XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Arrangements (Tables)
6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Schedule of Fees, Reimbursable Expenses and Related Amounts Unpaid to Related Parties

The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the quarter and six months ended June 30, 2021 and 2020, and related amounts unpaid as of June 30, 2021 and December 31, 2020 are as follows (in thousands):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

Unpaid amounts as of (1)

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Reimbursable expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses (2)

 

$

720

 

 

$

1,062

 

 

$

1,473

 

 

$

1,730

 

 

$

259

 

 

$

275

 

 

 

 

720

 

 

 

1,062

 

 

 

1,473

 

 

 

1,730

 

 

 

259

 

 

 

275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disposition fee (3)

 

 

 

 

 

 

 

 

 

 

 

143

 

 

 

 

 

 

Asset management fees (4)

 

 

4,113

 

 

 

4,513

 

 

 

8,590

 

 

 

9,163

 

 

 

1,134

 

 

 

1,505

 

 

 

$

4,833

 

 

$

5,575

 

 

$

10,063

 

 

$

11,036

 

 

$

1,393

 

 

$

1,780

 

_______________

FOOTNOTES:

(1)        Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

(2)     Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets.

(3)       Amounts are recorded as a reduction to gain on sale of real estate in the accompanying condensed consolidated statements of operations.

(4) Effective May 26, 2021, the asset management fee was reduced from 1.0% per annum to 0.80% per annum of average invested assets.