Duke Realty (DRE) Tops Q4 EPS by 30c, Revenues Beat
- S&P, Nasdaq futures rise as JPMorgan, Goldman set to kick off earnings season
- JPMorgan (JPM) Reports a Q1 Beat on Revenue and Profit Fueled by Release of $5.2 Billion Reserved for Bad Loans; Shares Slightly Down
- Coinbase (COIN) direct listing IPO reference price set at $250
- Goldman Sachs (GS) Tops Q1 EPS by $8.38
- Wells Fargo (WFC) Tops Q1 EPS by 35c
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Duke Realty (NYSE: DRE) reported Q4 EPS of $0.45, $0.30 better than the analyst estimate of $0.15. Revenue for the quarter came in at $266.29 million versus the consensus estimate of $238.29 million.
"We closed 2020 with excellent fourth quarter operating results, completing a year in which we experienced a global pandemic and a recession, yet we were still able to outperform our initial, pre-pandemic, 2020 guidance in all key operating and financial metrics," said Jim Connor, chairman and chief executive officer. "We had an excellent quarter from a leasing standpoint, with total leasing volume of 9.7 million square feet, which is our second highest quarter ever and finished 2020 with our total portfolio 96.0 percent leased, which is the highest level ever for our total portfolio.
"We executed 3.8 million square feet of renewal leases and either renewed or immediately re-leased 85 percent of our fourth quarter lease expirations. Rental rate growth on second generation leases signed during the quarter was very strong, at 27.3 percent on a net effective basis and 12.9 percent on a cash basis. We anticipate strong rental rate growth in the markets in which we operate to continue.
"Monthly rent collections have continued at the same strong pace that has been maintained throughout the COVID-19 pandemic. We collected 99.9 percent of fourth quarter rents and collected or executed deferral agreements for 99.9 percent of all 2020 rents. Additionally, we have collected all amounts due under rent deferral agreements through the end of 2020. We recorded a nominal amount of bad debt expense during the fourth quarter and $5.7 million for the full year, which was well below our initial expectations at the outset of the COVID-19 pandemic."
"We concluded 2020 in a solid balance sheet position to finance our continued growth using a variety of capital sources," stated Mark Denien, executive vice president and chief financial officer. "Early this month we issued $450 million of 1.75 percent unsecured notes that mature on February 1, 2031, which is our second green bond issuance. We utilized the proceeds of this issuance to repay the $295 million in outstanding borrowings on our line of credit at December 31, 2020 as well as to fund eligible green projects and ongoing growth."
Duke Realty sees FY2021 EPS of $1.24-$1.58, versus the consensus of $0.60.
For earnings history and earnings-related data on Duke Realty (DRE) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan (JPM) Tops Q1 EPS by $1.40, Revenues Beat
- Future FinTech Group (FTFT) Announces Framework Agreement to Acquire Cryptocurrency Mining Farm
- The Lovesac Company (LOVE) Tops Q4 EPS by 79c, Revenues Beat
Create E-mail Alert Related CategoriesCorporate News, Earnings, Guidance, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!