XML 36 R25.htm IDEA: XBRL DOCUMENT v3.22.0.1
Impact of COVID-19
 12 Months Ended
Dec. 31, 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, have 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 stores, pharmacies, banks and home improvement stores generally remain open, restaurants, if open, are operating at limited capacity, with many offering only delivery and curbside pick-up, and most health, beauty supply and services, fitness centers, and other non-essential businesses are in various phases of re-opening depending on location. The Company is generally not charging late fees or delinquent interest on past due rent payments and, in many cases, rent deferral agreements are being negotiated to allow tenants temporary relief where needed. As of February 18, 2022, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 99% for the fourth quarter of 2021.
The following table summarizes the Company's consolidated total collections of the first quarter, second quarter, third quarter and fourth quarter rent billings as of January 31, 2022:
RetailOfficeResidentialTotal
2021 First Quarter99 %100 %99 %99 %
2021 Second Quarter99 %100 %99 %99 %
2021 Third Quarter99 %100 %99 %99 %
2021 Fourth Quarter98 %100 %99 %99 %