Brookfield Property Partners L.P. BPY

News release - BPY announces waiver of covenants on credit

[PoorUniStudent]

https://www.globenewswire.com/news-release/2020/07/30/2070513/0/en/Brookfield-Property-REIT-Inc-Announces-Waiver-of-Covenants-on-Credit-Facility.html

BROOKFIELD NEWS, July 30, 2020 (GLOBE NEWSWIRE) -- Brookfield Property REIT Inc. (NASDAQ: BPYU) announced today the waiver of covenants on a retail credit facility. The increased covenant flexibility enables BPYU time for its business to recover from the current economic environment.

Under the terms of the amendment, the maximum total indebtedness to value ratio financial maintenance covenant has been eliminated permanently. In addition, the minimum fixed charge coverage ratio is being reduced from its current level.

Nothing in the amendment will prevent BPYU from operating its business as planned, including servicing its indebtedness and maintaining payment of dividends to shareholders looking forward.

The full 8-K can be found at https://bpy.brookfield.com/bpyu/reports-and-filings/regulatory-filings.

About Brookfield Property REIT Inc.

Brookfield Property REIT Inc. is a subsidiary of Brookfield Property Partners L.P., (NASDAQ: BPY; TSX: BPY.UN) one of the world’s largest commercial real estate companies, with approximately $87 billion in total assets. Brookfield Property REIT Inc. was created as a public security that is intended to offer economic equivalence to an investment in Brookfield Property Partners in the form of a U.S. REIT stock.

Brookfield Property Partners are leading owners, operators and investors in commercial real estate, with a diversified portfolio of premier office and retail assets, as well as interests in multifamily, triple net lease, logistics, hospitality, self-storage, student housing and manufactured housing assets.