14. RELATED-PARTY TRANSACTIONS

CIM Urban REIT Management, LP (the "Advisor"), an affiliate of CIM REIT, provides asset management services to CIM Urban. For these services, CIM Urban pays asset management fees to the Advisor on a quarterly basis in arrears. The fee is calculated as a percentage of the daily average adjusted fair value of our investments, as defined, as follows:

Daily Average Adjusted Fair Value of CIM Urban's Investments
				Quarterly Fee Percentage
From Greater of		To and Including		Quarterly Fee Percentage
(in thousands)
$	—	$	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	%

The Advisor earned asset management fees of $6,259,000 and $5,821,000 for the three months ended September 30, 2015 and 2014, respectively, and $18,577,000 and $17,300,000 for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015 and December 31, 2014, asset management fees of $6,451,000 and $5,867,000, respectively, were due to the Advisor.

CIM Management, Inc. and certain of its affiliates (collectively, the "CIM Management Entities"), all affiliates of CIM REIT, provide property management, leasing, and development services to CIM Urban. The CIM Management Entities earned property management fees, which are included in rental and other property operating expenses, totaling $1,446,000 and $1,404,000 for the three months ended September 30, 2015 and 2014, respectively, and $4,372,000 and $ 3,935,000 for the nine months ended September 30, 2015 and 2014, respectively. CIM Urban also reimbursed the CIM Management Entities $2,016,000 and $1,820,000 during the three months ended September 30, 2015 and 2014, respectively, and $6,302,000 and $5,613,000 for the nine months ended September 30, 2015 and 2014, respectively, for the cost of on-site personnel incurred on behalf of CIM Urban, which is included in rental and other property operating expenses. The CIM Management Entities earned leasing commissions of $217,000 and $221,000 for the three months ended September 30, 2015 and 2014, respectively, and $310,000 and $1,572,000 for the nine months ended September 30, 2015 and 2014, respectively, which were capitalized to deferred charges. In addition, the CIM Management Entities earned construction management fees of $218,000 and $141,000 for the three months ended September 30, 2015 and 2014, respectively, and $665,000 and $385,000 for the nine months ended September 30, 2015 and 2014, respectively, which were capitalized to investments in real estate.

At September 30, 2015 and December 31, 2014, fees payable and expense reimbursements due to the CIM Management Entities of $1,562,000 and $2,518,000, respectively, were included in due to related parties. Also included in due to related parties at September 30, 2015 and December 31, 2014 was ($319,000) and $76,000, respectively, due (from) to the CIM Management Entities and related parties.

On the Acquisition Date, pursuant to the terms of the Merger Agreement, CIM Commercial and its subsidiaries entered into the Master Services Agreement (the "Master Services Agreement") with CIM Service Provider, LLC (the "Manager") pursuant to which the Manager provides or arranges for other service providers to provide management and administration services to CIM Commercial and its subsidiaries following the Merger. Pursuant to the Master Services Agreement, CIM Commercial pays a base service fee (the "Base Service Fee") to the Manager initially set at $1,000,000 per year (subject to an annual escalation by a specified inflation factor beginning on January 1, 2015), payable quarterly in arrears. Based on the annual escalation factor, the Base Service Fee for 2015 is $1,010,000. The Base Service Fee began to accrue on the Acquisition Date and was pro-rated based on the number of days during the first quarter in which the Master Services Agreement was in effect. The Manager earned a Base Service Fee of $253,000 and $250,000 for the three months ended September 30, 2015 and 2014, respectively, and $759,000 and $556,000 for the nine months ended September 30, 2015 and 2014, respectively. In addition, pursuant to the terms of the Master Services Agreement, the Manager may receive compensation for performing certain services for CIM Commercial and its subsidiaries that are not covered under the Base Service Fee. During the nine months ended September 30, 2015 and 2014, such services performed by the Manager included accounting, tax, reporting, internal audit, legal, compliance, risk management, IT, human resources and corporate communications. The Manager's compensation is based on the salaries and benefits of the employees of the Manager and/or its affiliates who performed these services (allocated based on the percentage of time spent on the affairs of CIM Commercial and its subsidiaries). We expensed $654,000 and $405,000 for the three months ended September 30, 2015 and 2014, respectively, and $2,244,000 and $695,000 for the nine months ended September 30, 2015 and 2014, respectively, for such services. At September 30, 2015 and December 31, 2014, $1,083,000 and $725,000 was due to the Manager, respectively, for such services.

As of January 1, 2015, all of our employees moved to CIM SBA Staffing, LLC, ("CIM SBA"), an affiliate of CIM Group, L.P. ("CIM Group"), except for two of our executives, who became jointly employed by us and CIM SBA and their employment agreements with us continue in full force and effect. In connection with this move, on January 1, 2015, we entered into a Staffing and Reimbursement Agreement with CIM SBA and our subsidiary, PMC Commercial Lending, LLC, which provides that CIM SBA will provide personnel and resources to us and that we will reimburse CIM SBA for the costs and expenses of providing such personnel and resources. For the three months ended September 30, 2015, we expensed $1,181,000 and $124,000 related to services subject to reimbursement by us under this agreement, which are included in discontinued operations and asset management and other fees to related parties, respectively; for the nine months ended September 30, 2015, we expensed $3,417,000 and $375,000 related to such services, which are included in discontinued operations and asset management and other fees to related parties, respectively.