RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and 2019, respectively, and any related amounts payable as of June 30, 2020 and December 31, 2019 (in thousands):


	Incurred													Payable as of
	Three Months Ended June 30,						Six Months Ended June 30,						June 30,	December 31,
	2020		2019		2020		2019		2020		2019
Expensed
Asset management fees ⁽¹⁾	$	5,219	$	6,999	$	10,393	$	13,871	$	8,097	$	6,674
Reimbursement of operating expenses ^{(2) (3)}	134		636		243		1,163		44		79
Disposition fees ⁽⁴⁾	213		—		213		—		—		—
Capitalized
Acquisition fee on development project	1		88		34		133		—		1,133
	$	5,567	$	7,723	$	10,883	$	15,167	$	8,141	$	7,886

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⁽¹⁾See “Deferral of Asset Management Fees” below.

⁽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 $94,000 and $185,000 for the three and six months ended June 30, 2020, respectively, and $78,000 and $148,000 for the three and six months ended June 30, 2019, respectively, and were the only type of employee costs reimbursed under the Advisory Agreement for the three and six months ended June 30, 2020 and 2019, respectively. The Company will not reimburse for employee costs in connection with services for which the Advisor earns acquisition or origination fees 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.

⁽³⁾ Prior to the Singapore Transaction closing on July 19, 2019, the Company and the Advisor had agreed to evenly divide certain costs and expenses related to the Singapore Transaction. During the three and six months ended June 30, 2019, the Company incurred approximately $0.6 million and $1.0 million, respectively, of costs related to the Singapore Transaction, which were reimbursable by the SREIT upon a successful closing. These costs included legal, audit, tax, printing and other out-of-pocket costs that the Company incurred related to the Singapore Transaction. In October 2019, all of these costs had been reimbursed to the Company from the Advisor upon the Advisor receiving the reimbursement from the SREIT.

⁽⁴⁾ Disposition fees with respect to real estate sold are included in the gain on sale of real estate, net, in the accompanying consolidated statements of operations.