RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2020

Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2020 and 2019, respectively, and any related amounts payable as of June 30, 2020 and December 31, 2019 (in thousands):


	Incurred													Payable as of
	Three Months Ended June 30,						Six Months Ended June 30,						June 30,	December 31,
	2020		2019		2020		2019		2020		2019
Expensed
Asset management fees ⁽¹⁾	$	1,660	$	2,581	$	3,499	$	5,238	$	—	$	—
Reimbursement of operating expenses ⁽²⁾	146		73		222		153		41		59
Disposition fees ⁽³⁾	685		1,334		3,767		1,334		—		—
	$	2,491	$	3,988	$	7,488	$	6,725	$	41	$	59

_____________________

⁽¹⁾ During the month ended January 31, 2020, asset management fees were $0.8 million and presented on a going concern basis. Asset management fees incurred for the five months ended June 30, 2020 were $2.7 million.

⁽²⁾ Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $107,000 and $52,000 for the three months ended June 30, 2020 and 2019, respectively, and $165,000 and $115,000 for the six months ended June 30, 2020 and 2019, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the six months ended June 30, 2020 and 2019. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company. During the month ended January 31, 2020, reimbursable operating expenses were $31,000 as presented on a going concern basis. Reimbursable operating expenses incurred for the five months ended June 30, 2020 were $191,000.

(3) Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations presented on a going concern basis for the month ended January 31, 2020.