Agreements and Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2020

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



	Three Months Ended March 31,
	2020		2019
Asset management revenue ^(a)	$	9,889	$	9,732
Reimbursable costs from affiliates ^(a)	4,030		3,868
Distributions of Available Cash ^(b)	1,916		5,685
Structuring and other advisory revenue ^(a)	494		2,518
Interest income on deferred acquisition fees and loans to affiliates ^(c)	278		520
	$	16,607	$	22,323



	Three Months Ended March 31,
	2020		2019
CPA:18 – Global	$	5,912	$	7,961
CWI 1	5,040		7,501
CWI 2	4,200		5,746
CESH	1,455		1,115
	$	16,607	$	22,323

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


(b)	Included within Equity in earnings of equity method investments in the Managed Programs and real estate in the consolidated statements of income.

(c)

Included within Other gains and (losses) in the consolidated statements of income.

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, 2020		December 31, 2019
Short-term loans to affiliates, including accrued interest	$	30,760	$	47,721
Deferred acquisition fees receivable, including accrued interest	3,000		4,450
Reimbursable costs	2,759		3,129
Asset management fees receivable	1,388		1,267
Accounts receivable	908		1,118
Current acquisition fees receivable	236		131
	$	39,051	$	57,816

Schedule of Related Party Fees

The Managed Programs 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: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 CPA:18 – Global based on the average of the trailing 12-month aggregate reported revenues of the Managed Programs and us, and personnel costs are capped at 1.0% of CPA:18 – Global’s pro rata lease revenues for both 2020 and 2019; for the legal transactions group, costs are charged according to a fee schedule
CWI REITs ^(a)	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
CESH	In cash	Actual expenses incurred

__________

(a)

Advisory agreements terminated on April 13, 2020.

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



Managed Program	Rate	Payable	Description
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 50% in cash and 50% in shares of its Class A common stock for 2020 and 2019	Rate depends on the type of investment and is based on the average market or average equity value, as applicable
CWI 1 ^(a)	0.5%	In shares of its common stock and/or cash, at our election; payable in shares of its common stock for 2020 and 2019	Rate was based on the average market value of the investment; we were required to pay 20% of the asset management revenue we received to the subadvisor
CWI 2 ^(a)	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 2020 and 2019	Rate was based on the average market value of the investment; we were required to pay 25% of the asset management revenue we received to the subadvisor
CESH	1.0%	In cash	Based on gross assets at fair value

__________

(a)

Advisory agreement terminated on April 13, 2020.

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



Managed Program	Rate	Payable	Description
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
CWI REITs ^(a)	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 were required to pay 20% and 25% to the subadvisors of CWI 1 and CWI 2, respectively
CESH	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

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(a)	Advisory agreements terminated on April 13, 2020.