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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2017
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

14. RELATED PARTY TRANSACTIONS

 

Affiliated Real Estate Investments

 

The Company provides management services to certain joint ventures and other related parties. Management agreements provide generally for management fees of between 5-6% of cash collections at the managed stores. Total management fees for unconsolidated joint ventures or other entities in which the Company held an ownership interest for the three months ended March 31, 2017 and 2016 totaled $0.9 million and $0.5 million, respectively.

 

The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These amounts consist of amounts due for management fees, payroll, and other store expenses. The amounts due to the Company were $5.9 million and $3.3 million as of March 31, 2017 and December 31, 2016 and are reflected in Other assets, net on the Company’s consolidated balance sheets. Additionally, as discussed in note 12, the Company has outstanding mortgage loans receivable from consolidated joint ventures of $35.0 million and $34.7 million as of March 31, 2017 and December 31, 2016, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible.  

 

The HHFNE and HVP operating agreements provide for acquisition fees payable from HHFNE and HVP to the Company in an amount equal to 0.5% of the purchase price upon the closing of an acquisition by HHFNE, HVP, or any of their subsidiaries and completion of certain measures as defined in the operating agreements. During the three months ended March 31, 2016, the Company recognized $0.6 million, in acquisition fees, which are included in Other income on the consolidated statement of operations. There were no acquisition fees recognized during the three months ended March 31, 2017.