Franklin Street Properties (FSP) 10-Q4 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-32470
Entity Registrant Name	Franklin Street Properties Corp.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	04-3578653
Entity Address, Address Line One	401 Edgewater Place, Suite 200
Entity Address, City or Town	Wakefield
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01880
City Area Code	781
Local Phone Number	557-1300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	FSP
Security Exchange Name	NYSEAMER
Entity Common Stock, Shares Outstanding		107,328,199
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001031316
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real estate assets:
Land	$ 189,155	$ 189,155
Buildings and improvements	1,954,838	1,938,629
Fixtures and equipment	13,308	12,949
Total real estate assets, gross	2,157,301	2,140,733
Less accumulated depreciation	555,688	538,717
Real estate assets, net	1,601,613	1,602,016
Acquired real estate leases, less accumulated amortization of $53,670 and $55,447, respectively	25,836	28,206
Cash, cash equivalents and restricted cash	4,113	4,150
Tenant rent receivables	4,337	7,656
Straight-line rent receivable	69,743	67,789
Prepaid expenses and other assets	5,873	5,752
Related party mortgage loan receivable	21,000	21,000
Office computers and furniture, net of accumulated depreciation of $1,459 and $1,443, respectively	147	163
Deferred leasing commissions, net of accumulated amortization of $26,384 and $30,411, respectively	56,771	56,452
Total assets	1,789,433	1,793,184
Liabilities:
Bank note payable	27,500	3,500
Term loans payable, less unamortized financing costs of $2,332 and $2,677, respectively	717,668	717,323
Series A & Series B Senior Notes, less unamortized financing costs of $781 and $822, respectively	199,219	199,178
Accounts payable and accrued expenses	63,456	72,058
Accrued compensation	1,390	3,918
Tenant security deposits	8,041	8,677
Lease liability	1,444	1,536
Other liabilities: derivative liabilities	13,698	17,311
Acquired unfavorable real estate leases, less accumulated amortization of $3,959 and $4,031, respectively	1,433	1,592
Total liabilities	1,033,849	1,025,093
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, 107,328,199 and 107,328,199 shares issued and outstanding, respectively	11	11
Additional paid-in capital	1,357,131	1,357,131
Accumulated other comprehensive income	(13,698)	(17,311)
Accumulated distributions in excess of accumulated earnings	(587,860)	(571,740)
Total stockholders' equity	755,584	768,091
Total liabilities and stockholders' equity	$ 1,789,433	$ 1,793,184

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Acquired real estate leases, accumulated amortization	$ 53,670	$ 55,447
Office computers and furniture, accumulated depreciation	1,459	1,443
Deferred leasing commissions, accumulated amortization	26,384	30,411
Term loan payable, unamortized financing costs	2,332	2,677
Series A & Series B Senior notes, unamortized financing costs	781	822
Acquired unfavorable real estate leases, accumulated amortization	$ 3,959	$ 4,031
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)	107,328,199	107,328,199
Common stock, shares outstanding (in shares)	107,328,199	107,328,199

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenue	$ 16,000	$ 21,000
Total revenues	59,039,000	62,983,000
Expenses:
Real estate operating expenses	15,939,000	17,298,000
Real estate taxes and insurance	12,366,000	11,762,000
Depreciation and amortization	24,381,000	22,338,000
General and administrative	4,146,000	3,525,000
Interest	8,600,000	9,063,000
Total expenses	65,432,000	63,986,000
Loss before taxes	(6,393,000)	(1,003,000)
Tax expense	67,000	68,000
Net loss	$ (6,460,000)	$ (1,071,000)
Weighted average number of shares outstanding, basic and diluted	107,328	107,269
Net loss per share, basic and diluted	$ (0.06)	$ (0.01)
Rental
Revenues:
Rental	$ 58,623,000	$ 62,567,000
Related party revenue: Management fees and interest income from loans
Revenues:
Revenue	410,000	403,000
Related party revenue: Other
Revenues:
Revenue	$ 6,000	$ 13,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (6,460)	$ (1,071)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	3,613	(18,353)
Total other comprehensive income (loss)	3,613	(18,353)
Comprehensive loss	$ (2,847)	$ (19,424)

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, 2019	$ 11	$ 1,356,794	$ (4,682)	$ (565,727)	$ 786,396
Balance (in shares) at Dec. 31, 2019	107,269
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			(18,353)	(1,071)	(19,424)
Distributions				(9,654)	(9,654)
Balance at Mar. 31, 2020	$ 11	1,356,794	(23,035)	(576,452)	757,318
Balance (in shares) at Mar. 31, 2020	107,269
Balance at Dec. 31, 2019	$ 11	1,356,794	(4,682)	(565,727)	786,396
Balance (in shares) at Dec. 31, 2019	107,269
Balance at Dec. 31, 2020	$ 11	1,357,131	(17,311)	(571,740)	768,091
Balance (in shares) at Dec. 31, 2020	107,328
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			3,613	(6,460)	(2,847)
Distributions				(9,660)	(9,660)
Balance at Mar. 31, 2021	$ 11	$ 1,357,131	$ (13,698)	$ (587,860)	$ 755,584
Balance (in shares) at Mar. 31, 2021	107,328

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Stockholders' Equity
Distributions common stock (in dollars per share)	$ 0.09	$ 0.09

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ (6,460)	$ (1,071)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	25,088	23,086
Amortization of above and below market leases	(32)	(73)
Decrease in allowance for doubtful accounts and write-off of accounts receivable		(13)
Changes in operating assets and liabilities:
Tenant rent receivables	3,319	255
Straight-line rents	(1,904)	(966)
Lease acquisition costs	(50)	(470)
Prepaid expenses and other assets	(532)	(644)
Accounts payable and accrued expenses	(9,564)	(8,215)
Accrued compensation	(2,528)	(2,065)
Tenant security deposits	(636)	269
Payment of deferred leasing commissions	(5,056)	(2,892)
Net cash provided by operating activities	1,645	7,201
Cash flows from investing activities:
Property improvements, fixtures and equipment	(16,022)	(20,054)
Net cash provided by investing activities	(16,022)	(20,054)
Cash flows from financing activities:
Distributions to stockholders	(9,660)	(9,654)
Borrowings under bank note payable	36,500	35,000
Repayments of bank note payable	(12,500)	(5,000)
Net cash used in financing activities	14,340	20,346
Net increase (decrease) in cash, cash equivalents and restricted cash	(37)	7,493
Cash, cash equivalents and restricted cash, beginning of year	4,150	9,790
Cash, cash equivalents and restricted cash, end of period	4,113	17,283
Cash paid for:
Interest	5,870	5,899
Taxes	24
Non-cash investing and financing activities:
Accrued costs for purchase of real estate assets	$ 9,585	$ 9,645

Organization, Properties, Basis

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards	3 Months Ended
	Mar. 31, 2021
Organization
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards	1. Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards Organization Franklin Street Properties Corp. (“FSP Corp.” or the “Company”) holds, directly and indirectly, 100% of the interest in FSP Investments LLC, FSP Property Management LLC, FSP Holdings LLC 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 two corporations organized to operate as real estate investment trusts (“REIT”). Collectively, the two REITs are referred to as the “Sponsored REITs”. As of March 31, 2021, the Company owned and operated a portfolio of real estate consisting of 33 operating properties, one redevelopment property and two managed Sponsored REITs and held one promissory note secured by a mortgage on real estate owned by a Sponsored REIT. 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. Properties The following table summarizes the Company’s number of operating properties and rentable square feet of real estate. As of March 31, 2021 and March 31, 2020, the Company had one and three redevelopment properties, respectively, which are excluded from the table. As of March 31, 2021 2020 Operating Properties: Number of properties 33 32 Rentable square feet 9,548,810 9,506,513 Basis of Presentation The unaudited consolidated financial statements of the Company include all of the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any other period. Financial Instruments As disclosed in Note 4, the Company’s derivatives are recorded at fair value using Level 2 inputs. The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, and 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 or at rates that are at market for similar investments. Cash, Cash Equ ivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows. March 31, March 31, (in thousands) 2021 2020 Cash and cash equivalents $ 2,613 $ 17,283 Restricted cash 1,500 — Total cash, cash equivalents and restricted cash $ 4,113 $ 17,283 Recent Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company is currently assessing the potential impact that the adoption of ASU 2020-04 may have on its consolidated financial statements.

Related Party Transactions and

Related Party Transactions and Investments in Non-Consolidated Entities	3 Months Ended
	Mar. 31, 2021
Related Party Transactions and Investments in Non-Consolidated Entities
Related Party Transactions and Investments in Non-Consolidated Entities	2. Related Party Transactions and Investments in Non-Consolidated Entities Investment in Sponsored REITs: At each of March 31, 2021 and December 31, 2020, the Company held a non-controlling common stock interest in two Sponsored REITs in which the Company no longer shares in economic benefit or risk. Management fees and interest income from loans: Asset management fees range from 1% to 5% of collected rents and the applicable contracts are cancellable with 30 days notice. Asset management fee income from non-consolidated entities amounted to approximately $16,000 and $21,000 for the three months ended March 31, 2021 and 2020, 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 the need for an allowance under CECL for Sponsored REIT Loans each reporting period. The Company regularly evaluates the extent and impact of any credit deterioration that could affect performance and the value of the secured property, as well as the financial and operating capability of the borrower. A property’s operating results and existing cash balances are considered and used to assess whether cash flows from operations are sufficient to cover the current and future operating and debt service requirements. The Company also evaluates the borrower’s competency in managing and operating the secured property and considers the overall economic environment, real estate sector and geographic sub-market in which the secured property is located. 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 the Sponsored REIT Loan will be repaid at maturity or earlier from refinancing, long term financings of the underlying property, cash flows from the underlying property or some other capital event. The Sponsored REIT Loan is secured by a mortgage on the underlying property and has a term of approximately two years . The following is a summary of the Sponsored REIT Loan outstanding as of March 31, 2021: Maximum Amount Interest (dollars in thousands, except footnotes) Maturity Amount Outstanding Rate at Sponsored REIT Location Date of Loan 31-Mar-21 31-Mar-21 Mortgage loan secured by property FSP Monument Circle LLC (1) Indianapolis, IN 6-Dec-22 $ 21,000 $ 21,000 7.51 % $ 21,000 $ 21,000 (1) The interest rate is a fixed rate and this mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower. The Company recognized interest income and fees from the Sponsored REIT Loans of approximately $394,000 and $382,000 for the three months ended March 31, 2021 and 2020, respectively. The financial instrument was classified within Level 3 of the fair value hierarchy and had a fair value of approximately $20.3 million as of March 31, 2021. On December 6, 2020, the Company entered into a second amendment to the Sponsored REIT Loan which qualified as a troubled debt restructuring. The amendment extended the maturity date of the loan for two years and increased the interest rate from 7.19% to 7.51%. There were no commitments to lend additional funds to the Sponsored REIT and the loan is fully collateralized by the mortgage held on the Sponsored REIT's property. Repayment of the Sponsored REIT Loan outstanding with FSP Monument Circle LLC is expected to be provided substantially through the operation or sale of the collateral.

Bank Note Payable, Term Loans P

Bank Note Payable, Term Loans Payable and Senior Notes	3 Months Ended
Bank Note Payable, Term Loans Payable and Senior Notes	Mar. 31, 2021
Bank Note Payable, Term Note Payable and Private Placements
Bank Note Payable, Term Note Payable and Private Placements	3. Bank Note Payable, Term Loans Payable and Senior Notes JPM Term Loan On August 2, 2018, the Company entered into an Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and lender (“JPMorgan”), and the other lending institutions party thereto (the “JPM Credit Agreement”), which provides a single unsecured bridge loan in the aggregate principal amount of $150 million (the “JPM Term Loan”). On December 24, 2020, the Company repaid a $50 million portion of the JPM Term Loan with a portion of the proceeds from the December 23, 2020 sale of its Durham, North Carolina property, and $100 million remains fully advanced and outstanding under the JPM Term Loan. The JPM Term Loan matures on November 30, 2021. The Company has the right to extend the maturity date of the JPM Term Loan by two additional six month periods, or until November 30, 2022, (subject to specified exceptions). The JPM Term Loan was previously evidenced by a Credit Agreement, dated November 30, 2016, among the Company, JPMorgan, as administrative agent and lender, and the other lending institutions party thereto, as amended by a First Amendment, dated October 18, 2017. The JPM Term Loan bears interest at either (i) a number of basis points over a LIBOR-based rate depending on the Company’s credit rating (125.0 basis points over the LIBOR-based rate at March 31, 2021) or (ii) a number of basis points over the base rate depending on the Company’s credit rating (25.0 basis points over the base rate at March 31, 2021). Although the interest rate on the JPM Term Loan is variable under the JPM Credit Agreement, the Company fixed the LIBOR-based rate on a portion of the JPM Term Loan by entering into interest rate swap transactions. On March 7, 2019, the Company entered into ISDA Master Agreements with various financial institutions to hedge a $100 million portion of the future LIBOR-based rate risk under the JPM Credit Agreement. Effective March 29, 2019, the Company fixed the LIBOR-based rate at 2.44% per annum on a $100 million portion of the JPM Term Loan until November 30, 2021. Accordingly, based upon the Company’s credit rating, as of March 31, 2021, the effective interest rate on the remaining $100 million portion of the JPM Term Loan was 3.69% per annum. The JPM 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 JPM Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net worth, a minimum fixed charge coverage ratio, a maximum secured leverage ratio, a maximum leverage ratio, a maximum unencumbered leverage ratio, and minimum unsecured interest coverage. The JPM 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 JPM Credit Agreement). In the event of a default by the Company, the administrative agent may, and at the request of the requisite number of lenders shall, declare all obligations under the JPM Credit Agreement immediately due and payable, and enforce any and all rights of the lenders or administrative agent under the JPM Credit Agreement and related documents. For certain events of default related to bankruptcy, insolvency, and receivership, all outstanding obligations of the Company will become immediately due and payable. The Company was in compliance with the JPM Term Loan financial covenants as of March 31, 2021. BMO Term Loan On September 27, 2018, the Company entered into a Second Amended and Restated Credit Agreement with the lending institutions party thereto and Bank of Montreal (“BMO”), as administrative agent (the “BMO Credit Agreement”). The BMO Credit Agreement provides for a single, unsecured term loan borrowing in the amount of $220 million (the “BMO Term Loan”) that remains fully advanced and outstanding. The BMO Term Loan consists of a $55 million tranche A term loan and a $165 million tranche B term loan. The tranche A term loan matures on November 30, 2021 and the tranche B term loan matures on January 31, 2024. The BMO Credit Agreement also includes an accordion feature that allows up to $100 million of additional loans, subject to receipt of lender commitments and satisfaction of certain customary conditions. The BMO Term Loan was previously evidenced by an Amended and Restated Credit Agreement, dated October 29, 2014, among the Company, BMO, as administrative agent and lender, and the other lending institutions party thereto, as amended by a First Amendment, dated July 21, 2016, and a Second Amendment, dated October 18, 2017. The BMO Term Loan bears interest at either (i) a number of basis points over LIBOR depending on the Company’s credit rating (125 basis points over LIBOR at March 31, 2021) or (ii) a number of basis points over the base rate depending on the Company’s credit rating (25 basis points over the base rate at March 31, 2021). Although the interest rate on the BMO Term Loan is variable under the BMO Credit Agreement, the Company fixed the base LIBOR interest rate by entering into interest rate swap transactions. On August 26, 2013, the Company entered into an ISDA Master Agreement with Bank of Montreal that fixed the base LIBOR interest rate on the BMO Term Loan at 2.32 % per annum, which matured on August 26, 2020. On February 20, 2019, the Company entered into ISDA Master Agreements with a group of banks that fixed the base LIBOR interest rate on the BMO Term Loan at 2.39 % per annum for the period beginning on August 26, 2020 and ending January 31, 2024. Accordingly, based upon the Company’s credit rating, as of March 31, 2021, the effective interest rate on the BMO Term Loan was 3.64% 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, and minimum unsecured interest coverage. 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 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 the 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 March 31, 2021. BAML Credit Facility On July 21, 2016, the Company entered into a First Amendment (the “BAML First Amendment”), and on October 18, 2017, the Company entered into a Second Amendment (the “BAML Second Amendment”), to the Second Amended and Restated Credit Agreement dated October 29, 2014 among the Company, the lending institutions party thereto and Bank of America, N.A., as administrative agent, L/C Issuer and Swing Line Lender (as amended by the BAML First Amendment and the BAML Second Amendment, the “BAML Credit Facility”) that continued an existing unsecured revolving line of credit (the “BAML Revolver”) and extended the maturity of an existing term loan (the “BAML Term Loan”). BAML Revolver Highlights ● The BAML Revolver is for borrowings, at the Company's election, of up to $600 million. 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 $600 million 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 January 12, 2022. The Company has the right to extend the maturity date of the BAML Revolver by two additional six month periods, or until January 12, 2023, upon payment of a fee and satisfaction of certain customary conditions. ● The BAML Credit Facility includes an accordion feature that allows for an aggregate amount of up to $500 million of additional borrowing capacity applicable to the BAML Revolver and/or the BAML Term Loan, subject to receipt of lender commitments and satisfaction of certain customary conditions. As of March 31, 2021, there were $27.5 million of borrowings outstanding under the BAML Revolver. The BAML Revolver bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.20% over LIBOR at March 31, 2021) or (ii) a margin over the base rate depending on the Company’s credit rating (0.20% over the base rate at March 31, 2021). 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 $600 million (0.25% at March 31, 2021). Based upon the Company’s credit rating, as of March 31, 2021, the interest rate on the BAML Revolver was 1.31 % per annum. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the three months ended March 31, 2021 was approximately 1.31 % per annum. As of December 31, 2020, there were $3.5 million of borrowings outstanding under the BAML Revolver. The weighted average interest rate on all amounts outstanding on the BAML Revolver during the year ended December 31, 2020 was approximately 1.65 % per annum. BAML Term Loan Highlights ● The BAML Term Loan is for $400 million. ● The BAML Term Loan matures on January 12, 2023. ● The BAML Credit Facility includes an accordion feature that allows for an aggregate amount of up to $500 million of additional borrowing capacity applicable to the BAML Revolver and/or the BAML Term Loan, subject to receipt of lender commitments and satisfaction of certain customary conditions. ● On September 27, 2012, the Company drew down the entire $400 million under the BAML Term Loan and such amount remains fully advanced and outstanding under the BAML Term Loan. The BAML Term Loan bears interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.35% over LIBOR at March 31, 2021) or (ii) a margin over the base rate depending on the Company’s credit rating (0.35% over the base rate at March 31, 2021). 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 interest rate swap transactions. On July 22, 2016, the Company entered into ISDA Master Agreements with a group of banks that fixed the base LIBOR interest rate on the BAML Term Loan at annum for the period beginning on September 27, 2017 and ending on September 27, 2021. Accordingly, based upon the Company’s credit rating, as of March 31, 2021, the effective interest rate on the BAML Term Loan was BAML Credit Facility General Information The BAML Credit Facility 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 Facility 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, and minimum unsecured interest coverage. The BAML Credit Facility 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 Facility). In the event of a default by the Company, the administrative agent may, and at the request of the requisite number of lenders shall, declare all obligations under the BAML Credit Facility immediately due and payable, terminate the lenders’ commitments to make loans under the BAML Credit Facility, and enforce any and all rights of the lenders or administrative agent under the BAML Credit Facility 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 March 31, 2021. The Company may use the proceeds of the loans under the BAML Credit Facility 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 Facility. Senior Notes On October 24, 2017, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) with the various purchasers named therein (the “Purchasers”) in connection with a private placement of senior unsecured notes. Under the Note Purchase Agreement, the Company agreed to sell to the Purchasers an aggregate principal amount of $200 million of senior unsecured notes consisting of (i) 3.99% Series A Senior Notes due December 20, 2024 in an aggregate principal amount of $116 million (the “Series A Notes”) and (ii) 4.26% Series B Senior Notes due December 20, 2027 in an aggregate principal amount of $84 million (the “Series B Notes” and, together with the Series A Notes, the “Senior Notes”). On December 20, 2017, the Senior Notes were funded and the proceeds were used to reduce the outstanding balance of the BAML Revolver. The Note Purchase Agreement contains customary financial covenants, including a maximum leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, and a maximum unencumbered leverage ratio. The Note Purchase Agreement also contains restrictive covenants that, among other things, restrict the ability of the Company and its subsidiaries to enter into transactions with affiliates, merge, consolidate, create liens, make certain restricted payments, enter into certain agreements or prepay certain indebtedness. Such financial and restrictive covenants are substantially similar to the corresponding covenants contained in the BAML Credit Facility, the BMO Credit Agreement and the JPM Credit Agreement. The Senior Notes financial covenants require, among other things, the maintenance of a fixed charge coverage ratio of at least 1.50; a maximum leverage ratio and an unsecured leverage ratio of no more than 60% (65 % if there were a significant acquisition for a short period of time). In addition, the Note Purchase Agreement provides that the Note Purchase Agreement will automatically incorporate additional financial and other specified covenants (such as limitations on investments and distributions) that are effective from time to time under the existing credit agreements, other material indebtedness or certain other private placements of debt of the Company and its subsidiaries. The Note Purchase Agreement contains customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of covenants and bankruptcy events. In the case of an event of default, the Purchasers may, among other remedies, accelerate the payment of all obligations. The Company was in compliance with the Senior Notes financial covenants as of March 31, 2021.

Financial Instruments_ Derivati

Financial Instruments: Derivatives and Hedging	3 Months Ended
Financial Instruments: Derivatives and Hedging	Mar. 31, 2021
Financial Instruments: Derivatives and Hedging
Financial Instruments: Derivatives and Hedging	4. Financial Instruments: Derivatives and Hedging On July 22, 2016, the Company fixed the interest rate for the period beginning on September 27, 2017 and ending on September 27, 2021 on the BAML Term Loan (the “2017 Interest Rate Swap”). On March 7, 2019, the Company fixed the interest rate for the period beginning on March 29, 2019 and ending on November 30, 2021 on a $100 million portion of the JPM Term Loan (the “2019 JPM Interest Rate Swap”). On February 20, 2019, the Company fixed the interest rate for the period beginning August 26, 2020 and ending January 31, 2024 on the BMO Term Loan (the “2019 BMO Interest Rate Swap”). The variable rates that were fixed under the 2017 Interest Rate Swap, the 2019 JPM Interest Rate Swap and the 2019 BMO Interest Rate Swap (collectively referred to as the “Interest Rate Swaps”) are described in Note 3. The Interest Rate Swaps qualify as cash flow hedges and have been recognized on the consolidated balance sheets 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 recognized in earnings in the same period in which the hedged interest payments affect 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 the Company’s derivative financial instruments at March 31, 2021. The notional value is an indication of the extent of the Company’s involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks. Notional Strike Effective Expiration Fair Value (2) at (in thousands) Value Rate Date Date March 31, 2021 December 31, 2020 2017 Interest Rate Swap $ 400,000 1.12 % Sep-17 Sep-21 $ (1,981) $ (2,947) 2019 JPM Interest Rate Swap $ 100,000 2.44 % Mar-19 Nov-21 $ (1,540) $ (2,102) 2019 BMO Interest Rate Swap (1) $ 220,000 2.39 % Aug-20 Jan-24 $ (10,177) $ (12,262) (1) The Notional Value will decrease to $165 million on November 30, 2021. (2) Classified within Level 2 of the fair value hierarchy. On March 31, 2021, the 2017 Interest Rate Swap, 2019 JPM Interest Rate Swap and 2019 BMO Interest Rate Swap were reported as liabilities with an aggregate fair value of approximately $13.7 million and are included in other liabilities: derivative liabilities in the consolidated balance sheet at March 31, 2021. The gain/(loss) on the Company’s Interest Rate Swaps that was recorded in other comprehensive income (loss) (OCI) and the accompanying consolidated statements of operations as a component of interest expense for the three months ended March 31, 2021 and 2020, respectively, was as follows: (in thousands) Three Months Ended March 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2021 2020 Amounts of gain (loss) recognized in OCI $ 807 $ (18,389) Amounts of previously recorded gain/(loss) reclassified from OCI into Interest Expense $ (2,806) $ (36) Total amount of Interest Expense presented in the consolidated statements of operations $ 8,600 $ 9,063 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. The Company estimates that approximately $7.1 million of the current balance held in accumulated other comprehensive income (loss) will be reclassified into earnings within the next 12 months. The Company is hedging the exposure to variability in anticipated future interest payments on existing debt. The BMO Term Loan, BAML Term Loan and JPM Term Loan hedging transactions used derivative instruments that involve certain additional risks such as counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in either or both of the contracts. The Company requires its derivatives contracts to be with counterparties that have investment grade ratings. As a result, the Company does not anticipate that any counterparty will fail to meet its obligations. However, there can be no assurance that the Company will be able to adequately protect against the foregoing risks or that it will ultimately realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging strategies. 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 sheets. The Company’s derivatives are recorded at fair value in other assets: derivative asset and other liabilities: derivative liability in the consolidated balance sheets and the effective portion of the derivatives’ fair value is recorded to other comprehensive income (loss) in the consolidated statements of comprehensive income (loss).

Net Income Per Share

Net Income Per Share	3 Months Ended
Net Income Per Share	Mar. 31, 2021
Net Income Per Share
Net Income Per Share	5. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted average number of Company shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares. There were no potential dilutive shares outstanding at each of March 31, 2021 and 2020.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity As of March 31, 2021, the Company had 107,328,199 shares of common stock outstanding. The Company declared and paid dividends as follows (in thousands, except per share amounts): Dividends Per Total Quarter Paid Share Dividends First quarter of 2021 $ 0.09 $ 9,660 First quarter of 2020 $ 0.09 $ 9,654 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. On June 4, 2020, the Company granted 58,998 shares under the Plan to non-employee directors at a compensation cost of approximately $337,000 , which was recognized during the year ended December 31, 2020 and is included in general and administrative expenses for such period. Such shares were fully vested on the date of issuance. There are currently . Shares Available Compensation (in thousands) for Grant Cost Balance December 31, 2019 1,906,382 337,000 Shares granted 2020 (58,998) 337,000 Balance December 31, 2020 1,847,384 $ 674,000 Shares granted 2021 - - Balance March 31, 2021 1,847,384 $ 674,000

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Federal Income Tax Reporting
Federal Income Tax Reporting	7. Income Taxes 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 20% (25% of taxable years beginning on or before December 31, 2017) 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 LLC and FSP Protective TRS Corp. are the Company’s taxable REIT subsidiaries operating as taxable corporations under the Code. The TRSs have gross amounts of net operating losses (“NOLs”) available to those taxable corporations of $4.6 million and $4.4 million as of each of December 31, 2020, and 2019 respectively. The NOLs created prior to 2018 will expire between 2030 and 2047 and the NOLs generated after 2017 will not expire. 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. Income taxes are recorded based on the future tax effects of the difference between the tax and financial reporting bases of the Company’s assets and liabilities. In estimating future tax consequences, potential future events are considered except for potential changes in income tax law or in rates. The Company adopted an accounting pronouncement related to uncertainty in income taxes effective January 1, 2007, which did not result in recording a liability, nor was any accrued interest and penalties recognized with the adoption. Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. The Company’s effective tax rate was not affected by the adoption. The Company and one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2017 and thereafter. Net operating losses Section 382 of the Code restricts a corporation’s ability to use 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 generated prior to December 31, 2018 will 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 $13.0 million as of each of March 31, 2021 and December 31, 2020. Income Tax Expense The Company is subject to a business tax known as the Revised Texas Franchise Tax. Some of the Company’s leases allow reimbursement by tenants for these amounts because the Revised Texas Franchise Tax replaces a portion of the property tax for school districts. Because the tax base on the Revised Texas Franchise Tax is derived from an income based measure, it is considered an income tax. The Company recorded a provision for the Revised Texas Franchise Tax of $67,000 and $68,000 for the three months ended March 31, 2021 and 2020, respectively. The income tax expense reflected in the consolidated statements of operations relates primarily to a franchise tax on the Company’s Texas properties. For the Three Months Ended March 31, (Dollars in thousands) 2021 2020 Revised Texas Franchise Tax $ 67 $ 68 Other Taxes — — Tax expense $ 67 $ 68 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.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2021
Leases
Leases	8. Leases Leases as a Lessor: The Company is a lessor of commercial real estate with operations that include the leasing of office and industrial properties. Many of the leases with customers contain options to extend leases at a fair market rate and may also include options to terminate leases. The Company considers several inputs when evaluating the amount it expects to derive from its leased assets at the end of the lease terms, such as the remaining useful life, expected market conditions, fair value of lease payments, expected fair values of underlying assets, and expected deployment of the underlying assets. The Company’s strategy to address its risk for the residual value in its commercial real estate is to re-lease the commercial space. The Company has elected to apply the practical expedient to not separate non-lease components from the related lease component of real estate leases. This combined component is primarily comprised of fixed lease payments, early termination fees, common area maintenance cost reimbursements, and parking lease payments. The Company applies ASC 842-Leases to the combined lease and non-lease components. A minority of the Company’s leases are subject to annual changes in the Consumer Price Index (“CPI”). Although increases in the CPI are not estimated as part of the Company’s measurement of straight-line rent revenue, to the extent that the actual CPI is greater or less than the CPI at lease commencement, there could be changes to realized income or loss. For the three months ended March 31, 2021 and 2020, the Company recognized the following amounts of income relating to lease payments: Income relating to lease payments: Three Months Ended (in thousands) March 31, 2021 March 31, 2020 Income from leases (1) $ 56,709 $ 61,529 $ 56,709 $ 61,529 (1) Amounts recognized from variable lease payments were $14,688 and $15,629 for the three months ended March 31, 2021 and 2020, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events
Subsequent Events	9. Subsequent Events On April 2, 2021, the Board of Directors of the Company declared a cash distribution of $0.09 per share of common stock payable on May 7, 2021 to stockholders of record on April 16, 2021. On March 5, 2021, the Company entered into a Purchase and Sale Agreement with a third-party buyer for the disposition of three office properties located in Atlanta, Georgia for a purchase price of approximately $219.5 million. The buyer’s due diligence inspection period expired on April 15, 2021 and the Company had no assurance the sale was probable as of March 31, 2021. Assuming satisfaction of certain customary conditions to close, the closing of the sale of the properties is expected to take place on or about May 17, 2021; provided, however, that seller and buyer each have a (3) business days prior to the then scheduled closing date.

Organization, Properties, Bas_2

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2021
Organization
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements of the Company include all of the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any other period.
Financial Instruments	Financial Instruments As disclosed in Note 4, the Company’s derivatives are recorded at fair value using Level 2 inputs. The Company estimates that the carrying values of cash and cash equivalents, restricted cash, receivables, prepaid expenses, accounts payable and accrued expenses, accrued compensation, and 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 or at rates that are at market for similar investments.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equ ivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows. March 31, March 31, (in thousands) 2021 2020 Cash and cash equivalents $ 2,613 $ 17,283 Restricted cash 1,500 — Total cash, cash equivalents and restricted cash $ 4,113 $ 17,283

Organization, Properties, Bas_3

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Tables)	3 Months Ended
	Mar. 31, 2021
Organization
Summary of the entity's investment in real estate assets, including number of properties and rentable square feet of real estate	As of March 31, 2021 2020 Operating Properties: Number of properties 33 32 Rentable square feet 9,548,810 9,506,513
Reconciliation of cash, cash equivalents, and restricted cash	March 31, March 31, (in thousands) 2021 2020 Cash and cash equivalents $ 2,613 $ 17,283 Restricted cash 1,500 — Total cash, cash equivalents and restricted cash $ 4,113 $ 17,283

Related Party Transactions an_2

Related Party Transactions and Investments in Non-Consolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions and Investments in Non-Consolidated Entities
Summary of the Sponsored REIT Loans outstanding	Maximum Amount Interest (dollars in thousands, except footnotes) Maturity Amount Outstanding Rate at Sponsored REIT Location Date of Loan 31-Mar-21 31-Mar-21 Mortgage loan secured by property FSP Monument Circle LLC (1) Indianapolis, IN 6-Dec-22 $ 21,000 $ 21,000 7.51 % $ 21,000 $ 21,000 (1) The interest rate is a fixed rate and this mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.

Financial Instruments_ Deriva_2

Financial Instruments: Derivatives and Hedging (Tables)	3 Months Ended
Financial Instruments: Derivatives and Hedging (Tables)	Mar. 31, 2021
Financial Instruments: Derivatives and Hedging
Schedule of notional and fair value of derivative financial instruments	Notional Strike Effective Expiration Fair Value (2) at (in thousands) Value Rate Date Date March 31, 2021 December 31, 2020 2017 Interest Rate Swap $ 400,000 1.12 % Sep-17 Sep-21 $ (1,981) $ (2,947) 2019 JPM Interest Rate Swap $ 100,000 2.44 % Mar-19 Nov-21 $ (1,540) $ (2,102) 2019 BMO Interest Rate Swap (1) $ 220,000 2.39 % Aug-20 Jan-24 $ (10,177) $ (12,262) (1) The Notional Value will decrease to $165 million on November 30, 2021. (2) Classified within Level 2 of the fair value hierarchy.
Summary of Interest Rate Swaps that was recorded in OCI	(in thousands) Three Months Ended March 31, Interest Rate Swaps in Cash Flow Hedging Relationships: 2021 2020 Amounts of gain (loss) recognized in OCI $ 807 $ (18,389) Amounts of previously recorded gain/(loss) reclassified from OCI into Interest Expense $ (2,806) $ (36) Total amount of Interest Expense presented in the consolidated statements of operations $ 8,600 $ 9,063

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2021
Stockholders' Equity
Schedule of dividends declared and paid	Dividends Per Total Quarter Paid Share Dividends First quarter of 2021 $ 0.09 $ 9,660 First quarter of 2020 $ 0.09 $ 9,654
Schedule of Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity	Shares Available Compensation (in thousands) for Grant Cost Balance December 31, 2019 1,906,382 337,000 Shares granted 2020 (58,998) 337,000 Balance December 31, 2020 1,847,384 $ 674,000 Shares granted 2021 - - Balance March 31, 2021 1,847,384 $ 674,000

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2021
Federal Income Tax Reporting
Schedule of income tax expense reflected in the condensed consolidated statements of income	For the Three Months Ended March 31, (Dollars in thousands) 2021 2020 Revised Texas Franchise Tax $ 67 $ 68 Other Taxes — — Tax expense $ 67 $ 68

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2021
Leases
Summary of income relating to lease payments and undiscounted cash flows	Income relating to lease payments: Three Months Ended (in thousands) March 31, 2021 March 31, 2020 Income from leases (1) $ 56,709 $ 61,529 $ 56,709 $ 61,529 (1) Amounts recognized from variable lease payments were $14,688 and $15,629 for the three months ended March 31, 2021 and 2020, respectively.

Organization, Properties, Bas_4

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021entity	Mar. 31, 2021property	Mar. 31, 2021ft²	Dec. 31, 2020entity	Mar. 31, 2020ft²property
Organization
Number of REITs in which the entity holds non-controlling common stock interest \| entity		2			2
Number of Sponsored REITs		2	2
Number of properties in redevelopment			1			3
Number of promissory notes secured by mortgages on real estate owned by Sponsored REITs			1
Properties
Number of properties			33			32
Rentable square feet \| ft²				9,548,810		9,506,513
FSP Investments LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Holdings LLC
Organization
Ownership interest (as a percent)	100.00%
FSP Protective TRS Corp.
Organization
Ownership interest (as a percent)	100.00%

Organization, Properties, Bas_5

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 2,613		$ 17,283
Restricted cash	1,500
Total cash, cash equivalents and restricted cash	$ 4,113	$ 4,150	$ 17,283	$ 9,790

Related Party Transactions an_3

Related Party Transactions and Investments in Non-Consolidated Entities - Investment in Sponsored REITs (Details) - entity	Mar. 31, 2021	Dec. 31, 2020
Related Party Transactions and Investments in Non-Consolidated Entities
Number of REITs in which the entity holds non-controlling common stock interest	2	2

Related Party Transactions an_4

Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
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
Revenue	$ 16,000	$ 21,000
Revenue, Product and Service [Extensible List]	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member
Sponsored REITs
Schedule of Equity Method Investments [Line Items]
Impairment of Sponsored REIT	$ 0

Related Party Transactions an_5

Related Party Transactions and Investments in Non-Consolidated Entities - Sponsored REIT Loans outstanding (Details) - USD ($)	Dec. 06, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 05, 2020
Sponsored REITs
Maximum amount of loan		$ 21,000,000
Amount Drawn		21,000,000		$ 21,000,000
Related party mortgage loan receivable		$ 21,000,000		$ 21,000,000
Sponsored REITs
Sponsored REITs
Term of sponsored REIT loan secured by mortgage, maximum		2 years
Interest income and fees from the Sponsored REIT Loans		$ 394,000	$ 382,000
Mortgage loan secured by property \| Sponsored REITs
Sponsored REITs
Interest rate (as a percent)	7.51%				7.19%
Mortgage Loan On Real Estate, Extended Term	2 years
Mortgage loan secured by property \| Sponsored REITs \| Fair Value, Inputs, Level 3 [Member]
Sponsored REITs
Amount Drawn		20,300,000
Related party mortgage loan receivable		20,300,000
Mortgage loan secured by property \| FSP Monument Circle LLC
Sponsored REITs
Maximum amount of loan		21,000,000
Amount Drawn		$ 21,000,000
Interest rate (as a percent)		7.51%
Origination fee		$ 164,000
Exit fee		38,000
Related party mortgage loan receivable		$ 21,000,000

Bank Note Payable, Term Loans_2

Bank Note Payable, Term Loans Payable and Senior Notes (Details) $ in Thousands	Dec. 24, 2020USD ($)	Sep. 27, 2012USD ($)	Mar. 31, 2021USD ($)period	Dec. 31, 2020USD ($)	Dec. 23, 2020USD ($)	Aug. 02, 2018USD ($)
Debt Instrument [Line Items]
Unsecured term loan			$ 717,668	$ 717,323
Portion of future LIBOR-based rate risk			13,700
Borrowings outstanding			27,500	$ 3,500
Senior Notes
Debt Instrument [Line Items]
Principal amount of loan			$ 200,000
Fixed charge coverage ratio			1.50
Series A Notes
Debt Instrument [Line Items]
Principal amount of loan			$ 116,000
Interest rate (as a percent)			3.99%
Series B Notes
Debt Instrument [Line Items]
Principal amount of loan			$ 84,000
Interest rate (as a percent)			4.26%
Maximum \| Senior Notes
Debt Instrument [Line Items]
Unsecured leverage ratio			60.00%
Unsecured leverage ratio for significant acquisition			65.00%
BAML Revolver
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			1.31%	1.65%
Effective interest rate (as a percent)			1.31%
Total available			$ 600,000
Number of periods of extension \| period			2
Length of extension period			6 months
Additional borrowing capacity allowed by exercising an accordion feature			$ 500,000
Borrowings outstanding			$ 27,500	$ 3,500
Facility fee at period end (as a percent)			0.25%
BAML Revolver \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			1.20%
BAML Revolver \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			0.20%
BAML Term Loan
Debt Instrument [Line Items]
Principal amount of loan			$ 400,000
Effective interest rate (as a percent)			2.47%
Additional borrowing capacity allowed by exercising an accordion feature			$ 500,000
Amount drawn down		$ 400,000
BAML Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			1.35%
Fixed rate (as a percent)			1.12%
BAML Term Loan \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			0.35%
JPM Term Loan
Debt Instrument [Line Items]
Principal amount of loan						$ 150,000
Repayments of Unsecured Debt	$ 50,000
Unsecured term loan					$ 100,000
Portion of future LIBOR-based rate risk			$ 100,000
Number of periods of extension \| period			2
Length of extension period			6 months
JPM Term Loan \| Hedged portion
Debt Instrument [Line Items]
Portion of future LIBOR-based rate risk			$ 100,000
Effective interest rate (as a percent)			3.69%
JPM Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			1.25%
JPM Term Loan \| LIBOR \| Hedged portion
Debt Instrument [Line Items]
Fixed rate (as a percent)			2.44%
JPM Term Loan \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			0.25%
BMO Term Loan
Debt Instrument [Line Items]
Principal amount of loan			$ 220,000
Additional loans allowed by exercising an accordion feature			$ 100,000
Effective interest rate (as a percent)			3.64%
BMO Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			1.25%
Fixed rate (as a percent)			2.32%
BMO Term Loan \| LIBOR \| Hedged portion
Debt Instrument [Line Items]
Fixed rate (as a percent)			2.39%
BMO Term Loan \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate at period end (as a percent)			0.25%
Tranche A Term Loan
Debt Instrument [Line Items]
Principal amount of loan			$ 55,000
Tranche B Term Loan
Debt Instrument [Line Items]
Principal amount of loan			$ 165,000

Financial Instruments_ Deriva_3

Financial Instruments: Derivatives and Hedging (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Financial Instruments: Derivatives and Hedging
Hedged amount of portion of the future LIBOR-based rate risk		$ 13,700
Amount estimated to be reclassified into earnings within next 12 months		7,100
JPM Term Loan
Financial Instruments: Derivatives and Hedging
Hedged amount of portion of the future LIBOR-based rate risk		100,000
2017 Interest Rate Swap \| Cash flow hedges
Financial Instruments: Derivatives and Hedging
Notional Value		$ 400,000
Strike Rate (as a percent)		1.12%
2017 Interest Rate Swap \| Cash flow hedges \| Level 2
Financial Instruments: Derivatives and Hedging
Fair Value		$ (1,981)	$ (2,947)
2019 JPM Interest Rate Swap \| Cash flow hedges
Financial Instruments: Derivatives and Hedging
Notional Value		$ 100,000
Strike Rate (as a percent)		2.44%
2019 JPM Interest Rate Swap \| Cash flow hedges \| Level 2
Financial Instruments: Derivatives and Hedging
Fair Value		$ (1,540)	(2,102)
2019 BMO Interest Rate Swap \| Cash flow hedges
Financial Instruments: Derivatives and Hedging
Notional Value		$ 220,000
Strike Rate (as a percent)		2.39%
2019 BMO Interest Rate Swap \| Cash flow hedges \| Forecast
Financial Instruments: Derivatives and Hedging
Notional Value	$ 165,000
2019 BMO Interest Rate Swap \| Cash flow hedges \| Level 2
Financial Instruments: Derivatives and Hedging
Fair Value		$ (10,177)	$ (12,262)

Financial Instruments_ Deriva_4

Financial Instruments: Derivatives and Hedging - Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amount of Interest Expense presented in the consolidated statements of operations	$ 8,600	$ 9,063
Interest rate swap
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amount of Interest Expense presented in the consolidated statements of operations	8,600	9,063
Interest rate swap \| Amounts of previously recorded gain/(loss) reclassified from OCI into Interest Expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amount of Interest Expense presented in the consolidated statements of operations	(2,806)	(36)
Interest rate swap \| Amounts of gain (loss) recognized in OCI
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amount of Interest Expense presented in the consolidated statements of operations	$ 807	$ (18,389)

Net Income Per Share (Details)

Net Income Per Share (Details) - shares	3 Months Ended
Net Income Per Share (Details) - shares	Mar. 31, 2021	Mar. 31, 2020
Net Income Per Share
Potential dilutive shares outstanding	0	0

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Jun. 04, 2020shares	Mar. 31, 2021USD ($)item$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares
Stockholders' Equity
Common Stock, Shares, Outstanding \| shares		107,328,199		107,328,199
Dividends declared and paid
Cash dividend declared per share (in dollars per share) \| $ / shares		$ 0.09	$ 0.09
Total Dividends \| $		$ 9,660,000	$ 9,654,000
General and Administrative Expense [Member]
Equity-Based Compensation
Compensation cost \| $				$ 337,000
2002 Stock Incentive Plan
Equity-Based Compensation
Maximum number of shares provided for grant under equity-based incentive compensation plan \| shares		2,000,000
Number of vesting requirements \| item		0
Number of shares available for grant under the plan, Beginning \| shares		1,847,384	1,906,382	1,906,382
Shares Granted \| shares	(58,998)			(58,998)
Number of shares available for grant under the plan, Ending \| shares		1,847,384		1,847,384
Compensation Cost, Beginning \| $		$ 674,000	$ 337,000	$ 337,000
Compensation cost \| $				337,000
Compensation Cost, Ending \| $		$ 674,000		$ 674,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019
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)	20.00%		25.00%
Maximum ownership of securities in all TRS when considered together with other non-real estate assets (as a percent)	25.00%
Gross amount of NOL of TRS				$ 4,600,000	$ 4,400,000
Net operating losses
Gross amount of NOLs available to company	$ 13,000,000
Income Tax Expense
Revised Texas Franchise Tax	67,000	$ 68,000
Tax expense	67,000	$ 68,000
Deferred income taxes	$ 0

Leases - Income Relating to Lea

Leases - Income Relating to Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income relating to lease payments:
Income from leases	$ 56,709	$ 61,529
Undiscounted Cash Flows
Variable lease payments	$ 14,688	$ 15,629

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	May 17, 2021USD ($)propertyitem	Apr. 02, 2021$ / shares	Mar. 31, 2021ft²$ / shares	Mar. 31, 2020ft²$ / shares
Subsequent Events
Cash dividend declared per share (in dollars per share)			$ 0.09	$ 0.09
Area of Real Estate Property \| ft²			9,548,810	9,506,513
Subsequent Events.
Subsequent Events
Number of office properties to be sold \| property	3
Sale price \| $	$ 219.5
Number of closing date extensions \| item	1
Maximum number of days the closing can be extended	thirty
Minimum number of days to give notice of closing extension option	three
Cash distribution declared \| Subsequent Events.
Subsequent Events
Cash dividend declared per share (in dollars per share)		$ 0.09