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Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | 15. Subsequent Events Acquisition / Conversion On April 1, the Company converted the remaining note receivable totaling $38.7 million plus accrued interest of $2.0 million (Note 3) into the venture partner’s 24.78% interest in Town Center (Note 4). Prior to this note conversion, the Company had a 75.22% tenancy-in-common interest and accounted for the property using the equity method of accounting. Upon conversion of the note, the Company will consolidate the property entities beginning in the second quarter of 2020. Fund Capital Call Effective April 7, Fund II called capital of $15.0 million representing the full re-contribution of previously distributed proceeds from a 2018 property sale. The Company’s share of this capital call was $4.3 million. Disposition On April 13, Fund IV sold Colonie Plaza, a consolidated property in Albany, NY, for $15.3 million at a gain and repaid the property’s $11.6 million mortgage. Distributions On April 15, 2020, the Company paid its previously-announced distributions to Common Share and OP Unit holders for the quarter ended March 31, 2020 totaling $26.8 million. On May 5, 2020, the Company’s Board voted to suspend the distributions on the Common Shares and Common OP Units for the quarter ending June 30, 2020. The Board has not made any decisions regarding its dividend policy beyond the second quarter of 2020 and will closely monitor the Company’s financial performance and economic outlook and assess when to reinitiate an appropriate dividend to maintain compliance with its REIT taxable income requirements. COVID-19 Pandemic Beginning in March 2020, the pandemic outbreak of a novel strain of coronavirus (the “COVID-19 Pandemic”) has adversely affected economic activity and significantly decreased consumer activity, both on a global and domestic level. The COVID-19 Pandemic and government responses are creating disruption in global supply chains and adversely impacting many industries, including the domestic retail sectors in which the Company’s tenants operate. The COVID-19 Pandemic could continue to have a material adverse impact on economic and market conditions and trigger a period of global economic slowdown. Under governmental restrictions and guidance, certain retailers are considered “essential businesses” and are permitted to remain fully operating during the COVID-19 Pandemic, while other “non-essential businesses” have been ordered to decrease or close operations for an indeterminate period of time to protect their employees and customers from the spread of the virus. These disruptions, which continue as of the date of this Report, may impact the collectability of rent from the Company’s affected tenants, as well as the recoverability of the Company’s real estate assets. The Company cannot estimate with reasonable certainty which currently operating tenants will remain open or if and when non-operating retailers will re-open for business as the COVID-19 Pandemic progresses. As of April 30, 2020, the Company estimates that approximately 34% of its consolidated and unconsolidated annualized base rents are derived from “essential businesses” and remaining 66% of its consolidated and unconsolidated annualized base rents are derived from “non-essential businesses.” While the Company considers these disruptions related to the COVID-19 Pandemic to be temporary, if the disruptions continue, they may have a material, adverse effect on the Company’s revenues, results of operations, financial condition, and liquidity for the year ending December 31, 2020. Collections of rents billed in March 2020 were not significantly impacted by the COVID-19 Pandemic. However, during the second quarter of 2020, the Company has been monitoring collections of its April and May 2020 rents. Through April 30, 2020, collections of April rents are over 50% of billed rents and recoveries. On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. Currently, Management is unable to determine the impact that the CARES Act will have on the Company and ultimately on its financial condition, results of operations, or liquidity for fiscal year 2020. Financing On April 30, 2020, Fund V extended the maturity of its subscription line by one year (Note 7). At May 4, 2020, the Company had $6.3 million available under its Revolver and a total of $148.9 million available under its Fund credit facilities reflecting borrowings subsequent to March 31, 2020 (Note 7).

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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