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Subsequent Events

12 Months Ended

Dec. 31, 2020

16. Subsequent Events

COVID-19 Pandemic Update

The information provided about the impact of the COVID-19 Pandemic in Note 1 is updated for activity subsequent to December 31, 2020 as follows:

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Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated ABR derived from stores which were open or partially open for business as of the dates indicated:

	Percentage of Tenants Open for Business as of
	June 30, 2020			September 30, 2020			December 31, 2020			January 31, 2021

Core		74	%		86	%		88	%		89	%
Fund		74	%		88	%		82	%		85	%

•

Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown (Fund collections rates exclude data for non-managed properties):

	Collections as of:
	September 30, 2020 for						December 31, 2020 for									January 31, 2021 for
	Second Quarter 2020			Third Quarter 2020			Second Quarter 2020			Third Quarter 2020			Fourth Quarter 2020			Fourth Quarter 2020
																(Unaudited)
Core		74	%		85	%		76	%		87	%		91	%		92	%
Fund		65	%		77	%		67	%		79	%		82	%		84	%

•

Rent Concession Agreements – During January 2021, the Company executed 13 rent concession arrangements with tenants comprised of five agreements for rent deferral and eight agreements for rent forgiveness related to the COVID-19 Pandemic. The Company is currently determining how it will account for these agreements. At December 31, 2020, the Company had executed a total of 288 rent concession agreements related to the COVID-19 Pandemic (Note 1).

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Bankruptcy Risk – Subsequent to December 31, 2020 and through January 31, 2021, there have been no additional bankruptcies of national retailers, that are tenants of the Company. As of January 31, 2021, for all bankruptcies announced during 2020, the Core Portfolio has four operating stores with ABR attributable to Acadia totaling $1.2 million, or 0.9% of Core ABR, and the Fund Portfolio has seven operating stores with ABR attributable to Acadia totaling $0.2 million, or 0.8% of Fund ABR, for which these leases may be rejected in the future.

Dispositions

On January 4, 2021, Fund V sold two outparcels at an unconsolidated property for a total of $10.5 million and repaid the $7.9 million mortgage on the property.

On January 29, 2021, the Company sold its consolidated Core Portfolio 60 Orange Street property for $16.4 million and repaid the $6.7 million mortgage on the property.

Loan Modifications

On February 12, 2021, Fund IV extended the maturity date on one of its mortgages payable by one year to February 2022. As part of the extension, the Company made a principal payment of $1.7 million.

On February 16, 2021, to address a liquidity covenant violation at December 31, 2020 (Note 7), Fund IV modified certain terms of its Bridge facility which had an outstanding balance of $79.2 million at December 31, 2020. In connection with the modification, Fund IV repaid $10.0 million at closing and agreed to repay an additional $5.0 million by September 1, 2021. In addition, the maturity date was extended from June 30, 2021 to December 31, 2021. Fund IV may exercise an option to extend the loan’s maturity to June 30, 2022, which would require an additional $5.0 million repayment.