During the quarter and nine months ended September 30, 2014 and 2013, the Company incurred the following fees and reimbursable expenses due to the managing dealer of the Company’s Offering, an affiliate of the Company’s Advisor, the Advisor, its affiliates and other related parties:


	Quarter Ended September 30,					Nine months Ended September 30,
	2014		2013			2014		2013
Offering fees:
Selling commissions ⁽¹⁾	$	—	$	—		$	—	$	1,300,803
Marketing support fees ⁽¹⁾		—		—			—		571,295

		—		—			—		1,872,098

Reimbursable expenses:
Offering costs ⁽¹⁾		—		—			—		989,277
Operating and acquisition expenses ⁽²⁾⁽³⁾		25,845		96,616			94,822		604,578

		25,845		96,616			94,822		1,593,855


Asset management fees ⁽³⁾⁽⁴⁾		—		301,529			—		904,587
Property management fees ⁽⁴⁾⁽⁵⁾		101,483		97,308			295,031		304,720
Expense support adjustment⁽⁶⁾		—		(378,136	)		—		(1,355,727	)

	$	127,328	$	117,317		$	389,853	$	3,319,533

FOOTNOTES:

⁽¹⁾	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

⁽²⁾	In general, amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.

⁽³⁾

For the quarter and nine months ended September 30, 2014, the Company incurred $0.3 million and $0.9 million, respectively, in asset management fees and $0.1 million and $0.3 million, respectively, in operating-related personnel expenses for which the Advisor agreed to receive Restricted Stock in lieu of cash pursuant to the terms of the Amended and Restated Expense Support Agreement. Since the vesting conditions were not met, no fair value was assigned to the Restricted Stock, and as a result, during the nine months ended September 30, 2014, asset management fees and operating expenses were reduced by $0.9 million and $0.3 million, respectively, including $0.3 million and $0.1 million, respectively, during the quarter ended September 30, 2014.

⁽⁴⁾	Asset management fees and property management fees, as well as the expense support adjustment related to the Company’s entities classified as held for sale, are included in income from discontinued operations for each period presented.

⁽⁵⁾	Includes amounts paid directly by subsidiaries of the Company to a sub-advisor of the Advisor for the quarter and nine months ended September 30, 2013. Prior to its acquisition by BlackRock, Inc., (NYSE:BLK), the sub-advisor was indirectly affiliated with one of the Company’s former directors.

⁽⁶⁾	See description of the Amended and Restated Expense Support Agreement above.