Duke Realty (DRE) Tops Q2 EPS by 29c

Duke Realty (NYSE: DRE) reported Q2 EPS of $0.47, $0.29 better than the analyst estimate of $0.18.

• A complete reconciliation, in dollars and per share amounts, of net income to funds from operations ("FFO"), as defined by Nareit, as well as to Core FFO, is included in the financial tables included in this release.
• Net income was $0.47 per diluted share for the second quarter of 2021, compared to $0.11 per diluted share for the second quarter of 2020. Net income per diluted share for the quarter increased from the second quarter of 2020 due to higher gains on property sales, overall improved operating results and lower losses on debt extinguishment.
• FFO, as defined by Nareit, was $0.43 per diluted share for the second quarter of 2021, compared to $0.33 per diluted share for the second quarter of 2020. The increased FFO, as defined by Nareit, was primarily driven by improved in-service occupancy, rental rate growth, new developments being leased and lower losses on debt extinguishment.
• Core FFO was $0.44 per diluted share for the second quarter of 2021, compared to $0.38 per diluted share for the second quarter of 2020. The increased Core FFO per diluted share was primarily driven by improved occupancy, rental rate growth and new developments being leased.
• The company's stabilized in-service portfolio was 98.2 percent leased at June 30, 2021 compared to 98.1 percent leased at March 31, 2021 and 97.3 percent leased at June 30, 2020.
• The company's total portfolio, including properties under development, was 94.6 percent leased at June 30, 2021 compared to 95.5 percent leased at March 31, 2021 and 95.3 percent leased at June 30, 2020.
• Same-property net operating income growth was 5.5 percent and 6.2 percent for the three and six month periods ended June 30, 2021 compared to the same periods in 2020. Same-property net operating income growth for the quarter was primarily due to rental rate growth and the expiration of free rent periods, partially offset by a 30 basis point decrease in occupancy within our same-property portfolio.
• Total leasing activity was 7.6 million square feet for the quarter.
• Five new speculative development projects with expected costs of $197 million started during the quarter;
• Building dispositions totaling $183 million for the quarter;
• Extinguishment of $84 million of unsecured notes that bore interest at a 3.93 percent effective rate and were scheduled to mature in October 2022;
• Issuance of 3.4 million shares during the quarter, generating $156 million of net proceeds, under the company's ATM program at an average price of $46.35 per share.

For earnings history and earnings-related data on Duke Realty (DRE) click here.

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