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EXCEL - IDEA: XBRL DOCUMENT - PALADIN REALTY INCOME PROPERTIES INCFinancial_Report.xls
10-Q - FORM 10-Q - PALADIN REALTY INCOME PROPERTIES INCv327360_10q.htm
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EX-31.1 - EXHIBIT 31.1 - PALADIN REALTY INCOME PROPERTIES INCv327360_ex31-1.htm
EX-32.2 - EXHIBIT 32.2 - PALADIN REALTY INCOME PROPERTIES INCv327360_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - PALADIN REALTY INCOME PROPERTIES INCv327360_ex32-1.htm
EX-31.2 - EXHIBIT 31.2 - PALADIN REALTY INCOME PROPERTIES INCv327360_ex31-2.htm
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v2.4.0.6
Related Party Transactions (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Total Due from affiliates $ (9,338) $ 89,036
Unrecognized Organization and Offering Costs 8,354,241 [1] 8,299,974 [1]
General and Administrative Expense [Member]
   
Total Due from affiliates (9,338) [2] (353,906) [2]
Organization and Offering Costs [Member]
   
Total Due from affiliates $ 0 [3] $ 442,942 [3]
[1] Not reflected in the condensed consolidated financial statements at September 30, 2012 and December 31, 2011 as these amounts have exceeded the 3.0% limitation as described above in Note 2 and only become payable to Paladin Advisors or its affiliates in future periods as we receive additional proceeds from the Company's offerings and the related offering costs do not exceed such 3% limitation.
[2] Pursuant to the Advisory Agreement, the Company will not reimburse Paladin Advisors for operating expenses that exceed the 2%/25% Rule, except as permitted by the 2%/25% Rule, as described in Note 2. During the three months ended September 30, 2012, the Company incurred $532,318 of general and administrative expenses, which is the equivalent of operating expenses under the Advisory Agreement. Due to the application of the 2%/25% Rule, the Company was able to recognize a total of $532,318 of general and administrative expenses in its condensed consolidated statement of operations. Pursuant to the Advisory Agreement, the Company paid $122,295 in asset management fees due to Paladin Advisors for its 14 properties during the three months ended September 30, 2012. For each of these 14 properties, from the respective dates of acquisition through the period that the Company owns the properties, Paladin Advisors has elected to receive a monthly asset management fee equal to one-twelfth of 0.3% of the Company's allocable cost of the real property acquired. Paladin Advisors acknowledges that it has waived its right to receive any additional amounts due under the Advisory Agreement for such properties. During the three months ended September 30, 2012, in accordance with the Advisory Agreement, the Company reimbursed Paladin Advisors $353,906 of previously accrued general and administrative expenses. Pursuant to the Advisory Agreement, the Company will not reimburse Paladin Advisors for operating expenses that exceed the 2%/25% Rule, except as permitted by the 2%/25% Rule, as described in Note 2. During the nine months ended September 30, 2012, the Company incurred $1,383,080 of general and administrative expenses, which is the equivalent of operating expenses under the Advisory Agreement. Due to the application of the 2%/25% Rule, the Company was able to recognize a total of $1,413,633 of general and administrative expenses in its condensed consolidated statement of operations with the additional amount of $30,553, which was incurred in the current year and recorded as due to affiliates. Pursuant to the Advisory Agreement, the Company paid $366,885 in asset management fees due to Paladin Advisors for its 14 properties during the nine months ended September 30, 2012. For each of these 14 properties, from the respective dates of acquisition through the period that the Company owns the properties, Paladin Advisors has elected to receive a monthly asset management fee equal to one-twelfth of 0.3% of the Company's allocable cost of the real property acquired. Paladin Advisors acknowledges that it has waived its right to receive any additional amounts due under the Advisory Agreement for such properties. During the nine months ended September 30, 2012, in accordance with the Advisory Agreement, the Company reimbursed Paladin Advisors $353,906 of previously accrued general and administrative expenses. As of September 30, 2012, there were no unrecognized commitments relating to unreimbursed excess operating expenses pursuant to the 2%/25% Rule.
[3] Organization and offering costs of the Company are paid by Paladin Advisors or its affiliates, including Paladin Realty, on behalf of the Company and directly by the Company. Organization and offering costs consist of actual marketing, legal, accounting, printing and other offering expenses, including amounts to reimburse Paladin Advisors, its affiliates or its dealer manager, for all marketing related costs and expenses, including, but not limited to, expenses relating to registering and marketing the shares and other marketing and organization costs, technology costs and expenses attributable to the Offerings, and payment or reimbursement of bona fide due diligence expenses of the dealer manager and broker-dealers participating in the Offerings. Pursuant to the Advisory Agreement, the Company is obligated to reimburse Paladin Advisors or its affiliates for amounts advanced for organization and offering costs to the extent they do not exceed 3.0% of the gross proceeds of the Offerings. Organization and offering costs due from affiliates represents such costs in excess of the 3.0% limitation and are due within 60 days after the end of the Second Follow-On Offering. On September 12, 2012, Paladin Advisors reimbursed the Company $96,868 for organization and offering costs that were in excess of the 3% limitation. For the nine months ended September 30, 2012, the Company paid $267,180 of offering costs. Due to the application of the 3.0% limitation, the Company recognized $211,721, which was charged to stockholders' equity with the additional amount of $55,459 recorded as due from affiliates.