Duke Realty Comments on April and May Rent Collection and Leasing Activity and Announces Participation in NAREIT’s “REITw...
June 01 2020 - 8:06PM
Duke Realty Corporation (NYSE: DRE and the “company”), a leading
logistics property real estate investment trust (REIT), announced
today the results of rent collection and leasing activity for the
months of April and May. As of May 31st, the company noted
the following metrics:
- Collected 98.3 percent of originally billed April rents with
combined collections and deferrals totaling 99.8 percent;
- Collected 95.4 percent of originally billed May rents with
combined collections and deferrals totaling 99.1 percent;
- Collecting May rents at a faster pace than April rents were
collected;
- Cash collections do not include any security deposit or letters
of credit applications;
- Collected 100 percent of rent in California and New Jersey, two
states that have various eviction moratoriums, during the months of
April and May;
- The majority of rent deferral requests have been denied and
total amount of deferrals granted represent less than 1 percent of
annual revenues;
- For rent deferrals granted: • Average duration is 2.8
months • Average monthly amount deferred is 49 percent of
original monthly billing • Average repayment period is
5.7 months • Majority of deferrals to be repaid with
interest • Majority of deferrals are in spaces less than
100,000 square feet
The company also disclosed leasing activity for
April and May totaling 4.5 million square feet. This includes
847,000 square feet of leases signed in the company’s speculative
development pipeline, bringing the pre-leasing level in the
development pipeline to sixty-eight percent, up from sixty-one
percent at March 31, 2020.
Duke Realty also announced its management will
attend NAREIT’s REITweek: 2020 Virtual Investor Conference being
held June 2nd to 4th, 2020. Management will deliver a webcast
presentation on Wednesday, June 3rd from 3:25 p.m. to 3:55 p.m.
Eastern Time. In order to access the live webcast, each
individual will have to register for REITweek. Please use the
following link to register and access the presentation
webcast. REITweek Registration Link. Registration is
complimentary and an audio-only webcast replay will be available
the following week on Duke Realty’s investor website at
www.dukerealty.com.
About Duke Realty
Corporation
Duke Realty Corporation owns and operates
approximately 156 million rentable square feet of industrial assets
in 20 major U.S. logistics markets. Duke Realty Corporation
is publicly traded on the NYSE under the symbol DRE and is a
constituent of the S&P 500 Index.
Cautionary Notice Regarding
Forward-Looking Statements
This news release may contain forward-looking
statements within the meaning of the federal securities laws.
All statements, other than statements of historical facts,
including, among others, statements regarding the company’s future
financial position or results, future dividends, and future
performance, are forward-looking statements. Those statements
include statements regarding the intent, belief, or current
expectations of the company, members of its management team, as
well as the assumptions on which such statements are based, and
generally are identified by the use of words such as "may," "will,"
"seeks," "anticipates," "believes," "estimates," "expects,"
"plans," "intends," "should," or similar expressions, although not
all forward-looking statements may contain such words.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that actual results may differ
materially from those contemplated by such forward-looking
statements. Many of these factors are beyond the company’s
abilities to control or predict. Such factors include, but are not
limited to, (i) general adverse economic and local real estate
conditions; (ii) the inability of major tenants to continue paying
their rent obligations due to bankruptcy, insolvency, or a general
downturn in their business; (iii) financing risks, such as the
inability to obtain equity, debt, or other sources of financing or
refinancing on favorable terms, if at all; (iv) the company’s
ability to raise capital by selling its assets; (v) changes in
governmental laws and regulations; (vi) the level and volatility of
interest rates and foreign currency exchange rates; (vii) valuation
of joint venture investments; (viii) valuation of marketable
securities and other investments; (ix) valuation of real estate;
(x) increases in operating costs; (xi) changes in the dividend
policy for the company’s common stock; (xii) the reduction in the
company’s income in the event of multiple lease terminations by
tenants; (xiii) impairment charges, (xiv) the effects of
geopolitical instability and risks such as terrorist attacks and
trade wars; (xv) the effects of natural disasters, including the
current pandemic caused by COVID-19, as well as floods, droughts,
wind, tornados, and hurricanes; and (xvi) the effect of any damage
to our reputation resulting from developments relating to any of
items (i) – (xv). Additional information concerning factors that
could cause actual results to differ materially from those
forward-looking statements is contained from time to time in the
company's filings with the Securities and Exchange
Commission. The company refers you to the section entitled
“Risk Factors” contained in the company's Annual Report on Form
10-K for the year ended December 31, 2019, and the company’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.
Copies of each filing may be obtained from the company or the
Securities and Exchange Commission.
The risks included here are not exhaustive and
undue reliance should not be placed on any forward-looking
statements, which are based on current expectations. All written
and oral forward-looking statements attributable to the company,
its management, or persons acting on their behalf are qualified in
their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made,
and the company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events, or changes to future operating
results over time unless otherwise required by law.
Contact
Information:
Investors:Ron Hubbard317.808.6060
Media:Helen McCarthy317.708.8010
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