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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

9. SUBSEQUENT EVENTS:

 

Wendy’s lease amendments

 

On July 27, 2020, the Partnership filed an 8-k reporting the extension of two Wendcharles I, LLC property leases and one Wendcharles II, LLC property lease through December 31, 2040.

 

Consent Solicitation

 

On July 30, 2020, the Partnership filed its preliminary consent solicitation with the SEC in which it is requesting a vote of the partners to extend the expiration of the partnership agreement from November 30, 2020 to November 30, 2030.

 

Coronavirus Outbreak

 

During the first quarter of 2020, there was a global outbreak of a new strain of coronavirus, COVID-19 which continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, placing restrictions on travel, and limiting hours of operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting a number of industries, such as retail, restaurants and transportation. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of the coronavirus. Nevertheless, the coronavirus presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to the tenants of its properties, the potential closure of certain of its properties, increased costs of operations, decrease in values of its properties, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. Up to the date of this filing, the Company has not received modification rent requests from any tenant except as disclosed in Note 3. All rent has been paid in full by each tenant.