Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.2
Subsequent Events
 9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Distributions

On October 13, 2020, our Board of Directors declared the following monthly distributions for the months of October, November and December of 2020:

 
Record Date Payment Date Common Stock and Non-controlling OP Unit Distributions per Share Series D Preferred Distributions per Share Series E Preferred Distributions per Share
October 23, 2020 October 30, 2020 $ 0.12515  $ 0.1458333  $ 0.138021 
November 20, 2020 November 30, 2020 0.12515  0.1458333  0.138021 
December 23, 2020 December 31, 2020 0.12515  0.1458333  0.138021 
$ 0.37545  $ 0.4374999  $ 0.414063 
Senior Common Stock Distributions
Payable to the Holders of Record During the Month of: Payment Date Distribution per Share
October November 5, 2020 $ 0.0875 
November December 4, 2020 0.0875 
December January 5, 2021 0.0875 
$ 0.2625 

Series F Preferred Stock Distributions
Record Date Payment Date Distribution per Share
October 27, 2020 November 5, 2020 $ 0.125 
November 25, 2020 December 4, 2020 0.125 
December 24, 2020 January 5, 2021 0.125 
$ 0.375 

COVID-19

As of November 5, 2020, we have collected 100% of all outstanding October cash base rent obligations and approximately 99% of third quarter 2020 cash base rent obligations. In April 2020, we granted rent deferrals to three tenants representing approximately 2% of total portfolio rents. The agreements with these tenants include current partial payment in exchange for rent deferrals of varying terms with deferred amounts to be paid by the respective tenant back to us, for the period starting in July 2020 and ending through March 2021. We have received and may receive additional rent modification requests in future periods from our tenants, but we have not granted any additional rent deferrals at this time. We are unable to quantify the economic impact of these potential requests at this time.

Equity Activity

Subsequent to September 30, 2020 and through November 5, 2020, we raised $1.4 million in net proceeds from the sale of 82,407 shares of Common Stock under our Common Stock ATM Program, $1.2 million in net proceeds from the sale of 50,033 shares of Series E Preferred Stock under our Series E Preferred ATM Program and $0.4 million in net proceeds from the sale of 18,459 shares of Series F Preferred Stock.

Sale activity

On October 21, 2020, we sold three of our Champaign, Illinois properties for $13.4 million, resulting in a gain on sale, net, of $4.1 million.

Acquisition Activity

On October 14, 2020, we purchased a 240,714 square foot industrial facility in Montgomery, Alabama, for $14.3 million. This property is fully leased to one tenant on a triple net basis with a remaining lease term of seven years.

Financing Activity

On October 14, 2020, we repaid $12.2 million of fixed rate debt, collateralized by two properties, at a weighted average interest rate of 4.79% and repaid $3.2 million of variable rate debt, collateralized by one property, at an interest rate of LIBOR + 2.25%.