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Subsequent Events
 3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
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In April 2020, we declared a dividend of $0.233 per share to our common stockholders, which will be paid in May 2020.
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On April 9, 2020, we borrowed an additional $1.2 billion under revolving credit facility to increase our cash position to $1.25 billion as a conservative measure due to the COVID-19 pandemic. As of May 1, 2020, we had $1.9 billion of borrowings outstanding under our revolving credit facility, including £325.5 million of Sterling-denominated borrowings, with a remaining available capacity of $1.1 billion. The revolving credit facility also has a $1.0 billion expansion option, which is subject to obtaining lender commitments.
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In addition, on April 9, 2020, we withdrew our 2020 guidance that was provided on February 19, 2020 due to the ongoing uncertainty regarding the impact of the COVID-19 pandemic and the measures taken to limit its spread. We are continuing to evaluate these impacts on our business as the situation continues to evolve and feel it is not prudent to provide revised guidance at this time.
As of May 1, 2020:
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We have collected 82.9% of contractual rent(1) due for the month of April 2020 across our total portfolio;
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We are in rent deferral discussions with tenants that account for a majority of the unpaid contractual rent for the month of April 2020, as well as certain tenants that did pay April contractual rent;
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We have collected 82.9% of contractual rent due for the month of April 2020 from our top 20 tenants(2); and
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We have collected 99.9% of contractual rent due for the month of April 2020 from our investment grade tenants(3).
(1) 
Contractual rent is the aggregate cash amount charged to tenants inclusive of April monthly base rent receivables, offset by applicable discounts or credits. U.K. rent (which is payable in pounds Sterling) was converted at the exchange rate in effect on May 1, 2020.
(2 ) We define top 20 tenants as our 20 largest tenants based on percentage of total portfolio annualized rental revenue.
(3) We define investment grade tenants as tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).