RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Schedule of Asset Management Fees Calculation

CIM Urban pays asset management fees to the Operator on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban’s assets (dollar amounts in thousands):

Daily Average Adjusted Fair Value of CIM Urban’s Assets
				Quarterly Fee Percentage
From Greater of		To and Including
$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

Schedule of Related Party Transactions

The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):

	Three Months Ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Asset Management Fees:
Asset management fees (1)	$	2,262	$	2,387	$	6,781	$	7,126
Property Management Fees and Reimbursements:
Property management fees	$	416	$	461	$	1,223	$	1,258
Onsite management and other cost reimbursement	$	385	$	867	$	1,949	$	2,451
Leasing commissions	$	59	$	18	$	107	$	101
Construction management fees	$	70	$	32	$	105	$	309
Administrative Fees and Expenses:
Base service fee (2)	$	—	$	—	$	—	$	282
Expense reimbursements to related parties - corporate	$	533	$	639	$	1,592	$	2,066
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment	$	55	$	901	$	1,219	$	2,581
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees	$	145	$	313	$	567	$	902
Non-issuance specific offering costs (3)	$	13	$	27	$	77	$	72

______________________

(1)The Company issued to the Operator an aggregate of 203,349 shares of our Common Stock and 190,459 shares of our Series A Preferred Stock, in lieu of cash payment of the asset management fees incurred during the nine months ended September 30, 2020. The Company issued to the Operator 89,338 shares of Series A Preferred Stock in lieu of cash payment of the asset management fees incurred during the nine months ended September 30, 2021.

(2)For the nine months ended September 30, 2020, the Company issued to the Administrator 11,273 shares of Series A Preferred Stock, in lieu of cash as payment of the Base Service Fee incurred for the first quarter of 2020.

(3)As of September 30, 2021 and December 31, 2020, $2.0 million and $1.5 million, respectively, was included in deferred costs as reimbursable expenses incurred pursuant to the Master Services Agreement and the then applicable dealer manager agreement with CCO Capital. These non-issuance specific costs are allocated against the gross proceeds from the sale of the Series A Preferred Stock and the Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering.

As of September 30, 2021 and December 31, 2020, due to related parties consisted of the following (in thousands):

	September 30, 2021		December 31, 2020
Asset management fees	$	4,515	$	2,386
Property management fees and reimbursements	538		1,662
Expense reimbursements - corporate	1,050		647
Expense reimbursements - lending segment	1,880		690
Upfront dealer manager and trailing dealer manager fees	679		493
Non-issuance specific offering costs	698		668
Other amounts due to the CIM Management Entities and certain of its affiliates	63		160
Total due to related parties	$	9,423	$	6,706