Related Party Transactions and Arrangements (Tables)

3 Months Ended

Mar. 31, 2016

The following table shows the offering fee summary information for the Cole REITs as of March 31, 2016:



Program	Selling Commissions ⁽¹⁾	Dealer Manager and Distribution Fees ⁽²⁾
Open Programs
CCPT V	7%	2%
INAV ⁽³⁾
Wrap Class Shares	—%	0.55%
Advisor Class Shares	up to 3.75%	0.55% and 0.50%
Institutional Class Shares	—%	0.25%

CCIT II	7%	2%

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(1)	The Company reallows 100% of selling commissions earned to participating broker-dealers.


(2)	The Company may reallow all or a portion of its dealer manager fee or applicable distribution fee to participating broker-dealers as a marketing and due diligence expense reimbursement.


(3)	In connection with the INAV offering, the Company receives selling commissions, an asset-based dealer manager fee and/or an asset-based distribution fee, all based on the net asset value for each class of common stock.

Transaction Related Fees [Member]

Schedule of Related Party Transactions

The following table shows the transaction-related fees for the Cole REITs and other real estate programs as of March 31, 2016:



Program	Acquisition Fees ⁽¹⁾	Disposition Fees	Performance Fees ⁽²⁾
Open Programs
CCPT V	2%	1%	15%
INAV	—	—	—
CCIT II	2%	1%	15%

Closed Programs
CCPT IV	2%	1%	15%
Other Programs	Various	Various	Various

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(1)	Percent taken on gross purchase price.

(2)

Performance fee paid only under the following circumstances: (i) if shares are listed on a national securities exchange; (ii) if the respective Cole REIT is sold or the assets are liquidated; or (iii) upon termination of the advisory agreement. In connection with such events, the performance fee will only be earned upon the return to investors of their net capital invested and an 8% annual cumulative, non-compounded return (6% in the case of CCPT V).

Management Service Revenue [Member]

Schedule of Related Party Transactions

The following table shows the management fees for the Cole REITs as of March 31, 2016:



Program	Asset Management / Advisory Fees ⁽¹⁾	Performance Fees ⁽²⁾
Open Programs
CCPT V	0.65% - 0.75%	—
INAV	0.90%	25%
CCIT II	0.65% - 0.75%	—

Closed Programs
CCPT IV	0.65% - 0.75%	—
Other Programs	Various	—

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(1)	Annualized fee based on the average monthly invested assets or net asset value, if available.


(2)	Performance fee paid on the amount in which the total return on stockholders’ capital exceeds 6% per annum on a calendar year basis.

Revenue from Managed REITs [Member]

Schedule of Related Party Transactions

The table below reflects the revenue earned from the Cole REITs (including closed programs, as applicable) and joint ventures for the three months ended March 31, 2016 and 2015 (in thousands).



	Three Months Ended March 31,
	2016		2015
Offering-related fees and reimbursements
Securities commissions ⁽¹⁾	$	7,041	$	1,775
Dealer manager and distribution fees ⁽²⁾	2,640		716
Reimbursement revenue	2,710		626
Offering-related fees and reimbursements	12,391		3,117

Transaction service fees and reimbursements
Acquisition fees	1,702		4,488
Disposition fees ⁽³⁾	—		4,350
Reimbursement revenues	682		571
Transaction service fees and reimbursements	2,384		9,409

Management fees and reimbursements
Asset and property management fees and leasing fees	55		103
Advisory and performance fee revenue	12,050		11,173
Reimbursement revenues	4,123		2,518
Management fees and reimbursements	16,228		13,794

Interest income on Affiliate Lines of Credit	308		408

Total related party revenues⁽⁴⁾	$	31,311	$	26,728

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(1)	The Company reallows 100% of selling commissions earned to participating broker-dealers.


(2)	During the three months ended March 31, 2016 and 2015, the Company reallowed $1.0 million and $0.3 million, respectively, of dealer manager fees to participating broker dealers as a marketing and due diligence expense reimbursement.


(3)	The Company earned a disposition fee of $4.4 million on behalf of CCIT when it merged with Select Income REIT on January 29, 2015.


(4)	Total related party revenues excludes fees earned from 1031 real estate programs of $0.2 million and $1.2 million for the three months ended March 31, 2016 and 2015, respectively.

Investments In Managed REITs [Member]

Schedule of Related Party Transactions

The table below presents certain information related to the Company’s investments in the Cole REITs as of March 31, 2016 (carrying amount in thousands):



	March 31, 2016
Cole REIT	% of Outstanding Shares Owned	Carrying Amount of Investment
CCPT V	1.14%	$	1,553
INAV	0.12%	149
CCIT II	0.58%	1,388
CCPT IV	0.01%	119
Funds not yet in offering	N/A	600
		$	3,809