Subsequent Events

6 Months Ended

Jun. 30, 2020

15. Subsequent Events

COVID-19 Pandemic Update

The information provided about the impact of the COVID-19 Pandemic in Note 11 is updated for activity subsequent to June 30, 2020 as follows:

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Tenant Operating Status – As of July 31, 2020, approximately 88% (Compared to 74% at June 30) of the Company’s consolidated and unconsolidated ABR are derived from stores which were open or partially open for business. While the Company considers disruptions related to the COVID-19 Pandemic to be temporary, if the disruptions continue, they may have a material, adverse effect on the Company’s revenues, results of operations, financial condition, and liquidity for the year ending December 31, 2020.

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Rent Collections – As of July 31, 2020, collections and negotiated concessions of April, May and June 2020 rents are approximately 86% (compared to 83% at June 30) of billed rents for the Core Portfolio. As of July 31, 2020, collections of April, May and June 2020 rents are approximately 62% for the Fund Portfolio. In addition, collections of July 2020 rents are approximately 74% of billed rents for the Core Portfolio and 73% for the Fund Portfolio, without regard to negotiated concessions.

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Rent Concession Agreements – During July 2020, the Company executed 18 rent concession arrangements with tenants comprised of 10 agreements for rent deferral and 8 agreements for rent forgiveness aggregating approximately $0.6 million related to the COVID-19 Pandemic. The Company is currently determining how it will account for these agreements. At June 30, 2020, the Company had executed 98 rent concession agreements (Note 11).

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Bankruptcy Risk – Subsequent to June 30, 2020, there have been additional bankruptcies of national retailers, some of which are tenants of the Company. As of July 31, for all bankruptcies announced during 2020, the Core Portfolio has 16 stores with ABR attributable to Acadia totaling $4.7 million, or 3.3% of Core ABR, and the Fund Portfolio has 24 stores with ABR attributable to Acadia totaling $0.5 million, or 2.5% of Fund ABR, for which these leases may be rejected in future bankruptcy proceedings.

Financing Activity

On July 1, 2020, the Company obtained a $30.0 million unsecured Term Loan, with an accordion option to increase up to $90.0 million, from Truist Bank maturing on June 30, 2021 at LIBOR plus 2.55% with a LIBOR floor of 0.75%.