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.
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.
03/31/2020