Related Party Transactions

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

At various times throughout the years ended December 31, 2014 and 2013, the Company managed the operations of certain joint venture apartment communities for a fee of 4.00% to 4.25% of the revenues of the joint venture, pursuant to management contracts with the Company's joint ventures. The Company received $154,000 and $647,000 as management fees from the joint ventures for the years ended December 31, 2014 and 2013, respectively, as compared to none for the year ended December 31, 2015. The Company also received approximately $19,000 and $93,000 in asset management fees for the years ended December 31, 2014 and 2013, respectively, as compared to none for the year ended December 31, 2015. The Company had receivables from joint ventures totaling $15,000, and $1,800,000, as of December 31, 2014 and 2013, respectively, as compared to no receivables from joint ventures at December 31, 2015.

In addition to management contracts with joint ventures, the Company also receives advertising fees from a related party insurance company, Colonial Insurance Agency. These fees are received for allowing Colonial Insurance Agency to sell renter's insurance at some of the Company's multifamily properties. This agreement expired during 2015. The Company received approximately $154,000, $300,000, and $70,000 as advertising revenue for the years ended December 31, 2015, 2014 and 2013, respectively.

All cash management of the Company is managed by the Operating Partnership. In general, cash receipts are remitted to the Operating Partnership and all cash disbursements are funded by the Operating Partnership. As a result of these transactions, the Operating Partnership had a payable to its General Partner (MAA) of $19,000 at each of the years ended December 31, 2015, 2014, and 2013. The Partnership Agreement does not require that this due to/due from be settled in cash until liquidation of the Operating Partnership and therefore there is no regular settlement schedule for these amounts.