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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 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 related parties as of September 30, 2012 (dollars in thousands):

 

 

 

 

Pillar

 

Balance, December 31, 2011

 

$

(10,294

)

 

Cash transfers

 

 

13,486

 

 

Advisory fees

 

 

(7,573

)

 

Commissions to Pillar/Regis

 

 

(5,040

)

 

Cost reimbursements

 

 

(2,452

)

 

Interest income from advisor

 

 

319

 

 

POA fees

 

 

(140

)

 

Net income fee

 

 

(141

)

 

Expenses paid by Advisor

 

 

(2,132

)

 

Financing (mortgage payments)

 

 

1,567

 

 

Note receivable sale

 

 

5,338

 

 

Sales/Purchases transactions

 

 

1,393

 

 

Intercompany property transfers

 

 

6,732

 

Balance, September 30, 2012

 

$

1,063

 

 

 

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 related party amounts included in assets and liabilities, and the related party revenues and expenses received/paid are shown on the face of the financial statements.