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Related Party Revenue (Tables) | 12 Months Ended
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Dec. 31, 2017
Related Party Transactions [Abstract] |
Fees Earned By and Expenses Reimbursable to Us from Managed Funds | Summarized below are the fees earned by and the expenses reimbursable to us from the related party Managed Funds during the year ended December 31, 2017, all of which were earned following the PELP transaction (in thousands):
| REIT II |  | REIT III |  | NRP |  | Other Parties |  | Total
Advisory Agreements Revenue: |  |  |  |  |  |  |  |  |
Acquisition fees | $ | 218 |  |  | $ | 519 |  |  | $ | — |  |  | $ | — |  |  | $ | 737 |
Asset management fees | 2,878 |  |  | 59 |  |  | 105 |  |  | 49 |  |  | 3,091 |
Due diligence reimbursements | 142 |  |  | 72 |  |  | — |  |  | — |  |  | 214 |
Total advisory revenue | $ | 3,238 |  |  | $ | 650 |  |  | $ | 105 |  |  | $ | 49 |  |  | $ | 4,042 |
Management Agreements Revenue: |  |  |  |  |  |  |  |  |
Property management fees | $ | 1,518 |  |  | $ | 15 |  |  | $ | 230 |  |  | $ | 27 |  |  | $ | 1,790 |
Leasing commissions | 782 |  |  | 15 |  |  | 196 |  |  | 16 |  |  | 1,009 |
Construction management fees | 365 |  |  | 4 |  |  | 36 |  |  | 7 |  |  | 412 |
Other property management fees and reimbursements | 339 |  |  | 69 |  |  | 65 |  |  | 77 |  |  | 550 |
Total property management revenue | $ | 3,004 |  |  | $ | 103 |  |  | $ | 527 |  |  | $ | 127 |  |  | $ | 3,761 |
Other Revenue: |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 206 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 206 |
Fee Structure, Advisory Agreements | The following tables summarize our fee structure for each of the related party Managed Funds. Acquisition Fee
Fund |  | Rate |  | Payable |  | Description
REIT II |  | 0.85% |  | In cash upon completion |  | Rate is based on contract purchase price, including acquisition expenses and any debt.
REIT III |  | 2.0% |  | In cash upon completion |  | Rate is based on contract purchase price, including acquisition expenses and any debt.
During the public offering period for REIT III, we will receive an additional contingent advisor payment of 2.15% of the contract purchase price of each property or other real estate investment they acquire. Disposition fee
Fund |  | Rate |  | Payable |  | Description
REIT II |  | 1.7%, or up to 3.0% |  | In cash upon completion |  | Rate is lesser of 1.7% of contract sales price or one-half of the total commissions paid if a non-affiliated broker is also involved in the sale, not to exceed a competitive rate or 6%.
REIT III |  | 2.0% or up to 3.0% |  | In cash upon completion |  | Rate is lesser of 2% of contract sales price or one-half of the total commissions paid if a non-affiliated broker is also involved in the sale, not to exceed a competitive rate or 6%.
Asset Management Fee and Subordinated Participation
Fund |  | Rate |  | Payable |  | Description
REIT II |  | 0.85% |  | 80% in cash and 20% in Class B units, paid monthly |  | One-twelfth of the rate is paid out monthly in cash based on asset cost as of the last day of the preceding month. One-quarter of the rate is paid out quarterly in Class B units based on the lower of the cost of assets or the applicable quarterly NAV, divided by the per share NAV.
REIT III |  | 1.0% |  | Monthly in cash, partnership units, or common stock at our election |  | One-twelfth of the rate is paid out monthly based on asset cost as of the last day of the preceding month.
NRP |  | 0.5%, or up to 1.0% |  | Monthly |  | An amount of one-twelfth of 0.5% of the aggregate capital contributions as of the first day of the quarterly period. Once an aggregate amount of the asset management fees received reaches $918K, the monthly amount is equal to one-twelfth of 1.0% of the invested equity.
Fee Structure, Management Agreements | The Management Agreements have terms as follows:
Fee |  | Rate |  | Payable |  | Description
Property Management |  | 4.0% |  | In cash, monthly |  | Rate is applied to monthly cash receipts at a given property.
Leasing Commissions |  | various |  | In cash upon completion |  | An amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic location.
Construction Management |  | various |  | In cash upon completion |  | An amount equal to the fees charged by unaffiliated persons rendering comparable services in the same geographic location.
Related Party Receivables | Summarized below is the detail of our outstanding receivable balance from related parties as of December 31, 2017 (in thousands):
| 2017
REIT II and other related parties | $ | 1,551 |
REIT III | 4,551 |
Total | $ | 6,102 |

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