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RELATED PARTY TRANSACTIONS AND FEES (Tables)

12 Months Ended

Dec. 31, 2014

SCHEDULE OF RELATED PARTY TRANSACTIONS AND FEES

Schedule of Related Party Transactions

Below is a description of the related party transactions and fees between Pillar and Regis:

Fees, expenses, and revenue paid to and/or received from our advisor:
			2014				2013				2012
			(dollars in thousands)
Fees:
	Advisory		$	8,943			$	10,166			$	10,182
	Construction advisory			-				-				181
	Mortgage brokerage and equity refinancing			1,152				1,878				1,881
	Net income			3,669				4,089				180
	Property acquisition and sales			177				-				20
			$	13,941			$	16,133			$	12,444
Other Expense:
	Cost reimbursements		$	3,449			$	3,466			$	3,359
	Interest paid (received)			(1,043	)			431				495
			$	2,406			$	3,897			$	3,854
Revenue:
	Rental		$	701			$	670			$	587


Fees paid to Regis and related parties:
				2014				2013				2012
				(dollars in thousands)
Fees:
	Property acquisition		$	348			$	-			$	71
	Property management, construction manaement and leasing commissions			583				474				2,189
	Real estate brokerage			2,848				4,081				2,321
			$	3,779			$	4,555			$	4,581

Schedule of Reconciles Of The Related Party Payable Due To Pillar Text Block

The following table reconciles the beginning and ending balances of the related party payable due to Pillar as of December 31, 2014 (dollars in thousands):

		Pillar
Related party receivable, December 31, 2013		$	14,086
Cash transfers			59,372
Advisory fees			(8,943	)
Net income fee			(3,669	)
Cost reimbursements			(3,449	)
Interest income			1,043
Notes receivable purchased			(26,290	)
Fees and commissions			(4,526	)
Expenses paid by Advisor			(6,957	)
Financing (mortgage payments)			(3	)
Sales/purchases transactions			750
Tax sharing			-
Related party receivable, December 31, 2014		$	21,414