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RPT Realty pulls 2020 guidance over COVID-19 uncertainty

RPT Realty is withdrawing its previously issued 2020 guidance due to the uncertainties caused by the COVID-19 pandemic.

The shopping center real estate investment trust said it drew down $225 million on its previously unused revolving line of credit, giving the company approximately $320 million of cash and cash equivalents. The REIT is also reviewing its dividend policy with respect to its future payouts beyond its first-quarter distribution, payable April 1.

Other measures taken by the REIT to boost liquidity and increase balance sheet flexibility include suspending new development and redevelopment project starts, acquisitions and dispositions, and deferring all but essential maintenance capital expenditures.

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