|6 Months Ended|
Jun. 30, 2020
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENTS||SUBSEQUENT EVENTS
The following table summarizes the leasing activity that occurred on our existing properties subsequent to June 30, 2020, through the date of this filing (dollars in thousands):
The following table provides information on equity sales that have occurred subsequent to June 30, 2020 (dollars in thousands, except per-share amounts):
Subsequent to June 30, 2020, 1,297 shares of the Series B Preferred Stock were tendered for redemption at a cash redemption price of $22.50 per share. As a result, we paid a total redemption cost of approximately $29,000 to redeem and retire these shares. In addition, subsequent to June 30, 2020, 144,151 OP Units held by non-controlling OP Unitholders were tendered for redemption, and we issued 144,151 shares of common stock in exchange for such OP Units.
On July 14, 2020, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:
The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.
In July 2020, we granted extensions of up to 123 days to two tenants who owed semi-annual rental payments totaling approximately $343,000. These payments were originally scheduled to be paid on July 1, 2020, and the rent deferrals we granted to these tenants extend the new due dates to be on or before November 1, 2020, with all other terms of the existing lease agreements remaining unchanged. Additional time was granted to these tenants due to delays in payments owed to them from their respective processors, which were primarily caused by the strict government-mandated lockdowns in the state of Michigan in response to COVID-19. In addition, we are currently awaiting payment from one other tenant who owed an annual rental payment of approximately $53,000 in July 2020. The delay in this payment is primarily due to a delay in our farmer’s receipt of certain insurance payouts, which are expected to be settled during August 2020, at which time we expect to collect the rent owed to us. Based on the payment histories and current operational statuses of each of the respective tenants, we currently anticipate being able to collect these amounts in full within the aforementioned timeframes. We have not received any other requests from tenants seeking relief as a result of COVID-19, and all other tenants are current in their rental payments to us; however, no assurances can be made that we will not receive additional rent deferral or modification requests in the future.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef