Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company continues to work with its customers who have been forced to close or otherwise limit operations or whose businesses have been adversely impacted during the COVID-19 pandemic to, on a case-by-case basis, provide rent deferments. Through November 3, 2020, the Company has granted rent deferrals to 59 tenants aggregating approximately 2.6% of annualized base rent. No rent abatements were granted. For the 59 rent deferrals granted:

•13 tenants aggregating 0.1% of annualized base rent (5.4% of total deferrals) have completed their rent deferral period and have fully repaid the deferral amounts;

•34 tenants aggregating 2.2% of annualized base rent (82.3% of total deferrals) have not completed their rent deferral repayment period and are fulfilling the terms of their deferral agreements; and

•12 tenants aggregating 0.3% of annualized base rent (12.3% of total deferrals) have defaulted on their rent deferral repayments.

On October 26, 2020, the Company acquired one improved land parcel consisting of approximately 1.9 acres located in Los Angeles, California, for a total purchase price of approximately $10.0 million. The property was acquired from an unrelated third-party using existing cash on hand.

On November 3, 2020, the Company’s board of directors declared a cash dividend in the amount of $0.29 per share of its common stock payable on January 5, 2021 to the stockholders of record as of the close of business on December 15, 2020.

On November 3, 2020, the Company’s board of directors approved an extension of the share repurchase program which will authorize the Company to repurchase up to 3,000,000 shares of its outstanding common stock from time to time through December 31, 2022