RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions

10. RELATED PARTY TRANSACTIONS

          The tables below detail our income and administrative cost reimbursements from the Advised Funds for the three and six months ended June 30, 2014 and 2013 and the balance of related party loans made to certain of our affiliated Advised Funds as of June 30, 2014 and December 31, 2013 (see also Note 5 regarding investments in our Advised Funds) (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Real estate fee income(1)	$	660	$	640	$	1,185	$	1,267
Asset management fee income(2)		191		156		383		311
Construction management fee income(3)		18		76		47		137
Advisory services income - related party	$	869	$	872	$	1,615	$	1,715
Interest and other income - related party	$	12	$	53	$	22	$	109
Reimbursements of administrative costs	$	230	$	211	$	452	$	403

	As of
	June 30, 2014			December 31, 2013
Notes receivable - related party (4)	$	1,366		$	1,359
Less reserve (5)		(622	)		(670	)
Net book value included on our Consolidated Balance Sheet	$	744		$	689

(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 entities that serve as the general partner for the funds.
(2)	We earn asset management fees from our Advised Funds for providing accounting related and investor relations services, facilitating the deployment of capital and other services provided in conjunction with operating the funds.
(3)	We earn construction management fees by managing construction and tenant build-out projects on behalf of our Advised Funds.
(4)	These loans bear interest at 2.78% and are due upon demand. The notes are secured by the Advised Funds’ ownership interests in various unencumbered properties.
(5)	The reserves represent the amount by which losses recognized on our equity investment in the entity exceeds our basis in the equity investment. GAAP provides that, to the extent such an “excess loss” exists and we have made an additional investment in the entity via a loan, that excess loss should be recorded as a reduction in the basis of the loan. We do not believe that these reserves are indicative of the ultimate collectability of these receivables.