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, 2013 and 2012, respectively, and any related amounts payable as of June 30, 2013 and December 31, 2012 (in thousands):



	Incurred								Payable as of
	Three Months Ended June 30,				Six Months Ended June 30,				June 30,		December 31,
	2013		2012		2013		2012		2013		2012
Expensed
Reimbursement of operating expenses ⁽¹⁾	$	33	$	21	$	58	$	36	$	—	$	—
Asset management fees	919		472		1,683		659		—		—
Real estate acquisition fees	2,695		708		3,950		1,836		—		—
Additional Paid-in Capital
Selling commissions	4,723		2,679		7,795		5,653		—		—
Dealer manager fees	2,415		1,261		3,903		2,693		—		—
Reimbursable other offering costs	499		437		1,371		837		—		16
	$	11,284	$	5,578	$	18,760	$	11,714	$	—	$	16

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⁽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 $33,000 and $58,000 for the three and six months ended June 30, 2013, respectively, and $21,000 and $36,000 for the three and six months ended June 30, 2012, respectively, and were the only employee costs reimbursed under the Advisory Agreement through June 30, 2013. 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.