Mall owner CBL cut executive pay, suspended its preferred and common stock dividends and drew $280 million from its line of credit, bringing its outstanding balance to $680 million. The company also furloughed 60 percent of its employees and plans to defer as much as $80 million of planned maintenance at its properties.

Cedar Realty Trust, which owns 8.3 million square feet of retail, has drawn $75 million on its revolving credit facility. The company has begun dramatic reductions of near-term redevelopment and other non-essential capital expenditures.

Kimco Realty obtained a new $375 million unsecured loan facility. The proceeds from the unsecured term loan facility are to be used for general corporate purposes, which may include but are not limited to repayment of indebtedness and working capital. The new facility, which has an accordion feature for an additional $750 million subject to further syndication of the term loan, is scheduled to mature in April 2021.

Kite, which owns 18 million square feet of retail, tapped its $600 million credit facility, bringing its outstanding balance to $300 million. “Our first priority is the safety of our employees, tenants, stakeholders and communities in which we operate,” said John A. Kite, chairman and CEO. “Our second priority is to stay in close contact with our tenants with the goal of helping them navigate through this unprecedented crisis.”

PREIT furloughed 37 percent of staff by way of temporary suspension or reduction of hours. The company submitted an application for stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act’s Paycheck Protection Program. The company has launched a web page to share resources with local and regional tenants, including information on federal emergency loan programs. “The task ahead of us all is to make every effort to bring health and wellness to the communities we serve and support one another in our pursuit of regaining normalcy,” said Joseph F. Coradino, chairman and CEO.

Regency Centers drew down $500 million from its existing $1.25 billion revolving credit facility. The company has around $350 million of development and redevelopment projects under construction that will require $225 million to complete. The company has suspended or substantially slowed most construction due to municipal orders, health concerns and labor limitations.

RPAI is drawing $100 million on its existing $850 million unsecured revolving line of credit. The company, which owns 20 million square feet of retail, also halted plans for vertical construction at its Carillon redevelopment project in Largo, Maryland. The company is evaluating a material reduction in scope and spend for the project.

Slate Retail REIT canceled a $106.5 million purchase of seven grocery-anchored properties in the southeastern and mid-Atlantic U.S., maintaining that certain closing conditions would not be met.

Spirit Realty Capital, which owns triple-net-lease properties, drew $100 million from a new $200 million unsecured term loan facility. Spirit is looking for new properties to acquire despite the economic downturn, according to Jackson Hsieh, president and CEO. The company’s strong balance sheet allows it to be “opportunistic when attractive acquisitions present themselves,” he said on a call with investors.

Tanger Outlets has drawn down almost all its capacity under its $600 million unsecured lines of credit. It has also deferred a project planned for Nashville, as well as certain other planned capital expenditures. Tanger declared in January a first-quarter dividend and intends to pay it as scheduled in May. The board plans to evaluate subsequent dividend payments and rates quarterly. 

Washington Prime Group director and CEO Lou Conforti said its leasing team executed 16 new leases, accounting for $2.9 million of gross rental income, and 44 renewals, accounting for $5 million, during March. The company has four anchor-store replacements scheduled to open during the second quarter of 2020, he added.

Weingarten Realty has drawn down the remaining $482 million available under its $500 million revolving credit facility. It has three mixed-use developments under construction. The two in the Washington, D.C., market are substantially complete, requiring less than $25 million to complete, and both already are generating revenue. Approximately $50 million remains to be spent at The Driscoll at River Oaks in Houston for revenue to begin to come online. The retail REIT also is assessing all construction projects and other non-essential capital expenditures across its 32.5 million-square-foot portfolio.