RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2020

Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2020 and 2019, and any related amounts payable as of March 31, 2020 and December 31, 2019 (in thousands).


	Incurred						Payable as of
	Three Months Ended March 31,
	2020		2019		March 31, 2020		December 31, 2019
Expensed
Asset management fees ⁽¹⁾	$	435	$	461	$	4,607	$	4,171
Reimbursement of operating expenses ⁽²⁾	54		49		37		29
Property management fees ⁽³⁾	35		41		11		14
Disposition fees ⁽⁴⁾	381		—		—		—
Other Arrangement
Advisor advance for cash distributions ⁽⁵⁾	—		—		1,338		1,338
	$	905	$	551	$	5,993	$	5,552

_____________________

⁽¹⁾ The asset management fee is a monthly fee payable to the Advisor in an amount equal to one-twelfth of 1.0% of the cost of the Company’s investments including the portion of the investment that is debt financed. As of March 31, 2020, the Company had accrued and deferred payment of $4.6 million of asset management fees related to October 2017 through March 2020.

⁽²⁾ See “Reimbursable Operating Expenses” below.

⁽³⁾ See “Real Estate Property Co-Management Agreements” below.

⁽⁴⁾ Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations.

⁽⁵⁾ See “Advance from the Advisor” below.

Schedule of Annual Fee Percentage

Property Name

Effective Date

Annual Fee Percentage

Commonwealth Building

07/01/2016

1.25%

The Offices at Greenhouse

11/14/2016

0.25%

Institute Property

11/09/2017

1.00%