Agreements and Transactions with Related Parties (Tables)

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

The following tables present a summary of fees we paid and expenses we reimbursed to our Advisor in accordance with the terms of the NLOP Advisory Agreements (in thousands):

	Three Months Ended March 31, 2024
Asset management fees (a)	$	1,804
Administrative reimbursements (b)	1,000
	$	2,804

__________

(a)Included within Asset management fees in the consolidated statements of operations.

(b)Included within General and administrative expenses in the consolidated statements of operations.

The following table presents amounts of shared costs that were allocated to NLOP (in thousands):

	Three Months Ended March 31, 2023
General and administrative (a)	$	3,424
Interest expense (b)	5,196
Total	$	8,620

__________

(a)General and administrative fees are inclusive of expenses such as employee compensation and benefits, stock-based compensation and professional fees.

(b)NLOP’s income statement prior to the Spin-Off includes an allocation of interest expense associated with WPC unsecured debt utilized partially to fund property assets of NLOP.

Schedule of Balances Due to and from Related Party

The following table presents a summary of amounts due to affiliates, which are included within Accounts payable, accrued expenses and other liabilities in the consolidated financial statements (in thousands):

	March 31, 2024		December 31, 2023
Asset management fees payable	$	595	$	1,245
Administrative reimbursements payable and other	375		676
	$	970	$	1,921