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Other Expenses
 3 Months Ended
Mar. 31, 2020
Other Income and Expenses [Abstract]  
Other Expenses
11. OTHER EXPENSES
Our other expenses consist of the management and incentive fees we pay to our Manager and our general and administrative expenses.
Management and Incentive Fees
Pursuant to a management agreement between our Manager and us, or our Management Agreement, our Manager earns a base management fee in an amount equal to 1.50% per annum multiplied by our outstanding equity balance, as defined in the Management Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) 20% and (ii) the excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous
12-month
period over (b) an amount equal to 7.00% per annum multiplied by our outstanding Equity, provided that our Core Earnings over the prior three-year period is greater than zero. Core Earnings, as defined in our Management Agreement, is generally equal to our net income (loss) prepared in accordance with GAAP, excluding (i) certain
non-cash
items, (ii) the net income (loss) related to our legacy portfolio, and (iii) incentive management fees.
During the three months ended March 31, 2020 and 2019, we incurred $14.5 million and $13.1 million, respectively, of management fees payable to our Manager. In addition, during the three months ended March 31, 2020 and 2019, we incurred $4.8 million and $6.7 million, respectively, of incentive fees payable to our Manager.
As of March 31, 2020 and December 31, 2019 we had accrued management and incentive fees payable to our Manager of $19.3 million and $20.2 million, respectively.
General and Administrative Expenses
General and administrative expenses consisted of the following ($ in thousands):
                 
 
Three Months Ended
March 31,
 
 
2020
 
  
2019
 
Professional services
(1)
   $
1,662
    $
1,096
 
Operating and other costs
(1)
    
1,451
     
449
 
                 
Subtotal
   
3,113
     
1,545
 
Non-cash compensation expenses
    
     
 
Restricted class A common stock earned
   
8,553
     
7,643
 
Director stock-based compensation
   
125
     
125
 
                 
Subtotal
   
8,678
     
7,768
 
                 
Total general and administrative expenses
  $
11,791
    $
9,313
 
                 
 
 
 
 
 
 
 
 
 
                                 
                    
                
 
 
 
 
 
 
 
 
 
     
(1)
During the three months ended March 31, 2020 and 2019, we recognized an aggregate $376,000 and $169,000, respectively, of expenses related to our Multifamily Joint Venture.