The expenses incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the three months ended March 31, 2019 and 2018, and related amounts unpaid as of March 31, 2019 and December 31, 2018 are as follows:

	Three Months Ended				Unpaid amounts as of⁽¹⁾
	March 31,				March 31,		December 31,
	2019		2018		2019		2018
Reimbursable expenses:
Operating expenses ⁽³⁾	$	230,823	$	274,844	$	129,278	$	85,902
Acquisition fees and expenses	―			901	―		―
		230,823		275,745		129,278		85,902
Asset management fees ⁽⁴⁾		99,417		70,800	―		―
	$	330,240	$	346,545	$	129,278	$	85,902

FOOTNOTES:

⁽¹⁾

Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

⁽²⁾

Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

⁽³⁾

Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. For each of the three months ended March 31, 2019 and 2018, approximately $0.1 million of personnel expenses of affiliates of the Advisor have been or are expected to be settled in accordance with the terms of the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million for each of the three months ended March 31, 2019 and 2018.

⁽⁴⁾

For each of the three months ended March 31, 2019 and 2018, the Company incurred asset management fees of approximately $0.1 million, all of which have been or are expected to be settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million.

8.	Related Party Arrangements (continued)

The fees payable through the termination of the Offering in October 2018 to the Dealer Manager for the three months ended March 31, 2019 and 2018, and related amounts unpaid as of March 31, 2019 and December 31, 2018 are as follows:

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2019		2018		2019		2018
Selling commissions ⁽²⁾	$	—	$	131,841	$	—	$	—
Dealer manager fees ⁽²⁾	―			165,756	―		―
Distribution and stockholder servicing fees ⁽²⁾	―			293,378	―		―
	$	—	$	590,975	$	—	$	—

The following fees for services rendered have been or are expected to be settled in the form of restricted stock pursuant to the Expense Support Agreement for the three months ended March 31, 2019 and 2018 and cumulatively as of March 31, 2019:

	Three Months Ended March 31,				As of March 31,
	2019		2018		2019
Fees for services rendered:
Asset management fees	$	99,417	$	70,800	$	578,171
Advisor personnel expenses ⁽¹⁾		127,950		126,629		1,058,676
Total fees for services rendered	$	227,367	$	197,429	$	1,636,847
Then-current NAV	$	9.92	$	10.06	$	9.92
Restricted stock shares ⁽²⁾		22,920		19,625		164,210
Cash distributions on restricted stock ⁽³⁾	$	8,113	$	—	$	32,452

FOOTNOTES:

⁽¹⁾

Amounts consist of personnel and related overhead costs of the Advisor or its affiliates (which, in general, are those expenses relating to the Company’s administration on an on-going basis) that are reimbursable by the Company.

⁽²⁾

Represents restricted stock shares issued or expected to be issued to the Advisor as of March 31, 2019 pursuant to the Expense Support Agreement. No fair value was assigned to the restricted stock shares as the shares do not vest until a liquidity event is consummated and certain market conditions are achieved. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met.

⁽³⁾

The cash distributions on Restricted Stock shares issued have been recognized as compensation expense as declared and included in general and administrative expenses in the accompanying condensed consolidated statements of operations.