Pennsylvania REIT (PEI) slashes dividend 90%.

P-REIT announced today that it is cutting its quarterly dividend from $0.21 to $0.02, effective with the second quarter.  The 90% dividend reduction is among a number of measures announced today to improve the company's liquidity position in light of the impact from COVID-19.

PEI also announced that it has executed an amendment to the company's credit facility, which has relaxed certain covenant requirements through September 30, 2020 and resulted in $83 million of incremental borrowing capacity.  The company also noted that it has executed a number of asset sale agreements, which would result in approximately $200 million of net proceeds upon closing.