DDR sees four years of no ‘significant’ maturities; 6x ratio targeted

By Devika Patel

Knoxville, Tenn., Oct. 9 – DDR Corp. anticipates four years without any “significant” maturities, with its line of credit funding six years’ of maturities.

“We’ve got four years without any significant maturities and the line of credit funds six years’ worth of maturities overall,” executive vice president, treasurer and chief financial officer Matthew Ostrower said on the company’s third quarter ended June 30 earnings conference call on Tuesday.

“As we brought leverage down, our unencumbered debt yield went up from the 13% range up to the 14% range,” he said.

The company’s leverage target, for now, is 6x.

“Our leverage can move around a little bit,” Ostrower said.

“It’s relatively temporary.

“We’ve talked about our 6x goal and that remains a key number for us.

“Overall, we want to be lower,” he said.

DDR is a Beachwood, Ohio-based real estate investment trust that owns and manages shopping centers.

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