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Related Party Transactions
 6 Months Ended
Jun. 30, 2011
Related Party Transactions  
Related Party Transactions

NOTE 7. RELATED PARTY TRANSACTIONS

The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to affiliates as of June 30, 2011 (dollars in thousands):

 

     Pillar      Prime      Total  

Balance, December 31, 2010

      $ -             $   (12,219)         $   (12,219)   

Cash transfers

      313          2,265          2,578    

Advisory fees

      (2,288)         (4,825)         (7,113)   

Cost reimbursements

      -           (2,277)         (2,277)   

Interest from advisor

      (2)         (292)         (294)   

POA fees

      -           7          7    

Expenses paid by advisor

      331          (1,575)         (1,244)   

Financing (mortgage payments)

      746          159          905    

Note receivable with affiliate

      2,726          7,516          10,242    

Sales/Purchases transactions

      (929)         3,983          3,054    

Intercompany property transfers

      1,914          8,924          10,838    
  

 

 

     

 

 

     

 

 

  

Balance, June 30, 2011

      $             2,811          $ 1,666          $ 4,477   
  

 

 

     

 

 

     

 

 

  

During the ordinary course of business, we have related party transactions that include, but are not limited to rent income, interest income, interest expense, general and administrative costs, commissions, management fees, and property expenses. In addition, we have assets and liabilities that include related party amounts. The affiliated amounts included in assets and liabilities, and the affiliated revenues and expenses received/paid are shown on the face of the financial statements.