Related Party Expense (Tables)

9 Months Ended

Sep. 30, 2018

Summarized below are the fees earned by and the expenses reimbursable for the three and nine months ended September 30, 2017 (in thousands):



	Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
Acquisition fees⁽¹⁾	$	294	$	1,344
Due diligence fees⁽¹⁾	370		583
Asset management fees⁽²⁾	5,071		15,388
OP unit distributions⁽³⁾	448		1,373
Class B unit distributions⁽⁴⁾	482		1,393
Disposition fees	—		19
Total	$	6,665	$	20,100


⁽¹⁾	The majority of acquisition and due diligence fees are capitalized and allocated to the related investment in real estate assets on the consolidated balance sheets based on the acquisition-date fair values of the respective assets and liabilities acquired.


⁽²⁾	Asset management fees are presented in General and Administrative on the consolidated statements of operations.


⁽³⁾	Distributions are presented as Distributions to Noncontrolling Interests on the consolidated statements of equity.


⁽⁴⁾	The distributions paid to holders of unvested Class B units are presented in General and Administrative on the consolidated statements of operations.

Property Manager Transactions

Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the three and nine months ended September 30, 2017 (in thousands):



	Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
Property management fees⁽¹⁾	$	2,717	$	7,986
Leasing commissions⁽²⁾	1,677		6,077
Construction management fees⁽²⁾	683		1,367
Other fees and reimbursements⁽³⁾	2,409		6,030
Total	$	7,486	$	21,460


⁽¹⁾	The property management fees are included in Property Operating on the consolidated statements of operations.


⁽²⁾	Leasing commissions paid for leases with terms less than one year were expensed immediately and included in Depreciation and Amortization on the consolidated statements of operations. Leasing commissions paid for leases with terms greater than one year, and construction management fees, were capitalized and amortized over the life of the related leases or assets.


⁽³⁾	Other fees and reimbursements are included in Property Operating and General and Administrative on the consolidated statements of operations based on the nature of the expense.