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Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES

 

Contractual Obligations

 

As of March 31, 2021, we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $9.4 million, including $4.8 million of commitments related to the redevelopment of Fashion District Philadelphia, in the form of tenant allowances and contracts with general service providers and other professional service providers. For purposes of this disclosure, the contractual obligations and other commitments related to Fashion District Philadelphia are included at 100% of the obligation and not at our 50% ownership share.

Preferred Dividend Arrearages

Dividends on the Series B, Series C and Series D preferred shares are cumulative and therefore will continue to accrue at an annual rate of $1.8436 per share, $1.80 per share and $1.7188 per share, respectively. As of March 31, 2021, the cumulative amount of unpaid dividends on our issued and outstanding preferred shares totaled $20.5 million. This consisted of unpaid dividends per share on the Series B, Series C and Series D preferred shares of $1.38 per share, $1.35 per share and $1.29 per share, respectively.

Property Damage from Natural and Other Disasters

During the three months ended March 31, 2020, Cherry Hill Mall in Cherry Hill, New Jersey experienced a power outage due to the failure of an underground high voltage cable, which required the use of backup generator power. We recorded net costs of approximately $0.6 million during the three months ended March 31, 2020 as a result of the power outage and subsequently received recoveries of $0.6 million in April 2020.