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RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES
 9 Months Ended
Sep. 30, 2012
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES ( Abstract )  
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

NOTE 6. RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

 

From time to time, IOT and its 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, a related party.  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

 

 

-

 

 

 

3,589

 

 

 

3,589

 

 

Advisory fees

 

 

-

 

 

 

(608

)

 

 

(608

)

 

Net income fee

 

 

-

 

 

 

(141

)

 

 

(141

)

 

POA fees

 

 

-

 

 

 

(54

)

 

 

(54

)

 

Cost reimbursements

 

 

-

 

 

 

(115

)

 

 

(115

)

 

Expenses paid by advisor

 

 

-

 

 

 

49

 

 

 

49

 

 

Financing (mortgage payments)

 

 

-

 

 

 

(1,018

)

 

 

(1,018

)

 

Note receivable sale

 

 

-

 

 

 

3,258

 

 

 

3,258

 

 

Interest income

 

 

926

 

 

 

1,161

 

 

 

2,087

 

 

Purchase of obligation

 

 

6,121

 

 

 

(6,121

)

 

 

-

 

Balance, September 30, 2012

 

$

59,207

 

 

$

-

 

 

$

59,207