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Subsequent Events | 6 Months Ended
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Jun. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Distributions On July 14, 2020, our Board of Directors declared the following monthly distributions for the months of July, August and September 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
July 24, 2020 |  | July 31, 2020 |  | $ | 0.12515 |  |  | $ | 0.1458333 |  |  | $ | 0.138021 |
August 24, 2020 |  | August 31, 2020 |  | 0.12515 |  |  | 0.1458333 |  |  | 0.138021 |
September 23, 2020 |  | September 30, 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
July |  | August 5, 2020 |  | $ | 0.0875 |
August |  | September 4, 2020 |  | 0.0875 |
September |  | October 5, 2020 |  | 0.0875 |
|  |  |  | $ | 0.2625 |
Series F Preferred Stock Distributions
Record Date |  | Payment Date |  | Distribution per Share
July 29, 2020 |  | August 5, 2020 |  | $ | 0.125 |
August 26, 2020 |  | September 4, 2020 |  | 0.125 |
September 30, 2020 |  | October 7, 2020 |  | 0.125 |
|  |  |  | $ | 0.375 |
COVID-19 As of July 27, 2020, we have collected approximately 99% of all outstanding July 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 June 30, 2020 and through July 27, 2020, we raised $1.6 million in net proceeds from the sale of 85,000 shares of Common Stock under our Common Stock ATM Program and $1.5 million in net proceeds from the sale of 67,249 shares of Series E Preferred Stock under our Series E Preferred ATM Program. Leasing activity On July 8, 2020, the tenant in our Richmond, Virginia property renewed their lease for an additional six years, with a new maturity date of September 30, 2026. Sale activity On July 1, 2020, we sold our Maple Heights, Ohio property for $11.4 million. We recognized a gain on sale, net, of $1.2 million. Financing activity On July 1, 2020, we repaid the $4.0 million variable rate debt on our Maple Heights, Ohio property. On July 14, 2020, the Company amended and restated the Advisory Agreement by entering into the Sixth Amended and Restated Investment Advisory Agreement between the Company and the Adviser (the “Amended Agreement”). The Company’s entrance into the Amended Agreement was approved by its board of directors, including, specifically, unanimously by its independent directors. The Amended Agreement revised and replaced the previous calculation of the Base Management Fee, which was based on Total Equity, with a calculation based on Gross Tangible Real Estate. The revised Base Management Fee will be payable quarterly in arrears and shall be calculated at an annual rate of 0.425% (0.10625% per quarter) of the prior calendar quarter’s “Gross Tangible Real Estate,” defined in the Amended Agreement as the current gross value of the Company’s property portfolio (meaning the aggregate of each property’s original acquisition price plus the cost of any subsequent capital improvements thereon). The calculation of the other fees in the Amended Agreement remain unchanged. The revised Base Management Fee calculation will begin with the fee calculations for the quarter ending September 30, 2020.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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