CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2014

The Partnership is obligated to pay fees and reimbursements of expenses to related parties. These activities are summarized as follows (in thousands):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
RCP:
Investment management fees	$	84	$	84	$	254	$	254

RREML:
Property management fees ⁽¹⁾	125		123		366		359
Debt management fees ⁽²⁾	13		14		29		44
	138		137		395		403
	$	222	$	221	$	649	$	657

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(1)	RREML is entitled to receive monthly property management fees equal to 5% of the gross operating revenues from the Partnership’s 100% owned properties for managing or obtaining and supervising third party managers.


(2)	RREML is also entitled to receive monthly debt management fees equal to 0.167% (2% per annum) of the gross offering proceeds that have been invested in loans held for investment. The fee is earned for monitoring the performance of the Partnership’s loans held for investment.

Receivables from and payables to related parties are summarized as follows (in thousands):



	September 30, 2014		December 31, 2013
Receivables from related parties:
RAI and affiliates	$	125	$	169

Payables to related parties:
RAI and affiliates	$	2,969	$	2,360