Related Party Revenue (Tables)

12 Months Ended

Dec. 31, 2017

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