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SITE Centers pulls 2020 guidance over coronavirus uncertainty

SITE Centers Corp. withdrew the 2020 guidance it disclosed earlier, given uncertainty brought about by the COVID-19 pandemic.

The shopping center real estate investment trust said it has taken measures to boost its liquidity position and lower capital expenditures to sustain a strong balance sheet and financial flexibility.

Separately, the REIT borrowed $250 million under an existing revolving credit facility, bringing the outstanding principal balance under that revolver to $645 million.

JPMorgan Chase Bank NA is the administrative agent under the revolver, which provided for borrowings of up to $950 million and is due Jan. 26, 2024, with two conditional six-month extension options.

Remaining availability under the JPMorgan facility, along with another revolving credit facility with PNC Bank NA that provided for borrowings up to $20 million, is $325 million.

The REIT noted that it has approximately $516 million of consolidated unrestricted cash on its balance sheet as of March 26.

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