Taubman Centers Inc., in reporting its first-quarter results, said it is preparing to open its shopping centers across the U.S. as soon as possible following protocols and in compliance with local, state and federal laws to ensure health and safety.

The Bloomfield Hills, Mich.-based retail real estate investment trust said the CityOn.Xi'an and CityOn.Zhengzhou malls in China have reopened in February, with only about 10% of the space, which is occupied by theaters and entertainment tenants, remaining restricted. The Starfield Hanam mall in South Korea never closed.

Taubman deferred planned capital expenditures of between $100 million and $110 million, at beneficial interest, to preserve liquidity in anticipation of the disruptions related to the coronavirus pandemic. Operating expenses are also seen to be trimmed by roughly $10 million for 2020.

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In late March, the company borrowed $350 million on its $1.1 billion primary unsecured revolving credit line, increasing the outstanding amount to $970 million as of March 31. The facility has a maturity date of February 2024, with two six-month extension offers, and carries an interest rate of London interbank offered rate plus 1.375%. The funds are available to be used for temporary working capital needs and general corporate purposes.

In April, Taubman completed a one-year extension of its $65 million secured revolving credit line, which was set to mature April 25. It continues to bear an interest rate of Libor plus 1.4%.