Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.1
Subsequent Events
 3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Distributions

On April 14, 2020, our Board of Directors declared the following monthly distributions for the months of April, May and June of 2020:

 
Record Date
 
Payment Date
 
Common Stock and Non-controlling OP Unit Distributions per Share
 
Series D Preferred Distributions per Share
 
Series E Preferred Distributions per Share
April 24, 2020
 
April 30, 2020
 
$
0.12515

 
$
0.1458333

 
$
0.138021

May 19, 2020
 
May 29, 2020
 
0.12515

 
0.1458333

 
0.138021

June 19, 2020
 
June 30, 2020
 
0.12515

 
0.1458333

 
0.138021


 
 
 
$
0.37545

 
$
0.4374999

 
$
0.414063


Senior Common Stock Distributions
Payable to the Holders of Record During the Month of:
 
Payment Date
 
Distribution per Share
April
 
May 6, 2020
 
$
0.0875

May
 
June 5, 2020
 
0.0875

June
 
July 6, 2020
 
0.0875


 
 
 
$
0.2625


Series F Preferred Stock Distributions
Record Date
 
Payment Date
 
Distribution per Share
April 29, 2020
 
May 5, 2020
 
$
0.125

May 28, 2020
 
June 5, 2020
 
0.125

June 25, 2020
 
July 2, 2020
 
0.125

 
 
 
 
$
0.375



Financing Activity

On April 24, 2020, we repaid $5.9 million of fixed rate mortgage debt collateralized by one property with an interest rate of 6.0%, and we repaid $12.1 million of variable rate mortgage debt collateralized by two properties with an interest rate of one month LIBOR + 2.25%. We repaid these mortgages using cash on hand and borrowings from our Credit Facility.

COVID-19

As of April 28, 2020, we have collected approximately 98% of all outstanding April cash base rent obligations. In April 2020, we granted rent deferrals to three tenants representing approximately 2% of total portfolio rents. The agreements with these tenants include current partial payment in exchange for rent deferrals of varying terms with deferred amounts to be paid by the respective tenant back to us, for the period starting in July 2020 and ending through March 2021. We have received and may receive additional rent modification requests in future periods from our tenants. We are unable to quantify the economic impact of these potential requests at this time.