Related Party Transactions and Arrangements (As Restated) (Tables)

6 Months Ended

Jun. 30, 2014

The following table summarizes the related party fees and expenses incurred by the Company, ARCT III and ARCT IV by category and the aggregate amounts contained in such categories for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Related party transactions:
Expenses and capitalized costs:
Financing fees and reimbursements	$	—	$	6,296	$	—	$	13,796
Offering related costs		2,000		22,669		2,150		158,657
Acquisition related expenses		113		19,867		1,652		26,830
Merger and other non-routine transactions		40		255		137,778		106,935
Management fees to affiliates		—		—		13,888		12,493
General and administrative expenses		437		4,134		16,029		9,343
Indirect affiliate expenses		3,997		—		4,495		—
Cole Capital revenues:
Cole Capital offering related revenue		9,969		—		52,422		—
Cole Capital operating revenue		27,253		—		39,057		—

Total	$	43,809	$	53,221	$	267,471	$	328,054

Schedule of Related Party Transactions

Offering Related Costs

The Company, ARCT III and ARCT IV recorded commissions, fees and offering cost reimbursements as shown in the table below for services provided to the Company, ARCT III and ARCT IV, as applicable, by affiliates of the Former Manager during the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Offering related costs:
Commissions and fees	$	—	$	21,754	$	—	$	147,686
Offering costs and other reimbursements		2,000		915		2,150		10,971

Total	$	2,000	$	22,669	$	2,150	$	158,657

Merger And Other Non-Routine Transactions [Member]

Schedule of Related Party Transactions

The tables below shows fees and expenses attributable to each merger and other non-routine transaction during the three and six months ended June 30, 2014 (in thousands):


	Three Months Ended June 30, 2014
	ARCT IV Merger		Internalization and Other		Cole Merger		Multi-tenant Spin- Off		Total
Personnel costs and other reimbursements	$	—	$	—	$	40	$	—	$	40


	Six Months Ended June 30, 2014
	ARCT IV Merger		Internalization and other		Cole Merger		Multi-tenant Spin- Off		Total
Merger related costs:
Strategic advisory services	$	8,400	$	—	$	17,115	$	1,750	$	27,265
Personnel costs and other reimbursements		—		—		72		—		72

Other non-routine transactions:

Subordinated distribution fees		78,244		—		—		—		78,244
Furniture, fixtures and equipment		5,800		10,000		—		—		15,800

Other fees and expenses		—		—		2,900		—		2,900
Personnel costs and other reimbursements		417		—		1,728		—		2,145

Post-transaction support services		1,352		10,000		—		—		11,352

Total	$	94,213	$	20,000	$	21,815	$	1,750	$	137,778

The tables below shows fees and expenses attributable to each merger and other non-routine transaction during the three and six months ended June 30, 2013 (in thousands):


	Three Months Ended June 30, 2013
	ARCT III Merger		ARCT IV Merger		Other		Total
Merger related costs:
Personnel costs and other reimbursements	$	188	$	23	$	44	$	255


	Six Months Ended June 30, 2013
	ARCT III Merger		ARCT IV Merger		Other		Total
Merger related costs:
Legal fees and expenses	$	125	$	—	$	—	$	125
Personnel costs and other reimbursements		522		23		44		589

Other non-routine transactions:

Subordinated distribution fees		98,360		—		—		98,360
Furniture, fixtures and equipment		5,800		—		—		5,800

Legal fees and expenses		61		—		—		61

Post-transaction support services		2,000		—		—		2,000

Total	$	106,868	$	23	$	44	$	106,935

Management Fees To Affiliates [Member]

Schedule of Related Party Transactions

The Company, ARCT III and ARCT IV recorded fees and reimbursements as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company, ARCT III and ARCT IV during the periods indicated (in thousands):


	Six Months Ended June 30,
	2014		2013
Management fees to affiliates:
Asset management fees	$	13,888	$	11,693
Property management fees		—		800

Total	$	13,888	$	12,493

General and Administrative Expense [Member]

Schedule of Related Party Transactions

The Company, ARCT III and ARCT IV recorded general and administrative expenses as shown in the table below for services provided by the Former Manager and its affiliates related to the operations of the Company, ARCT III and ARCT IV during the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
General and administrative expenses:
Advisory fees and reimbursements	$	437	$	1,066	$	1,955	$	3,667
Equity awards		—		3,068		14,074		5,676

Total	$	437	$	4,134	$	16,029	$	9,343

Indirect Affiliate Expenses [Member]

Schedule of Related Party Transactions

During 2014, the Company incurred fees and expenses payable to the Company’s affiliates or payable to a third party on behalf of the Company’s affiliates for amenities related to certain buildings, as explained below. No such fees or expenses were incurred during 2013. These expenses are depicted in the table below for the periods indicated (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2014		2014
Indirect affiliate expenses:
Audrain building	$	3,517	$	3,922
ANST office build-out		335		335
New York (405 Park Ave) office		116		187
Dresher, PA office		17		36

North Carolina office		12		15

Total	$	3,997	$	4,495

Due To Affiliate [Member]

Schedule of Related Party Transactions

Due to affiliates, as reported in the accompanying consolidated balance sheets, is comprised of the following amounts discussed above (in thousands):


	June 30, 2014		December 31, 2013
	(as Restated)		(as Restated)
Due to affiliates:
Offering related costs	$	2,000	$	220
Merger and other non-routine transactions		42		38,645
General and administrative		868		59,600
Indirect affiliate expenses		68		—
Management fees to affiliates		—		4,969
Managed REITS and Other		206		—

Total	$	3,184	$	103,434

Commissions, Fees and Expense Reimbursements [Member] | Cole Merger [Member]

Schedule of Related Party Transactions

The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided to the Managed REITs (as described above) during the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three and six months ended June 30, 2013.


	Three Months Ended June 30, 2014
	CCPT IV⁽¹⁾			CCPT V		CCIT II		INAV		Total
Offering:
Selling commission revenue	$	(12	)	$	1,347	$	4,579	$	195	$	6,109
Selling commissions reallowance expense		(12	)		1,347		4,579		195		6,109
Dealer-manager fee revenue		(2	)		416		1,372		123		1,909
Dealer-manager fees reallowance expense		107			178		668		6		959
Other expense reimbursement revenue		(18	)		415		1,372		182		1,951

(1)	Due to net cancellations during the quarter, related to shares sold prior to the fund closing on February 25, 2014.


	Period from the Cole Acquisition Date to June 30, 2014
	CCPT IV		CCPT V		CCIT II		INAV		Total
Offering:
Selling commission revenue	$	29,113	$	1,347	$	4,950	$	216	$	35,626
Selling commissions reallowance expense		29,113		1,347		4,950		216		35,626
Dealer-manager and distribution fee revenue		8,771		416		1,486		188		10,861
Dealer-manager fees reallowance expense		4,971		178		721		8		5,878
Other expense reimbursement revenue		3,749		465		1,486		235		5,935

Fees and Expense Reimbursements [Member] | Cole Merger [Member]

Schedule of Related Party Transactions

The Company recorded fees and expense reimbursements as shown in the table below for services provided primarily to the Managed REITs (as described above) during the three months ended June 30, 2014 and the period from the Cole Acquisition Date to June 30, 2014 (in thousands). As the Company did not commence operations for Cole Capital until the Cole Acquisition Date, comparative financial data is not presented for the three and six months ended June 30, 2013.


	Three Months Ended June 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	6,787	$	519	$	3,232	$	3,874	$	—	$	(1	)
Asset management fee revenue	$	—	$	—	$	—	$	—	$	—	$	252
Property management and leasing fee revenue	$	—	$	—	$	—	$	—	$	—	$	284
Operating expense reimbursement revenue	$	1,538	$	166	$	758	$	79	$	135	$	—
Advisory and performance fee revenue	$	4,747	$	9	$	4,561	$	115	$	198	$	—


	Period from the Cole Acquisition Date to June 30, 2014
	CCPT IV		CCPT V		CCIT		CCIT II		INAV		Other
Operations:
Acquisition fee revenue	$	10,785	$	585	$	3,727	$	3,874	$	—	$	(1	)
Asset management fee revenue	$	—	$	—	$	—	$	—	$	—	$	403
Property management and leasing fee revenue	$	—	$	—	$	—	$	—	$	—	$	574
Operating expense reimbursement revenue	$	2,603	$	183	$	1,187	$	79	$	135	$	—
Advisory and performance fee revenue	$	7,311	$	9	$	7,156	$	141	$	306	$	—

Investment In The Managed REITs [Member] | Cole Merger [Member]

Schedule of Related Party Transactions

The table below presents certain information related to the Company’s investments in the Managed REITs as of June 30, 2014 (carrying amount in thousands):


	June 30, 2014
Managed REIT	% of Outstanding Shares Owned			Carrying Amount of Investment
CCPT IV		0.01	%	$	137
CCPT V		12.39	%		1,732
CCIT		0.01	%		79
CCIT II		3.79	%		1,809
INAV		0.22	%		160

				$	3,917