INDIANAPOLIS, June 01, 2020 (GLOBE NEWSWIRE) — 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.