Related-Party Transactions (Tables)

6 Months Ended

Jun. 30, 2012

Pursuant to the terms of the agreements described above, Wells VAF I incurred the following related-party costs for the three months and six months ended June 30, 2012 and 2011, portions of which are included in income (loss) from discontinued operations in the accompanying statements of operations:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
Administrative reimbursements⁽¹⁾	$	117,875	$	101,635	$	246,924	$	194,426
Asset management fees⁽¹⁾	99,575		106,781		218,525		213,563
Disposition fee⁽¹⁾	78,250		—		78,250		—
Property management fees⁽¹⁾	25,957		17,364		59,687		34,845
Construction management fees⁽²⁾	—		—		—		441
Total	$	321,657	$	225,780	$	603,386	$	443,275


⁽¹⁾	Administrative reimbursements, asset management fees, disposition fees, and property management fees are expensed as incurred.


⁽²⁾	Construction management fees are capitalized to real estate assets as incurred.

As of June 30, 2012 and December 31, 2011, due to affiliates was comprised of the following items:



	June 30, 2012		December 31, 2011
Administrative reimbursements and bill-backs	$	36,274	$	29,417
Property management fees	12,379		9,807
	$	48,653	$	39,224