Agreements and Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2018

The following table sets forth certain information regarding our loans to affiliates (dollars in thousands):



	Interest Rate at March 31, 2018	Maturity Date at March 31, 2018	Maximum Loan Amount Authorized at March 31, 2018		Principal Outstanding Balance at ^(a)
Managed Program	Interest Rate at March 31, 2018	Maturity Date at March 31, 2018	Maximum Loan Amount Authorized at March 31, 2018		March 31, 2018		December 31, 2017
CWI 1 ^(b)	LIBOR + 1.00%	6/30/2018; 12/31/2018	$	100,000	$	41,637	$	68,637
CESH I ^{(b) (c)}	LIBOR + 1.00%	5/3/2018; 5/9/2018	35,000		14,461		14,461
CPA:18 – Global	N/A	N/A	50,000		—		—
CWI 2	N/A	N/A	25,000		—		—
					$	56,098	$	83,098

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(a)	Amounts exclude accrued interest of $1.4 million and $0.9 million at March 31, 2018 and December 31, 2017, respectively.


(b)	LIBOR means London Interbank Offered Rate.


(c)	In April 2018, a loan of $10.1 million was extended by one year, to May 3, 2019, and a loan of $4.4 million was extended by one year, to May 9, 2019 (Note 16).

The following tables present a summary of revenue earned and/or cash received from the Managed Programs for the periods indicated, included in the consolidated financial statements (in thousands):



	Three Months Ended March 31,
	2018		2017
Asset management revenue ^(a)	$	16,985	$	17,367
Distributions of Available Cash	10,502		11,793
Reimbursable costs from affiliates ^(a)	5,304		25,700
Structuring revenue ^(a)	1,739		3,834
Interest income on deferred acquisition fees and loans to affiliates	553		585
Other advisory revenue ^(a)	190		91
Dealer manager fees ^(a)	—		3,325
	$	35,273	$	62,695



	Three Months Ended March 31,
	2018		2017
CPA:17 – Global	$	15,784	$	17,071
CPA:18 – Global	6,887		8,203
CWI 1	6,979		6,857
CWI 2	5,037		24,465
CCIF	—		4,941
CESH I	586		1,158
	$	35,273	$	62,695

__________


(a)	Amounts represent revenues from contracts under ASC 606.

Schedule of Balances Due to and From Related Party

The following table presents a summary of amounts included in Due from affiliates in the consolidated financial statements (in thousands):



	March 31, 2018		December 31, 2017
Short-term loans to affiliates, including accrued interest	$	57,502	$	84,031
Deferred acquisition fees receivable, including accrued interest	9,025		12,345
Accounts receivable	4,507		4,089
Reimbursable costs	3,860		4,315
Asset management fees receivable	480		356
Current acquisition fees receivable	166		83
Organization and offering costs	—		89
	$	75,540	$	105,308

Schedule of Related Party Fees

The Managed Programs will continue to reimburse us for certain personnel and overhead costs that we incur on their behalf, a summary of which is presented in the table below:



Managed Program	Payable	Description
CPA:17 – Global and CPA:18 – Global	In cash	Personnel and overhead costs, excluding those related to our legal transactions group, our senior management, and our investments team, are charged to the CPA REITs based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and are capped at 1.0% and 2.0% of each CPA REIT’s pro rata lease revenues for 2018 and 2017, respectively; for the legal transactions group, costs are charged according to a fee schedule
CWI 1 and CWI 2	In cash	Actual expenses incurred, excluding those related to our senior management; allocated between the CWI REITs based on the percentage of their total pro rata hotel revenues for the most recently completed quarter
CCIF and CCIF Feeder Funds	In cash	Actual expenses incurred, excluding those related to their investment management team and senior management team, prior to our resignation as the advisor to CCIF, effective September 11, 2017 (Note 1)
CESH I	In cash	Actual expenses incurred

The following table presents a summary of our structuring fee arrangements with the Managed Programs:



Managed Program	Rate	Payable	Description
CPA:17 – Global	1% – 1.75%, 4.5%	In cash; for non net-lease investments, 1% – 1.75% upon completion; for net-lease investments, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the net-lease investments made; also based on the total aggregate cost of the non net-lease investments or commitments made; total limited to 6% of the contract prices in aggregate
CPA:18 – Global	4.5%	In cash; for all investments, other than readily marketable real estate securities for which we will not receive any acquisition fees, 2.5% upon completion, with 2% deferred and payable in three interest-bearing annual installments	Based on the total aggregate cost of the investments or commitments made; total limited to 6% of the contract prices in aggregate
CWI REITs	1% – 2.5%	In cash upon completion; loan refinancing transactions up to 1% of the principal amount; 2.5% of the total investment cost of the properties acquired	Based on the total aggregate cost of the lodging investments or commitments made; we are required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively; total for each CWI REIT limited to 6% of the contract prices in aggregate
CESH I	2.0%	In cash upon acquisition	Based on the total aggregate cost of investments or commitments made, including the acquisition, development, construction, or redevelopment of the investments

The following table presents a summary of our asset management fee arrangements with the Managed Programs:



Managed Program	Rate	Payable	Description
CPA:17 – Global	0.5% – 1.75%	In shares of its common stock and/or cash, at the option of CPA:17 – Global; payable in shares of its common stock for 2018 and 2017	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CPA:18 – Global	0.5% – 1.5%	In shares of its Class A common stock and/or cash, at the option of CPA:18 – Global; payable in shares of its Class A common stock for 2018 and 2017	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CWI 1	0.5%	In shares of its common stock and/or cash, at our election; payable in shares of its common stock for 2018 and 2017	Rate is based on the average market value of the investment; we are required to pay 20% of the asset management revenue we receive to the subadvisor
CWI 2	0.55%	In shares of its Class A common stock and/or cash, at our election; payable in shares of its Class A common stock for 2018 and 2017	Rate is based on the average market value of the investment; we are required to pay 25% of the asset management revenue we receive to the subadvisor
CCIF	1.75% – 2.00%	In cash, prior to our resignation as the advisor to CCIF, effective September 11, 2017 (Note 1)	Based on the average of gross assets at fair value; we were required to pay 50% of the asset management revenue we received to the subadvisor
CESH I	1.0%	In cash	Based on gross assets at fair value