RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2020

Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2020 and 2019, and any related amounts payable as of June 30, 2020 and December 31, 2019 (in thousands).


	Incurred													Payable as of
	Three Months Ended June 30,						Six Months Ended June 30,						June 30,	December 31,
	2020		2019		2020		2019		2020		2019
Expensed
Asset management fees ⁽¹⁾	$	426	$	468	$	861	$	929	$	5,033	$	4,171
Reimbursement of operating expenses ⁽²⁾	98		41		152		90		25		29
Property management fees ⁽³⁾	35		41		70		82		10		14
Disposition fees ⁽⁴⁾	—		—		381		—		—		—
Other Arrangement
Advisor advance for cash distributions ⁽⁵⁾	—		—		—		—		1,338		1,338
	$	559	$	550	$	1,464	$	1,101	$	6,406	$	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 June 30, 2020, the Company had accrued and deferred payment of $5.0 million of asset management fees related to October 2017 through June 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

Von Karman Tech Center ⁽¹⁾

07/31/2015

1.50%

Commonwealth Building

07/01/2016

1.25%

The Offices at Greenhouse

11/14/2016

0.25%

Institute Property

11/09/2017

1.00%

_____________________

⁽¹⁾On January 17, 2020, the Company sold Von Karman Tech Center. The Property Management Agreement for Von Karman Tech Center was terminated effective January 17, 2020.