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Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Fees Earned/Expenses Incurred and Amounts Payable to Related Parties

The fees earned/expenses incurred and the amounts payable to such related parties are summarized in the following tables (in thousands):

 

 

September 30,

2020

 

 

December 31, 2019

 

Due from related parties:

 

 

 

 

 

 

 

 

RAI - self-insurance funds held

 

$

-

 

 

$

33

 

Operating expense reimbursements

 

 

-

 

 

 

264

 

Properties

 

 

 

 

 

 

 

 

Green Trails

 

 

1

 

 

 

-

 

 

 

$

1

 

 

$

297

 

Due to related parties:

 

 

 

 

 

 

 

 

Advisor

 

 

 

 

 

 

 

 

Operating expense reimbursements

 

$

1,111

 

 

$

6

 

Internal audit

 

 

7

 

 

 

-

 

Manager

 

 

 

 

 

 

 

 

Property management fees

 

 

316

 

 

 

328

 

Operating expense reimbursements

 

 

-

 

 

 

96

 

Properties

 

 

 

 

 

 

 

 

Meridian

 

 

-

 

 

 

2

 

 

 

$

1,434

 

 

$

432

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Fees earned / expenses incurred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset management fees (1) (5) (6)

 

$

2,303

 

 

$

2,321

 

 

$

6,777

 

 

$

7,054

 

Debt financing fees (2)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

39

 

Disposition fees(4)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

274

 

Operating expense reimbursements (2) (8)

 

$

845

 

 

$

834

 

 

$

2,920

 

 

$

2,682

 

Internal audit (9)

 

$

27

 

 

$

-

 

 

$

79

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property management fees (1) (7)

 

$

952

 

 

$

1,003

 

 

$

2,847

 

 

$

2,910

 

Construction management fees (3)

 

$

—

 

 

$

37

 

 

$

103

 

 

$

150

 

Construction payroll reimbursements (3)

 

$

—

 

 

$

7

 

 

$

—

 

 

$

61

 

Operating expense reimbursements (2)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

70

 

 

(1)

Included in Management fees on the consolidated statements of operations and comprehensive income (loss).

(2)

Included in General and administrative on the consolidated statements of operations and comprehensive income (loss).

(3)

Capitalized and included in Rental properties, net on the consolidated balance sheets.

(4)

Included in Net gain on disposition of property on the consolidated statements of operations and comprehensive income (loss).

(5)

Net with acquisition fees returned as a result of capital expense reallocation.

(6)

After the Self-Management Transaction on September 8, 2020, approximately $563,000 of this balance was earned by Resource Real Estate Opportunity OP, LP.

(7)

After the Self-Management Transaction on September 8, 2020, approximately $231,000 of this balance was earned by Resource Real Estate Opportunity OP, LP.

(8)

After the Self-Management Transaction on September 8, 2020, approximately $279,000 of this balance was earned by Resource Real Estate Opportunity OP, LP.

(9)

After the Self-Management Transaction on September 8, 2020, approximately $7,000 of this balance was earned by Resource Real Estate Opportunity OP, LP.