Franklin Street Properties (FSP) 10-Q7 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
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		103,430,353
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001031316
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate assets:
Land (amounts related to variable interest entities ("VIEs") of $6,416 and $0 at September 30, 2023 and December 31, 2022, respectively)	$ 114,298	$ 126,645
Buildings and improvements (amounts related to VIEs of $13,279 and $0 at September 30, 2023 and December 31, 2022, respectively)	1,183,744	1,388,869
Fixtures and equipment	10,377	11,151
Total real estate assets, gross	1,308,419	1,526,665
Less accumulated depreciation (amounts related to VIEs of $256 and $0 at September 30, 2023 and December 31, 2022, respectively)	386,838	423,417
Real estate assets, net (amounts related to VIEs of $19,439 and $0 at September 30, 2023 and December 31, 2022, respectively)	921,581	1,103,248
Acquired real estate leases, less accumulated amortization of $19,660 and $20,243, respectively (amounts related to variable interest entities ("VIEs") of $305, less accumulated amortization of $166 and $0 at September 30, 2023 and December 31, 2022, respectively)	7,447	10,186
Asset held for sale	132,659
Cash, cash equivalents and restricted cash (amounts related to VIEs of $2,445 and $0 at September 30, 2023 and December 31, 2022, respectively)	13,043	6,632
Tenant rent receivables	2,854	2,201
Straight-line rent receivable	43,253	52,739
Prepaid expenses and other assets	5,601	6,676
Related party mortgage loan receivable, less allowance for credit loss of $0 and $4,237, respectively		19,763
Other assets: derivative asset		4,358
Office computers and furniture, net of accumulated depreciation of $1,166 and $1,115, respectively	109	154
Deferred leasing commissions, net of accumulated amortization of $17,143 and $19,043, respectively	25,226	35,709
Total assets	1,151,773	1,241,666
Liabilities:
Bank note payable	80,000	48,000
Term loans payable, less unamortized financing costs of $390 and $250, respectively	114,610	164,750
Series A & Series B Senior Notes, less unamortized financing costs of $371 and $494, respectively	199,629	199,506
Accounts payable and accrued expenses (amounts related to VIEs of $628 and $0 at September 30, 2023 and December 31, 2022, respectively)	36,857	50,366
Accrued compensation	3,179	3,644
Tenant security deposits	5,631	5,710
Lease liability	444	759
Acquired unfavorable real estate leases, less accumulated amortization of $384 and $574, respectively	97	195
Total liabilities	440,447	472,930
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, 103,430,353 and 103,235,914 shares issued and outstanding, respectively	10	10
Additional paid-in capital	1,335,091	1,334,776
Accumulated other comprehensive income (loss)	1,417	4,358
Accumulated distributions in excess of accumulated earnings	(625,192)	(570,408)
Total stockholders' equity	711,326	768,736
Total liabilities and stockholders' equity	$ 1,151,773	$ 1,241,666

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Land amounts related to variable interest entities ("VIEs")	$ 114,298	$ 126,645
Buildings and improvements amounts related to variable interest entities ("VIEs")	1,183,744	1,388,869
Less accumulated depreciation amounts related to variable interest entities ("VIEs")	(386,838)	(423,417)
Real estate assets	921,581	1,103,248
Acquired real estate leases	7,447	10,186
Acquired real estate leases, accumulated amortization	19,660	20,243
Cash, cash equivalents and restricted cash (amounts related to variable interest entities ("VIEs")	13,043	6,632
Allowance on related parties loans and leases receivable	0	4,237
Office computers and furniture, accumulated depreciation	1,166	1,115
Deferred leasing commissions, accumulated amortization	17,143	19,043
Term loan payable, unamortized financing costs	390	250
Series A & Series B Senior notes, unamortized financing costs	371	494
Accounts payable and accrued expenses amounts related to variable interest entities ("VIEs")	36,857	50,366
Acquired unfavorable real estate leases, accumulated amortization	$ 384	$ 574
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)	103,430,353	103,235,914
Common stock, shares outstanding (in shares)	103,430,353	103,235,914
Variable interest entities ("VIEs")
Land amounts related to variable interest entities ("VIEs")	$ 6,416	$ 0
Buildings and improvements amounts related to variable interest entities ("VIEs")	13,279	0
Less accumulated depreciation amounts related to variable interest entities ("VIEs")	(256)	0
Real estate assets	19,439	0
Acquired real estate leases	305	305
Acquired real estate leases, accumulated amortization	166	0
Cash, cash equivalents and restricted cash (amounts related to variable interest entities ("VIEs")	2,445	0
Accounts payable and accrued expenses amounts related to variable interest entities ("VIEs")	$ 628	$ 0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 36,903	$ 40,836	$ 110,936	$ 124,404
Expenses:
Real estate operating expenses	12,797	13,369	37,627	38,547
Real estate taxes and insurance	7,115	8,951	21,257	26,713
Depreciation and amortization	13,408	15,148	42,780	49,004
General and administrative	3,265	3,232	10,849	10,997
Interest	6,209	6,110	18,099	17,140
Total expenses	42,794	46,810	130,612	142,401
Loss on extinguishment of debt	(39)	(78)	(106)	(78)
Gain on consolidation of Sponsored REIT			394
Impairment and loan loss reserve		717		1,857
(Gain) loss on sale of properties and impairment of assets held for sale, net	(39,671)	24,077	(32,085)	24,077
Income (loss) before taxes	(45,601)	17,308	(51,473)	4,145
Tax expense	70	62	212	167
Net loss (loss)	$ (45,671)	$ 17,246	$ (51,685)	$ 3,978
Weighted average number of shares outstanding, basic	103,430	103,236	103,333	103,372
Weighted average number of shares outstanding, diluted	103,430	103,236	103,333	103,372
Net income (loss) per share, basic	$ (0.44)	$ 0.17	$ (0.50)	$ 0.04
Net income (loss) per share, diluted	$ (0.44)	$ 0.17	$ (0.50)	$ 0.04
Rental
Revenues:
Rental	$ 36,903	$ 40,366	$ 110,927	$ 122,994
Related party revenue: Management fees and interest income from loans
Revenues:
Revenue		466		1,393
Related party revenue: Other
Revenues:
Revenue		$ 4	$ 9	$ 17

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (45,671)	$ 17,246	$ (51,685)	$ 3,978
Other comprehensive income (loss):
Unrealized gain on derivative financial instruments		2,315	177	9,504
Reclassification from accumulated other comprehensive income into interest expense	(1,063)		(3,118)
Total other comprehensive income (loss)	(1,063)	2,315	(2,941)	9,504
Comprehensive income (loss)	$ (46,734)	$ 19,561	$ (54,626)	$ 13,482

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated other comprehensive income (loss)	Distributions in excess of accumulated earnings	Total
Balance at Dec. 31, 2021	$ 10	$ 1,339,226	$ (5,239)	$ (550,794)	$ 783,203
Balance (in shares) at Dec. 31, 2021	103,999,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			5,044	(4,158)	886
Repurchased shares		(4,843)			$ (4,843)
Repurchased shares (in shares)	(847,000)				(846,739)
Distributions				(9,360)	$ (9,360)
Balance at Mar. 31, 2022	$ 10	1,334,383	(195)	(564,312)	769,886
Balance (in shares) at Mar. 31, 2022	103,152,000
Balance at Dec. 31, 2021	$ 10	1,339,226	(5,239)	(550,794)	783,203
Balance (in shares) at Dec. 31, 2021	103,999,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)					13,482
Balance at Sep. 30, 2022	$ 10	1,334,776	4,266	(566,491)	772,561
Balance (in shares) at Sep. 30, 2022	103,236,000
Balance at Dec. 31, 2021	$ 10	1,339,226	(5,239)	(550,794)	783,203
Balance (in shares) at Dec. 31, 2021	103,999,000
Increase (Decrease) in Stockholders' Equity
Repurchased shares					$ (4,843)
Repurchased shares (in shares)					(846,739)
Balance at Dec. 31, 2022	$ 10	1,334,776	4,358	(570,408)	$ 768,736
Balance (in shares) at Dec. 31, 2022	103,236,000
Balance at Mar. 31, 2022	$ 10	1,334,383	(195)	(564,312)	769,886
Balance (in shares) at Mar. 31, 2022	103,152,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			2,146	(9,110)	(6,964)
Equity-based compensation		393			393
Equity-based compensation (in shares)	84,000
Distributions				(9,283)	(9,283)
Balance at Jun. 30, 2022	$ 10	1,334,776	1,951	(582,705)	754,032
Balance (in shares) at Jun. 30, 2022	103,236,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			2,315	17,246	19,561
Distributions				(1,032)	(1,032)
Balance at Sep. 30, 2022	$ 10	1,334,776	4,266	(566,491)	772,561
Balance (in shares) at Sep. 30, 2022	103,236,000
Balance at Dec. 31, 2022	$ 10	1,334,776	4,358	(570,408)	768,736
Balance (in shares) at Dec. 31, 2022	103,236,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			(814)	2,406	1,592
Distributions				(1,033)	(1,033)
Balance at Mar. 31, 2023	$ 10	1,334,776	3,544	(569,035)	769,295
Balance (in shares) at Mar. 31, 2023	103,236,000
Balance at Dec. 31, 2022	$ 10	1,334,776	4,358	(570,408)	768,736
Balance (in shares) at Dec. 31, 2022	103,236,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)					(54,626)
Repurchased shares					(4,800)
Balance at Sep. 30, 2023	$ 10	1,335,091	1,417	(625,192)	711,326
Balance (in shares) at Sep. 30, 2023	103,430,000
Balance at Mar. 31, 2023	$ 10	1,334,776	3,544	(569,035)	769,295
Balance (in shares) at Mar. 31, 2023	103,236,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			(1,064)	(8,420)	(9,484)
Equity-based compensation		315			315
Equity-based compensation (in shares)	194,000
Distributions				(1,032)	(1,032)
Balance at Jun. 30, 2023	$ 10	1,335,091	2,480	(578,487)	759,094
Balance (in shares) at Jun. 30, 2023	103,430,000
Increase (Decrease) in Stockholders' Equity
Comprehensive income (loss)			(1,063)	(45,671)	(46,734)
Distributions				(1,034)	(1,034)
Balance at Sep. 30, 2023	$ 10	$ 1,335,091	$ 1,417	$ (625,192)	$ 711,326
Balance (in shares) at Sep. 30, 2023	103,430,000

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Consolidated Statements of Stockholders' Equity
Distributions common stock (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.09	$ 0.09

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (51,685)	$ 3,978
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	44,705	50,472
Amortization of above and below market leases	(39)	(88)
Shares issued as compensation	315	394
Amortization of other comprehensive income into interest expense	(2,789)
Loss on extinguishment of debt	106	78
Gain on consolidation of Sponsored REIT	(394)
Impairment and loan loss reserve		1,857
(Gain) loss on sale of properties and impairment of assets held for sale, net	(32,085)	24,077
Changes in operating assets and liabilities:
Tenant rent receivables	(653)	645
Straight-line rents	427	(4,064)
Lease acquisition costs	(903)	(2,659)
Prepaid expenses and other assets	(644)	(1,670)
Accounts payable and accrued expenses	(2,516)	(6,388)
Accrued compensation	(465)	(1,545)
Tenant security deposits	(79)	(493)
Payment of deferred leasing commissions	(5,926)	(7,086)
Net cash provided by operating activities	11,545	9,354
Cash flows from investing activities:
Property improvements, fixtures and equipment	(26,024)	(38,035)
Consolidation of Sponsored REIT	3,048
Proceeds received from sales of properties	37,062	102,007
Net cash provided by investing activities	14,086	63,972
Cash flows from financing activities:
Distributions to stockholders	(3,099)	(52,956)
Proceeds received from termination of interest rate swap	4,206
Stock repurchases		(4,843)
Borrowings under bank note payable	67,000	80,000
Repayments of bank note payable	(35,000)	(15,000)
Repayment of term loan payable	(50,000)	(110,000)
Deferred financing costs	(2,327)	(2,561)
Net cash used in financing activities	(19,220)	(105,360)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,411	(32,034)
Cash, cash equivalents and restricted cash, beginning of year	6,632	40,751
Cash, cash equivalents and restricted cash, end of period	13,043	8,717
Cash paid for:
Interest	16,704	13,692
Taxes	337	664
Non-cash investing activities:
Accrued costs for purchase of real estate assets	2,562	$ 7,466
Investment in related party mortgage loan receivable converted to real estate assets and acquired real estate in conjunction with variable interest entity consolidation	$ 20,000

Organization, Properties, Basis

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards	9 Months Ended
	Sep. 30, 2023
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards	1. Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards Organization Franklin Street Properties Corp. (“FSP Corp.” or the “Company”) holds, directly and indirectly, 100% of the interest in FSP Investments LLC, FSP Property Management LLC FSP Holdings LLC 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 the corporation that is the sole member of FSP Monument Circle LLC, which corporation was organized to operate as a real estate investment trust (“Monument Circle” or the “Sponsored REIT”). As of September 30, 2023, the Company owned and operated a portfolio of real estate consisting of 19 operating properties, and the Sponsored REIT, which was consolidated effective January 1, 2023. The Company may pursue, on a selective basis, the sale of its properties in order to take advantage of the value creation and demand for its properties, for geographic, property specific reasons or for other general corporate purposes. Properties The following table summarizes the Company’s number of owned and consolidated properties and rentable square feet of real estate. As of September 30, 2023 2022 Owned and Consolidated Properties: Number of properties (1) 20 22 Rentable square feet 6,206,460 6,433,954 (1) Includes three properties that were classified as assets held for sale as of September 30, 2023. Basis of Presentation The unaudited consolidated financial statements of the Company include all of the accounts of the Company and its majority-owned and controlled 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, 2022, as filed with the Securities and Exchange Commission. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any other period. Management is in discussions with lenders to extend or refinance the Company’s debt, a portion of which matures within one year after the date that these financial statements are issued as more fully described in Note 3 below. Management has considered whether there is substantial doubt about the Company's ability to continue as a going concern within one year of the issuance date of these interim financial statements due to the fact of the uncertainty regarding the maturities of this debt as set forth in Accounting Standards Codification (ASC) 205-40, “Presentation of Financial Statements - Going Concern.” As described in Note 1 below, the Company has concluded that management’s plans to dispose of assets and extend and/or refinance the Company’s debt are probable of being achieved and alleviate substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from an adverse outcome of this uncertainty. Financial Instruments As disclosed in Note 4, the Company’s derivatives were recorded at fair value using Level 2 inputs prior to their termination on February 8, 2023. 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. September 30, September 30, (in thousands) 2023 2022 Cash and cash equivalents (1) $ 13,043 $ 6,367 Restricted cash — 2,350 Total cash, cash equivalents and restricted cash $ 13,043 $ 8,717 (1) Includes $2,445 at September 30, 2023, pertaining to Monument Circle, which the Company is unable to utilize for its own operational purposes. Restricted cash Variable Interest Entities (VIEs) The Company determines whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. The determination of whether an entity in which the Company holds a, direct or indirect, variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. The Company makes judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, and then a quantitative analysis, if necessary. The Company analyzes any investments in VIEs to determine if the Company is the primary beneficiary. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. Determining which reporting entity, if any, is the primary beneficiary of a VIE is primarily a qualitative approach focused on identifying which reporting entity has both (1) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct a proposed sale of the property or merger of the company. In addition, the Company considers the rights of other investors to participate in those decisions, to replace the manager and to amend the corporate charter. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and considers that conclusion upon a reconsideration event. As of January 1, 2023, the Company’s relationship with the Sponsored REIT was considered a VIE and the Company became the primary beneficiary. Upon this reconsideration event, the entity is included within the Company’s consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. A gain on consolidation of approximately million held by Monument Circle was included in the Company’s cash and cash equivalents upon consolidation and is reflected as “Consolidation of Sponsored REIT” in the consolidated statement of cash flows. The cash and cash equivalents held by Monument Circle are unable to be utilized for the Company’s operational purposes. The creditors of Monument Circle’s trade payables do not have any recourse against the Company. The consolidation value of Monument Circle was allocated to real estate investments and leases, including lease origination costs. Lease origination costs represent the value associated with acquiring an in-place lease (i.e. the market cost to execute a similar lease, including leasing commission, legal, vacancy, and other related costs). The value assigned to building approximates the replacement cost; the value assigned to land approximates its appraised value; and the value assigned to leases approximate their fair value. Other assets and liabilities are recorded at their historical costs, which approximates fair value. The Company assessed the fair value of the acquired real estate leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. The following table summarizes the estimated fair value of the assets acquired at the date of consolidation, January 1, 2023: (in thousands) Real estate assets $ 19,695 Value of acquired real estate leases 305 Total $ 20,000 The following is quantitative information about significant unobservable inputs in the Company’s Level 3 measurement of the assets acquired in the consolidation of Monument Circle and were measured at fair value on a nonrecurring basis at January 1, 2023: Fair Value (1) at Significant Range Weighted Description January 1, 2023 Valuation Technique Unobservable Input Min Max Average (2) (in thousands) Monument Circle Consolidation $ 20,000 Discounted Cash Flows Exit Cap Rate 7.50 % 7.50 % 7.50 % Discount Rate 9.50 % 9.50 % 9.50 % (1) Classified within Level 3 of the fair value hierarchy. (2) Unobservable inputs were weighted based on the fair value of the related instrument. Prior to January 1, 2023, the Company’s relationship with the Sponsored REIT was considered a VIE in which the Company was not the primary beneficiary. The Company’s maximum exposure to losses associated with this VIE was limited to the principal amount outstanding under the loan from the Company to the Sponsored REIT secured by a mortgage on real estate owned by the Sponsored REIT (the “Sponsored REIT Loan”) net of the allowance for credit loss, the related accrued interest receivable and an exit fee receivable, which were in aggregate approximately million at December 31, 2022. The accrued interest and exit fee receivables are million at December 31, 2022. Liquidity and Management’s Plan When preparing financial statements for each annual and interim reporting period, management evaluates whether there are conditions or events that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued as set forth in Accounting Standards Codification (ASC) 205-40, “Presentation of Financial Statements - Going Concern.” In making its assessment, management considered the Company’s financial condition and liquidity sources. As of September 30, 2023 and November 7, 2023, the Company had aggregate outstanding indebtedness under two unsecured loans, the BofA Revolver and the BMO Term Loan (as defined in Note 3), totaling approximately $195 million and $205 million, respectively, maturing within 12 months of the date of issuance of the financial statements, and expects to have sufficient financial resources available to satisfy the obligations when due. Subsequent to September 30, 2023, on October 26, 2023, the Company closed on the disposition of million. As of the date of these interim financial statements, the Company is holding such net proceeds in cash and cash equivalents. As of September 30, 2023, the Company had entered into agreements to effect the sale of million of indebtedness maturing on October 1, 2024. The Company is also actively working on the potential disposition of additional properties that are not classified as assets held for sale as of September 30, 2023. As of September 30, 2023, the Company had entered into an agreement to effect the sale of a property that is scheduled to close during the fourth quarter of 2023, which would result in net proceeds of approximately million. The Company intends to use net proceeds from dispositions primarily for the repayment of debt. Management is also actively engaged in discussions with the Company’s lenders to extend and/or refinance the BofA Revolver and the BMO Term Loan prior to maturity. The Company believes that it will be able to extend and/or refinance the BofA Revolver and the BMO Term Loan prior to their scheduled October 1, 2024 maturity dates. However, there can be no assurance that the Company will be able to obtain extensions and/or refinancings in a timely manner, or on acceptable terms, if at all, or generate the cash necessary to pay off the BofA Revolver and the BMO Term Loan through asset sales prior to their October 1, 2024 maturity dates. The failure to obtain extensions and/or refinancings, or otherwise to repay the BofA Revolver and the BMO Term Loan, when due, could lead to events of default, which would have a material adverse effect on the Company’s financial condition. The Company has concluded that management’s plans to dispose of assets and extend and/or refinance the BofA Revolver and the BMO Term Loan are probable of being achieved and alleviate substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from an adverse outcome of this uncertainty. As of September 30, 2023, the Company also has the Series A Notes (as defined in Note 3) in the aggregate principal amount of $116 million outstanding that are scheduled to mature on December 20, 2024, which is beyond 12 months of the date of issuance of the financial statements in this Quarterly Report on Form 10-Q and therefore have been excluded from management’s associated going concern assessment and analysis. Recent Accounting Standards In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission. The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the Accounting Standards Codification and will not be effective. The Company does not anticipate that the adoption of ASU 2023-06 will have a material impact on the consolidated financial statements. 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”). ASU 2020-04 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 does not anticipate that the adoption of ASU 2020-04 will have a material impact on the consolidated financial statements.

Related Party Transactions and

Related Party Transactions and Investments in Non-Consolidated Entities	9 Months Ended
	Sep. 30, 2023
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 December 31, 2022, the Company held a non-controlling common stock interest in the Sponsored REIT. 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. Prior to the consolidation of Monument Circle on January 1, 2023, the Company held the Sponsored REIT Loan, which was reported in the balance sheet as a related party mortgage loan receivable. The Company reviewed the need for an allowance under the current expected credit loss model for the Sponsored REIT Loan at each reporting period. The measurement of expected credit losses was based upon historical experiences, current conditions, and reasonable and supportable forecasts that affected the collectability of the reported amount. The Company elected to apply the practical expedient for financial assets secured by collateral in instances where the borrower was experiencing financial difficulty and repayment of the Sponsored REIT Loan was expected to be provided substantially through operation or sale of the collateral. The Company used the fair value of the collateral at the reporting date, and an adjustment to the allowance for expected credit losses was recorded when the amortized cost basis of the financial asset exceeded the fair value of the collateral, less costs to sell. The Company regularly evaluated 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 fair value, operating results and existing cash balances were considered and used to assess whether cash flows from operations were sufficient to cover the current and future operating and debt service requirements. The Company also evaluated the borrower’s competency in managing and operating the secured property and considered the overall economic environment, real estate sector and geographic sub-market in which the secured property is located. The Company applied normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. The outstanding Sponsored REIT Loan is secured by a mortgage on the underlying property and the balances within the borrower’s cash accounts. The Company recognized interest income and fees from the Sponsored REIT Loan of approximately $0 and $1,367,000 for the nine months ended September 30, 2023 and 2022, respectively. On October 29, 2021, the Company agreed to amend and restate the then existing Sponsored REIT Loan to extend the maturity date from December 6, 2022 to June 30, 2023 and to advance an additional $3.0 million tranche of indebtedness to FSP Monument Circle LLC with the same June 30, 2023 maturity date, effectively increasing the aggregate principal amount of the Sponsored REIT Loan from $21 million to $24 million. In addition, the Company agreed to defer all principal and interest payments due under the Sponsored REIT Loan until the maturity date. As part of its consideration for agreeing to amend and restate the Sponsored REIT Loan, the Company obtained from the stockholders of the parent of Monument Circle the right to vote their shares in favor of any sale of the property owned by Monument Circle any time on or after January 1, 2023. There were no commitments to lend additional funds to the Sponsored REIT. On June 26, 2023, the Sponsored REIT Loan maturity The Company recorded a $4.2 million increase in its provision for credit losses during the year ended December 31, 2022 which was primarily due to the deterioration within the real estate market, changes to key assumptions applied within our financial model to reflect these changes, such as the exit capitalization and discount rates, and an increase in the accrued interest receivable balance. The Company recorded a million decrease in its provision for credit losses during the three months ended March 31, 2023. The change in the allowance for credit losses during the three months ended March 31, 2023 was due to the consolidation of Monument Circle. There were adjustments during the subsequent months through September 30, 2023. The following table presents a roll-forward of the Company’s allowance for credit losses. For the Nine Months Ended September 30, (In thousands) 2023 2022 Beginning allowance for credit losses $ (4,237) $ — Additional increases to the allowance for credit losses — (1,857) Reductions to the allowance for credit losses 4,237 — Ending allowance for credit losses $ — $ (1,857) The following is quantitative information about significant unobservable inputs in the Company’s Level 3 measurement of the collateral of the Sponsored REIT Loan measured at fair value on a nonrecurring basis at December 31, 2022: Fair Value (1) at Significant Range Weighted Description December 31, 2022 Valuation Technique Unobservable Input Min Max Average (2) (in thousands) Sponsored REIT Loan $ 19,763 Discounted Cash Flows Exit Cap Rate 7.50 % 7.50 % 7.50 % Discount Rate 9.50 % 9.50 % 9.50 % (1) Classified within Level 3 of the fair value hierarchy. (2) Unobservable inputs were weighted based on the fair value of the related instrument.

Bank Note Payable, Term Loans P

Bank Note Payable, Term Loans Payable and Senior Notes	9 Months Ended
Bank Note Payable, Term Loans Payable and Senior Notes	Sep. 30, 2023
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 BMO Term Loan On February 10, 2023, the Company entered into a First Amendment to the Second Amended and Restated Credit Agreement with the lending institutions party thereto and Bank of Montreal, as administrative agent (the “BMO First Amendment”). The BMO First Amendment amended the Second Amended and Restated Credit Agreement, dated September 27, 2018, among the Company and the lending institutions party thereto (as amended by the BMO First Amendment, the “BMO Credit Agreement”) to, among other things, extend the maturity date from January 31, 2024 to October 1, 2024 and change the interest rate from a number of basis points over LIBOR depending on the Company’s credit rating to million (the “BMO Term Loan”). million principal amount remained outstanding. On August 10, 2023, the Company repaid an additional . On or before April 1, 2024, the Company is required to repay an additional million of the BMO Term Loan. The remaining balance of the BMO Term Loan matures on October 1, 2024. Effective February 10, 2023 upon entering into the BMO First Amendment, the BMO Term Loan bears interest at either (i) 300 basis points over one three basis points over the base rate. Prior to February 10, 2023, the BMO Term Loan bore interest at either (i) a number of basis points over LIBOR depending on the Company’s credit rating ( As of September 30, 2023, the interest rate on the BMO Term Loan was 8.43% per annum. The weighted average variable interest rate on all amounts outstanding under the BMO Term Loan from February 8, 2023, which is when the Company terminated its outstanding interest rate swaps applicable to the BMO Term Loan as described below, through September 30, 2023 was approximately Although the interest rate on the BMO Term Loan is variable under the BMO Credit Agreement, the Company fixed the base LIBOR interest rate that previously applied to the BMO Term Loan by entering into interest rate swap transactions. 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 both December 31, 2022 and February 8, 2023, the effective interest rate on the BMO Term Loan was per annum. On February 8, 2023, the Company terminated all outstanding interest rate swaps applicable to the BMO Term Loan and, on February 10, 2023, the Company received an aggregate of approximately million related to interest receivable. 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 and repurchases and redemptions of the Company’s common stock; going concern qualifications to the Company’s financial statements; and the requirement to have subsidiaries provide a guaranty in the event that they incur recourse indebtedness and transactions with affiliates. In addition, the BMO Credit Agreement also restricts the Company’s ability to make quarterly dividend distributions that exceed per share of the Company’s common stock; provided, however, that notwithstanding such restriction, the Company is permitted to make dividend distributions based on the Company’s good faith estimate of projected or estimated taxable income or otherwise as necessary to retain the Company’s status as a real estate investment trust, to meet the distribution requirements of Section 857 of the Internal Revenue Code or to eliminate any income or excise taxes to which the Company would otherwise be subject. 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 maximum secured recourse 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 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 September 30, 2023. BofA Revolver On February 10, 2023, the Company entered into a First Amendment to Credit Agreement with Bank of America, N.A., as administrative agent, a letter of credit issuer and a lender (“BofA”), and the other lending institutions party thereto (the “BofA First Amendment”), for a revolving line of credit for borrowings, at the Company’s election, of up to $150 million (the “BofA Revolver”). The BofA First Amendment amended the Credit Agreement, dated January 10, 2022, among the Company and the lending institutions party thereto (as amended by the BofA First Amendment, the “BofA Credit Agreement”) to, among other things, extend the maturity date from January 12, 2024 to October 1, 2024, reduce availability for borrowings, at the Company’s election, from up to basis points over SOFR. Borrowings made under the BofA Revolver may be revolving loans or letters of credit, the combined sum of which may not exceed million. As of September 30, 2023 and November 7, 2023, there were borrowings of million that the Company borrowed on February 10, 2023 to repay a portion of the BMO Term Loan. Borrowings made pursuant to the BofA Revolver may be borrowed, repaid and reborrowed from time to time until the maturity date on October 1, 2024. Effective February 10, 2023 upon entering into the BofA First Amendment, the BofA Revolver bears interest at 300 basis points over either (i) the daily simple SOFR, plus an adjustment of 0.11448%, or (ii) one three a corresponding adjustment of 0.11448%, 0.26161% or 0.42826% , respectively. In addition, under certain circumstances, such as if SOFR was not able to be determined, the BofA Revolver will instead bear interest at basis points over the base rate. Prior to February 10, 2023, borrowings under the BofA Revolver bore interest at a margin over either (i) the daily simple SOFR, plus an adjustment of one three per annum and, if applicable, letter of credit fees. Prior to February 10, 2023, the Company was also obligated to pay an annual facility fee and, if applicable, letter of credit fees in amounts that were also based on the Company’s leverage ratio. The previous facility fee was assessed against the aggregate amount of lender commitments regardless of usage ( As of September 30, 2023, the interest rate on the BofA Revolver was 8.43% per annum. The weighted average variable interest rate on all amounts outstanding under the BofA Revolver through September 30, 2023 was approximately per annum. The BofA 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, use of proceeds, the amount of cash and cash equivalents that the Company can have on its balance sheet after giving effect to an advance under the BofA Revolver, repurchases and redemptions of the Company’s common stock, going concern qualifications to the Company’s financial statements, and the requirement to have subsidiaries provide a guaranty in the event that they incur recourse indebtedness and transactions with affiliates. The BofA 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 maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio and a minimum unsecured interest coverage ratio. The BofA Credit Agreement also restricts the Company’s ability to make quarterly dividend distributions that exceed per share of the Company’s common stock; provided, however, that notwithstanding such restriction, the Company is permitted to make dividend distributions based on the Company’s good faith estimate of projected or estimated taxable income or otherwise as necessary to retain the Company’s status as a real estate investment trust, to meet the distribution requirements of Section 857 of the Internal Revenue Code or to eliminate any income or excise taxes to which the Company would otherwise be subject. The Company was in compliance with the BofA Revolver financial covenants as of September 30, 2023. The BofA Credit Agreement provides for customary events of default with corresponding grace periods, including failure to pay any principal or interest when due, failure to comply with the provisions of the BofA Credit Agreement, certain cross defaults and a change in control of the Company (as defined in the BofA Credit Agreement). In the event of a default by the Company, BofA, in its capacity as administrative agent, may, and at the request of the requisite number of lenders shall, declare all obligations under the BofA Credit Agreement immediately due and payable and enforce any and all rights of the lenders or BofA under the BofA 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 may use the net proceeds of the BofA Revolver for permitted investments, working capital and other general business purposes, including for building improvements, tenant improvements and leasing commissions, in each case to the extent permitted under the BofA Credit Agreement. Former BofA Credit Facility On July 21, 2016, the Company entered into a First Amendment (the “BofA First Amendment”), and on October 18, 2017, the Company entered into a Second Amendment (the “BofA Second Amendment”), to the Second Amended and Restated Credit Agreement dated October 29, 2014 among the Company, the lending institutions party thereto and BofA, as administrative agent, L/C Issuer and Swing Line Lender (as amended by the BofA First Amendment and the BofA Second Amendment, the “Amended Former BofA Credit Facility”) that continued an existing unsecured revolving line of credit (the “Former BofA Revolver”) and an existing term loan (the “Former BofA Term Loan”). Effective simultaneously with the closing of the Amended Former BofA Credit Facility on January 10, 2022, the Company delivered a notice to BofA terminating the aggregate lender commitments under the Former BofA Revolver in their entirety. There were amounts drawn on the Former BofA Revolver as of December 31, 2021 and January 10, 2022. Former BofA Revolver Highlights ● The Former BofA Revolver was terminated at the Company’s election effective January 10, 2022. ● As of December 31, 2021 and January 10, 2022, there were no borrowings under the Former BofA Revolver. The Former BofA Revolver bore interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.550% over LIBOR at December 31, 2021) or (ii) a margin over the base rate depending on the Company’s credit rating (0.550% over the base rate at December 31, 2021). The Former BofA Credit Facility also obligated the Company to pay an annual facility fee in an amount that is based on the Company’s credit rating. The facility fee was assessed against the total amount of the Former BofA Revolver, or $600 million (0.30% at December 31, 2021). The amount of any applicable facility fee, and the margin over LIBOR rate or base rate was determined based on the Company’s credit rating pursuant to a pricing grid. For purposes of the Former BofA Credit Facility, base rate meant, 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 0.50%, and (iii) the one month LIBOR based rate for such day plus 1.00%. As of December 31, 2021, the Company’s credit rating from Moody’s Investors Service was Ba1. During 2022 and as of December 31, 2022, there were no borrowings under the Former BofA Revolver. Former BofA Term Loan Highlights ● The Former BofA Term Loan was repaid in its entirety on September 6, 2022. ● The original principal amount of the Former BofA Term Loan was $400 million. On September 30, 2021, the Company repaid a $90 million portion and on October 25, 2021, the Company repaid a $200 million portion of the Former BofA Term Loan and incurred a loss on extinguishment of debt of $0.7 million related to unamortized deferred financing costs. On September 6, 2022, the Company prepaid the remaining $110 million balance of the Former BofA Term Loan in full and incurred a loss of extinguishment of debt of $0.1 million related to unamortized deferred financing costs. The Former BofA Term Loan bore interest at either (i) a margin over LIBOR depending on the Company’s credit rating (1.75% over LIBOR at the date of repayment on September 6, 2022) or (ii) a margin over the base rate depending on the Company’s credit rating (0.750% over the base rate at the date of repayment on September 6, 2022). The margin over LIBOR rate or base rate was determined based on the Company’s credit rating pursuant to a pricing grid. The interest rate on the Former BofA Term Loan was variable through the date of repayment on September 6, 2022. Previously the Company had fixed the base LIBOR interest rate on the Former BofA 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 Former BofA Term Loan at per annum for the period beginning on September 27, 2017 and ended on September 27, 2021. The weighted average variable interest rate on all amounts outstanding under the Former BofA Term Loan through the date of repayment on September 6, 2022 was approximately per annum. 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) Series A Senior Notes due December 20, 2024 in an aggregate principal amount of $116 million (the “Series A Notes”) and (ii) 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 Former BofA Revolver. The Senior Notes bear interest depending on the Company’s credit rating. As of September 30, 2023, the Series A Notes bear interest at per annum. 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 BofA Credit Agreement and the BMO 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 September 30, 2023.

Financial Instruments_ Derivati

Financial Instruments: Derivatives and Hedging	9 Months Ended
Financial Instruments: Derivatives and Hedging	Sep. 30, 2023
Financial Instruments: Derivatives and Hedging
Financial Instruments: Derivatives and Hedging	4. Financial Instruments: Derivatives and Hedging On February 20, 2019, the Company entered into interest rate swap transactions that 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 2019 BMO Interest Rate Swap is described in Note 3. On February 8, 2023, the Company terminated the 2019 BMO Interest Rate Swap applicable to the BMO Term Loan and, on February 10, 2023, the Company received an aggregate of approximately million related to interest receivable. As of September 30, 2023, there were derivative instruments. The 2019 BMO Interest Rate Swap qualified as a cash flow hedge and has 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 instrument at December 31, 2022. The notional value is an indication of the extent of the Company’s involvement in this instrument at that time, but does not represent exposure to credit, interest rate or market risks. Notional Strike Effective Expiration Fair Value (1) at (in thousands) Value Rate Date Date September 30, 2023 December 31, 2022 2019 BMO Interest Rate Swap $ 165,000 2.39 % Aug-20 Jan-24 $ — $ 4,358 (1) Classified within Level 2 of the fair value hierarchy. The 2019 BMO Interest Rate Swap was reported as an asset with a fair value of approximately $4.4 million at December 31, 2022. The balance is included in other assets: derivative asset in the consolidated balance sheet at December 31, 2022. The gain (loss) on the Company’s 2019 BMO Interest Rate Swap was recorded in other comprehensive income (loss) (OCI), and the accompanying consolidated statements of operations as a component of interest expense for the nine months ended September 30, 2023 and 2022, was as follows: (in thousands) Nine Months Ended September 30, Interest Rate Swaps in Cash Flow Hedging Relationships: 2023 2022 Amounts of gain recognized in OCI $ 177 $ 7,835 Amounts of previously recorded gain (loss) reclassified from OCI into Interest Expense $ 3,118 $ (1,669) Total amount of Interest Expense presented in the consolidated statements of operations $ 18,099 $ 17,140 Over time, the realized gains in accumulated other comprehensive income will be reclassified into earnings as a decrease to interest expense in the same periods in which the hedged interest payments would affect earnings. The Company estimates that approximately The Company hedged the exposure to variability in anticipated future interest payments on existing debt. The BMO Term Loan hedging transaction used derivative instruments that involved certain additional risks such as counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates would cause a significant loss of basis in the contract. The Company required its derivatives contracts to be with counterparties that have investment grade ratings. As a result, the Company did not anticipate that any counterparty would fail to meet its obligations. However, there was no assurance that the Company would be able to adequately protect against the foregoing risks or that it would ultimately realize an economic benefit that exceeded 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 sheet. 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	9 Months Ended
Net Income Per Share	Sep. 30, 2023
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 potential dilutive shares outstanding at each of September 30, 2023 and 2022.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity As of September 30, 2023, the Company had 103,430,353 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 2023 $ 0.01 $ 1,033 Second quarter of 2023 $ 0.01 $ 1,032 Third quarter of 2023 $ 0.01 $ 1,034 2022: Special dividend declared in December 2021 and paid January 2022 $ 0.32 $ 33,280 First quarter of 2022 $ 0.09 $ 9,360 Second quarter of 2022 $ 0.09 $ 9,284 Third quarter of 2022 $ 0.01 $ 1,032 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 each of May 17, 2022 and May 18, 2023, the Company granted shares under the Plan to non-employee directors with the compensation cost related to such grants indicated in the table below, which was recognized during the year ended December 31, 2022 and the nine months ended September 30, 2023, respectively, included in general and administrative expenses for the respective period. Such shares were fully vested on the date of issuance. Shares Available Compensation for Grant Cost Balance December 31, 2021 1,780,820 1,012,500 Shares granted 2022 (84,133) 393,750 Balance December 31, 2022 1,696,687 $ 1,406,250 Shares granted 2023 (194,439) 314,991 Balance September 30, 2023 1,502,248 $ 1,721,241 Repurchase of Common Stock On June 23, 2021, the Board of Directors of the Company authorized the repurchase of up to $50 million of the Company’s common stock from time to time in the open market, privately negotiated transactions or other manners as permitted by federal securities laws. The repurchase authorization may be suspended or discontinued at any time. The Company repurchased 846,739 shares of common stock during the first quarter of 2022 at an aggregate cost of approximately $4.8 million at an average cost of approximately $5.72 per share, inclusive of brokerage commissions. The Company did not repurchase any shares of common stock during the remainder of 2022 or the first quarter of 2023. The excess of the purchase price over the par value of the shares repurchased is applied to reduce additional paid-in capital. On February 10, 2023, the Company announced it had discontinued the previous repurchase authorization made on June 23, 2021. A summary of the repurchase of common stock by the Company is shown in the following table: (Cost in thousands) Shares Repurchased Cost Balance, December 31, 2021 4,413,741 $ 37,019 Repurchase of shares 846,739 4,843 Balance, December 31, 2022 5,260,480 $ 41,862

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Taxes
Income Taxes	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 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 million as of December 31, 2022 and December 31, 2021, 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 and as such, the Company’s returns that remain subject to examination would be primarily from 2019 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 Company’s prior 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 million as of September 30, 2023 and December 31, 2022, respectively. 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 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 Nine Months Ended September 30, (Dollars in thousands) 2023 2022 Revised Texas Franchise Tax $ 212 $ 167 Other Taxes — — Tax expense $ 212 $ 167 Taxes on income are a current tax expense.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
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. For the nine months ended September 30, 2023 and 2022, the Company recognized the following amounts of income relating to lease payments: Income relating to lease payments: Nine Months Ended (in thousands) September 30, 2023 September 30, 2022 Income from leases (1) $ 111,316 $ 118,843 $ 111,316 $ 118,843 (1) Includes amounts recognized from variable lease payments of $32,275 and $37,050 for the nine months ended September 30, 2023 and 2022, respectively.

Disposition of Properties

Disposition of Properties	9 Months Ended
Disposition of Properties	Sep. 30, 2023
Dispositions of properties
Dispositions of properties	9. Disposition of Properties and Asset Held for Sale In 2021, the Company determined that further debt reduction would provide greater financial flexibility and potentially increase shareholder value. Accordingly, the Company adopted a strategy to dispose of certain properties where it believes valuation potential has been reached. In 2022, the Company sold two office properties located in Broomfield, Colorado on August 31, 2022 for an aggregate sales price of $102.5 million, at a gain of approximately $24.1 million. The Company sold an office property located in Evanston, Illinois on December 28, 2022 for a sales price of million. The Company used the proceeds of the dispositions principally to repay outstanding indebtedness. In 2023, the Company sold one office property located in Elk Grove, Illinois on March 10, 2023, for a sales price of $29.1 million, at a gain of approximately $8.4 million. The Company used the proceeds of the disposition principally to repay a portion of outstanding indebtedness. The Company sold square feet of land at our Addison, Texas property to the Town of Addison as part of a road revitalization project. During the three months ended September 30, 2023, the Company entered into an agreement to sell a property in Miami, Florida for a gross sales price of approximately $68.0 million at an expected loss of $19.2 million and an agreement to sell a property in Atlanta, Georgia for a gross sales price of approximately $40.0 million at an expected loss of $20.5 million. The Company reclassified $96.4 million of its office properties in Miami, Florida and Atlanta, Georgia as assets held for sale as of September 30, 2023, which is comprised of $122.2 million of real estate assets, net of accumulated depreciation, $5.5 million of straight-line rents receivable, and $8.4 million of deferred leasing commissions, net of accumulated amortization. The Company recorded these properties at the fair value less cost to sell, which was less than the carrying value and resulted in an impairment of million in the three months ended September 30, 2023. The reclassification is a non-cash investing activity on the statement of cash flows. The Company estimated the fair value of these properties, less estimated costs to sell, using the offers to purchase the properties made by third parties (Level 3 inputs, as there is no active market). During the three months ended September 30, 2023, the Company entered into an agreement to sell a property in Plano, Texas for a gross sales price of approximately $48.0 million at an expected gain of $10.6 million. The Company reclassified million of acquired real estate leases, net of accumulated amortization. The reclassification is a non-cash investing activity on the statement of cash flows. The Company reports the results of operations of its properties in its consolidated statements of operations, which includes rental income, rental operating expenses, real estate taxes and insurance and depreciation and amortization. The operating results for the properties that the Company disposed of or classified as assets held for sale are summarized below: Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 Rental revenue $ 5,354 $ 8,592 $ 16,062 $ 27,646 Rental operating expenses (1,862) (2,809) (5,277) (8,669) Real estate taxes and insurance (720) (2,416) (2,264) (7,287) Depreciation and amortization (1,034) (3,157) (5,372) (10,246) Income from dispositions and assets held for sale $ 1,738 $ 210 $ 3,149 $ 1,444

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events
Subsequent Events	10. Subsequent Events On October 6, 2023, the Board of Directors of the Company declared a cash distribution of $0.01 per share of common stock payable on November 9, 2023 to stockholders of record on October 20, 2023. On October 26, 2023, the Company sold an office building located in Plano, Texas, for a sales price of $48.0 million at a gain of approximately $10.6 million.

Organization, Properties, Bas_2

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards
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 and controlled 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, 2022, as filed with the Securities and Exchange Commission. The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any other period. Management is in discussions with lenders to extend or refinance the Company’s debt, a portion of which matures within one year after the date that these financial statements are issued as more fully described in Note 3 below. Management has considered whether there is substantial doubt about the Company's ability to continue as a going concern within one year of the issuance date of these interim financial statements due to the fact of the uncertainty regarding the maturities of this debt as set forth in Accounting Standards Codification (ASC) 205-40, “Presentation of Financial Statements - Going Concern.” As described in Note 1 below, the Company has concluded that management’s plans to dispose of assets and extend and/or refinance the Company’s debt are probable of being achieved and alleviate substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from an adverse outcome of this uncertainty.
Financial Instruments	Financial Instruments As disclosed in Note 4, the Company’s derivatives were recorded at fair value using Level 2 inputs prior to their termination on February 8, 2023. 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. September 30, September 30, (in thousands) 2023 2022 Cash and cash equivalents (1) $ 13,043 $ 6,367 Restricted cash — 2,350 Total cash, cash equivalents and restricted cash $ 13,043 $ 8,717 (1) Includes $2,445 at September 30, 2023, pertaining to Monument Circle, which the Company is unable to utilize for its own operational purposes. Restricted cash
Recent Accounting Standards	Recent Accounting Standards In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 adds interim and annual disclosure requirements to GAAP at the request of the Securities and Exchange Commission. The guidance in ASU 2023-06 is required to be applied prospectively and the GAAP requirements will be effective when the removal of the related SEC disclosure requirements is effective. If the SEC does not act to remove its related requirement by June 30, 2027, any related FASB amendments will be removed from the Accounting Standards Codification and will not be effective. The Company does not anticipate that the adoption of ASU 2023-06 will have a material impact on the consolidated financial statements. 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”). ASU 2020-04 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 does not anticipate that the adoption of ASU 2020-04 will have a material impact on the consolidated financial statements.

Organization, Properties, Bas_3

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2023
Summary of the entity's investment in real estate assets, including number of properties and rentable square feet of real estate	As of September 30, 2023 2022 Owned and Consolidated Properties: Number of properties (1) 20 22 Rentable square feet 6,206,460 6,433,954
Reconciliation of cash, cash equivalents, and restricted cash	September 30, September 30, (in thousands) 2023 2022 Cash and cash equivalents (1) $ 13,043 $ 6,367 Restricted cash — 2,350 Total cash, cash equivalents and restricted cash $ 13,043 $ 8,717 (1) Includes $2,445 at September 30, 2023, pertaining to Monument Circle, which the Company is unable to utilize for its own operational purposes.
Fair value of assets acquired at consolidation of VIE	(in thousands) Real estate assets $ 19,695 Value of acquired real estate leases 305 Total $ 20,000
Quantitative information about significant unobservable inputs of Level 3 measurement	Fair Value (1) at Significant Range Weighted Description December 31, 2022 Valuation Technique Unobservable Input Min Max Average (2) (in thousands) Sponsored REIT Loan $ 19,763 Discounted Cash Flows Exit Cap Rate 7.50 % 7.50 % 7.50 % Discount Rate 9.50 % 9.50 % 9.50 % (1) Classified within Level 3 of the fair value hierarchy. (2) Unobservable inputs were weighted based on the fair value of the related instrument.
Variable interest entities ("VIEs")
Quantitative information about significant unobservable inputs of Level 3 measurement	Fair Value (1) at Significant Range Weighted Description January 1, 2023 Valuation Technique Unobservable Input Min Max Average (2) (in thousands) Monument Circle Consolidation $ 20,000 Discounted Cash Flows Exit Cap Rate 7.50 % 7.50 % 7.50 % Discount Rate 9.50 % 9.50 % 9.50 % (1) Classified within Level 3 of the fair value hierarchy. (2) Unobservable inputs were weighted based on the fair value of the related instrument.

Related Party Transactions an_2

Related Party Transactions and Investments in Non-Consolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions and Investments in Non-Consolidated Entities
Allowance for credit losses rollforward	For the Nine Months Ended September 30, (In thousands) 2023 2022 Beginning allowance for credit losses $ (4,237) $ — Additional increases to the allowance for credit losses — (1,857) Reductions to the allowance for credit losses 4,237 — Ending allowance for credit losses $ — $ (1,857)
Quantitative information about significant unobservable inputs of Level 3 measurement	Fair Value (1) at Significant Range Weighted Description December 31, 2022 Valuation Technique Unobservable Input Min Max Average (2) (in thousands) Sponsored REIT Loan $ 19,763 Discounted Cash Flows Exit Cap Rate 7.50 % 7.50 % 7.50 % Discount Rate 9.50 % 9.50 % 9.50 % (1) Classified within Level 3 of the fair value hierarchy. (2) Unobservable inputs were weighted based on the fair value of the related instrument.

Financial Instruments_ Deriva_2

Financial Instruments: Derivatives and Hedging (Tables)	9 Months Ended
Financial Instruments: Derivatives and Hedging (Tables)	Sep. 30, 2023
Financial Instruments: Derivatives and Hedging
Schedule of notional and fair value of derivative financial instruments	Notional Strike Effective Expiration Fair Value (1) at (in thousands) Value Rate Date Date September 30, 2023 December 31, 2022 2019 BMO Interest Rate Swap $ 165,000 2.39 % Aug-20 Jan-24 $ — $ 4,358 (1) Classified within Level 2 of the fair value hierarchy.
Summary of Interest Rate Swaps that was recorded in OCI	(in thousands) Nine Months Ended September 30, Interest Rate Swaps in Cash Flow Hedging Relationships: 2023 2022 Amounts of gain recognized in OCI $ 177 $ 7,835 Amounts of previously recorded gain (loss) reclassified from OCI into Interest Expense $ 3,118 $ (1,669) Total amount of Interest Expense presented in the consolidated statements of operations $ 18,099 $ 17,140

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2023
Stockholders' Equity
Schedule of dividends declared and paid	Dividends Per Total Quarter Paid Share Dividends First quarter of 2023 $ 0.01 $ 1,033 Second quarter of 2023 $ 0.01 $ 1,032 Third quarter of 2023 $ 0.01 $ 1,034 2022: Special dividend declared in December 2021 and paid January 2022 $ 0.32 $ 33,280 First quarter of 2022 $ 0.09 $ 9,360 Second quarter of 2022 $ 0.09 $ 9,284 Third quarter of 2022 $ 0.01 $ 1,032
Schedule of Share-based Payment Arrangement, Nonemployee Director Award Plan, Activity	Shares Available Compensation for Grant Cost Balance December 31, 2021 1,780,820 1,012,500 Shares granted 2022 (84,133) 393,750 Balance December 31, 2022 1,696,687 $ 1,406,250 Shares granted 2023 (194,439) 314,991 Balance September 30, 2023 1,502,248 $ 1,721,241
Schedule of repurchase of common stock	(Cost in thousands) Shares Repurchased Cost Balance, December 31, 2021 4,413,741 $ 37,019 Repurchase of shares 846,739 4,843 Balance, December 31, 2022 5,260,480 $ 41,862

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2023
Income Taxes
Schedule of income tax expense reflected in the condensed consolidated statements of income	For the Nine Months Ended September 30, (Dollars in thousands) 2023 2022 Revised Texas Franchise Tax $ 212 $ 167 Other Taxes — — Tax expense $ 212 $ 167

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases
Summary of income relating to lease payments and undiscounted cash flows	Income relating to lease payments: Nine Months Ended (in thousands) September 30, 2023 September 30, 2022 Income from leases (1) $ 111,316 $ 118,843 $ 111,316 $ 118,843 (1) Includes amounts recognized from variable lease payments of $32,275 and $37,050 for the nine months ended September 30, 2023 and 2022, respectively.

Disposition of properties (Tabl

Disposition of properties (Tables)	9 Months Ended
Disposition of properties (Tables)	Sep. 30, 2023
Dispositions of properties
Summary of operating results for discontinued operations	Three months ended September 30, Nine months ended September 30, (in thousands) 2023 2022 2023 2022 Rental revenue $ 5,354 $ 8,592 $ 16,062 $ 27,646 Rental operating expenses (1,862) (2,809) (5,277) (8,669) Real estate taxes and insurance (720) (2,416) (2,264) (7,287) Depreciation and amortization (1,034) (3,157) (5,372) (10,246) Income from dispositions and assets held for sale $ 1,738 $ 210 $ 3,149 $ 1,444

Organization, Properties, Bas_4

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards (Details)	9 Months Ended
	Sep. 30, 2023 ft² property	Sep. 30, 2022 ft² property
Properties
Number of properties	19
Number of owned and consolidated properties	20	22
Rentable square feet \| ft²	6,206,460	6,433,954
Number of properties classified as assets held for sale	3
FSP Investments LLC
Organization
Ownership interest (as a percent)	100%
FSP Property Management LLC
Organization
Ownership interest (as a percent)	100%
FSP Holdings LLC
Organization
Ownership interest (as a percent)	100%
FSP Protective TRS Corp.
Organization
Ownership interest (as a percent)	100%

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 13,043		$ 6,367
Restricted Cash			2,350
Total cash, cash equivalents and restricted cash	$ 13,043	$ 6,632	$ 8,717	$ 40,751
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Total cash, cash equivalents and restricted cash
FSP Monument Circle LLC
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 2,445

Organization, Properties, Bas_6

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards - Variable Interest Entities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable interest entity
Gain on consolidation of Sponsored REIT	$ 394
Cash, cash equivalents and restricted cash	13,043		$ 6,632	$ 8,717	$ 40,751
VIE at Consolidation
Real estate assets	921,581		1,103,248
Acquired real estate leases	7,447		10,186
Related party mortgage loan receivable			$ 19,763
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration]			us-gaap:ValuationTechniqueDiscountedCashFlowMember
Level 3
VIE at Consolidation
Related party mortgage loan receivable			$ 19,763
Level 3 \| Exit Cap Rate \| Maximum
VIE at Consolidation
Measurement input			7.50
Level 3 \| Exit Cap Rate \| Minimum
VIE at Consolidation
Measurement input			7.50
Level 3 \| Exit Cap Rate \| Weighted Average
VIE at Consolidation
Measurement input			7.50
Level 3 \| Discount Rate \| Maximum
VIE at Consolidation
Measurement input			9.50
Level 3 \| Discount Rate \| Minimum
VIE at Consolidation
Measurement input			9.50
Level 3 \| Discount Rate \| Weighted Average
VIE at Consolidation
Measurement input			9.50
Variable interest entities ("VIEs")
Variable interest entity
Gain on consolidation of Sponsored REIT	400
Cash, cash equivalents and restricted cash	2,445		$ 0
VIE at Consolidation
Real estate assets	19,439	$ 19,695	0
Acquired real estate leases	305	305	305
Total		20,000
Variable interest entities ("VIEs") \| FSP Monument Circle LLC
Variable interest entity
Cash, cash equivalents and restricted cash	$ 3,000
Variable interest entities ("VIEs") \| Level 3
VIE at Consolidation
Related party mortgage loan receivable		$ 20,000
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration]		us-gaap:ValuationTechniqueDiscountedCashFlowMember
Variable interest entities ("VIEs") \| Level 3 \| Exit Cap Rate \| Maximum
VIE at Consolidation
Measurement input		7.50
Variable interest entities ("VIEs") \| Level 3 \| Exit Cap Rate \| Minimum
VIE at Consolidation
Measurement input		7.50
Variable interest entities ("VIEs") \| Level 3 \| Exit Cap Rate \| Weighted Average
VIE at Consolidation
Measurement input		7.50
Variable interest entities ("VIEs") \| Level 3 \| Discount Rate \| Maximum
VIE at Consolidation
Measurement input		9.50
Variable interest entities ("VIEs") \| Level 3 \| Discount Rate \| Minimum
VIE at Consolidation
Measurement input		9.50
Variable interest entities ("VIEs") \| Level 3 \| Discount Rate \| Weighted Average
VIE at Consolidation
Measurement input		9.50
VIE, Not Primary Beneficiary
Variable interest entity
Maximum exposure to losses associated with VIE			22,100
VIE, Not Primary Beneficiary \| Prepaid expenses and other assets
Variable interest entity
Accrued interest and exit fee receivables			$ 2,300

Organization, Properties, Bas_7

Organization, Properties, Basis of Presentation, Financial Instruments and Recent Accounting Standards - Liquidity and Management's Plan (Details) $ in Thousands		2 Months Ended	3 Months Ended
	Oct. 26, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Oct. 01, 2024 USD ($)	Nov. 07, 2023 USD ($) loan	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Oct. 24, 2017 USD ($)
Debt Instrument [Line Items]
Unsecured term loan						$ 114,610	$ 164,750
Number Of Properties Sold \| property	1
Sale price	$ 46,700
Cash and cash equivalents available for repayment of debt					$ 73,500
Forecast
Debt Instrument [Line Items]
Sale price			$ 43,600
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Debt Instrument [Line Items]
Number Of Properties Sold \| property		2	2
Sale price		$ 96,500
Senior Notes
Debt Instrument [Line Items]
Principal amount of loan								$ 200,000
Series A Notes
Debt Instrument [Line Items]
Principal amount of loan						$ 116,000
BofA Revolver and BMO Term Loan
Debt Instrument [Line Items]
Number of loans \| loan					2	2
Unsecured term loan				$ 205,000	$ 205,000	$ 195,000
BofA Revolver and BMO Term Loan \| Forecast
Debt Instrument [Line Items]
Repayment of principal			$ 170,000

Related Party Transactions an_3

Related Party Transactions and Investments in Non-Consolidated Entities - Management fees and interest income from loans (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Sponsored REITs
Asset management fees, low end of range (as a percent)	1%
Asset management fees, high end of range (as a percent)	5%
Notice period for cancellation of applicable contracts	30 days
Type of revenue	Asset management fees	Asset management fees
Asset management fees
Sponsored REITs
Revenue	$ 0	$ 26,000

Related Party Transactions an_4

Related Party Transactions and Investments in Non-Consolidated Entities - Sponsored REIT Loans outstanding (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Oct. 29, 2021	Oct. 28, 2021
Sponsored REITs
Amount Drawn			$ 24,000,000	$ 21,000,000
Related party mortgage loan receivable			24,000,000	$ 21,000,000
Sponsored REITs
Sponsored REITs
Interest income and fees from the Sponsored REIT Loans	$ 0	$ 1,367,000
FSP Monument Circle LLC
Sponsored REITs
Additional loan amount			$ 3,000,000

Related Party Transactions an_5

Related Party Transactions and Investments in Non-Consolidated Entities - Allowance for credit losses (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance for credit losses	$ (4,237,000)		$ (4,237,000)
Additional increases to the allowance for credit losses				$ (1,857,000)	$ 4,200,000
Reductions to the allowance for credit losses	$ 4,200,000	$ 0	$ 4,237,000
Ending allowance for credit losses				$ 1,857,000	$ 4,237,000

Related Party Transactions an_6

Related Party Transactions and Investments in Non-Consolidated Entities - Level 3 Significant unobservable inputs (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Related party mortgage loan receivable	$ 19,763
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Related party mortgage loan receivable	$ 19,763
Level 3 \| Maximum \| Exit Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.50
Level 3 \| Maximum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	9.50
Level 3 \| Minimum \| Exit Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.50
Level 3 \| Minimum \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	9.50
Level 3 \| Weighted Average \| Exit Cap Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7.50
Level 3 \| Weighted Average \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	9.50

Bank Note Payable, Term Loans_2

Bank Note Payable, Term Loans Payable and Senior Notes (Details)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 01, 2024 USD ($)

Aug. 10, 2023 USD ($)

Feb. 10, 2023 USD ($) $ / shares

Feb. 09, 2023

Sep. 30, 2022 USD ($)

Sep. 06, 2022 USD ($)

Oct. 25, 2021 USD ($)

Oct. 24, 2017 USD ($)

Dec. 31, 2021 USD ($) $ / shares

Sep. 30, 2023 USD ($) $ / shares

Jun. 30, 2023 $ / shares

Mar. 31, 2023 $ / shares

Sep. 30, 2022 USD ($) $ / shares

Jun. 30, 2022 $ / shares

Mar. 31, 2022 $ / shares

Sep. 30, 2023 USD ($)

Sep. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Nov. 07, 2023 USD ($)

Oct. 26, 2023 property

Oct. 01, 2023 USD ($)

Jan. 10, 2022 USD ($)

Sep. 27, 2021

Sep. 27, 2018 USD ($)

Debt Instrument [Line Items]

Repayments of unsecured debt

$ 50,000,000

$ 110,000,000

Loss on extinguishment of debt

$ (39,000)

$ (78,000)

(106,000)

$ (78,000)

Unsecured term loan

$ 114,610,000

114,610,000

$ 164,750,000

Received an aggregate amount

4,206,000

Cash dividend declared per share (in dollars per share) | $ / shares

$ 0.32

$ 0.01

$ 0.09

Distributions common stock (in dollars per share) | $ / shares

$ 0.01

$ 0.09

Borrowings outstanding

$ 80,000,000

80,000,000

48,000,000

Number of properties sold | property

Senior Notes

Debt Instrument [Line Items]

Principal amount of loan

$ 200,000,000

Fixed charge coverage ratio

1.50

Series A Notes

Debt Instrument [Line Items]

Principal amount of loan

$ 116,000,000

Interest rate (as a percent)

4.49%

Series B Notes

Debt Instrument [Line Items]

Principal amount of loan

$ 84,000,000

Interest rate (as a percent)

4.76%

Maximum | Senior Notes

Debt Instrument [Line Items]

Unsecured leverage ratio

60%

Unsecured leverage ratio for significant acquisition

65%

Revolving Credit Facility

Debt Instrument [Line Items]

Interest rate during period (as a percent)

8.43%

Weighted average variable interest rate (as a percent)

7.80%

Borrowing capacity

$ 150,000,000

237,500,000

Borrowings outstanding

$ 40,000,000

$ 0

$ 80,000,000

$ 0

$ 90,000,000

$ 0

Facility fee at period end (as a percent)

0.35%

Facility fee (as a percent)

0.35%

Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Distributions common stock (in dollars per share) | $ / shares

$ 0.01

Revolving Credit Facility | ScenarioForecastMember

Debt Instrument [Line Items]

Borrowing capacity

$ 100,000,000

$ 125,000,000

Revolving Credit Facility | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

Unsecured leverage ratio

1.75%

Revolving Credit Facility | One Month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.11448%

Term of SOFR

1 month

Revolving Credit Facility | Three month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.26161%

Term of SOFR

3 months

Revolving Credit Facility | Six month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.42826%

Term of SOFR

6 months

Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

1.55%

Revolving Credit Facility | Bank's base rate

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.55%

Line of credit on which facility fee

$ 600,000,000

Facility fee (as a percent)

0.30%

Unsecured leverage ratio

0.75%

BofA Line Of Credit | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.50%

BofA Line Of Credit | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

Unsecured Debt [Member]

Debt Instrument [Line Items]

Principal amount of loan

$ 400,000,000

Repayments of unsecured debt

$ 90,000,000

110,000,000

$ 200,000,000

Loss on extinguishment of debt

$ 100,000

$ 700,000

Effective interest rate (as a percent)

2.65%

Unsecured Debt [Member] | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate at period end (as a percent)

1.75%

Fixed rate (as a percent)

1.12%

Unsecured Debt [Member] | Bank's base rate

Debt Instrument [Line Items]

Basis spread on variable rate at period end (as a percent)

0.75%

BMO Term Loan

Debt Instrument [Line Items]

Principal amount of loan

$ 220,000,000

Repayments of unsecured debt

$ 10,000,000

Unsecured term loan

$ 125,000,000

$ 115,000,000

Interest rate during period (as a percent)

8.43%

Weighted average interest rate (as a percent)

7.98%

Effective interest rate (as a percent)

4.04%

BMO Term Loan | Maximum

Debt Instrument [Line Items]

Cash dividend declared per share (in dollars per share) | $ / shares

$ 0.01

BMO Term Loan | ScenarioForecastMember

Debt Instrument [Line Items]

Repayment of principal

$ 15,000,000

BMO Term Loan | BMO Interest Rate Swap

Debt Instrument [Line Items]

Received an aggregate amount

$ 4,300,000

Interest receivable portion of proceeds from termination of interest rate swap

$ 100,000

BMO Term Loan | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

BMO Term Loan | One Month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.11448%

Term of SOFR

1 month

BMO Term Loan | Three month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.26161%

Term of SOFR

3 months

BMO Term Loan | Six month SOFR

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

0.42826%

Term of SOFR

6 months

BMO Term Loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate at period end (as a percent)

1.65%

BMO Term Loan | LIBOR | Hedged portion

Debt Instrument [Line Items]

Fixed rate (as a percent)

2.39%

BMO Term Loan | Bank's base rate

Debt Instrument [Line Items]

Basis spread on variable rate (as a percent)

Basis spread on variable rate at period end (as a percent)

0.65%

Tranche A Term Loan

Debt Instrument [Line Items]

Repayment of principal

$ 40,000,000

Financial Instruments_ Deriva_3

Financial Instruments: Derivatives and Hedging (Details) $ in Thousands		9 Months Ended
	Feb. 10, 2023 USD ($)	Sep. 30, 2023 USD ($) DerivativeInstrument	Dec. 31, 2022 USD ($)
Financial Instruments: Derivatives and Hedging
Received an aggregate amount		$ 4,206
Derivative, Number of Instruments Held \| DerivativeInstrument		0
Amount estimated to be reclassified into earnings within next 12 months		$ 1,400
2019 BMO Interest Rate Swap
Financial Instruments: Derivatives and Hedging
Fair value of hedged asset			$ 4,400
Notional Value		$ 165,000
Strike Rate (as a percent)		2.39%
2019 BMO Interest Rate Swap \| Level 2
Financial Instruments: Derivatives and Hedging
Fair Value			$ 4,358
BMO Interest Rate Swap \| BMO Term Loan
Financial Instruments: Derivatives and Hedging
Received an aggregate amount	$ 4,300
Interest receivable portion of proceeds from termination of interest rate swap	$ 100

Financial Instruments_ Deriva_4

Financial Instruments: Derivatives and Hedging - Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total amount of Interest Expense presented in the consolidated statements of operations	$ 6,209	$ 6,110	$ 18,099	$ 17,140
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			18,099	17,140
Interest Rate Swap \| Amounts of previously recorded 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			3,118	(1,669)
Interest Rate Swap \| Amounts of gain 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			$ 177	$ 7,835

Net Income Per Share (Details)

Net Income Per Share (Details) - shares	9 Months Ended
Net Income Per Share (Details) - shares	Sep. 30, 2023	Sep. 30, 2022
Net Income Per Share
Potential dilutive shares outstanding	0	0

Stockholders' Equity (Details)

Stockholders' Equity (Details)	1 Months Ended	3 Months Ended						9 Months Ended	12 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) item shares	Dec. 31, 2022 USD ($) shares
Stockholders' Equity
Common Stock, Shares, Outstanding		103,430,353						103,430,353	103,235,914
Dividends declared and paid
Cash dividend declared per share (in dollars per share) \| $ / shares	$ 0.32	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.09	$ 0.09
Total Dividends \| $	$ 33,280,000	$ 1,034,000	$ 1,032,000	$ 1,033,000	$ 1,032,000	$ 9,284,000	$ 9,360,000
2002 Stock Incentive Plan
Equity-Based Compensation
Maximum number of shares provided for grant under equity-based incentive compensation plan		2,000,000						2,000,000
Number of vesting requirements \| item								0
Number of shares available for grant under the plan, Beginning				1,696,687			1,780,820	1,696,687	1,780,820
Shares Granted								(194,439)	(84,133)
Number of shares available for grant under the plan, Ending	1,780,820	1,502,248						1,502,248	1,696,687
Compensation Cost, Beginning \| $				$ 1,406,250			$ 1,012,500	$ 1,406,250	$ 1,012,500
Compensation cost \| $								314,991	393,750
Compensation Cost, Ending \| $	$ 1,012,500	$ 1,721,241						$ 1,721,241	$ 1,406,250

Stockholders' Equity - Repurcha

Stockholders' Equity - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022	Jun. 23, 2021
Stockholders' Equity
Shares authorized to be repurchased				$ 50,000
Average cost per share of repurchased shares (in dollars per share)		$ 5.72
Total number of shares repurchased, beginning (in shares)	4,413,741	5,260,480	4,413,741
Shares repurchased (in shares)	846,739		846,739
Total number of shares repurchased, ending (in shares)			5,260,480
Amount of stock repurchased, beginning	$ 37,019	$ 41,862	$ 37,019
Aggregate cost of shares repurchased	$ 4,843	$ 4,800	4,843
Amount of stock repurchased, ending			$ 41,862

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2017	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Maximum ownership as a percentage of the voting power or value of the securities of each issuer other than REIT or "TRS"			10%
Maximum ownership of securities in all TRS (as a percent)			20%		25%
Maximum ownership of securities in all TRS when considered together with other non-real estate assets (as a percent)			25%
Gross amount of NOL of TRS						$ 4,900,000	$ 4,800,000
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	$ 1,700,000		$ 1,700,000			$ 1,700,000
Income Tax Expense
Revised Texas Franchise Tax			212,000	$ 167,000
Tax expense	$ 70,000	$ 62,000	212,000	$ 167,000
Deferred income taxes			$ 0

Leases - Income Relating to Lea

Leases - Income Relating to Lease Payments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income relating to lease payments:
Income from leases	$ 111,316	$ 118,843
Undiscounted Cash Flows
Variable lease payments	$ 32,275	$ 37,050

Disposition of Properties (Deta

Disposition of Properties (Details)						2 Months Ended	3 Months Ended		9 Months Ended
Disposition of Properties (Details)	Oct. 26, 2023 USD ($) property	Aug. 09, 2023 USD ($) property	Mar. 10, 2023 USD ($) property	Dec. 28, 2022 USD ($)	Aug. 31, 2022 USD ($) property	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($) ft²	Dec. 31, 2022 USD ($)
Dispositions of properties
Number of properties sold \| property	1
Assets Held-for-sale, Not Part of Disposal Group							$ 132,659,000		$ 132,659,000
Sale price	$ 46,700,000
Area of property (in square feet) \| ft²							6,206,460	6,433,954	6,206,460	6,433,954
Real estate assets							$ 921,581,000		$ 921,581,000		$ 1,103,248,000
Straight-line rent receivable							43,253,000		43,253,000		52,739,000
Deferred leasing commissions							25,226,000		25,226,000		35,709,000
Acquired real estate leases							7,447,000		7,447,000		$ 10,186,000
Operating results for discontinued operations:
Rental revenue							5,354,000	$ 8,592,000	16,062,000	$ 27,646,000
Rental operating expenses							(1,862,000)	(2,809,000)	(5,277,000)	(8,669,000)
Real estate taxes and insurance							(720,000)	(2,416,000)	(2,264,000)	(7,287,000)
Depreciation and amortization							(1,034,000)	(3,157,000)	(5,372,000)	(10,246,000)
Income from dispositions and assets held for sale							1,738,000	$ 210,000	3,149,000	$ 1,444,000
Office properties in Broomfield, Colorado
Dispositions of properties
Number of properties sold \| property					2
Gain (loss) on sale of property					$ 24,100,000
Sale price					$ 102,500,000
Property in Atlanta, Georgia
Dispositions of properties
Gain (loss) on sale of property							(20,500,000)
Sale price							40,000,000
Office Property in Evanston, Illinois
Dispositions of properties
Gain (loss) on sale of property				$ 3,900,000
Sale price				$ 27,800,000
Property in Plano, Texas
Dispositions of properties
Assets Held-for-sale, Not Part of Disposal Group							36,200,000		36,200,000
Gain (loss) on sale of property							10,600,000
Sale price							48,000,000
Real estate assets							32,600,000		32,600,000
Straight-line rent receivable							1,400,000		1,400,000
Deferred leasing commissions							1,700,000		1,700,000
Acquired real estate leases							500,000		$ 500,000
Property in Plano, Texas \| Subsequent event
Dispositions of properties
Gain (loss) on sale of property	10,600,000
Sale price	$ 48,000,000
Office Property in Charlotte, North Carolina
Dispositions of properties
Number of properties sold \| property		1
Gain (loss) on sale of property		$ (800,000)
Sale price		$ 9,200,000
Office Property in Elk Grove Village, Illinois
Dispositions of properties
Number of properties sold \| property			1
Gain (loss) on sale of property			$ 8,400,000
Sale price			$ 29,100,000
Property in Addison, Texas
Dispositions of properties
Gain (loss) on sale of property							$ 53,000
Area of property (in square feet) \| ft²							7,826		7,826
Property in Miami, Florida
Dispositions of properties
Gain (loss) on sale of property							$ (19,200,000)
Sale price							68,000,000
Properties in Miami, Florida and Atlanta, Georgia
Dispositions of properties
Assets Held-for-sale, Not Part of Disposal Group							96,400,000		$ 96,400,000
Real estate assets							122,200,000		122,200,000
Straight-line rent receivable							5,500,000		5,500,000
Deferred leasing commissions							$ 8,400,000		8,400,000
Impairment charge									$ 39,700,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Dispositions of properties
Number of properties sold \| property						2
Sale price						$ 96,500,000

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended
	Oct. 26, 2023 USD ($) property	Oct. 06, 2023 $ / shares	Aug. 09, 2023 USD ($) property	Dec. 31, 2021 $ / shares	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares
Subsequent Events
Cash dividend declared per share (in dollars per share) \| $ / shares				$ 0.32		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.09	$ 0.09
Number of properties sold \| property	1
Sale price	$ 46.7
ScenarioForecastMember
Subsequent Events
Sale price					$ 43.6
Subsequent event
Subsequent Events
Cash dividend declared per share (in dollars per share) \| $ / shares		$ 0.01
Property in Plano, Texas
Subsequent Events
Sale price						$ 48
Gain (loss) on sale of property						10.6
Property in Plano, Texas \| Subsequent event
Subsequent Events
Sale price	48
Gain (loss) on sale of property	$ 10.6
Office Property in Charlotte, North Carolina
Subsequent Events
Number of properties sold \| property			1
Sale price			$ 9.2
Gain (loss) on sale of property			$ (0.8)
Property in Miami, Florida
Subsequent Events
Sale price						68
Gain (loss) on sale of property						$ (19.2)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false