real estate assets, net	1,509,624	1,524,307
Acquired real estate leases, less accumulated amortization of $112,844 and $101,838, respectively	108,046	138,714
Investment in non-consolidated REITs	77,019	78,611
Cash and cash equivalents	18,163	7,519
Restricted cash	23	742
Tenant rent receivables, less allowance for doubtful accounts of $130 and $325, respectively	2,898	4,733
Straight-line rent receivable, less allowance for doubtful accounts of $50 and $162, respectively	48,502	47,021
Prepaid expenses and other assets	7,837	10,292
Other assets: derivative asset	1,132	3,020
Related party mortgage loan receivables	118,641	93,641
Office computers and furniture, net of accumulated depreciation of $1,333 and $1,036, respectively	484	609
Deferred leasing commissions, net of accumulated amortization of $20,002 and $16,944, respectively	28,999	27,181
Total assets	1,921,368	1,936,390
Liabilities:
Bank note payable	290,000	268,000
Term loans payable	620,000	620,000
Accounts payable and accrued expenses	49,489	42,561
Accrued compensation	3,726	3,758
Tenant security deposits	4,829	4,248
Other liabilities: derivative liability	8,243	7,268
Acquired unfavorable real estate leases, less accumulated amortization of $9,368 and $8,687, respectively	9,425	10,908
Total liabilities	$ 985,712	$ 956,743
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 100,187,405 shares issued and outstanding, respectively	$ 10	$ 10
Additional paid-in capital	1,273,556	1,273,556
Accumulated other comprehensive income (loss)	(7,111)	(4,248)
Accumulated distributions in excess of accumulated earnings	(330,799)	(289,671)
Total stockholders' equity	935,656	979,647
Total liabilities and stockholders' equity	$ 1,921,368	$ 1,936,390

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Acquired real estate leases, accumulated amortization	$ 112,844	$ 101,838
Tenant rent receivables, allowance for doubtful accounts	130	325
Straight-line rent receivable, allowance for doubtful accounts	50	162
Office computers and furniture, accumulated depreciation	1,333	1,036
Deferred leasing commissions, accumulated amortization	20,002	16,944
Acquired unfavorable real estate leases, accumulated amortization	$ 9,368	$ 8,687
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
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)	$ 0.0001	$ 0.0001
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)	100,187,405	100,187,405

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Rental	$ 237,856	$ 243,341	$ 206,926
Related party revenue:
Management fees and interest income from loans	5,930	6,241	6,646
Other	81	101	64
Total revenues	243,867	249,683	213,636
Expenses:
Real estate operating expenses	61,890	62,032	51,100
Real estate taxes and insurance	38,660	36,857	31,616
Depreciation and amortization	91,359	95,915	78,839
Selling, general and administrative	13,291	12,983	11,911
Interest	25,432	27,433	21,054
Total expenses	230,632	235,220	194,520
Income before interest income, equity in losses of non-consolidated REITs and taxes	13,235	14,463	19,116
Interest income	1	3	16
Equity in losses of non-consolidated REITs	(1,451)	(1,760)	(1,358)
Gain on sale of properties, less applicable income tax	23,662	940
Income before taxes on income	35,447	13,646	17,774
Taxes on income	433	498	480
Income from continuing operations	35,014	13,148	17,294
Discontinued operations:
Income from discontinued operations, net of income tax			375
Gain on sale, less applicable income tax			2,158
Total discontinued operations			2,533
Net income	$ 35,014	$ 13,148	$ 19,827
Weighted average number of shares outstanding, basic and diluted (in shares)	100,187,000	100,187,000	93,855,000
Earnings per share, basic and diluted:
Continuing operations (in dollars per share)	$ 0.35	$ 0.13	$ 0.18
Discontinued operations (in dollars per share)			0.03
Net income per share, basic and diluted (in dollars per share)	$ 0.35	$ 0.13	$ 0.21

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Other Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Consolidated Statements of Other Comprehensive Income (Loss)
Net income	$ 35,014	$ 13,148	$ 19,827
Other comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	(2,863)	(7,525)	4,496
Total other comprehensive income (loss)	(2,863)	(7,525)	4,496
Comprehensive income	$ 32,151	$ 5,623	$ 24,323

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated other comprehensive income (loss)	Distributions in excess of accumulated earnings	Total
Balance at Dec. 31, 2012	$ 8	$ 1,042,876	$ (1,219)	$ (176,916)	$ 864,749
Balance (in shares) at Dec. 31, 2012	82,937
Increase (Decrease) in Stockholders' Equity
Comprehensive income			4,496	19,827	24,323
Shares issued for:
Equity offering	$ 2	230,680			230,682
Equity offering (in shares)	17,250
Distributions				(69,588)	(69,588)
Balance at Dec. 31, 2013	$ 10	1,273,556	3,277	(226,677)	1,050,166
Balance (in shares) at Dec. 31, 2013	100,187
Increase (Decrease) in Stockholders' Equity
Comprehensive income			(7,525)	13,148	5,623
Shares issued for:
Distributions				(76,142)	(76,142)
Balance at Dec. 31, 2014	$ 10	1,273,556	(4,248)	(289,671)	979,647
Balance (in shares) at Dec. 31, 2014	100,187
Increase (Decrease) in Stockholders' Equity
Comprehensive income			(2,863)	35,014	32,151
Shares issued for:
Distributions				(76,142)	(76,142)
Balance at Dec. 31, 2015	$ 10	$ 1,273,556	$ (7,111)	$ (330,799)	$ 935,656
Balance (in shares) at Dec. 31, 2015	100,187

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 35,014	$ 13,148	$ 19,827
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	93,426	97,916	81,267
Amortization of above market lease	(158)	635	(365)
Gain on sale of properties, less applicable income tax	(23,662)	(940)	(2,158)
Equity in losses of non-consolidated REITs	1,451	1,760	1,358
Increase (decrease) in allowance for doubtful accounts	(195)	275	(1,250)
Changes in operating assets and liabilities:
Restricted cash	719	(99)	(68)
Tenant rent receivables	2,030	94	(2,103)
Straight-line rents	(2,448)	(4,737)	(5,782)
Lease acquisition costs	(1,487)	(440)	(1,146)
Prepaid expenses and other assets	422	700	(1,547)
Accounts payable, accrued expenses and other items	5,505	206	11,137
Accrued compensation	(32)	773	445
Tenant security deposits	581	222	1,538
Payment of deferred leasing commissions	(8,276)	(6,347)	(9,125)
Net cash provided by operating activities	102,890	103,166	92,028
Cash flows from investing activities:
Property acquisitions	(66,104)		(454,447)
Property improvements, fixtures and equipment	(21,750)	(18,370)	(19,120)
Office computers and furniture	(179)	(191)	(355)
Acquired real estate leases	(10,604)		(100,143)
Investment in non-consolidated REITs			4,858
Distributions in excess of earnings from non-consolidated REITs	107	107	108
Investment in related party mortgage loan receivable	(25,000)	(11,170)	(8,200)
Repayment of related party mortgage loan receivable		17,275	2,350
Proceeds received on sales of real estate assets	85,426	14,192	12,301
Net cash provided by (used in) investing activities	(38,104)	1,843	(562,648)
Cash flows from financing activities:
Distributions to stockholders	(76,142)	(76,142)	(69,588)
Proceeds from equity offering			241,500
Offering costs			(10,818)
Borrowings under bank note payable	110,000	15,000	160,000
Repayments of bank note payable	(88,000)	(53,500)	(70,250)
Borrowing of term loan payable			220,000
Deferred financing costs		(2,471)	(1,868)
Net cash provided by (used in) financing activities	(54,142)	(117,113)	468,976
Net increase (decrease) in cash and cash equivalents	10,644	(12,104)	(1,644)
Cash and cash equivalents, beginning of year	7,519	19,623	21,267
Cash and cash equivalents, end of period	18,163	7,519	19,623
Cash paid for:
Interest	22,963	25,623	19,556
Taxes on income	803	668	515
Non-cash investing and financing activities:
Accrued costs for purchase of real estate assets	$ 3,211	$ 1,788	$ 3,570

Organization

Organization	12 Months Ended
	Dec. 31, 2015
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 Property Management LLC provides asset management and property management services. The Company also has a non-controlling common stock interest in 9 corporations organized to operate as real estate investment trusts (“REIT”) and a non-controlling preferred stock interest in two of those REITs. Collectively, the 9 REITs are referred to as the “Sponsored REITs”. As of December 31, 2015 , the Company owned and operated a portfolio of real estate consisting of 36 properties, managed 9 Sponsored REITs and held six promissory notes secured by mortgages on real estate owned by Sponsored REITs, including two mortgage loans, one construction loan and three revolving lines of credit. From time-to-time, the Company may acquire real estate or make additional secured loans. 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
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 derivatives. Investments in non-consolidated REITs The Company has a non-controlling common stock interest in nine Sponsored REITs and a non-controlling preferred stock interest in two of those Sponsored REITs. 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 or losses. Equity in earnings or losses of Sponsored REITs is not recognized to the extent that the investment balance would become negative and 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. The equity investments in Sponsored REITS are reviewed for impairment each reporting period. The Company records impairment charges when events or circumstances indicate a decline in the fair value below the carrying value of the investment has occurred and such decline is other-than-temporary. The ultimate realization of the equity investments in Sponsored REITS is dependent on a number of factors, including the performance of each investment and market conditions. An impairment charge is recorded if its determined that a decline in the value below the carrying value of an equity investment in a Sponsored REIT is other than temporary. 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 cost less accumulated depreciation. If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. The Company allocates the value of real estate acquired among land, buildings and identified intangible assets or liabilities. Costs related to land, building 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 3 - 7 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. Acquired Real Estate Leases and Amortization The Company recorded the value of acquired real estate leases as a result of one acquisition in 2015 and three acquisitions in 2013. 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, tenant improvements, 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 3 month to 281 months. Amortization expense of these combined components was approximately $38,829,000 , $44,701,000 , and $32,230,000 for the years ended December 31, 2015, 2014 and 2013, 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, 2015 is as follows: (in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter Acquired Unfavorable Real Estate Leases and Amortization The Company recorded the value of acquired unfavorable leases as a result of one acquisition in 2015 and three acquisitions in 2013. 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 21 months to 281 months. Amortization expense was approximately $3,242,000 , $3,229,000 and $3,073,000 for the years ended December 31, 2015, 2014 and 2013, 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, 2015 is as follows: (in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter Discontinued Operations During 2014, the Company early adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 clarifies that discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). This ASU standard establishes criteria to evaluate whether transactions should be classified as discontinued operations and requires additional disclosure for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This standard was applied prospectively during 2014. For periods prior to 2014, the Company reported as discontinued operations, the income and expenses associated with a disposal group (i) that qualified as a component of an entity, (ii) for which cash flows were eliminated from the ongoing operations of the entity, and (iii) in which the Company would not have significant continuing involvement. Comparability between 2014 and prior years is affected as a result of the adoption of the new standard. The rental revenues, operating and maintenance expenses and depreciation and amortization for a property sold in 2014 are included in income from continuing operations. The property sold in 2013 is presented in discontinued operations, which required reclassifications of rental revenues, operating and maintenance expenses and depreciation and amortization to income or loss from 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. During 2013, the Company accounted for sales of properties and assets held for sale as discontinued operations. Upon determining that a property was held for sale, the Company discontinued depreciating the property and reflected the property in its consolidated balance sheets at the lower of its carrying amount or fair value less the cost to sell. The Company presented property held for sale on its consolidated balance sheets as “Asset held for sale”, on a comparative basis. The Company reported 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 wrote off $89,000 in the receivables and decreased its allowance by $106,000 during 2015; wrote-off $119,000 in receivables and increased its allowance by $394,000 during 2014; and wrote-off $1,237,000 in receivables and decreased its allowance by $13,000 during 2013, 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 5. 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, was $48,502,000 and $47,021,000 at December 31, 2015 and 2014, 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 wrote off $112,000 in receivables during 2015; increased its allowance by $27,000 during 2014; and wrote-off $48,000 in receivables and increased its allowance by $48,000 during 2013, 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 $5,680,000 , $5,786,000 and $4,683,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated annual amortization for the five years and thereafter following December 31, 2015 is as follows: (in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter 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) 2015 2014 2013 Income from leases $ $ $ Reimbursable expenses Straight-line rent adjustment Amortization of favorable and unfavorable leases $ $ $ 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, interest income on loans 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. Income Taxes Taxes on income for the years ended December 31, 2015, 2014 and 2013 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, 2015, 2014, and 2013. The denominator used for calculating basic and diluted net income per share was 100,187,000 , 100,187,000 , and 93,855,000 for the years ended December 31, 2015, 2014, and 2013, 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 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. Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the consolidated financial statements . In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to the consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of December 31, 2015 and December 31, 2014, $2.4 million and $3.3 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. The implementation of this update is not expected to cause any material changes to the consolidated financial statements.

Related Party Transactions and

Related Party Transactions and Investments in Non-Consolidated Entities	12 Months Ended
	Dec. 31, 2015
Related Party Transactions and Investments in Non-Consolidated Entities
Related Party Transactions and Investments in Non-Consolidated Entities	3. Related Party Transactions and Investments in Non-Consolidated Entities Investment in Sponsored REITs The Company held a common stock interest in 9 , 10 and 14 Sponsored REITs at December 31, 2015, 2014 and 2013, respectively. 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. During the year ended December 31, 2015, a property owned by one Sponsored REIT was sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued. During the year ended December 31, 2014, properties owned by four Sponsored REITs were sold and, thereafter, liquidating distributions for their preferred shareholders were declared and issued. The Company held a mortgage loan with two of these entities secured by the property owned by FSP Galleria North Corp. (Galleria) and the property owned by FSP Highland Place I Corp. (Highland). The loan with Galleria in the principal amount of $13,880,000 was repaid by the proceeds of the sale and the loan with Highland in the principal amount of $3,395,000 was repaid by the proceeds of the sale. 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 $4,866,000 . The Company received approximately $4,752,000 on January 4, 2013, $96,000 on September 30, 2013 and $18,000 on December 29, 2015. Equity in l osses of investment in non-consolidated REITs: The following table includes equity in losses of investments in non-consolidated REITs: Year Ended December 31, (in thousands) 2015 2014 2013 Equity in losses of East Wacker Equity in losses of Grand Boulevard $ $ $ Equity in losses 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 losses 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) 2015 2014 2013 Distributions from East Wacker $ — $ — $ — Distributions from Grand Boulevard $ $ $ Non-consolidated REITs The operating data below for 2015 includes the operations of the 10 Sponsored REITs the Company held an interest in during the year and the 9 Sponsored REITs the Company held an interest in as of December 31, 2015. The operating data below for 2014 includes the operations of the 14 Sponsored REITs the Company held an interest in during the year and the 10 Sponsored REITs the Company held an interest in as of December 31, 2014. The operating data below for 2013 includes the operations of the 15 Sponsored REITs the Company held an interest in during the year ended December 31, 2013. Summarized financial information for the Sponsored REITs is as follows: December 31, December 31, (in thousands) 2015 2014 Balance Sheet Data (unaudited): Real estate, net $ $ Other assets Total liabilities Shareholders’ equity $ $ For the Year Ended December 31, (in thousands) 2015 2014 2013 Operating Data (unaudited): Rental revenues $ $ $ Other revenues Operating and maintenance expenses Depreciation and amortization Interest expense Gain on sale, less applicable income tax — — Net income (loss) $ $ $ 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 day notice. Asset management fee income from non-consolidated entities amounted to approximately $701,000 , $945,000 and $1,078,000 for the years ended December 31, 2015, 2014 and 2013, 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 reviews Sponsored REIT loans for impairment each reporting period. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to coll ect all amounts recorded on the balance sheet. The Company applies normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. None of the Sponsored REIT loans have been impaired. 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 one to three years. Except for two mortgage loans which bear interest at a fixed rate, advances under each Sponsored REIT Loan bear interest at a rate equal to the 30-day LIBOR rate plus an agreed upon amount of basis points and most advances also require a 50 basis point draw fee. The following is a summary of the Sponsored REIT Loans outstanding as of December 31, 2015: Maximum Amount Interest (dollars in thousands) Maturity Amount Drawn at Interest Draw Rate at Sponsored REIT Location Date of Loan 31-Dec-15 Rate (1) Fee (2) 31-Dec-15 Secured revolving lines of credit FSP Satellite Place Corp. Duluth, GA 31-Mar-17 $ $ L+ % % % FSP 1441 Main Street Corp. Columbia, SC 31-Mar-16 L+ % % % FSP Energy Tower I Corp. Houston, TX 30-Jun-17 L+ % % % Secured construction loan FSP 385 Interlocken Development Corp. Broomfield, CO 30-Apr-16 L+ % n/a % Mortgage loan secured by property FSP Monument Circle LLC (3) Indianapolis, IN 7-Dec-18 % n/a % FSP Energy Tower I Corp. (4) Houston, TX 30-Jun-17 % n/a % $ $ (1) The interest rate is 30-day LIBOR rate plus the additional rate indicated , otherwise a fixed rate. (2) The draw fee is a percentage of each new advance, and is paid at the time of each new draw. (3) This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower. (4) This mortgage loan was extended on June 30, 2015 and includes an annual extension fee of $108,900 paid by the borrower to the Company . The Company recognized interest income and fees from the Sponsored REIT Loans of approximately $5,230,000 , $5,296,000 and $5,568,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

Bank Note Payable and Term Note

Bank Note Payable and Term Note Payable	12 Months Ended
	Dec. 31, 2015
Bank Note Payable and Term Note Payable
Bank Note Payable and Term Note Payable	4. Bank Note Payable and Term Note Payable BMO Term Loan On October 29, 2014, the Company entered into an Amended and Restated Credit Agreement (the “BMO Credit Agreement”) with the lending institutions referenced in the BMO Credit Agreement and Bank of Montreal, as administrative agent (in such capacity, the “BMO Administrative Agent”), that continued a single, unsecured term loan borrowing in the amount of $220,000,000 (the “BMO Term Loan”). The BMO Term Loan was previously evidenced by a Credit Agreement dated August 26, 2013 by and among the Company, certain of the Company’s wholly-owned subsidiaries, the BMO Administrative Agent and those lenders from time to time a party thereto (the “Original BMO Credit Agreement”). The purpose of the BMO Credit Agreement was to amend and restate the Original BMO Credit Agreement in its entirety to provide, among other things, for the Company to become the sole borrower and for changes to certain financial covenants. On August 26, 2013, the Company drew down the entire $220,000,000 under the BMO Term Loan, which remains fully advanced and outstanding under the BMO Credit Agreement. The BMO Term Loan continues to have a seven year term that matures on August 26, 2020. The BMO Credit Agreement also continues to include an accordion feature that allows up to $50,000,000 of additional loans, subject to receipt of lender commitments and satisfaction of certain customary conditions. The BMO Term Loan bears interest at either (i) a number of basis points over LIBOR depending on the Company’s credit rating (165 basis points over LIBOR at December 31, 2015) or (ii) a number of basis points over the base rate depending on the Company’s credit rating (65 basis points over the base rate at December 31, 2015). The actual margin over LIBOR rate or base rate is determined based on the Company’s credit rating pursuant to the following grid: Credit LIBOR Rate Base Rate Level Rating Margin Margin I A- / A3 (or higher) bps bps II BBB+ / Baa1 bps bps III BBB / Baa2 bps bps IV BBB- / Baa3 bps bps V <BBB- / Baa3 bps bps For purposes of the BMO Term Loan, 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 based rate for such day plus 1.00% . As of December 31, 2015, the Company’s credit rating from Moody’s Investors Service was Baa3. Although the interest rate on the BMO Term Loan is variable, under the Original BMO Credit Agreement and under the BMO Credit Agreement, the Company was and is permitted to hedge the base LIBOR interest rate by entering into an interest rate swap agreement. On August 26, 2013, the Company entered into an ISDA Master Agreement (together with the schedule relating thereto, the “BMO ISDA Master Agreement”) with Bank of Montreal that fixed the base LIBOR interest rate on the BMO Term Loan at 2.32% per annum for seven years, until the August 26, 2020 maturity date. Accordingly, based upon the Company’s credit rating, and after giving effect to the BMO ISDA Master Agreement, as of December 31, 2015, the effective interest rate on the BMO Term Loan was 3.97% per annum. The BMO 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 have subsidiaries provide a guaranty in the event that they incur recourse indebtedness and transactions with affiliates. The BMO Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The BMO 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 BMO Credit Agreement). In the event of a default by the Company, the BMO Administrative Agent may, and at the request of the requisite number of lenders shall, declare all obligations under the BMO Credit Agreement immediately due and payable, terminate the lenders’ commitments to make loans under the BMO Credit Agreement, and enforce any and all rights of the lenders or BMO Administrative Agent under the BMO 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 BMO Term Loan financial covenants as of December 31, 2015. The Company may use the proceeds of the loans under the BMO 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 indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BMO Credit Agreement. BAML Credit Facility On October 29, 2014, the Company entered into a Second Amended and Restated Credit Agreement (the “BAML Credit Agreement”) with the lending institutions referenced in the BAML Credit Agreement and those lenders from time to time party thereto and Bank of America, N.A., as administrative agent (in such capacity, the “BAML Administrative Agent”), L/C Issuer and Swing Line Lender (the “BAML Credit Facility”) that continued an existing unsecured credit facility comprised of both a revolving line of credit (the “BAML Revolver) and a term loan (the “BAML Term Loan”). The BAML Credit Facility was previously evidenced by an Amended and Restated Credit Agreement dated September 27, 2012, as amended by a First Amendment to Amended and Restated Credit Agreement dated August 23, 2013, by and among the Company, certain of the Company’s wholly-owned subsidiaries, the BAML Administrative Agent and those lenders from time to time a party thereto (as so amended, the “Original BAML Credit Agreement”). The purpose of the BAML Credit Agreement was to amend and restate the Original BAML Credit Agreement in its entirety to provide, among other things, for the Company to become the sole borrower and for changes to certain financial covenants. BAML Revolver Highlights · The BAML Revolver continues to be for borrowings, at the Company’s election, of up to $500,000,000 . Borrowings made pursuant to the BAML 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 BAML Revolver may be borrowed, repaid and reborrowed from time to time until the initial maturity date of October 29, 2018, which was extended from September 27, 2016, the initial maturity date under the Original BAML Credit Agreement. The Company has the right to extend the initial maturity date of the BAML Revolver by an additional 12 months, or until October 29, 2019, upon payment of a fee and satisfaction of certain customary conditions. · The BAML Revolver continues to include 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. · Borrowings from the BAML Revolver made under the Original BAML Credit Agreement continued to be outstanding under the BAML Credit Agreement. As of December 31, 2015, there were borrowings of $290,000,000 outstanding under the BAML Revolver. The BAML Revolver bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.25% over LIBOR at December 31, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.25% over the base rate at December 31, 2015). The BAML Credit Facility also obligates the Company to pay an annual facility fee in an amount that is also based on the Company’s credit rating. The facility fee is assessed against the total amount of the BAML Revolver, or $500,000,000 (0.25% at December 31, 2015). The actual amount of any applicable facility fee, and the margin over LIBOR rate or base rate is determined based on the Company’s credit rating pursuant to the following grid: Base LIBOR Rate Facility Rate Level Credit Rating Margin Fee Margin I A- / A3 (or higher) % % % II BBB+ / Baa1 % % % III BBB / Baa2 % % % IV BBB- / Baa3 % % % V <BBB- / Baa3 % % % For purposes of the BAML 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 based rate for such day plus 1.00% . As of December 31, 2015, the Company’s credit rating from Moody’s Investors Service was Baa3. Based upon the Company’s credit rating, as of December 31, 2015, the weighted average interest rate on the BAML Revolver was 1.54% per annum and there were borrowings of $290,000,000 outstanding. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the year ended December 31, 2015 was approximately 1.44% per annum. As of December 31, 2014, there were borrowings of $268,000,000 outstanding under the BAML Revolver at a weighted average rate of 1.41% per annum. BAML Term Loan Highlights · The BAML Term Loan continues to be for $400,000,000 . · The BAML Term Loan continues to mature on September 27, 2017. · On September 27, 2012, the Company drew down the entire $400,000,000 under the Original BAML Credit Agreement and such amount remains fully advanced and outstanding under the BAML Credit Agreement. The BAML Term Loan bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.45% over LIBOR at December 31, 2015) or (ii) a margin over the base rate depending on the Company’s credit rating (0.45% over the base rate at December 31, 2015). The actual margin over LIBOR rate or base rate is determined based on the Company’s credit rating pursuant to the following grid: LIBOR Rate Base Rate Level Credit Rating Margin Margin I A- / A3 (or higher) % % II BBB+ / Baa1 % 0.025 % III BBB / Baa2 % 0.200 % IV BBB- / Baa3 % 0.450 % V <BBB- / Baa3 % 0.900 % For purposes of the BAML 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 based rate for such day plus 1.00% . As of December 31, 2015, the Company’s credit rating from Moody’s Investors Service was Baa3. Although the interest rate on the BAML Credit Facility is variable, the Company fixed the base LIBOR interest rate on the BAML Term Loan by entering into an interest rate swap agreement. On September 27, 2012, the Company entered into an ISDA Master Agreement (together with the schedule relating thereto, the “BAML ISDA Master Agreement”) with Bank of America, N.A. that fixed the base LIBOR interest rate on the BAML Term Loan at 0.75% per annum for five years, until the September 27, 2017 maturity date. Accordingly, based upon the Company’s credit rating, as of December 31, 2015, the effective interest rate on the BAML Term Loan was 2.20% per annum. BAML Credit Facility General Information The BAML 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 have subsidiaries provide a guaranty in the event that they incur recourse indebtedness and transactions with affiliates. The BAML Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, minimum unsecured interest coverage and a maximum ratio of certain investments to total assets. The BAML 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 BAML Credit Agreement). In the event of a default by the Company, the BAML Administrative Agent may, and at the request of the requisite number of lenders shall, declare all obligations under the BAML Credit Agreement immediately due and payable, terminate the lenders’ commitments to make loans under the BAML Credit Agreement, and enforce any and all rights of the lenders or BAML Administrative Agent under the BAML 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 BAML Credit Facility financial covenants as of December 31, 2015. The Company may use the proceeds of the loans under the BAML 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 indebtedness and for working capital and other general business purposes, in each case to the extent permitted under the BAML Credit Agreement.

Financial Instruments_ Derivati

Financial Instruments: Derivatives and Hedging	12 Months Ended
	Dec. 31, 2015
Financial Instruments: Derivatives and Hedging
Financial Instruments: Derivatives and Hedging	5. Financial Instruments: Derivatives and Hedging On August 26, 2013, the Company fixed the interest rate for seven years on the BMO Term Loan with an interest rate swap agreement (the “BMO 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 “BAML Interest Rate Swap”). The variable rates that were fixed under the BMO Interest Rate Swap and the BAML Interest Rate Swap are described in Note 4. The BMO Interest Rate Swap and the BAML 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, 2015. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks. Notional Strike Effective Expiration Fair (in thousands) Value Rate Date Date Value BMO Interest Rate Swap $ % Aug-13 Aug-20 $ BAML Interest Rate Swap $ % Sep-12 Sep-17 $ On December 31, 2015, the BMO Interest Rate Swap was reported as a liability at its fair value of approximately $8.2 million and the BAML Interest Rate Swap was reported as an asset at its fair value of approximately $1.1 million. These are included in other liabilities: derivative liability and other assets: derivative asset on the consolidated balance sheet at December 31, 2015, respectively. Offsetting adjustments are reported as unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income of $2.9 million. During the year ended December 31, 2015, $7.0 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. The 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity
Stockholders' Equity	6. 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). 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
	Dec. 31, 2015
Federal Income Tax Reporting
Federal Income Tax Reporting	7. 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. 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 for federal filings and as such, the Company’s returns that remain subject to examination would be primarily from 2012 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, 2015, 2014 and 2013. 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 Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Revised Texas franchise tax $ $ $ Other Taxes Taxes on income $ $ $ 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 to which the Company became subject. 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 $ 398 ,000 , $474,000 and $462,000 for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, 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 $ 161,606,000 and at December 31, 2014 the net tax basis is more than the Company’s consolidated balance sheets by $163,925,000 . Reconciliation Between GAAP Net Income and Taxable Income The following reconciles book net income to taxable income for the years ended December 31, 2015, 2014 and 2013. For the year ended December 31, (in thousands) 2015 2014 2013 Net income per books $ $ $ Adjustments to book income: Book depreciation and amortization Tax depreciation and amortization Tax basis more than book basis on assets sold Straight line rent adjustment, net Deferred rent, net Non-taxable distributions — Other, net Taxable income Less: Capital gains recognized — — Taxable income subject to distribution requirement $ $ $ Tax Components The following summarizes the tax components of the Company’s common distributions paid per share for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Per Share % Per Share % Per Share % Ordinary income $ % $ % $ % Capital gain (1) % — % — % Return of capital % % % Total $ % $ % $ % (1) For 2015, 11.6% of the total distributions are taxed as capital gains, and, 5.96% , was taxed as an Unrecaptured Section 1250 gain.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2015
Commitments
Commitments	8. 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 2029. The following is a schedule of approximate future minimum rental income on non-cancelable operating leases as of December 31, 2015: Year ending (in thousands) December 31, 2016 $ 2017 2018 2019 2020 Thereafter (2021-2029) $ 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: Year ending (in thousands) December 31, 2016 $ 2017 $ Rent expense was approximately $408,000 , $407,000 and $412,000 for the years ended December 31, 2015, 2014 and 2013, 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 3, which provide for up to $ 132.3 million in borrowings of which $118.6 million have been drawn and are outstanding as of December 31, 2015. 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
	Dec. 31, 2015
Retirement Plan
Retirement Plan	9. 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 $134,000 , $127,000 and $120,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

Dispositions and Discontinued O

Dispositions and Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Dispositions of properties
Dispositions and Discontinued Operations	10. Dispositions and Discontinued Operations Dispositions of Property The Company sold an office property located in Plano, Texas on February 23, 2015 at a $1.5 million gain, sold an office property located in Eden Prairie, Minnesota on March 31, 2015 at a $9.0 million gain, sold an office property located in Charlotte, North Carolina on May 13, 2015 at a $0.9 million gain and sold an office property located in San Jose, California on December 9, 2015 at a $12.3 million gain. T he Company sold an office property located in Colorado Springs, Colorado on December 3, 2014 at a $0.9 million gain. The disposal of these properties did not represent a strategic shift that has a major effect on the Company's operations and financial results. Accordingly, the properties remain classified within continuing operations for all periods presented. All property dispositions prior to 2014 have been classified as discontinued operations. 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. The Company sold an office property located in Richardson, Texas on October 29, 2013 at a $2.2 million gain. The operating results for discontinued operations are summarized below. For the Year Ended December 31, (in thousands) 2013 Rental revenue $ Rental operating expenses — Real estate taxes and insurance — Depreciation and amortization Net income (loss) from discontinued operations $

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events
Subsequent Events	11. Subsequent Events On January 8, 2016, the Board of Directors of the Company declared a cash distribution of $0.19 per share of common stock payable on February 11, 2016 to stockholders of record on January 22, 2016. On January 19, 2016, a Sponsored REIT Loan with FSP 385 Interlocken Development Corp. with $37.5 million drawn, was repaid.

Selected Unaudited Quarterly In

Selected Unaudited Quarterly Information	12 Months Ended
	Dec. 31, 2015
Selected Unaudited Quarterly Information
Selected Unaudited Quarterly Information	12. Selected Unaudited Quarterly Information Selected unaudited quarterly information is shown in the following table: 2015 First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) Revenue $ $ $ $ Income from continuing operations $ $ $ $ Income from discontinued operations $ — $ — $ — $ — Net income $ $ $ $ Basic and diluted net income per share $ $ $ $ Weighted average number of shares outstanding 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) Revenue $ $ $ $ Income from continuing operations $ $ $ $ Income from discontinued operations $ — $ — $ — $ — Net income $ $ $ $ Basic and diluted net income per share $ $ $ $ Weighted average number of shares outstanding

Schedule II Valuation and quali

Schedule II Valuation and qualifying accounts:	12 Months Ended
	Dec. 31, 2015
Schedule II Valuation and qualifying accounts:
Schedule II Valuation and qualifying accounts:	Schedule II Franklin Street Properties Corp. Valuation and qualifying account s: Additions (Decreases) Balance at charged to Balance (in thousands) beginning costs and at end Classification of year expenses Deductions Other of year Allowance for doubtful accounts 2013 $ $ $ — 2014 — 2015 — Straight-line rent allowance for doubtful accounts 2013 $ $ $ — 2014 — — 2015 — —

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III FRANKLIN STREET PROPERTIES CORP. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 Initial Cost Historical Cost Costs Capitalized Buildings Total Costs, Buildings (Disposals) Improvements Net of Depreciable Date of Encumbrances Improvements Subsequent to and Accumulated Accumulated Life Year Acquisition Description (1) Land and Equipment Acquisition Land Equipment Total (2) Depreciation Depreciation Years Built (3) (in thousands) Commercial Properties: Hillview Center, Milpitas, CA — $ $ $ $ $ $ $ $ 5 - 39 1984 1999 Forest Park, Charlotte, NC — 5 - 39 1999 1999 Meadow Point, Chantilly, VA — 5 - 39 1999 2001 Timberlake, Chesterfield, MO — 5 - 39 1999 2001 Northwest Point, Elk Grove Village, IL — 5 - 39 1999 2001 Timberlake East, Chesterfield, MO — 5 - 39 2000 2002 Park Ten, Houston, TX — 5 - 39 1999 2002 Federal Way, Federal Way, WA — 5 - 39 1982 2001 Addison, Addison, TX — 5 - 39 1999 2002 Collins, Richardson, TX — 5 - 39 1999 2003 Greenwood, Englewood, CO — 5 - 39 2000 2005 River Crossing, Indianapolis, IN — 5 - 39 1998 2005 Innsbrook, Glenn Allen, VA — 5 - 39 1999 2003 380 Interlocken, Bloomfield, CO — 5 - 39 2000 2003 Blue Lagoon, Miami, FL — 5 - 39 2002 2003 Eldridge Green, Houston, TX — 5 - 39 1999 2004 Liberty Plaza, Addison, TX — 5 - 39 1985 2006 One Overton, Atlanta, GA — 5 - 39 2002 2006 FSP 390 Interlocken, Broomfield, CO — 5 - 39 2002 2006 East Baltimore, Baltimore, MD — 5 - 39 1989 2007 Park Ten II, Houston, TX — 5 - 39 2006 2006 Lakeside Crossing, Maryland Heights, MO — 5 - 39 2008 2008 Dulles Virginia, Sterling, VA — 5 - 39 1999 2008 Stonecroft, Chantilly, VA — — 5 - 39 2008 2009 121 South Eight Street, Minneapolis, MN — 5 - 39 1974 2010 801 Marquette Ave South, Minneapolis, MN — — 5 - 39 1923 2010 909 Davis, Evanston, IL — 5 - 39 2002 2011 Emperor Boulevard, Durham, NC — 5 - 39 2009 2011 Legacy Tennyson Center, Plano, TX — — 5 - 39 2008 2011 One Legacy Circle, Plano, TX — 5 - 39 2008 2011 One Ravinia Drive, Atlanta, GA — 5 - 39 1985 2012 Two Ravinia Drive, Atlanta, GA — 5 - 39 1987 2015 Westchase I & II, Houston, TX — 5 - 39 2008 2012 1999 Broadway, Denver CO — 5 - 39 1986 2013 999 Peachtree, Atlanta, GA — 5 - 39 1987 2013 1001 17th Street, Denver, CO — 5 - 39 2006 2013 Balance — Real Estate — $ $ $ $ $ $ $ $ (1) There are no encumbrances on the above properties. (2) The aggregate cost for Federal Income Tax purposes is $1,966,780 . (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) 2015 2014 2013 Real estate investments, at cost: Balance, beginning of year $ $ $ Acquisitions — Improvements Assets held for sale — — — Dispositions Balance -Real Estate Assets held for sale — — — Balance, end of year $ $ $ Accumulated depreciation: Balance, beginning of year $ $ $ Depreciation Assets held for sale — — — Dispositions Balance - Accumulated Depreciation Assets held for sale — — — Balance, end of year $ $ $

Significant Accounting Polici22

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
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 derivatives.
Investments in non-consolidated REITs	Investments in non-consolidated REITs The Company has a non-controlling common stock interest in nine Sponsored REITs and a non-controlling preferred stock interest in two of those Sponsored REITs. 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 or losses. Equity in earnings or losses of Sponsored REITs is not recognized to the extent that the investment balance would become negative and 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. The equity investments in Sponsored REITS are reviewed for impairment each reporting period. The Company records impairment charges when events or circumstances indicate a decline in the fair value below the carrying value of the investment has occurred and such decline is other-than-temporary. The ultimate realization of the equity investments in Sponsored REITS is dependent on a number of factors, including the performance of each investment and market conditions. An impairment charge is recorded if its determined that a decline in the value below the carrying value of an equity investment in a Sponsored REIT is other than temporary. 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 cost less accumulated depreciation. If the Company determines that impairment has occurred, the affected assets are reduced to their fair value. The Company allocates the value of real estate acquired among land, buildings and identified intangible assets or liabilities. Costs related to land, building 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 3 - 7 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.
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 one acquisition in 2015 and three acquisitions in 2013. 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, tenant improvements, 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 3 month to 281 months. Amortization expense of these combined components was approximately $38,829,000 , $44,701,000 , and $32,230,000 for the years ended December 31, 2015, 2014 and 2013, 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, 2015 is as follows: (in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter
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 one acquisition in 2015 and three acquisitions in 2013. 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 21 months to 281 months. Amortization expense was approximately $3,242,000 , $3,229,000 and $3,073,000 for the years ended December 31, 2015, 2014 and 2013, 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, 2015 is as follows: (in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter
Discontinued Operations	Discontinued Operations During 2014, the Company early adopted Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 clarifies that discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). This ASU standard establishes criteria to evaluate whether transactions should be classified as discontinued operations and requires additional disclosure for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This standard was applied prospectively during 2014. For periods prior to 2014, the Company reported as discontinued operations, the income and expenses associated with a disposal group (i) that qualified as a component of an entity, (ii) for which cash flows were eliminated from the ongoing operations of the entity, and (iii) in which the Company would not have significant continuing involvement. Comparability between 2014 and prior years is affected as a result of the adoption of the new standard. The rental revenues, operating and maintenance expenses and depreciation and amortization for a property sold in 2014 are included in income from continuing operations. The property sold in 2013 is presented in discontinued operations, which required reclassifications of rental revenues, operating and maintenance expenses and depreciation and amortization to income or loss from 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. During 2013, the Company accounted for sales of properties and assets held for sale as discontinued operations. Upon determining that a property was held for sale, the Company discontinued depreciating the property and reflected the property in its consolidated balance sheets at the lower of its carrying amount or fair value less the cost to sell. The Company presented property held for sale on its consolidated balance sheets as “Asset held for sale”, on a comparative basis. The Company reported 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 wrote off $89,000 in the receivables and decreased its allowance by $106,000 during 2015; wrote-off $119,000 in receivables and increased its allowance by $394,000 during 2014; and wrote-off $1,237,000 in receivables and decreased its allowance by $13,000 during 2013, 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 5. 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, was $48,502,000 and $47,021,000 at December 31, 2015 and 2014, 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 wrote off $112,000 in receivables during 2015; increased its allowance by $27,000 during 2014; and wrote-off $48,000 in receivables and increased its allowance by $48,000 during 2013, 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 $5,680,000 , $5,786,000 and $4,683,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated annual amortization for the five years and thereafter following December 31, 2015 is as follows: (in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter
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) 2015 2014 2013 Income from leases $ $ $ Reimbursable expenses Straight-line rent adjustment Amortization of favorable and unfavorable leases $ $ $
Rental Revenue	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	Related Party and Other Revenue - Property and asset management fees, interest income on loans 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.
Income Taxes	Income Taxes Taxes on income for the years ended December 31, 2015, 2014 and 2013 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, 2015, 2014, and 2013. The denominator used for calculating basic and diluted net income per share was 100,187,000 , 100,187,000 , and 93,855,000 for the years ended December 31, 2015, 2014, and 2013, 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 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.
Recent Accounting Standards	Recent Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This update is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the consolidated financial statements . In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to the consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application. The implementation of this update is not expected to cause any material changes to the condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on the condensed consolidated balance sheets. As of December 31, 2015 and December 31, 2014, $2.4 million and $3.3 million, respectively, would be reclassified from assets to contra liabilities on the condensed consolidated balance sheets. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may apply the amendments in ASU 2015-02 using: (a) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (b) by applying the amendments retrospectively. The implementation of this update is not expected to cause any material changes to the consolidated financial statements.

Significant Accounting Polici23

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies
Schedule of estimated useful lives of real estate assets	Category Years Commercial buildings 39 Building improvements 15 - 39 Fixtures and equipment 3 - 7
Schedule of estimated annual amortization expense for succeeding five years for acquired in-place lease and above-market leases	(in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter
Schedule of estimated annual amortization for unfavorable leases	(in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter
Schedule of estimated annual amortization for deferred leasing commissions	(in thousands) December 31, 2016 $ 2017 2018 2019 2020 2021 and thereafter
Summary of rental revenue	Year Ended December 31, (in thousands) 2015 2014 2013 Income from leases $ $ $ Reimbursable expenses Straight-line rent adjustment Amortization of favorable and unfavorable leases $ $ $

Related Party Transactions an24

Related Party Transactions and Investments in Non-Consolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions and Investments in Non-Consolidated Entities
Schedule of equity in losses of investments in non-consolidated REITs	Year Ended December 31, (in thousands) 2015 2014 2013 Equity in losses of East Wacker Equity in losses of Grand Boulevard $ $ $
Schedule of distributions received from non-consolidated REITs	Year Ended December 31, (in thousands) 2015 2014 2013 Distributions from East Wacker $ — $ — $ — Distributions from Grand Boulevard $ $ $
Summary of financial information of Sponsored REITs	December 31, December 31, (in thousands) 2015 2014 Balance Sheet Data (unaudited): Real estate, net $ $ Other assets Total liabilities Shareholders’ equity $ $ For the Year Ended December 31, (in thousands) 2015 2014 2013 Operating Data (unaudited): Rental revenues $ $ $ Other revenues Operating and maintenance expenses Depreciation and amortization Interest expense Gain on sale, less applicable income tax — — Net income (loss) $ $ $
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-15 Rate (1) Fee (2) 31-Dec-15 Secured revolving lines of credit FSP Satellite Place Corp. Duluth, GA 31-Mar-17 $ $ L+ % % % FSP 1441 Main Street Corp. Columbia, SC 31-Mar-16 L+ % % % FSP Energy Tower I Corp. Houston, TX 30-Jun-17 L+ % % % Secured construction loan FSP 385 Interlocken Development Corp. Broomfield, CO 30-Apr-16 L+ % n/a % Mortgage loan secured by property FSP Monument Circle LLC (3) Indianapolis, IN 7-Dec-18 % n/a % FSP Energy Tower I Corp. (4) Houston, TX 30-Jun-17 % n/a % $ $ (1) The interest rate is 30-day LIBOR rate plus the additional rate indicated , otherwise a fixed rate. (2) The draw fee is a percentage of each new advance, and is paid at the time of each new draw. (3) This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower. (4) This mortgage loan was extended on June 30, 2015 and includes an annual extension fee of $108,900 paid by the borrower to the Company .

Bank Note Payable and Term No25

Bank Note Payable and Term Note Payable (Tables)	12 Months Ended
	Dec. 31, 2015
BAML Revolver
Debt Instrument [Line Items]
Schedule of actual amount of applicable facility fee, LIBOR rate or base rate determined based on total leverage ratio	Base LIBOR Rate Facility Rate Level Credit Rating Margin Fee Margin I A- / A3 (or higher) % % % II BBB+ / Baa1 % % % III BBB / Baa2 % % % IV BBB- / Baa3 % % % V <BBB- / Baa3 % % %
BAML Term Loan
Debt Instrument [Line Items]
Schedule of actual amount of applicable facility fee, LIBOR rate or base rate determined based on total leverage ratio	LIBOR Rate Base Rate Level Credit Rating Margin Margin I A- / A3 (or higher) % % II BBB+ / Baa1 % 0.025 % III BBB / Baa2 % 0.200 % IV BBB- / Baa3 % 0.450 % V <BBB- / Baa3 % 0.900 %
BMO Term Loan
Debt Instrument [Line Items]
Schedule of actual amount of applicable facility fee, LIBOR rate or base rate determined based on total leverage ratio	Credit LIBOR Rate Base Rate Level Rating Margin Margin I A- / A3 (or higher) bps bps II BBB+ / Baa1 bps bps III BBB / Baa2 bps bps IV BBB- / Baa3 bps bps V <BBB- / Baa3 bps bps

Financial Instruments_ Deriva26

Financial Instruments: Derivatives and Hedging (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Instruments: Derivatives and Hedging
Schedule of notional and fair value of derivative financial instruments	Notional Strike Effective Expiration Fair (in thousands) Value Rate Date Date Value BMO Interest Rate Swap $ % Aug-13 Aug-20 $ BAML Interest Rate Swap $ % Sep-12 Sep-17 $

Federal Income Tax Reporting (T

Federal Income Tax Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Federal Income Tax Reporting
Schedule of income tax expense reflected in the condensed consolidated statements of income	For the Year Ended December 31, (Dollars in thousands) 2015 2014 2013 Revised Texas franchise tax $ $ $ Other Taxes Taxes on income $ $ $
Schedule of reconciliation of book net income to taxable income	For the year ended December 31, (in thousands) 2015 2014 2013 Net income per books $ $ $ Adjustments to book income: Book depreciation and amortization Tax depreciation and amortization Tax basis more than book basis on assets sold Straight line rent adjustment, net Deferred rent, net Non-taxable distributions — Other, net Taxable income Less: Capital gains recognized — — Taxable income subject to distribution requirement $ $ $
Summary of tax components of Company's common distribution paid per share	2015 2014 2013 Per Share % Per Share % Per Share % Ordinary income $ % $ % $ % Capital gain (1) % — % — % Return of capital % % % Total $ % $ % $ % For 2015, 11.6% of the total distributions are taxed as capital gains, and, 5.96% , was taxed as an Unrecaptured Section 1250 gain.

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2015
Office buildings and industrial properties
Commitments
Schedule of future minimum lease payments	Year ending (in thousands) December 31, 2016 $ 2017 2018 2019 2020 Thereafter (2021-2029) $
Corporate office space
Commitments
Schedule of future minimum lease payments	Year ending (in thousands) December 31, 2016 $ 2017 $

Dispositions and Discontinued29

Dispositions and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Dispositions of properties
Summary of operating results for discontinued operations	For the Year Ended December 31, (in thousands) 2013 Rental revenue $ Rental operating expenses — Real estate taxes and insurance — Depreciation and amortization Net income (loss) from discontinued operations $

Selected Unaudited Quarterly 30

Selected Unaudited Quarterly Information (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Unaudited Quarterly Information
Schedule of selected unaudited quarterly information	2015 First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) Revenue $ $ $ $ Income from continuing operations $ $ $ $ Income from discontinued operations $ — $ — $ — $ — Net income $ $ $ $ Basic and diluted net income per share $ $ $ $ Weighted average number of shares outstanding 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (in thousands, except per share data) Revenue $ $ $ $ Income from continuing operations $ $ $ $ Income from discontinued operations $ — $ — $ — $ — Net income $ $ $ $ Basic and diluted net income per share $ $ $ $ Weighted average number of shares outstanding

Organization (Details)

Organization (Details)	Dec. 31, 2015propertyentityitem	Dec. 31, 2014entity	Dec. 31, 2013entity	Dec. 31, 2012entity
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 | entity	9
Number of REITs in which the entity holds non-controlling preferred stock interest | entity	2
Number of Sponsored REITs | entity	9	10	14	15
Real estate
Number of properties | property	36
Mortgage loan secured by property
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	2
Secured construction loan
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	1
Secured revolving lines of credit
Organization
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs	3
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 Polici32

Significant Accounting Policies - Basis, Estimates and Inv in non-consolidated REITs (Details)	May. 29, 2009USD ($)shares	Dec. 27, 2007USD ($)shares	May. 31, 2009USD ($)shares	Dec. 31, 2007USD ($)shares	Sep. 30, 2006shares	Dec. 31, 2015USD ($)entity
Significant Accounting Policies
Number of corporations organized to operate as real estate investment trusts (REITs) | entity						9
Number of REITs in which the entity holds non-controlling preferred stock interest | entity						2
Required investment balance for recognition of distributions received as income | $						$ 0
Phoenix Tower
Investment in Sponsored REITs
Preferred shares purchased | shares					48
Percentage of outstanding preferred shares purchased					4.60%
East Wacker
Investment in Sponsored REITs
Preferred shares purchased | shares		965.75		965.75
Percentage of outstanding preferred shares purchased		43.70%		43.70%
Net cost of preferred shares purchased | $		$ 82,813,000		$ 82,813,000
Grand Boulevard
Investment in Sponsored REITs
Preferred shares purchased | shares	175.5		175.5
Percentage of outstanding preferred shares purchased	27.00%		27.00%
Net cost of preferred shares purchased | $	$ 15,049,000		$ 15,049,000

Significant Accounting Polici33

Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2015
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 Polici34

Significant Accounting Policies - Acquired Real Estate Leases and Amortization (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)item
Acquired real estate leases and amortization
Number of acquisitions of properties with leases | item	1		3
Amortization expense	$ (158,000)	$ 635,000	$ (365,000)
Acquired in-place and above market real estate leases
Acquired real estate leases and amortization
Amortization expense	38,829,000	$ 44,701,000	$ 32,230,000
Estimated annual amortization for succeeding five years
2,016	32,302,000
2,017	25,233,000
2,018	19,624,000
2,019	12,887,000
2,020	7,659,000
2021 and thereafter	$ 10,341,000
Acquired in-place and above market real estate leases | Minimum
Acquired real estate leases and amortization
Term of lease	3 months
Acquired in-place and above market real estate leases | Maximum
Acquired real estate leases and amortization
Term of lease	281 months

Significant Accounting Polici35

Significant Accounting Policies - Acquired Unfavorable Real Estate Leases and Amortization (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)item
Acquired Unfavorable Real Estate Leases and Amortization
Number of acquisitions of properties with leases | item	1		3
Acquired unfavorable real estate leases
Acquired Unfavorable Real Estate Leases and Amortization
Amortization	$ 3,242,000	$ 3,229,000	$ 3,073,000
Estimated annual amortization for succeeding five years
2,016	2,781,000
2,017	2,063,000
2,018	1,518,000
2,019	959,000
2,020	742,000
2021 and thereafter	$ 1,362,000
Acquired unfavorable real estate leases | Minimum
Acquired Unfavorable Real Estate Leases and Amortization
Term of lease	21 months
Acquired unfavorable real estate leases | Maximum
Acquired Unfavorable Real Estate Leases and Amortization
Term of lease	281 months

Significant Accounting Polici36

Significant Accounting Policies - Discontinued Operations, Cash, Rent Receivables (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	$ 48,502,000	$ 47,021,000
Allowance for doubtful accounts - Tenant rent receivables
Allowance for doubtful accounts activity
Receivables written-off	89,000	119,000	$ 1,237,000
Increase (decrease) in allowance	(106,000)	394,000	(13,000)
Allowance for doubtful accounts - Straight-line rent receivable
Allowance for doubtful accounts activity
Receivables written-off	112,000		48,000
Increase (decrease) in allowance	$ (112,000)	$ 27,000	$ 48,000

Significant Accounting Polici37

Significant Accounting Policies - Deferred Leasing Commissions and Revenue Recognition (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)shares	Sep. 30, 2015shares	Jun. 30, 2015shares	Mar. 31, 2015shares	Dec. 31, 2014shares	Sep. 30, 2014shares	Jun. 30, 2014shares	Mar. 31, 2014shares	Dec. 31, 2015USD ($)itemshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares
Deferred Leasing Commissions
Amortization of deferred leasing commissions									$ 5,680,000	$ 5,786,000	$ 4,683,000
Estimated annual amortization of deferred leasing commissions for the succeeding five years
2,016									6,105,000
2,017									5,372,000
2,018									4,481,000
2,019									3,810,000
2,020									3,072,000
2021 and thereafter									6,159,000
Summary of rental revenue
Income from leases									185,738,000	189,508,000	159,472,000
Reimbursable expenses									49,512,000	49,731,000	41,486,000
Straight-line rent adjustment									2,448,000	4,737,000	5,755,000
Amortization of favorable and unfavorable leases									158,000	(635,000)	213,000
Rental revenue									$ 237,856,000	$ 243,341,000	$ 206,926,000
Segment Reporting
Number of reporting segments | item									1
Net Income Per Share
Potential dilutive shares outstanding | shares									0	0	0
Denominator used for calculating basic and diluted net income per share (in shares) | shares	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	93,855,000
Derivative instruments
Fair value hedges outstanding	$ 0								$ 0

Significant Accounting Polici38

Significant Accounting Policies - Concentration of Credit Risks (Details)	12 Months Ended
	Dec. 31, 2015USD ($)item
Concentration of Credit Risks
Number of banks in which the entity maintains cash balances	2
Number of interest rate swap agreements	2
Cash balances with financial institutions | Credit concentration risk | Minimum
Concentration of Credit Risks
Insurance limit provided by Federal Deposit Insurance Corporation | $	$ 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 Accounting Polici39

Significant Accounting Policies - Recent Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Recently Issued Accounting Standards
Assets	$ (1,921,368)	$ (1,936,390)
Liabilities	(985,712)	(956,743)
Accounting Standards Update 2015-03: Simplifying the Presentation of Debt Issuance Costs | Pro Forma Adjustment
Recently Issued Accounting Standards
Assets	2,400	3,300
Liabilities	$ 2,400	$ 3,300

Related Party Transactions an40

Related Party Transactions and Investments in Non-Consolidated Entities - Investment in Sponsored REITs (Details)	Sep. 30, 2013USD ($)	Jan. 04, 2013USD ($)	Dec. 31, 2013USD ($)entity	Dec. 31, 2015entity	Dec. 31, 2014USD ($)entity	Dec. 31, 2012entity	Dec. 20, 2012USD ($)
Related Party Transactions and Investments in Non-Consolidated Entities
Sponsored REITs (in entities) | entity			14	9	10	15
Number of REITs in which the entity holds non-controlling preferred stock interest | entity				2
Number of sponsored REITs having properties which were sold | entity				1	4
Number of entities holding mortgage loans | entity					2
FSP 505 Waterford Corp
Investment in Sponsored REITs
Repayment of principal			$ 2,350,000
Phoenix Tower
Investment in Sponsored REITs
Beneficial interest							$ 4,866,000
Phoenix Tower | Preferred shares ownership
Investment in Sponsored REITs
Amount received	$ 96,000	$ 4,752,000
FSP Galleria North Corp.
Investment in Sponsored REITs
Repayment of principal					$ 13,880,000
FSP Highland Place I Corp.
Investment in Sponsored REITs
Repayment of principal					$ 3,395,000

Related Party Transactions an41

Related Party Transactions and Investments in Non-Consolidated Entities - Equity in earnings and Distributions from non-consolidated REITs (Details) - USD ($)	May. 29, 2009	Dec. 27, 2007	May. 31, 2009	Dec. 31, 2007	Sep. 30, 2006	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Sponsored REITs
Equity in loss						$ 1,451,000	$ 1,760,000	$ 1,358,000
Distributions received from non-consolidated REITs
Distributions from non-consolidated REITs						107,000	107,000	107,000
East Wacker
Sponsored REITs
Equity in loss						(1,352,000)	(1,568,000)	(1,021,000)
Preferred shares purchased		965.75		965.75
Percentage of outstanding preferred shares purchased		43.70%		43.70%
Net cost of preferred shares purchased		$ 82,813,000		$ 82,813,000
Offering price of preferred shares purchased				96,575,000
Commissions excluded				7,726,000
Loan fees excluded				5,553,000
Acquisition fees excluded				$ 483,000
Grand Boulevard
Sponsored REITs
Equity in loss						(99,000)	(192,000)	(337,000)
Preferred shares purchased	175.5		175.5
Percentage of outstanding preferred shares purchased	27.00%		27.00%
Net cost of preferred shares purchased	$ 15,049,000		$ 15,049,000
Offering price of preferred shares purchased			17,550,000
Commissions excluded			1,404,000
Loan fees excluded			1,009,000
Acquisition fees excluded			$ 88,000
Distributions received from non-consolidated REITs
Distributions from non-consolidated REITs						$ 107,000	$ 107,000	$ 107,000
Phoenix Tower
Sponsored REITs
Preferred shares purchased					48
Percentage of outstanding preferred shares purchased					4.60%

Related Party Transactions an42

Related Party Transactions and Investments in Non-Consolidated Entities - Summarized financial information for Sponsored REITs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)entity	Dec. 31, 2014USD ($)entity	Dec. 31, 2013USD ($)entity	Dec. 31, 2012entity
Related Party Transactions and Investments in Non-Consolidated Entities
Sponsored REITs (in entities) | entity	9	10	14	15
Balance Sheet Data (unaudited):
Real estate, net	$ 418,959	$ 451,822
Other assets	101,734	127,259
Total liabilities	(203,628)	(203,239)
Shareholders' equity	317,065	375,842
Operating Data (unaudited):
Rental revenues	57,777	66,457	$ 93,608
Other revenues	34	43	68
Operating and maintenance expenses	(31,693)	(34,318)	(48,718)
Depreciation and amortization	(21,149)	(23,417)	(31,450)
Interest expense	(9,920)	(9,627)	(13,752)
Gain on sale, less applicable income tax			5,851
Net loss	$ (4,951)	$ (862)	$ 5,607

Related Party Transactions an43

Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions and Investments in Non-Consolidated Entities
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	$ 701,000	$ 945,000	$ 1,078,000

Related Party Transactions an44

Related Party Transactions and Investments in Non-Consolidated Entities - Sponsored REIT Loans outstanding (Details)	12 Months Ended
	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Sponsored REITs
Number of Sponsored REIT loans which bear interest at a fixed rate | loan	2
Maximum amount of loan	$ 132,300,000
Amount Drawn	118,641,000	$ 93,641,000
Interest income and fees from the Sponsored REIT Loans	$ 5,230,000	$ 5,296,000	$ 5,568,000
Sponsored REITs
Sponsored REITs
Term of sponsored REIT loan secured by mortgage, minimum	1 year
Term of sponsored REIT loan secured by mortgage, maximum	3 years
Secured revolving lines of credit | FSP Satellite Place Corp.
Sponsored REITs
Maximum amount of loan	$ 5,500,000
Amount Drawn	$ 5,500,000
Sponsored REIT loans, base rate	30-day LIBOR
Sponsored REIT loans, base rate margin (as a percent)	4.40%
Draw Fee (as a percent)	0.50%
Interest rate (as a percent)	4.64%
Secured revolving lines of credit | FSP 1441 Main Street Corp.
Sponsored REITs
Maximum amount of loan	$ 10,800,000
Amount Drawn	$ 9,000,000
Sponsored REIT loans, base rate	30-day LIBOR
Sponsored REIT loans, base rate margin (as a percent)	4.40%
Draw Fee (as a percent)	0.50%
Interest rate (as a percent)	4.64%
Secured revolving lines of credit | FSP Energy Tower I Corp.
Sponsored REITs
Maximum amount of loan	$ 20,000,000
Amount Drawn	$ 12,600,000
Sponsored REIT loans, base rate	30-day LIBOR
Sponsored REIT loans, base rate margin (as a percent)	5.00%
Draw Fee (as a percent)	0.50%
Interest rate (as a percent)	5.24%
Secured construction loan | FSP 385 Interlocken Development Corp.
Sponsored REITs
Maximum amount of loan	$ 42,000,000
Amount Drawn	$ 37,541,000
Sponsored REIT loans, base rate	30-day LIBOR
Sponsored REIT loans, base rate margin (as a percent)	4.40%
Interest rate (as a percent)	4.64%
Mortgage loan secured by property | FSP Monument Circle LLC [Member]
Sponsored REITs
Maximum amount of loan	$ 21,000,000
Amount Drawn	$ 21,000,000
Sponsored REIT loans, base rate margin (as a percent)	4.90%
Interest rate (as a percent)	4.90%
Origination fee	$ 164,000
Exit fee	38,000
Mortgage loan secured by property | FSP Energy Tower I Corp.
Sponsored REITs
Maximum amount of loan	33,000,000
Amount Drawn	$ 33,000,000
Sponsored REIT loans, base rate	30-day LIBOR
Fixed rate of interest (as a percent)	6.41%
Interest rate (as a percent)	6.41%
Extension fee	$ 108,900

Bank Note Payable and Term No45

Bank Note Payable and Term Note Payable (Details) - USD ($)	Aug. 26, 2013	Sep. 27, 2012	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Oct. 29, 2014
Debt Instrument [Line Items]
Amount drawn down				$ 220,000,000
Borrowings outstanding			$ 290,000,000		$ 268,000,000
BAML Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.50%
BAML Credit Facility | One month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.00%
BAML Revolver
Debt Instrument [Line Items]
Total available			$ 500,000,000
Additional borrowing capacity allowed by exercising an accordion feature			250,000,000
Borrowings outstanding			$ 290,000,000		$ 268,000,000
Extension available on debt			12 months
Facility fee (as a percent)			0.25%
Interest rate during period (as a percent)			1.44%
Weighted average interest rate (as a percent)			1.54%		1.41%
BAML Revolver | A- | A3 | Minimum
Debt Instrument [Line Items]
Facility fee (as a percent)			0.125%
BAML Revolver | BBB+ | Baa1
Debt Instrument [Line Items]
Facility fee (as a percent)			0.15%
BAML Revolver | BBB | Baa2
Debt Instrument [Line Items]
Facility fee (as a percent)			0.20%
BAML Revolver | BBB- | Baa3
Debt Instrument [Line Items]
Facility fee (as a percent)			0.25%
BAML Revolver | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Facility fee (as a percent)			0.30%
BAML Revolver | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.25%
BAML Revolver | LIBOR | A- | A3 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.875%
BAML Revolver | LIBOR | BBB+ | Baa1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.925%
BAML Revolver | LIBOR | BBB | Baa2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.05%
BAML Revolver | LIBOR | BBB- | Baa3
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.25%
BAML Revolver | LIBOR | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.65%
BAML Revolver | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.25%
BAML Revolver | Base Rate | A- | A3 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.00%
BAML Revolver | Base Rate | BBB+ | Baa1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.00%
BAML Revolver | Base Rate | BBB | Baa2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.05%
BAML Revolver | Base Rate | BBB- | Baa3
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.25%
BAML Revolver | Base Rate | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.65%
BAML Term Loan
Debt Instrument [Line Items]
Principal amount of loan			$ 400,000,000
Amount drawn down		$ 400,000,000
Weighted average interest rate (as a percent)			2.20%
BAML Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.45%
Fixed rate (as a percent)			0.75%
Term pursuant to interest rate swap agreement		5 years
BAML Term Loan | LIBOR | A- | A3 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.95%
BAML Term Loan | LIBOR | BBB+ | Baa1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.025%
BAML Term Loan | LIBOR | BBB | Baa2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.20%
BAML Term Loan | LIBOR | BBB- | Baa3
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.45%
BAML Term Loan | LIBOR | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.90%
BAML Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.45%
BAML Term Loan | Base Rate | A- | A3 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.00%
BAML Term Loan | Base Rate | BBB+ | Baa1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.025%
BAML Term Loan | Base Rate | BBB | Baa2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.20%
BAML Term Loan | Base Rate | BBB- | Baa3
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.45%
BAML Term Loan | Base Rate | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.90%
BMO Term Loan
Debt Instrument [Line Items]
Principal amount of loan	$ 220,000,000
Amount drawn down	$ 220,000,000
Term of the borrowing	7 years
Additional loans allowed by exercising an accordion feature						$ 50,000,000
Effective interest rate (as a percent)			3.97%
BMO Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.65%
Fixed rate (as a percent)			2.32%
Term pursuant to interest rate swap agreement	7 years
BMO Term Loan | LIBOR | A- | A3 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.05%
BMO Term Loan | LIBOR | BBB+ | Baa1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.15%
BMO Term Loan | LIBOR | BBB | Baa2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.35%
BMO Term Loan | LIBOR | BBB- | Baa3
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.65%
BMO Term Loan | LIBOR | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.15%
BMO Term Loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.65%
BMO Term Loan | Base Rate | A- | A3 | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.05%
BMO Term Loan | Base Rate | BBB+ | Baa1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.15%
BMO Term Loan | Base Rate | BBB | Baa2
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.35%
BMO Term Loan | Base Rate | BBB- | Baa3
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.65%
BMO Term Loan | Base Rate | BBB- | Baa3 | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.15%
BMO Term Loan | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.50%
BMO Term Loan | One month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.00%

Financial Instruments_ Deriva46

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	Aug. 26, 2013	Sep. 27, 2012	Dec. 31, 2015
Financial Instruments: Derivatives and Hedging
Interest reclassified from accumulated other comprehensive income into interest expense			$ (7,000)
Amount estimated to be reclassified into earnings within next 12 months			1,100
Cash flow hedges
Financial Instruments: Derivatives and Hedging
Term pursuant to interest rate swap agreement	7 years	5 years
Unrealized gains or losses on derivative financial instruments in accumulated other comprehensive income			2,900
BMO Interest Rate Swap
Financial Instruments: Derivatives and Hedging
Notional Value			$ 220,000
Strike Rate (as a percent)			2.32%
Fair Value			$ (8,243)
Fair Value			8,200
BAML Interest Rate Swap
Financial Instruments: Derivatives and Hedging
Notional Value			$ 400,000
Strike Rate (as a percent)			0.75%
Fair Value			$ 1,132
Fair Value			$ 1,100

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	May. 15, 2013USD ($)$ / sharesshares	Dec. 31, 2015itemshares	Dec. 31, 2013USD ($)	Dec. 31, 2014shares
Stockholders' Equity
Common stock, shares outstanding (in shares)		100,187,405		100,187,405
Equity offerings
Proceeds from the issuance of common stock, net | $			$ 241,500
Offering related expenses incurred | $			$ 10,818
2002 Stock Incentive Plan
Equity-Based Compensation
Maximum number of shares provided for grant under equity-based incentive compensation plan		2,000,000
Number of vesting requirements | item		0
Number of shares available for grant under the plan		1,944,428
May 2013 Public Offering and Underwriter Overallotment Option
Equity offerings
Shares of common stock sold	17,250,000
Price per share of common stock sold (in dollars per share) | $ / shares	$ 14
May 2013 Underwriter Overallotment Option
Equity offerings
Shares of common stock sold	2,250,000
May 2013 Public Offering
Equity offerings
Proceeds from the issuance of common stock, net | $	$ 230,700
Offering related expenses incurred | $	$ 10,800

Income Taxes - General and Inco

Income Taxes - General and Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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
Income Tax Expense
Revised Texas Franchise tax rate (as a percent)	0.70%
Revised Texas franchise tax	$ 398,000	474,000	462,000
Other Taxes	35,000	24,000	18,000
Income tax expense	433,000	498,000	$ 480,000
Deferred income taxes	0
Real estate assets net tax basis more (less) than book basis	$ 161,606,000	$ 163,925,000

Federal Income Tax Reporting -

Federal Income Tax Reporting - Reconciliation Between GAAP Net Income and Taxable Income, Tax Components of Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation Between GAAP Net Income and Taxable Income
Net income per books	$ 15,412	$ 3,166	$ 3,903	$ 12,533	$ 4,295	$ 1,567	$ 3,713	$ 3,573	$ 35,014	$ 13,148	$ 19,827
Adjustment to book income:
Book depreciation and amortization									91,201	96,550	79,090
Tax depreciation and amortization									(53,089)	(53,148)	(44,552)
Tax basis more than book basis on assets sold									(2,739)	1,567	(735)
Straight line rent adjustment, net									(3,493)	(5,856)	(6,748)
Deferred rent, net									618	112	(818)
Non-taxable distributions										(107)	(107)
Other, net									995	189	1,263
Taxable income									68,507	52,455	47,220
Less: Capital gains recognized									(10,360)
Taxable income subject to distribution requirement									$ 58,147	$ 52,455	$ 47,220
Tax components of the Company's common distributions paid per share
Ordinary income (in dollars per share)									$ 0.60	$ 0.55	$ 0.53
Capital gain (in dollars per share)									0.09
Return of capital (in dollars per share)									0.07	0.21	0.23
Total (in dollars per share)									$ 0.76	$ 0.76	$ 0.76
Ordinary income (as a percent)									79.17%	72.52%	69.58%
Capital gain (as a percent)									11.60%	0.00%	0.00%
Return of capital (as a percent)									9.23%	27.48%	30.42%
Total (as a percent)									100.00%	100.00%	100.00%
Capital gains as percentage of total distributions									11.60%
Percentage of total distributions taxed as an Unrecaptured Section 1250 gain									5.96%

Commitments (Details)

Commitments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments
Rent expense	$ 408,000	$ 407,000	$ 412,000
Maximum amount of loan	132,300,000
Amount drawn and outstanding	118,641,000	$ 93,641,000
Office buildings and industrial properties
Future minimum rental income:
2,016	178,224,000
2,017	163,837,000
2,018	145,576,000
2,019	116,730,000
2,020	90,940,000
Thereafter (2021-2029)	201,991,000
Total	$ 897,298,000
Office buildings and industrial properties | Minimum
Commitments
Lease term	1 year
Corporate office space
Commitments
Lease term	7 years
Extension period	5 years
Future minimum lease payments:
2,016	$ 428,000
2,017	324,000
Total	$ 752,000

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Retirement Plan
Maximum employee compensation to be deferred per year	$ 17,000
Maximum employer matching contribution as a percentage of annual compensation	3.00%
Maximum employee salary that the employer will match	$ 200,000
Company's total contribution under 401 (k) plan	$ 134,000	$ 127,000	$ 120,000

Dispositions and Discontinued52

Dispositions and Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 09, 2015	May. 13, 2015	Mar. 31, 2015	Feb. 23, 2015	Dec. 03, 2014	Oct. 29, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (loss) on sale of property
Gain (loss) on sale of property							$ 23,662	$ 940
Operating results for discontinued operations:
Net income (loss) from discontinued operations									$ 375
Discontinued Operations, Held-for-sale or Disposed of by Sale
Operating results for discontinued operations:
Rental revenue									991
Depreciation and amortization									(616)
Net income (loss) from discontinued operations									$ 375
Commercial property in Richardson, Texas. | Discontinued Operations, Disposed of by Sale
Gain (loss) on sale of property
Gain (Loss) on sale of properties						$ 2,200
Commercial property in Colorado Springs, CO | Disposal group disposed of by sale, not classified as discontinued operations
Gain (loss) on sale of property
Gain (loss) on sale of property					$ 900
Office Property in Plano, Texas | Disposal group disposed of by sale, not classified as discontinued operations
Gain (loss) on sale of property
Gain (loss) on sale of property				$ 1,500
Office Property in Eden Prairie, Minnesota | Disposal group disposed of by sale, not classified as discontinued operations
Gain (loss) on sale of property
Gain (loss) on sale of property			$ 9,000
Office Property in Charlotte, North Carolina | Disposal group disposed of by sale, not classified as discontinued operations
Gain (loss) on sale of property
Gain (loss) on sale of property		$ 900
Office Property in San Jose, California | Disposal group disposed of by sale, not classified as discontinued operations
Gain (loss) on sale of property
Gain (loss) on sale of property	$ 12,300

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events - USD ($) $ / shares in Units, $ in Millions	Jan. 19, 2016	Jan. 08, 2016
FSP 385 Interlocken Development Corp. | Secured construction loan
Subsequent Events
Proceeds from repayment of secured loan with Sponsored REIT	$ 37.5
Cash distribution declared
Subsequent Events
Cash dividend declared per share (in dollars per share)		$ 0.19

Selected Unaudited Quarterly 54

Selected Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Unaudited Quarterly Information
Revenues	$ 61,250	$ 61,877	$ 60,233	$ 60,507	$ 62,489	$ 61,190	$ 62,741	$ 63,263	$ 243,867	$ 249,683	$ 213,636
Income from continuing operations	15,412	3,166	3,903	12,533	4,295	1,567	3,713	3,573	35,014	13,148	17,294
Income from discontinued operations											2,533
Net income	$ 15,412	$ 3,166	$ 3,903	$ 12,533	$ 4,295	$ 1,567	$ 3,713	$ 3,573	$ 35,014	$ 13,148	$ 19,827
Net income per share, basic and diluted (in dollars per share)	$ 0.15	$ 0.03	$ 0.04	$ 0.13	$ 0.04	$ 0.02	$ 0.04	$ 0.04	$ 0.35	$ 0.13	$ 0.21
Weighted average number of shares outstanding, basic and diluted (in shares)	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	100,187,000	93,855,000

Schedule II Valuation and qua55

Schedule II Valuation and qualifying accounts: (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts - Tenant rent receivables
Movement in valuation and qualifying accounts
Balance at beginning of year	$ 325,000	$ 50,000	$ 1,300,000
Additions (Decreases) charged to costs and expenses	(106,000)	394,000	(13,000)
Deductions	(89,000)	(119,000)	(1,237,000)
Balance at end of year	130,000	325,000	50,000
Allowance for doubtful accounts - Straight-line rent receivable
Movement in valuation and qualifying accounts
Balance at beginning of year	162,000	135,000	135,000
Additions (Decreases) charged to costs and expenses	(112,000)	27,000	48,000
Deductions	(112,000)		(48,000)
Balance at end of year	$ 50,000	$ 162,000	$ 135,000

SCHEDULE III REAL ESTATE AND 56

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 170,513,000
Initial cost of Buildings Improvements and Equipment	1,509,400,000
Costs Capitalized (Disposals) Subsequent to Acquisition	129,702,000
Historical Cost of Land	170,021,000
Historical Cost of Buildings Improvements and Equipment	1,639,594,000
Total	1,809,615,000
Accumulated Depreciation	299,991,000	$ 266,284,000	$ 222,252,000	$ 180,756,000
Total Costs, Net of Accumulated Depreciation	1,509,624,000
Encumbrances	0
Aggregate cost for Federal Income Tax purposes	1,966,780
Hillview Center, Milpitas, CA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	2,203,000
Initial cost of Buildings Improvements and Equipment	2,813,000
Costs Capitalized (Disposals) Subsequent to Acquisition	7,000
Historical Cost of Land	2,203,000
Historical Cost of Buildings Improvements and Equipment	2,820,000
Total	5,023,000
Accumulated Depreciation	1,212,000
Total Costs, Net of Accumulated Depreciation	$ 3,811,000
Hillview Center, Milpitas, CA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Hillview Center, Milpitas, CA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Forest Park, Charlotte, NC
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 1,559,000
Initial cost of Buildings Improvements and Equipment	5,672,000
Costs Capitalized (Disposals) Subsequent to Acquisition	170,000
Historical Cost of Land	1,559,000
Historical Cost of Buildings Improvements and Equipment	5,842,000
Total	7,401,000
Accumulated Depreciation	1,989,000
Total Costs, Net of Accumulated Depreciation	$ 5,412,000
Forest Park, Charlotte, NC | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Forest Park, Charlotte, NC | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Meadow Point, Chantilly, VA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,634,000
Initial cost of Buildings Improvements and Equipment	18,911,000
Costs Capitalized (Disposals) Subsequent to Acquisition	6,442,000
Historical Cost of Land	2,634,000
Historical Cost of Buildings Improvements and Equipment	25,353,000
Total	27,987,000
Accumulated Depreciation	9,737,000
Total Costs, Net of Accumulated Depreciation	$ 18,250,000
Meadow Point, Chantilly, VA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Meadow Point, Chantilly, VA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Timberlake, Chesterfield, MO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,984,000
Initial cost of Buildings Improvements and Equipment	38,661,000
Costs Capitalized (Disposals) Subsequent to Acquisition	2,703,000
Historical Cost of Land	2,984,000
Historical Cost of Buildings Improvements and Equipment	41,364,000
Total	44,348,000
Accumulated Depreciation	14,450,000
Total Costs, Net of Accumulated Depreciation	$ 29,898,000
Timberlake, Chesterfield, MO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Timberlake, Chesterfield, MO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Northwest Point, Elk Grove Village, IL
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,914,000
Initial cost of Buildings Improvements and Equipment	26,295,000
Costs Capitalized (Disposals) Subsequent to Acquisition	8,157,000
Historical Cost of Land	2,914,000
Historical Cost of Buildings Improvements and Equipment	34,452,000
Total	37,366,000
Accumulated Depreciation	14,236,000
Total Costs, Net of Accumulated Depreciation	$ 23,130,000
Northwest Point, Elk Grove Village, IL | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Northwest Point, Elk Grove Village, IL | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Timberlake East, Chesterfield, MO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,626,000
Initial cost of Buildings Improvements and Equipment	17,608,000
Costs Capitalized (Disposals) Subsequent to Acquisition	2,826,000
Historical Cost of Land	2,626,000
Historical Cost of Buildings Improvements and Equipment	20,434,000
Total	23,060,000
Accumulated Depreciation	6,673,000
Total Costs, Net of Accumulated Depreciation	$ 16,387,000
Timberlake East, Chesterfield, MO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Timberlake East, Chesterfield, MO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Park Ten, Houston, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 1,061,000
Initial cost of Buildings Improvements and Equipment	21,303,000
Costs Capitalized (Disposals) Subsequent to Acquisition	3,224,000
Historical Cost of Land	569,000
Historical Cost of Buildings Improvements and Equipment	25,019,000
Total	25,588,000
Accumulated Depreciation	9,228,000
Total Costs, Net of Accumulated Depreciation	$ 16,360,000
Park Ten, Houston, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Park Ten, Houston, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Federal Way, Federal Way, WA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,518,000
Initial cost of Buildings Improvements and Equipment	13,212,000
Costs Capitalized (Disposals) Subsequent to Acquisition	3,243,000
Historical Cost of Land	2,518,000
Historical Cost of Buildings Improvements and Equipment	16,455,000
Total	18,973,000
Accumulated Depreciation	5,503,000
Total Costs, Net of Accumulated Depreciation	$ 13,470,000
Federal Way, Federal Way, WA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Federal Way, Federal Way, WA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Addison, Addison, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,325,000
Initial cost of Buildings Improvements and Equipment	48,040,000
Costs Capitalized (Disposals) Subsequent to Acquisition	6,539,000
Historical Cost of Land	4,325,000
Historical Cost of Buildings Improvements and Equipment	54,579,000
Total	58,904,000
Accumulated Depreciation	17,222,000
Total Costs, Net of Accumulated Depreciation	$ 41,682,000
Addison, Addison, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Addison, Addison, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Collins, Richardson, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,000,000
Initial cost of Buildings Improvements and Equipment	42,598,000
Costs Capitalized (Disposals) Subsequent to Acquisition	6,857,000
Historical Cost of Land	4,000,000
Historical Cost of Buildings Improvements and Equipment	49,455,000
Total	53,455,000
Accumulated Depreciation	15,059,000
Total Costs, Net of Accumulated Depreciation	$ 38,396,000
Collins, Richardson, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Collins, Richardson, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Greenwood, Englewood, CO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 3,100,000
Initial cost of Buildings Improvements and Equipment	30,201,000
Costs Capitalized (Disposals) Subsequent to Acquisition	8,741,000
Historical Cost of Land	3,100,000
Historical Cost of Buildings Improvements and Equipment	38,942,000
Total	42,042,000
Accumulated Depreciation	10,672,000
Total Costs, Net of Accumulated Depreciation	$ 31,370,000
Greenwood, Englewood, CO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Greenwood, Englewood, CO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
River Crossing, Indianapolis, IN
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 3,000,000
Initial cost of Buildings Improvements and Equipment	36,926,000
Costs Capitalized (Disposals) Subsequent to Acquisition	3,285,000
Historical Cost of Land	3,000,000
Historical Cost of Buildings Improvements and Equipment	40,211,000
Total	43,211,000
Accumulated Depreciation	11,600,000
Total Costs, Net of Accumulated Depreciation	$ 31,611,000
River Crossing, Indianapolis, IN | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
River Crossing, Indianapolis, IN | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Innsbrook, Glenn Allen, VA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 5,000,000
Initial cost of Buildings Improvements and Equipment	40,216,000
Costs Capitalized (Disposals) Subsequent to Acquisition	5,352,000
Historical Cost of Land	5,000,000
Historical Cost of Buildings Improvements and Equipment	45,568,000
Total	50,568,000
Accumulated Depreciation	12,955,000
Total Costs, Net of Accumulated Depreciation	$ 37,613,000
Innsbrook, Glenn Allen, VA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Innsbrook, Glenn Allen, VA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
380 Interlocken, Bloomfield, CO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 8,275,000
Initial cost of Buildings Improvements and Equipment	34,462,000
Costs Capitalized (Disposals) Subsequent to Acquisition	7,540,000
Historical Cost of Land	8,275,000
Historical Cost of Buildings Improvements and Equipment	42,002,000
Total	50,277,000
Accumulated Depreciation	12,826,000
Total Costs, Net of Accumulated Depreciation	$ 37,451,000
380 Interlocken, Bloomfield, CO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
380 Interlocken, Bloomfield, CO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Blue Lagoon, Miami, FL
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 6,306,000
Initial cost of Buildings Improvements and Equipment	46,124,000
Costs Capitalized (Disposals) Subsequent to Acquisition	1,757,000
Historical Cost of Land	6,306,000
Historical Cost of Buildings Improvements and Equipment	47,881,000
Total	54,187,000
Accumulated Depreciation	12,267,000
Total Costs, Net of Accumulated Depreciation	$ 41,920,000
Blue Lagoon, Miami, FL | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Blue Lagoon, Miami, FL | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Eldridge Green, Houston, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 3,900,000
Initial cost of Buildings Improvements and Equipment	43,791,000
Costs Capitalized (Disposals) Subsequent to Acquisition	3,902,000
Historical Cost of Land	3,900,000
Historical Cost of Buildings Improvements and Equipment	47,693,000
Total	51,593,000
Accumulated Depreciation	12,261,000
Total Costs, Net of Accumulated Depreciation	$ 39,332,000
Eldridge Green, Houston, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Eldridge Green, Houston, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Liberty Plaza, Addison, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,374,000
Initial cost of Buildings Improvements and Equipment	21,146,000
Costs Capitalized (Disposals) Subsequent to Acquisition	5,578,000
Historical Cost of Land	4,374,000
Historical Cost of Buildings Improvements and Equipment	26,724,000
Total	31,098,000
Accumulated Depreciation	8,260,000
Total Costs, Net of Accumulated Depreciation	$ 22,838,000
Liberty Plaza, Addison, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Liberty Plaza, Addison, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
One Overton, Atlanta, GA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 3,900,000
Initial cost of Buildings Improvements and Equipment	77,229,000
Costs Capitalized (Disposals) Subsequent to Acquisition	8,376,000
Historical Cost of Land	3,900,000
Historical Cost of Buildings Improvements and Equipment	85,605,000
Total	89,505,000
Accumulated Depreciation	22,407,000
Total Costs, Net of Accumulated Depreciation	$ 67,098,000
One Overton, Atlanta, GA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
One Overton, Atlanta, GA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
FSP 390 Interlocken, Broomfield, CO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 7,013,000
Initial cost of Buildings Improvements and Equipment	37,751,000
Costs Capitalized (Disposals) Subsequent to Acquisition	5,078,000
Historical Cost of Land	7,013,000
Historical Cost of Buildings Improvements and Equipment	42,829,000
Total	49,842,000
Accumulated Depreciation	10,828,000
Total Costs, Net of Accumulated Depreciation	$ 39,014,000
FSP 390 Interlocken, Broomfield, CO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
FSP 390 Interlocken, Broomfield, CO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
East Baltimore, Baltimore, MD
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,600,000
Initial cost of Buildings Improvements and Equipment	55,267,000
Costs Capitalized (Disposals) Subsequent to Acquisition	4,839,000
Historical Cost of Land	4,600,000
Historical Cost of Buildings Improvements and Equipment	60,106,000
Total	64,706,000
Accumulated Depreciation	13,472,000
Total Costs, Net of Accumulated Depreciation	$ 51,234,000
East Baltimore, Baltimore, MD | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
East Baltimore, Baltimore, MD | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Park Ten II, Houston, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 1,300,000
Initial cost of Buildings Improvements and Equipment	31,712,000
Costs Capitalized (Disposals) Subsequent to Acquisition	442,000
Historical Cost of Land	1,300,000
Historical Cost of Buildings Improvements and Equipment	32,154,000
Total	33,454,000
Accumulated Depreciation	6,565,000
Total Costs, Net of Accumulated Depreciation	$ 26,889,000
Park Ten II, Houston, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Park Ten II, Houston, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Lakeside Crossing, Maryland Heights, MO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 1,900,000
Initial cost of Buildings Improvements and Equipment	16,192,000
Costs Capitalized (Disposals) Subsequent to Acquisition	2,000
Historical Cost of Land	1,900,000
Historical Cost of Buildings Improvements and Equipment	16,194,000
Total	18,094,000
Accumulated Depreciation	2,941,000
Total Costs, Net of Accumulated Depreciation	$ 15,153,000
Lakeside Crossing, Maryland Heights, MO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Lakeside Crossing, Maryland Heights, MO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Dulles Virginia, Sterling, VA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,813,000
Initial cost of Buildings Improvements and Equipment	13,285,000
Costs Capitalized (Disposals) Subsequent to Acquisition	5,261,000
Historical Cost of Land	4,813,000
Historical Cost of Buildings Improvements and Equipment	18,546,000
Total	23,359,000
Accumulated Depreciation	2,796,000
Total Costs, Net of Accumulated Depreciation	$ 20,563,000
Dulles Virginia, Sterling, VA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Dulles Virginia, Sterling, VA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Stonecroft, Chantilly, VA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,102,000
Initial cost of Buildings Improvements and Equipment	18,003,000
Historical Cost of Land	2,102,000
Historical Cost of Buildings Improvements and Equipment	18,003,000
Total	20,105,000
Accumulated Depreciation	3,000,000
Total Costs, Net of Accumulated Depreciation	$ 17,105,000
Stonecroft, Chantilly, VA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Stonecroft, Chantilly, VA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
121 South Eight Street, Minneapolis, MN
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,444,000
Initial cost of Buildings Improvements and Equipment	15,214,000
Costs Capitalized (Disposals) Subsequent to Acquisition	10,442,000
Historical Cost of Land	4,444,000
Historical Cost of Buildings Improvements and Equipment	25,656,000
Total	30,100,000
Accumulated Depreciation	3,455,000
Total Costs, Net of Accumulated Depreciation	$ 26,645,000
121 South Eight Street, Minneapolis, MN | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
121 South Eight Street, Minneapolis, MN | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
801 Marquette Avenue South, Minneapolis, MN
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,184,000
Costs Capitalized (Disposals) Subsequent to Acquisition	94,000
Historical Cost of Land	4,184,000
Historical Cost of Buildings Improvements and Equipment	94,000
Total	4,278,000
Accumulated Depreciation	7,000
Total Costs, Net of Accumulated Depreciation	$ 4,271,000
801 Marquette Avenue South, Minneapolis, MN | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
801 Marquette Avenue South, Minneapolis, MN | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
909 Davis, Evanston, IL
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 4,912,000
Initial cost of Buildings Improvements and Equipment	18,229,000
Costs Capitalized (Disposals) Subsequent to Acquisition	317,000
Historical Cost of Land	4,912,000
Historical Cost of Buildings Improvements and Equipment	18,546,000
Total	23,458,000
Accumulated Depreciation	2,132,000
Total Costs, Net of Accumulated Depreciation	$ 21,326,000
909 Davis, Evanston, IL | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
909 Davis, Evanston, IL | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Emperor Boulevard, Durham, NC
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,423,000
Initial cost of Buildings Improvements and Equipment	53,997,000
Costs Capitalized (Disposals) Subsequent to Acquisition	53,000
Historical Cost of Land	2,423,000
Historical Cost of Buildings Improvements and Equipment	54,050,000
Total	56,473,000
Accumulated Depreciation	6,698,000
Total Costs, Net of Accumulated Depreciation	$ 49,775,000
Emperor Boulevard, Durham, NC | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Emperor Boulevard, Durham, NC | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Legacy Tennyson Center, Plano, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 3,067,000
Initial cost of Buildings Improvements and Equipment	22,064,000
Historical Cost of Land	3,067,000
Historical Cost of Buildings Improvements and Equipment	22,064,000
Total	25,131,000
Accumulated Depreciation	2,734,000
Total Costs, Net of Accumulated Depreciation	$ 22,397,000
Legacy Tennyson Center, Plano, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Legacy Tennyson Center, Plano, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
One Legacy Circle, Plano, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,590,000
Initial cost of Buildings Improvements and Equipment	36,608,000
Costs Capitalized (Disposals) Subsequent to Acquisition	952,000
Historical Cost of Land	2,590,000
Historical Cost of Buildings Improvements and Equipment	37,560,000
Total	40,150,000
Accumulated Depreciation	4,904,000
Total Costs, Net of Accumulated Depreciation	$ 35,246,000
One Legacy Circle, Plano, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
One Legacy Circle, Plano, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
One Ravinia Drive, Atlanta, GA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 2,686,000
Initial cost of Buildings Improvements and Equipment	35,125,000
Costs Capitalized (Disposals) Subsequent to Acquisition	3,963,000
Historical Cost of Land	2,686,000
Historical Cost of Buildings Improvements and Equipment	39,088,000
Total	41,774,000
Accumulated Depreciation	3,790,000
Total Costs, Net of Accumulated Depreciation	$ 37,984,000
One Ravinia Drive, Atlanta, GA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
One Ravinia Drive, Atlanta, GA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Two Ravinia Drive, Atlanta, GA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 7,375,000
Initial cost of Buildings Improvements and Equipment	58,726,000
Costs Capitalized (Disposals) Subsequent to Acquisition	329,000
Historical Cost of Land	7,375,000
Historical Cost of Buildings Improvements and Equipment	59,055,000
Total	66,430,000
Accumulated Depreciation	1,135,000
Total Costs, Net of Accumulated Depreciation	$ 65,295,000
Two Ravinia Drive, Atlanta, GA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Two Ravinia Drive, Atlanta, GA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
Westchase I & II, Houston, TX
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 8,491,000
Initial cost of Buildings Improvements and Equipment	121,508,000
Costs Capitalized (Disposals) Subsequent to Acquisition	2,976,000
Historical Cost of Land	8,491,000
Historical Cost of Buildings Improvements and Equipment	124,484,000
Total	132,975,000
Accumulated Depreciation	10,303,000
Total Costs, Net of Accumulated Depreciation	$ 122,672,000
Westchase I & II, Houston, TX | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
Westchase I & II, Houston, TX | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
1999 Broadway, Denver, CO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 16,334,000
Initial cost of Buildings Improvements and Equipment	137,726,000
Costs Capitalized (Disposals) Subsequent to Acquisition	3,447,000
Historical Cost of Land	16,334,000
Historical Cost of Buildings Improvements and Equipment	141,173,000
Total	157,507,000
Accumulated Depreciation	9,480,000
Total Costs, Net of Accumulated Depreciation	$ 148,027,000
1999 Broadway, Denver, CO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
1999 Broadway, Denver, CO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
999 Peachtree, Atlanta, GA
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 10,187,000
Initial cost of Buildings Improvements and Equipment	107,727,000
Costs Capitalized (Disposals) Subsequent to Acquisition	4,234,000
Historical Cost of Land	10,187,000
Historical Cost of Buildings Improvements and Equipment	111,961,000
Total	122,148,000
Accumulated Depreciation	7,169,000
Total Costs, Net of Accumulated Depreciation	$ 114,979,000
999 Peachtree, Atlanta, GA | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
999 Peachtree, Atlanta, GA | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years
1001 17th Street, Denver, CO
REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial cost of Land	$ 17,413,000
Initial cost of Buildings Improvements and Equipment	165,058,000
Costs Capitalized (Disposals) Subsequent to Acquisition	2,574,000
Historical Cost of Land	17,413,000
Historical Cost of Buildings Improvements and Equipment	167,632,000
Total	185,045,000
Accumulated Depreciation	10,025,000
Total Costs, Net of Accumulated Depreciation	$ 175,020,000
1001 17th Street, Denver, CO | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	5 years
1001 17th Street, Denver, CO | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Depreciable Life Years	39 years

SCHEDULE III REAL ESTATE AND 57

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Changes in real estate investments and accumulated depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real estate investments, at cost:
Balance, beginning of year	$ 1,790,591	$ 1,790,590	$ 1,323,384
Acquisitions	66,104		454,445
Improvements	23,171	16,589	20,768
Dispositions	(70,251)	(16,588)	(8,007)
Balance-Real Estate	1,809,615	1,790,591	1,790,590
Balance, end of year	1,809,615	1,790,591	1,790,590
Accumulated depreciation:
Balance, beginning of year	266,284	222,252	180,756
Depreciation	49,637	48,982	41,763
Dispositions	(15,930)	(4,950)	(267)
Balance- Accumulated Depreciation	299,991	266,284	222,252
Balance, end of year	$ 299,991	$ 266,284	$ 222,252