RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2019, 2018 and 2017, respectively, and any related amounts payable as of December 31, 2019 and 2018 (in thousands):


	Incurred in the Years Ended December 31,										Payable as of December 31,
	2019		2018		2017		2019		2018
Expensed
Asset management fees	4,093		3,985		2,775		620		22
Reimbursable operating expenses ⁽¹⁾	315		477		339		—		35
Disposition fee ⁽²⁾	281		—		—		—		—
Capitalized
Acquisition fees	29		228		4,943		29		178
Asset management fees	—		—		67		—		—
Additional Paid-in Capital
Sales commissions	—		614		2,412		—		—
Dealer manager fees	—		337		1,352		—		—
Stockholder servicing fees ⁽³⁾	—		14		1,149		—		—
Reimbursable other offering costs ⁽⁴⁾	—		175		668		—		—
	$	4,718	$	5,830	$	13,705	$	649	$	235

_____________________

⁽¹⁾ Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cyber security related expenses incurred by the applicable advisor under the applicable advisory agreement. The Company has reimbursed the applicable advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $260,000, $389,000 and $335,000 for the years ended December 31, 2019, 2018 and 2017, respectively, and were the only employee costs reimbursed under the applicable advisory agreement for the years ended December 31, 2019, 2018 and 2017. The applicable advisor may seek reimbursement for certain other employee costs under the applicable advisory agreement. The Company will not reimburse for employee costs in connection with services for which the applicable advisor earns acquisition or origination fees or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the applicable advisor or its affiliates may pay to the Company’s executive officers. In addition to the amounts above, the Company reimburses the applicable advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the applicable advisor on behalf of the Company.

⁽²⁾ Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations.

⁽³⁾ Reflects the stockholder servicing fee paid based on the terms of the Class T Shares. Pursuant to the terms of the Class T shares as set forth in the Articles Supplementary and Multiple Class Plan of the Company, the Company ceased accruing for stockholder servicing fees after July 31, 2018.

⁽⁴⁾ See “Other Offering Costs” below.