Related Party Transactions and Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services

The following table details amounts incurred, forgiven and payable in connection with the Company’s operations-related services described above as of and for the periods presented:


	Year Ended December 31,				Payable (Receivable) as of
	2021		2020			2019		December 31,
(In thousands)	Incurred		Incurred			Incurred			2021			2020
One-time fees and reimbursements:
Acquisition cost reimbursements	$	90	$	81		$	39		$	23		$	11


Ongoing fees and reimbursements:
Asset management fees	20,710		19,987			19,526			—			—
Property management fees (5)	3,749		4,197			3,888			24			288
Professional fees and other reimbursements (1) (4)	9,386		12,102			10,073			(70)			(61)
Professional fees credit due from Advisor	(1,030)		(1,217)			—			(859)		(3)	(1,217)		(3)
Distributions on Class B Units (2)	—		178			305			—			—
Total related party operation fees and reimbursements	$	32,905	$	35,328		$	33,831		$	(882)		$	(979)

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(1) Included in general and administrative expenses in the consolidated statements of operations. Includes $6.2 million and $5.6 million subject to the Capped Reimbursement Amount for the years ended December 31, 2021 and 2020, respectively.

(2) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the Board) to the Advisor restricted performance-based Class B Units for asset management services. As of December 31, 2021, the Board had approved the issuance of, and the OP had issued, 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, the Company began paying an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and the OP no longer issues any Class B Units.

(3) Balance as of December 31, 2021 includes a receivable of $0.9 million from the Advisor related to the overpayment of 2020 Bonus Awards, which, pursuant to authorization by the independent members of the Company’s board of directors, is required to be repaid to the Company on a pro rata basis over a six-month period from November 2021 through April 2022. Balance as of December 31, 2020 includes a $1.2 million from the Advisor related to the overpayment of 2019 Bonus Awards, which was fully repaid as of December 31, 2021.

(4) During the year ended December 31, 2019, the Company recorded a reduction of general and administrative expenses in the amount of $0.5 million related to the reversal of a payable balance due to RCS Capital Corporation. During the year ended December 31, 2020 the Company recorded approximately $2.2 million of expense reimbursements to the Advisor for severance payments and related legal costs relating to the termination of its former Chief Executive Officer.

(5) Inclusive of $0.3 million of leasing commissions which are included in prepaid expenses and other assets on the consolidated balance sheet as of December 31, 2021 and 2020.