The following risk factor supplements the risk factors described under “Item 1A.
−Removed: Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and should be read in conjunction with the other risk factors presented in our Annual Report on Form 10-K.
+Added: Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and should be read in conjunction with the other risk factors presented in our Annual Report on Form 10-K for the year December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020..
The outbreak of the novel coronavirus (COVID-19) has caused, and could continue to cause, severe disruptions in the U.S., regional and global economies and could materially and adversely impact our business, financial condition and results of operations and the business, financial condition and results of operations of our tenants.
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• reduced economic activity impacting the businesses, financial condition and liquidity of our tenants, could cause one or more of our tenants, including certain significant tenants, or one or more of our third-party managers, to be unable to meet their rent payment or other obligations to us in full, or at all, to otherwise seek modifications of such obligations, including rent payment deferrals, or to file for bankruptcy protection.
−Removed: With regard to rent billed for April 2020, we received, as of May 1, 2020, approximately 84% of such rent in cash and 11% by applying security deposits.
−Removed: As of May 1, 2020:
−Removed: ◦ 170 tenants, representing 34% of our 498 total tenants’ leases had requested rent deferral or abatement.
−Removed: Such requests aggregated 6.5% of our annualized base rent as of April 1, 2020;
−Removed: ◦ Of the 170 requests, we granted rent deferrals to 49 tenants aggregating 2.0% of annualized base rent (29% of total requests by number and 31% by dollar amount).
−Removed: Deferrals granted represent 76% of the total dollar requests from those 49 tenants.
+Added: • We continue to work with its customers who have been forced to close or otherwise limit operations or whose businesses have been adversely impacted during the pandemic to, on a case-by-case basis, provide rent deferments.
+Added: With regard to rent billed for July 2020, we received, as of August 4, 2020, approximately 95% of such rent in cash and an additional 1% by applying security deposits.
+Added: As of August 4, 2020:
+Added: ◦ 174 tenants, representing approximately 36.0% of the our total tenants had requested rent deferral or abatement.
+Added: Such requests aggregated 7.0% of our annualized base rent;
+Added: ◦ Of the 174 requests, we granted rent deferrals to 61 tenants aggregating 2.7% of annualized base rent (35.1% of total requests by number and 38.7% by dollar amount) which represents 76.7% of the total dollar deferral requests (3.6% of annualized base rent) from those tenants.
We did not grant any rent abatement;
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59 tenants aggregating 1.6% of annualized base rent requesting rent deferral or abatement rescinded their requests (33.3%% of requests by number and 22.5% by dollar amount);
−Removed: ◦ We are still in discussions with eight tenants who are requesting 0.2% of our annualized base rent in rent deferral or abatement (5% of requests by number and 3% by dollar amount);
+Added: ◦ We are still in discussions with four tenants who are requesting 0.05% of our annualized base rent in rent deferral or abatement (2.3% of requests by number and 0.7% by dollar amount);
◦ We may in the future amend or enter into additional rent deferral agreements.
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(b) Not Applicable.
−Removed: (c) Issuer Purchases of Equity Securities.
−Removed: Period (a) Total Number of Shares of Common Stock Purchased (b) Average Price Paid per Common Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plan or Program
−Removed: January 1, 2020 - January 31, 2020 — $ — N/A N/A
−Removed: February 1, 2020 - February 29, 2020 4,510 61.76 N/A N/A
−Removed: March 1, 2020 - March 31, 2020 — — N/A N/A
−Removed: $ 61.76 N/A N/A
−Removed: 1 Represents shares of common stock surrendered by employees to the Company to satisfy such employees’ tax withholding obligations in connection with the vesting of restricted stock.
+Added: (c) Not Applicable.
Defaults Upon Senior Securities
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.