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Note 6 – Related Party Transactions Management Agreement On July 9, 2020, the Company completed the management internalization transaction. Prior to the completion of this transaction, the Company was subject to a management agreement dated July 1, 2016, by and between the Company and its former advisor.
Management Fees and Accrued Management Fees
As a result of the completion of the management internalization transaction, for the three months ended September 30, 2020, no management fees were incurred and expensed by the Company. For the nine months ended September 30, 2020, prior to the completion of the management internalization transaction, management fees of $4,024 were incurred and expensed by the Company. No incentive management fee was incurred by the Company during the three and nine months ended September 30, 2020. Related Party Balances The due from related parties balance as of September 30, 2021 and December 31, 2020 was $275 and $103, respectively. These balances primarily consist of taxes paid on behalf of LTIP Unit and OP Unit holders that are reimbursable to the Company. The Company had no amounts due to related parties as of September 30, 2021 and December 31, 2020.
Pro Forma Financial Information On July 9, 2020, the Company acquired all of the outstanding shares of capital stock of the parent company of its former advisor. The accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021 include the operations of the business acquired for the full nine-month period. The table below presents the unaudited revenue and net income attributable to common stockholders on a pro forma basis for the nine months ended September 30, 2020, as if the transaction occurred on January 1, 2020. The pro forma results are not necessarily indicative of the results that would have occurred if the business combination had occurred on the first day of the period presented, nor does the pro forma information purport to represent the results of operations for future periods.
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