DRE announces third quarter earnings and dividend.INDIANAPOLIS--(BUSINESS WIRE)--Oct. 26, 1995--Duke Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Investments, Inc. (DRE/NYSE) reported today that funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. ("FFO FFO See: Funds from operations ") for the third quarter of 1995 increased to $17.8 million from $12.1 million for the same period last year. On a per share basis, FFO increased 6.8 percent to $.63 per share in the third quarter 1995 from $.59 per share for the third quarter 1994. Net income for the third quarter 1995 increased by 20.8% to $9.3 million on revenues of $34.5 million up from $7.7 million and $27.8 million respectively for the same period last year. The Company's Board of Directors declared a regular quarterly dividend of $.49 per share, payable on November 30, 1995, to shareholders of record on November 16, 1995. This represents a payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. of 77.8 percent of third quarter FFO and amounts to $1.96 per share on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Property information as of September 30, 1995 was as follows: o The Company's 169 in-service properties totaling 17.1 million square feet were 94.9 percent leased, compared to 95.3 percent leased at the end of the second quarter and 93.6 percent leased at the end of the first quarter. o The Company placed in service 1.1 million square feet of new development which was 88.7 percent leased at the end of the third quarter. o The Company had 2.8 million square feet under development at September 30, 1995 that were 79.1 percent pre-leased. Including the six new developments announced today, the Company currently has 4.1 million square feet under development which is 76.8 percent pre-leased. o The combined portfolio at the end of the third quarter consisted of 184 properties totaling approximately 19.9 million square feet that were 92.7 percent leased. The Company also disclosed the following information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the third quarter of 1995. o The Company signed 343,477 square feet of new leases (excluding new developments and acquisitions) at an average net effective rent of $6.03 per square foot. o The Company renewed 71.8 percent of leases up for renewal totaling 218,181 square feet on which it attained a 4.7 percent growth in net effective rents. This renewal activity was completed at an average cost of $1.50 per square foot. o FFO calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the revised NAREIT NAREIT National Association of Real Estate Investment Trusts FFO definition was $17.4 million for the third quarter of 1995 and $11.7 million for the third quarter of 1994. On a per share basis this equates to $.62 per share for the third quarter of 1995 versus $.57 per share for the third quarter of 1994. o Earnings from Service Operations were $1.85 million. o The Company completed a $150 million corporate unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. offering. The borrowings included $100 million with an effective interest rate of approximately 7.5 percent maturing in 10 years and $50 million with an effective interest rate of approximately 7.3 percent maturing in seven years. o The Company's total assets passed the $1 billion mark during the quarter. Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified diversified (di·verˑ·s portfolio of 190 industrial, office and retail properties encompassing approximately 21.3 million square feet including the new developments and acquisitions announced earlier today. These properties are located primarily in eight midwestern states with 169 properties located in the metro- politan areas of Indianapolis, Indiana “Indianapolis” redirects here. For other uses, see Indianapolis (disambiguation). Indianapolis (IPA: [ˌɪndiəˈnæpəlɪs]) is the capital city of the U.S. ; Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. and Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. ; and St. Louis, Missouri. Duke Realty also owns approximately 1,100 acres of land for future development. The Company is a self-administered real estate investment trust that provides leasing, management, development, construction and other tenant-related services for its own properties and for approximately 12 million square feet of properties owned by third parties. A copy of the Company's third quarter 1995 supplemental materials fact book is available to interested parties upon written request to: Thomas K. Peck peck: see English units of measurement. Vice President, Investor Relations Investor relations The process by which the corporation communicates with its investors. Duke Realty Investments, Inc. 8888 Keystone key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. Crossing, Suite 1200 Indianapolis, IN 46240 -0-
Financial Highlights
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
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Operating Results 1995 1994 1995 1994
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Rental revenues $29,344 $22,858 $82,020 $65,106 Earnings from rental operations 9,622 5,922 26,097 17,607 Earnings from service operations 1,854 1,269 4,419 4,390 Net income 9,306 7,685 25,012 19,105 Funds from operations 17,823 12,129 48,291 35,367 Per Share: Funds from operations(a) $0.63 $0.59 $1.84 $1.72 Net income $0.39 $0.48(1) $1.13 $1.19(1) Dividend payout ratio 77.8% 79.7% 78.8% 80.8% Weighted average shares outstanding 24,136 16,122 22,183 16,072 Weighted average shares and units outstanding(a) 28,300 20,566 26,281 20,508
Sept 30 Dec 31
Balance Sheet Data 1995 1994
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Net real estate investments $874,731 $685,655 Current assets 73,336 52,168 Current liabilities 29,101 13,524 Total debt 412,645 298,640 Shareholders' equity 536,155 445,384 Shares outstanding at end of period(a) 28,302 24,384 (a) Assumes the conversion of all partnership units which are exchangeable for common stock. (1) Includes $.13 and $.14 per share of gain on property sales for the three and nine months ended September 30, 1994, respectively. CONTACT: Duke Realty Investments Inc., Indianapolis Investor Inquires: Thomas K. Peck, 317/574-3512 Media Inquires: Donna H. Coppinger, 317/574-3518 |
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