RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2013

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7. RELATED PARTY TRANSACTIONS

The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of June 30, 2013 (dollars in thousands):

	Pillar
Related party payable, December 31, 2012	$	(10,922	)
Cash transfers		3,593
Advisory fees		(5,041	)
Net income fee		(104	)
Fees and commissions		(2,570	)
Cost reimbursements		(1,797	)
Interest income		18
POA fees		(51	)
Expenses paid by Advisor		(1,036	)
Financing (mortgage payments)		(496	)
Intercompany property transfers		10,684
Sales/Purchases transactions		10,973
Purchase of obligation		(2,380	)
Related party receivable, June 30, 2013	$	871

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.