Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, closes 2021 breaking multiple performance records including stabilized in-service and total in-service percent leased rates, leasing volume and development starts and deliveries. Founded in 1972, the company celebrates its 50th anniversary this year on the heels of significant company growth and strengthened balance sheet recognized with a rating outlook upgrade from S&P Global from stable to positive.

“The company success has been driven by continued e-commerce growth and consumer spending, combined with record low vacancy rates across the country,” said Duke Realty Chairman and CEO, Jim Connor. “Our investment in coastal tier 1 markets, markets with the highest rent growth and lowest vacancies, and the execution of key transactions throughout the year proved fruitful during a challenging time for the world experiencing a pandemic and supply chain issues. As we head into the next 50 years, I am confident that our experience and talent will continue to drive our performance.”

Key performance metrics seeing unprecedented levels include Duke Realty’s total in-service portfolio and stabilized in-service portfolio that reached record levels of 98.1 percent and 98.7 percent leased, respectively — both 0.60% increases over 2020. The company inked 141 renewal leases and 134 new lease deals during 2021 including adding 88 new customers to its tenant roster. In 2021, Duke Realty started a record $1.4 billion of new development projects being built to LEED® certification standards across the U.S. — a company record by volume and an increase of over 75 percent from 2020. The company completed an all-time high in lease deals with 33.5 million square feet of transactions. Additionally, for the first time ever in 2021, Duke Realty exceeded both $1 billion in development starts and exceeded $1 billion in development deliveries in a calendar year.

“All of these record-breaking accomplishments helped us grow our core FFO1 by 13.8 percent to $1.73 per share, and grow our AFFO1, on a share adjusted basis, by 11.6 percent,” said Duke Realty Executive Vice President and CFO, Mark Denien. “Our performance has created exceptional shareholder value and this very impressive year yielded record-breaking Total Shareholder Return (TSR) of 67.8 percent for 2021.”   

Duke Realty’s 10-year TSR is 686.7 percent and ranks 7th among all equity REITs. 

About Duke Realty 

Duke Realty owns and operates approximately 162.4 million rentable square feet of industrial assets in 19 major U.S. logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a component of the S&P 500 Index. More information about Duke Realty is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook, Instagram and YouTube.

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* All figures as of December 31, 2021. (1) This is a non-GAAP metric. Please refer to our website www.dukerealty.com for our full earnings release and supplemental information including the most comparable GAAP metric to Core FFO and an associated reconciliation.

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