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Note 15 - COVID-19 | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Effect of Covid-19 Pandemic [Text Block] |
15. | COVID- 19
In December 2019, a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the first several months of 2020, the virus, SARS-CoV- 2, and resulting disease, COVID- 19, spread to the United States, including New York State, the geographic location in which the Company operates. The Company's evaluation of the effects of these events is ongoing; however, in February and March 2020, some of our tenants began to experience decreasing demand for their products and services which has impacted their ability to timely meet their lease obligations. Furthermore, on March 21 , 2020, New York Governor Andrew Cuomo issued an Executive Order entitled “New York State on PAUSE” (Policy that Assures Uniform Safety for Everyone) (the “Order”), pursuant to which, all non-essential employees (as defined by the State) must stay at home starting March 22, 2020 through April 19, 2020. The Order also includes a 90 -day moratorium on any residential or commercial evictions. On April 16, 2020, the Order was subsequently extended until May 15, 2020. Governor Cuomo outlined guidelines that will help regions create individual plans based on facts and data to reopen New York. The loosening of restrictions in New York will be considered on a regional basis (The Cortlandt property is located in the Mid-Hudson region and the Flowerfield property is located in the Long Island region), based on the following criteria. These criteria are designed to allow phased reopening's to begin in each region only if:
| ● | The infection rate is sufficiently low;
| ● | The health care system has the capacity to absorb a potential resurgence in new cases;
| ● | Diagnostic testing capacity is sufficiently high to detect and isolate new cases; and
| ● | Robust contact-tracing capacity is in place to help prevent the spread of the virus.
While most business in all regions have opened under certain guidelines (including occupancy limitations), a rise in COVID- 19 cases could and has fostered certain small hot spots to be quarantined or returned to a more restrictive phase of reopening under government order. Beginning March 16, 2020, prior to the Order, the Company's employees began temporarily working remotely to ensure their and their family's safety and well-being. The Company's technology infrastructure, for some time, has been set up to handle offsite seamless operations to respond to disaster recovery disruption. As a result, all employees will continue to work remotely unless they report needing sick leave or family leave pursuant to regulated benefits. Small businesses have been and are expected to continue to be adversely affected disproportionately by the economic ramifications of COVID- 19. In terms of its own tenants, the Company deems as small businesses those that are neither part of or affiliated with Stony Brook University or SBU Hospital, non-medical offices and not -for-profit corporations, which in the aggregate account for approximately 37% ( $776,000 ) of the Company's projected annual rental revenues for 2021. Although it is difficult to estimate the duration and full extent of the COVID- 19 pandemic, its impact on our future results could be significant and will largely depend on future developments which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the novel coronavirus, the success of actions taken to contain or treat COVID- 19 and reactions by consumers, companies, governmental entities and capital markets. We are actively working with our tenants to manage and mitigate the impact of COVID- 19 on the Company's operations, liquidity and resulting Net Asset Value. The COVID- 19 public health crisis has also adversely impacted the timeline to secure entitlements and the sale of our real estate. Furthermore, the real estate market is also being adversely affected which could further negatively impact the timing of sales and the resulting value of our real estate. The extent of the impact of COVID- 19 on the Company's operational and financial performance and ultimately its Net Asset Value, will depend on current and future developments, including the duration and spread of the outbreak and related governmental or other regulatory actions and the effectiveness of the Covid 19 vaccine program. In addition, the pandemic has resulted in a seismic shift toward commercial acceptance of remote working which may adversely impact our occupancy rate and average rate per square foot. The Company's ability to operate seamlessly and limit any adverse impact on its forecasted net asset value will also depend, in part, on whether any of its key employees or key advisers are infected by the Coronavirus and become ill from COVID- 19.

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