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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2012
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 March 31, 2012 (dollars in thousands):

 

 

 

 

Pillar

 

  Balance, December 31, 2011

 

$

(10,294

)

 

Cash transfers

 

 

(1,835

)

 

Advisory fees

 

 

(2,658

)

 

Commissions to Pillar/Regis

 

 

(1,388

)

 

Cost reimbursements

 

 

(835

)

 

Interest to Advisor

 

 

(204

)

 

POA fees

 

 

(52

)

 

Net income fee

 

 

(42

)

 

Expenses paid by Advisor

 

 

(1,037

)

 

Financing (mortgage payments)

 

 

1,589

 

 

Note receivable with affiliate

 

 

6,874

 

 

Sales/Purchases transactions

 

 

(58

)

 

Intercompany property transfers

 

 

9,302

 

  Balance, March 31, 2012

 

$

(638

)

 

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.