Subsequent Events

3 Months Ended

Mar. 31, 2020

Impact of the COVID-19 Pandemic

The Company continues to monitor the COVID-19 pandemic subsequent to the quarter ended March 31, 2020. Thus far, COVID-19 has impacted all states where our tenants operate their businesses or where our properties are located and measures taken to prevent or remediate the spread and impact of COVID-19, including “shelter-in-place” or “stay-at-home” orders or other quarantine mandates issued by local, state or federal authorities, have had an adverse effect on our business and the businesses of certain of our tenants. The Company continues to review receivables related to rent, straight-line rent and property operating expense reimbursements for collectability and changes in circumstances that could indicate the carrying value of its real estate assets or goodwill may not be recoverable.

Real Estate Investment Activity

From April 1, 2020 through May 7, 2020 the Company disposed of six properties, for an aggregate gross sales price of $55.3 million, of which two properties were held for sale with an aggregate carrying value of $43.0 million as of March 31, 2020. The Company’s share of the aggregate sales price was $54.5 million with an estimated gain of $6.5 million.

There were no acquisitions from April 1, 2020 through May 7, 2020.

Common Stock Dividend

On May 18, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.077 per share of Common Stock for the second quarter of 2020 to stockholders of record as of June 30, 2020, which will be paid on July 15, 2020. An equivalent distribution by the Operating Partnership is applicable per OP Unit.

Preferred Stock Dividend

On May 18, 2020, the Company’s Board of Directors declared a monthly cash dividend to holders of the Series F Preferred Stock for July 2020 through September 2020 with respect to the periods included in the table below. The corresponding record and payment dates for each month's Series F Preferred Stock dividend are also shown in the table below. The dividend for the Series F Preferred Stock accrues daily on a 360-day annual basis equal to an annualized dividend rate of $1.675 per share, or $0.1395833 per 30-day month.



Period	Record Date	Payment Date
June 15, 2020 - July 14, 2020	July 1, 2020	July 15, 2020
July 15, 2020 - August 14, 2020	August 1, 2020	August 17, 2020
August 15, 2020 - September 14, 2020	September 1, 2020	September 15, 2020