4.	Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation

The liquidation basis of accounting requires the Trust to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Trust currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period.

The change in the liability for estimated costs in excess of estimated receipts during liquidation from December 31, 2015 through March 31, 2016 is as follows (in thousands):


							Remeasurement
				Cash Payments			of Assets and
	December 31, 2015			(Receipts)			Liabilities		March 31, 2016
Assets:
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable	$	10,523		$	(3,561	)	$	768	$	7,730
Liabilities:
Sales costs		(5,986	)		—			241		(5,745	)
Corporate expenditures		(33,834	)		1,897			1,535		(30,402	)

		(39,820	)		1,897			1,776		(36,147	)

Total liability for estimated costs in excess of estimated receipts during liquidation	$	(29,297	)	$	(1,664	)	$	2,544	$	(28,417	)

The change in the liability for estimated costs in excess of estimated receipts during liquidation from December 31, 2014 to March 31, 2015 is as follows (in thousands):


							Remeasurement
				Cash Payments			of Assets and
	December 31, 2014			(Receipts)			Liabilities			March 31, 2015
Assets:
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable	$	25,169		$	(3,939	)	$	(2,792	)	$	18,438
Liabilities:
Sales costs		(11,840	)		—			(92	)		(11,932	)
Corporate expenditures		(44,582	)		3,525			(840	)		(41,897	)

		(56,422	)		3,525			(932	)		(53,829	)

Total liability for estimated costs in excess of estimated receipts during liquidation	$	(31,253	)	$	(414	)	$	(3,724	)	$	(35,391	)