Impact of COVID-19

9 Months Ended

Sep. 30, 2021

Unusual or Infrequent Items, or Both [Abstract]

Impact of COVID-19

Impact of COVID-19

On March 11, 2020, the World Health Organization declared a novel strain of coronavirus ("COVID-19") a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly.

The actions taken by federal, state and local governments to mitigate the spread of COVID-19 by ordering closure of nonessential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, resulted in many of our tenants announcing mandated or temporary closures of their operations and/or requesting adjustments to their lease terms. While most of our tenants have re-opened their businesses, there remains significant uncertainty around the long-term economic impact of the COVID-19 pandemic, which could have a material and adverse effect on or cause disruption to our business or financial condition, results from operations, cash flows and the market value and trading price of our securities.

While the Company’s grocery store, pharmacy, bank and home improvement store tenants have generally remained fully open, many restaurants have operated with reduced hours and/or limited indoor seating, supplemented with delivery and curbside pick-up, and most health, beauty supply and services, fitness centers, and other non-essential businesses have
re-opened, some with limited customer capacity. The Company is generally not charging late fees or delinquent interest on past due rent payments and, in certain cases, rent deferral agreements have been negotiated to allow tenants temporary relief where needed. As of September 30, 2021, $4.6 million of rents previously deferred have come due. Of the amounts that have come due, $4.5 million has been paid.