For the years ended December 31, 2016, 2015 and 2014, the Advisor collectively earned fees and incurred reimbursable expenses as follows (in thousands):



	Year Ended December 31,
	2016		2015		2014
Acquisition fees:
Acquisition fees from offering proceeds⁽¹⁾	$	—	$	—	$	319
Acquisition fees from debt proceeds⁽²⁾	—		—		1,521
Total	—		—		1,840
Asset management fees⁽³⁾	12,137		19,726		29,863
Reimbursable expenses:⁽⁴⁾
Acquisition costs⁽⁵⁾	—		—		248
Operating expenses⁽⁶⁾	5,267		5,451		6,680
Total	5,267		5,451		6,928
Total fees earned and reimbursable expenses	$	17,404	$	25,177	$	38,631

FOOTNOTES:

⁽¹⁾

Prior to April 1, 2014, acquisition fees were paid for services in connection with the selection, purchase, development or construction of real property. The fees were generally equal to 3.0% of gross offering proceeds from the sale of the Company’s common stock including proceeds from shares sold under its distribution reinvestment plan (“DRP”). Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as acquisition fees and costs in the accompanying consolidated statements of operations.


12.	Related Party Arrangements (continued):

⁽²⁾

Prior to April 1, 2014, acquisition fees from debt proceeds were paid for services in connection with the incurrence of indebtedness, including the Company’s pro-rata share of joint venture indebtedness. The fees were generally equal to 3.0% of loan proceeds. Effective April 1, 2014, the Advisor eliminated this fee. These amounts are recorded as loan costs and are included as part of other assets in the accompanying consolidated balance sheets.

⁽³⁾

Amounts recorded as asset management fees to Advisor include fees of $0.2 million, $4.1 million and $11.2 million for the years ended December 31, 2016, 2015 and 2014, respectively, related to properties that are classified as assets held for sale that are included as discontinued operations in the accompanying consolidated statements of operations. Effective April 1, 2014, the asset management fees to Advisor were reduced as described above.

⁽⁴⁾

The Advisor and its affiliates are entitled to reimbursement of certain expenses incurred on behalf of the Company in connection with the Company’s organization, offering, acquisitions, and operating activities. Pursuant to the advisory agreement, the Company will not reimburse the Advisor for any amount by which total operating expenses paid or incurred by the Company exceed the greater of 2.0% of average invested assets or 25.0% of net income (the “Expense Cap”) in any expense year, as defined in the advisory agreement. For the expense years ended December 31, 2016, 2015 and 2014, operating expenses did not exceed the Expense Cap. Amounts representing acquisition costs are recorded as part of acquisition fees and costs in the accompanying consolidated statements of operations. Amounts representing operating expenses are recorded as part of general and administrative expenses in the accompanying consolidated statements of operations.


⁽⁵⁾	Includes approximately $0.04 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the year ended December 31, 2014. The reimbursable expenses include components of salaries, benefits and other overhead charges. There were no such expenses recorded in acquisition costs during the years ended December 31, 2016 and 2015.


⁽⁶⁾	Includes approximately $0.3 million, $0.4 million and $0.4 million for reimbursable expenses to the Advisor for services provided to the Company for its executive officers during the years ended December 31, 2016, 2015 and 2014, respectively. The reimbursable expenses include components of salaries, benefits and other overhead charges.