Duke Realty Comments on July and August Rent Collection and Announces Participation in Third Quarter Investor Events
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 20th, 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 25th. 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 24th, 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.