Duke Realty Comments on April and May Rent Collection and Leasing Activity and Announces Participation in NAREIT’s “REITweek 2020 Virtual Investor Conference”

Nachrichtenquelle: globenewswire
02.06.2020, 02:05  |  110   |   |   

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.

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