Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the years ended December 31, 2015, 2014 and 2013, respectively, and any related amounts payable as of December 31, 2015 and December 31, 2014 (in thousands):



	Incurred						Payable as of December 31,
	2015		2014		2013		2015		2014
Expensed
Asset management fees ⁽¹⁾	$	8,348	$	7,648	$	4,173	$	—	$	—
Real estate acquisition fees	—		2,231		2,784		—		—
Reimbursable operating expenses ⁽²⁾	178		157		139		59		—
Disposition fees ⁽³⁾	276		—		322		—		—
Capitalized
Acquisition and origination fees on real estate loans receivable	—		—		220		—		—
Acquisition fee on investment in unconsolidated joint venture	—		1,573		—		—		—
Acquisition fee on undeveloped land	—		67		199		—		—
	$	8,802	$	11,676	$	7,837	$	59	$	—

_____________________

⁽¹⁾ Amounts include asset management fees from discontinued operations.

⁽²⁾Reimbursable operating expenses primarily consists of internal audit personnel costs, accounting software and cybersecurity related expenses incurred by the Advisor 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 $153,000, $141,000 and $134,000 for the years ended December 31, 2015, 2014 and 2013, 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.

⁽³⁾ Disposition fees with respect to real estate sold are included in the gain on sales of real estate in the accompanying consolidated statements of operations.