Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Property Management Agreement and Asset Management Agreement

Total fees incurred under the Property Management Agreement and Asset Management Agreement for the years ended December 31, 2017, 2016, and 2015 are as follows:

(in thousands)		For the years ended December 31,
Type of Fee	Financial Statement Presentation	2017		2016		2015
Asset management fee	Asset management fees	$	14,754	$	10,955	$	7,042
Property management fee	Property management fees		4,988		3,939		2,697
Total management fee expense			19,742		14,894		9,739
Marketing fee (offering costs)	Additional paid-in capital		1,380		1,310		1,796
Acquisition fee	Capitalized as a component of assets acquired in 2017 (See Note 4) and included as acquisition expenses in 2016 and 2015		6,580		5,203		5,501
Leasing fee	Leasing fees, net		3,339		2,932		4,411
Disposition fee	Gain (loss) on sale of real estate		605		133		179
Total management fees		$	31,646	$	24,472	$	21,626

Legal Services

Schedule of Related Party Transactions

The following table details the type of legal fees incurred from VNN as a related party for the years ended December 31:

(in thousands)		December 31,
Type of Fee	Financial Statement Presentation	2016		2015
Legal services – general	General and administrative	$	324	$	577
Organization costs	General and administrative		22		27
			346		604
Finance related costs	Debt issuance costs^(a)		122		31
Acquisition related fees	Acquisition expenses		2,520		2,383
Legal services - tenant related	Property and operating expenses		40		121
Property disposition related fees	Gain (loss) on sale of real estate		47		42
Total related party legal expenses		$	3,075	$	3,181

^(a)	Amounts are recorded within Debt issuance costs – unsecured revolver, net, Mortgage and notes payable, net, and Unsecured term notes, net, on the accompanying Consolidated Balance Sheets.