Duke Realty Announces Third Quarter Earnings.Common and Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. Dividends Declared INDIANAPOLIS -- Duke Realty Corporation (NYSE NYSE See: New York Stock Exchange :DRE DRE Digital rectal examination. Mentioned in: Rectal Examination ) reported today results for the third quarter 2007. 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. available to common shareholders (diluted) ("FFO FFO See: Funds from operations ") was $0.68 per share for the third quarter of 2007, as compared to $0.65 per share for the same quarter in 2006, an increase of 4.6 percent. Net income available for common shareholders (diluted) ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") was $0.39 per share for the third quarter of 2007, as compared to $0.45 for the same quarter in 2006. Denny Oklak, Chairman and Chief Executive Officer, commenting on Duke's third quarter performance, stated, [TABLE OMITTED] Dividends Additionally, the Company's Board of Directors declared its quarterly common stock dividend of $0.48 per share, or $1.92 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. The dividend is payable on November 30, 2007, to shareholders of record on November 14, 2007. The Board also declared today the following dividends on the Company's outstanding preferred stock: [TABLE OMITTED] Third Quarter Operating Statistics * The Company's 682 in-service properties totaling 108.3 million square feet were 93.5 percent leased compared to 93.6 percent and 92.5 percent leased at June 30, 2007 and September 30, 2006, respectively. * The Company's value creation pipeline totaled $2.0 billion, including $773 million of developments with an expected stabilized return of 9.2 percent that Duke plans to own indefinitely after completion; $1.1 billion of developments with an expected stabilized return of 8.5 percent that the Company plans to sell within approximately one year of completion; and a $182 million backlog of third-party construction volume with a 15.0 percent fee. * In addition to 682 in-service properties, the Company has 41 properties under development representing 11.5 million square feet that are 21.2 percent pre-leased. * Duke renewed 81 percent of leases up for renewal, totaling 2.9 million square feet, on which net effective rents increased 7.6 percent. * Same property net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 2.8 percent for the three months ended September 30, 2007. * Property sales in the third quarter totaled $110.5 million at an average stabilized capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 8.0 percent. * There were no acquisitions completed in the third quarter. * The Company's interest and fixed-charge coverage ratios in the third quarter were 3.6 and 2.2, respectively, and its debt-to-total market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. ratio was 42.0 percent at September 30, 2007. When used in this press release, the word "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially. In particular, among the factors that could cause actual results to differ materially are continued qualification as a real estate investment trust, general business and economic conditions, competition, increases in real estate construction costs, interest rates, accessibility of debt and equity capital markets and other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments. Readers are advised to refer to Duke's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as filed with the Securities and Exchange Commission on March 6, 2007 for additional information concerning these risks. About Duke Realty Corporation Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. The company owns, manages or has under development more than 129 million rentable square feet in 20 major U.S. cities. Duke, which controls more than 7,600 acres of land for over 112 million square feet of future development, also provides nationwide real estate solutions through its national development division. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and was recently added to the S&P MidCap 400 Index. A copy of the Company's supplemental information fact book will be available after 6:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT today in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company's web site at www.dukerealty.com. Duke is also hosting a conference call tomorrow at 3:00 p.m. New York time to discuss its third quarter operating results. All investors are invited to listen to this call, which can be accessed through the Investor Relations section of the Company's web site. [TABLE OMITTED] [TABLE OMITTED] |
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