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Transactions with Related Parties (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Summary of related parties transactions      
General and administrative reimbursement paid $ 3,490 [1] $ 2,802 [1]  
General and administrative reimbursement unpaid 2,626 [1]   4,017 [1]
Loan servicing paid 0 [2] 158 [2]  
Loan servicing unpaid 0 [2]   0 [2]
Investment advisor fee paid 484 [3] 436 [3]  
Investment advisor fee unpaid 163 [3]   150 [3]
Total general and administrative to related parties paid 3,974 3,396  
Total general and administrative to related parties unpaid 2,789   4,167
Property management fees paid 6,327 [4] 7,318 [4]  
Property management fees unpaid 83 [4]   75 [4]
Business manager management fee paid 9,972 [5] 10,000 [5]  
Business manager management fee unpaid 9,972 [5]   9,910 [5]
Loan placement fees paid 173 [6] 777 [6]  
Loan placement fees unpaid $ 0 [6]   $ 0 [6]
[1] The Business Manager and its related parties are entitled to reimbursement for general and administrative expenses of the Business Manager and its related parties relating to the Company’s administration. Unpaid amounts as of March 31, 2013 and December 31, 2012 are included in accounts payable and accrued expenses on the consolidated balance sheets.
[2] A related party of the Business Manager provided loan servicing to the Company.
[3] The Company pays a related party of the Business Manager to purchase and monitor its investment in marketable securities.
[4] For the three months ended March 31, 2013, the property managers, entities owned principally by individuals who were related parties of the Business Manager, are entitled to receive property management fees by property type, as follows: (i) for any bank branch facility (office or retail), 2.50% of the gross income generated by the property; (ii) for any multi-tenant industrial property, 4.00% of the gross income generated by the property; (iii) for any multi-family property, 3.75% of the gross income generated by the property; (iv) for any multi-tenant office property, 3.75% of the gross income generated by the property; (v) for any multi-tenant retail property, 4.50% of the gross income generated by the property; (vi) for any single-tenant industrial property, 2.25% of the gross income generated by the property; (vii) for any single-tenant office property, 2.90% of the gross income generated by the property; and (viii) for any single-tenant retail property, 2.90% of the gross income generated by the property. In addition to these fees, the property managers receive reimbursements of payroll costs for property level employees. The Company reimbursed the property managers and other affiliates $3,007 and $3,590 for the three months ended March 31, 2013 and 2012, respectively. Unpaid amounts as of March 31, 2013 and December 31, 2012 are included in other liabilities on the consolidated balance sheets.
[5] After the Company’s stockholders have received a non-cumulative, non-compounded return of 5% per annum on their “invested capital,” the Company pays its Business Manager an annual business management fee of up to 1% of the “average invested assets,” payable quarterly in an amount equal to 0.25% of the average invested assets as of the last day of the immediately preceding quarter. For the three months ended March 31, 2013 and 2012, average invested assets were $11,423,146 and $11,398,118. The Company incurred a business management fee of $9,972 and $10,000, which is equal to 0.09%, and 0.09% of average invested assets for the three months ended March 31, 2013 and 2012, respectively. Pursuant to the letter agreement dated May 4, 2012, the business management fee shall be reduced in each particular quarter for investigation costs exclusive of legal fees incurred in conjunction with the SEC matter. During the three months ended March 31, 2013, the Company incurred $28 of investigation costs, resulting in a business management fee expense of $9,972 for the three months ended March 31, 2013. In addition, effective July 30, 2012, the Company extended the agreement with the Business Manager through July 30, 2013. The terms of the Business Manager Agreement remains unchanged.
[6] The Company pays a related party of the Business Manager 0.2% of the principal amount of each loan placed for the Company. Such costs are capitalized as loan fees and amortized over the respective loan term.