23.	Related Party

Due to Affiliates

As of December 31, 2015 and December 31, 2014, we had an aggregate of $27,299,000 of liabilities that were due to affiliates. These liabilities were comprised of a $24,500,000 note payable to CNBB-RDF Holdings, LP, which is an entity that is partially owned by Katharina Otto-Bernstein (a member of our Board of Directors), and a $2,799,000 note payable to a different entity owned by members of the Otto Family, both of which were made in lieu of certain cash distributions prior to the completion of the Formation Transactions. The notes are due in October 2017 and bear interest at a fixed rate of 0.50%. In the year ended December 31, 2015, we recognized $136,000 of interest expense in connection with these notes.

Management Agreements

In connection with the Formation Transactions, we assumed certain management agreements of our predecessor pursuant to which we provide property management, leasing and other related services for certain properties owned by members of the Otto Family. In the year ended December 31, 2015, we recognized an aggregate of $776,000 of fee income, in connection with these agreements, which is included as a component of “fee and other income” on our consolidated statements of income.

Hamburg Trust Consulting GMBH (“HTC”)

In connection with the Formation Transactions, we assumed the arrangement that our predecessor had with HTC. HTC is a licensed broker in Germany engaged to supervise selling efforts for our private equity real estate funds (or investments in feeder vehicles for these funds) to investors in Germany, including an ongoing engagement to distribute securitized notes of a feeder vehicle for Fund VIII. Pursuant to this engagement, our predecessor had agreed to pay HTC for the costs incurred to sell investments in this feeder vehicle, which primarily consist of commissions paid to third party agents, and other incremental costs incurred by HTC as a result of the engagement, plus, in each case, a mark-up of 10%. HTC is 100% owned by Albert Behler, our Chairman, Chief Executive Officer and President. In the year ended December 31, 2015, we incurred $349,000 of expense, in connection with these agreements, which is included as a component of “acquisition and transaction related costs” on our consolidated statements of income.

Other

In the year ended December 31, 2015, certain of the Property Funds that were controlled by our Predecessor, received an aggregate of $5,482,000 (of which our share was $121,000), for the reimbursement of certain costs and expenses, from CNBB-RDF Holdings, LP.