Duke Realty Joins Other Leading Industrial REITs in Conforming Certain Non-GAAP Operating Metrics
Source: Nasdaq GlobeNewswire / 17 Jan 2018 16:05:18 Eastern Standard Time
INDIANAPOLIS, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE:DRE) (the “Company”) today announced that a group of leading industrial real estate investment trusts, including, along with the Company, DCT Industrial Trust Inc. (DCT), EastGroup Properties Inc. (EGP), First Industrial Realty Trust, Inc. (FR), Liberty Property Trust (LPT), Prologis Inc. (PLD), and STAG Industrial Inc. (STAG) (the “Industrial REIT Group”), has agreed on consistent methodologies to calculate various non-GAAP property operating metrics. These non-GAAP metrics include common methodologies for determining property stabilization and occupancy as well as reporting of comparative changes in rental rates and tenant retention rates. In addition, the Industrial REIT Group has agreed on the definition of the annual pool of properties (“same property pool”) used in calculating same-store or same-property net operating income growth (“same property NOI”). Specifically, the annual same property pool will only include properties held as of the beginning of the prior calendar year which were stabilized (according to the agreed upon definition) throughout both periods presented.
Beginning in the first quarter of 2018, all members of the Industrial REIT Group have agreed to calculate these non-GAAP metrics based on the agreed upon methodologies. These conforming changes are not expected to have a material impact to Duke Realty's non-GAAP metrics for periods prior to 2018. 2018 guidance provided by the Industrial REIT Group will also be based on the revised methodologies.
Although there may be minor distinctions between how companies within the Industrial REIT Group calculate a given metric or in the terminology used, the collective intent is to produce calculations that are consistent in all material respects.
About Duke Realty Corporation
Duke Realty owns and operates more than 145 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is included in the S&P 500 Index. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty is available at www.dukerealty.com.
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This news release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding the Company's future financial position or results, future dividends, and future performance, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should," or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company's abilities to control or predict. Such factors include, but are not limited to, (i) the ability of the Company to complete the disposition, on the currently agreed upon terms, or at all, including the satisfaction of the closing conditions, (ii) the Company’s ability to redeploy the transaction proceeds, including its ability to repay outstanding debt and availability of assets in which to reinvest, and (iii) changes to the Company’s dividend policy.. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission. The Company refers you to the section entitled "Risk Factors" contained in the company's Annual Report on Form 10-K for the year ended December 31, 2016. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission.
The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.