Related-Party Transactions

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related-Party Transactions

15. Related-Party Transactions

FUR Advisors – The activities of the Trust are administered by FUR Advisors LLC (“FUR Advisors”) pursuant to the terms of the Advisory Agreement between the Trust and FUR Advisors. FUR Advisors is controlled by and partially owned by the executive officers of the Trust. Pursuant to the terms of the Advisory Agreement, FUR Advisors is responsible for providing asset management services to the Trust and coordinating with the Trust’s shareholder transfer agent and property managers. FUR Advisors is entitled to receive a base management fee and in certain instances, a termination fee and/or an incentive fee in accordance with the terms of the Advisory Agreement. In addition, FUR Advisors or its affiliate is entitled to receive property and construction management fees subject to the approval of the independent Trustees of the Trust.

The following table sets forth the fees and reimbursements paid by the Trust for the three and six months ended June 30, 2014 and 2013 to FUR Advisors and Winthrop Management LP (“Winthrop Management”) (in thousands):

	For the Three Months Ended				For the Six Months Ended
	June 30, 2014		June 30, 2013		June 30, 2014		June 30, 2013
Base Asset Management Fee (1)	$	2,399	$	2,291	$	4,774	$	4,557
Property Management Fee		338		309		657		591
Construction Management Fee		110		138		189		269
	$	2,847	$	2,738	$	5,620	$	5,417

(1) Includes fees on third party contributions of $23 and $29 for the three months ended June 30, 2014 and 2013, respectively, and of $48 and $58 for the six months ended June 30, 2014 and 2013.

Base Asset Management Fee – FUR Advisors is entitled to receive a base management fee of 1.5% of equity as defined in the Advisory Agreement and in certain instances, a termination fee and/or incentive fee in accordance with the terms of the Advisory Agreement. Additionally, FUR Advisors receives a fee equal 0.25% of any equity contributions by unaffiliated third parties to a venture managed by the Trust.

Property Management and Construction Management – Winthrop Management, an affiliate of FUR Advisors and the Trust’s executive officers, assumed property management responsibilities for various properties owned by the Trust. Winthrop Management receives a property management fee and construction management fee pursuant to the terms of individual property management agreements. Construction management fees are capitalized in accordance with GAAP.

At June 30, 2014 $2,399,000 payable to FUR Advisors and $372,000 payable to Winthrop Management were included in related party fees payable.