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Subsequent Events
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 12. — SUBSEQUENT EVENTS

In preparing our unaudited consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2020, for recognition or disclosure purposes. Based on this evaluation, there were no significant subsequent events from March 31, 2020, through the date the financial statements were issued, other than the disclosures herein.

During and subsequent to the quarter ended March 31, 2020, the world was impacted by the spread of the novel coronavirus (“COVID-19”), which has been declared a pandemic by the World Health Organization. The COVID-19 pandemic has created significant uncertainty and economic volatility. While we did not incur significant disruptions during the quarter ended March 31, 2020, from the COVID-19 pandemic, we are unable to predict at this time the extent to which the COVID-19 pandemic will impact our business, operations and financial results. Any impact to the our business, operations and financial results will depend on numerous evolving factors, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact on economic activity from the pandemic and actions taken in response; the effect on our tenants and their businesses; the ability of our tenants to make their rental payments and any closures of tenants’ facilities. Any of these events could materially adversely impact our business, financial condition, results of operations or stock price.

As of May 6, 2020, we received April contractual base rent and mortgage payments from approximately 97% of our tenants or mortgagors, as applicable. In addition, we received a number of short-term rent or mortgage payment relief requests, most of them in the form of requests for deferral of payments or requests for further discussion of COVID-19 related relief. We are evaluating each rent or mortgage payment relief request on an individual basis, considering a number of factors. Not all of the requests made to the Company will result in agreements and we are not considering the waiver or modification of any of our contractual rights under our lease agreements or mortgages. April collections and rent or mortgage payment relief requests to date may not be indicative of collections or requests in any future period. Accordingly, the impact of COVID-19 on our rental revenue or interest income for the second quarter of 2020 and thereafter cannot be determined at present.