SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company continues to closely monitor the impact of the coronavirus pandemic on all aspects of its investments and operations, including how it will impact its tenants and business partners. The Company has received rent relief requests from certain tenants, most often in the form of rent deferral requests, as a result of the coronavirus. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors, and the Company has encouraged its tenants to apply for federal aid as applicable. The Company is not forgoing its contractual rights under its lease agreements. Subsequent to June 30, 2020, the Company entered into three agreements which included deferral of rent. The total amount of rent deferred is approximately 0.4% of the Company's annualized base rent for its entire property portfolio and is scheduled to be fully repaid within the next 12 months.

The Company did not incur significant disruptions during the six months ended June 30, 2020 from the coronavirus pandemic. Nonetheless, the extent to which the coronavirus impacts the Company's investments and operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence. These factors include the duration of the outbreak, new information that may emerge concerning the severity of the coronavirus and the actions taken by federal, state or local agencies and the general public to contain the coronavirus or treat its impact, among others. The Company intends to maintain sufficient liquidity at all times to satisfy its operational needs and the maximum potential quarterly redemptions under its share redemption plan. The Company's real estate securities portfolio is comprised entirely of common stock of publicly traded REITs and is viewed as part of the Company's available liquidity that could be quickly converted to cash should the Company decide to do so. In addition, the Company may consider various options, including reducing its distributions or limiting its share redemption program.