Duke Realty Corp. 2Q21 Earnings

DRE reported core 2Q21 FFOSPS slightly above FactSet consensus and driven by stronger rent growth, quicker lease-up of new developments, and lower bad debt. The cash leasing spreads were 19.2%, largely driven by coastal markets (40% of portfolio).

DRE started five new spec projects in 2Q21 with an estimated $187mn investment; acquired $303mn of properties at a 4.4% weighted average stabilized cap rate; and disposed of $183mn of assets at a 4.2% cap rate.

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