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FOR IMMEDIATE RELEASE
DUKE REALTY REPORTS THIRD QUARTER 2018 RESULTS
7.5 Percent Increase to Quarterly Dividend
$141 Million of Development Starts
27.9 Percent Growth in Rents on Leasing Activity
Earnings Guidance Increased
(INDIANAPOLIS, October 24, 2018) Duke Realty Corporation (NYSE: DRE), the largest domestic only, logistics REIT today reported results for the third quarter 2018.
Jim Connor, Chairman and Chief Executive Officer said, We have completed a strong quarter of earnings growth, as our leasing results throughout the year have driven an increase to Core FFO per share of 6.1 percent compared to the second quarter of 2018 and 16.7 percent compared to the third quarter of 2017. We are also pleased to announce an increase to our quarterly dividend from $0.20 per share to $0.215 per share. This 7.5 percent increase to our quarterly dividend is based on our expectations of continued earnings growth allowing us to continue coverage of our ongoing dividends in the range of 65 to 75 percent of AFFO.
Operational performance was also outstanding, as we generated growth in same-property net operating income of 6.3 percent for the quarter over the third quarter of 2017, which was the result of both continued rental rate growth and increased occupancy. New and renewal leases executed during the quarter will result in rent growth of 11.2 percent on a cash basis and 27.9 percent growth in annualized net effective rents.
Mark Denien, Executive Vice President and Chief Financial Officer, stated, We utilized a portion of the proceeds from the $450 million unsecured note issuance that we executed in September to repay two secured loans totaling $224 million. These transactions resulted in a reduction to our cost of borrowing and effectively eliminated secured debt as a meaningful component of our financing structure. Additionally, we do not have any significant debt maturities until 2021.
The following information was filed by Duke Realty Limited Partnership on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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