The expenses and fees incurred by and reimbursable to the Company’s related parties for the years ended December 31, 2016, 2015 and 2014, and related amounts unpaid as of December 31, 2016 and 2015 are as follows (in thousands):

							Unpaid amounts⁽¹⁾
	Years Ended December 31,						as of December 31,
	2016		2015		2014		2016		2015
Reimbursable expenses:
Offering costs⁽²⁾	$	—	$	3,446	$	5,151	$	—	$	32
Operating expenses⁽³⁾		5,966		5,214		3,863		1,072		935
Acquisition fees and expenses		104		613		614		3		12
		6,070		9,273		9,628		1,075		979
Investment services fees ⁽⁴⁾		739		18,561		18,553		17		182
Disposition fee⁽⁵⁾		343		—		—		—		—
Financing coordination fees ⁽⁶⁾		—		—		220		—		—
Property management fees ⁽⁷⁾		5,059		3,894		2,982		417		418
Asset management fees ⁽⁸⁾		29,121		22,837		13,612		1,956		224
	$	41,332	$	54,565	$	44,995	$	3,465	$	1,803

FOOTNOTES:

⁽¹⁾

Amounts are recorded as due to related parties in the accompanying consolidated balance sheets.

⁽²⁾

Amounts are recorded as stock issuance and offering costs in the accompanying consolidated statements of stockholders’ equity and redeemable noncontrolling interest. Amounts include approximately $25,000 and $30,000 of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the year ended December 31, 2015 and 2014, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.

⁽³⁾

Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations. Amounts include approximately $0.1 million, $0.1 million and $0.2 million of reimbursement payments to the Advisor for services provided to the Company by its executive officers for the years ended December 31, 2016, 2015 and 2014, respectively. The reimbursement payments include components of salaries, benefits and other overhead charges.

11.	Related Party Arrangements (continued)

⁽⁴⁾

For the year ended December 31, 2016, the Company incurred approximately $0.7 million in investment services fees of which approximately $0.2 million, was capitalized and included in real estate under development in the accompanying consolidated balance sheets. For the year ended December 31, 2015, the Company incurred approximately $18.6 million in investment service fees of which approximately $2.3 million was capitalized and included in real estate under development. For the year ended December 31, 2014, the Company incurred approximately $18.6 million in investment service fees of which approximately $1.8 million was capitalized and included in real estate under development. Investment service fees, that are not capitalized, are recorded as acquisition fees and expenses in the accompanying consolidated statements of operations.

⁽⁵⁾

Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations.

⁽⁶⁾

For the year ended December 31, 2014, the Company incurred approximately $0.2 million in financing coordination fees, which was capitalized and included in its investment in the Windsor Manor Joint Venture. There were no financing coordination fees for the years ended December 31, 2016 and 2015.

⁽⁷⁾

For the years ended December 31, 2016, 2015 and 2014, the Company incurred approximately $5.1 million, $3.9 million and $2.9 million, respectively, in property and construction management fees payable to the Property Manager of which approximately $0.9 million, $0.7 million and $0.9 million, respectively, in construction management fees were capitalized and included in real estate under development in the accompanying consolidated balance sheets.

⁽⁸⁾

For the years ended December 31, 2016, 2015 and 2014, the Company incurred approximately $29.1 million, $22.9 million and $13.6 million, respectively, in asset management fees payable to the Advisor of which approximately $2.9 million, $4.4 million and $4.9 million, respectively, were settled in accordance with the terms of the Advisor Expense Support Agreement and approximately $0.8 million, $0.6 million and $0.3 million, respectively, were capitalized and included in real estate under development in the accompanying consolidated balance sheets.

The fees incurred by and reimbursable to the Managing Dealer in connection with the Company’s Offerings for the years ended December 31, 2016, 2015 and 2014, and related amounts unpaid as of December 31, 2016 and 2015 are as follows (in thousands):

							Unpaid amounts ⁽¹⁾
	Years Ended December 31,						as of December 31,
	2016		2015		2014		2016		2015
Selling commissions ⁽²⁾	$	—	$	12,507	$	18,387	$	—	$	—
Marketing support fees ⁽²⁾		—		16,242		16,429		—		—
	$	—	$	28,749	$	34,816	$	—	$	—

The following fees are expected to be or were settled and paid in the form of Restricted Stock in connection with the Amended Expense Support Agreements for the year ended December 31, 2016 and the Original Expense Support Agreements for the years ended December 31, 2015 and 2014, and cumulatively as of December 31, 2016 (in thousands, except offering price):

	Years Ended						As of
	December 31,						December 31,
	2016		2015		2014		2016
Asset management fees⁽¹⁾	$	2,918	$	4,379	$	4,867	$	13,565
Then-current offering price or NAV ⁽²⁾	$	10.04	$	10.19	$	10.24	$	9.75
Restricted stock shares ⁽³⁾		291		423		478		1,332
Cash distributions on Restricted Stock⁽⁴⁾	$	427	$	281	$	98	$	810
Stock distributions on Restricted Stock ₍₅₎		—		14		7		21

FOOTNOTES:

⁽¹⁾

No other amounts have been settled in connection with the Expense Support Agreements for the years ended December 31, 2016, 2015 and 2014, and cumulatively as of December 31, 2016.

⁽²⁾

The number of restricted stock shares granted to the Advisor in lieu of payment in cash is determined by dividing the expense support amount for the respective determination date by the then-current public offering price as of the Original Determination Date or by the then-current NAV per share as of the Amended Determination Date.

⁽³⁾

Restricted stock shares are comprised of approximately 1.0 million issued to the Advisor and approximately 0.3 million issuable to the Advisor as of December 31, 2016. No fair value was assigned to the restricted stock shares as the shares were valued at zero, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2016.

⁽⁴⁾

The cash distributions have been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.

⁽⁵⁾

This represents the number of shares issued to the Advisor as stock distributions on its restricted stock shares. The par value of the stock distributions has been recognized as compensation expense as issued and included in general and administrative expense in the accompanying consolidated statements of operations.