Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

The Management Agreement entitled the Manager to receive compensation for various services it performed related to acquiring assets and managing properties on the Company's behalf:



(In thousands)		Years ended December 31,
Type of Compensation	Basis of Compensation	2019		2018		2017

Acquisition fees	1.0% of the gross purchase price of real estate assets	$	7,203	$	10,699	$	6,131
Loan origination fees	1.0% of the maximum commitment of any real estate loan, note or line of credit receivable	783		2,166		1,331
Loan coordination fees	0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property	2,939		3,897		5,560
Asset management fees	Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted	15,596		14,698		12,908
Property management fees	Monthly fee up to 4% of the monthly gross revenues of the properties managed	10,274		8,934		6,382
General and administrative expense fees	Monthly fee equal to 2% of the monthly gross revenues of the Company	6,177		6,022		5,238
Construction management fees	Quarterly fee for property renovation and takeover projects	264		408		332
Disposition fees	1% of the sale price of a real estate asset	282		1,710		—
Contingent asset management fees / general and administrative fees	Recognized upon disposition of the property when exceeding the 7% IRR hurdle	11		671		—

		$	43,529	$	49,205	$	37,882

In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations:



(In thousands)
	Years ended December 31,
	2019		2018		2017
	$	18,054	$	16,276	$	12,329