RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2014

RELATED PARTY TRANSACTIONS (Tables)

Description of the related party transactions and fees

Below is a description of the related party transactions and fees between Pillar and Regis:

Fees, expenses and revenue paid to and/or received from our advisor:
		2014			2013		2012
		(dollars in thousands)
Fees:
	Advisory	$	7,373		$	8,494	$	8,915
	Construction advisory		-			-		181
	Mortgage brokerage and equity refinancing		1,152			1,878		1,873
	Net income		3,669			4,089		180
	Property acquisition		145			-		20
		$	12,339		$	14,461	$	11,169
Other Expense:
	Cost reimbursements	$	2,622		$	2,585	$	2,247
	Interest paid (received)		(2,795	)		157		1,194
		$	(173	)	$	2,742	$	3,441
Revenue:
	Rental	$	701		$	670	$	587
Fees paid to Regis and related parties:
			2014			2013		2012
			(dollars in thousands)
Fees:
	Property acquisition	$	348		$	-	$	71
	Property management, construction management and leasing commissions		544			436		2,087
	Real estate brokerage		2,752			4,055		2,263
		$	3,644		$	4,491	$	4,421

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, 2014 (dollars in thousands):

	Pillar			ARL		Total
Related party receivable, December 31, 2013	$	-		$	52,380	$	52,380
Cash transfers		47,701			-		47,701
Advisory fees		(7,373	)		-		(7,373	)
Net income fee		(3,669	)		-		(3,669	)
Fees and commissions		(4,398	)		-		(4,398	)
Cost reimbursements		(2,622	)		-		(2,622	)
Interest income		-			2,795		2,795
Notes receivable purchased		(26,290	)				(26,290	)
Expenses paid by advisor		(7,341	)		-		(7,341	)
Financing (mortgage payments)		(3,321	)		-		(3,321	)
Sales/Purchases transactions		7,729			-		7,729
Series K preferred stock acquisition		-			270		270
Tax sharing expense		-			-		-
Purchase of obligations		(416	)		2,959		2,543
Related party receivable, December 31, 2014	$	-		$	58,404	$	58,404