Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.5.0.2
Related Party Transactions
 9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related party transactions
Related Party Transactions
The amounts disclosed below reflect the activity between the Company and Mr. Wheeler's affiliates.
 
September 30,
 
2016
 
2015
 
(unaudited)
Amounts paid to affiliates
$
114,817

 
$
831,777

Amounts received from affiliates
$
784,510

 
$
671,334

Amounts due from affiliates
$
1,365,950

 
$
377,601

Notes receivable
$
12,000,000

 
$
—


As discussed in Note 4, the Company has loaned $11.0 million for the partial funding of Pineland Station Shopping Center in Hilton Head, South Carolina to be known in the future as Sea Turtle Development and loaned $1.0 million for the sale of land to be used in the development. The Company is performing development, leasing, property and asset management services for Sea Turtle Development. Development fees of 5% of hard costs incurred are paid to the Company. Leasing, property and asset management fees are consistent with those charged for services provided to non-related properties. Amounts due from affiliates include $294 thousand in accrued interest on the notes receivable and $169 thousand in development fees.