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Duke Realty Reports Strong 2010 Results, Expects Moderate Growth in 2011

Strategic Insights

— 1 min read

Duke Realty Corporation, a leading industrial, office, and medical office property REIT, reported solid operational and financial performance for the fourth quarter and full year 2010. The company's chairman and CEO, Dennis D. Oklak, attributed the success to a well-executed strategic plan to reposition the company's portfolio, despite a still challenging environment. Key highlights of the fourth quarter included Core FFO of $0.28 per share and an increase in portfolio occupancy to 89.1 percent. The company executed nearly 26 million square feet of leases and closed over $534 million of asset dispositions and $919 million of acquisitions in alignment with its asset repositioning strategy. The company expects moderate growth in 2011, with full-year Core FFO guidance of $1.06 to $1.18 per share.

Key Takeaways:

  • The company reported Core FFO of $0.28 per share for the fourth quarter, a significant improvement from previous quarters.
  • Portfolio occupancy increased to 89.1 percent, with the company executing nearly 26 million square feet of leases in 2010.
  • The company closed over $534 million of asset dispositions and $919 million of acquisitions in alignment with its asset repositioning strategy.
  • Duke Realty expects moderate growth in 2011, with full-year Core FFO guidance of $1.06 to $1.18 per share.
  • The company has a comprehensive asset strategy, which provides for increasing investment in industrial and medical office assets.
  • The company acquired $440.5 million of assets totaling over 5 million square feet in the fourth quarter of 2010, bringing the total acquisitions to $919.1 million for the year ended 2010.

Statistics:

  • Core FFO: $0.28 per share for the fourth quarter.
  • Portfolio occupancy: 89.1 percent as of Q4 2010.
  • Leases executed: nearly 26 million square feet in 2010.
  • Asset dispositions: over $534 million in 2010.
  • Asset acquisitions: $919.1 million in 2010.
  • Full-year 2011 Core FFO guidance: $1.06 to $1.18 per share.

Sources:

  • Duke Realty Corporation (NYSE: DRE)
  • Marketwire, Jan 26, 2011
  • Comtex SmarTrend, an automated pattern recognition system, indicated an UPTREND on 12-23-2010 for DRE @ $12.21 (as of 01-22-2011 23:59)
  • Comtex News Network, Inc. (www.mysmartrend.com)

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