Related Party Transactions

12 Months Ended

Dec. 31, 2011

13. RELATED PARTY TRANSACTIONS

See Note 5 regarding investments in our Advised Funds and Note 2 regarding notes receivable from affiliates.

The table below details our income and administrative reimbursements from the Advised Funds for the years ended December 31, 2011, 2010 and 2009 (in thousands):


		2011		2010		2009
Real estate fee income ⁽¹⁾	$	2,491	$	2,375	$	2,604
Construction management fee income ⁽²⁾		234		349		450
Asset management fee income ⁽³⁾		1,064		1,480		1,530
Advisory services income - related party	$	3,789	$	4,204	$	4,584
Construction revenues ⁽⁴⁾	$	-	$	-	$	1,002
Reimbursements of administrative costs	$	885	$	1,009	$	1,227

(1) We earn real estate fee income by providing property acquisition, leasing and property management services to our Advised Funds. We own 100% of the stock of the companies that serve as the general partner for the funds.

(2) We earn construction management fees by managing construction and tenant build-out projects on behalf of our Advised Funds.

(3) We earn asset management fees from our Advised Funds for providing accounting related and investor relation services, facilitating the deployment of capital and other services provided in conjunction with operating the funds.

(4) Included in discontinued operations on our consolidated statements of operations.

As a sponsor of our Advised Funds, we maintain a 1% general partner interest in each of the Advised Funds. The funds are typically structured such that the limited partners receive 99% of the available cash flow until 100% of their original invested capital has been returned and a preferred return has been met. Once the preferred return has been met, the general partner begins sharing in the available cash flow at various promoted levels.

See also Note 4 for a discussion of our acquisition of The Market at Lake Houston property.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details