Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2013 and 2012, respectively, and any related amounts payable as of March 31, 2013 and December 31, 2012 (in thousands):



	Incurred				Payable as of
	Three Months Ended March 31,				March 31,		December 31,
	2013		2012		2013		2012
Expensed
Asset management fees	$	764	$	291	$	—	$	—
Real estate acquisition fee	758		—		—		—
Reimbursable operating expenses ⁽¹⁾	25		16		—		21
Disposition fees	77		13		—		—

Additional Paid-in Capital
Selling commissions	—		2,411		—		—
Dealer manager fees	—		1,214		—		—
Reimbursable other offering costs	—		405		—		—

Capitalized
Acquisition and origination fees on real estate loans receivable	220		352		—		—
	$	1,844	$	4,702	$	—	$	21

_____________________

⁽¹⁾ The Advisor may seek reimbursement for certain employee costs under the Advisory Agreement. The Company has reimbursed the Advisor for the Company’s allocable portion of the salaries, benefits and overhead of internal audit department personnel providing services to the Company. These amounts totaled $25,000 and $16,000 for the three months ended March 31, 2013 and 2012, respectively, and were the only employee costs reimbursed under the Advisory Agreement during these periods. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition, origination or disposition fees (other than reimbursement of travel and communication expenses) or for the salaries or benefits the Advisor or its affiliates may pay to the Company’s executive officers.