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

The liquidation basis of accounting requires the Liquidating Trust to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Liquidating 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.

As of December 31, 2018 and 2017, the Liquidating Trust had accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands):


	December 31, 2018			December 31, 2017
Rents and reimbursements	$	1,225		$	2,694
Interest income		—			513
Property operating expenses		(37	)		(36	)
Interest expense		(221	)		(1,101	)
General and administrative expenses		(939	)		(17,992	)
Sales costs		(298	)		(684	)

Liability for estimated costs in excess of estimated receipts during liquidation	$	(270	)	$	(16,606	)

The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2018 is as follows (in thousands):


	December 31, 2017			Cash Payments (Receipts)			Remeasurement of Assets and Liabilities			December 31, 2018
Assets:
Estimated net inflows from investments in real estate and loan receivable	$	1,555		$	(1,939	)	$	1,353		$	969
Liabilities:
Sales costs		(684	)		420			(34	)		(298	)
Corporate expenditures		(17,477	)		11,172			5,364			(941	)

		(18,161	)		11,592			5,330			(1,239	)

Total liability for estimated costs in excess of estimated receipts during liquidation	$	(16,606	)	$	9,653		$	6,683		$	(270	)

The change in the liability for estimated costs in excess of estimated receipts during liquidation as of December 31, 2017 is as follows (in thousands):


	December 31, 2016			Cash Payments (Receipts)			Remeasurement of Assets and Liabilities		December 31, 2017
Assets:
Estimated net inflows from investments in real estate, loans receivable and secured financing receivable	$	3,392		$	(2,379	)	$	542	$	1,555
Liabilities:
Sales costs		(2,851	)		2,027			140		(684	)
Corporate expenditures		(23,727	)		3,669			2,581		(17,477	)

		(26,578	)		5,696			2,721		(18,161	)

Total liability for estimated costs in excess of estimated receipts during liquidation	$	(23,186	)	$	3,317		$	3,263	$	(16,606	)