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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Summary of Fees and Expenses Incurred by Company
The table below summarizes the fees and expenses incurred by the Company for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable:
 
 
For the Year Ended
December 31,
 
Receivable (Payable) as of
 
 
 
December 31,
2019
 
December 31,
2018
(in thousands)
 
2019
 
2018
 
2017
 
 
Expensed:
 
 
 
 
 
 
 
 
 
 
Asset management fees (1)
 
$
23,938

 
$
23,964

 
$
22,470

 
$
(3
)
 
$
(69
)
Asset management fees related to dispositions (2)
 
982

 
1,435

 
496

 
—

 
—

Other expense reimbursements (3)
 
5,096

 
5,055

 
4,301

 
—

 
(510
)
Total
 
$
30,016

 
$
30,454

 
$
27,267

 
$
(3
)
 
$
(579
)
Capitalized:
 
 
 
 
 
 
 
 
 
 
Acquisition fees
 
$
309

 
845

 
6,148

 
$
—

 
(62
)
Development acquisition fees (4)
 
2,555

 
1,281

 
778

 
11

 
(61
)
Total
 
$
2,864

 
$
2,126

 
$
6,926

 
$
11

 
$
(123
)
Additional Paid-In Capital:
 
 
 
 
 
 
 
 
 
 
Sales commissions
 
$
—

 
$
—

 
$
4,491

 
$
—

 
$
—

Dealer manager fees
 
—

 
—

 
3,026

 
—

 
—

Offering costs
 
557

 
568

 
4,415

 
—

 
(70
)
Distribution fees—current (5)
 
8,226

 
7,489

 
5,790

 
—

 
(657
)
Distribution fees—trailing (5)
 
—

 
—

 
—

 
(10,188
)
 
(18,492
)
Total
 
$
8,783

 
$
8,057

 
$
17,722

 
$
(10,188
)
 
$
(19,219
)
 
(1)
Includes asset management fees other than asset management fees related to dispositions.
(2)
Asset management fees that relate to the Company’s proportionate share of the disposition fee associated with the dispositions of joint venture partnership properties are included in asset management fees on the Company’s consolidated statement of operations. Asset management fees that relate to the disposition fee associated with dispositions of wholly-owned properties are netted against the respective gain from dispositions and are included in the related net gain amount on the Company’s consolidated statements of operations.
(3)
Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement, and are included in general and administrative expenses on the Company’s consolidated statements of operations. These reimbursements include a portion of compensation expenses of individual employees of the Advisor, including certain of the Company’s named executive officers, related to activities for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by the Company. The Company shows these as reimbursements to the Advisor to the same extent that the Company recognizes the related share-based compensation on its consolidated statements of operations. The Company reimbursed the Advisor approximately $4.4 million, $4.0 million and $4.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, related to these compensation expenses. The remaining amount of other expense reimbursements relate to other general overhead and administrative expenses including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment.
(4)
Development acquisition fees are included in the total development project costs of the respective properties and are capitalized in construction in progress, which is included in net investment in real estate properties on the Company’s consolidated balance sheets. Amounts also include the Company’s proportionate share of development acquisition fees relating to the joint venture partnerships, which is included in investment in unconsolidated joint venture partnerships on the Company’s consolidated balance sheets.
(5)
The distribution fees accrued daily and were payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the consolidated balance sheets. Additionally, the Company accrued for estimated trailing amounts payable based on the shares outstanding as of the balance sheet date, which are included in distribution fees payable to affiliates on the consolidated balance sheets. All or a portion of the distribution fees were reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers or broker dealers servicing accounts of investors who own Class T shares.