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Related Party Transactions and Arrangements
 3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions and Arrangements

NOTE 8: Related Party Transactions and Arrangements

 

On December 20, 2016, we completed our management internalization, which provided for transactions that changed us from being externally managed by our former advisor to being internally managed and separated us from RAIT.  The management internalization consisted of two parts: (i) our acquisition of our former advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of the assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties. Also, pursuant to the internalization agreement, on October 5, 2016, we repurchased all of the 7,269,719 shares of our common stock owned by certain of RAIT’s subsidiaries and retired these shares.  

 

Subsequent to our management internalization, from December 21, 2016 through June 20, 2017 we were party to a shared services agreement whereby RAIT provided us with certain back office services. For the three months ended March 31, 2018 and 2017, we incurred costs of $0 and $387, respectively, with respect to this shared services agreement which are included within general and administrative expenses in our consolidated statements of operations.

 

Subsequent to our management internalization, we are party to property management agreements with RAIT under which we provide property management services to RAIT owned properties. For the three months ended March 31, 2018 and 2017, we earned property management fees from RAIT of $23 and $137, respectively.

 

As of March 31, 2018 and December 31, 2017, we had no payables to or receivables from RAIT for shared service fees or property management fees.