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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2014
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 6. RELATED PARTY TRANSACTIONS

 

The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of March 31, 2014 (dollars in thousands):

 

 

 

Pillar

 

Related party receivable, December 31, 2013

 

$

14,086

 

Cash transfers

 

 

27,227

 

Advisory fees

 

 

(2,242

)

Fees and commissions

 

 

(392

)

Cost reimbursements

 

 

(873

)

Interest (to) from advisor

 

 

147

 

Net income fee

 

 

(490

)

Expenses paid by Advisor

 

 

(529

)

Financing (mortgage payments)

 

 

(2,076

)

Sales/purchases transactions

 

 

(107

)

Related party receivable, March 31, 2014

 

$

34,751

 

 

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.