XML 23 R12.htm IDEA: XBRL DOCUMENT

RECEIVABLE FROM AND PAYABLE TO AFFILIATES

3 Months Ended

Mar. 31, 2012

RECEIVABLE FROM AND PAYABLE TO AFFILIATES

RECEIVABLE FROM AND PAYABLE TO AFFILIATES

NOTE 6 RECEIVABLE FROM AND PAYABLE TO AFFILIATES

From time to time, IOT and its affiliates and related parties have made unsecured advances to each other which include transactions involving the purchase, sale, and financing of property. In addition, we have a cash management agreement with our advisor. The agreement provides for excess cash to be invested in and managed by our advisor Pillar, an affiliated entity. The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):

	TCI		Pillar			Total
Balance, December 31, 2011	$	52,160	$	-		$	52,160
Cash transfers		-		2,612			2,612
Advisory fees		-		(198	)		(198	)
Net income fee		-		(42	)		(42	)
Cost reimbursements		-		(41	)		(41	)
Expenses paid by advisor		-		10			10
Financing (mortgage payments)		-		2,929			2,929
Interest income		190		358			548
POA fees		-		(29	)		(29	)
Purchase of obligation		5,599		(5,599	)		-

Balance, March 31, 2012	$	57,949	$	-		$	57,949