RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2012

RELATED PARTY TRANSACTIONS (Tables)

Description of the related party transactions and fees

Fees, expenses and revenue paid to and/or received from our advisor:
		2012		2011		2010
				(dollars in thousands)
Fees:
	Advisory fee	$	8,915	$	9,957	$	11,919
	Construction advisory fee		181		2,429		1,761
	Mortgage brokerage and equity refinancing		1,873		812		1,569
	Net income fee		180		54		99
	Property acquisition		20		-		31
		$	11,169	$	13,252	$	15,379
Other Expense:
	Cost reimbursements	$	2,247	$	2,908	$	3,250
	Interest paid		1,194		1,048		2,350
		$	3,441	$	3,956	$	5,600
Revenue:
	Rental revenue	$	587	$	434	$	2,248
Fees paid to Triad, an affiliate, Regis I, Regis and related parties:
			2012		2011		2010
				(dollars in thousands)
Fees:
	Property acquisition	$	71	$	-	$	106
	Property management, construction management and leasing commissions		2,087		1,759		1,905
	Real estate brokerage		2,263		-		1,497
		$	4,421	$	1,759	$	3,508

Reconciliation of accounts receivable and accounts payable to related parties

The following table reconciles the beginning and ending balances of related party payables as of December 31, 2012 (dollars in thousands):

	Pillar			ARL			Total
Related party payable, December 31, 2011	$	-		$	(17,465	)	$	(17,465	)
Cash transfers		18,573			-			18,573
Advisory fees		(8,915	)		-			(8,915	)
Net income fee		(180	)		-			(180	)
Commissions to Pillar/Regis		(4,227	)		-			(4,227	)
Construction  supervision fees		(181	)		-			(181	)
Cost reimbursements		(2,247	)		-			(2,247	)
Interest (to) from advisor		(839	)		-			(839	)
POA fees		(167	)		-			(167	)
Expenses paid by advisor		(918	)		-			(918	)
Financing (mortgage payments)		1,793			-			1,793
Note receivable with affiliate		21,282			-			21,282
Sales/Purchases transactions		(15,702	)		-			(15,702	)
Intercompany property transfers		(864	)		-			(864	)
Purchase of obligations		(7,408	)		7,408			-
Related party payable, December 31, 2012	$	-		$	(10,057	)	$	(10,057	)