Here is the transcript quoted: "At the end of the quarter, our leverage ratio was approximately 53%, which is about 1% higher than the ratio at the end of the last quarter. We do expect that our leverage ratio will approach 65% by the middle of the year and exceed that level by the end of the year. As a reminder, our credit facility permits leverage to exceed 55% for two quarters, as long as we stay below 70%."
Yep - 53 to 65+ is a big jump. But I like what they are doing in focussing on three developments and getting those done and focussing on operations.
I've never been a big fan of their moves into apartments/condos and office space (with the exception of the three floors for the state government) but it is part of what they decided to do.....we'll see how that turns out.
Rubin has been doing this for 40 years (elder) and if your going to invest in REIT's who do you want to go with? Some of these 15-20 year companies that were buying properties the past 3-4 years or Rubin who has been through every up and down for 4 decades. I'll take Rubin, who seems to understand his job is to get money to shareholders on a consistent basis.
Having said that I'll be very glad & relieved when they make an announcement this year regarding refinancing.