RECEIVABLE FROM AND PAYABLE TO AFFILIATES

3 Months Ended

Jun. 30, 2011

RECEIVABLE FROM AND PAYABLE TO AFFILIATES

RECEIVABLE FROM AND PAYABLE TO AFFILIATES

NOTE 6. RECEIVABLE FROM AND PAYABLE TO AFFILIATES

From time to time, IOT and its affiliates and related parties have made unsecured advances to each other which include transactions involving the purchase, sale, and financing of property.  In addition, we have a cash management agreement with our advisor.  The agreement provides for excess cash to be invested in and managed by our advisor Pillar, an affiliated entity.  The table below reflects the various transactions between IOT, Pillar, Prime, and TCI (dollars in thousands): 

		TCI		Prime			Pillar			Total
Balance, December 31, 2010		$	48,598	$	-		$	-		$	48,598
	Cash transfers		-		2,409			(66	)		2,343
	Advisory fees		-		(293	)		(138	)		(431	)
	Cost reimbursements		-		(116	)		-			(116	)
	Expenses paid by advisor		-		73			108			181
	Financing (mortgage payments)		-		718			-			718
	Interest income		377		640			-			1,017
	POA fees		-		(2	)		-			(2	)
	Property transfers		-		-			(1	)		(1	)
	Purchase of obligation		3,332		(3,429	)		97			-
Balance, June 30, 2011		$	52,307	$	-		$	-		$	52,307