News Release FOR IMMEDIATE RELEASE DUKE REALTY REPORTS FIRST QUARTER 2020 RESULTS No Significant Debt Maturities until 2022 due to Significant Refinancing Transactions $117 Million in Fully Leased Development Starts 32.7 Percent Growth in Net Effective Rents on First Quarter Leasing Activity In Service Properties 96.5 Percent Leased 2020 Guidance Updated (INDIANAPOLIS, April 29, 2020) – Duke Realty Corporation (NYSE: DRE), the largest domestic-only logistics REIT, today reported results for the first quarter of 2020. Jim Connor, Chairman and Chief Executive Officer, said, “We closed the first quarter of 2020 in the midst of a global health crisis and an unprecedented economic downturn, which have fundamentally changed our outlook on 2020 compared to three months ago. That said, even after revising our 2020 guidance as the result of the COVID-19 pandemic, our midpoint guidance for Core FFO and AFFO still reflects an increase over 2019 results, which is impressive considering the unprecedented nature of current events and the fact that 2019 was a very strong year operationally. The effect of the pandemic on certain segments of our tenant base resulted in the need to increase collectability reserves for straight line receivables by $5 million, which equates to more than $0.01 per share. Even considering the impact of the pandemic, we still had a solid first quarter, with our total in-service portfolio being 96.5 percent leased at March 31, 2020. We also signed 4.0 million square feet of new leases during the quarter, including 850,000 square feet of short term leases. Our total leasing activity was 213,000 square feet higher than the first quarter of 2019. Thus far in April, we have executed an additional 1.9 million square feet of leases. We were successful in renewing or immediately backfilling 79.2 percent of our lease expirations during the first quarter. We have a low risk profile with only 5.0 percent of our total leases expiring for the remainder of 2020 and only 9.0 percent of our total leases set to expire in 2021.


The following information was filed by Textron Inc (TXT) on Thursday, April 30, 2020 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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