Summarized below are the related party costs incurred by the Company for the three months ended March 31, 2018, and 2017, respectively, and amounts payable as of March 31, 2018 and December 31, 2017:



	Incurred as of March 31,				Payable as of March 31,			Payable as of December 31,
	2018		2017		2018			2017
Expensed
Operating expenses	$	678	$	591	$	678		$	658
Asset management fees ⁽¹⁾	—		2,746		—			—
Property management fees	459		426		153			158
Performance distribution allocation	2,061		—		2,085			2,394
Advisory fees	2,301		—		769			762
Capitalized/Offering
Acquisition fees and expenses ⁽²⁾	—		402		—			—
Organization and offering expense	240		—		432		⁽⁶⁾	192
Other costs advanced by the Advisor	71		203		358			285
Selling commissions ⁽³⁾	11		1,125		—			—
Dealer Manager fees ⁽⁴⁾	45		392		—			—
Stockholder servicing fee	82		355		11,378			12,377
Advisor advances: ⁽⁵⁾
Organization and offering expenses	18		448		26			8
Dealer Manager fees	—		789		—			62
Total	$	5,966	$	7,477	$	15,879		$	16,896


(1)	As part of the Follow-On Offering, the Company's new management compensation structure no longer includes asset management fees.

(2)

Effective September 20, 2017, the Advisor is not entitled to acquisition fees, disposition fees or financing fees; provided, however, that the Advisor will receive the compensation set forth in the original advisory agreement for the Company’s investment in an approximately 1,000,000 square foot property located at 39000 Amrheim Road, Livonia, Michigan 48150 with a total transaction price of approximately $80.0 million.


(3)	On September 18, 2017, the Company and the Dealer Manager entered into a dealer manager agreement for the Follow-On Offering. See the "Dealer Manager Agreement" section below for details regarding selling commissions and dealer manager fees.

(4)

The Dealer Manager continues to receive a stockholder servicing fee with respect to Class AA shares as detailed in the Company's IPO prospectus. The stockholder servicing fee is paid quarterly and accrues daily in an amount equal to 1/365th of 1.0% of the NAV per share of the Class AA shares, up to an aggregate of 4% of the gross proceeds of Class AA shares sold. The Company will cease paying the stockholder servicing fee with respect to the Class AA shares at the earlier of (i) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of shares in Company's IPO (excluding proceeds from sales pursuant to the related DRP); (ii) the fourth anniversary of the last day of the fiscal quarter in which the Company's IPO terminated; (iii) the date that such Class AA share is redeemed or is no longer outstanding; and (iv) the occurrence of a merger, listing on a national securities exchange, or an extraordinary transaction.


(5)	Pursuant to the original advisory agreement, commencing November 2, 2015, the Company remained obligated to reimburse the Advisor for organizational and offering costs incurred after such date. Terms of the organizational and offering costs are included in the Company's 2016 Annual Report on Form 10-K filed on March 15, 2017.


(6)	Excludes amounts in excess of the 15% organization and offering costs limitation. See Note 8, Equity, for additional details