REAL ESTATE ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Schedule of the real estate owned

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:
	2015			2014			2013
	(dollars in thousands)
Fees:
Advisory	$	8,368		$	7,373		$	8,494
Construction advisory		—			—			—
Mortgage brokerage and equity refinancing		1,524			1,152			1,878
Net income		187			3,669			4,089
Property acquisition		921			145			—
	$	11,000		$	12,339		$	14,461
Other Expense:
Cost reimbursements	$	2,925		$	2,622		$	2,585
Interest paid (received)		(3,352	)		(2,795	)		157
	$	(427	)	$	(173	)	$	2,742
Revenue:
Rental	$	726		$	701		$	670

Fees paid to Regis and related parties:
	2015		2014		2013
	(dollars in thousands)
Fees:
Property acquisition	$	1,932	$	348	$	—
Property management, construction management and leasing commissions		682		544		436
Real estate brokerage		1,105		2,752		4,055
	$	3,719	$	3,644	$	4,491

Schedule of estimated useful lives of the assets

Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: 

Land improvements	25 to 40 years
Buildings and improvements	10 to 40 years
Tenant improvements	Shorter of useful life or terms of related lease
Furniture, fixtures and equipment	3 to 7 years

Schedule of assets measures in recurring and non recurring basis

			Fair Value Measurements Using (dollars in thousands):
December 31, 2015	Fair Value		Level 1		Level 2		Level 3
Commercial	$	3,000	$	—	$	---	$	3,000

			Fair Value Measurements Using (dollars in thousands):
December 31, 2013	Fair Value		Level 1		Level 2		Level 3
Land	$	849	$	—	$	849	$	—
Commercial	$	26,194	$	—	$	26,194	$	—