XML 70 R114.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events (Details) (USD $)
1 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Oct. 07, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
May 14, 2012
Feb. 17, 2012
Jan. 24, 2013
Subsequent Event [Member]
Playa Vista Mezzanine Loan [Member]
sqft
Mar. 01, 2013
Subsequent Event [Member]
Playa Vista Mezzanine Loan [Member]
Mar. 08, 2013
Subsequent Event [Member]
RE CDO Management [Member]
Feb. 20, 2013
Subsequent Event [Member]
RE CDO Management [Member]
Dec. 31, 2012
Subsequent Event [Member]
Queensridge Loan/Recourse Secured Financing [Member]
Jan. 01, 2013
Subsequent Event [Member]
Advisory Agreement [Member]
Dec. 31, 2012
Subsequent Event [Member]
Advisory Agreement [Member]
Subsequent Events (Textual) [Abstract]                          
Principal amount of the loan             $ 20,500,000            
Maturity date of loan             Jan. 23, 2015            
Office building area, square foot             260,000            
LIBOR plus         10.00% 3.25% 14.25%            
Mortgage loan   232,451,000         80,300,000            
Mortgage loan, LIBOR floor rate             0.50%            
Loan bears interest, description of variable rate basis LIBOR + 1.25% with a 3% LIBOR floor LIBOR + 3.75% LIBOR plus 3.25%       0.50% LIBOR floor            
Interest rate             8.25%            
Percentage of sales proceeds             25.00%            
Ownership interest             25.00%            
Pari passu participation interest in the loan               50.00%          
Proceeds from mortgage loans payable   36,897,000 32,494,000           6,240,000 2,750,000      
Net proceeds from Collateralized debt obligation                 3,120,000 1,296,000      
Principal repayments                     5,987,000    
Aggregate principal payments   25,584,000 72,574,000 10,199,000             5,987,000    
Term of advisory agreement                       5 years  
Percentage of growth rate on incentive fee                       7.00%  
Percentage of growth rate on incentive fee modification additional percentage                       4.00%  
Period for growth factor on incentive                       5 years  
Yield plus percentage                       2.50%  
Percentage of amount available for distribution in excess of threshold amount                       20.00%  
Threshold Amount                         534,224,000
Supplemental fee payment terms description                       payable if there is (i) a termination of the Advisory Agreement for any reason other than for cause (as defined) by the Trust or with cause by FUR Advisors, (ii) a disposition of all or substantially all of the Trust’s assets, or (iii) an election by the Trust to orderly liquidate its assets. The supplemental fee, if payable, is equal to the lesser of (i) the base management fee paid to FUR Advisors for the prior twelve month period or (ii) either (x) in the case of a termination of the Advisory Agreement, 20% of the positive difference, if any between (A) the appraised net asset value of the Trust’s assets at the date of termination and (B) the threshold amount less $104,980,000, or (y) in the case of a disposition or liquidation, 20% of any dividends paid on account of Common Shares at such time as the threshold amount is reduced to $104,980,000, which will be achieved at such time as aggregate distributions of approximately $13.00 in excess of the Growth Factor have been paid.  
Percentage of positive difference between appraised net asset value and threshold amount on termination                       20.00%  
Reduced threshold amount                       104,980,000  
Percentage of dividends paid on disposition                       20.00%  
Aggregate distributions paid in excess of growth factor                       $ 13.00  
Base asset management fee                         8,953,000
Aggregate dividend paid                       $ 14.36  
Supplemental fees payable                       $ 3,000,000  
Period of Supplemental Fees payment                       30 days