Duke Realty Comments on July and August Rent Collection and Announces Participation in Third Quarter Investor Events

Rhea-AI Summary

Duke Realty Corporation (NYSE: DRE) announced strong rent collection metrics for July and August 2020. The company reported a collection of 97.3% of original July rents and 99.2% for August, with overall collections and deferrals reaching 99.9% and 99.6% respectively. Notably, it achieved 100% collection of deferred rents due in July and over 99% for August. These figures highlight an increasing pace of rent collections since the pandemic began. The company also plans virtual investor meetings starting August 25, with materials available on its website.

Positive

• 97.3% collection of original July rents, with total collections and deferrals at 99.9%.
• 99.2% collection of original August rents, with total collections and deferrals at 99.6%.
• 100% collection of previously deferred rents due in July.
• Over 99% collection of previously deferred rents due in August.

Negative

• None.

INDIANAPOLIS, Aug. 20, 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 previously deferred rent repayment activity for the months of July and August.  As of August 20^th, the company noted the following results:

• collection of 97.3 percent of original contractual July rents with combined collections and deferrals totaling 99.9 percent;
• collection of 99.2 percent of original contractual August rents with combined collections and deferrals totaling 99.6 percent;
• deferral agreements entered into required tenants to begin repaying deferred rents in July;
       - collection of 100 percent of previously deferred rents that were due in July; and
       - collection of over 99 percent of previously deferred rents that were due in August.

Cash collections do not include any security deposit or letters of credit applications. The pace of rent collections has increased each month since the beginning of the pandemic.

Duke Realty also announced its management will be involved in various virtual investor meetings during the third quarter 2020 beginning August 25^th.  In these meetings management will reference a presentation covering previously released second quarter financial and operating results, 2020 expectations for certain metrics and various industry fundamentals, among other topics.  The company plans to post presentation materials used with investors at these meetings on the Investor Relations section of the Company’s website no later than Monday evening, August 24^th, 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, tornadoes, 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.  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.  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 Hubbard
317.808.6060

FAQ

What were Duke Realty's rent collection results for July 2020?

Duke Realty reported a collection of 97.3% of original contractual July rents, with combined collections and deferrals totaling 99.9%.

What were Duke Realty's rent collection results for August 2020?

Duke Realty achieved a collection of 99.2% of original contractual August rents, with total collections and deferrals reaching 99.6%.

How much deferred rent did Duke Realty collect in July and August 2020?

Duke Realty collected 100% of previously deferred rents due in July and over 99% of those due in August.

When will Duke Realty hold virtual investor meetings?

Duke Realty plans to hold virtual investor meetings starting August 25, 2020.