Cedar Realty Trust Announces Plan To Mitigate COVID-19 Impact
Cedar Realty Trust, Inc. (CDR)
Last cedar realty trust, inc. earnings: 2/6 04:05 pm
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US:NYSE Investor Relations:
cedarrealtytrust.com
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Source: PR Newswire
PORT WASHINGTON, N.Y., March 30, 2020 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE:CDR – "Cedar" or the "Company") today issued the following statement regarding COVID-19.During the COVID-19 Pandemic, Cedar remains committed to our employees, tenants and the communities in which we operate as well as safeguarding long-term value for our shareholders. Accordingly, the Company has taken the following steps:Increased liquidity by $75 million. Out of an abundance of caution, the Company has drawn $75 million on its revolving credit facility to preserve financial flexibility. After giving effect to this borrowing, the Company has approximately $20 million in remaining borrowing capacity under this facility. The Company's bank group continues to be highly supportive and the Company has no debt maturities until February 2021. Reduction of regular quarterly common dividend to $0.01 per share. Beginning with Q2 2020, the Company's Board of Directors plans on reducing the quarterly common d
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