Pursuant to the terms of these agreements, summarized below are the related-party costs incurred by the Company for the three and six months ended June 30, 2018 and 2017, respectively, and any related amounts payable as of June 30, 2018 and December 31, 2017 (in thousands):



	Incurred								Payable as of
	Three Months Ended June 30,				Six Months Ended June 30,				June 30, 2018		December 31, 2017
	2018		2017		2018		2017		June 30, 2018		December 31, 2017
Expensed
Asset management fees	$	2,217	$	2,856	$	4,043	$	5,603	$	—	$	—
Reimbursable operating expenses ⁽¹⁾	115		64		198		133		39		26
Disposition fees ⁽²⁾	—		785		—		785		—		—
Capitalized
Acquisition fees on real estate	734		—		3,094		836		—		—
Acquisition fees on real estate equity securities	9		386		157		386		—		—
	$	3,075	$	4,091	$	7,492	$	7,743	$	39	$	26

_____________________

⁽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 $78,000 and $161,000 for the three and six months ended June 30, 2018, respectively, and $64,000 and $119,000 for the three and six months ended June 30, 2017, 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. In addition to the amounts above, the Company reimburses the Advisor for certain of the Company’s direct costs incurred from third parties that were initially paid by the Advisor on behalf of the Company.

⁽²⁾ Disposition fees with respect to real estate sold are included in the gain on sale of real estate in the accompanying consolidated statements of operations.