RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class.



	Class T	Class W	Class I
Selling commissions (as % of offering price)	up to 2.0%	—%	—%
Dealer manager fees (as % of offering price)	up to 2.5%	—%	—%
Distribution fees (as % of NAV per annum)	1.0%	0.5%	—%

Schedule of Fixed Component for Advisory Fee

The following table details the fixed component of the advisory fee.



		Fixed Component
% of aggregate cost of real property assets located in the U.S. (per annum)		0.80%
% of aggregate cost of real property assets located outside the U.S. (per annum)		1.20%
% of aggregate cost or investment of any interest in any other real estate-related entity or debt investment or other investment (per annum)		0.80%
% of total consideration paid in connection with the disposition of real property or a liquidity event involving gross market capitalization of the Company upon occurrence of a listing		1.00%

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,						Payable as of
(in thousands)	2019		2018		2017		December 31, 2019		December 31, 2018
Expensed:
Organization costs (1)	$	—	$	—	$	78	$	78	$	78
Advisory fee—fixed component	4,585		901		—		593		200
Advisory fee—performance component	2,913		723		—		2,913		723
Acquisition expense reimbursements (2)	3,068		4,900		—		182		3,500
Other expense reimbursements (3)	1,963		1,195		185		473		299
Total	$	12,529	$	7,719	$	263	$	4,239	$	4,800
Additional Paid-In Capital:
Selling commissions	$	6,391	$	4,372	$	203	$	—	$	—
Dealer manager fees	5,306		4,430		253		—		—
Offering costs (1)	7,150		13,270		849		21,269		14,119
Distribution fees—current (4)	3,535		875		12		389		168
Distribution fees—trailing (4)	9,010		7,063		394		16,467		7,457
Total	$	31,392	$	30,010	$	1,711	$	38,125	$	21,744


(1)	As of December 31, 2019, the Advisor had incurred $21.3 million of offering costs and $0.1 million of organization costs on behalf of the Company.


(2)	Reflects amounts reimbursable to the Advisor for all expenses incurred by the Advisor and its affiliates on the Company’s behalf in connection with the selection, acquisition, development or origination of an asset.

(3)

Other expense reimbursements include certain expenses incurred in connection with the services provided to the Company under the Advisory Agreement. 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 services for which the Advisor does not otherwise receive a separate fee. A portion of the 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 $1.8 million, $0.9 million and $0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively, for such 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)

The distribution fees accrue daily and are payable monthly in arrears. The monthly amount of distribution fees payable is included in distributions payable on the consolidated balance sheets. Additionally, the Company accrues 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 are reallowed or advanced by the Dealer Manager to unaffiliated participating broker dealers and broker dealers servicing accounts of investors who own Class T shares and/or Class W shares.

Schedule of Fees Waived or Expense Supported by the Advisor and Reimbursements to the Advisor by the Company

The table below provides information regarding the fees deferred and expense support provided by the Advisor, pursuant to the Expense Support Agreement. As of December 31, 2019, the aggregate amount paid by the Advisor pursuant to the Expense Support Agreement was $13.6 million, which has been reimbursed to the Advisor in full.



	For the Year Ended December 31,
(in thousands)	2019			2018		2017
Fees deferred	$	3,895		$	901	$	—
Other expenses supported	2,243			4,682		1,735
Total expense support from Advisor	$	6,138		$	5,583	$	1,735
Reimbursement of previously deferred fees and other expenses supported	(13,606		)	—		—
Total expense support from (reimbursement to) Advisor, net (1)	$	(7,468	)	$	5,583	$	1,735


(1)	As of December 31, 2019, approximately $5.4 million was payable to the Advisor by the Company, and is included in due to affiliates on the consolidated balance sheets. As of December 31, 2018, approximately $0.7 million of expense support was payable to the Company by the Advisor and is included in due from affiliates on the consolidated balance sheets.