{"id":6775,"date":"2022-08-21T08:20:17","date_gmt":"2022-08-21T13:20:17","guid":{"rendered":"https:\/\/1reason.com\/re\/duke-realty-reports-second-quarter-2022-earnings\/6775\/"},"modified":"2022-08-22T03:20:17","modified_gmt":"2022-08-22T08:20:17","slug":"duke-realty-reports-second-quarter-2022-earnings","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/duke-realty-reports-second-quarter-2022-earnings\/6775\/","title":{"rendered":"Duke Realty Reports Second Quarter 2022 Earnings"},"content":{"rendered":"
\n

Quarterly Highlights<\/u><\/strong><\/p>\n

Complete reconciliations, in dollars and per share amounts, of (i) net income to funds from operations (“FFO”), as defined by Nareit, as well as to Core FFO, and (ii) earnings before income taxes to same property net operating income, on a cash basis, (“SPNOI – Cash”) are included in the financial tables included in this release. The company’s financial results for the quarter were as follows:<\/p>\n\n\n\n\n\n\n\n
\nThree Months
Ended June
30, 2022<\/strong><\/td>\n		\nSix Months
Ended June
30, 2022<\/strong><\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
Net Income per Diluted Share<\/td>\n$<\/td>\n0.27<\/td>\n\n\n$<\/td>\n0.91<\/td>\n<\/tr>\n
FFO per Diluted Share<\/td>\n$<\/td>\n0.45<\/td>\n\n\n$<\/td>\n0.82<\/td>\n<\/tr>\n
Core FFO per Diluted Share<\/td>\n$<\/td>\n0.48<\/td>\n\n\n$<\/td>\n0.92<\/td>\n<\/tr>\n
Growth in SPNOI – Cash<\/td>\n\n5.9<\/td>\n%<\/td>\n\n\n6.5<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

Distributions<\/u><\/strong><\/p>\n

The company’s board of directors will approve the quarterly cash distribution on its common stock in a future meeting. Pursuant to the terms of the merger agreement, the dividend is expected to have the same record and payment dates as the Prologis second quarter dividend.<\/p>\n

2022 Earnings Guidance<\/u><\/strong> <\/p>\n

In light of the company\u2019s proposed merger with Prologis announced in June 2022, the Company will no longer provide guidance nor is it affirming past guidance.<\/p>\n

FFO and AFFO Reporting Definitions<\/u><\/strong><\/p>\n

FFO:<\/em><\/strong> FFO is a non-GAAP performance measure computed in accordance with standards established by the National Association of Real Estate Investment Trusts (\u201cNareit”). It is calculated as net income attributable to common shareholders computed in accordance with generally accepted accounting principles (\u201cGAAP”), excluding depreciation and amortization related to real estate, gains and losses on sales of real estate assets (including real estate assets incidental to our business), gains and losses from change in control, impairment charges related to real estate assets (including real estate assets incidental to our business) and similar adjustments for unconsolidated joint ventures and partially owned consolidated entities, all net of related taxes. We believe FFO to be most directly comparable to net income attributable to common shareholders as defined by GAAP. FFO does not represent a measure of liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. <\/p>\n

Core FFO:<\/em><\/strong> Core FFO is computed as FFO adjusted for certain items that can create significant earnings volatility and do not directly relate to our core business operations. The adjustments include gains or losses on debt transactions, gains or losses from involuntary conversion from weather events or natural disasters, promote income, severance and other charges related to major overhead restructuring activities, costs directly attributable to our proposed merger with Prologis, the expense impact of non-incremental costs attributable to successful leasing activities, mark-to-market adjustments associated with derivative financial instruments and similar adjustments for unconsolidated joint ventures and partially owned consolidated entities. Although our calculation of Core FFO differs from Nareit\u2019s definition of FFO and may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance. <\/p>\n

AFFO: <\/em><\/strong>AFFO is defined by the company as the Core FFO (as defined above), less recurring building improvements and total second generation capital expenditures (the leasing of vacant space that had previously been under lease by the company is referred to as second generation lease activity) related to leases commencing during the reporting period, and adjusted for certain non-cash items including straight line rental income and expense, amortization of above and below market lease intangibles and lease concession, non-cash components of interest expense including interest rate hedge amortization, stock compensation expense and after similar adjustments for unconsolidated partnerships and joint ventures.<\/p>\n

Same-Property Performance<\/u><\/strong><\/p>\n

The company includes same-property net operating income growth as a property-level supplemental measure of performance. The company utilizes same-property net operating income growth as a supplemental measure to evaluate property-level performance, and jointly-controlled properties are included at the company’s ownership percentage.<\/p>\n

A reconciliation of income before income taxes to same-property net operating income is included in the financial tables to this release. A description of the properties that are excluded from the company\u2019s same-property net operating income measure is included on page 19 of its June 30, 2022 supplemental information.<\/p>\n

About Duke Realty Corporation<\/u><\/strong><\/p>\n

Duke Realty Corporation owns and operates approximately 167.3million rentable square feet of industrial assets in 19 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.<\/p>\n

Second Quarter Earnings Call and Supplemental Information<\/u><\/strong><\/p>\n

Due to the company’s proposed merger with Prologis, a second quarter 2022 conference call will not be held. A copy of the company’s supplemental information will be available by 6:00 p.m. ET today through the Investor Relations section of the company’s website.<\/p>\n

Cautionary Notice Regarding Forward-Looking Statements<\/u><\/strong><\/p>\n

The statements in this communication that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis and Duke Realty operate as well as beliefs and assumptions of Prologis and Duke Realty. Such statements involve uncertainties that could significantly impact Prologis\u2019 or Duke Realty\u2019s financial results. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d and \u201cestimates,\u201d including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that Prologis or Duke Realty expects or anticipates will occur in the future \u2014 including statements relating to any possible transaction between Prologis and Duke Realty, rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where Prologis or Duke Realty operate, Prologis\u2019 and Duke Realty\u2019s respective debt, capital structure and financial position, Prologis\u2019 and Duke Realty\u2019s respective ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures \u2014 are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although Prologis and Duke Realty believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, neither Prologis nor Duke Realty can give assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) Prologis\u2019 and Duke Realty\u2019s ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary shareholder approvals and satisfaction of other closing conditions to consummate the proposed transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; (iii) risks related to diverting the attention of Prologis and Duke Realty management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed transaction; (v) significant transaction costs and\/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; (vii) the risk that Duke Realty\u2019s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed transaction; (ix) the effect of the announcement of the proposed transaction on the ability of Prologis and Duke Realty to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the Prologis common stock to be issued in the proposed transaction; (xi) other risks related to the completion of the proposed transaction and actions related thereto; (xii) national, international, regional and local economic and political climates and conditions; (xiii) changes in global financial markets, interest rates and foreign currency exchange rates; (xiv) increased or unanticipated competition for Prologis\u2019 or Duke Realty\u2019s properties; (xv) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xvi) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xvii) availability of financing and capital, the levels of debt that Prologis and Duke Realty maintain and their credit ratings; (xviii) risks related to Prologis\u2019 and Duke Realty\u2019s investments in co-investment ventures, including Prologis\u2019 and Duke Realty\u2019s ability to establish new co-investment ventures; (xix) risks of doing business internationally, including currency risks; (xx) environmental uncertainties, including risks of natural disasters; (xxi) risks related to the coronavirus pandemic; and (xxii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis\u2019 and Duke Realty\u2019s respective Annual Reports on Form 10-K for the year ended December 31, 2021. Neither Prologis nor Duke Realty undertakes any duty to update any forward-looking statements appearing in this communication except as may be required by law.<\/p>\n

Additional Information<\/strong>
In connection with the proposed transaction, Prologis will file with the Securities and Exchange Commission (\u201cSEC\u201d) a registration statement on Form S-4 (\u201cForm S-4\u201d), which will include a document that serves as a prospectus of Prologis and a joint proxy statement of Prologis and Duke Realty (the \u201cjoint proxy statement\/prospectus\u201d), and each party will file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM S-4 AND THE JOINT PROXY STATEMENT\/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A definitive joint proxy statement\/prospectus will be sent to Prologis\u2019 and Duke Realty\u2019s shareholders. Investors and security holders will be able to obtain the Form S-4 and the joint proxy statement\/prospectus free of charge from the SEC\u2019s website or from Prologis or Duke Realty. The documents filed by Prologis with the SEC may be obtained free of charge at Prologis\u2019 website at the SEC Filings section of www.ir.prologis.com or at the SEC\u2019s website at www.sec.gov. These documents may also be obtained free of charge from Prologis by requesting them from Investor Relations by mail at Pier 1, Bay 1, San Francisco, CA 94111. The documents filed by Duke Realty with the SEC may be obtained free of charge at Duke Realty\u2019s website at the SEC Filings section of http:\/\/investor.dukerealty.com or at the SEC\u2019s website at www.sec.gov. These documents may also be obtained free of charge from Duke Realty by requesting them from Investor Relations by mail at 8711 River Crossing Blvd. Indianapolis, IN 46240.<\/p>\n

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.<\/p>\n

Participants in the Solicitation<\/strong>
Prologis and Duke Realty and their respective directors, executive officers and other members of management may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about Prologis\u2019 directors and executive officers is available in Prologis\u2019 Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 25, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K\/A filed with the SEC on April 5, 2022. Information about Duke Realty\u2019s directors and executive officers is available in Duke Realty\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 2, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K filed with the SEC on April 27, 2022. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement\/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the joint proxy statement\/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Prologis or Duke Realty as indicated above.<\/p>\n

Contact Information:<\/strong><\/p>\n

Investors:<\/strong>
Ron Hubbard
317.808.6060<\/p>\n

Media:<\/strong>
Gene Miller
317.808.6195<\/p>\n<\/p>\n

<\/p>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Duke Realty Corporation and Subsidiaries<\/strong><\/td>\n<\/tr>\n
Consolidated Statement of Operations<\/strong><\/td>\n<\/tr>\n
(Unaudited and in thousands, except per share amounts)<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n\nThree Months Ended<\/strong><\/td>\n\nSix Months Ended<\/strong><\/td>\n<\/tr>\n
\n\n\nJune 30,<\/strong><\/td>\n\nJune 30,<\/strong><\/td>\n<\/tr>\n
\n\n\n2022<\/strong><\/td>\n2021<\/strong><\/td>\n\n2022<\/strong><\/td>\n2021<\/strong><\/td>\n<\/tr>\n
Revenues:<\/td>\n\n\n\n\n\n<\/tr>\n
\nRental and related revenue<\/td>\n\n$<\/td>\n280,145<\/td>\n\n$<\/td>\n253,971<\/td>\n\n\n$<\/td>\n555,359<\/td>\n\n$<\/td>\n512,150<\/td>\n<\/tr>\n
\nGeneral contractor and service fee revenue<\/td>\n\n\n5,143<\/td>\n\n\n17,721<\/td>\n\n\n\n8,092<\/td>\n\n\n48,834<\/td>\n<\/tr>\n
\n\n\n\n285,288<\/td>\n\n\n271,692<\/td>\n\n\n\n563,451<\/td>\n\n\n560,984<\/td>\n<\/tr>\n
Expenses:<\/td>\n\n\n\n\n\n<\/tr>\n
\nRental expenses<\/td>\n\n\n21,240<\/td>\n\n\n18,515<\/td>\n\n\n\n46,526<\/td>\n\n\n46,645<\/td>\n<\/tr>\n
\nReal estate taxes<\/td>\n\n\n43,728<\/td>\n\n\n41,368<\/td>\n\n\n\n87,656<\/td>\n\n\n82,538<\/td>\n<\/tr>\n
\nGeneral contractor and other services expenses<\/td>\n\n\n3,730<\/td>\n\n\n14,066<\/td>\n\n\n\n5,199<\/td>\n\n\n43,529<\/td>\n<\/tr>\n
\nDepreciation and amortization<\/td>\n\n\n93,944<\/td>\n\n\n91,729<\/td>\n\n\n\n187,945<\/td>\n\n\n185,302<\/td>\n<\/tr>\n
\n\n\n\n162,642<\/td>\n\n\n165,678<\/td>\n\n\n\n327,326<\/td>\n\n\n358,014<\/td>\n<\/tr>\n
Other operating activities:<\/td>\n\n\n\n\n\n<\/tr>\n
\nEquity in earnings of unconsolidated joint ventures<\/td>\n\n\n5,565<\/td>\n\n\n10,590<\/td>\n\n\n\n9,380<\/td>\n\n\n26,858<\/td>\n<\/tr>\n
\nGain on sale of properties<\/td>\n\n\n24,832<\/td>\n\n\n95,183<\/td>\n\n\n\n235,579<\/td>\n\n\n116,543<\/td>\n<\/tr>\n
\nGain on land sales<\/td>\n\n\n2,025<\/td>\n\n\n9,900<\/td>\n\n\n\n3,117<\/td>\n\n\n11,138<\/td>\n<\/tr>\n
\nOther operating expenses<\/td>\n\n\n(531<\/td>\n)<\/td>\n\n(338<\/td>\n)<\/td>\n\n\n(1,310<\/td>\n)<\/td>\n\n(1,483<\/td>\n)<\/td>\n<\/tr>\n
\nImpairment charges<\/td>\n\n\n(1,563<\/td>\n)<\/td>\n\n–<\/td>\n\n\n\n(1,563<\/td>\n)<\/td>\n\n–<\/td>\n<\/tr>\n
\nNon-incremental costs related to successful leases<\/td>\n\n\n(3,502<\/td>\n)<\/td>\n\n(4,027<\/td>\n)<\/td>\n\n\n(9,014<\/td>\n)<\/td>\n\n(6,985<\/td>\n)<\/td>\n<\/tr>\n
\nGeneral and administrative expenses<\/td>\n\n\n(27,496<\/td>\n)<\/td>\n\n(15,879<\/td>\n)<\/td>\n\n\n(51,409<\/td>\n)<\/td>\n\n(40,096<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n\n(670<\/td>\n)<\/td>\n\n95,429<\/td>\n\n\n\n184,780<\/td>\n\n\n105,975<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\nOperating income<\/td>\n\n121,976<\/td>\n\n\n201,443<\/td>\n\n\n\n420,905<\/td>\n\n\n308,945<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
Other income (expenses):<\/td>\n\n\n\n\n\n<\/tr>\n
\nInterest and other income, net<\/td>\n\n\n939<\/td>\n\n\n1,673<\/td>\n\n\n\n1,764<\/td>\n\n\n2,136<\/td>\n<\/tr>\n
\nInterest expense<\/td>\n\n\n(18,734<\/td>\n)<\/td>\n\n(21,072<\/td>\n)<\/td>\n\n\n(38,733<\/td>\n)<\/td>\n\n(43,579<\/td>\n)<\/td>\n<\/tr>\n
\nLoss on debt extinguishment<\/td>\n\n\n–<\/td>\n\n\n(3,938<\/td>\n)<\/td>\n\n\n(21,948<\/td>\n)<\/td>\n\n(4,008<\/td>\n)<\/td>\n<\/tr>\n
\nGain on involuntary conversion<\/td>\n\n\n–<\/td>\n\n\n3,222<\/td>\n\n\n\n–<\/td>\n\n\n3,222<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n\n\n104,181<\/td>\n\n\n181,328<\/td>\n\n\n\n361,988<\/td>\n\n\n266,716<\/td>\n<\/tr>\n
\nIncome tax expense<\/td>\n\n\n(493<\/td>\n)<\/td>\n\n(3,672<\/td>\n)<\/td>\n\n\n(6,823<\/td>\n)<\/td>\n\n(8,856<\/td>\n)<\/td>\n<\/tr>\n
Net income<\/td>\n\n103,688<\/td>\n\n\n177,656<\/td>\n\n\n\n355,165<\/td>\n\n\n257,860<\/td>\n<\/tr>\n
Net income attributable to noncontrolling interests<\/td>\n\n\n(1,218<\/td>\n)<\/td>\n\n(1,839<\/td>\n)<\/td>\n\n\n(3,774<\/td>\n)<\/td>\n\n(2,681<\/td>\n)<\/td>\n<\/tr>\n
Net income attributable to common shareholders<\/td>\n$<\/td>\n102,470<\/td>\n\n$<\/td>\n175,817<\/td>\n\n\n$<\/td>\n351,391<\/td>\n\n$<\/td>\n255,179<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
Net income per share attributable to common shareholders-basic<\/td>\n\n$<\/td>\n0.27<\/td>\n\n$<\/td>\n0.47<\/td>\n\n\n$<\/td>\n0.91<\/td>\n\n$<\/td>\n0.68<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Net income per share attributable to common shareholders-diluted<\/td>\n\n$<\/td>\n0.27<\/td>\n\n$<\/td>\n0.47<\/td>\n\n\n$<\/td>\n0.91<\/td>\n\n$<\/td>\n0.68<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nDuke Realty Corporation and Subsidiaries<\/strong><\/td>\n<\/tr>\n
\nConsolidated Balance Sheets<\/strong><\/td>\n<\/tr>\n
\n(Unaudited and in thousands)<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\n\n\nJune 30,<\/strong><\/td>\n\nDecember 31,<\/strong><\/td>\n<\/tr>\n
\n\n\n2022<\/strong><\/td>\n\n2021<\/strong><\/td>\n<\/tr>\n
\nAssets<\/strong><\/u><\/td>\n\n\n\n\n<\/tr>\n
Real estate investments:<\/td>\n\n\n\n\n<\/tr>\n
\nReal estate assets<\/td>\n\n$<\/td>\n9,994,446<\/td>\n\n\n$<\/td>\n9,616,076<\/td>\n\n<\/tr>\n
\nConstruction in progress<\/td>\n\n\n997,320<\/td>\n\n\n\n744,871<\/td>\n\n<\/tr>\n
\nInvestments in and advances to unconsolidated joint ventures<\/td>\n\n\n207,977<\/td>\n\n\n\n168,336<\/td>\n\n<\/tr>\n
\nUndeveloped land<\/td>\n\n\n600,292<\/td>\n\n\n\n473,317<\/td>\n\n<\/tr>\n
\n\n\n\n11,800,035<\/td>\n\n\n\n11,002,600<\/td>\n\n<\/tr>\n
\nAccumulated depreciation<\/td>\n\n\n(1,808,388<\/td>\n)<\/td>\n\n\n(1,684,413<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nNet real estate investments<\/td>\n\n9,991,647<\/td>\n\n\n\n9,318,187<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Real estate investments and other assets held-for-sale<\/td>\n\n\n–<\/td>\n\n\n\n144,651<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Cash and cash equivalents<\/td>\n\n\n44,195<\/td>\n\n\n\n69,752<\/td>\n\n<\/tr>\n
Accounts receivable<\/td>\n\n\n13,208<\/td>\n\n\n\n13,449<\/td>\n\n<\/tr>\n
Straight-line rents receivable<\/td>\n\n\n194,474<\/td>\n\n\n\n172,225<\/td>\n\n<\/tr>\n
Receivables on construction contracts, including retentions<\/td>\n\n\n35,651<\/td>\n\n\n\n57,258<\/td>\n\n<\/tr>\n
Deferred leasing and other costs, net<\/td>\n\n\n341,923<\/td>\n\n\n\n337,936<\/td>\n\n<\/tr>\n
Other escrow deposits and other assets<\/td>\n\n\n337,184<\/td>\n\n\n\n332,197<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nTotal assets<\/td>\n$<\/td>\n10,958,282<\/td>\n\n\n$<\/td>\n10,445,655<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nLiabilities and Equity<\/strong><\/u><\/td>\n\n\n\n\n<\/tr>\n
Indebtedness:<\/td>\n\n\n\n\n<\/tr>\n
\nSecured debt, net of deferred financing costs<\/td>\n\n$<\/td>\n57,150<\/td>\n\n\n$<\/td>\n59,418<\/td>\n\n<\/tr>\n
\nUnsecured debt, net of deferred financing costs<\/td>\n\n\n3,831,530<\/td>\n\n\n\n3,629,864<\/td>\n\n<\/tr>\n
\n\n\n\n3,888,680<\/td>\n\n\n\n3,689,282<\/td>\n\n<\/tr>\n
Liabilities related to real estate investments held-for-sale<\/td>\n\n\n\n\n<\/tr>\n
\n\n–<\/td>\n\n\n\n6,278<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Construction payables and amounts due subcontractors, including retentions<\/td>\n\n\n123,428<\/td>\n\n\n\n107,009<\/td>\n\n<\/tr>\n
Accrued real estate taxes<\/td>\n\n\n87,569<\/td>\n\n\n\n77,464<\/td>\n\n<\/tr>\n
Accrued interest<\/td>\n\n\n22,925<\/td>\n\n\n\n20,815<\/td>\n\n<\/tr>\n
Other liabilities<\/td>\n\n\n365,680<\/td>\n\n\n\n339,023<\/td>\n\n<\/tr>\n
Tenant security deposits and prepaid rents<\/td>\n\n\n62,247<\/td>\n\n\n\n66,823<\/td>\n\n<\/tr>\n
\nTotal liabilities<\/td>\n\n4,550,529<\/td>\n\n\n\n4,306,694<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Shareholders’ equity:<\/td>\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nCommon shares<\/td>\n\n\n3,848<\/td>\n\n\n\n3,825<\/td>\n\n<\/tr>\n
\nAdditional paid-in capital<\/td>\n\n\n6,262,634<\/td>\n\n\n\n6,143,147<\/td>\n\n<\/tr>\n
\nAccumulated other comprehensive loss<\/td>\n\n\n(26,233<\/td>\n)<\/td>\n\n\n(28,011<\/td>\n)<\/td>\n<\/tr>\n
\nRetained earnings (distributions in excess of net income)<\/td>\n\n\n60,571<\/td>\n\n\n\n(75,210<\/td>\n)<\/td>\n<\/tr>\n
\nTotal shareholders’ equity<\/td>\n\n6,300,820<\/td>\n\n\n\n6,043,751<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Noncontrolling interests<\/td>\n\n\n106,933<\/td>\n\n\n\n95,210<\/td>\n\n<\/tr>\n
\nTotal equity<\/td>\n\n\n6,407,753<\/td>\n\n\n\n6,138,961<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nTotal liabilities and equity<\/td>\n$<\/td>\n10,958,282<\/td>\n\n\n$<\/td>\n10,445,655<\/td>\n\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nDuke Realty Corporation and Subsidiaries<\/strong><\/td>\n<\/tr>\n
\nSummary of EPS, FFO and AFFO<\/strong><\/td>\n<\/tr>\n
\nThree Months Ended June 30,<\/strong><\/td>\n<\/tr>\n
\n(Unaudited and in thousands, except per share amounts)<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n2022<\/strong><\/td>\n2021<\/strong><\/td>\n<\/tr>\n
\n\n\nWtd.<\/strong><\/td>\n\n\nWtd.<\/strong><\/td>\n<\/tr>\n
\n\n\nAvg.<\/strong><\/td>\nPer<\/strong><\/td>\n\nAvg.<\/strong><\/td>\nPer<\/strong><\/td>\n<\/tr>\n
\n\nAmount<\/strong><\/td>\nShares<\/strong><\/td>\nShare<\/strong><\/td>\nAmount<\/strong><\/td>\nShares<\/strong><\/td>\nShare<\/strong><\/td>\n<\/tr>\n
Net income attributable to common shareholders<\/strong><\/td>\n$<\/strong><\/td>\n 102,470<\/strong><\/td>\n\n\n\n$<\/strong><\/td>\n 175,817<\/strong><\/td>\n\n\n<\/tr>\n
Less dividends on participating securities<\/td>\n\n(319<\/td>\n)<\/td>\n\n\n\n(365<\/td>\n)<\/td>\n\n<\/tr>\n
Net income per common share-basic<\/strong><\/td>\n\n102,151<\/strong><\/td>\n\n384,519<\/strong><\/td>\n$<\/strong><\/td>\n 0.27<\/strong><\/td>\n\n175,452<\/strong><\/td>\n\n376,020<\/strong><\/td>\n$<\/strong><\/td>\n 0.47<\/strong><\/td>\n<\/tr>\n
Add back:<\/td>\n\n\n\n\n\n<\/tr>\n
\nNoncontrolling interest in earnings of unitholders<\/td>\n\n1,128<\/td>\n\n4,022<\/td>\n\n\n1,738<\/td>\n\n3,770<\/td>\n<\/tr>\n
\nOther potentially dilutive securities<\/td>\n\n–<\/td>\n\n658<\/td>\n\n\n365<\/td>\n\n1,831<\/td>\n<\/tr>\n
Net income attributable to common shareholders-diluted<\/strong><\/td>\n$<\/strong><\/td>\n 103,279<\/strong><\/td>\n\n389,199<\/strong><\/td>\n$<\/strong><\/td>\n 0.27<\/strong><\/td>\n\n177,555<\/strong><\/td>\n\n381,621<\/strong><\/td>\n$<\/strong><\/td>\n 0.47<\/strong><\/td>\n<\/tr>\n
Reconciliation to FFO<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
Net income attributable to common shareholders<\/strong><\/td>\n$<\/strong><\/td>\n 102,470<\/strong><\/td>\n\n384,519<\/strong><\/td>\n\n$<\/strong><\/td>\n 175,817<\/strong><\/td>\n\n376,020<\/strong><\/td>\n<\/tr>\n
Adjustments:<\/td>\n\n\n\n\n\n<\/tr>\n
\nDepreciation and amortization<\/td>\n\n93,944<\/td>\n\n\n\n\n91,729<\/td>\n\n\n<\/tr>\n
\nDepreciation, amortization and other – unconsolidated joint ventures<\/td>\n\n2,999<\/td>\n\n\n\n\n2,012<\/td>\n\n\n<\/tr>\n
\nGain on sales of properties<\/td>\n\n(24,832<\/td>\n)<\/td>\n\n\n\n(95,183<\/td>\n)<\/td>\n\n<\/tr>\n
\nGain on land sales<\/td>\n\n(2,025<\/td>\n)<\/td>\n\n\n\n(9,900<\/td>\n)<\/td>\n\n<\/tr>\n
\nImpairment charges<\/td>\n\n1,563<\/td>\n\n\n\n\n–<\/td>\n\n\n<\/tr>\n
\nIncome tax expense not allocable to FFO<\/td>\n\n493<\/td>\n\n\n\n\n3,672<\/td>\n\n\n<\/tr>\n
\nGain on sales of real estate assets – unconsolidated joint ventures<\/td>\n\n(1,497<\/td>\n)<\/td>\n\n\n\n(7,360<\/td>\n)<\/td>\n\n<\/tr>\n
\nNoncontrolling interest share of adjustments<\/td>\n\n(731<\/td>\n)<\/td>\n\n\n\n149<\/td>\n\n\n<\/tr>\n
Nareit FFO attributable to common shareholders – basic<\/strong><\/td>\n\n172,384<\/strong><\/td>\n\n384,519<\/strong><\/td>\n$<\/strong><\/td>\n 0.45<\/strong><\/td>\n\n160,936<\/strong><\/td>\n\n376,020<\/strong><\/td>\n$<\/strong><\/td>\n 0.43<\/strong><\/td>\n<\/tr>\n
\nNoncontrolling interest in income of unitholders<\/td>\n\n1,128<\/td>\n\n4,022<\/td>\n\n\n1,738<\/td>\n\n3,770<\/td>\n<\/tr>\n
\nNoncontrolling interest share of adjustments<\/td>\n\n731<\/td>\n\n\n\n\n(149<\/td>\n)<\/td>\n\n<\/tr>\n
\nOther potentially dilutive securities<\/td>\n\n1,727<\/td>\n\n\n1,831<\/td>\n<\/tr>\n
Nareit FFO attributable to common shareholders – diluted<\/strong><\/td>\n$<\/strong><\/td>\n 174,243<\/strong><\/td>\n\n390,268<\/strong><\/td>\n$<\/strong><\/td>\n 0.45<\/strong><\/td>\n$<\/strong><\/td>\n 162,525<\/strong><\/td>\n\n381,621<\/strong><\/td>\n$<\/strong><\/td>\n 0.43<\/strong><\/td>\n<\/tr>\n
\nGain on involuntary conversion<\/td>\n\n–<\/td>\n\n\n\n\n(3,222<\/td>\n)<\/td>\n\n<\/tr>\n
\nLoss on debt extinguishment – including share of unconsolidated joint venture<\/td>\n\n–<\/td>\n\n\n\n\n3,938<\/td>\n\n\n<\/tr>\n
\nNon-incremental costs related to successful leases<\/td>\n\n3,502<\/td>\n\n\n\n\n4,027<\/td>\n\n\n<\/tr>\n
\nUnconsolidated joint ventures share of unrealized derivative gain<\/td>\n\n(224<\/td>\n)<\/td>\n\n\n\n–<\/strong><\/td>\n\n\n<\/tr>\n
\nMerger related costs<\/td>\n\n10,000<\/td>\n\n\n\n\n–<\/strong><\/td>\n\n\n<\/tr>\n
Core FFO attributable to common shareholders – diluted<\/strong><\/td>\n$<\/strong><\/td>\n 187,521<\/strong><\/td>\n\n390,268<\/strong><\/td>\n$<\/strong><\/td>\n 0.48<\/strong><\/td>\n$<\/strong><\/td>\n 167,268<\/strong><\/td>\n\n381,621<\/strong><\/td>\n$<\/strong><\/td>\n 0.44<\/strong><\/td>\n<\/tr>\n
AFFO<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
Core FFO – diluted<\/td>\n$<\/td>\n187,521<\/td>\n\n390,268<\/td>\n$<\/td>\n0.48<\/td>\n$<\/td>\n167,268<\/td>\n\n381,621<\/td>\n$<\/td>\n0.44<\/td>\n<\/tr>\n
Adjustments:<\/td>\n\n\n\n\n\n<\/tr>\n
\nStraight-line rental income and expense<\/td>\n\n(11,642<\/td>\n)<\/td>\n\n\n\n(6,571<\/td>\n)<\/td>\n\n<\/tr>\n
\nAmortization of above\/below market rents and concessions<\/td>\n\n(3,513<\/td>\n)<\/td>\n\n\n\n(2,611<\/td>\n)<\/td>\n\n<\/tr>\n
\nStock based compensation expense<\/td>\n\n2,309<\/td>\n\n\n\n\n5,625<\/td>\n\n\n<\/tr>\n
\nNoncash interest expense<\/td>\n\n2,496<\/td>\n\n\n\n\n2,378<\/td>\n\n\n<\/tr>\n
\nSecond generation concessions<\/td>\n\n(213<\/td>\n)<\/td>\n\n\n\n(1,355<\/td>\n)<\/td>\n\n<\/tr>\n
\nSecond generation tenant improvements<\/td>\n\n(8,387<\/td>\n)<\/td>\n\n\n\n(4,604<\/td>\n)<\/td>\n\n<\/tr>\n
\nSecond generation leasing costs<\/td>\n\n(8,666<\/td>\n)<\/td>\n\n\n\n(8,297<\/td>\n)<\/td>\n\n<\/tr>\n
\nBuilding improvements<\/td>\n\n(3,860<\/td>\n)<\/td>\n\n\n\n(1,814<\/td>\n)<\/td>\n\n<\/tr>\n
AFFO – diluted<\/strong><\/td>\n$<\/strong><\/td>\n 156,045<\/strong><\/td>\n\n390,268<\/strong><\/td>\n\n$<\/strong><\/td>\n 150,019<\/strong><\/td>\n\n381,621<\/strong><\/td>\n<\/tr>\n
<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nDuke Realty Corporation and Subsidiaries<\/strong><\/td>\n<\/tr>\n
\nSummary of EPS, FFO and AFFO<\/strong><\/td>\n<\/tr>\n
\nSix Months Ended June 30,<\/strong><\/td>\n<\/tr>\n
\n(Unaudited and in thousands, except per share amounts)<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n\n2022<\/strong><\/td>\n2021<\/strong><\/td>\n<\/tr>\n
\n\n\nWtd.<\/strong><\/td>\n\n\nWtd.<\/strong><\/td>\n<\/tr>\n
\n\n\nAvg.<\/strong><\/td>\nPer<\/strong><\/td>\n\nAvg.<\/strong><\/td>\nPer<\/strong><\/td>\n<\/tr>\n
\n\nAmount<\/strong><\/td>\nShares<\/strong><\/td>\nShare<\/strong><\/td>\nAmount<\/strong><\/td>\nShares<\/strong><\/td>\nShare<\/strong><\/td>\n<\/tr>\n
Net income attributable to common shareholders<\/strong><\/td>\n$<\/strong><\/td>\n 351,391<\/strong><\/td>\n\n\n\n$<\/strong><\/td>\n 255,179<\/strong><\/td>\n\n\n<\/tr>\n
Less dividends on participating securities<\/td>\n\n(645<\/td>\n)<\/td>\n\n\n\n(735<\/td>\n)<\/td>\n\n<\/tr>\n
Net income per common share-basic<\/strong><\/td>\n\n350,746<\/strong><\/td>\n\n383,619<\/strong><\/td>\n$<\/strong><\/td>\n 0.91<\/strong><\/td>\n\n254,444<\/strong><\/td>\n\n374,850<\/strong><\/td>\n$<\/strong><\/td>\n 0.68<\/strong><\/td>\n<\/tr>\n
Add back:<\/td>\n\n\n\n\n\n<\/tr>\n
\nNoncontrolling interest in earnings of unitholders<\/td>\n\n3,591<\/td>\n\n3,915<\/td>\n\n\n2,499<\/td>\n\n3,673<\/td>\n<\/tr>\n
\nOther potentially dilutive securities<\/td>\n\n645<\/td>\n\n1,731<\/td>\n\n\n735<\/td>\n\n1,811<\/td>\n<\/tr>\n
Net income attributable to common shareholders-diluted<\/strong><\/td>\n$<\/strong><\/td>\n 354,982<\/strong><\/td>\n\n389,265<\/strong><\/td>\n$<\/strong><\/td>\n 0.91<\/strong><\/td>\n$<\/strong><\/td>\n 257,678<\/strong><\/td>\n\n380,334<\/strong><\/td>\n$<\/strong><\/td>\n 0.68<\/strong><\/td>\n<\/tr>\n
Reconciliation to FFO<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
Net income attributable to common shareholders<\/strong><\/td>\n$<\/strong><\/td>\n 351,391<\/strong><\/td>\n\n383,619<\/strong><\/td>\n\n$<\/strong><\/td>\n 255,179<\/strong><\/td>\n\n374,850<\/strong><\/td>\n<\/tr>\n
Adjustments:<\/td>\n\n\n\n\n\n<\/tr>\n
\nDepreciation and amortization<\/td>\n\n187,945<\/td>\n\n\n\n\n185,302<\/td>\n\n\n<\/tr>\n
\nDepreciation, amortization and other – unconsolidated joint ventures<\/td>\n\n6,297<\/td>\n\n\n\n\n4,269<\/td>\n\n\n<\/tr>\n
\nGain on sales of properties<\/td>\n\n(235,579<\/td>\n)<\/td>\n\n\n\n(116,543<\/td>\n)<\/td>\n\n<\/tr>\n
\nGain on land sales<\/td>\n\n(3,117<\/td>\n)<\/td>\n\n\n\n(11,138<\/td>\n)<\/td>\n\n<\/tr>\n
\nIncome tax expense not allocable to FFO<\/td>\n\n6,823<\/td>\n\n\n\n\n8,856<\/td>\n\n\n<\/tr>\n
\nImpairment charges<\/td>\n\n1,563<\/td>\n\n\n\n\n–<\/td>\n\n\n<\/tr>\n
\nGain on sales of real estate assets – unconsolidated joint ventures<\/td>\n\n(1,497<\/td>\n)<\/td>\n\n\n\n(20,108<\/td>\n)<\/td>\n\n<\/tr>\n
\nNoncontrolling interest share of adjustments<\/td>\n\n379<\/td>\n\n\n\n\n(492<\/td>\n)<\/td>\n\n<\/tr>\n
Nareit FFO attributable to common shareholders – basic<\/strong><\/td>\n\n314,205<\/strong><\/td>\n\n383,619<\/strong><\/td>\n$<\/strong><\/td>\n 0.82<\/strong><\/td>\n\n305,325<\/strong><\/td>\n\n374,850<\/strong><\/td>\n$<\/strong><\/td>\n 0.81<\/strong><\/td>\n<\/tr>\n
\nNoncontrolling interest in income of unitholders<\/td>\n\n3,591<\/td>\n\n3,915<\/td>\n\n\n2,499<\/td>\n\n3,673<\/td>\n<\/tr>\n
\nNoncontrolling interest share of adjustments<\/td>\n\n(379<\/td>\n)<\/td>\n\n\n\n492<\/td>\n\n\n<\/tr>\n
\nOther potentially dilutive securities<\/td>\n\n1,731<\/td>\n\n\n1,811<\/td>\n<\/tr>\n
Nareit FFO attributable to common shareholders – diluted<\/strong><\/td>\n$<\/strong><\/td>\n 317,417<\/strong><\/td>\n\n389,265<\/strong><\/td>\n$<\/strong><\/td>\n 0.82<\/strong><\/td>\n$<\/strong><\/td>\n 308,316<\/strong><\/td>\n\n380,334<\/strong><\/td>\n$<\/strong><\/td>\n 0.81<\/strong><\/td>\n<\/tr>\n
\nGain on involuntary conversion<\/td>\n\n–<\/td>\n\n\n\n\n(3,222<\/td>\n)<\/td>\n\n<\/tr>\n
\nLoss on debt extinguishment – including share of unconsolidated joint venture<\/td>\n\n22,031<\/td>\n\n\n\n\n4,071<\/td>\n\n\n<\/tr>\n
\nNon-incremental costs related to successful leases<\/td>\n\n9,014<\/td>\n\n\n\n\n6,985<\/td>\n\n\n<\/tr>\n
\nUnconsolidated joint ventures share of unrealized derivative gain<\/td>\n\n(787<\/td>\n)<\/td>\n\n\n\n–<\/td>\n\n\n<\/tr>\n
\nMerger related costs<\/td>\n\n10,000<\/td>\n\n\n\n\n–<\/td>\n\n\n<\/tr>\n
Core FFO attributable to common shareholders – diluted<\/strong><\/td>\n$<\/strong><\/td>\n 357,675<\/strong><\/td>\n\n389,265<\/strong><\/td>\n$<\/strong><\/td>\n 0.92<\/strong><\/td>\n$<\/strong><\/td>\n 316,150<\/strong><\/td>\n\n380,334<\/strong><\/td>\n$<\/strong><\/td>\n 0.83<\/strong><\/td>\n<\/tr>\n
AFFO<\/strong><\/td>\n\n\n\n\n\n<\/tr>\n
Core FFO – diluted<\/td>\n$<\/td>\n357,675<\/td>\n\n389,265<\/td>\n$<\/td>\n0.92<\/td>\n$<\/td>\n316,150<\/td>\n\n380,334<\/td>\n$<\/td>\n0.83<\/td>\n<\/tr>\n
Adjustments:<\/td>\n\n\n\n\n\n<\/tr>\n
\nStraight-line rental income and expense<\/td>\n\n(22,113<\/td>\n)<\/td>\n\n\n\n(15,204<\/td>\n)<\/td>\n\n<\/tr>\n
\nAmortization of above\/below market rents and concessions<\/td>\n\n(6,416<\/td>\n)<\/td>\n\n\n\n(5,466<\/td>\n)<\/td>\n\n<\/tr>\n
\nStock based compensation expense<\/td>\n\n20,408<\/td>\n\n\n\n\n20,004<\/td>\n\n\n<\/tr>\n
\nNoncash interest expense<\/td>\n\n5,059<\/td>\n\n\n\n\n4,747<\/td>\n\n\n<\/tr>\n
\nSecond generation concessions<\/td>\n\n(1,114<\/td>\n)<\/td>\n\n\n\n(1,636<\/td>\n)<\/td>\n\n<\/tr>\n
\nSecond generation tenant improvements<\/td>\n\n(11,531<\/td>\n)<\/td>\n\n\n\n(8,527<\/td>\n)<\/td>\n\n<\/tr>\n
\nSecond generation leasing costs<\/td>\n\n(15,675<\/td>\n)<\/td>\n\n\n\n(16,769<\/td>\n)<\/td>\n\n<\/tr>\n
\nBuilding improvements<\/td>\n\n(4,438<\/td>\n)<\/td>\n\n\n\n(3,118<\/td>\n)<\/td>\n\n<\/tr>\n
AFFO – diluted<\/strong><\/td>\n$<\/strong><\/td>\n 321,855<\/strong><\/td>\n\n389,265<\/strong><\/td>\n\n$<\/strong><\/td>\n 290,181<\/strong><\/td>\n\n380,334<\/strong><\/td>\n<\/tr>\n
<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Duke Realty Corporation and Subsidiaries<\/strong><\/td>\n<\/tr>\n
Reconciliation of Same Property Net Operating Income Growth<\/strong><\/td>\n<\/tr>\n
(Unaudited and in thousands)<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
\nThree Months Ended<\/strong><\/td>\n<\/tr>\n
\nJune 30, 2022<\/strong><\/td>\nJune 30, 2021<\/strong><\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
Income before income taxes<\/td>\n$<\/td>\n104,181<\/td>\n\n$<\/td>\n181,328<\/td>\n\n<\/tr>\n
Share of same property NOI from unconsolidated joint ventures<\/td>\n\n6,754<\/td>\n\n\n6,599<\/td>\n\n<\/tr>\n
Income and expense items not allocated to segments<\/td>\n\n112,491<\/td>\n\n\n16,294<\/td>\n\n<\/tr>\n
Earnings from service operations<\/td>\n\n(1,413<\/td>\n)<\/td>\n\n(3,655<\/td>\n)<\/td>\n<\/tr>\n
Properties not included and other adjustments<\/td>\n\n(39,993<\/td>\n)<\/td>\n\n(28,704<\/td>\n)<\/td>\n<\/tr>\n
Same property NOI – Cash Basis<\/td>\n$<\/td>\n182,020<\/td>\n\n$<\/td>\n171,862<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
Percent Change<\/td>\n\n5.9<\/td>\n%<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
\nSix Months Ended<\/strong><\/td>\n<\/tr>\n
\nJune 30, 2022<\/strong><\/td>\nJune 30, 2021<\/strong><\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
Income from continuing operations before income taxes<\/td>\n$<\/td>\n361,988<\/td>\n\n$<\/td>\n266,716<\/td>\n\n<\/tr>\n
Share of same property NOI from unconsolidated joint ventures<\/td>\n\n13,354<\/td>\n\n\n13,145<\/td>\n\n<\/tr>\n
Income and expense items not allocated to segments<\/td>\n\n61,956<\/td>\n\n\n121,309<\/td>\n\n<\/tr>\n
Earnings from service operations<\/td>\n\n(2,893<\/td>\n)<\/td>\n\n(5,305<\/td>\n)<\/td>\n<\/tr>\n
Properties not included and other adjustments<\/td>\n\n(74,789<\/td>\n)<\/td>\n\n(58,332<\/td>\n)<\/td>\n<\/tr>\n
Same property NOI – Cash Basis<\/td>\n$<\/td>\n359,616<\/td>\n\n$<\/td>\n337,533<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n
Percent Change<\/td>\n\n6.5<\/td>\n%<\/td>\n\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n<\/p>\n

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INDIANAPOLIS, July 27, 2022 (GLOBE NEWSWIRE) — Duke Realty Corporation (NYSE: DRE), the largest domestic-only logistics REIT, today reported earnings for the second quarter of 2022.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6775"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6775"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6775\/revisions"}],"predecessor-version":[{"id":6809,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6775\/revisions\/6809"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}