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Real estate industry

Duke Realty Reports Strong Third Quarter 2010 Financial Results

Strategic Insights

— 1 min read

Duke Realty Corporation, a leading industrial and office property REIT, today reported its third quarter 2010 financial results, highlighting a solid quarter operationally, with portfolio occupancy increasing to 88.9 percent and the execution of over 8.5 million square feet of leases, the best leasing quarter in terms of volume since the third quarter of 2007. The company's chairman and CEO, Dennis D. Oklak, emphasized the meaningful progress made on its strategic plan, including the repositioning of its portfolio through acquisitions and dispositions of non-strategic assets. Duke Realty's financial performance was driven by its strong operating highlights, real estate investment activity, and adjusted earnings guidance.

Key Takeaways:

  • Duke Realty's portfolio occupancy increased to 88.9 percent in the third quarter 2010, up from previous periods.
  • The company executed over 8.5 million square feet of leases, the best leasing quarter in terms of volume since the third quarter of 2007.
  • Duke Realty made meaningful progress on its strategic plan, including the repositioning of its portfolio through acquisitions and dispositions of non-strategic assets.
  • The company's board of directors declared a quarterly cash dividend of $0.17 per share, payable November 30, 2010, to shareholders of record as of November 16, 2010.
  • Duke Realty adjusted its full-year 2010 Core FFO guidance to $1.11 to $1.15 per share from its previous range of $0.95 to $1.15 per share.
  • The company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts ("NAREIT").

Statistics:

  • Portfolio occupancy: 88.9 percent (as of Q3 2010)
  • Leased square footage: 8.5 million square feet (Q3 2010)
  • Quarterly cash dividend per share: $0.17
  • Full-year 2010 Core FFO guidance: $1.11 to $1.15 per share
  • Total proceeds from building dispositions: $42.6 million (at a stabilized capitalization rate of 8.4 percent)

Sources:

  • Duke Realty Corporation
  • MARKETWIRE via COMTEX
  • National Association of Real Estate Investment Trusts (NAREIT)

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