XML 38 R36.htm IDEA: XBRL DOCUMENT
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RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended |  |  |  | 6 Months Ended |  | 6 Months Ended |  | 1 Months Ended | 3 Months Ended | 6 Months Ended |
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Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2012 item | Jun. 30, 2011 | Dec. 31, 2011 | Jun. 30, 2012 Limited Partnerships Minimum | Jun. 30, 2012 Limited Partnerships Maximum | Jun. 30, 2012 Partially owned properties | Jun. 30, 2012 Wholly owned properties | Dec. 31, 2011 Wholly owned properties | Jun. 30, 2012 General Partner or Management Company | Jun. 30, 2011 General Partner or Management Company | Jun. 30, 2012 General Partner or Management Company Minimum | Jun. 30, 2012 Management Company item | Jun. 30, 2011 Management Company | Jun. 30, 2012 Hamilton Company | Jun. 30, 2012 Dexter Park | Jun. 30, 2012 President of Management Company | Jun. 30, 2011 President of Management Company | Jun. 30, 2012 Harold Brown Minimum | Jun. 30, 2012 Harold Brown Maximum | Apr. 30, 2012 HBC | Feb. 29, 2012 HBC | Dec. 31, 2011 HBC | Oct. 31, 2011 HBC | Aug. 31, 2011 HBC | Aug. 31, 2010 HBC | Oct. 31, 2009 HBC | Dec. 31, 2010 HBC | Jun. 30, 2012 HBC | Jun. 30, 2011 HBC | Oct. 28, 2009 HBC
RELATED PARTY TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee as a percentage of rental revenue |  |  | 4.00% |  |  |  |  |  |  |  |  |  |  |  |  | 4.00% | 2.00% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee as percentage of Linewt |  |  | 3.00% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fees of related party |  |  | $ 718,000 | $ 700,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs related to professional services |  |  |  |  |  |  |  |  |  |  | 328,000 | 416,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repairs and maintenance | 1,297,772 | 1,317,610 | 2,370,646 | 2,379,751 |  |  |  |  |  |  | 144,000 |  |  |  |  | 39,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative expense | 408,814 | 399,845 | 898,588 | 825,588 |  |  |  |  |  |  | 159,000 |  |  |  |  | 44,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expenses for construction, architectural services and supervision of capital projects |  |  |  |  |  |  |  |  |  |  | 8,000 |  |  |  |  | 8,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental commissions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount paid to related party |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 371,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management fee | 365,866 | 350,886 | 717,611 | 684,236 |  |  |  |  |  |  |  |  |  |  |  | 280,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reimbursement to related party for payroll transfers |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,247,000 | 1,242,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Number of accounting staff of related party providing bookkeeping and accounting functions |  |  |  |  |  |  |  |  |  |  |  |  |  | 14 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees for accounting and bookkeeping services |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,500 | 62,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fee for asset management consulting services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,500 | 37,500 |  |  |  |  |  |  |  |  |  |  |  |  |
Number of limited partnerships and limited liability companies in which the entity has invested |  |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Percentage of ownership interest |  |  |  |  |  | 40.00% | 50.00% |  |  |  |  |  | 40.00% |  |  |  |  |  |  | 43.20% | 57.00% |  |  |  |  |  |  |  |  |  |  |
Number of employees having ownership interest |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,168,000 |  |  |  |
Interest rate (as a percent) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.00%
Term of mortgage loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 years |  |  |  |
Notice period demanding early payment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 months |  |  |  |  |
Principal paydown of debt upon notice |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,500,000 |  |  |  |  |
Repayment of loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 918,600 |  |  |  |  |  |  | 2,500,000 |  |  |
Amount of principal payment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 750,000 | 1,000,000 | 1,000,000 | 1,000,000 |  |  |  |  |  |
Outstanding amount of mortgage loan | 138,611,294 |  | 138,611,294 |  | 139,161,612 |  |  | 139,206,873 | 138,611,294 | 139,161,612 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,668,600 |  |  |  |  |  |  |  |
Interest paid |  |  | $ 3,900,000 | $ 3,976,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ 18,960 | $ 141,000 |

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