RELATED PARTY TRANSACTIONS AND FEES (Tables)

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Schedule of related party transactions

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 accounts receivable from and (accounts payable) to related parties

The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2015 (dollars in thousands):

	Pillar			ARL		Total
Related party receivable, December 31, 2014	$	—		$	58,404	$	58,404
Cash transfers		64,817			—		64,817
Advisory fees		(8,368	)		—		(8,368	)
Net income fee		(187	)		—		(187	)
Fees and commissions		(5,483	)		—		(5,483	)
Cost reimbursements		(2,925	)		—		(2,925	)
Interest income		—			3,352		3,352
Notes receivable purchased		(18,221	)				(18,221	)
Expenses paid by advisor		(5,182	)		—		(5,182	)
Financing (mortgage payments)		3,290			—		3,290
Sales/Purchases transactions		1,018			—		1,018
Series K preferred stock acquisition		—			—		—
Tax sharing expense		—			—		—
Purchase of obligations		(28,759	)		28,759		—
Related party receivable, December 31, 2015	$	—		$	90,515	$	90,515